Our mission is to create long-term value through careful stewardship of their capital. These management fees are payable on a regular basis (typically quarterly). Management fees received are not subject to clawback. The amount of fees will decrease as the fund deleverages toward the end of its term. The following is a general description of the incentive fees earned by Blackstone. We compete both globally and on a regional, industry and sector basis. BEFM has a branch established in Denmark, which is in the process of being closed. 22 Table of Contents • Employee-Related Risks. Financial Statements and Supplementary Data — Note 15. The timing or impact of these proposals is unclear at this point. In addition, our systems face ongoing cybersecurity threats and attacks. In addition, the U.K. has also significantly expanded the reach of its anti-bribery laws. Our use of borrowings to finance our business exposes us to risks. Any of these events would lead to a decrease in our revenues, which could be substantial. Such investments are subject to a greater risk of poor performance or loss. The occurrence of any such items could result in lost revenues and/or increased expenses. The Blackstone Group Inc. has no independent means of generating revenue. We had a total of 683,838,948 shares of common stock outstanding as of February 19, 2021.