Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Net Income | $ 1,257,907 | $ 1,208,774 |
| Other Comprehensive Income (Loss) - Currency Translation Adjustment | (42,100) | 76,471 |
| Comprehensive Income | 1,215,807 | 1,285,245 |
| Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | (3,697) | 63,054 |
| Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities | 117,367 | 100,547 |
| Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings | 462,170 | 495,493 |
| Comprehensive Income Attributable to Non-Controlling Interests | 575,840 | 659,094 |
| Comprehensive Income Attributable to Blackstone Inc. | $ 639,967 | $ 626,151 |
Consolidated Statement of Changes in Equity (Parenthetical) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Series I Preferred Stock [Member] | ||
| Conversion of stocks | one share outstanding | one share outstanding |
| Series II Preferred Stock [Member] | ||
| Conversion of stocks | one share outstanding | one share outstanding |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Operating Activities | ||
| Net Income | $ 1,257,907 | $ 1,208,774 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||
| Net Realized Gains on Investments | (1,434,843) | (962,050) |
| Changes in Unrealized (Gains) Losses on Investments | 317,115 | (188,532) |
| Non-Cash Performance Allocations | (283,452) | (263,201) |
| Non-Cash Performance Allocations and Incentive Fee Compensation | 577,518 | 402,478 |
| Equity-Based Compensation Expense | 560,862 | 471,089 |
| Amortization of Intangibles | 9,035 | 8,975 |
| Other Non-Cash Amounts Included in Net Income | (201,230) | (15,888) |
| Cash Flows Due to Changes in Operating Assets and Liabilities | ||
| Cash Acquired with Consolidation of Fund Entities | 830 | 0 |
| Cash Relinquished with Deconsolidation of Fund Entities | (38) | (65,803) |
| Accounts Receivable | (366,998) | (38,821) |
| Due from Affiliates | 238,420 | 309,497 |
| Other Assets | 154,786 | 46,638 |
| Accrued Compensation and Benefits | (709,726) | (449,351) |
| Accounts Payable, Accrued Expenses and Other Liabilities | 176,546 | 100,481 |
| Due to Affiliates | (24,181) | 512,648 |
| Investments Purchased | (910,198) | (1,541,852) |
| Cash Proceeds from Sale of Investments | 1,628,693 | 1,574,136 |
| Net Cash Provided by Operating Activities | 991,046 | 1,109,218 |
| Investing Activities | ||
| Purchase of Furniture, Equipment and Leasehold Improvements | (33,409) | (29,278) |
| Net Cash Used in Investing Activities | (33,409) | (29,278) |
| Financing Activities | ||
| Distributions to Non-Controlling Interest Holders in Consolidated Entities | (356,296) | (252,572) |
| Contributions from Non-Controlling Interest Holders in Consolidated Entities | 458,136 | 1,430,763 |
| Payments Under Tax Receivable Agreement | (63,820) | (43,954) |
| Net Settlement of Vested Common Stock and Repurchase of Common Stock | (66,347) | (100,126) |
| Proceeds from Loans Payable | 900,000 | 1,024,556 |
| Repayment and Repurchase of Loans Payable | (47,686) | (60,895) |
| Dividends/Distributions to Stockholders and Unitholders | (1,917,928) | (1,858,537) |
| Net Cash Used in Financing Activities | (1,093,941) | 139,235 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | (7,938) | 4,570 |
| Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | ||
| Net Increase (Decrease) | (144,242) | 1,223,745 |
| Beginning of Period | 2,854,682 | 2,176,192 |
| End of Period | 2,710,440 | 3,399,937 |
| Supplemental Disclosure of Cash Flows Information | ||
| Payments for Interest | 104,084 | 96,057 |
| Payments for Income Taxes | 76,016 | 64,535 |
| Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
| Non-Cash Contributions from Non-Controlling Interest Holders | 4,567 | 4,186 |
| Non-Cash Distributions to Non-Controlling Interest Holders | (4,640) | (3,966) |
| Transfer of Interests to Non-Controlling Interest Holders | (26,153) | 3,107 |
| Net Settlement of Vested Common Stock | 334,203 | 418,449 |
| Deferred Tax Asset Increase (Decrease) from Equity Transactions | 49,127 | 212,113 |
| Due to Affiliates Increase Related to the Impact of Conversions on Tax Receivable Agreements | $ 30,897 | $ 168,980 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
Mar. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|---|---|
| Cash and Cash Equivalents | $ 2,448,485 | $ 2,631,241 | ||
| Cash Held by Blackstone Funds and Other | 261,955 | 223,441 | ||
| Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | $ 2,710,440 | $ 2,854,682 | $ 3,399,937 | $ 2,176,192 |
Organization |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 | |||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Organization |
Blackstone Inc., together with its consolidated subsidiaries (“Blackstone” or the “Company”), is the world’s largest alternative asset manager. Blackstone’s asset management business includes global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. “Blackstone Funds” refers to the funds and other vehicles that are managed by Blackstone. Blackstone’s business is organized into four segments: Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing. Blackstone Inc. was initially formed as The Blackstone Group L.P., a Delaware limited partnership, on March 12, 2007. Prior to its conversion on July 1, 2019 to a Delaware corporation, Blackstone Inc. was managed and operated by Blackstone Group Management L.L.C., which is wholly owned by Blackstone’s senior managing directors and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”). The activities of Blackstone are conducted through its holding partnerships: Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, “Blackstone Holdings,” “Blackstone Holdings Partnerships” or the “Holding Partnerships”). Blackstone, through its wholly owned subsidiaries, is the sole general partner of each of the Holding Partnerships. Generally, holders of the limited partner interests in the Holding Partnerships may, four times each year, exchange their limited partnership interests (“Partnership Units”) for Blackstone common stock, on a one-to-one |
Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||
| Summary of Significant Accounting Policies |
Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission. The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out rights or participating rights that would overcome the control held by Blackstone. Accordingly, Blackstone consolidates Blackstone Holdings and records non-controlling interests to reflect the economic interests of the limited partners of Blackstone Holdings. In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 8. “Variable Interest Entities.” Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 17. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically net asset value, gross asset value, total fair value of investments, committed capital, total invested capital or remaining invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally the customer is identified as the investors in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees are principally fees charged to the investors of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the investors to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the investors of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the investors of the Blackstone Funds, which includes amounts such investors reimburse the Blackstone Funds or Blackstone primarily for placement fees, rebates and other consideration determined to be an adjustment to the transaction price. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the investors of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the investors of the funds recorded as Management and Advisory Fees, Net. In cases where the investors of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Condensed Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Condensed Consolidated Statements of Operations. In cases where the Blackstone Funds are determined to be the customer in the arrangement, placement fees are generally expensed as incurred. Blackstone may also pay ongoing investor servicing fees to certain distributors of its products. Where Blackstone is the principal in those arrangements, ongoing investor servicing fees are expensed as incurred and are recorded within General, Administrative and Other expense. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Due from Affiliates in the Condensed Consolidated Statements of Financial Condition . Incentive Fees Investment Income (Loss) In carry fund structures and certain open-ended structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata share of the results of the fund vehicle (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). Performance Allocations are made to the general partner based either on cumulative fund performance to date, subject to a preferred return to limited partners or based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Performance Allocations in carry fund structures are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, which may have an interim clawback liability. Performance Allocations in open-ended structures are realized based on the stated time period in the agreements and are generally not subject to clawback once paid. Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest and Dividend Revenue Other Revenue Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows:
Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties and investments in non-consolidated CLO vehicles. Real Estate Investments Private Equity Investments companies or transactions (for example, multiplying a key performance metric of the investee company, such as EBITDA, by a relevant valuation multiple observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar methods. Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring. Investments, at Fair Value Generally, the Blackstone Funds are accounted for as investment companies in accordance with the GAAP guidance on investment companies, and under the American Institute of Certified Public Accountants Audit and Accounting Guide, Investment Companies Certain principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate and credit-focused investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and notes payable within Loans Payable for the amounts due to unaffiliated third parties. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses. Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market, quoted prices that are published on a regular basis and are the basis for current transactions or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 6. “Fair Value Option.” Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election. Certain investments of Blackstone and the consolidated Blackstone funds are valued at NAV per share pursuant to the practical expedient. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. Security and loan transactions are recorded on a trade date basis. Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which generally include both a proportionate and disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Strategic Partners’ results presented in Blackstone’s condensed consolidated financial statements are reported on a three-month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods. Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — Performance Allocations Compensation consists of compensation paid based on Performance Allocations (which may be distributed in cash or in-kind). Such compensation expense is subject to both positive and negative adjustments. Performance Allocations Compensation is generally based on the performance of individual investments held by a fund rather than on a fund by fund basis. These amounts may also include allocations of investment income from Blackstone’s principal investments, to senior managing directors and employees participating in certain profit sharing initiatives. Non-Controlling Interests in Consolidated Entities Non-Controlling Interests in Consolidated Entities represent the component of Equity in general partner entities and consolidated Blackstone funds held by third-party investors and employees. The percentage interests in consolidated Blackstone funds held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. Income (Loss) and other comprehensive income, if applicable, arising from the respective entities is allocated to non-controlling interests in consolidated entities based on the relative ownership interests of third-party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to Blackstone Inc. Redeemable Non-Controlling Interests in Consolidated Entities Investors in certain consolidated vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests that may be redeemed in a given period, may only allow for redemption following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As a result, amounts relating to third-party interests in such consolidated vehicles are presented as Redeemable Non-Controlling Interests in Consolidated Entities within the Condensed Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. For all consolidated vehicles in which redemption rights have not been granted, non-controlling interests are presented within Equity in the Condensed Consolidated Statements of Financial Condition as Non-Controlling Interests in Consolidated Entities. Non-Controlling Interests in Blackstone Holdings Non-Controlling Interests in Blackstone Holdings represent the component of Equity in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Interests in Blackstone Holdings. This residual attribution is based on the year-to-date Income Taxes Provision for Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities, resulting in all pretax amounts being appropriately tax effected in the period, irrespective of which tax return year items will be reflected. Blackstone reports interest expense and tax penalties related to income tax matters in provision for income taxes. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce the deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets are separately stated, and deferred tax liabilities are included in Accounts Payable, Accrued Expenses, and Other Liabilities in the condensed consolidated financial statements. Unrecognized Tax Benefits Blackstone recognizes tax positions in the condensed consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the condensed consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the condensed consolidated financial statements. Net Income (Loss) Per Share of Common Stock Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to Blackstone Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses. Blackstone applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. Blackstone applies the “if-converted” method to the Blackstone Holdings Partnership Units to determine the dilutive impact, if any, of the exchange right included in the Blackstone Holdings Partnership Units. Blackstone applies the contingently issuable share model to contracts that may require the issuance of shares. Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), generally comprised of U.S. and non-U.S. government and agency securities, asset backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value. Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are included in Note 9. “Repurchase Agreements.” Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 10. “Offsetting of Assets and Liabilities.” Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 5. “Derivative Financial Instruments.” Blackstone’s disclosures regarding offsetting are discussed in Note 10. “Offsetting of Assets and Liabilities.” Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates. Dividends Dividends are reflected in the condensed consolidated financial statements when declared. |
Intangible Assets |
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| Intangible Assets |
Intangible Assets, Net consists of the following:
Amortization expense associated with Blackstone’s intangible assets was $9.0 million for each of the three month periods ended March 31, 2026 and 2025. Amortization of Intangible Assets held at March 31, 2026 is expected to be $36.1 million, $35.1 million, $18.2 million, $17.0 million and $14.0 million for the years ending December 31, 2026, 2027, 2028, 2029 and 2030, respectively. Blackstone’s Intangible Assets as of March 31, 2026 are expected to amortize over a weighted-average period of 4.3 years. |
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Investments |
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| Schedule of Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments |
Investments consist of the following:
Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $479.6 million and $472.7 million at March 31, 2026 and December 31, 2025, respectively. Where appropriate, the accounting for Blackstone’s investments incorporates the changes in fair value of those investments as determined under GAAP. The significant inputs and assumptions required to determine the change in fair value of the Investments of Consolidated Blackstone Funds, Corporate Treasury Investments and Other Investments are discussed in more detail in Note 7. “Fair Value Measurements of Financial Instruments.” Investments of Consolidated Blackstone Funds The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone funds and a reconciliation to Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations:
Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata investments, and any associated Accrued Performance Allocations, in Blackstone Funds, excluding any equity method investments for which the fair value option has been elected. Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the three months ended March 31, 2026 and 2025, no individual equity method investment held by Blackstone met the significance criteria. Partnership Investments Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $102.5 million and $140.5 million for the three months ended March 31, 2026 and 2025, respectively. Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows:
Corporate Treasury Investments The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third-party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments:
Other Investments Other Investments consist of equity method investments where Blackstone has elected the fair value option and other proprietary investment securities held by Blackstone, including equity securities carried at fair value, equity investments without readily determinable fair values, and senior secured and subordinated notes in non-consolidated CLO vehicles. Equity investments without a readily determinable fair value had a carrying value of $475.1 million as of March 31, 2026. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 7. “Fair Value Measurements of Financial Instruments” for additional detail. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:
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Derivative Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments |
Blackstone and the consolidated Blackstone funds enter into derivative contracts in the normal course of business to achieve certain risk management objectives and for general investment and business purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its non-U.S. dollar denominated currency net investments. As a result of the use of derivative contracts, Blackstone and the consolidated Blackstone funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, Blackstone and the consolidated Blackstone funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments. Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts.
The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments:
As of March 31, 2026 and December 31, 2025, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges. |
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Fair Value Option |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Option |
The following table summarizes the financial instruments for which the fair value option has been elected:
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:
The following table presents information for those financial instruments for which the fair value option was elected:
As of March 31, 2026 and December 31, 2025, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual status. |
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Fair Value Measurements of Financial Instruments |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements of Financial Instruments |
Financial Assets and Liabilities by the Fair Value Hierarchy The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy:
LLC Limited Liability Company.
Equity Securities Subject to Sale Restrictions Within Investments of Consolidated Blackstone Funds and Other Investments, Blackstone held equity securities subject to sale restrictions with a fair value of $431.2 million as of March 31, 2026. The nature of such restrictions are contractual or legal in nature and deemed an attribute of the holder rather than the investment. Contractual restrictions include certain phased restrictions on (a) sale or transfer, (b) underwriter lock-ups and (c) sale or transfer restrictions applicable to certain Investments of Consolidated Blackstone Funds pledged as collateral. Restrictions will generally lapse over time or after a predetermined date and the weighted-average remaining duration of such restrictions is 1.4 years. Level III equity securities included in Investments of Consolidated Blackstone Funds are illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements. Investments within Other Investments subject to restrictions on sale or transfer as a result of pledge arrangements are discussed in Note 16. “Commitments and Contingencies — Contingencies — Strategic Ventures.” Level III Quantitative Inputs and Assumptions The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2026. Consistent with presentation in these notes to condensed consolidated financial statements, this table presents the Level III investments only of consolidated Blackstone funds and therefore does not reflect any other Blackstone funds.
The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2025:
For the three months ended March 31, 2026, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments. Rollforward of Level III Financial Assets and Liabilities The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations.
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Variable Interest Entities |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities |
Pursuant to GAAP consolidation guidance, Blackstone consolidates certain VIEs for which it is the primary beneficiary either directly or indirectly, through a consolidated entity or affiliate. VIEs include certain private equity, real estate, credit-focused or funds of hedge funds entities and CLO vehicles. The purpose of such VIEs is to provide strategy specific investment opportunities for investors in exchange for management and performance-based fees. The investment strategies of the Blackstone Funds differ by product; however, the fundamental risks of the Blackstone Funds are similar, including loss of invested capital and loss of management fees and performance-based fees. In Blackstone’s role as general partner, collateral manager or investment adviser, it generally considers itself the sponsor of the applicable Blackstone Fund. Blackstone does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs other than its own capital commitments. The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to Blackstone for the consolidated VIEs’ liabilities. Blackstone holds variable interests in certain VIEs which are not consolidated as it is determined that Blackstone is not the primary beneficiary. Blackstone’s involvement with such entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to non-consolidated VIEs and any clawback obligation relating to previously distributed Performance Allocations. Blackstone’s maximum exposure to loss relating to non-consolidated VIEs was as follows:
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Repurchase Agreements |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brokers and Dealers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchase Agreements |
As of March 31, 2026 and December 31, 2025, Blackstone had pledged securities with a carrying value of $320.6 million and $289.2 million, respectively. The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged as of March 31, 2026 and December 31, 2025.
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Offsetting of Assets And Liabilities |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offsetting of Assets and Liabilities |
The following tables present the offsetting of assets and liabilities as of March 31, 2026 and December 31, 2025:
Freestanding Derivative liabilities and repurchase agreements are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets:
Notional Pooling Arrangements Blackstone has notional cash pooling arrangements with financial institutions for cash management purposes. These arrangements allow for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of March 31, 2026, the aggregate cash balance on deposit relating to the cash pooling arrangements was $1.0 billion, which was offset and reported net of the accompanying overdraft of $1.0 billion. |
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Borrowings |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings |
The following table presents each of Blackstone’s borrowings as of March 31, 2026 and December 31, 2025, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone Holdings Finance Co. L.L.C. or Blackstone Reg Finance Co. L.L.C., as applicable, both indirect subsidiaries of Blackstone. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis.
Scheduled principal payments for borrowings as of March 31, 2026 were as follows:
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Income Taxes |
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Mar. 31, 2026 | ||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||
| Income Taxes |
Blackstone’s net deferred tax assets relate primarily to basis differences resulting from a step-up in tax basis of certain assets at the time of its conversion to a corporation, as well as ongoing exchanges of units for common shares by founders and partners. As of March 31, 2026, Blackstone had a valuation allowance of $35.2 million recorded against deferred tax assets. Blackstone is subject to examination by the U.S. Internal Revenue Service and other taxing authorities where Blackstone has significant business operations such as the United Kingdom, and various state and local jurisdictions such as New York State and New York City. The tax years under examination vary by jurisdiction. Blackstone does not expect the completion of these audits to have a material impact on its financial condition, but it may be material to operating results for a particular period, depending on the operating results for that period. Blackstone believes the liability established for unrecognized tax benefits is adequate in relation to the potential for additional assessments. It is reasonably possible that changes in the balance of unrecognized tax benefits may occur within the next twelve months; however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on Blackstone’s effective tax rate over the next twelve months. As of March 31, 2026, the following are the major filing jurisdictions and their respective earliest open tax period subject to examination:
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Earnings Per Share and Stockholders' Equity |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share and Stockholders' Equity |
Earnings Per Share Basic and diluted net income per share of common stock for the three months ended March 31, 2026 and 2025 was calculated as follows:
In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of non-controlling interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the Blackstone Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion. The following table summarizes the anti-dilutive securities for the three months ended March 31, 2026 and 2025:
Share Repurchase Program On July 16, 2024, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. This authorization replaced Blackstone’s prior $2.0 billion repurchase authorization. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. During the three months ended March 31, 2026, Blackstone repurchased 0.2 million shares of common stock, pursuant to its repurchase program, at a total cost of $ 24.4 million. During the three months ended March 31, 2025, Blackstone repurchased 0.2 million shares of common stock at a total cost of $31.0 million. As of March 31, 2026, the amount remaining available for repurchases under the program was $1.7 billion. Shares Eligible for Dividends and Distributions As of March 31, 2026, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows:
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Equity-Based Compensation |
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity-Based Compensation |
Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner professionals, non-professionals and selected external advisers under Blackstone’s Amended and Restated 2007 Equity Incentive Plan (the “Equity Plan”). The Equity Plan allows for the granting of options, share appreciation rights or other share-based awards (shares, restricted shares, restricted shares of common stock, deferred restricted shares of common stock, phantom restricted shares of common stock or other share-based awards based in whole or in part on the fair value of shares of common stock or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January 1, 2026, Blackstone had the ability to grant 176,596,501 shares under the Equity Plan. For the three months ended March 31, 2026 and March 31, 2025, Blackstone recorded compensation expense of $560.9 million and $471.1 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $56.1 million and $64.0 million, respectively. As of March 31, 2026, there was $3.1 billion of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 3.6 years. Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,230,218,928 as of March 31, 2026. Total outstanding phantom shares were 74,481 as of March 31, 2026. A summary of the status of Blackstone’s unvested equity-based awards as of March 31, 2026 and of changes during the period January 1, 2026 through March 31, 2026 is presented below:
Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of March 31, 2026, are expected to vest:
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Related Party Transactions |
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| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions |
Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following:
Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties The Founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance allocation or incentive fee arrangements. As of March 31, 2026 and December 31, 2025, such investments aggregated $2.2 billion. Their share of the Net Income Attributable to Redeemable Non-Controlling and Non-Controlling Interests in Consolidated Entities aggregated to $20.2 million and $47.5 million for the three months ended March 31, 2026 and 2025, respectively. Contingent Repayment Guarantee Blackstone and its personnel who have received Performance Allocation distributions have guaranteed payment on a several basis (subject to a cap) to the carry funds of any clawback obligation with respect to the excess Performance Allocation allocated to the general partners of such funds and indirectly received thereby to the extent that either Blackstone or its personnel fails to fulfill its clawback obligation, if any. The Accrual for Potential Repayment of Previously Received Performance Allocations represents amounts previously paid to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone Funds if the carry funds were to be liquidated based on the fair value of their underlying investments as of March 31, 2026. See Note 16. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback).” Tax Receivable Agreements Blackstone used a portion of the proceeds from the IPO and other sales of shares to purchase interests in the predecessor businesses from the predecessor owners. In addition, holders of Blackstone Holdings Partnership Units may exchange their Blackstone Holdings Partnership Units for shares of Blackstone common stock on a one-for-one Blackstone has entered into tax receivable agreements with each of the predecessor owners. In addition, others who acquire Blackstone Holdings Partnership Units, including senior managing directors, execute tax receivable agreements. The agreements provide for the payment by the corporate taxpayer to such owners of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the corporate taxpayers actually realize as a result of the aforementioned increases in tax basis and of certain other tax benefits related to entering into these tax receivable agreements. For purposes of the tax receivable agreements, cash savings in income tax will be computed by comparing the actual income tax liability of the corporate taxpayers to the amount of such taxes that the corporate taxpayers would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Blackstone Holdings as a result of the exchanges and had the corporate taxpayers not entered into the tax receivable agreements. Assuming no future material changes in the relevant tax law and that the corporate taxpayers earn sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments under the tax receivable agreements (which are taxable to the recipients) will ag gregate $ 2.0 billion over the next 15 years. The after-tax net present value of these estimated payments totals $636.3 million assuming a 15 % discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the pre-IPO owners and the others mentioned above. Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to shares of Blackstone common stock, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the date of the Condensed Consolidated Statement of Financial Condition, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Deferred Tax Asset Effects from Equity Transactions in the Supplemental Disclosure of Non-Cash Investing and Financing Activities in the Condensed Consolidated Statements of Cash Flows. Other Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis. Additionally, please see Note 16. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees. |
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies |
Commitments Investment Commitments Blackstone had $6.2 billion of investment commitments as of March 31, 2026 representing general partner capital funding commitments to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments, including loan commitments. The consolidated Blackstone funds had signed investment commitments of $ 787.9 million as of March 31, 2026, which includes $114.4 million of signed investment commitments for portfolio company acquisitions in the process of closing. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the ongoing business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to Blackstone to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, Blackstone’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $ 21.8 million as of March 31, 2026. The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone Europe LLP. The amount guaranteed as of March 31, 2026 wa s $ 86.6 million. Strategic Ventures In December 2022 and January 2023, Blackstone entered into long-term strategic ventures (“UC strategic ventures”) with the Regents of the University of California (“UC Investments”), an institutional investor that subscribed for $4.5 billion of Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I shares during the three months ended March 31, 2023. The UC strategic ventures provide a waterfall structure with UC Investments receiving an 11.25% target annualized net return on its $4.5 billion investment in BREIT shares and upside from its investment. This target return, while not guaranteed, is supported by a pledge by Blackstone of $1.1 billion of its holdings in BREIT as of the subscription dates, including any appreciation or dividends received by Blackstone in respect thereof. Pursuant to the UC strategic ventures, Blackstone is entitled to receive an incremental 5% cash payment from UC Investments on any returns received in excess of the target return. In March 2025, Blackstone entered into a similar long-term strategic venture with an institutional investor as part of the investor’s investment of € 1.0 billion in a vehicle managed in the Real Estate segment. The long-term strategic venture provides for a target return of 9.25% supported by a pledge by Blackstone of € 200 million of its holdings in a related vehicle. For each such arrangement, an asset or liability is recognized based on fair value with the maximum potential future obligation in respect of the target return capped at the fair value of the assets pledged by Blackstone in connection with the respective arrangement. As of March 31, 2026, across both arrangements, the fair value of the total assets pledged was $1.5 billion and the total liability recognized was $1.1 billion. Litigation Blackstone may from time to time be involved in litigation and claims incidental to the conduct of its business. Blackstone’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against Blackstone. Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, Blackstone does not have any unaccrued liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows. In December 2017, eight pension plan members of the Kentucky Retirement System (“KRS”) filed a derivative lawsuit on behalf of KRS in Franklin County Circuit Court in Kentucky (the “Mayberry Action”). Plaintiffs alleged breaches of fiduciary duty and other violations of Kentucky law in connection with KRS’s investment in three hedge funds of funds, including a fund managed by Blackstone Alternative Asset Management L.P. (“BLP”). The suit named more than 30 defendants, including, among others, The Blackstone Group L.P. (now Blackstone Inc.); BLP; Stephen A. Schwarzman, as Chairman and CEO of Blackstone; and J. Tomilson Hill, as then-CEO of BLP (collectively, the “Blackstone Defendants”). In July 2020, the Kentucky Supreme Court directed the Circuit Court to dismiss the action for lack of standing. In July 2020, the Kentucky Attorney General (the “AG”) filed its own action asserting substantially identical claims against largely the same defendants (the “July 2020 Action”). In May 2024, the Court denied the Blackstone Defendants’ and most other defendants’ motions to dismiss the July 2020 Action. In April 2024, the AG amended its complaint, adding breach-of-contract In August 2022, KRS was ordered to disclose a 2021 report it commissioned to investigate the investment activities underlying the lawsuit. The report “did not find any violations of fiduciary duty or illegal activity by [BLP],” and quotes communications by KRS staff during the period of the investment recognizing that BLP was exceeding KRS’s returns benchmark, providing KRS with “far fewer negative months than any liquid market comparable,” and that BLP “[h]as killed it.” In January 2021, certain former plaintiffs in the Mayberry Action filed a separate action (“Taylor I”) against the Blackstone Defendants and other defendants in the Mayberry Action, asserting substantially similar allegations as the AG’s July 2020 action did, but styled as a direct class action. Taylor I was removed to the U.S. District Court for the Eastern District of Kentucky and stayed pending the outcome of the AG’s July 2020 action. In August 2021, a group of KRS members—including those that filed Taylor I—filed an action in Franklin County Circuit Court (“Taylor II”) substantially similar to Taylor I, against the Blackstone Defendants, other defendants named in the Mayberry Action, and other KRS officials. The Court denied most defendants’ motions to dismiss this action in May 2024. The Blackstone Defendants and the other fund manager defendants filed a petition for a writ of prohibition from that denial. In November 2024, the Kentucky Court of Appeals denied defendants’ writ of prohibition, and defendants appealed to the Kentucky Supreme Court. Taylor II is stayed pending review of this appeal. In April 2021, the AG filed an action (the “Declaratory Judgment Action”) against BLP and the other fund manager defendants from the Mayberry Action in Franklin County Circuit Court, seeking a declaration that certain provisions in the subscription agreements with KRS violate the Kentucky Constitution. In August 2024, the Kentucky Supreme Court granted BLP’s motion for discretionary review of the Circuit Court’s grant of summary judgment to the AG. The appeal is fully briefed, and the Kentucky Supreme Court scheduled oral argument for June 17, 2026. In July 2021, BLP filed a breach-of-contract action against defendants affiliated with KRS, alleging that the Mayberry Action and the Declaratory Judgment Action breach the parties’ subscription agreements and seeking damages. In February 2024, the Kentucky Supreme Court granted BLP’s motion for discretionary review of the Circuit Court’s dismissal on ripeness grounds. The appeal is fully briefed, and the Kentucky Supreme Court scheduled oral argument for June 17, 2026. In January 2025, we and several other defendants entered into a settlement agreement with KRS and the Commonwealth of Kentucky that, subject to approval by the Franklin County Circuit Court and certain requirements, would have resolved all claims against these defendants in the AG’s actions, resolved BLP’s breach-of-contract Our financial results for the quarter ended March 31, 2026 include an accrual for the estimated liability related to this matter. Contingent Obligations (Clawback) Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceeds the amount due to Blackstone based on cumulative results of that fund. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain Blackstone funds, which may have an interim clawback liability. The lives of the funds, including available contemplated extensions, for which a liability for potential clawback obligations has been recorded for financial reporting purposes, are currently anticipated to expire at various points through 2038. Further extensions of such terms may be implemented under given circumstances. For financial reporting purposes, when applicable, the general partners record a liability for potential clawback obligations to the limited partners of some of the funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Performance Allocation distributions with respect to such fund’s realized investments. The liability is based on the general partner’s net obligation to the fund assuming all remaining investments were realized as of the end of each reporting period at the fair value of the underlying investments. The following table presents the clawback obligations by segment:
For Private Equity, Real Estate, and certain Credit & Insurance Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the condensed consolidated financial statements of Blackstone, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At March 31, 2026, $1.3 billion was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required. In the Credit & Insurance segment, payment of Performance Allocations to Blackstone by the majority of the stressed/distressed, mezzanine and credit alpha strategies funds are substantially deferred under the terms of the partnership agreements. This deferral mitigates the need to hold funds in segregated accounts in the event of a cash clawback obligation. If, at March 31, 2026, all of the investments held by Blackston e’s carry funds were deemed worthless, a possibility that management views as remote, the amount of Performance Allocations subject to potential clawback would be $ (8.4) billion, on an after-tax basis where applicable, of which Blackstone Holdings is potentially liable for $ (7.6) billion if current and former Blackstone personnel default on their share of the liability, a possibility that management also views as remote. |
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Segment Reporting |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting |
Blackstone conducts its alternative asset management businesses through four segments:
These business segments are differentiated by their various investment strategies. Each of the segments primarily earns its income from management fees and investment returns on assets under management. Blackstone’s chief operating decision makers are its Chief Executive Officer and Co-Founder and its President and Chief Operating Officer. Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation. Segment Presentation The following tables present the financial data for Blackstone’s four segments for the three months ended March 31, 2026 and 2025.
Reconciliations of Total Segment Amounts The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2026 and 2025 along with Total Assets as of March 31, 2026:
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related and Non-Recurring Items.
Reconciliations of Total Segment Components The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2026 and 2025:
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.
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Subsequent Events |
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Mar. 31, 2026 | |||
| Subsequent Events [Abstract] | |||
| Subsequent Events |
There have been no events since March 31, 2026 that require recognition or disclosure in the condensed consolidated financial statements. |
Summary of Significant Accounting Policies (Policies) |
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Mar. 31, 2026 | |||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission. The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. |
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| Consolidation | Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out rights or participating rights that would overcome the control held by Blackstone. Accordingly, Blackstone consolidates Blackstone Holdings and records non-controlling interests to reflect the economic interests of the limited partners of Blackstone Holdings. In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 8. “Variable Interest Entities.” |
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| Revenue Recognition | Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 17. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically net asset value, gross asset value, total fair value of investments, committed capital, total invested capital or remaining invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally the customer is identified as the investors in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees are principally fees charged to the investors of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the investors to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the investors of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the investors of the Blackstone Funds, which includes amounts such investors reimburse the Blackstone Funds or Blackstone primarily for placement fees, rebates and other consideration determined to be an adjustment to the transaction price. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the investors of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the investors of the funds recorded as Management and Advisory Fees, Net. In cases where the investors of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Condensed Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Condensed Consolidated Statements of Operations. In cases where the Blackstone Funds are determined to be the customer in the arrangement, placement fees are generally expensed as incurred. Blackstone may also pay ongoing investor servicing fees to certain distributors of its products. Where Blackstone is the principal in those arrangements, ongoing investor servicing fees are expensed as incurred and are recorded within General, Administrative and Other expense. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Due from Affiliates in the Condensed Consolidated Statements of Financial Condition . Incentive Fees Investment Income (Loss) In carry fund structures and certain open-ended structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata share of the results of the fund vehicle (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). Performance Allocations are made to the general partner based either on cumulative fund performance to date, subject to a preferred return to limited partners or based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Performance Allocations in carry fund structures are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, which may have an interim clawback liability. Performance Allocations in open-ended structures are realized based on the stated time period in the agreements and are generally not subject to clawback once paid. Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest and Dividend Revenue Other Revenue |
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| Fair Value of Financial Instruments | Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows:
Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties and investments in non-consolidated CLO vehicles. Real Estate Investments Private Equity Investments companies or transactions (for example, multiplying a key performance metric of the investee company, such as EBITDA, by a relevant valuation multiple observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar methods. Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring. |
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| Investments, at Fair Value | Investments, at Fair Value Generally, the Blackstone Funds are accounted for as investment companies in accordance with the GAAP guidance on investment companies, and under the American Institute of Certified Public Accountants Audit and Accounting Guide, Investment Companies Certain principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate and credit-focused investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and notes payable within Loans Payable for the amounts due to unaffiliated third parties. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses. Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market, quoted prices that are published on a regular basis and are the basis for current transactions or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 6. “Fair Value Option.” Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election. Certain investments of Blackstone and the consolidated Blackstone funds are valued at NAV per share pursuant to the practical expedient. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. Security and loan transactions are recorded on a trade date basis. |
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| Equity Method Investments | Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which generally include both a proportionate and disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Strategic Partners’ results presented in Blackstone’s condensed consolidated financial statements are reported on a three-month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods. |
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| Compensation and Benefits | Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — Performance Allocations Compensation consists of compensation paid based on Performance Allocations (which may be distributed in cash or in-kind). Such compensation expense is subject to both positive and negative adjustments. Performance Allocations Compensation is generally based on the performance of individual investments held by a fund rather than on a fund by fund basis. These amounts may also include allocations of investment income from Blackstone’s principal investments, to senior managing directors and employees participating in certain profit sharing initiatives. |
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| Non-Controlling Interests in Consolidated Entities | Non-Controlling Interests in Consolidated Entities Non-Controlling Interests in Consolidated Entities represent the component of Equity in general partner entities and consolidated Blackstone funds held by third-party investors and employees. The percentage interests in consolidated Blackstone funds held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. Income (Loss) and other comprehensive income, if applicable, arising from the respective entities is allocated to non-controlling interests in consolidated entities based on the relative ownership interests of third-party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to Blackstone Inc. |
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| Redeemable Non-Controlling Interests in Consolidated Entities | Redeemable Non-Controlling Interests in Consolidated Entities Investors in certain consolidated vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests that may be redeemed in a given period, may only allow for redemption following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As a result, amounts relating to third-party interests in such consolidated vehicles are presented as Redeemable Non-Controlling Interests in Consolidated Entities within the Condensed Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. For all consolidated vehicles in which redemption rights have not been granted, non-controlling interests are presented within Equity in the Condensed Consolidated Statements of Financial Condition as Non-Controlling Interests in Consolidated Entities. |
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| Non-Controlling Interests in Blackstone Holdings | Non-Controlling Interests in Blackstone Holdings Non-Controlling Interests in Blackstone Holdings represent the component of Equity in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Interests in Blackstone Holdings. This residual attribution is based on the year-to-date |
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| Income Taxes | Income Taxes Provision for Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities, resulting in all pretax amounts being appropriately tax effected in the period, irrespective of which tax return year items will be reflected. Blackstone reports interest expense and tax penalties related to income tax matters in provision for income taxes. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce the deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets are separately stated, and deferred tax liabilities are included in Accounts Payable, Accrued Expenses, and Other Liabilities in the condensed consolidated financial statements. Unrecognized Tax Benefits Blackstone recognizes tax positions in the condensed consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the condensed consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the condensed consolidated financial statements. |
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| Net Income (Loss) Per Share of Common Stock | Net Income (Loss) Per Share of Common Stock Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to Blackstone Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses. Blackstone applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. Blackstone applies the “if-converted” method to the Blackstone Holdings Partnership Units to determine the dilutive impact, if any, of the exchange right included in the Blackstone Holdings Partnership Units. Blackstone applies the contingently issuable share model to contracts that may require the issuance of shares. |
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| Reverse Repurchase and Repurchase Agreements | Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), generally comprised of U.S. and non-U.S. government and agency securities, asset backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value. Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are included in Note 9. “Repurchase Agreements.” Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 10. “Offsetting of Assets and Liabilities.” |
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| Securities Sold, Not Yet Purchased | Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. |
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| Derivative Instruments | Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 5. “Derivative Financial Instruments.” Blackstone’s disclosures regarding offsetting are discussed in Note 10. “Offsetting of Assets and Liabilities.” |
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| Affiliates | Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates. |
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| Dividends | Dividends Dividends are reflected in the condensed consolidated financial statements when declared. |
Intangible Assets (Tables) |
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| Intangible Assets, Net | Intangible Assets, Net consists of the following:
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Investments (Tables) |
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| Schedule of Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Investments consist of the following:
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| Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations | The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone funds and a reconciliation to Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations:
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| Performance Fees Allocated to Funds | Accrued Performance Allocations to Blackstone were as follows:
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| Realized and Net Change in Unrealized Gains (Losses) on Investments | The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments:
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| Realized and Net Change in Unrealized Gains (Losses) in Other Investments | The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:
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Derivative Financial Instruments (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments | The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts.
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| Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations | The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments:
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Fair Value Option (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Financial Instruments for Which Fair Value Option Has Been Elected | The following table summarizes the financial instruments for which the fair value option has been elected:
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| Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected | The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:
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| Information for Financial Instruments on Which Fair Value Option was Elected | The following table presents information for those financial instruments for which the fair value option was elected:
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Fair Value Measurements of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Assets and Liabilities at Fair Value | The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy:
LLC Limited Liability Company. |
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| Summary of Fair Value by Strategy Type Along side Consolidated Funds of Hedge Funds Remaining Unfunded Commitments and Ability to Redeem Such Investments |
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| Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy | Level III Quantitative Inputs and Assumptions The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2026. Consistent with presentation in these notes to condensed consolidated financial statements, this table presents the Level III investments only of consolidated Blackstone funds and therefore does not reflect any other Blackstone funds.
The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2025:
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| Summary of Changes in Financial Assets and Liabilities Measured at Fair Value for Which Level III Inputs Were Used | Rollforward of Level III Financial Assets and Liabilities The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations.
|
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Variable Interest Entities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Maximum Exposure to Loss Relating to Non-Consolidated VIEs | Blackstone’s maximum exposure to loss relating to non-consolidated VIEs was as follows:
|
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Repurchase Agreements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged | The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged as of March 31, 2026 and December 31, 2025.
|
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Offsetting of Assets And Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offsetting of Assets | The following tables present the offsetting of assets and liabilities as of March 31, 2026 and December 31, 2025:
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| Offsetting of Liabilities |
|
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| Other Assets | The following table presents the components of Other Assets:
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Borrowings (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying Value and Fair Value of Blackstone Issued Notes |
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| Scheduled Principal Payments for Borrowings | Scheduled principal payments for borrowings as of March 31, 2026 were as follows:
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Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||
| Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations | As of March 31, 2026, the following are the major filing jurisdictions and their respective earliest open tax period subject to examination:
|
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Earnings Per Share and Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic and Diluted Net Income Per Common Stock | Basic and diluted net income per share of common stock for the three months ended March 31, 2026 and 2025 was calculated as follows:
|
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| Summary of Anti-Dilutive Securities | The following table summarizes the anti-dilutive securities for the three months ended March 31, 2026 and 2025:
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| Schedule of Shares Eligible For Dividends and Distribution | As of March 31, 2026, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows:
|
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Equity-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Status of Partnership's Unvested Equity-Based Awards | A summary of the status of Blackstone’s unvested equity-based awards as of March 31, 2026 and of changes during the period January 1, 2026 through March 31, 2026 is presented below:
|
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| Unvested Shares and Units, After Expected Forfeitures | The following unvested shares and units, after expected forfeitures, as of March 31, 2026, are expected to vest:
|
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Related Party Transactions (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due from Affiliates and Due to Affiliates | Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following:
|
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Commitments and Contingencies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Clawback Obligations by Segment | The following table presents the clawback obligations by segment:
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Segment Reporting (Tables) |
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| Financial Data of Segments | Segment Presentation The following tables present the financial data for Blackstone’s four segments for the three months ended March 31, 2026 and 2025.
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| Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes | The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2026 and 2025 along with Total Assets as of March 31, 2026:
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related and Non-Recurring Items.
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| Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations | The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2026 and 2025:
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.
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Organization - Additional Information (Detail) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
Segment
Person
| |
| Organization [Line Items] | |
| Number of business segments | Segment | 4 |
| Number of Blackstone founders managing the Partnership | Person | 1 |
Intangible Assets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Finite-Lived Intangible Assets/Contractual Rights | $ 1,749,626 | $ 1,749,626 |
| Accumulated Amortization | (1,627,302) | (1,618,267) |
| Intangible Assets, Net | $ 122,324 | $ 131,359 |
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Goodwill and Intangible Assets [Line Items] | ||
| Amortization expense | $ 9,035 | $ 8,975 |
| Expected amortization of intangibles, 2026 | 36,100 | |
| Expected amortization of intangibles, 2027 | 35,100 | |
| Expected amortization of intangibles, 2028 | 18,200 | |
| Expected amortization of intangibles, 2029 | 17,000 | |
| Expected amortization of intangibles, 2030 | $ 14,000 | |
| Intangible assets expected to amortize over a weighted-average period | 4 years 3 months 18 days | |
Investments (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Schedule of Investments [Line Items] | ||
| Investments | $ 32,747,619 | $ 32,212,111 |
| Partnership Investments | ||
| Schedule of Investments [Line Items] | ||
| Investments | 6,612,536 | 6,546,190 |
| Accrued Performance Allocations | ||
| Schedule of Investments [Line Items] | ||
| Investments | 13,002,955 | 12,980,356 |
| Other Investments | ||
| Schedule of Investments [Line Items] | ||
| Investments | 7,775,220 | 7,145,029 |
| Consolidated Blackstone Funds | ||
| Schedule of Investments [Line Items] | ||
| Investments | 5,189,519 | 5,180,879 |
| Corporate Treasury Investments | ||
| Schedule of Investments [Line Items] | ||
| Investments | $ 167,389 | $ 359,657 |
Investments - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Schedule of Investments [Line Items] | |||
| Investments | $ 32,747,619 | $ 32,212,111 | |
| Recognized net gains related to equity method investments | 102,500 | $ 140,500 | |
| Equity investments, carrying value | 475,100 | ||
| Consolidated Blackstone Funds | Blackstone | |||
| Schedule of Investments [Line Items] | |||
| Investments | $ 479,600 | $ 472,700 | |
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Gain (Loss) on Securities [Line Items] | ||
| Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds | $ 1,144,643 | $ 1,169,506 |
| Other Income – Net Gains from Fund Investment Activities | 99,755 | 57,575 |
| Consolidated Blackstone Funds | ||
| Gain (Loss) on Securities [Line Items] | ||
| Realized Gains | 25,163 | 24,690 |
| Net Change in Unrealized Gains | 69,378 | 26,531 |
| Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds | 94,541 | 51,221 |
| Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds | 5,214 | 6,354 |
| Other Income – Net Gains from Fund Investment Activities | $ 99,755 | $ 57,575 |
Performance Fees Allocated to Funds (Detail) $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
| Beginning Balance | $ 32,212,111 |
| Ending Balance | 32,747,619 |
| Performance Fees | |
| Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
| Beginning Balance | 12,980,356 |
| Performance Allocations as a Result of Changes in Fund Fair Values | 1,465,321 |
| Foreign Exchange Loss | (1,400) |
| Fund Distributions | (1,441,322) |
| Ending Balance | 13,002,955 |
| Real Estate Segment | |
| Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
| Beginning Balance | 1,762,496 |
| Performance Allocations as a Result of Changes in Fund Fair Values | 298,528 |
| Foreign Exchange Loss | (1,400) |
| Fund Distributions | (467,073) |
| Ending Balance | 1,592,551 |
| Private Equity Segment | |
| Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
| Beginning Balance | 10,389,351 |
| Performance Allocations as a Result of Changes in Fund Fair Values | 1,090,560 |
| Fund Distributions | (693,371) |
| Ending Balance | 10,786,540 |
| Credit & Insurance Segment | |
| Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
| Beginning Balance | 640,587 |
| Performance Allocations as a Result of Changes in Fund Fair Values | 29,396 |
| Fund Distributions | (165,837) |
| Ending Balance | 504,146 |
| Multi-Asset Investing | Performance Fees | |
| Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
| Beginning Balance | 187,922 |
| Performance Allocations as a Result of Changes in Fund Fair Values | 46,837 |
| Fund Distributions | (115,041) |
| Ending Balance | $ 119,718 |
Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Gain (Loss) on Securities [Line Items] | ||
| Total realized and net change in unrealized gains (losses) | $ 1,144,643 | $ 1,169,506 |
| Corporate Treasury Investments | ||
| Gain (Loss) on Securities [Line Items] | ||
| Realized Gains (Losses) | 1,279 | (8,356) |
| Net Change in Unrealized Gains | 18,791 | 3,049 |
| Total realized and net change in unrealized gains (losses) | $ (17,512) | $ (5,307) |
Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Gain (Loss) on Securities [Line Items] | ||
| Total Investment Income | $ 1,144,643 | $ 1,169,506 |
| Other Investments | ||
| Gain (Loss) on Securities [Line Items] | ||
| Realized Gains | 3,780 | 112,648 |
| Net Change in Unrealized Gains (Losses) | (314,929) | 172,432 |
| Total Investment Income | $ (311,149) | $ 285,080 |
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets, Notional | $ 2,243,967 | $ 1,960,663 |
| Derivative Liabilities, Notional | 3,425,996 | 3,975,364 |
| Derivative Assets, Fair Value | 170,666 | 147,337 |
| Derivative Liabilities, Fair Value | 1,262,899 | 1,251,539 |
| Freestanding Derivatives | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets, Notional | 871,339 | 880,390 |
| Derivative Liabilities, Notional | 865,519 | 880,390 |
| Derivative Assets, Fair Value | 14,028 | 12,780 |
| Derivative Liabilities, Fair Value | 14,007 | 12,780 |
| Freestanding Derivatives | Blackstone | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets, Notional | 1,372,628 | 1,080,273 |
| Derivative Liabilities, Notional | 2,560,477 | 3,094,974 |
| Derivative Assets, Fair Value | 156,638 | 134,557 |
| Derivative Liabilities, Fair Value | 1,248,892 | 1,238,759 |
| Freestanding Derivatives | Blackstone | Credit Default Swap | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities, Notional | 640 | 640 |
| Derivative Liabilities, Fair Value | 18 | 19 |
| Freestanding Derivatives | Blackstone | Total Return Swaps | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets, Notional | 44,060 | 23,532 |
| Derivative Assets, Fair Value | 5,273 | 3,364 |
| Freestanding Derivatives | Interest Rate Contracts | Blackstone | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets, Notional | 613,550 | 613,740 |
| Derivative Liabilities, Notional | 601,000 | 601,000 |
| Derivative Assets, Fair Value | 130,405 | 123,747 |
| Derivative Liabilities, Fair Value | 90,392 | 97,283 |
| Freestanding Derivatives | Interest Rate Contracts | Consolidated Blackstone Funds | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets, Notional | 865,519 | 880,390 |
| Derivative Liabilities, Notional | 865,519 | 880,390 |
| Derivative Assets, Fair Value | 14,007 | 12,780 |
| Derivative Liabilities, Fair Value | 14,007 | 12,780 |
| Freestanding Derivatives | Foreign Currency Contracts | Blackstone | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets, Notional | 715,018 | 443,001 |
| Derivative Liabilities, Notional | 473,997 | 1,030,702 |
| Derivative Assets, Fair Value | 20,960 | 7,446 |
| Derivative Liabilities, Fair Value | 9,227 | 17,310 |
| Freestanding Derivatives | Foreign Currency Contracts | Consolidated Blackstone Funds | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Assets, Notional | 5,820 | |
| Derivative Assets, Fair Value | 21 | |
| Freestanding Derivatives | Equity Options | Blackstone | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Liabilities, Notional | 1,484,840 | 1,462,632 |
| Derivative Liabilities, Fair Value | $ 1,149,255 | $ 1,124,147 |
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Derivative [Line Items] | ||
| Unrealized Gain (Loss) on Derivatives and Commodity Contracts | $ (1,694) | $ (71,361) |
| Freestanding Derivatives | ||
| Derivative [Line Items] | ||
| Realized Losses | (13,455) | (11,116) |
| Net Change in Unrealized Gains (Losses) | 11,761 | (60,245) |
| Freestanding Derivatives | Total Return Swaps | ||
| Derivative [Line Items] | ||
| Realized Losses | 1,180 | 776 |
| Net Change in Unrealized Gains (Losses) | 1,851 | 3,728 |
| Freestanding Derivatives | Credit Default Swap | ||
| Derivative [Line Items] | ||
| Net Change in Unrealized Gains (Losses) | 0 | (6) |
| Freestanding Derivatives | Interest Rate Contracts | ||
| Derivative [Line Items] | ||
| Net Change in Unrealized Gains (Losses) | 13,401 | 7,386 |
| Freestanding Derivatives | Foreign Currency Contracts | ||
| Derivative [Line Items] | ||
| Realized Losses | (14,635) | (11,892) |
| Net Change in Unrealized Gains (Losses) | 21,617 | 16,727 |
| Freestanding Derivatives | Equity Options | ||
| Derivative [Line Items] | ||
| Net Change in Unrealized Gains (Losses) | $ (25,108) | $ (88,080) |
Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Loans and Receivables | $ 425,981 | $ 205,158 |
| Assets | 6,157,534 | 5,093,618 |
| Liabilities | 2,038 | 181 |
| Debt Securities | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Investments | 3,901 | 7,553 |
| Equity and Preferred Securities | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Investments | 5,727,652 | 4,880,907 |
| Corporate Treasury Commitments | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Liabilities | $ 2,038 | $ 181 |
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Realized Gains (Losses) | Debt Securities | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | $ (11,226) | $ 642 |
| Realized Gains (Losses) | Assets | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | (9,931) | (9,790) |
| Realized Gains (Losses) | Loans and Receivables | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | (32) | (656) |
| Realized Gains (Losses) | Equity and Preferred Securities | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | 1,327 | (8,064) |
| Realized Gains (Losses) | Corporate Loans | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | (1,712) | |
| Net Change In Unrealized Gains (Losses) | Debt Securities | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | 8,555 | (1,014) |
| Net Change In Unrealized Gains (Losses) | Assets | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | 30,364 | 25,112 |
| Net Change In Unrealized Gains (Losses) | Loans and Receivables | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | (1,153) | (24) |
| Net Change In Unrealized Gains (Losses) | Liabilities | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | (1,857) | 423 |
| Net Change In Unrealized Gains (Losses) | Equity and Preferred Securities | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | 22,962 | 25,112 |
| Net Change In Unrealized Gains (Losses) | Corporate Loans | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | 1,038 | |
| Net Change In Unrealized Gains (Losses) | CLO Notes Payable | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | 859 | |
| Net Change In Unrealized Gains (Losses) | Corporate Treasury Commitments | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Realized and net change in unrealized gains (losses) on financial instruments | $ (1,857) | $ (436) |
Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Excess (Deficiency) of fair value over principal | $ (35,119) | $ (43,200) |
| Debt Securities | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Excess (Deficiency) of fair value over principal | (37,947) | (48,690) |
| Loans and Receivables | ||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Excess (Deficiency) of fair value over principal | $ 2,828 | $ 5,490 |
Fair Value Option - Additional Information (Detail) - Loans and Receivables - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||
| Fair value of financial instruments more than one day past due | $ 0 | $ 0 |
| Fair value of financial instruments with non-accrual status | $ 0 | $ 0 |
Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
||||
|---|---|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Accounts Receivable - Loans and Receivables | $ 425,981 | $ 205,158 | ||||
| Assets | 6,157,534 | 5,093,618 | ||||
| Corporate Treasury Commitments | $ 2,038 | $ 181 | ||||
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | ||||
| Freestanding Derivatives | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Other Assets - Freestanding Derivatives | $ 170,666 | $ 147,337 | ||||
| Derivatives liabilities | 113,645 | 127,392 | ||||
| Level 3 | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Assets | 4,977,009 | 4,712,057 | ||||
| Liabilities | 1,151,709 | 1,124,744 | ||||
| Fair Value, Measurements, Recurring | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Cash and Cash Equivalents | 57,280 | 182,131 | ||||
| Total Investments | 12,695,649 | 12,276,243 | ||||
| Accounts Receivable - Loans and Receivables | 425,981 | 205,158 | ||||
| Assets | 13,335,548 | 12,798,089 | ||||
| Contingent Consideration | 416 | 416 | ||||
| Securities Sold, Not Yet Purchased | 1,967 | 1,978 | ||||
| Total Accounts Payable, Accrued Expenses and Other Liabilities | 1,267,320 | 1,254,114 | ||||
| Liabilities | 1,267,320 | 1,254,114 | ||||
| Fair Value, Measurements, Recurring | Corporate Treasury Commitments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Corporate Treasury Commitments | 2,038 | 181 | ||||
| Fair Value, Measurements, Recurring | Freestanding Derivatives | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Derivatives liabilities | 1,248,892 | 1,238,759 | ||||
| Fair Value, Measurements, Recurring | Consolidated Blackstone Funds - Freestanding Derivatives | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Derivatives liabilities | 14,007 | 12,780 | ||||
| Fair Value, Measurements, Recurring | Other Investments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 7,338,741 | 6,735,707 | ||||
| Fair Value, Measurements, Recurring | Net Asset Value | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | [1] | 1,097,527 | 896,227 | |||
| Assets | [1] | 1,097,527 | 896,227 | |||
| Fair Value, Measurements, Recurring | Net Asset Value | Other Investments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | [1] | 15,741 | 15,808 | |||
| Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 5,189,519 | 5,180,879 | ||||
| Other Assets - Freestanding Derivatives | 156,638 | 134,557 | ||||
| Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 14,028 | 12,780 | ||||
| Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | [2] | 5,127,446 | 5,127,909 | |||
| Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 48,045 | 40,190 | ||||
| Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Net Asset Value | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | [1] | 1,070,757 | 819,419 | |||
| Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Net Asset Value | Equity Securities, Partnerships and LLC Interests | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | [1],[2] | 1,070,757 | 819,419 | |||
| Fair Value, Measurements, Recurring | Corporate Treasury Investments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 167,389 | 359,657 | ||||
| Fair Value, Measurements, Recurring | Corporate Treasury Investments | Net Asset Value | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | [1] | 11,029 | 61,000 | |||
| Fair Value, Measurements, Recurring | Level 1 | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Cash and Cash Equivalents | 57,280 | 182,131 | ||||
| Total Investments | 1,884,168 | 2,290,460 | ||||
| Assets | 1,941,448 | 2,472,591 | ||||
| Securities Sold, Not Yet Purchased | 1,967 | 1,978 | ||||
| Total Accounts Payable, Accrued Expenses and Other Liabilities | 1,967 | 1,978 | ||||
| Liabilities | 1,967 | 1,978 | ||||
| Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Derivatives liabilities | 0 | |||||
| Fair Value, Measurements, Recurring | Level 1 | Other Investments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 1,806,783 | 2,207,914 | ||||
| Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 4,041 | 7,616 | ||||
| Other Assets - Freestanding Derivatives | 0 | |||||
| Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | [2] | 4,041 | 7,616 | |||
| Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 73,344 | 74,930 | ||||
| Fair Value, Measurements, Recurring | Level 2 | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 5,168,199 | 4,586,021 | ||||
| Assets | 5,319,564 | 4,717,214 | ||||
| Total Accounts Payable, Accrued Expenses and Other Liabilities | 113,644 | 127,392 | ||||
| Liabilities | 113,644 | 127,392 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Derivatives liabilities | 99,637 | 114,612 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds - Freestanding Derivatives | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Derivatives liabilities | 14,007 | 12,780 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Other Investments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 4,922,949 | 4,313,592 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 206,537 | 229,754 | ||||
| Other Assets - Freestanding Derivatives | 151,365 | 131,193 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Freestanding Derivatives | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 14,028 | 12,780 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | [2] | 165,930 | 197,396 | |||
| Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Debt Instruments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 26,579 | 19,578 | ||||
| Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 38,713 | 42,675 | ||||
| Fair Value, Measurements, Recurring | Level 3 | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 4,545,755 | 4,503,535 | ||||
| Accounts Receivable - Loans and Receivables | 425,981 | 205,158 | ||||
| Assets | 4,977,009 | 4,712,057 | ||||
| Contingent Consideration | 416 | 416 | ||||
| Total Accounts Payable, Accrued Expenses and Other Liabilities | 1,151,709 | 1,124,744 | ||||
| Liabilities | 1,151,709 | 1,124,744 | ||||
| Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Commitments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Corporate Treasury Commitments | 2,038 | 181 | ||||
| Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Derivatives liabilities | 1,149,255 | 1,124,147 | ||||
| Fair Value, Measurements, Recurring | Level 3 | Other Investments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 593,268 | 198,393 | ||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 3,908,184 | 4,124,090 | ||||
| Other Assets - Freestanding Derivatives | 5,273 | 3,364 | ||||
| Assets | 3,908,184 | 4,124,090 | ||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | [2] | 3,886,718 | 4,103,478 | |||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | 21,466 | 20,612 | ||||
| Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Total Investments | $ 44,303 | $ 181,052 | ||||
| ||||||
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands |
Mar. 31, 2026
USD ($)
|
|---|---|
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair Value | $ 1,097,527 |
| Unfunded Loan Commitment | |
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair Value | 27,938 |
| Equity | |
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair Value | 97,069 |
| Equity | Unfunded Loan Commitment | |
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair Value | 14,360 |
| Real Estate | |
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair Value | 26,334 |
| Real Estate | Unfunded Loan Commitment | |
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair Value | 0 |
| Infrastructure | |
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair Value | 967,944 |
| Infrastructure | Unfunded Loan Commitment | |
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair Value | 13,578 |
| Other | |
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair Value | 6,180 |
| Other | Unfunded Loan Commitment | |
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Fair Value | $ 0 |
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail) - Equity |
Mar. 31, 2026 |
|---|---|
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
| Percentage of investments unable to be redeemed at, or within 3 months of reporting date | 51.00% |
| Percentage of investments redeemable as of reporting date | 49.00% |
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2026
USD ($)
|
Dec. 31, 2025
USD ($)
|
|||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value assets | $ 6,157,534 | $ 5,093,618 | ||||||||
| Level 3 | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value assets | 4,977,009 | 4,712,057 | ||||||||
| Fair value liabilities | 1,151,709 | 1,124,744 | ||||||||
| Fair Value, Measurements, Recurring | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value assets | 13,335,548 | 12,798,089 | ||||||||
| Fair value liabilities | 1,267,320 | 1,254,114 | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value assets | 4,977,009 | 4,712,057 | ||||||||
| Fair value liabilities | 1,151,709 | 1,124,744 | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value assets | $ 425,981 | $ 205,158 | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Minimum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | 7.60% | 7.40% | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Maximum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | 18.40% | 18.30% | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | [1] | 8.50% | 8.30% | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value assets | [2] | $ 598,541 | $ 201,757 | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | [2] | 7.20% | 7.20% | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Other Investments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | [2] | 7.80% | 7.90% | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Other Investments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | [1],[2] | 7.50% | 7.50% | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Valuation Technique, Option Pricing Model | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value liabilities | [3] | $ 1,149,255 | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Valuation Technique, Option Pricing Model | Measurement Input, Price Volatility | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value liabilities | [3] | $ 1,124,147 | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Minimum | Valuation Technique, Option Pricing Model | Measurement Input, Price Volatility | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Volatility | [3] | 0.057 | 0.057 | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Maximum | Valuation Technique, Option Pricing Model | Measurement Input, Price Volatility | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Volatility | [3] | 0.058 | 0.058 | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Weighted Average | Valuation Technique, Option Pricing Model | Measurement Input, Price Volatility | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Volatility | [1],[3] | 0.057 | 0.057 | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Other Liabilities | Third Party Pricing Valuation Technique | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value liabilities | [4] | $ 2,454 | $ 597 | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value assets | 3,908,184 | 4,124,090 | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Discounted Cash Flows | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value assets | $ 3,886,718 | $ 4,103,478 | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | 4.40% | 4.30% | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | Discounted Cash Flows | EBITDA Multiple Market | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Exit Multiple - EBITDA | 0.058 | 0.05 | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Cap Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Exit Capitalization Rate | 3.10% | 3.10% | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | 40.90% | 41.10% | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Maximum | Discounted Cash Flows | EBITDA Multiple Market | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Exit Multiple - EBITDA | 0.266 | 0.306 | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Cap Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Exit Capitalization Rate | 15.70% | 15.30% | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | [1] | 10.20% | 10.20% | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Discounted Cash Flows | EBITDA Multiple Market | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Exit Multiple - EBITDA | [1] | 0.156 | 0.166 | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Cap Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Exit Capitalization Rate | [1] | 5.10% | 5.10% | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value assets | $ 21,466 | $ 20,612 | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | 6.10% | 6.10% | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | 20.00% | 20.00% | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | [1] | 12.70% | 12.20% | |||||||
| Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Fair value assets | $ 44,303 | $ 181,052 | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | 8.70% | |||||||||
| Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | 8.60% | 11.10% | ||||||||
| Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate | ||||||||||
| Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||
| Unobservable inputs, rate | [1] | 8.60% | 9.90% | |||||||
| ||||||||||
Summary of Changes in Financial Assets and Liabilities Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands |
3 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Balance, Beginning of Period | $ 4,639,444 | $ 3,898,720 | |||||||
| Transfer Out Due to Deconsolidation | (317,078) | (155,572) | |||||||
| Transfer Into Level III | [1] | 769 | 1,362 | ||||||
| Transfer Out of Level III | [1] | (12,708) | (1,758) | ||||||
| Purchases | 1,033,967 | 1,303,242 | |||||||
| Sales | (404,906) | (679,376) | |||||||
| Issuances | 3,058 | ||||||||
| Settlements | [2] | (7,137) | (7,880) | ||||||
| Changes in Gains (Losses) Included in Earnings | (15,979) | 150,863 | |||||||
| Balance, End of Period | 4,916,372 | 4,512,659 | |||||||
| Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $ (1,325) | $ 74,911 | |||||||
| Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss) on Investments | Unrealized Gain (Loss) on Investments | |||||||
| Balance, Beginning of Period | $ 1,124,744 | $ 939,088 | |||||||
| Changes in Losses (Gains) Included in Earnings | 26,965 | 88,517 | |||||||
| Balance, End of Period | 1,151,709 | 1,027,605 | |||||||
| Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date | 26,965 | 88,516 | |||||||
| Freestanding Derivatives | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Balance, Beginning of Period | 1,124,147 | 938,216 | |||||||
| Changes in Losses (Gains) Included in Earnings | 25,108 | 88,081 | |||||||
| Balance, End of Period | 1,149,255 | 1,026,297 | |||||||
| Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date | 25,108 | 88,080 | |||||||
| Other Liabilities | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Balance, Beginning of Period | 597 | 872 | |||||||
| Changes in Losses (Gains) Included in Earnings | 1,857 | 436 | |||||||
| Balance, End of Period | 2,454 | 1,308 | |||||||
| Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date | 1,857 | 436 | |||||||
| Other Investments | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Balance, Beginning of Period | [3] | 310,196 | 624,412 | ||||||
| Transfer Out of Level III | [1] | (10,740) | |||||||
| Purchases | 410,722 | 14,032 | [3] | ||||||
| Sales | (116,292) | (503,475) | [3] | ||||||
| Settlements | [2] | (1,123) | (167) | [3] | |||||
| Changes in Gains (Losses) Included in Earnings | (10,556) | 10,429 | [3] | ||||||
| Balance, End of Period | 582,207 | 145,231 | [3] | ||||||
| Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | (11,486) | 5,026 | [3] | ||||||
| Loans and Receivables | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Balance, Beginning of Period | 205,158 | 100,866 | |||||||
| Purchases | 382,533 | 82,314 | |||||||
| Sales | (159,763) | (67,345) | |||||||
| Issuances | 3,058 | ||||||||
| Settlements | [2] | (6,014) | (7,713) | ||||||
| Changes in Gains (Losses) Included in Earnings | 4,067 | 3,875 | |||||||
| Balance, End of Period | 425,981 | 115,055 | |||||||
| Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | (1,262) | 214 | |||||||
| Consolidated Blackstone Funds | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Balance, Beginning of Period | 4,124,090 | 3,173,442 | |||||||
| Transfer Out Due to Deconsolidation | (317,078) | (155,572) | |||||||
| Transfer Into Level III | [1] | 769 | 1,362 | ||||||
| Transfer Out of Level III | [1] | (1,968) | (1,758) | ||||||
| Purchases | 240,712 | 1,206,896 | |||||||
| Sales | (128,851) | (108,556) | |||||||
| Changes in Gains (Losses) Included in Earnings | (9,490) | 136,559 | |||||||
| Balance, End of Period | 3,908,184 | 4,252,373 | |||||||
| Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $ 11,423 | $ 69,671 | |||||||
| |||||||||
Fair Value Measurements of Financial instruments - Additional Information (Detail) - Blackstone - Consolidated Blackstone Funds - Fair Value, Measurements, Recurring $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
| Financial investment weighted average remaining term | 1 year 4 months 24 days |
| Investments fair value disclosure | $ 431.2 |
Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| VIE Assets | $ 48,326,982 | $ 47,708,975 |
| VIE Liabilities | 26,910,271 | 25,827,803 |
| Due from Affiliates | ||
| Variable Interest Entity [Line Items] | ||
| VIE Assets | 331,654 | 344,342 |
| Variable Interest Entity, Not Primary Beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Maximum Exposure to Loss | 6,450,503 | 5,505,419 |
| Variable Interest Entity, Not Primary Beneficiary | Potential Clawback Obligation | ||
| Variable Interest Entity [Line Items] | ||
| VIE Liabilities | 41,153 | 42,291 |
| Variable Interest Entity, Not Primary Beneficiary | Amounts Due to Non-Consolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| VIE Liabilities | 809 | 623 |
| Variable Interest Entity, Not Primary Beneficiary | Investments | ||
| Variable Interest Entity [Line Items] | ||
| VIE Assets | $ 6,077,696 | $ 5,118,786 |
Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Securities Financing Transaction [Line Items] | ||
| Pledged securities with carrying value to collateralize its repurchase agreements | $ 320.6 | $ 289.2 |
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Assets Sold under Agreements to Repurchase [Line Items] | ||
| Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 10. "Offsetting of Assets and Liabilities" | $ 320,640 | $ 289,218 |
| Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 10. "Offsetting of Assets and Liabilities" | 0 | 0 |
| Asset-backed Securities | ||
| Assets Sold under Agreements to Repurchase [Line Items] | ||
| Repurchase Agreements | 320,640 | 289,218 |
| Overnight and Continuous | Asset-backed Securities | ||
| Assets Sold under Agreements to Repurchase [Line Items] | ||
| Repurchase Agreements | 0 | 0 |
| Up to 30 Days | Asset-backed Securities | ||
| Assets Sold under Agreements to Repurchase [Line Items] | ||
| Repurchase Agreements | 259,183 | 103,835 |
| 30 - 90 Days | Asset-backed Securities | ||
| Assets Sold under Agreements to Repurchase [Line Items] | ||
| Repurchase Agreements | 49,011 | 176,196 |
| Greater than 90 Days | Asset-backed Securities | ||
| Assets Sold under Agreements to Repurchase [Line Items] | ||
| Repurchase Agreements | $ 12,446 | $ 9,187 |
Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
||
|---|---|---|---|---|
| Offsetting Assets and Liabilities [Line Items] | ||||
| Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition | $ 434,285 | $ 416,610 | ||
| Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | [1] | 427,636 | 400,166 | |
| Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 27 | 32 | ||
| Net Amount | 6,622 | 16,412 | ||
| Freestanding Derivatives | ||||
| Offsetting Assets and Liabilities [Line Items] | ||||
| Derivatives Gross and Net Amounts of Assets Presented in the Statement of Financial Condition | 170,666 | 147,337 | ||
| Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | [1] | 103,822 | 110,792 | |
| Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 42,898 | 26,421 | ||
| Derivatives Net Amount | 23,946 | 10,124 | ||
| Derivatives Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition | 113,645 | 127,392 | ||
| Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | [1] | 106,996 | 110,948 | |
| Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 27 | 32 | ||
| Derivatives Net Amount | 6,622 | 16,412 | ||
| Repurchase Agreements | ||||
| Offsetting Assets and Liabilities [Line Items] | ||||
| Repurchase Agreements Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition | 320,640 | 289,218 | ||
| Repurchase Agreements Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | [1] | 320,640 | 289,218 | |
| Repurchase Agreements Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | ||||
| Repurchase agreements Net Amount | $ 0 | $ 0 | ||
| ||||
Components of Other Assets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Schedule of Other Assets [Line Items] | ||
| Furniture, Equipment and Leasehold Improvements | $ 987,586 | $ 952,583 |
| Less: Accumulated Depreciation | (456,764) | (431,394) |
| Furniture, Equipment and Leasehold Improvements, Net | 530,822 | 521,189 |
| Prepaid Expenses | 292,507 | 315,338 |
| Freestanding Derivatives | 156,638 | 134,557 |
| Other | 55,204 | 186,635 |
| Total Other Assets | $ 1,035,171 | $ 1,157,719 |
Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Billions |
Mar. 31, 2026
USD ($)
|
|---|---|
| Offsetting Assets [Line Items] | |
| Aggregate cash balance on deposit relating to the cash pooling arrangement | $ 1.0 |
| Overdraft facility | $ 1.0 |
Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
||||||
|---|---|---|---|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | $ 13,280,285 | $ 12,445,144 | ||||||
| Fair Value | 11,950,354 | 11,394,706 | ||||||
| Blackstone Fund Facilities | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [1] | 900,000 | 0 | |||||
| Fair Value | [1] | 900,000 | 0 | |||||
| Senior Secured Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 13,189,537 | 12,318,723 | |||||
| Fair Value | [2] | 11,856,153 | 11,264,939 | |||||
| Borrowings Of Consolidated Blackstone Funds | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | 90,748 | 126,421 | ||||||
| Fair Value | 94,201 | 129,767 | ||||||
| Borrowings Of Consolidated Blackstone Funds | Blackstone Fund Facilities | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [3] | 90,748 | 126,421 | |||||
| Fair Value | [3] | 94,201 | 129,767 | |||||
| 1.000% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 699,692 | 711,022 | |||||
| Fair Value | [2] | 686,810 | 696,585 | |||||
| 3.150% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 299,367 | 299,264 | |||||
| Fair Value | [2] | 294,699 | 295,941 | |||||
| 5.900% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 597,969 | 597,667 | |||||
| Fair Value | [2] | 612,696 | 619,068 | |||||
| 1.625% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 647,608 | 647,359 | |||||
| Fair Value | [2] | 609,154 | 610,688 | |||||
| 1.500% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 701,538 | 713,034 | |||||
| Fair Value | [2] | 649,212 | 673,772 | |||||
| 2.500% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 495,850 | 495,590 | |||||
| Fair Value | [2] | 463,830 | 467,930 | |||||
| 4.300% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 594,718 | 594,461 | |||||
| Fair Value | [2] | 591,132 | 600,162 | |||||
| 1.600% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 497,503 | 497,384 | |||||
| Fair Value | [2] | 428,115 | 435,810 | |||||
| 2.000% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 792,079 | 791,761 | |||||
| Fair Value | [2] | 679,440 | 689,088 | |||||
| 2.550% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 496,759 | 496,635 | |||||
| Fair Value | [2] | 437,170 | 444,025 | |||||
| 6.200% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 893,450 | 893,266 | |||||
| Fair Value | [2] | 953,514 | 975,870 | |||||
| 3.500% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 550,050 | 559,079 | |||||
| Fair Value | [2] | 548,548 | 582,161 | |||||
| 5.000% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 741,740 | 741,552 | |||||
| Fair Value | [2] | 735,735 | 757,718 | |||||
| 4.950% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 594,689 | 594,586 | |||||
| Fair Value | [2] | 579,798 | 596,592 | |||||
| 6.250% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 240,159 | 240,076 | |||||
| Fair Value | [2] | 254,223 | 264,443 | |||||
| 5.000% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 490,638 | 490,561 | |||||
| Fair Value | [2] | 446,975 | 466,615 | |||||
| 4.450% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 345,037 | 344,996 | |||||
| Fair Value | [2] | 287,970 | 302,855 | |||||
| 4.000% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 291,664 | 291,605 | |||||
| Fair Value | [2] | 225,156 | 236,016 | |||||
| 3.500% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 392,856 | 392,808 | |||||
| Fair Value | [2] | 273,892 | 286,888 | |||||
| 2.800% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 394,444 | 394,405 | |||||
| Fair Value | [2] | 235,640 | 246,808 | |||||
| 2.850% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 543,685 | 543,643 | |||||
| Fair Value | [2] | 327,184 | 345,164 | |||||
| 3.200% Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Carrying Value | [2] | 988,042 | 987,969 | |||||
| Fair Value | [2] | $ 635,260 | $ 670,740 | |||||
| ||||||||
Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | |||
|---|---|---|---|---|---|
May 31, 2026 |
Mar. 31, 2026 |
Dec. 31, 2025 |
|||
| Letter of Credit [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Line of credit facility, maximum borrowing capacity | $ 39.3 | $ 39.3 | |||
| Revolving Credit Facility [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||
| Line of credit facility, commitment fee percentage | 0.06% | ||||
| Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Line of credit facility, average outstanding amount | $ 700.0 | ||||
| 1.000% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 1.00% | |||
| Debt instrument, maturity date | Oct. 05, 2026 | ||||
| 3.150% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 3.15% | |||
| Debt instrument, maturity date | Oct. 02, 2027 | ||||
| 5.900% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 5.90% | |||
| Debt instrument, maturity date | Nov. 03, 2027 | ||||
| 1.625% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 1.625% | |||
| Debt instrument, maturity date | Aug. 05, 2028 | ||||
| 1.500% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 1.50% | |||
| Debt instrument, maturity date | Apr. 10, 2029 | ||||
| 2.500% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 2.50% | |||
| Debt instrument, maturity date | Jan. 10, 2030 | ||||
| 4.300% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 4.30% | |||
| Debt instrument, maturity date | Nov. 03, 2030 | ||||
| 1.600% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 1.60% | |||
| Debt instrument, maturity date | Mar. 30, 2031 | ||||
| 2.000% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 2.00% | |||
| Debt instrument, maturity date | Jan. 30, 2032 | ||||
| 2.550% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 2.55% | |||
| Debt instrument, maturity date | Mar. 30, 2032 | ||||
| 6.200% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 6.20% | |||
| Debt instrument, maturity date | Apr. 22, 2033 | ||||
| 3.500% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 3.50% | |||
| Debt instrument, maturity date | Jun. 01, 2034 | ||||
| 5.000% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 5.00% | |||
| Debt instrument, maturity date | Dec. 06, 2034 | ||||
| 4.950% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 4.95% | |||
| Debt instrument, maturity date | Feb. 15, 2036 | ||||
| 6.250% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 6.25% | |||
| Debt instrument, maturity date | Aug. 15, 2042 | ||||
| 5.000% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 5.00% | |||
| Debt instrument, maturity date | Jun. 15, 2044 | ||||
| 4.450% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 4.45% | |||
| Debt instrument, maturity date | Jul. 15, 2045 | ||||
| 4.000% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 4.00% | |||
| Debt instrument, maturity date | Oct. 02, 2047 | ||||
| 3.500% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 3.50% | |||
| Debt instrument, maturity date | Sep. 10, 2049 | ||||
| 2.800% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 2.80% | |||
| Debt instrument, maturity date | Sep. 30, 2050 | ||||
| 2.850% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 2.85% | |||
| Debt instrument, maturity date | Aug. 05, 2051 | ||||
| 3.200% Notes | Senior Secured Notes [Member] | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate | [1] | 3.20% | |||
| Debt instrument, maturity date | Jan. 30, 2052 | ||||
| |||||
Scheduled Principal Payments for Borrowings (Detail) $ in Thousands |
Mar. 31, 2026
USD ($)
|
|---|---|
| Debt Instrument [Line Items] | |
| 2026 | $ 693,180 |
| 2027 | 900,000 |
| 2028 | 650,000 |
| 2029 | 774,386 |
| 2030 | 2,013,289 |
| Thereafter | 8,377,650 |
| Total | 13,408,505 |
| Blackstone Operating Borrowings | |
| Debt Instrument [Line Items] | |
| 2026 | 693,180 |
| 2027 | 900,000 |
| 2028 | 650,000 |
| 2029 | 693,180 |
| 2030 | 2,000,000 |
| Thereafter | 8,377,650 |
| Total | 13,314,010 |
| Borrowings of Consolidated Blackstone Funds | |
| Debt Instrument [Line Items] | |
| 2026 | 0 |
| 2027 | 0 |
| 2028 | 0 |
| 2029 | 81,206 |
| 2030 | 13,289 |
| Thereafter | 0 |
| Total | $ 94,495 |
Income Taxes - Additional Information (Detail) $ in Millions |
Mar. 31, 2026
USD ($)
|
|---|---|
| Income Tax [Line Items] | |
| Deferred tax valuation allowance | $ 35.2 |
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations (Detail) |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| U.S. Federal | |
| Income Tax Examination [Line Items] | |
| Open Tax Year | 2022 |
| New York City | |
| Income Tax Examination [Line Items] | |
| Open Tax Year | 2009 |
| New York State | |
| Income Tax Examination [Line Items] | |
| Open Tax Year | 2019 |
| United Kingdom | |
| Income Tax Examination [Line Items] | |
| Open Tax Year | 2011 |
Earnings Per Share and Stockholders' Equity - Basic and Diluted Net Income Per Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|||
| Earnings Per Share [Line Items] | ||||
| Net Income Attributable to Blackstone Inc., Basic and Diluted | $ 649,729 | $ 614,852 | ||
| Weighted-Average Shares of Common Stock Outstanding, Basic | 785,332,239 | 771,796,385 | ||
| Weighted-Average Shares of Unvested Deferred Restricted Common Stock | [1] | 964,071 | 638,217 | |
| Weighted-Average Shares of Common Stock Outstanding, Diluted | 786,296,310 | 772,434,602 | ||
| Net Income Per Share of Common Stock, Basic | $ 0.83 | $ 0.8 | ||
| Net Income Per Share of Common Stock, Diluted | 0.83 | 0.8 | ||
| Dividends Declared Per Share of Common Stock | $ 1.49 | $ 1.44 | ||
| ||||
Earnings Per Share and Stockholders' Equity - Summary of Anti-Dilutive Securities (Detail) - shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Blackstone Partnership Units | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Weighted-Average Units | 445,089,438 | 450,237,809 |
Earnings Per Share and Stockholders' Equity - Schedule of Shares Eligible For Dividends and Distribution (Detail) |
Mar. 31, 2026
shares
|
|---|---|
| Stockholders Equity [Line Items] | |
| Common stock eligible for dividends and distributions | 785,497,027 |
| Shares eligible for dividends and distributions | 1,230,169,747 |
| Common Stock | |
| Stockholders Equity [Line Items] | |
| Common stock eligible for dividends and distributions | 751,535,403 |
| Unvested Participating Common Stock | |
| Stockholders Equity [Line Items] | |
| Common stock eligible for dividends and distributions | 33,961,624 |
| Participating Partnership Units | |
| Stockholders Equity [Line Items] | |
| Participating Blackstone Holdings Partnership Units | 444,672,720 |
Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Jul. 16, 2024 |
|
| Stockholders Equity [Line Items] | |||
| Amount remaining available for repurchases | $ 1,700.0 | ||
| Common Stock | |||
| Stockholders Equity [Line Items] | |||
| Common stock repurchased, units | 0.2 | 0.2 | |
| Amount authorized to repurchase under unit repurchase program | $ 2,000.0 | ||
| Common stock repurchased, cost | $ 24.4 | $ 31.0 | |
Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Jan. 01, 2026 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Partnership grant units | 176,596,501 | ||
| Compensation expense in relation to equity-based awards | $ 560,862 | $ 471,089 | |
| Tax benefits in relation to equity-based awards | 56,100 | $ 64,000 | |
| Estimated unrecognized compensation expense related to unvested awards | $ 3,100,000 | ||
| Weighted-average period for recognized compensation expense related to unvested awards, years | 3 years 7 months 6 days | ||
| Total vested and unvested outstanding units | 1,230,218,928 | ||
| Phantom Share Units (PSUs) | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total outstanding unvested phantom units | 74,481 | ||
Equity-Based Compensation - Summary of Status of Partnership's Unvested Equity-Based Awards (Detail) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
$ / shares
shares
| |
| Blackstone | Blackstone Partnership Units | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Beginning Balance | shares | 226,888 |
| Granted (Units) | shares | 0 |
| Vested (Units) | shares | (226,888) |
| Forfeited (Units) | shares | 0 |
| Ending Balance | shares | 0 |
| Beginning Balance | $ / shares | $ 32.02 |
| Granted (Weighted-Average Grant Date Fair Value) | $ / shares | 0 |
| Vested (Weighted-Average Grant Date Fair Value) | $ / shares | 32.02 |
| Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares | 0 |
| Ending Balance | $ / shares | $ 0 |
| Blackstone Group Inc. | Equity Settled Awards Deferred Restricted Shares Of Common Stock | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Beginning Balance | shares | 29,420,712 |
| Granted (Units) | shares | 2,151,158 |
| Vested (Units) | shares | (2,655,224) |
| Forfeited (Units) | shares | (101,279) |
| Ending Balance | shares | 28,815,367 |
| Beginning Balance | $ / shares | $ 122.07 |
| Granted (Weighted-Average Grant Date Fair Value) | $ / shares | 154.17 |
| Vested (Weighted-Average Grant Date Fair Value) | $ / shares | 125.87 |
| Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares | 129.76 |
| Ending Balance | $ / shares | $ 124.19 |
| Blackstone Group Inc. | Cash Settled Awards Phantom Shares | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Beginning Balance | shares | 66,941 |
| Granted (Units) | shares | 1,768 |
| Vested (Units) | shares | (5,196) |
| Forfeited (Units) | shares | (2,566) |
| Ending Balance | shares | 60,947 |
| Beginning Balance | $ / shares | $ 146.7 |
| Granted (Weighted-Average Grant Date Fair Value) | $ / shares | 110.92 |
| Vested (Weighted-Average Grant Date Fair Value) | $ / shares | 115.55 |
| Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares | 132.13 |
| Ending Balance | $ / shares | $ 110.44 |
Equity-Based Compensation - Unvested Shares and Units, After Expected Forfeitures (Detail) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Deferred Restricted Shares of Common Stock | 25,027,016 |
| Phantom Shares | 52,082 |
| Deferred Restricted Shares of Common Stock (Weighted-Average Service in Years) | 2 years 6 months |
| Phantom Shares (Weighted-Average Service Period in Years) | 2 years 8 months 12 days |
Related Party Transactions - Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies | $ 5,010,641 | $ 5,047,814 |
| Due from Certain Non-Controlling Interest Holders and Blackstone Employees | 1,073,317 | 1,036,117 |
| Accrual for Potential Clawback of Previously Distributed Performance Allocations | 311,207 | 273,531 |
| Due from Affiliates, total | 6,395,165 | 6,357,462 |
| Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements | 2,047,929 | 2,076,205 |
| Due to Non-Consolidated Entities | 195,162 | 237,983 |
| Due to Certain Non-Controlling Interest Holders and Blackstone Employees | 109,131 | 103,977 |
| Accrual for Potential Repayment of Previously Received Performance Allocations | 892,405 | 806,267 |
| Due to Affiliates, total | 3,244,627 | 3,224,432 |
| Related Party | ||
| Related Party Transaction [Line Items] | ||
| Due from Affiliates, total | 6,395,165 | 6,357,462 |
| Due to Affiliates, total | $ 3,244,627 | $ 3,224,432 |
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Related Party Transaction [Line Items] | |||
| Investments | $ 32,747,619 | $ 32,212,111 | |
| Cash saving in tax receivable agreements, percentage | 85.00% | ||
| Expected future payments under the tax receivable agreements | $ 2,000,000 | ||
| Expected future payments under the tax receivable agreements in years | 15 years | ||
| After-tax net present value estimated payments | $ 636,300 | ||
| After-tax net present value discount rate assumption | 15.00% | ||
| Founder, senior managing directors, employees and certain other related parties | |||
| Related Party Transaction [Line Items] | |||
| Net Income Attributable to Non-Controlling Interests | $ 20,200 | $ 47,500 | |
| Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds | |||
| Related Party Transaction [Line Items] | |||
| Investments | $ 2,200,000 | $ 2,200,000 | |
Commitments and Contingencies - Additional Information (Detail) $ in Thousands, € in Millions |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Jan. 03, 2025
USD ($)
|
Mar. 31, 2026
USD ($)
|
Mar. 31, 2026
EUR (€)
|
Dec. 31, 2025
USD ($)
|
Jan. 01, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Schedule Of Commitments And Contingencies [Line Items] | ||||||
| General partner capital funding | $ 6,200,000 | |||||
| Total investments at risk in respect of guarantees extended | $ 21,800 | |||||
| Contingent obligations currently anticipated to expire end | 2038 | |||||
| Provision for cash clawback | $ 1,300,000 | |||||
| Contingent Obligations (Clawback) | (8,400,000) | |||||
| Investments | $ 32,747,619 | $ 32,212,111 | ||||
| Blackstone Real Estate Investment Trust or BREIT | ||||||
| Schedule Of Commitments And Contingencies [Line Items] | ||||||
| Investments | € | € 1,000 | |||||
| Percentage Of Incremental Cash Payment In Excess Of Target Return | 5.00% | 5.00% | ||||
| Security Owned and Pledged as Collateral, Associated Liabilities, Fair Value | $ 1,100,000 | |||||
| Investments Pledged fair value | $ 1,500,000 | € 200 | $ 1,100,000 | |||
| Common stock, value, subscriptions | $ 4,500,000 | |||||
| Percentage of targeted annualized net return | 9.25% | 9.25% | ||||
| Blackstone Real Estate Investment Trust or BREIT | University of California | ||||||
| Schedule Of Commitments And Contingencies [Line Items] | ||||||
| Percentage of targeted annualized net return | 11.25% | 11.25% | ||||
| Cost of the investment | $ 4,500,000 | |||||
| Settlement Agreement [Member] | ||||||
| Schedule Of Commitments And Contingencies [Line Items] | ||||||
| Loss Contingency, Name of Plaintiff | Taylor I and Taylor II | |||||
| Settled Litigation [Member] | ||||||
| Schedule Of Commitments And Contingencies [Line Items] | ||||||
| Loss Contingency Settlement Value Among Dedendants | $ 82,500 | |||||
| Loss Contingency, Settlement Agreement, Court | Franklin County Circuit Court | |||||
| Loss Contingency, Name of Defendant | we and several other defendants | |||||
| Blackstone Holdings | ||||||
| Schedule Of Commitments And Contingencies [Line Items] | ||||||
| Loans held By employees for investment guaranteed | 86,600 | |||||
| Contingent Obligations (Clawback) | (7,600,000) | |||||
| Consolidated Blackstone Funds | ||||||
| Schedule Of Commitments And Contingencies [Line Items] | ||||||
| Funds signed investment commitments | 787,900 | |||||
| Consolidated Blackstone Funds | Portfolio Company Acquisition | ||||||
| Schedule Of Commitments And Contingencies [Line Items] | ||||||
| Signed investment commitments for portfolio company acquisitions in process of closing | $ 114,400 |
Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Product Liability Contingency [Line Items] | ||
| Clawback obligations | $ 892,405 | $ 806,267 |
| Blackstone Holdings | ||
| Product Liability Contingency [Line Items] | ||
| Clawback obligations | 581,198 | 532,736 |
| Current And Former Blackstone Personnel | ||
| Product Liability Contingency [Line Items] | ||
| Clawback obligations | 311,207 | 273,531 |
| Real Estate Segment | ||
| Product Liability Contingency [Line Items] | ||
| Clawback obligations | 741,387 | 676,020 |
| Real Estate Segment | Blackstone Holdings | ||
| Product Liability Contingency [Line Items] | ||
| Clawback obligations | 488,999 | 448,096 |
| Real Estate Segment | Current And Former Blackstone Personnel | ||
| Product Liability Contingency [Line Items] | ||
| Clawback obligations | 252,388 | 227,924 |
| Private Equity Segment | ||
| Product Liability Contingency [Line Items] | ||
| Clawback obligations | 151,018 | 130,247 |
| Private Equity Segment | Blackstone Holdings | ||
| Product Liability Contingency [Line Items] | ||
| Clawback obligations | 92,199 | 84,640 |
| Private Equity Segment | Current And Former Blackstone Personnel | ||
| Product Liability Contingency [Line Items] | ||
| Clawback obligations | $ 58,819 | $ 45,607 |
Segment Reporting - Additional Information (Detail) - Segment |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Segment Reporting Information [Line Items] | ||
| Number of business segments | 4 | 4 |
Financial Data of Segments (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Segment Reporting Information [Line Items] | ||
| Fee Related Performance Revenues | $ 488,098 | $ 293,915 |
| Realized Performance Revenues | 1,268,592 | 753,875 |
| Realized Performance Compensation | (487,817) | (298,919) |
| Realized Principal Investment Income (loss) | 31,973 | 117,910 |
| Operating Segments | ||
| Segment Reporting Information [Line Items] | ||
| Base Management Fees | 1,952,414 | 1,807,119 |
| Transaction, Advisory and Other Fees, Net | 211,697 | 111,309 |
| Management Fee Offsets | (31,303) | (26,430) |
| Total Management and Advisory Fees, Net | 2,132,808 | 1,891,998 |
| Fee Related Performance Revenues | 488,098 | 293,915 |
| Fee Related Compensation | (729,470) | (616,982) |
| Other Operating Expenses | (343,455) | (306,875) |
| Fee Related Earnings | 1,547,981 | 1,262,056 |
| Realized Performance Revenues | 780,494 | 460,023 |
| Realized Performance Compensation | (364,056) | (220,924) |
| Realized Principal Investment Income (loss) | 31,973 | 117,910 |
| Total Net Realizations | 448,411 | 357,009 |
| Total Segment Distributable Earnings | 1,996,392 | 1,619,065 |
| Segment Assets | 43,580,257 | |
| Operating Segments | Real Estate Segment | ||
| Segment Reporting Information [Line Items] | ||
| Base Management Fees | 636,047 | 664,601 |
| Transaction, Advisory and Other Fees, Net | 51,738 | 40,146 |
| Management Fee Offsets | (10,308) | (3,899) |
| Total Management and Advisory Fees, Net | 677,477 | 700,848 |
| Fee Related Performance Revenues | 152,998 | 37,803 |
| Fee Related Compensation | (193,137) | (170,525) |
| Other Operating Expenses | (90,200) | (83,281) |
| Fee Related Earnings | 547,138 | 484,845 |
| Realized Performance Revenues | 42,074 | 19,010 |
| Realized Performance Compensation | (22,956) | (8,770) |
| Realized Principal Investment Income (loss) | (8,805) | 349 |
| Total Net Realizations | 10,313 | 10,589 |
| Total Segment Distributable Earnings | 557,451 | 495,434 |
| Segment Assets | 12,933,328 | |
| Operating Segments | Private Equity Segment | ||
| Segment Reporting Information [Line Items] | ||
| Base Management Fees | 659,991 | 578,444 |
| Transaction, Advisory and Other Fees, Net | 150,938 | 54,220 |
| Management Fee Offsets | (9,007) | (10,872) |
| Total Management and Advisory Fees, Net | 801,922 | 621,792 |
| Fee Related Performance Revenues | 170,697 | 60,904 |
| Fee Related Compensation | (262,813) | (203,319) |
| Other Operating Expenses | (112,928) | (102,894) |
| Fee Related Earnings | 596,878 | 376,483 |
| Realized Performance Revenues | 637,989 | 350,073 |
| Realized Performance Compensation | (294,536) | (171,141) |
| Realized Principal Investment Income (loss) | 45,348 | 9,176 |
| Total Net Realizations | 388,801 | 188,108 |
| Total Segment Distributable Earnings | 985,679 | 564,591 |
| Segment Assets | 20,529,092 | |
| Operating Segments | Credit & Insurance Segment | ||
| Segment Reporting Information [Line Items] | ||
| Base Management Fees | 509,847 | 443,223 |
| Transaction, Advisory and Other Fees, Net | 10,628 | 15,480 |
| Management Fee Offsets | (11,988) | (11,659) |
| Total Management and Advisory Fees, Net | 508,487 | 447,044 |
| Fee Related Performance Revenues | 164,403 | 195,208 |
| Fee Related Compensation | (226,493) | (201,618) |
| Other Operating Expenses | (114,563) | (96,278) |
| Fee Related Earnings | 331,834 | 344,356 |
| Realized Performance Revenues | 78,126 | 91,597 |
| Realized Performance Compensation | (31,197) | (40,495) |
| Realized Principal Investment Income (loss) | (5,705) | 107,903 |
| Total Net Realizations | 41,224 | 159,005 |
| Total Segment Distributable Earnings | 373,058 | 503,361 |
| Segment Assets | 7,671,327 | |
| Operating Segments | Multi Assets Investing Segment | ||
| Segment Reporting Information [Line Items] | ||
| Base Management Fees | 146,529 | 120,851 |
| Transaction, Advisory and Other Fees, Net | (1,607) | 1,463 |
| Management Fee Offsets | 0 | 0 |
| Total Management and Advisory Fees, Net | 144,922 | 122,314 |
| Fee Related Performance Revenues | 0 | 0 |
| Fee Related Compensation | (47,027) | (41,520) |
| Other Operating Expenses | (25,764) | (24,422) |
| Fee Related Earnings | 72,131 | 56,372 |
| Realized Performance Revenues | 22,305 | (657) |
| Realized Performance Compensation | (15,367) | (518) |
| Realized Principal Investment Income (loss) | 1,135 | 482 |
| Total Net Realizations | 8,073 | (693) |
| Total Segment Distributable Earnings | 80,204 | $ 55,679 |
| Segment Assets | $ 2,446,510 | |
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
| Total Revenues | $ 3,617,595 | $ 3,289,458 | |||||||||||||||||||||||||||
| Less: Unrealized Performance Revenues | [1] | (283,355) | (263,201) | ||||||||||||||||||||||||||
| Less: Unrealized Principal Investment (Income) Loss | (385,002) | 158,713 | |||||||||||||||||||||||||||
| Total Expenses | 2,262,293 | 1,894,432 | |||||||||||||||||||||||||||
| Total Other Income | 99,755 | 57,575 | |||||||||||||||||||||||||||
| Total Other Income | 0 | 0 | |||||||||||||||||||||||||||
| Less: Unrealized Performance Revenues | [1] | (283,355) | (263,201) | ||||||||||||||||||||||||||
| Total GAAP Income Before Provision for Taxes | 1,455,057 | 1,452,601 | |||||||||||||||||||||||||||
| Less: Unrealized Principal Investment (Income) Loss | (385,002) | 158,713 | |||||||||||||||||||||||||||
| Total Assets | 48,326,982 | $ 47,708,975 | |||||||||||||||||||||||||||
| Total Assets | [2] | (4,746,725) | |||||||||||||||||||||||||||
| Operating Segments | |||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
| Total Revenues | [3] | 3,433,373 | 2,763,846 | ||||||||||||||||||||||||||
| Total Expenses | [4] | 1,436,981 | 1,144,781 | ||||||||||||||||||||||||||
| Total Segment Distributable Earnings | 1,996,392 | 1,619,065 | |||||||||||||||||||||||||||
| Total Assets | 43,580,257 | ||||||||||||||||||||||||||||
| Consolidation Adjustments and Reconciling Items | |||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
| Less: Unrealized Performance Revenues | [1] | (283,355) | (263,201) | ||||||||||||||||||||||||||
| Less: Unrealized Principal Investment (Income) Loss | [5] | 322,136 | (161,257) | ||||||||||||||||||||||||||
| Less: Interest and Dividend Revenue | [6] | (107,940) | (97,420) | ||||||||||||||||||||||||||
| Less: Other Revenue | [7] | (50,928) | 73,635 | ||||||||||||||||||||||||||
| Transaction-Related and Non-Recurring Items | [8] | (46) | (400) | ||||||||||||||||||||||||||
| Less: Unrealized Performance Allocations Compensation | [9] | (89,701) | (103,559) | ||||||||||||||||||||||||||
| Less: Equity-Based Compensation | [10] | (561,217) | (471,302) | ||||||||||||||||||||||||||
| Less: Interest Expense | [11] | (130,058) | (117,950) | ||||||||||||||||||||||||||
| Impact of Consolidation | [2] | (25,591) | (26,252) | ||||||||||||||||||||||||||
| Amortization of Intangibles | [12] | (7,288) | (7,333) | ||||||||||||||||||||||||||
| Transaction-Related and Non-Recurring Items | [8] | (7,013) | (19,224) | ||||||||||||||||||||||||||
| Administrative Fee Adjustment | [13] | (4,568) | (4,186) | ||||||||||||||||||||||||||
| Less: Unrealized Performance Revenues | [1] | (283,355) | (263,201) | ||||||||||||||||||||||||||
| Less: Unrealized Principal Investment (Income) Loss | [5] | 322,136 | (161,257) | ||||||||||||||||||||||||||
| Less: Interest and Dividend Revenue | [6] | (107,940) | (97,420) | ||||||||||||||||||||||||||
| Less: Other Revenue | [7] | (50,928) | 73,635 | ||||||||||||||||||||||||||
| Plus: Unrealized Performance Allocations Compensation | [9] | 89,701 | 103,559 | ||||||||||||||||||||||||||
| Plus: Equity-Based Compensation | [10] | 561,217 | 471,302 | ||||||||||||||||||||||||||
| Plus: Interest Expense | [11] | 130,058 | 117,950 | ||||||||||||||||||||||||||
| Amortization of Intangibles | [12] | 7,288 | 7,333 | ||||||||||||||||||||||||||
| Transaction-Related and Non-Recurring Items | [8] | 6,967 | 18,824 | ||||||||||||||||||||||||||
| Administrative Fee Adjustment | [13] | 4,568 | 4,186 | ||||||||||||||||||||||||||
| Segment Adjustment | |||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
| Intersegment Eliminations | 124 | 155 | |||||||||||||||||||||||||||
| Intersegment Eliminations | 124 | 155 | |||||||||||||||||||||||||||
| Impact of Consolidation | |||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||
| Impact of Consolidation | [2] | (64,213) | (77,124) | ||||||||||||||||||||||||||
| Impact of Consolidation | [2] | (99,755) | (57,575) | ||||||||||||||||||||||||||
| Impact of Consolidation | [2] | $ (138,377) | $ (108,447) | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands |
3 Months Ended | |||||
|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|||||
| Segment Reporting Information [Line Items] | ||||||
| Total Segment Fee Related Performance Revenues | $ 488,098 | $ 293,915 | ||||
| Total Segment Realized Performance Revenues | 1,268,592 | 753,875 | ||||
| Total Segment Realized Principal Investment Income | 31,973 | 117,910 | ||||
| Total Segment Realized Performance Compensation | 487,817 | 298,919 | ||||
| Total Segment Other Operating Expenses | 50,973 | (73,610) | ||||
| Foreign exchange gains (losses) | 50,600 | (73,800) | ||||
| Operating Segments | ||||||
| Segment Reporting Information [Line Items] | ||||||
| Total Segment Management and Advisory Fees, Net | 2,132,808 | 1,891,998 | ||||
| Total Segment Fee Related Performance Revenues | 488,098 | 293,915 | ||||
| Total Segment Realized Performance Revenues | 780,494 | 460,023 | ||||
| Total Segment Realized Principal Investment Income | 31,973 | 117,910 | ||||
| Total Revenues | [1] | 3,433,373 | 2,763,846 | |||
| Total Segment Fee Related Compensation | 729,470 | 616,982 | ||||
| Total Segment Realized Performance Compensation | 364,056 | 220,924 | ||||
| Total Segment Other Operating Expenses | 343,455 | 306,875 | ||||
| Total Expenses | [2] | $ 1,436,981 | $ 1,144,781 | |||
| ||||||
Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Revenues | [1] | $ (15,812) | $ (12,319) | |||||||||||
| Investment Income — Realized Performance Allocations | 1,103,173 | 562,050 | ||||||||||||
| Realized Performance Revenues | 488,098 | 293,915 | ||||||||||||
| Compensation | 1,166,897 | 1,029,362 | ||||||||||||
| Incentive Fee Compensation | 54,368 | 57,029 | ||||||||||||
| Realized Performance Allocations Compensation | 433,449 | 241,890 | ||||||||||||
| Realized Performance Revenues | 1,268,592 | 753,875 | ||||||||||||
| Segment Adjustment | [2] | 0 | 63 | |||||||||||
| Total Compensation and Benefits | 1,654,714 | 1,328,281 | ||||||||||||
| General, Administrative and Other | 372,821 | 332,373 | ||||||||||||
| General, Administrative and Other | [3] | (29,366) | (25,498) | |||||||||||
| Investment Income — Realized Performance Allocations | 1,103,173 | 562,050 | ||||||||||||
| Realized Performance Revenues | 1,268,592 | 753,875 | ||||||||||||
| Realized Performance Compensation | (487,817) | (298,919) | ||||||||||||
| Investment Income Realized | 143,020 | 185,542 | ||||||||||||
| Investment Income Realized | [4] | (111,047) | (67,632) | |||||||||||
| Investment Income Realized | 31,973 | 117,910 | ||||||||||||
| Segment Adjustment | [5] | 29 | (19,073) | |||||||||||
| Less: Fee Related Performance Compensation | [6] | (112,247) | (70,746) | |||||||||||
| Total Segment | 487,817 | 298,919 | ||||||||||||
| Management and Advisory Fees, Net | ||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Revenues | 2,148,620 | 1,904,317 | ||||||||||||
| Incentive Fees | ||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Revenues | 165,419 | 191,825 | ||||||||||||
| Operating Segments | ||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Revenues | 2,132,808 | 1,891,998 | ||||||||||||
| Realized Performance Revenues | 488,098 | 293,915 | ||||||||||||
| Realized Performance Revenues | 780,494 | 460,023 | ||||||||||||
| Realized Performance Revenues | (488,098) | (293,915) | ||||||||||||
| General, Administrative and Other | 343,455 | 306,875 | ||||||||||||
| Realized Performance Revenues | 780,494 | 460,023 | ||||||||||||
| Less: Realized Performance Revenues | (780,494) | (460,023) | ||||||||||||
| Realized Performance Compensation | (364,056) | (220,924) | ||||||||||||
| Investment Income Realized | 31,973 | 117,910 | ||||||||||||
| Less: Equity-Based Compensation — Fee Related Compensation | (549,703) | (464,053) | ||||||||||||
| Less: Equity-Based Compensation — Performance Compensation | (11,514) | (7,249) | ||||||||||||
| Total Compensation and Benefits | 729,470 | 616,982 | ||||||||||||
| Less: Equity-Based Compensation — Performance Compensation | (11,514) | (7,249) | ||||||||||||
| Total Segment | 364,056 | 220,924 | ||||||||||||
| Operating Segments | Management and Advisory Fees, Net | ||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Revenues | $ 2,132,808 | $ 1,891,998 | ||||||||||||
| ||||||||||||||