{"url_path":"/sec/cik-0002095486/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/2095486/0002095486-26-000008-index.html","accession_number":"0002095486-26-000008","cik":"0002095486","ticker":null,"issuer_name":"Blackstone Multi-Strategy Hedge Fund L.P.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2095486/0002095486-26-000008-index.html","primary_entity_key":"0002095486","primary_entity_name":"Blackstone Multi-Strategy Hedge Fund L.P."},"word_count":1692,"has_tables":true,"body_markdown":"bxhf-20260331\n12/312026Q10002095486FALSExbrli:sharesiso4217:USDxbrli:purebxhf:classiso4217:USDxbrli:sharesbxhf:investmentbxhf:position00020954862026-01-012026-03-3100020954862026-04-3000020954862026-03-3100020954862025-12-310002095486bxhf:PerformanceParticipationAllocationMemberus-gaap:GeneralPartnerMember2026-01-012026-03-310002095486bxhf:PerformanceParticipationAllocationHurdleRateMemberus-gaap:GeneralPartnerMember2026-01-012026-03-310002095486bxhf:PerformanceParticipationAllocationHighWaterMarkCatchUpMemberus-gaap:GeneralPartnerMember2026-01-012026-03-310002095486bxhf:ManagementFeeMemberus-gaap:RelatedPartyMember2026-01-012026-03-310002095486bxhf:AdministrationFeeMemberus-gaap:RelatedPartyMember2026-01-012026-03-310002095486bxhf:ClassSUnitsMemberus-gaap:RelatedPartyMemberbxhf:DealerManagerArrangmentMember2026-01-012026-03-310002095486bxhf:ClassDUnitsMemberus-gaap:RelatedPartyMemberbxhf:DealerManagerArrangmentMember2026-01-012026-03-310002095486bxhf:InvestmentManagerAndAffiliatesMember2026-03-310002095486bxhf:ClassSUnitsMember2026-01-012026-03-310002095486bxhf:ClassDUnitsMember2026-01-012026-03-310002095486bxhf:BlackstoneAlternativeAssetManagementAssociatesLLCMember2025-12-172025-12-170002095486us-gaap:WarehouseAgreementBorrowingsMemberbxhf:WarehousingAgreementMemberbxhf:BlackstoneHoldingsFinaceCo.L.L.C.Member2025-12-180002095486bxhf:WarehousingAgreementMemberus-gaap:WarehouseAgreementBorrowingsMember2025-12-182025-12-180002095486bxhf:BlackstoneHoldingsFinanceCo.L.L.C.Member2026-03-310002095486bxhf:WarehousingAgreementMemberus-gaap:WarehouseAgreementBorrowingsMember2026-03-31\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026\n\nOR\n\n☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM  TO           \n\nCommission File Number: 000-56796\n\nBlackstone Multi-Strategy Hedge Fund L.P.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n41-2436049\n\n(I.R.S. Employer\n\nIdentification No.)\n\n345 Park Avenue\n\nNew York, New York 10154\n\n(Address of principal executive offices) (Zip Code)\n\n(212) 583-5000\n\n(Registrant’s telephone number, including area code)\n\n–––––––––––––––––\n\n    Securities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nNone\n\nNone\n\nNone\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge Accelerated filer ☐ Accelerated filer ☐\n\nNon-accelerated filer ☒ Smaller reporting company ☐\n\nEmerging growth company ☒                    \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nThere is currently no established public market for Blackstone Multi-Strategy Hedge Fund L.P.’s limited partnership units.\n\nAs of April 30, 2026, the registrant had the equivalent of 4,000 Class I limited partnership units outstanding.\n\nTable of Contents\n\nPage\n\n[Part I.](#ie8493a2e77294448bf738d7b5cb3d914_366)\n\n[Financial Information](#ie8493a2e77294448bf738d7b5cb3d914_366)\n\n[Item 1.](#ie8493a2e77294448bf738d7b5cb3d914_381)\n\n[Financial Statement](#ie8493a2e77294448bf738d7b5cb3d914_381)\n\n[4](#ie8493a2e77294448bf738d7b5cb3d914_381)\n\n[Unaudited](#ie8493a2e77294448bf738d7b5cb3d914_7)[Consolidated](#ie8493a2e77294448bf738d7b5cb3d914_7)[Statement](#ie8493a2e77294448bf738d7b5cb3d914_7)[of Assets and Liabilities](#ie8493a2e77294448bf738d7b5cb3d914_7)[as of](#ie8493a2e77294448bf738d7b5cb3d914_7)[March 31, 2026](#ie8493a2e77294448bf738d7b5cb3d914_7)[and](#ie8493a2e77294448bf738d7b5cb3d914_7)[December 31, 2025](#ie8493a2e77294448bf738d7b5cb3d914_7)\n\n[5](#ie8493a2e77294448bf738d7b5cb3d914_7)\n\n[Notes to](#ie8493a2e77294448bf738d7b5cb3d914_13)[Consolidated](#ie8493a2e77294448bf738d7b5cb3d914_13)[Financial Statement](#ie8493a2e77294448bf738d7b5cb3d914_13)\n\n[6](#ie8493a2e77294448bf738d7b5cb3d914_13)\n\n[Item 2.](#ie8493a2e77294448bf738d7b5cb3d914_538)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ie8493a2e77294448bf738d7b5cb3d914_538)\n\n[12](#ie8493a2e77294448bf738d7b5cb3d914_538)\n\n[Item 3.](#ie8493a2e77294448bf738d7b5cb3d914_557)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#ie8493a2e77294448bf738d7b5cb3d914_557)\n\n[14](#ie8493a2e77294448bf738d7b5cb3d914_557)\n\n[Item 4.](#ie8493a2e77294448bf738d7b5cb3d914_575)\n\n[Controls and Procedures](#ie8493a2e77294448bf738d7b5cb3d914_575)\n\n[14](#ie8493a2e77294448bf738d7b5cb3d914_575)\n\n[Part II.](#ie8493a2e77294448bf738d7b5cb3d914_593)\n\n[Other Information](#ie8493a2e77294448bf738d7b5cb3d914_593)\n\n[Item 1.](#ie8493a2e77294448bf738d7b5cb3d914_611)\n\n[Legal Proceedings](#ie8493a2e77294448bf738d7b5cb3d914_611)\n\n[16](#ie8493a2e77294448bf738d7b5cb3d914_611)\n\n[Item 1A.](#ie8493a2e77294448bf738d7b5cb3d914_629)\n\n[Risk Factors](#ie8493a2e77294448bf738d7b5cb3d914_629)\n\n[16](#ie8493a2e77294448bf738d7b5cb3d914_629)\n\n[Item 2.](#ie8493a2e77294448bf738d7b5cb3d914_647)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#ie8493a2e77294448bf738d7b5cb3d914_647)\n\n[16](#ie8493a2e77294448bf738d7b5cb3d914_647)\n\n[Item 3.](#ie8493a2e77294448bf738d7b5cb3d914_665)\n\n[Defaults Upon Senior Securities](#ie8493a2e77294448bf738d7b5cb3d914_665)\n\n[16](#ie8493a2e77294448bf738d7b5cb3d914_665)\n\n[Item 4.](#ie8493a2e77294448bf738d7b5cb3d914_683)\n\n[Mine Safety Disclosures](#ie8493a2e77294448bf738d7b5cb3d914_683)\n\n[16](#ie8493a2e77294448bf738d7b5cb3d914_683)\n\n[Item 5.](#ie8493a2e77294448bf738d7b5cb3d914_701)\n\n[Other Information](#ie8493a2e77294448bf738d7b5cb3d914_701)\n\n[16](#ie8493a2e77294448bf738d7b5cb3d914_701)\n\n[Item 6.](#ie8493a2e77294448bf738d7b5cb3d914_719)\n\n[Exhibits](#ie8493a2e77294448bf738d7b5cb3d914_719)\n\n[16](#ie8493a2e77294448bf738d7b5cb3d914_719)\n\n[Signatures](#ie8493a2e77294448bf738d7b5cb3d914_16)    \n\n[18](#ie8493a2e77294448bf738d7b5cb3d914_16)\n\n1\n\nForward-Looking Statements\n\nThis report may contain forward-looking statements, which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies, portfolio management and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “seeks,” “anticipates,” “will,” “should,” “could,” “may,” “designed to,” “foreseeable future,” “believe,” “scheduled” and similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Potential investors should not rely on these statements as if they were fact. We assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.\n\nReferences herein to “expertise” or any party being an “expert” are based solely on the belief of Blackstone (as defined below) and are intended only to indicate proficiency as compared to an average person and in no way limit any exculpation provisions or alter any standard of care applicable to Blackstone. Additionally, any awards, honors, or other references or rankings referred to herein with respect to Blackstone or any investment professional are provided solely for informational purposes and are not intended to be, nor should they be construed or relied upon as, any indication of future performance or other future activity. Any such awards, honors, or other references or rankings may have been based on subjective criteria and may have been based on a limited universe of participants, and there are other awards, honors, or other references or rankings given to others and not received by Blackstone and/or any investment professional of Blackstone.\n\nThere are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Amendment No. 1 to our Form 10 Registration Statement dated January 15, 2026, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Our website contains additional information about our business, but the contents of the website are not incorporated by reference in, or otherwise a part of, this report.\n\n________________________\n\nIn this report, except where the context suggests otherwise:\n\nThe term “Affiliated Sub-Investment Manager” refers to Blackstone Alternative Solutions L.L.C., our sub-investment manager.\n\nThe term “Aggregator” refers to BXHF Aggregator (CYM) L.P. (including any successor vehicle or vehicles used to aggregate the holdings of the Fund and any Parallel Funds (each as defined below)), a Cayman Islands exempted limited partnership, through which the Fund expects to invest all or substantially all of its assets.\n\nThe term “Blackstone” refers collectively to Blackstone Inc. and its subsidiaries and affiliated entities.    \n\nThe terms “BXHF,” “we,” “us,” “our,” and the “Fund,” refer to Blackstone Multi-Strategy Hedge Fund L.P. and its consolidated subsidiaries, and may include the Aggregator, any Feeder Vehicles (as defined below) and any Parallel Funds, as the context requires.\n\nThe term “BXHF Managers” refers to the Investment Manager (as defined below) and the Affiliated Sub-Investment Manager.\n\nThe term “Feeder Vehicle” refers to a limited partner that is formed by, or at the direction of, the General Partner (as defined below) or its affiliates to serve as a vehicle which will invest all or substantially all of its investable assets in the partnership.\n\nThe term “General Partner” refers to Blackstone Alternative Asset Management Associates LLC, our general partner.\n\n2\n\nThe term “Intermediate Entity” refers to (i) entities that may elect to be classified as corporations for U.S. federal income tax purposes or (ii) limited liability companies or limited partnerships the General Partner or any of its affiliates may, in its sole discretion, cause BXHF to hold certain investments directly or indirectly through. For the avoidance of doubt, the term Intermediate Entity does not include a Portfolio Entity (as defined below).\n\nThe term “Investment Manager” refers to Blackstone Alternative Asset Management L.P., our investment manager.\n\nThe term “Other Blackstone Accounts” refers to, as the context requires, individually and collectively, any of the following: investment funds, vehicles, accounts, products and/or other similar arrangements sponsored, advised, and/or managed by Blackstone or its affiliates, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, over-flow funds, co-investment vehicles and other entities formed in connection with Blackstone or its affiliates side-by-side or additional general partner investments with respect thereto).\n\nThe term “Parallel Fund” refers to one or more parallel vehicles established by, or at the direction of, the Sponsor (as defined below) to invest alongside the Fund in the Aggregator, including Blackstone Multi-Strategy Hedge Fund Offshore SPC. Parallel Funds may be established to allow certain investors with particular legal, tax, regulatory, compliance, structuring or certain other operational requirements to participate in the Aggregator. Parallel Funds may not have investment objectives and/or strategies that are identical to the investment objectives and strategies of BXHF. One or more such Parallel Funds invest directly, or indirectly through one or more Intermediate Entities, in the Aggregator alongside BXHF.\n\nThe term “Portfolio Entity” refers, individually and collectively, to any entity owned, directly or indirectly through subsidiaries, by BXHF or Other Blackstone Accounts, including as the context requires, portfolio companies, holding companies, special purpose vehicles and other entities through which investments are held, including Underlying Investment Vehicles (as defined below).\n\nThe term “Sponsor” refers to, as the context or applicable law requires, individually and collectively, the General Partner and the BXHF Managers.\n\nThe term “Transactional NAV” refers to the price at which transactions in the Fund’s Units (as defined below) are made, calculated in accordance with the valuation policy adopted for BXHF. Unless the context requires otherwise, references herein to “net asset value” or “NAV” shall refer to Transactional NAV.\n\nThe term “Unitholders” refers to holders of our limited partnership units (the “Units”). There are three classes of Units available to investors through the Fund: Class I (“Class I” or the “Class I Units”), Class S (“Class S” or the “Class S Units”) and Class D (“Class D” or the “Class D Units”).\n\nThis report does not constitute an offer of BXHF or any Other Blackstone Accounts.\n\n3\n\nPart I.    Financial Information"}