BLACKSTONE INC., 10-K filed on 2/27/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 20, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Trading Symbol BX    
Entity Registrant Name Blackstone Inc.    
Entity Central Index Key 0001393818    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Emerging Growth Company false    
Entity Small Business false    
Document Transition Report false    
Document Annual Report true    
Title of 12(b) Security Common Stock    
Security Exchange Name NYSE    
Entity Shell Company false    
Entity Voluntary Filers No    
Entity Interactive Data Current Yes    
Entity File Number 001-33551    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 20-8875684    
Entity Address, Address Line One 345 Park Avenue    
Local Phone Number 583-5000    
Entity Address, State or Province NY    
Entity Address, City or Town New York    
City Area Code 212    
Entity Address, Postal Zip Code 10154    
Entity Public Float     $ 108.9
ICFR Auditor Attestation Flag true    
Entity Common Stock, Shares Outstanding   742,180,737  
Auditor Name DELOITTE & TOUCHE LLP    
Auditor Firm ID 34    
Auditor Location New York    
Document Financial Statement Error Correction [Flag] false    
v3.25.4
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and Cash Equivalents $ 2,631,241 $ 1,972,140
Cash Held by Blackstone Funds and Other 223,441 204,052
Investments 32,212,111 29,800,566
Accounts Receivable 291,758 237,930
Due from Affiliates 6,357,462 5,409,315
Intangible Assets, Net 131,359 165,243
Goodwill 1,890,202 1,890,202
Other Assets 1,157,719 947,859
Right-of-Use Assets 757,459 838,620
Deferred Tax Assets 2,056,223 2,003,948
Total Assets 47,708,975 43,469,875
Liabilities and Equity    
Loans Payable 12,445,144 11,320,956
Due to Affiliates 3,224,432 2,808,148
Accrued Compensation and Benefits 6,411,389 6,087,700
Operating Lease Liabilities 861,021 965,742
Accounts Payable, Accrued Expenses and Other Liabilities 2,885,817 2,792,314
Total Liabilities 25,827,803 23,974,860
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities 1,380,503 801,399
Stockholders' Equity of Blackstone Inc.    
Common Stock, $0.00001 par value, 90 billion shares authorized, (748,688,068 shares issued and outstanding as of December 31, 2025; 731,925,965 shares issued and outstanding as of December 31, 2024) 7 7
Additional Paid-in-Capital 8,479,886 7,444,561
Retained Earnings 191,641 808,079
Accumulated Other Comprehensive Loss (6,008) (40,326)
Total Stockholders' Equity of Blackstone Inc. 8,665,526 8,212,321
Non-Controlling Interests in Consolidated Entities 7,224,211 6,154,943
Non-Controlling Interests in Blackstone Holdings 4,610,932 4,326,352
Total Equity 20,500,669 18,693,616
Total Liabilities and Equity 47,708,975 43,469,875
Series I Preferred Stock    
Stockholders' Equity of Blackstone Inc.    
Preferred Stock, Value, Issued 0 0
Series II Preferred Stock    
Stockholders' Equity of Blackstone Inc.    
Preferred Stock, Value, Issued $ 0 $ 0
v3.25.4
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets $ 47,708,975 $ 43,469,875
Liabilities $ 25,827,803 $ 23,974,860
Common stock par value $ 0.00001 $ 0.00001
Common shares authorized 90,000,000,000 90,000,000,000
Common shares issued 748,688,068 731,925,965
Common shares outstanding 748,688,068 731,925,965
Preferred shares par value $ 0.00001  
Preferred shares authorized 10,000,000,000  
Series I Preferred Stock    
Preferred shares par value $ 0.00001 $ 0.00001
Preferred shares authorized 999,999,000 999,999,000
Preferred shares issued 1 1
Preferred shares outstanding 1 1
Series II Preferred Stock    
Preferred shares par value $ 0.00001 $ 0.00001
Preferred shares authorized 1,000 1,000
Preferred shares issued 1 1
Preferred shares outstanding 1 1
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets $ 5,801,801 $ 4,170,540
Liabilities 367,004 385,729
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary    
Liabilities 126,421 87,488
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 5,180,879 3,890,732
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 16,388 45,993
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 223,441 204,052
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 366,388 19,956
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 14,705 9,807
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Liabilities 181,587 229,478
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Liabilities $ 58,996 $ 68,763
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Performance Allocations      
Realized $ 3,662,243 $ 3,457,746 $ 2,223,841
Unrealized 643,063 371,407 (1,691,668)
Principal Investments      
Realized 697,632 332,258 303,823
Unrealized 248,304 380,591 (603,154)
Total Investment Income 5,251,242 4,542,002 232,842
Interest and Dividend Revenue 416,093 411,159 516,497
Other (270,873) 123,693 (92,929)
Total Revenues 14,450,265 13,229,968 8,022,841
Expenses      
Compensation 3,671,193 3,048,229 2,785,447
Incentive Fee Compensation 274,902 373,586 281,067
Performance Allocations Compensation      
Realized 1,297,472 1,432,217 900,859
Unrealized 376,962 140,021 (654,403)
Total Compensation and Benefits 5,620,529 4,994,053 3,312,970
General, Administrative and Other 1,524,548 1,361,909 1,117,305
Interest Expense 508,314 443,688 431,868
Fund Expenses 49,216 19,676 118,987
Total Expenses 7,702,607 6,819,326 4,981,130
Other Income (Loss)      
Change in Tax Receivable Agreement Liability 6,591 (41,246) (27,196)
Net Gains (Losses) from Fund Investment Activities 417,397 90,084 (56,801)
Total Other Income (Loss) 423,988 48,838 (83,997)
Income Before Provision for Taxes 7,171,646 6,459,480 2,957,714
Provision for Taxes 1,125,023 1,021,671 513,461
Net Income 6,046,623 5,437,809 2,444,253
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 45,500 (61,289) (245,518)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities 660,568 473,826 224,155
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 2,321,341 2,248,764 1,074,736
Net Income Attributable to Blackstone Inc. $ 3,019,214 $ 2,776,508 $ 1,390,880
Net Income Per Share of Common Stock      
Basic $ 3.87 $ 3.62 $ 1.84
Diluted $ 3.87 $ 3.62 $ 1.84
Weighted-Average Shares of Common Stock Outstanding      
Basic 780,018,738 766,487,450 755,204,556
Diluted 780,215,856 766,646,508 755,419,936
Management and Advisory Fees, Net      
Revenues      
Revenues $ 8,075,601 $ 7,188,936 $ 6,671,260
Incentive Fees      
Revenues      
Revenues $ 978,202 $ 964,178 $ 695,171
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net Income $ 6,046,623 $ 5,437,809 $ 2,444,253
Other Comprehensive Income (Loss) - Currency Translation Adjustment 200,105 (76,662) 59,698
Comprehensive Income 6,246,728 5,361,147 2,503,951
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 182,417 (95,256) (199,998)
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities 660,568 473,826 224,155
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings 2,350,211 2,227,262 1,080,572
Comprehensive Income Attributable to Non-Controlling Interests 3,193,196 2,605,832 1,104,729
Comprehensive Income Attributable to Blackstone Inc. $ 3,053,532 $ 2,755,315 $ 1,399,222
v3.25.4
Consolidated Statement of Changes in Equity - USD ($)
$ in Thousands
Total
Common Units
Common Stock
 [1]
Additional Paid-in Capital
 [1]
Retained Earnings (Deficit)
 [1]
Accumulated Other Comprehensive Income (Loss)
 [1]
Parent
 [1]
Noncontrolling Interest
Consolidated Entities
Noncontrolling Interest
Blackstone Holdings
Beginning Balance, Units at Dec. 31, 2022 [1]   710,276,923              
Beginning Balance at Dec. 31, 2022 $ 17,966,061   $ 7 $ 5,935,273 $ 1,748,106 $ (27,475) $ 7,655,911 $ 5,056,480 $ 5,253,670
Beginning Balance at Dec. 31, 2022 1,715,006                
Transfer Out Due to Deconsolidation of Fund Entities (53,713)                
Net Income (Loss) 2,689,771       1,390,880   1,390,880 224,155 1,074,736
Net Income (Loss) (245,518)                
Currency Translation Adjustment 14,178         8,342 8,342   5,836
Currency Translation Adjustment 45,520                
Capital Contributions 150,533                
Capital Contributions 581,265             571,559 9,706
Capital Distributions (4,944,821)       (2,478,252)   (2,478,252) (666,668) (1,799,901)
Capital Distributions (432,755)                
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities (8,231)     40     40 (8,271)  
Deferred Tax Effects on Equity Transactions 2,467     2,467     2,467    
Equity-Based Compensation 1,013,475     614,645     614,645   398,830
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock (66,762)     (66,762)     (66,762)    
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units [1]   7,745,355              
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units (351,262)     (351,262)     (351,262)    
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units [1]   (3,718,169)              
Change in Blackstone Inc.'s Ownership Interest       (15,047)     (15,047)   15,047
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock       55,836     55,836   (55,836)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units [1]   5,054,005              
Ending Balance, Units at Dec. 31, 2023 [1]   719,358,114              
Ending Balance at Dec. 31, 2023 16,896,141   7 6,175,190 660,734 (19,133) 6,816,798 5,177,255 4,902,088
Ending Balance at Dec. 31, 2023 1,179,073                
Transfer Out Due to Deconsolidation of Fund Entities 87,643             87,643  
Transfer Out Due to Deconsolidation of Fund Entities 1,065                
Net Income (Loss) 5,499,098       2,776,508   2,776,508 473,826 2,248,764
Net Income (Loss) (61,289)                
Currency Translation Adjustment (42,695)         (21,193) (21,193)   (21,502)
Currency Translation Adjustment (33,967)                
Capital Contributions 70,483                
Capital Contributions 947,805             936,217 11,588
Capital Distributions (5,015,402)       (2,629,163)   (2,629,163) (579,631) (1,806,608)
Capital Distributions (284,875)                
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities 59,499     (134)     (134) 59,633  
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities (69,091)                
Deferred Tax Effects on Equity Transactions (196,172)     (196,172)     (196,172)    
Equity-Based Compensation 1,118,764     686,218     686,218   432,546
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock (140,636)     (140,636)     (140,636)    
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units [1]   10,565,137              
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units (520,429)     (520,429)     (520,429)    
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units [1]   (3,964,353)              
Change in Blackstone Inc.'s Ownership Interest       1,382,158     1,382,158   (1,382,158)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock       58,366     58,366   (58,366)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units [1]   5,967,067              
Ending Balance, Units at Dec. 31, 2024 [1]   731,925,965              
Ending Balance at Dec. 31, 2024 18,693,616   7 7,444,561 808,079 (40,326) 8,212,321 6,154,943 4,326,352
Ending Balance at Dec. 31, 2024 801,399                
Transfer Out Due to Deconsolidation of Fund Entities (508,359)             (508,359)  
Transfer Out Due to Deconsolidation of Fund Entities (174,869)                
Net Income (Loss) 6,001,123       3,019,214   3,019,214 660,568 2,321,341
Net Income (Loss) 45,500                
Currency Translation Adjustment 63,188         34,318 34,318   28,870
Currency Translation Adjustment 136,917                
Capital Contributions 772,882                
Capital Contributions 1,767,880             1,751,543 16,337
Capital Distributions (6,862,339)       (3,635,652)   (3,635,652) (832,617) (2,394,070)
Capital Distributions (202,694)                
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities (725)     1,142     1,142 (1,867)  
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities 1,368                
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders 222,727     222,727     222,727    
Equity-Based Compensation 1,436,038     892,246     892,246   543,792
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock (189,890)     (189,890)     (189,890)    
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units [1]   10,888,407              
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units (122,590)     (122,590)     (122,590)    
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units [1]   (800,000)              
Change in Blackstone Inc.'s Ownership Interest       160,500     160,500   (160,500)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock       71,190     71,190   (71,190)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units [1]   6,673,696              
Ending Balance, Units at Dec. 31, 2025 [1]   748,688,068              
Ending Balance at Dec. 31, 2025 20,500,669   $ 7 $ 8,479,886 $ 191,641 $ (6,008) $ 8,665,526 $ 7,224,211 $ 4,610,932
Ending Balance at Dec. 31, 2025 $ 1,380,503                
[1] During the period presented, Blackstone also had one share outstanding of each of series I and Series II preferred stock, with par value of each less than one cent.
v3.25.4
Consolidated Statement of Changes in Equity (Parenthetical)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Series I Preferred Stock [Member]      
Conversion of stocks one share outstanding one share outstanding one share outstanding
Series II Preferred Stock [Member]      
Conversion of stocks one share outstanding one share outstanding one share outstanding
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities      
Net Income $ 6,046,623 $ 5,437,809 $ 2,444,253
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities      
Net Realized Gains on Investments (4,820,209) (4,172,938) (2,989,636)
Changes in Unrealized (Gains) Losses on Investments (488,090) (487,013) 683,715
Non-Cash Performance Allocations (643,063) (371,407) 1,691,668
Non-Cash Performance Allocations and Incentive Fee Compensation 1,948,679 1,941,899 473,364
Equity-Based Compensation Expense 1,445,352 1,168,435 987,549
Amortization of Intangibles 36,023 35,965 40,075
Other Non-Cash Amounts Included in Net Income 3,790 (444,772) (835,230)
Cash Flows Due to Changes in Operating Assets and Liabilities      
Cash Acquired with Consolidation of Fund Entities 0 39,729 0
Cash Relinquished with Deconsolidation of Fund Entities (69,477) (113,224) (113,589)
Accounts Receivable (211,940) (78,284) 237,623
Due from Affiliates (186,473) (386,755) 331,623
Other Assets (166,395) (560) (47,299)
Accrued Compensation and Benefits (1,493,875) (1,211,545) (1,071,559)
Accounts Payable, Accrued Expenses and Other Liabilities 514,278 194,581 (40,283)
Due to Affiliates (124,099) 16,930 85,733
Investments Purchased (3,807,149) (2,429,824) (5,010,341)
Cash Proceeds from Sale of Investments 6,679,186 4,342,636 7,189,240
Net Cash Provided by Operating Activities 4,663,161 3,481,662 4,056,906
Investing Activities      
Purchase of Furniture, Equipment and Leasehold Improvements (115,703) (61,409) (224,231)
Net Cash Paid for Acquisitions, Net of Cash Acquired 0 0 (5,420)
Net Cash Used in Investing Activities (115,703) (61,409) (229,651)
Financing Activities      
Distributions to Non-Controlling Interest Holders in Consolidated Entities (1,035,141) (874,024) (1,003,715)
Contributions from Non-Controlling Interest Holders in Consolidated Entities 2,525,477 907,267 708,410
Payments Under Tax Receivable Agreement (43,954) (87,508) (64,634)
Net Settlement of Vested Common Stock and Repurchase of Common Stock (312,480) (661,065) (418,024)
Proceeds from Loans Payable 2,813,736 741,173 494,975
Repayment and Repurchase of Loans Payable (1,813,058) (103,221) (502,460)
Dividends/Distributions to Stockholders and Unitholders (6,013,385) (4,424,183) (4,268,447)
Net Cash Used in Financing Activities (3,878,805) (4,501,561) (5,053,895)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other 9,837 (14,563) 4,988
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other      
Net Increase (Decrease) 678,490 (1,095,871) (1,221,652)
Beginning of Period 2,176,192 3,272,063 4,493,715
End of Period 2,854,682 2,176,192 3,272,063
Supplemental Disclosure of Cash Flows Information      
Payments for Interest 463,532 407,333 400,333
Payments for Income Taxes 562,560 646,872 569,381
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Non-Cash Contributions from Non-Controlling Interest Holders 16,338 101,429 22,049
Non-Cash Distributions to Non-Controlling Interest Holders (16,392) (2,070) (105,414)
Notes Issuance Costs 9,506 6,082 0
Transfer of Interests to Non-Controlling Interest Holders (499) (9,458) (8,231)
Net Settlement of Vested Common Stock 1,401,963 972,398 681,004
Deferred Tax Asset Increase (Decrease) from Equity Transactions 490,224 (26,035) (117,459)
Due to Affiliates Increase Related to the Impact of Conversions on Tax Receivable Agreements $ 278,936 $ 208,676 $ 114,992
v3.25.4
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents $ 2,631,241 $ 1,972,140    
Cash Held by Blackstone Funds and Other 223,441 204,052    
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other $ 2,854,682 $ 2,176,192 $ 3,272,063 $ 4,493,715
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 3,019,214 $ 2,776,508 $ 1,390,880
v3.25.4
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity Risk Management and Strategy
Blackstone maintains a comprehensive cybersecurity program, including policies and procedures designed to protect our systems, operations and the data entrusted to us by our investors, employees, portfolio companies and business partners from anticipated threats or hazards. Blackstone utilizes a variety of protective measures as a part of its cybersecurity program. These measures include, where appropriate, physical and digital access controls, patch management, identity verification and mobile device management software, new hire and annual employee cybersecurity awareness and best practices training programs, security baselines and tools to report anomalous activity, and monitoring of data usage, hardware and software.
We test our cybersecurity defenses regularly through automated and manual vulnerability scanning, to identify and remediate critical vulnerabilities. In addition, we conduct annual “white hat” penetration tests to validate our security posture. We internally review our cybersecurity program and conduct a third-party review every two to three years to evaluate its effectiveness, in part by considering industry standards and established frameworks, such as the National Institute of Standards and Technology and Center for Internet Security, as guidelines. Further, we engage in cybersecurity incident tabletop exercises and scenario planning exercises involving hypothetical cybersecurity incidents to test our cybersecurity incident response processes. Our Chief Security Officer (the “CSO”) and members of senior management, Legal and Compliance, Technology and Innovations (“BXTI”) and Global Corporate Affairs participate in these exercises. Learnings from these tabletop exercises and any cybersecurity events we experience are reviewed, discussed and incorporated into our cybersecurity incident response processes, as appropriate.
In addition
to our internal exercises to test aspects of our cybersecurity program, we periodically
engage
independent third parties to analyze data on the interactions of users of our information technology resources, including employees, and conduct penetration tests and scanning exercises to assess the performance of our cybersecurity systems and processes.
We have a comprehensive Security Incident Response Plan (the “IRP”) designed to inform the proper escalation of
non-routine
suspected or confirmed information security or cybersecurity events based on the expected risk an event presents. As appropriate, a Security Incident Response Team composed of individuals from several internal technical and managerial functions may be formed to investigate and remediate the event and determine the extent of external advisor support required, including from external counsel, forensic investigators, and/or law enforcement. The IRP sets out ongoing monitoring or remediation actions to be taken after resolution of an incident. The IRP is reviewed at least annually by members of BXTI and Legal and Compliance.
Blackstone maintains a formal cybersecurity risk management process and cybersecurity risk register, designed to identify, track and treat cybersecurity risks at the firm, and integrates these processes into the firm’s overall risk management practices described above. Our CSO periodically discusses and reviews cybersecurity risks and related mitigants with our enterprise risk committee and incorporates relevant cybersecurity risk updates and metrics in the semi-annual enterprise-wide risk management report.
Blackstone has a process designed to assess the cybersecurity risks associated with the engagement of
third-party
vendors. This
assessment
is conducted on the basis of, among other factors, the types of services provided and the extent and type of Blackstone data accessed or processed by a third-party vendor. On the basis of its preliminary risk assessment of a third-party vendor, Blackstone may conduct further cybersecurity reviews or request remediation of, or contractual protections related to, any actual or potential identified cybersecurity risks. In addition, where appropriate, Blackstone seeks to include in its contractual arrangements with certain of its third-party vendors provisions addressing its requirements and industry best practices with respect to data and cybersecurity, as well as the right to assess, monitor, audit and test such vendors’ cybersecurity programs and practices. Blackstone also utilizes a number of digital controls, which are reviewed at least annually, to monitor and manage third-party access to its internal systems and data.
 
For a discussion of how risks from cybersecurity threats affect our business, see “—Item 1A. Risk Factors — Risks Related to Our Business — Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.” in this Annual Report on
Form 10-K.
Cybersecurity Governance
Blackstone has a dedicated cybersecurity team, led by our CSO, who works closely with our senior management, including our Chief Technology Officer (“CTO”), to develop and advance the firm’s cybersecurity program and strategy.
Our CSO and CTO have extensive experience in cybersecurity and technology, respectively. Our CSO is a Senior Managing Director in BXTI and is responsible for all aspects of cyber and physical security across Blackstone. He has over 25 years of information security, technology and engineering experience, including having previously led the international security organization at a large credit bureau.
Our CTO is a Senior Managing Director and the head of BXTI. Our CTO has over 24 years of information security, technology and engineering experience, including having previously served as the Chief Technology and Chief Innovation Officer at a large financial institution. Our CTO is responsible for all aspects of technology across Blackstone, advises our investment teams and acts as a resource to portfolio companies on technology-related matters.
BXTI conducts periodic cybersecurity risk assessments, including assessments or audits of third-party vendors, and assists with the management and mitigation of identified cybersecurity risks. The CSO and CTO are responsible for the review of Blackstone’s cybersecurity framework annually as well as on an event-driven basis, as necessary. The CSO and CTO also review the scope of our cybersecurity measures periodically, including in the event of a change in business practices that may implicate the security or integrity of our information and systems.
Blackstone’s
board of directors
is responsible for understanding the primary risks to our business.
The audit
committee
of our board of directors is responsible for reviewing with management the areas of material risk to our operations and financial results (including, without limitation, applicable major financial and cybersecurity risks and exposures) and our guidelines and policies with respect to risk assessment and risk management.
Blackstone’s CSO reports to the board of directors and the audit committee of the board of directors at least annually on cybersecurity matters, including risks. These reports also include, as applicable, an overview of cybersecurity incidents. Additionally, the CSO provides quarterly updates to management on Blackstone’s cybersecurity risks and
program
developments.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Blackstone maintains a formal cybersecurity risk management process and cybersecurity risk register, designed to identify, track and treat cybersecurity risks at the firm, and integrates these processes into the firm’s overall risk management practices described above. Our CSO periodically discusses and reviews cybersecurity risks and related mitigants with our enterprise risk committee and incorporates relevant cybersecurity risk updates and metrics in the semi-annual enterprise-wide risk management report.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] For a discussion of how risks from cybersecurity threats affect our business, see “—Item 1A. Risk Factors — Risks Related to Our Business — Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.” in this Annual Report on
Form 10-K.
Cybersecurity Risk Role of Management [Text Block]
The audit
committee
of our board of directors is responsible for reviewing with management the areas of material risk to our operations and financial results (including, without limitation, applicable major financial and cybersecurity risks and exposures) and our guidelines and policies with respect to risk assessment and risk management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The audit
committee
of our board of directors is responsible for reviewing with management the areas of material risk to our operations and financial results (including, without limitation, applicable major financial and cybersecurity risks and exposures) and our guidelines and policies with respect to risk assessment and risk management.
Blackstone’s CSO reports to the board of directors and the audit committee of the board of directors at least annually on cybersecurity matters, including risks. These reports also include, as applicable, an overview of cybersecurity incidents. Additionally, the CSO provides quarterly updates to management on Blackstone’s cybersecurity risks and
program
developments.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our CSO and CTO have extensive experience in cybersecurity and technology, respectively. Our CSO is a Senior Managing Director in BXTI and is responsible for all aspects of cyber and physical security across Blackstone. He has over 25 years of information security, technology and engineering experience, including having previously led the international security organization at a large credit bureau.
Our CTO is a Senior Managing Director and the head of BXTI. Our CTO has over 24 years of information security, technology and engineering experience, including having previously served as the Chief Technology and Chief Innovation Officer at a large financial institution. Our CTO is responsible for all aspects of technology across Blackstone, advises our investment teams and acts as a resource to portfolio companies on technology-related matters.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Blackstone’s
board of directors
is responsible for understanding the primary risks to our business.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Organization
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization
 
1.
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
basis, exchanging one
Partnership Unit from each of the Holding Partnerships for one
share of Blackstone common stock.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
 
2.
Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
The 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.
Use of Estimates
The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of deferred tax balances (including any valuation allowances) and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material.
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 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 19. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers.
Management and Advisory Fees, Net
— Management and Advisory Fees, Net are comprised of management fees, including base management fees, transaction, advisory and other fees net of management fee reductions and offsets.
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 Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the 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 Consolidated Statements of Financial Condition.
Incentive Fees —
Contractual fees earned based on the performance of Blackstone vehicles (“Incentive Fees”) are a form of variable consideration in Blackstone’s contracts with customers to provide investment management services. Incentive Fees are earned based on performance of the vehicle during the period, subject to the achievement of minimum return levels, or high water marks, in accordance with the respective terms set out in each vehicle’s governing agreements. Incentive Fees will not be recognized as revenue until (a) it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, or (b) the uncertainty associated with the variable consideration is subsequently resolved. Incentive Fees are typically recognized as revenue when realized at the end of the measurement period. Once realized, such fees are not subject to clawback or reversal. Accrued but unpaid Incentive Fees charged directly to investors in Blackstone vehicles as of the reporting date are recorded within Due from Affiliates in the Consolidated Statements of Financial Condition.
 
Investment Income (Loss)
— Investment Income (Loss) represents the unrealized and realized gains and losses on Blackstone’s Performance Allocations and Principal Investments.
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 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
— Interest consists primarily of interest income earned on cash, receivables and Blackstone held principal investments not accounted for under the equity method. Dividend Revenue consists primarily of dividend income earned on principal investments not accounted for under the equity method held by Blackstone, including investments accounted for under the fair value option.
Other Revenue
— Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars.
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:
 
 
•
 
Level I — Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price.
 
•
 
Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within consolidated collateralized loan obligations (“CLO”) vehicles, government and agency securities, less liquid and restricted equity securities, and certain
over-the-counter
derivatives where the fair value is based on observable inputs. Notes issued by consolidated CLO vehicles are classified within Level II of the fair value hierarchy.
 
•
 
Level III — Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include private investments in the equity of operating companies, real estate properties, distressed debt and
non-investment
grade residual interests in securitizations, investments in
non-consolidated
CLOs and certain
over-the-counter
derivatives where the fair value is based on unobservable inputs. For certain investments where the fair value is not readily determinable, net asset value (“NAV”) is applied as a practical expedient.
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:
 
 
•
 
Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants including those provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction.
 
•
 
Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads.
 
•
 
Notes issued by consolidated CLO vehicles are measured based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.
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
—
The fair values of real estate investments are determined by considering projected operating cash flows, sales of comparable assets, if any, and replacement costs, among other measures and considerations. The methods used to estimate the fair value of real estate investments include the discounted cash flow method, where value is calculated by discounting the estimated cash flows and the estimated terminal value of the subject investment by the assumed buyer’s weighted-average cost of capital. A terminal value is derived by reference to an exit multiple, such as for estimates of earnings before interest, taxes, depreciation and amortization (“EBITDA”), or a capitalization rate, such as for estimates of net operating income (“NOI”). Valuations may also be derived by the performance multiple or market approach, by reference to observable valuation measures for comparable companies or assets (for example, dividing NOI by a relevant capitalization rate observed for comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables.
Private Equity Investments
— The fair values of private equity investments are determined by reference to projected net earnings, EBITDA, public market or private transactions, valuations for comparable companies and other measures which, in many cases, are based on unaudited information at the time received. The methods used to estimate the fair value of private equity investments include the discounted cash flow method. Where a discounted cash flow method is used, a terminal value is derived by reference to EBITDA or price/earnings exit multiples. Valuations may also be derived by reference to observable valuation measures for comparable 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 fair values of credit-focused investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. For credit-focused investments that are not publicly traded or whose market prices are not readily available, Blackstone may utilize other valuation techniques, including the discounted cash flow method or a market approach. The discounted cash flow method projects the expected cash flows of the debt instrument based on contractual terms, and discounts such cash flows back to the valuation date using a market-based yield. The market-based yield is generally estimated using yields of publicly traded debt instruments issued by companies operating in similar industries as the subject investment or based on changes in credit spreads of a broader benchmark index applicable to a subject investment.
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
, and reflect their investments, including majority-owned and controlled investments, at fair value. Such consolidated funds’ investments are reflected in Investments on the Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price).
Certain principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the 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 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 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 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 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 Consolidated Statements of Financial Condition.
Strategic Partners’ results presented in Blackstone’s 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.
Cash and Cash Equivalents
Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations. 
Cash Held by Blackstone Funds and Other
Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone.
Accounts Receivable and Due from Affiliates
Accounts Receivable and Due from Affiliates is comprised of management and incentive fees receivable from limited partners, receivables from managed investment vehicles and portfolio companies, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to affiliates and to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectability. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations.
Intangibles and Goodwill
Blackstone’s
 intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Performance Allocations. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from
five
to
twenty years
,
reflecting the contractual lives of such assets. Fully amortized intangible assets remain on the Consolidated Statement of Financial Position until they are no longer in use or have been disposed of. Amortization expense is included within General, Administrative and Other in the Consolidated Statements of Operations. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.
 
 
Goodwill comprises goodwill arising from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to its initial public offering (“IPO”) and the acquisitions of GSO Capital Partners LP in 2008, Strategic Partners in 2013, Harvest Fund Advisors LLC in 2017, Clarus Ventures LLC in 2018 and DCI LLC in 2020. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less than their respective carrying values. The operating segments are considered the reporting units for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, an impairment loss is recognized to the extent by which the carrying value exceeds the fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
Furniture, Equipment and Leasehold Improvements
Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements, furniture and fittings and other fixed assets were the lesser of the lease term or the life of the asset, the lesser of
seven years
or the lease term, or
three
to
five years
, respectively. Fully depreciated assets remain on the Consolidated Statement of Financial Position until they are no
longer in use or have been disposed of. Blackstone evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Foreign Currency
In the normal course of business, Blackstone may enter into transactions denominated in currencies other than United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, Blackstone consolidates a number of entities that have a
non-U.S.
dollar functional currency.
Non-U.S.
dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rate on the dates that they were recorded. Cumulative translation adjustments arising from the translation of
non-U.S.
dollar denominated operations are recorded in Other Comprehensive Income and allocated to
Non-Controlling
Interests in Consolidated Entities and
Non-Controlling
Interests in Blackstone Holdings, as applicable.
Comprehensive Income
Comprehensive Income consists of Net Income and Other Comprehensive Income. Blackstone’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments.
 
Compensation and Benefits
Compensation and Benefits
—
Compensation
— Compensation consists of (a) salary and bonus, and benefits paid and payable to employees and senior managing directors and (b) equity-based compensation associated with the grants of equity-based awards to employees and senior managing directors. Compensation cost relating to the issuance of equity-based awards to senior managing directors and employees is measured at fair value at the grant date, and expensed over the vesting period on a straight-line basis, taking into consideration expected forfeitures, except in the case of (a) equity-based awards that do not require future service, which are expensed immediately, and (b) certain awards to recipients that meet criteria making them eligible for retirement (allowing such recipient to keep a percentage of those awards upon departure from Blackstone after becoming eligible for retirement), for which the expense for the portion of the award that would be retained in the event of retirement is either expensed immediately or amortized to the retirement date. Cash settled equity-based awards and awards settled in a variable number of shares are classified as liabilities and are remeasured at the end of each reporting period.
Compensation and Benefits — Incentive Fee Compensation —
Incentive Fee Compensation consists of compensation paid based on Incentive Fees.
Compensation and Benefits — Performance Allocations Compensation —
Performance Allocation 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 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 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 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 average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships.
Other Income
Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales of investments, the net change in unrealized gains (losses) resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments.
Expenses incurred by consolidated Blackstone funds are separately presented within Fund Expenses in the Consolidated Statements of Operations.
Other Income also includes amounts attributable to the Reduction of the Tax Receivable Agreement Liability. See Note 14. “Income Taxes — Other Income — Change in the Tax Receivable Agreement Liability” for additional information.
Income Taxes
Blackstone Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local income taxes on Blackstone’s share of taxable income. The Blackstone Holdings Partnerships and certain of their subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes and generally as corporate entities in
non-U.S.
jurisdictions. Accordingly, these entities in some cases are subject to New York City unincorporated business taxes or
non-U.S.
income taxes. In addition, certain of the wholly owned subsidiaries of Blackstone and the Blackstone Holdings Partnerships will be subject to federal, state and local corporate income taxes at the entity level and the related tax provision attributable to Blackstone’s share of this income tax is reflected in the consolidated financial statements. Cash paid for transferrable tax credits is reflected in Payments for Income Taxes in the Consolidated Statements of Cash Flows.
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 consolidated financial statements.
 
 
Unrecognized Tax Benefits
Blackstone recognizes tax positions in the 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 consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the 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 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 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 Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “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 Consolidated Statements of Financial Condition.
Derivative Instruments
Blackstone recognizes all derivatives as assets or liabilities on its 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 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 Consolidated Statements of Financial Condition.
Blackstone has elected to not offset derivative assets and liabilities or financial assets in its 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 11. “Offsetting of Assets and Liabilities.”
Leases
Blackstone determines if an arrangement is a lease at inception of the arrangement. Blackstone primarily enters into operating leases, as the lessee, for office space. Operating leases are included in
Right-of-Use
(“ROU”) Assets and Operating Lease Liabilities in the Consolidated Statement of Financial Condition. ROU Assets and Operating Lease Liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Blackstone determines the present value of the lease payments using an incremental borrowing rate based on information available at the inception date. Leases may include options to extend or terminate the lease which are included in the ROU Assets and Operating Lease Liability when they are reasonably certain of exercise.
 
 
Certain leases include lease and nonlease components, which are accounted for as one single lease component. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense.
Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term.
Additional disclosures relating to leases are discussed in Note 13. “Leases.”
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 consolidated financial statements when declared.
Recent Accounting Developments
In December 2023, the Financial Accounting Standards Board issued amended guidance addressing income tax disclosures. The guidance requires greater disaggregation of information in the effective income tax rate reconciliation and income taxes paid disclosure. The new guidance was effective for Blackstone for the year ended December 31, 2025, and was adopted on a prospective basis. Adoption of the amended guidance resulted only in changes to presentation and disclosure. Related disclosures are included within Note 14. “Income Taxes.”
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Net Assets Related to the Consolidation of Certain Fund Entities  
Goodwill and Intangible Assets

3.
Goodwill and Intangible Assets
The carrying
 
value of Goodwill was $
1.9
 billion as of December 31, 2025 and 2024. At December 31, 2025 and 2024, Blackstone determined there was no evidence of Goodwill impairment.
At December 
31, 2025 and 2024, Goodwill has been allocated to each of Blackstone’s
four
segments as follows: Real Estate ($
421.7
 million), Private Equity ($
870.0
 million), Credit & Insurance ($
366.7
 million) and Multi-Asset Investing ($
231.8
 million).
Intangible Assets, Net consists of the following:
 
 
  
December 31,
 
  
2025
  
2024
Finite-Lived Intangible Assets/Contractual Rights
  
$
1,749,626
 
  
$
1,769,372
 
Accumulated Amortization
  
 
(1,618,267
) 
  
 
(1,604,129
) 
  
 
 
 
   
 
 
 
Intangible Assets, Net
  
$
131,359
 
  
$
165,243
 
  
 
 
 
   
 
 
 
 
 
Changes in Blackstone’s Intangible Assets, Net consists of the following:
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Balance, Beginning of Year
  
$
165,243
 
  
$
201,208
 
  
$
217,287
 
Amortization Expense
  
 
(36,023
) 
  
 
(35,965
) 
  
 
(40,075
) 
Acquisitions
  
 
2,139
 
  
 
—
 
  
 
23,996
 
  
 
 
 
   
 
 
 
   
 
 
 
Balance, End of Year
  
$
 131,359
 
  
$
 165,243
 
  
$
 201,208
 
  
 
 
 
   
 
 
 
   
 
 
 
Amortization
 of Intangible Assets held at December 31, 2025 is expected to be $36.1
 million, $
35.1
 million, $
18.2
 million, $
17.0
 million and $
14.0
 million for each of the years ending December 31, 2026, 2027, 2028, 2029 and 2030, respectively. Blackstone’s Intangible Assets as of December 31, 2025 are expected to amortize over a weighted-average period of
4.5
years.
v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Schedule of Investments [Line Items]  
Investments

4.
Investments
Investments consist of the following:
 
 
  
December 31,
 
  
2025
  
2024
Investments of Consolidated Blackstone Funds
  
$
5,180,879
 
  
$
3,890,732
 
Equity Method Investments
  
  
Partnership Investments
  
 
6,546,190
 
  
 
6,546,728
 
Accrued Performance Allocations
  
 
12,980,356
 
  
 
12,397,366
 
Corporate Treasury Investments
  
 
359,657
 
  
 
1,147,328
 
Other Investments
  
 
7,145,029
 
  
 
5,818,412
 
  
 
 
 
   
 
 
 
  
$
32,212,111
 
  
$
29,800,566
 
  
 
 
 
   
 
 
 
Blackstone’s
 share of Investments of Consolidated Blackstone Funds totaled $472.7
 million and $
439.7
 million at December 31, 2025 and December 31, 2024, 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 Consolidated Statements of Operations:
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Realized Gains (Losses)
  
$
95,758
 
  
$
(19,139
) 
  
$
(42,756
) 
Net Change in Unrealized Gains (Losses)
  
 
233,867
 
  
 
92,834
 
  
 
(80,416
) 
  
 
 
 
   
 
 
 
   
 
 
 
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds
  
 
329,625
 
  
 
73,695
 
  
 
(123,172
) 
Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds
  
 
87,772
 
  
 
16,389
 
  
 
66,371
 
  
 
 
 
   
 
 
 
   
 
 
 
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities
  
$
417,397
 
  
$
90,084
 
  
$
(56,801
) 
  
 
 
 
   
 
 
 
   
 
 
 
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 years ended December 31, 2025, 2024 and 2023, 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 $
800.7
 million, $
605.4
 million and $
245.8
 million for the years ended December 31
, 2025
, 2024
and 2023
, respectively.
 
The summarized financial information of Blackstone’s equity method investments for December 31, 2025 are as follows:

 
 
  
December 31, 2025 and the Year Then Ended
 
  
Real
Estate
 
Private
Equity
 
Credit &
Insurance
 
Multi-Asset

Investing
 
Total
Statement of Financial Condition
  
 
 
 
 
Assets
  
 
 
 
 
Investments
  
$
257,286,943
 
 
$
281,785,789
 
 
$
137,445,214
 
 
$
43,044,033
 
 
$
719,561,979
 
Other Assets
  
 
12,702,310
 
 
 
7,131,499
 
 
 
8,604,102
 
 
 
2,743,724
 
 
 
31,181,635
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
  
$
269,989,253
 
 
$
288,917,288
 
 
$
146,049,316
 
 
$
45,787,757
 
 
$
750,743,614
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
  
 
 
 
 
Debt
  
$
101,907,668
 
 
$
29,634,750
 
 
$
57,096,895
 
 
$
179,164
 
 
$
188,818,477
 
Other Liabilities
  
 
7,045,621
 
 
 
4,826,121
 
 
 
6,346,597
 
 
 
1,357,367
 
 
 
19,575,706
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
  
 
108,953,289
 
 
 
34,460,871
 
 
 
63,443,492
 
 
 
1,536,531
 
 
 
208,394,183
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
  
 
161,035,964
 
 
 
254,456,417
 
 
 
82,605,824
 
 
 
44,251,226
 
 
 
542,349,431
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
  
$
269,989,253
 
 
$
288,917,288
 
 
$
146,049,316
 
 
$
45,787,757
 
 
$
750,743,614
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
  
 
 
 
 
Interest Income
  
$
3,207,933
 
 
$
858,848
 
 
$
10,854,387
 
 
$
211,147
 
 
$
15,132,315
 
Other Income
  
 
10,712,682
 
 
 
2,354,457
 
 
 
641,386
 
 
 
42,776
 
 
 
13,751,301
 
Interest Expense
  
 
(6,653,550
) 
 
 
(1,901,600
)
 
 
(3,069,162
 ) 
 
 
(12,337
) 
 
 
(11,636,649
 ) 
Other Expenses
  
 
(12,575,335
 ) 
 
 
(2,628,202
 ) 
 
 
(2,315,210
)
 
 
(231,052
) 
 
 
(17,749,799
)
Net Realized and Unrealized Gain (Loss) from Investments
  
 
2,116,640
 
 
 
34,563,324
 
 
 
(147,485
)
 
 
4,827,393
 
 
 
41,359,872
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income (Loss)
  
$
(3,191,630
) 
 
$
33,246,827
 
 
$
5,963,916
 
 
$
4,837,927
 
 
$
40,857,040
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 

The summarized financial information of Blackstone’s equity method investments for December 31, 2024 are as follows:

 
 
  
December 31, 2024 and the Year Then Ended
 
  
Real
Estate
 
Private
Equity
 
Credit &

Insurance
 
Multi-Asset

Investing
 
Total
Statement of Financial Condition
  
 
 
 
 
Assets
  
 
 
 
 
Investments
  
$
270,306,524
 
 
$
226,288,905
 
 
$
120,658,563
 
 
$
33,758,058
 
 
$
651,012,050
 
Other Assets
  
 
14,990,868
 
 
 
7,948,890
 
 
 
6,511,331
 
 
 
2,409,862
 
 
 
31,860,951
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
  
$
285,297,392
 
 
$
234,237,795
 
 
$
127,169,894
 
 
$
36,167,920
 
 
$
682,873,001
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
  
 
 
 
 
Debt
  
$
112,085,824
 
 
$
27,581,552
 
 
$
49,403,806
 
 
$
266,931
 
 
$
189,338,113
 
Other Liabilities
  
 
6,752,800
 
 
 
3,773,648
 
 
 
4,680,341
 
 
 
645,001
 
 
 
15,851,790
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
  
 
118,838,624
 
 
 
31,355,200
 
 
 
54,084,147
 
 
 
911,932
 
 
 
205,189,903
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
  
 
166,458,768
 
 
 
202,882,595
 
 
 
73,085,747
 
 
 
35,255,988
 
 
 
477,683,098
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
  
$
285,297,392
 
 
$
234,237,795
 
 
$
127,169,894
 
 
$
36,167,920
 
 
$
682,873,001
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
  
 
 
 
 
Interest Income
  
$
4,539,867
 
 
$
697,624
 
 
$
9,567,357
 
 
$
204,281
 
 
$
15,009,129
 
Other Income
  
 
10,702,305
 
 
 
2,618,913
 
 
 
1,151,506
 
 
 
10,959
 
 
 
14,483,683
 
Interest Expense
  
 
(7,581,761
) 
 
 
(1,718,896
) 
 
 
(2,913,721
) 
 
 
(10,922
) 
 
 
(12,225,300
) 
Other Expenses
  
 
(11,570,892
) 
 
 
(2,223,931
) 
 
 
(2,020,440
) 
 
 
(153,459
) 
 
 
(15,968,722
) 
Net Realized and Unrealized Gain (Loss) from Investments
  
 
(4,805,753
) 
 
 
23,076,302
 
 
 
2,056,892
 
 
 
3,621,672
 
 
 
23,949,113
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income (Loss)
  
$
(8,716,234
) 
 
$
22,450,012
 
 
$
7,841,594
 
 
$
3,672,531
 
 
$
25,247,903
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
1
78
The summarized financial information of Blackstone’s equity method investments for December 31, 2023 are as follows:

 
 
  
December 31, 2023 and the Year Then Ended
 
  
Real
Estate
 
Private
Equity
 
Credit &
Insurance
 
Multi-Asset

Investing
 
Total
Statement of Financial Condition
  
 
 
 
 
Assets
  
 
 
 
 
Investments
  
$
283,919,193
 
 
$
196,798,070
 
 
$
91,574,839
 
 
$
30,667,406
 
 
$
602,959,508
 
Other Assets
  
 
12,496,703
 
 
 
5,514,318
 
 
 
4,995,562
 
 
 
4,354,754
 
 
 
27,361,337
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
  
$
296,415,896
 
 
$
202,312,388
 
 
$
96,570,401
 
 
$
35,022,160
 
 
$
630,320,845
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
  
 
 
 
 
Debt
  
$
113,462,431
 
 
$
22,205,324
 
 
$
37,327,026
 
 
$
179,610
 
 
$
173,174,391
 
Other Liabilities
  
 
7,365,824
 
 
 
2,791,378
 
 
 
4,008,215
 
 
 
3,145,046
 
 
 
17,310,463
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
  
 
120,828,255
 
 
 
24,996,702
 
 
 
41,335,241
 
 
 
3,324,656
 
 
 
190,484,854
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
  
 
175,587,641
 
 
 
177,315,686
 
 
 
55,235,160
 
 
 
31,697,504
 
 
 
439,835,991
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
  
$
296,415,896
 
 
$
202,312,388
 
 
$
96,570,401
 
 
$
35,022,160
 
 
$
630,320,845
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
  
 
 
 
 
Interest Income
  
$
4,673,775
 
 
$
1,779,971
 
 
$
8,890,426
 
 
$
20,995
 
 
$
15,365,167
 
Other Income
  
 
10,786,480
 
 
 
1,130,841
 
 
 
324,061
 
 
 
382,840
 
 
 
12,624,222
 
Interest Expense
  
 
(6,614,272
) 
 
 
(1,340,522
)
 
 
(2,583,654
) 
 
 
(5,872
)
 
 
(10,544,320
) 
Other Expenses
  
 
(11,705,874
) 
 
 
(2,631,916
 )
 
 
 
(1,691,066
 ) 
 
 
(273,193
 )
 
 
 
(16,302,049
 ) 
Net Realized and Unrealized Gain (Loss) from Investments
  
 
(7,330,220
) 
 
 
12,995,425
 
 
 
1,124,916
 
 
 
2,579,602
 
 
 
9,329,723
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income
  
$
(10,190,111
 ) 
 
$
11,893,799
 
 
$
6,064,683
 
 
$
2,704,372
 
 
$
10,472,743
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accrued Performance Allocations
Accrued Performance Allocations to Blackstone were as follows:


 
  
Real

Estate
 
Private

Equity
 
Credit &

Insurance
 
Multi-Asset

Investing
 
Total
Accrued Performance Allocations, December 31, 2024
  
$
1,986,017
 
 
$
9,461,936
 
 
$
801,849
 
 
$
147,564
 
 
$
12,397,366
 
Performance Allocations as a Result of Changes in Fund Fair Values
  
 
156,868
 
 
 
4,008,315
 
 
 
194,825
 
 
 
302,372
 
 
 
4,662,380
 
Foreign Exchange Gain
  
 
5,710
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
5,710
 
Fund Distributions
  
 
(386,099
 ) 
 
 
(3,080,900
 ) 
 
 
(356,087
 ) 
 
 
(262,014
 ) 
 
 
(4,085,100
 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accrued Performance Allocations, December 31, 2025
  
$
  1,762,496
 
 
$
  10,389,351
 
 
$
  640,587
 
 
$
   187,922
 
 
$
 12,980,356
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Realized Gains (Losses)
  
$
(5,389
) 
  
$
(3,234
) 
  
$
(4,881
) 
Net Change in Unrealized Gains
  
 
30,846
 
  
 
17,269
 
  
 
17,392
 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
   
25,457
 
  
$
14,035
 
  
$
12,511
 
  
 
 
 
   
 
 
 
   
 
 
 
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 $
459.6
 million as of December 31, 2025. 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. Upward and downward adjustments related to such investments held as of December 31, 2025 were $
86.9
 million and $
9.2
 million, respectively, during the year ended December 31, 2025, and $
287.2
 million and $
19.3
 million on a cumulative basis since the inception of the investments, respectively.
The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Realized Gains (Losses)
  
$
110,407
 
  
$
6,570
 
  
$
(19,346
) 
Net Change in Unrealized Gains (Losses)
  
 
181,780
 
  
 
436,061
 
  
 
(47,017
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
292,187
 
  
$
442,631
 
  
$
(66,363
) 
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.4
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
 
5.
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.
 
   
December 31, 2025
  
December 31, 2024
   
Assets
  
Liabilities
  
Assets
  
Liabilities
   
Notional
  
Fair
Value
  
Notional
  
Fair
Value
  
Notional
  
Fair
Value
  
Notional
  
Fair
Value
Freestanding Derivatives
                
Blackstone
                
Interest Rate Contracts
   $ 613,740     $ 123,747     $ 601,000     $ 97,283     $ 624,740     $ 166,126     $ 600,000     $ 107,425  
Foreign Currency Contracts
     443,001       7,446       1,030,702       17,310       239,365       4,030       479,383       14,198  
Credit Default Swaps
     —       —       640       19       —       —       640       10  
Total Return Swaps
     23,532       3,364       —       —       58,263       10,153       —       —  
Equity Options
     —       —       1,462,632       1,124,147       —       —       1,139,400       938,216  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
    1,080,273       134,557       3,094,974       1,238,759       922,368       180,309       2,219,423       1,059,849  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments of Consolidated Blackstone Funds
                
Interest Rate Contracts
     880,390       12,780       880,390       12,780       785,790       13,243       915,215       15,918  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
    880,390       12,780       880,390       12,780       785,790       13,243       915,215       15,918  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  $ 1,960,663     $ 147,337     $ 3,975,364     $ 1,251,539     $ 1,708,158     $ 193,552     $ 3,134,638     $ 1,075,767  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The table below summarizes the impact to the Consolidated Statements of Operations from derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended December 31,
 
  
2025
 
2024
 
2023
Freestanding Derivatives
  
  
  
Realized Gains (Losses)
  
  
  
Interest Rate Contracts
  
$
(2,586
) 
  
$
1,051
 
  
$
24,291
 
Foreign Currency Contracts
  
 
(1,091
) 
  
 
9,193
 
  
 
443
 
Credit Default Swaps
  
 
6
 
  
 
75
 
  
 
(413
) 
Total Return Swaps
  
 
17,146
 
  
 
21,080
 
  
 
15,775
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
13,475
 
  
 
31,399
 
  
 
40,096
 
  
 
 
 
   
 
 
 
   
 
 
 
Net Change in Unrealized Gains (Losses)
  
  
  
Interest Rate Contracts
  
 
(21,176
) 
  
 
10,291
 
  
 
(87,177
) 
Foreign Currency Contracts
  
 
305
 
  
 
(17,954
) 
  
 
3,288
 
Credit Default Swaps
  
 
(15
) 
  
 
(55
) 
  
 
363
 
Total Return Swaps
  
 
(5,046
) 
  
 
(2,837
) 
  
 
6,381
 
Equity Options
  
 
(185,931
) 
  
 
(374,230
) 
  
 
(515,405
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
(211,863
) 
  
 
(384,785
) 
  
 
(592,550
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
(198,388
) 
  
$
(353,386
) 
  
$
(552,454
) 
  
 
 
 
   
 
 
 
   
 
 
 
As of December 31, 2025, 2024 and 2023, Blackstone had not designated any derivatives as fair value, cash flow or net investment
hedges
.
 
v3.25.4
Fair Value Option
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Option
6.
Fair Value Option
The following table summarizes the financial instruments for which the fair value option has been elected:
 
 
 
 
 
 
 
 
 
 
 
  
December 31,
 
  
2025
  
2024
Assets
  
  
Loans and Receivables
  
$
205,158
 
  
$
100,866
 
Equity and Preferred Securities
  
 
4,880,907
 
  
 
4,498,617
 
Debt Securities
  
 
7,553
 
  
 
63,671
 
Assets of Consolidated CLO Vehicles
  
  
Corporate Loans
  
 
—
 
  
 
62,426
 
  
 
 
 
   
 
 
 
  
$
5,093,618
 
  
$
4,725,580
 
  
 
 
 
   
 
 
 
Liabilities
  
  
CLO Notes Payable
  
$
—
 
  
$
87,488
 
Corporate Treasury Commitments
  
 
181
 
  
 
368
 
  
 
 
 
   
 
 
 
  
$
181
 
  
$
87,856
 
  
 
 
 
   
 
 
 
 
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended December 31,
 
  
2025
  
2024
 
2023
 
  
 
 
Net Change
  
 
 
Net Change
 
 
 
Net Change
 
  
Realized
 
in Unrealized
  
Realized
 
in Unrealized
 
Realized
 
in Unrealized
 
  
Gains
 
Gains
  
Gains
 
Gains
 
Gains
 
Gains
 
  
(Losses)
 
(Losses)
  
(Losses)
 
(Losses)
 
(Losses)
 
(Losses)
Assets
  
 
  
 
 
 
Loans and Receivables
  
$
(1,582
) 
 
$
3,004
 
  
$
(4,849
) 
 
$
12
 
 
$
(8,053
) 
 
$
4,886
 
Equity and Preferred Securities
  
 
(4,937
) 
 
 
128,249
 
  
 
9,431
 
 
 
(48,209
) 
 
 
(1,439
) 
 
 
(122,605
) 
Debt Securities
  
 
(11,749
) 
 
 
4,722
 
  
 
—
 
 
 
(2,694
) 
 
 
—
 
 
 
(3,884
) 
Assets of Consolidated CLO Vehicles
  
 
  
 
 
 
Corporate Loans
  
 
(1,712
) 
 
 
1,038
 
  
 
(3,828
) 
 
 
2,889
 
 
 
(6,063
) 
 
 
8,728
 
  
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(19,980
) 
 
$
137,013
 
  
$
754
 
 
$
(48,002
) 
 
$
(15,555
) 
 
$
(112,875
) 
  
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
  
 
  
 
 
 
CLO Notes Payable
  
$
—
 
 
$
859
 
  
$
—
 
 
$
2,178
 
 
$
—
 
 
$
282
 
Corporate Treasury Commitments
  
 
—
 
 
 
187
 
  
 
—
 
 
 
896
 
 
 
—
 
 
 
6,880
 
  
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
—
 
 
$
1,046
 
  
$
—
 
 
$
3,074
 
 
$
—
 
 
$
7,162
 
  
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The following table presents information for those financial instruments for which the fair value option was elected:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2025
 
December 31, 2024
 
  
 
 
For Financial Assets

Past Due (a)
 
 
 
For Financial Assets

Past Due (a)
 
  
Excess
 
 
 
Excess
 
Excess
 
 
 
Excess
 
  
(Deficiency)
 
 
 
(Deficiency)
 
(Deficiency)
 
 
 
(Deficiency)
 
  
of Fair Value
 
Fair
 
of Fair Value
 
of Fair Value
 
Fair
 
of Fair Value
 
  
Over Principal
 
Value
 
Over Principal
 
Over Principal
 
Value
 
Over Principal
Loans and Receivables
  
$
5,490
 
 
$
  —
 
 
$
—
 
 
$
2,769
 
 
$
—
 
 
$
—
 
Debt Securities
  
 
(48,690
) 
 
 
—
 
 
 
—
 
 
 
(55,890
) 
 
 
—
 
 
 
—
 
Assets of Consolidated CLO Vehicles
  
      
 
      
 
      
 
      
 
      
 
      
Corporate Loans
  
 
—
 
 
 
—
  
 
 
—
  
 
 
(2,478
) 
 
 
1,359
  
 
 
—
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
$
(43,200
) 
 
$
—
 
 
$
—
 
 
$
(55,599
) 
 
$
 1,359
 
 
$
—
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past due.
As of December 
31, 2025 and 2024,
no
Loans and Receivables for which the fair value option was elected were past due or in
non-accrual
status. As of December 31, 2025, there were
no
Corporate Loans included within the Assets of Consolidated CLO Vehicles for which the fair value option was elected that were past due but not in
non-accrual
status. As of December 31, 2024, there were
two
Corporate Loans included within the Assets of Consolidated CLO Vehicles for which the fair value option was elected that were past due but not in
non-accrual
status.
 
v3.25.4
Fair Value Measurements of Financial Instruments
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements of Financial Instruments
7.
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2025
 
  
Level I
  
Level II
  
Level III
  
NAV (a)
  
Total
Assets
  
  
  
  
  
Cash and Cash Equivalents
  
$
182,131
 
  
$
—
      $
—
      $
—
 
  
$
182,131
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments
  
  
  
  
  
Investments of Consolidated Blackstone Funds
  
  
  
  
  
Equity Securities, Partnerships and LLC Interests (b)
  
 
7,616
 
  
 
197,396
 
  
 
4,103,478
 
  
 
819,419
 
  
 
5,127,909
 
Debt Instruments
  
 
—
 
  
 
19,578
 
  
 
20,612
 
  
 
—
 
  
 
40,190
 
Freestanding Derivatives
  
 
—
 
  
 
12,780
 
  
 
—
 
  
 
—
 
  
 
12,780
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments of Consolidated Blackstone Funds
  
 
7,616
 
  
 
229,754
 
  
 
4,124,090
 
  
 
819,419
 
  
 
5,180,879
 
Corporate Treasury Investments
  
 
74,930
 
  
 
42,675
 
  
 
181,052
 
  
 
61,000
 
  
 
359,657
 
Other Investments
  
 
2,207,914
 
  
 
4,313,592
 
  
 
198,393
 
  
 
15,808
 
  
 
6,735,707
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments
  
 
2,290,460
 
  
 
4,586,021
 
  
 
4,503,535
 
  
 
896,227
 
  
 
12,276,243
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Receivable — Loans and Receivables
  
 
—
 
  
 
—
 
  
 
205,158
 
  
 
—
 
  
 
205,158
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Other Assets — Freestanding Derivatives
  
 
—
 
  
 
131,193
 
  
 
3,364
 
  
 
 —
 
  
 
134,557
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
2,472,591
 
  
$
4,717,214
 
  
$
4,712,057
 
  
$
896,227
 
  
$
12,798,089
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
  
  
  
  
  
Accounts Payable, Accrued Expenses and Other Liabilities
  
  
  
  
  
Consolidated Blackstone Funds — Freestanding Derivatives
  
—
 
  
12,780
 
  
—
 
  

—
 
  
12,780
 
Freestanding Derivatives
  
 
—
 
  
 
114,612
 
  
 
1,124,147
 
  
 
—
 
  
 
1,238,759
 
Contingent Consideration
  
 
—
 
  
 
—
 
  
 
416
 
  
 
—
 
  
 
416
 
Corporate Treasury Commitments
  
 
—
 
  
 
—
 
  
 
181
 
  
 
—
 
  
 
181
 
Securities Sold, Not Yet Purchased
  
 
1,978
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
1,978
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
  
 
1,978
 
  
 
127,392
 
  
 
1,124,744
 
  
 
—
 
  
 
1,254,114
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
1,978
 
  
$
127,392
 
  
$
1,124,744
 
  
$
—
 
  
$
1,254,114
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2024
 
  
Level I
  
Level II
  
Level III
  
NAV
  
Total
Assets
  
  
  
  
  
Cash and Cash Equivalents
  
$
60,799
 
  
$
—
 
  
$
—
 
  
$
—
 
  
$
60,799
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments
  
  
  
  
  
Investments of Consolidated Blackstone Funds
  
  
  
  
  
Equity Securities, Partnerships and LLC Interests (b)
  
 
12,076
 
  
 
155,316
 
  
 
3,158,254
 
  
 
473,496
 
  
 
3,799,142
 
Debt Instruments
  
 
—
 
  
 
63,159
 
  
 
15,188
 
  
 
—
 
  
 
78,347
 
Freestanding Derivatives
  
 
—
 
  
 
13,243
 
  
 
—
 
  
 
—
 
  
 
13,243
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments of Consolidated Blackstone Funds
  
 
12,076
 
  
 
231,718
 
  
 
3,173,442
 
  
 
473,496
 
  
 
3,890,732
 
Corporate Treasury Investments
  
 
67,729
 
  
 
565,968
 
  
 
450,345
 
  
 
63,286
 
  
 
1,147,328
 
Other Investments
  
 
2,089,838
 
  
 
3,182,353
 
  
 
179,522
 
  
 
6,289
 
  
 
5,458,002
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments
  
 
2,169,643
 
  
 
3,980,039
 
  
 
3,803,309
 
  
 
543,071
 
  
 
10,496,062
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Receivable — Loans and Receivables
  
 
—
 
  
 
—
 
  
 
100,866
 
  
 
—
 
  
 
100,866
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Other Assets — Freestanding Derivatives
  
 
 —
 
  
 
170,156
 
  
 
10,153
 
  
 
—
 
  
 
180,309
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
2,230,442
 
  
$
4,150,195
 
  
$
3,914,328
 
  
$
543,071
 
  
$
10,838,036
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
  
  
  
  
  
Loans Payable — CLO Notes Payable
  
$
—
 
  
$
87,488
 
  
$
—
 
  
$
—
 
  
$
87,488
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Payable, Accrued Expenses and Other Liabilities
  
  
  
  
  
Consolidated Blackstone Funds — Freestanding Derivatives
  
—
 
  
15,918
 
  
—
 
  
—
 
  
15,918
 
Freestanding Derivatives
  
 
—
 
  
 
121,633
 
  
 
938,216
 
  
 
—
 
  
 
1,059,849
 
Contingent Consideration
  
 
—
 
  
 
—
 
  
 
504
 
  
 
—
 
  
 
504
 
Corporate Treasury Commitments
  
 
—
 
  
 
—
 
  
 
368
 
  
 
—
 
  
 
368
 
Securities Sold, Not Yet Purchased
  
 
1,916
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
1,916
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
  
 
1,916
 
  
 
137,551
 
  
 
939,088
 
  
 
—
 
  
 
1,078,555
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
1,916
 
  
$
225,039
 
  
$
939,088
 
  
$
—
 
  
$
1,166,043
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
LLC Limited Liability Company.
(a)
A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of December 31, 2025 is presented by strategy type below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategy
  
Fair Value
  
Unfunded
Commitments
  
Redemption
Frequency
(if currently eligible)
  
Redemption
Notice Period
Equity
  
$
44,357
 
  
$
—
 
  
(1)
  
(1)
Real Estate
  
 
27,352
 
  
 
—
 
  
(2)
  
(2)
Infrastructure
  
 
818,372
 
  
 
71,987
 
  
(3)
  
(3)
Credit Driven
  
 
6,146
 
  
 
—
 
  
(4)
  
(4)
 
  
 
 
 
  
 
 
 
  
  
  
  
 
  
$
896,227
 
  
$
71,987
 
  
  
  
  
 
  
 
 
 
  
 
 
 
  
  
  
  
 
 
(1)
The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 99% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 1% of fair value of the investments in this category are in liquidation.
 
(2)
The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date.
 
(3)
The Infrastructure category includes investments in funds that primarily invest in infrastructure assets and companies. All investments in this category may not be redeemed at, or within three months of, the reporting date.
 
(4)
The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. All investments in these categories may not be redeemed at, or within three months of, the reporting date.
(b)
Equity Securities, Partnership and LLC Interest includes investments in investment funds.
 
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 $
559.1
 
million as of December 31, 2025. 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 (a) certain phased restrictions on 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
1.7
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 18. “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 December 31, 2025. Consistent with presentation in these Notes to Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value
 
Valuation

Techniques
 
Unobservable

Inputs
 
Ranges
 
Weighted-
Average (a)
 
Impact to
Valuation
from an
Increase
in Input
Financial Assets
 
      
 
      
 
      
 
  
 
  
 
  
Investments of Consolidated Blackstone Funds
 
      
 
      
 
      
 
  
 
  
 
  
Equity Securities, Partnership and LLC Interests
 
$
4,103,478
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
4.3
% - 
41.1
%
 
10.2
%
 
Lower
 
 
      
 
      
 
 
Exit Multiple - EBITDA
 
 
5.0
x - 
30.6
x
 
16.6
x
 
Higher
 
 
      
 
      
 
 
Exit Capitalization Rate
 
 
3.1
% - 
15.3
%
 
5.1
%
 
Lower
Debt Instruments
 
 
20,612
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
6.1
% - 
20.0
%
 
12.2
%
 
Lower
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
Total Investments of Consolidated Blackstone Funds
 
 
4,124,090
 
 
      
 
      
 
  
 
  
 
  
Corporate Treasury Investments
 
 
181,052
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
8.7
% - 
11.1
%
 
9.9
%
 
Lower
 
 
      
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
Loans and Receivables
 
 
205,158
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
7.4
% - 
18.3
%
 
8.3
%
 
Lower
 
 
      
 
 
Other
 
 
 
n/a
 
 
  
 
  
 
  
Other Investments (b)
 
 
201,757
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
7.2
% -
 7.9
%
 
7.5
%
 
Lower
 
 
      
 
 
Transaction Price
 
 
 
n/a
 
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
 
$
4,712,057
 
 
      
 
      
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
Financial Liabilities
 
      
 
      
 
      
 
  
 
  
 
  
Freestanding Derivatives (c)
 
$
1,124,147
 
 
 
Option Pricing Model
 
 
 
Volatility
 
 
5.7
% - 
5.8
%
 
5.7
%
 
Higher
Other Liabilities (d)
 
 
597
 
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
 
 
      
 
 
Other
 
 
 
n/a
 
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
 
$
1,124,744
 
 
      
 
      
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
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, 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value
 
Valuation

Techniques
 
Unobservable

Inputs
 
Ranges
 
Weighted-
Average (a)
 
Impact to
Valuation
from an
Increase
in Input
Financial Assets
 
      
 
      
 
      
 
  
 
  
 
  
Investments of Consolidated Blackstone Funds
 
      
 
      
 
      
 
  
 
  
 
  
Equity Securities, Partnership and LLC Interests
 
$
3,158,254
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
4.2
% - 
39.1
%
 
10.4
%
 
Lower
 
 
      
 
      
 
 
Exit Multiple - EBITDA
 
 
4.0
x - 
30.6
x
 
15.4
x
 
Higher
 
 
      
 
      
 
 
Exit Capitalization Rate
 
 
3.1
% - 
15.0
%
 
5.2%
 
Lower
Debt Instruments
 
 
15,188
 
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
Total Investments of Consolidated Blackstone Funds
 
 
3,173,442
 
 
      
 
      
 
  
 
  
 
  
Corporate Treasury Investments
 
 
450,345
 
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
 
 
      
 
 
Transaction Price
 
 
 
n/a
 
 
  
 
  
 
  
Loans and Receivables
 
 
100,866
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
8.4
% - 
11.2
%
 
9.3
%
 
Lower
Other Investments (b)
 
 
189,675
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
7.1
% - 
7.7
%
 
7.4
%
 
Lower
 
 
      
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
 
$
3,914,328
 
 
      
 
      
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
Financial Liabilities
 
      
 
      
 
      
 
  
 
  
 
  
Freestanding Derivatives (c)
 
$
938,216
 
 
 
Option Pricing Model
 
 
 
Volatility
 
 
6.0
%
 
n/a
 
Higher
Other Liabilities (d)
 
 
872
 
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
 
 
      
 
 
Other
 
 
 
n/a
 
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
 
$
939,088
 
 
      
 
      
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
n/a
 
Not applicable.
EBITDA
 
Earnings before interest, taxes, depreciation and amortization.
Exit Multiple
 
Ranges include the last twelve months EBITDA and forward EBITDA multiples.
Third-Party Pricing
 
Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.
Transaction Price
 
Includes recent acquisitions or transactions.
(a)
 
Unobservable inputs were weighted based on the fair value of the investments included in the range.
(b)
 
As of December 31, 2025 and 2024, Other Investments includes Level III Freestanding Derivatives.
(c)
 
The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative.
(d)
 
As of December 31, 2025 and 2024, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
During the year ended December 31, 2025, 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 (Losses) from Fund Investment Activities in the Consolidated Statements of Operations.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Level III Financial Assets at Fair Value

Year Ended December 31,
 
  
2025
 
2024
 
  
Investments of

Consolidated

Funds
 
Loans

and
Receivables
 
Other
Investments (a)
 
Total
 
Investments of

Consolidated

Funds
 
Loans

and
Receivables
 
Other
Investments (a)
 
Total
Balance, Beginning of Period
  
$
3,173,442
 
 
$
100,866
 
 
$
624,412
 
 
$
3,898,720
 
 
$
2,683,631
 
 
$
60,738
 
 
$
373,024
 
 
$
3,117,393
 
Transfer In Due to Consolidation and Acquisition
  
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
85,540
 
 
 
—
 
 
 
—
 
 
 
85,540
 
Transfer Out Due to Deconsolidation
  
 
(753,196
) 
 
 
—
 
 
 
—
 
 
 
(753,196
) 
 
 
(14,237
) 
 
 
—
 
 
 
—
 
 
 
(14,237
) 
Transfer Into Level III (b)
  
 
1,858
 
 
 
—
 
 
 
—
 
 
 
1,858
 
 
 
35,547
 
 
 
—
 
 
 
109,347
 
 
 
144,894
 
Transfer Out of Level III (b)
  
 
(582,225
) 
 
 
—
 
 
 
—
 
 
 
(582,225
) 
 
 
(35,373
) 
 
 
—
 
 
 
(58
) 
 
 
(35,431
) 
Purchases
  
 
2,378,212
 
 
 
963,845
 
 
 
298,688
 
 
 
3,640,745
 
 
 
694,710
 
 
 
857,245
 
 
 
465,775
 
 
 
2,017,730
 
Sales
  
 
(484,081
) 
 
 
(860,552
) 
 
 
(639,466
) 
 
 
(1,984,099
) 
 
 
(214,743
) 
 
 
(784,457
) 
 
 
(307,926
) 
 
 
(1,307,126
) 
Issuances
  
 
—
 
 
 
4,573
 
 
 
—
 
 
 
4,573
 
 
 
—
 
 
 
30,028
 
 
 
—
 
 
 
30,028
 
Settlements (c)
  
 
—
 
 
 
(26,481
) 
 
 
(18,888
) 
 
 
(45,369
) 
 
 
—
 
 
 
(74,742
) 
 
 
(21,261
) 
 
 
(96,003
) 
Changes in Gains (Losses) Included in Earnings
  
 
390,080
 
 
 
22,907
 
 
 
45,450
 
 
 
458,437
 
 
 
(61,633
) 
 
 
12,054
 
 
 
5,511
 
 
 
(44,068
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period
  
$
4,124,090
 
 
$
205,158
 
 
$
310,196
 
 
$
4,639,444
 
 
$
3,173,442
 
 
$
100,866
 
 
$
624,412
 
 
$
3,898,720
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in
Unrealized
Gains
(Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date
  
$
177,821
 
 
$
(1,225
) 
 
$
14,885
 
 
$
191,481
 
 
$
(9,279
) 
 
$
(1,297
) 
 
$
(1,368
) 
 
$
(11,944
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Level III Financial Liabilities at Fair Value

Year Ended December 31,
 
  
2025
  
2024
 
  
Freestanding
Derivatives
  
Other
Liabilities
 
Total
  
Freestanding
Derivatives
  
Other
Liabilities
 
Total
Balance, Beginning of Period
  
$
938,216
 
  
$
872
 
 
$
939,088
 
  
$
563,986
 
  
$
1,651
 
 
$
565,637
 
Changes in Losses (Gains) Included in Earnings
  
 
185,931
 
  
 
(275
) 
 
 
185,656
 
  
 
374,230
 
  
 
(779
) 
 
 
373,451
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Balance, End of Period
  
$
1,124,147
 
  
$
597
 
 
$
1,124,744
 
  
$
938,216
 
  
$
872
 
 
$
939,088
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date
  
$
185,931
 
  
$
(275
) 
 
$
185,656
 
  
$
374,230
 
  
$
(779
) 
 
$
373,451
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
(a)
Represents freestanding derivatives, corporate treasury investments and Other Investments.
(b)
Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.
(c)
For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.
v3.25.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities
8.
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:
                 
 
  
December 31,
2025
  
December 31,
2024
Investments
  
$
 5,118,786
 
  
$
4,537,481
 
Due from Affiliates
  
 
 344,342
 
  
 
242,109
 
Potential Clawback Obligation
  
 
 42,291
 
  
 
41,908
 
  
 
 
 
   
 
 
 
Maximum Exposure to Loss
  
$
 5,505,419
 
  
$
4,821,498
 
  
 
 
 
   
 
 
 
Amounts Due to
Non-Consolidated
VIEs
  
$
 623
 
  
$
855
 
  
 
 
 
   
 
 
 
v3.25.4
Repurchase Agreements
 12 Months Ended
Dec. 31, 2025
Brokers and Dealers [Abstract]  
Repurchase Agreements
 
9.
Repurchase Agreements
As of December
 31, 2025, Blackstone pledged securities with a carrying value of $
289.2
 million. As of December 31, 2024, Blackstone pledged securities with a carrying value of $
6.8
million.
 
The following table provides information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged as of December 31, 2025.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2025
 
  
Remaining Contractual Maturity of the Agreements
 
  
Overnight and
Continuous
  
Up to

30 Days
  
30 - 90

Days
  
Greater than
90 days
  
Total
Repurchase Agreements
  
      
  
      
  
      
  
      
  
      
Loans
  
$
—
 
  
$
103,835
 
  
$
176,196
 
  
$
9,187
 
  
$
289,218
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities”
 
  
$
289,218
 
   
  
      
  
      
  
 
 
 
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities”
 
  
$
—
 
   
  
      
  
      
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2024
 
  
Remaining Contractual Maturity of the Agreements
 
  
Overnight and
Continuous
  
Up to

30 Days
  
30 - 90

Days
  
Greater than
90 days
  
Total
Repurchase Agreements
  
      
  
      
  
      
  
      
  
      
Loans
  
$
—
 
  
$
  6,758
 
  
$
     —
 
  
$
   —
 
  
$
  6,758
 
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities”
 
  
$
6,758
 
   
  
      
  
      
  
 
 
 
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities”
 
  
$
—
 
   
  
      
  
      
  
 
 
 
v3.25.4
Other Assets
 12 Months Ended
Dec. 31, 2025
Text Block [Abstract]  
Other Assets
10.
Other Assets
Other Assets consists of the following:
 
 
 
 
 
 
 
 
 
 
 
  
December 31,
 
  
2025
  
2024
Furniture, Equipment and Leasehold Improvements
  
$
952,583
 
  
$
989,518
 
Less: Accumulated Depreciation
  
 
(431,394
) 
  
 
(483,200
) 
  
 
 
 
   
 
 
 
Furniture, Equipment and Leasehold Improvements, Net
  
 
521,189
 
  
 
506,318
 
Prepaid Expenses
  
 
315,338
 
  
 
192,777
 
Freestanding Derivatives
  
 
134,557
 
  
 
180,309
 
Other
  
 
186,635
 
  
 
68,455
 
  
 
 
 
   
 
 
 
  
$
1,157,719
 
  
$
947,859
 
  
 
 
 
   
 
 
 
Depreciation
 expense of $98.0
 million, $
98.8
 million and $
94.1
 million related to furniture, equipment and leasehold improvements for the years ended December 31, 2025, 2024 and 2023, respectively, is included in General, Administrative and Other in the Consolidated Statements of Operations.
 
v3.25.4
Offsetting of Assets And Liabilities
 12 Months Ended
Dec. 31, 2025
Text Block [Abstract]  
Offsetting of Assets and Liabilities
11.
Offsetting of Assets and Liabilities
The following tables present the offsetting of assets and liabilities as of December 
31
, 2025 and 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2025
 
  
Gross and Net

  Amounts of Assets  

Presented in the

Statement of

Financial Condition
  
Gross Amounts Not Offset in

the Statement of

Financial Condition
  
 
 
  
Financial
Instruments (a)
  
Cash Collateral
Received
  
Net

Amount
Assets
  
      
  
      
  
      
  
      
Freestanding Derivatives
  
$
147,337
 
  
$
110,792
 
  
$
26,421
 
  
$
   10,124
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2025
 
  
Gross and Net
Amounts of Liabilities
Presented in the
Statement of

Financial Condition
  
Gross Amounts Not Offset in

the Statement of

Financial Condition
  
 
 
  
Financial
Instruments (a)
  
Cash Collateral
Pledged
  
Net

Amount
Liabilities
  
      
  
      
  
      
  
      
Freestanding Derivatives
  
$
127,392
 
  
$
110,948
 
  
$
    32
 
  
$
16,412
 
Repurchase Agreements
  
 
289,218
 
  
 
289,218
 
  
 
—
 
  
 
—
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
$
416,610
 
  
$
400,166
 
  
$
32
 
  
$
   16,412
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2024
 
  
Gross and Net

  Amounts of Assets  

Presented in the

Statement of

Financial Condition
  
Gross Amounts Not Offset in

the Statement of

Financial Condition
  
 
 
  
Financial
Instruments (a)
  
Cash Collateral
Received
  
Net

Amount
Assets
  
      
  
      
  
      
  
      
Freestanding
Derivatives
  
$
193,552
 
  
$
122,391
 
  
$
54,388
 
  
$
   16,773
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2024
 
  
Gross and Net
Amounts of Liabilities
Presented in the
Statement of

Financial Condition
  
Gross Amounts Not Offset in

the Statement of

Financial Condition
  
Net

Amount
 
  
Financial
Instruments (a)
  
Cash Collateral
Pledged
Liabilities
  
  
  
  
Freestanding Derivatives
  
$
137,551
 
  
$
125,056
 
  
$
10
 
  
$
12,485
 
Repurchase Agreements
  
 
6,758
 
  
 
6,758
 
  
 
—
 
  
 
—
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
144,309
 
  
$
131,814
 
   
$
    10
 
  
$
    12,485
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Amounts presented are inclusive of both legally enforceable master netting agreements and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net exposure to the Consolidated Statement of Financial Condition.
Repurchase Agreements and Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Consolidated Statements of Financial Condition. See Note 10. “Other Assets” for 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 December 31, 2025, the aggregate cash balance on deposit relating to the cash pooling arrangements was $
781.0
 million, which was off
se
t and reported net of the accompanying overdraft of $
780.9
 million.
 
v3.25.4
Borrowings
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Borrowings
12.
Borrowings
On October 
16, 2025, Blackstone Holdings Finance Co. L.L.C., as borrower, and Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., as guarantors, entered into an amended and restated $
4.325
 
billion revolving credit facility (the “Revolving Credit Facility”) with Citibank, N.A., as administrative agent, and the lenders party thereto. The Revolving Credit Facility amends and restates Blackstone’s existing revolving credit facility to, among other things, extend the maturity date from
December 15, 2028
to
October 16, 2030
and increase the aggregate required minimum amount of fee generating assets under management.
On November 
3, 2025, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $
600
 million aggregate principal amount of senior notes due November 3, 2030 (the “Registered 2030 Notes”), and $
600
 million aggregate principal amount of senior notes due February 15, 2036 (the “Registered 2036 Notes” and, together with the Registered 2030 Notes, the “Registered Notes”), pursuant to a Registration Statement on Form
S-3.
The Registered 2030 Notes have an interest rate of
4.300
% per annum, and the Registered 2036 Notes have an interest rate of
4.950
%. The Registered Notes accrue interest from November 3, 2025. Interest on the Registered 2030 Notes is payable semi-annually in arrears on May 3 and November 3 of each year commencing on May 3, 2026. Interest on the Registered 2036 Notes is payable semi-annually in arrears on February 15 and August 15 of each year commencing on February 15, 2026.
All of Blackstone’s outstanding senior notes as of December 31, 2025 are unsecured
and
unsubordinated obligations of Blackstone Holdings Finance Co. L.L.C. or Blackstone Reg Finance Co. L.L.C. (together, the “Issuers”), as applicable, both indirect subsidiaries of Blackstone, that are fully and unconditionally guaranteed by Blackstone Inc. and its indirect subsidiaries, 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. (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to senior note issuances have been capitalized and are amortized over the life of each respective note issuance.
Blackstone borrows and enters into credit agreements for its general operating and investment purposes and certain Blackstone Funds borrow to meet financing needs of their operating and investing activities. Borrowing facilities have been established for the benefit of selected Blackstone Funds. When a Blackstone Fund borrows from the facility in which it participates, the proceeds from the borrowing are strictly limited for its intended use by the borrowing fund and not available for other Blackstone purposes. Blackstone’s credit facilities consist of the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31,
 
  
2025
 
2024
 
  
Credit
Available
  
Borrowing
Outstanding
  
Effective
Interest
Rate
 
Credit
Available
  
Borrowing
Outstanding
  
Effective
Interest
Rate
Revolving Credit Facility (a)
  
$
4,325,000
 
  
$
—
 
  
 
—
 
 
$
4,325,000
 
  
$
—
 
  
 
—
 
Blackstone Issued Senior Notes (b)
  
      
  
      
  
      
 
      
  
      
  
      
2.000%, Due 5/19/2025
  
 
—
 
  
 
—
 
  
 
—
 
 
 
310,620
 
  
 
310,620
 
  
 
2.10
% 
1.000%, Due 10/5/2026
  
 
704,760
 
  
 
704,760
 
  
 
1.26
% 
 
 
621,240
 
  
 
621,240
 
  
 
1.13
% 
3.150%, Due 10/2/2027
  
 
300,000
 
  
 
300,000
 
  
 
3.30
% 
 
 
300,000
 
  
 
300,000
 
  
 
3.30
% 
5.900%, Due 11/3/2027
  
 
600,000
 
  
 
600,000
 
  
 
6.13
% 
 
 
600,000
 
  
 
600,000
 
  
 
6.13
% 
1.625%, Due 8/5/2028
  
 
650,000
 
  
 
650,000
 
  
 
1.79
% 
 
 
650,000
 
  
 
650,000
 
  
 
1.79
% 
1.500%, Due 4/10/2029
  
 
704,760
 
  
 
704,760
 
  
 
1.73
% 
 
 
621,240
 
  
 
621,240
 
  
 
1.56
% 
2.500%, Due 1/10/2030
  
 
500,000
 
  
 
500,000
 
  
 
2.73
% 
 
 
500,000
 
  
 
500,000
 
  
 
2.73
% 
4.300%, Due 11/3/2030
  
 
600,000
 
  
 
600,000
 
  
 
4.59
% 
 
 
—
 
  
 
—
 
  
 
—
 
1.600%, Due 3/30/2031
  
 
500,000
 
  
 
500,000
 
  
 
1.71
% 
 
 
500,000
 
  
 
500,000
 
  
 
1.71
% 
2.000%, Due 1/30/2032
  
 
800,000
 
  
 
800,000
 
  
 
2.18
% 
 
 
800,000
 
  
 
800,000
 
  
 
2.18
% 
2.550%, Due 3/30/2032
  
 
500,000
 
  
 
500,000
 
  
 
2.67
% 
 
 
500,000
 
  
 
500,000
 
  
 
2.67
% 
6.200%, Due 4/22/2033
  
 
900,000
 
  
 
900,000
 
  
 
6.33
% 
 
 
900,000
 
  
 
900,000
 
  
 
6.33
% 
3.500%, Due 6/1/2034
  
 
587,300
 
  
 
587,300
 
  
 
4.22
% 
 
 
517,700
 
  
 
517,700
 
  
 
3.79
% 
5.000%, Due 12/6/2034
  
 
750,000
 
  
 
750,000
 
  
 
5.16
% 
 
 
750,000
 
  
 
750,000
 
  
 
5.23
% 
4.950%, Due 2/15/2036
  
 
600,000
 
  
 
600,000
 
  
 
5.15
% 
 
 
—
 
  
 
—
 
  
 
—
 
6.250%, Due 8/15/2042
  
 
250,000
 
  
 
250,000
 
  
 
6.65
% 
 
 
250,000
 
  
 
250,000
 
  
 
6.65
% 
5.000%, Due 6/15/2044
  
 
500,000
 
  
 
500,000
 
  
 
5.16
% 
 
 
500,000
 
  
 
500,000
 
  
 
5.16
% 
4.450%, Due 7/15/2045
  
 
350,000
 
  
 
350,000
 
  
 
4.56
% 
 
 
350,000
 
  
 
350,000
 
  
 
4.56
% 
4.000%, Due 10/2/2047
  
 
300,000
 
  
 
300,000
 
  
 
4.20
% 
 
 
300,000
 
  
 
300,000
 
  
 
4.20
% 
3.500%, Due 9/10/2049
  
 
400,000
 
  
 
400,000
 
  
 
3.61
% 
 
 
400,000
 
  
 
400,000
 
  
 
3.61
% 
2.800%, Due 9/30/2050
  
 
400,000
 
  
 
400,000
 
  
 
2.88
% 
 
 
400,000
 
  
 
400,000
 
  
 
2.88
% 
2.850%, Due 8/5/2051
  
 
550,000
 
  
 
550,000
 
  
 
2.91
% 
 
 
550,000
 
  
 
550,000
 
  
 
2.91
% 
3.200%, Due 1/30/2052
  
 
1,000,000
 
  
 
1,000,000
 
  
 
3.27
% 
 
 
1,000,000
 
  
 
1,000,000
 
  
 
3.27
% 
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
 
  
 
16,771,820
 
  
 
12,446,820
 
  
      
 
 
15,645,800
 
  
 
11,320,800
 
  
      
Other (c)
  
      
  
      
  
      
 
      
  
      
  
      
Secured Borrowing, Due 10/27/2033
  
 
—
 
  
 
—
 
  
 
—
 
 
 
19,949
 
  
 
19,949
 
  
 
6.94
% 
Secured Borrowing, Due 1/29/2035
  
 
—
 
  
 
—
 
  
 
—
 
 
 
20,000
 
  
 
20,000
 
  
 
6.94
% 
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
 
  
 
16,771,820
 
  
 
12,446,820
 
  
      
 
 
15,685,749
 
  
 
11,360,749
 
  
      
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
Borrowings of Consolidated Blackstone Funds
  
      
  
      
  
      
 
      
  
      
  
      
Blackstone Fund Facilities (d)
  
 
129,767
 
  
 
129,767
 
  
 
7.12
% 
 
 
—
 
  
 
—
 
  
 
—
 
CLO Notes Payable (e)
  
 
—
 
  
 
—
 
  
 
—
 
 
 
99,419
 
  
 
99,419
 
  
 
8.72
% 
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
 
  
 
129,767
 
  
 
129,767
 
  
      
 
 
99,419
 
  
 
99,419
 
  
      
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
 
  
$
16,901,587
 
  
$
12,576,587
 
  
      
 
$
15,785,168
 
  
$
11,460,168
 
  
      
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
 
 
(a)
Represents the Revolving Credit Facility of Blackstone, through Blackstone Holdings Finance Co. L.L.C. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75% plus an additional credit spread adjustment of 0.10% to account for the difference between London Interbank Offered Rate (“LIBOR”) and SOFR. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain
sub-limits.
The Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of
fee-earning
assets under management, each tested quarterly. As of December 31, 2025 and 2024, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $39.3 million and $38.9 million, respectively. The amount Blackstone can draw from the
Revolving
Credit Facility is reduced by the undrawn letters of credit, however the Credit Available presented herein is not reduced by the undrawn letters of credit. In February 2026, Blackstone drew $900.0 million under the Revolving Credit Facility.
(b)
The Issuers have issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuers. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, the Guarantors and the Issuers. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuers’ and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than
25
% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuers’ option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuers to repurchase the Notes at a repurchase price in cash equal to
101
% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.
(c)
The Secured Borrowings Due
10/27/2033
and
1/29/2035
were repaid during the year ended December 31, 2025.
(d)
Blackstone Fund Facilities represent borrowing facilities for the various consolidated Blackstone Funds that are used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until a disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ.
(e)
CLO Notes Payable have maturity dates ranging from
June 2025 to January 2037
. For periods prior to December 31, 2025, a portion of the outstanding borrowings consisted of subordinated notes, which did not have contractual interest rates but instead received distributions from the excess cash flows generated by the CLO vehicles. As of December 31, 2025, the CLO Notes Payable were fully deconsolidated, and there are no outstanding borrowings for the current period.
The following table presents the general characteristics of each of Blackstone’s borrowings as of December 31, 2025 and 2024, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the 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. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31,
 
  
2025
  
2024
Description
  
Carrying

Value
  
Fair Value
  
Carrying

Value
  
Fair Value
Blackstone Operating Borrowings
  
  
  
  
Senior Notes (a)
  
  
  
  
2.000
%, Due
5/19/2025
  
$
—
 
  
$
—
 
  
$
315,860
 
  
$
309,502
 
1.000
%, Due
10/5/2026
  
 
711,022
 
  
 
696,585
 
  
 
624,078
 
  
 
601,801
 
3.150
%, Due
10/2/2027
  
 
299,264
 
  
 
295,941
 
  
 
298,864
 
  
 
287,007
 
5.900
%, Due
11/3/2027
  
 
597,667
 
  
 
619,068
 
  
 
596,505
 
  
 
617,550
 
1.625
%, Due
8/5/2028
  
 
647,359
 
  
 
610,688
 
  
 
646,374
 
  
 
579,189
 
1.500
%, Due
4/10/2029
  
 
713,034
 
  
 
673,772
 
  
 
626,043
 
  
 
584,295
 
2.500
%, Due
1/10/2030
  
 
495,590
 
  
 
467,930
 
  
 
494,568
 
  
 
444,970
 
4.300
%, Due
11/3/2030
  
 
594,461
 
  
 
600,162
 
  
 
—
 
  
 
—
 
1.600
%, Due
3/30/2031
  
 
497,384
 
  
 
435,810
 
  
 
496,911
 
  
 
403,415
 
2.000
%, Due
1/30/2032
  
 
791,761
 
  
 
689,088
 
  
 
790,508
 
  
 
644,816
 
2.550
%, Due
3/30/2032
  
 
496,635
 
  
 
444,025
 
  
 
496,146
 
  
 
417,830
 
6.200
%, Due
4/22/2033
  
 
893,266
 
  
 
975,870
 
  
 
892,561
 
  
 
946,818
 
3.500
%, Due
6/1/2034
  
 
559,079
 
  
 
582,161
 
  
 
489,624
 
  
 
522,877
 
5.000
%, Due
12/6/2034
  
 
741,552
 
  
 
757,718
 
  
 
741,218
 
  
 
726,023
 
4.950
%, Due
2/15/2036
  
 
594,586
 
  
 
596,592
 
  
 
—
 
  
 
—
 
6.250
%, Due
8/15/2042
  
 
240,076
 
  
 
264,443
 
  
 
239,756
 
  
 
254,095
 
5.000
%, Due
6/15/2044
  
 
490,561
 
  
 
466,615
 
  
 
490,261
 
  
 
457,335
 
4.450
%, Due
7/15/2045
  
 
344,996
 
  
 
302,855
 
  
 
344,840
 
  
 
290,836
 
4.000
%, Due
10/2/2047
  
 
291,605
 
  
 
236,016
 
  
 
291,372
 
  
 
230,337
 
3.500
%, Due
9/10/2049
  
 
392,808
 
  
 
286,888
 
  
 
392,618
 
  
 
277,496
 
2.800
%, Due
9/30/2050
  
 
394,405
 
  
 
246,808
 
  
 
394,252
 
  
 
238,256
 
2.850
%, Due
8/5/2051
  
 
543,643
 
  
 
345,164
 
  
 
543,478
 
  
 
329,791
 
3.200
%, Due
1/30/2052
  
 
987,969
 
  
 
670,740
 
  
 
987,682
 
  
 
652,770
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
12,318,723
 
  
 
11,264,939
 
  
 
11,193,519
 
  
 
9,817,009
 
Other (b)
  
  
  
  
Secured Borrowing, Due
10/27/2033
  
 
—
 
  
 
—
 
  
 
19,949
 
  
 
19,949
 
Secured Borrowing, Due
1/29/2035
  
 
—
 
  
 
—
 
  
 
20,000
 
  
 
20,000
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
12,318,723
 
  
 
11,264,939
 
  
 
11,233,468
 
  
 
9,856,958
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Borrowings of Consolidated Blackstone Funds
  
  
  
  
Blackstone Fund Facilities
  
 
126,421
 
  
 
129,767
 
  
 
—
 
  
CLO Notes Payable
  
 
—
 
  
 
—
 
  
 
87,488
 
  
 
87,488
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
126,421
 
  
 
129,767
 
  
 
87,488
 
  
 
87,488
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
12,445,144
 
  
$
11,394,706
 
  
$
11,320,956
 
  
$
9,944,446
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Fair value is determined by broker quote and these notes
would
be classified as Level II
within
the
fair
value hierarchy.
(b)
The Secured Borrowings Due
10/27/2033
and
1/29/2035
were repaid
during
the
year
ended December 31, 2025.
 
Scheduled principal payments for borrowings at December 31, 2025 were as follows:
 
    
Blackstone
Operating
Borrowings
   
Borrowings of
Consolidated
Blackstone Funds
   
Total
Borrowings
2026
    $ 704,760      $ —      $ 704,760  
2027
      900,000        —        900,000  
2028
      650,000        —        650,000  
2029
      704,760        —        704,760  
2030
      1,100,000        129,767        1,229,767  
Thereafter
      8,387,300        —        8,387,300  
  
 
 
 
   
 
 
 
   
 
 
 
   $ 12,446,820      $ 129,767      $ 12,576,587  
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases
13. Leases
Blackstone enters into
non-cancelable
lease and sublease agreements primarily for office space, which expire on various dates through 2043. In addition to contractual rent payments, which are generally subject to escalation provisions, occupancy lease agreements may include payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these costs are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability and are included in Straight-Line Lease Cost. At December 31, 2025 and 2024, Blackstone maintained irrevocable standby letters of credit and cash deposits as security for the leases of $15.1 million and $14.1 million, respectively. As of December 31, 2025, the weighted-average remaining lease term was 7.4 years, and the weighted-average discount rate was 3.5%.
The components of lease expense were as follows:
 
    
Year Ended December 31,
    
2025
   
2024
   
2023
Operating Lease Cost
         
Straight-Line Lease Cost (a)
    $ 149,490      $ 156,680      $ 160,534  
Variable Lease Cost (b)
      28,584        20,222        15,268  
Sublease Income
      (206 )       (65 )       (63 ) 
  
 
 
 
   
 
 
 
   
 
 
 
   $  177,868      $  176,837      $  175,739  
  
 
 
 
   
 
 
 
   
 
 
 
(a)
Straight-line lease cost includes short-term leases, which are immaterial.
(b)
Variable lease cost approximates variable lease cash payments.
Supplemental cash flow information related to leases was as follows:
 
    
Year Ended December 31,
    
2025
   
2024
   
2023
Operating Cash Flows for Operating Lease Liabilities
    $  187,012      $  145,388      $  127,183  
Non-Cash
Right-of-Use
Assets Obtained in Exchange for New Operating Lease Liabilities
    $ 41,689      $ 129,451      $ 117,155  
 
198
 
The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2025:

 
2026
    $ 160,648   
2027
      156,893   
2028
      147,780   
2029
      120,754   
2030
      62,175   
Thereafter
      231,241   
  
 
 
 
Total Lease Payments (a)
      879,491   
Less: Imputed Interest
      (18,470)  
  
 
 
 
Present Value of Operating Lease Liabilities
    $ 861,021   
  
 
 
 
 
(a)
Excludes signed leases that have not yet commenced.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
14. Income Taxes
The Income Before Provision for Taxes consists of the following:
 
    
Year Ended December 31,
    
2025
   
2024
   
2023
Income Before Provision (Benefit) for Taxes
         
U.S. Domestic Income
    $ 6,721,171      $ 6,029,702      $ 2,577,184  
Foreign Income
      450,475        429,778        380,530  
  
 
 
 
   
 
 
 
   
 
 
 
   $  7,171,646      $  6,459,480      $  2,957,714  
  
 
 
 
   
 
 
 
   
 
 
 
The Provision for Taxes consists of the following:
 
 
  
Year Ended December 31,
 
  
2025
 
2024
 
2023
Current
  
 
 
Federal Income Tax
  
$
354,543
 
  
$
424,659
 
  
$
362,144
 
Foreign Income Tax
  
 
142,098
 
  
 
128,757
 
  
 
112,861
 
State and Local Income Tax
  
 
186,952
 
  
 
120,454
 
  
 
186,851
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
683,593
 
  
 
673,870
 
  
 
661,856
 
  
 
 
 
   
 
 
 
   
 
 
 
Deferred
  
  
  
Federal Income Tax
  
 
362,993
 
  
 
265,749
 
  
 
(94,732
) 
Foreign Income Tax
  
 
(3,823
) 
  
 
(471
) 
  
 
(7,020
) 
State and Local Income Tax
  
 
82,260
 
  
 
82,523
 
  
 
(46,643
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
441,430
 
  
 
347,801
 
  
 
(148,395
) 
  
 
 
 
   
 
 
 
   
 
 
 
Provision for Taxes
  
$
 1,125,023
 
  
$
   1,021,671
 
  
$
   513,461
 
  
 
 
 
   
 
 
 
   
 
 
 
Effective Income Tax Rate
  
 
15.7
% 
 
 
15.8
% 
 
 
17.4
% 
  
 
 
 
  
 
 
 
  
 
 
 
 

 
199
 

The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended

December 31, 2025
Income before Provision for Taxes
  
$
7,171,646
 
  
  
 
 
 
   
 
 
 
 
 
 
 
 
 
Statutory U.S. Federal Tax Rate
  
$
1,506,046
 
  
 
21.0
% 
State and Local Income Taxes, Net of Federal Benefit (a)
  
 
206,841
 
  
 
2.9
% 
Foreign Tax Effects
  
 
76,209
 
  
 
1.1
% 
Nontaxable or Nondeductible Items
  
  
Income Passed Through to
Non-Controlling
Interest Holders
  
 
(632,663
) 
  
 
-8.8
% 
Other Nontaxable or Nondeductible Items
  
 
30,471
 
  
 
0.4
% 
Other Adjustments
  
 
(61,881
) 
  
 
-0.9
% 
  
 
 
 
   
 
 
 
Effective Income Tax Rate
  
$
1,125,023
 
  
 
15.7
% 
  
 
 
 
   
 
 
 
 
(a)
State and local taxes in New York State and New York City made up the majority (50% or greater) of the tax effect in this category.
 
 
  
 
 
 
 
2024
vs.
 
  
Year Ended
December 31,
 
  
2024
 
2023
 
2023
Statutory U.S. Federal Income Tax Rate
      21.0 %      21.0 %      —  
Income Passed Through to
Non-Controlling
Interest Holders
      -9.0 %      -8.2 %      -0.8 % 
State and Local Income Taxes
      2.9 %      4.3 %      -1.4 % 
Other
      0.9 %      0.3 %      0.6 % 
  
 
 
 
  
 
 
 
  
 
 
 
Effective Income Tax Rate
      15.8 %      17.4 %      -1.6 % 
  
 
 
 
  
 
 
 
  
 
 
 
Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. A summary of the tax effects of the temporary differences is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31,
 
  
2025
  
2024
Deferred Tax Assets
  
  
Investment Basis Differences/Net Unrealized Gains and Losses
  
$
1,879,975
 
  
$
1,737,508
 
Other
  
 
211,605
 
  
 
287,639
 
  
 
 
 
   
 
 
 
Total Deferred Tax Assets Before Valuation Allowance
  
 
2,091,580
 
  
 
2,025,147
 
Valuation Allowance
  
 
(35,357
) 
  
 
(21,199
) 
  
 
 
 
   
 
 
 
Total Deferred Tax Assets
  
 
2,056,223
 
  
 
2,003,948
 
  
 
 
 
   
 
 
 
Deferred Tax Liabilities
  
  
Investment Basis Differences/Net Unrealized Gains and Losses
  
 
14,794
 
  
 
12,282
 
Other
  
 
1,681
 
  
 
1,953
 
  
 
 
 
   
 
 
 
Total Deferred Tax Liabilities
  
 
16,475
 
  
 
14,235
 
  
 
 
 
   
 
 
 
Net Deferred Tax Assets
  
$
2,039,748
 
  
$
1,989,713
 
  
 
 
 
   
 
 
 
The increase in the Net Deferred tax Assets for the year ended December 31, 2025, compared to the year ended December 31, 2024, was primarily due to recognition of additional tax basis in certain assets and recording corresponding deferred tax benefits related to quarterly exchanges of Blackstone Holdings Partnership units for common shares of Blackstone Inc. Realization of deferred tax assets depends on the expectation and character of future taxable income. Blackstone has no significant net operating losses carryforward as of December 31, 2025.
Blackstone has determined that deferred tax assets recorded during the period primarily related to certain state and local tax credits are not more likely than not to be realized and therefore has established a valuation allowance of $
35.4
 million as of December 31, 2025.
In evaluating the ability to realize deferred tax assets, Blackstone among other things, considers projections of taxable income (including character of such income), beginning with historic results and incorporating assumptions of the amount of future pretax operating income. These assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that Blackstone uses to manage its business. To the extent any portion of the deferred tax assets are not considered to be more likely than not to be realized, valuation allowances are recorded.
Currently, Blackstone does not believe it meets the indefinite reversal criteria that would preclude Blackstone from recognizing a deferred tax liability with respect to its foreign subsidiaries. Therefore, if applicable Blackstone recorded a deferred tax liability for any outside basis difference of an investment in a foreign subsidiary.
Blackstone files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, Blackstone is subject to examination by federal and certain state, local and foreign tax authorities. As of December 31, 2025, the most material jurisdictions where Blackstone entities are under active examination are New York State and City. The following are the major filing jurisdictions and their respective earliest open period subject to
examination:
 
Jurisdiction
  
Year
 
 
  
 
 
Federal
  
 
2022
 
New York City
  
 
2009
 
New York State
  
 
2016
 
United Kingdom
  
 
2011
 
 
The Cash Payments for Income Taxes consists of the following:
 
Jurisdiction
  
Year Ended
December 31,
2025
 
Federal (a)
  
$
409,537
 
New York City
  
 
68,500
 
State — Other
  
 
2,999
 
Foreign
  
 
81,524
 
  
 
 
 
  
$
562,560
 
  
 
 
 
(a)
Federal payments include cash paid for the transferable tax credits.
Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were:
 
 
  
December 31,
 
  
2025
  
2024
  
2023
Unrecognized Ta
x B
enefits — January 1
  
$
251,457
 
  
$
210,778
 
  
$
153,624
 
Additions Based on Tax Positions Related to Current Year
  
 
59,877
 
  
 
46,572
 
  
 
19,807
 
Reductions for Tax Positions of Current Year
  
 
—
 
  
 
—
 
  
 
(19,737
) 
Additions for Tax Positions of Prior Years
  
 
4,396
 
  
 
—
 
  
 
57,081
 
Reductions for Tax Positions of Prior Years
  
 
—
 
  
 
(6,111
) 
  
 
—
 
Settlements
  
 
(471
) 
  
 
—
 
  
 
—
 
Exchange Rate Fluctuations
  
 
339
 
  
 
218
 
  
 
3
 
  
 
 
 
   
 
 
 
   
 
 
 
Unrecognized Tax Benefits — December 31
  
$
315,598
 
  
$
251,457
 
  
$
210,778
 
  
 
 
 
   
 
 
 
   
 
 
 
If recognized, the above tax benefits would reduce the annual effective rate. Blackstone believes the liability established for unrecognized tax benefits is adequate in relation to the potential for additional assessments. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur during the twelve months subsequent to December 31, 2025; however, it is not possible to estimate the expected change to the total unrecognized tax benefits and its impact on Blackstone’s effective tax rate during the twelve months subsequent to December 31, 2025.
The unrecognized tax benefits are recorded in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition.
During the years ended December 31, 2025, 2024 and 2023, Blackstone accrued no penalties and accrued interest expense related to unrecognized tax benefits of $
33.9
 million, $
29.1
 million and $
22.8
 million, respectively.
Other Income — Change in Tax Receivable Agreement Liability
In 2025 and 2024, the $
6.6
 million and $
(41.2
) million, respectively, Change in Tax Receivable Agreement Liability was primarily attributable to a change in Blackstone’s state tax apportionment.
v3.25.4
Earnings Per Share and Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share and Stockholders' Equity
15. Earnings Per Share and Stockholders’ Equity
Earnings Per Share
Basic and diluted net income per share of common stock for the years ended December 31, 2025, 2024 and 2023 was calculated as follows:
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Net Income for Per Share of Common Stock Calculations
  
  
  
Net Income Attributable to Blackstone Inc., Basic and Diluted
  
$
3,019,214
 
  
$
2,776,508
 
  
$
1,390,880
 
  
 
 
 
   
 
 
 
   
 
 
 
Shares/Units Outstanding
  
  
  
Weighted-Average Shares of Common Stock Outstanding, Basic
  
 
780,018,738
 
  
 
766,487,450
 
  
 
755,204,556
 
Weighted-Average Shares of Unvested Deferred Restricted Common Stock (a)
  
 
197,118
 
  
 
159,058
 
  
 
215,380
 
  
 
 
 
   
 
 
 
   
 
 
 
Weighted-Average Shares of Common Stock Outstanding, Diluted
  
 
780,215,856
 
  
 
766,646,508
 
  
 
755,419,936
 
  
 
 
 
   
 
 
 
   
 
 
 
Net Income Per Share of Common Stock
  
  
  
Basic
  
$
3.87
 
  
$
3.62
 
  
$
1.84
 
  
 
 
 
   
 
 
 
   
 
 
 
Diluted
  
$
3.87
 
  
$
3.62
 
  
$
1.84
 
  
 
 
 
   
 
 
 
   
 
 
 
Dividends Declared Per Share of Common Stock
(b)
  
$
4.69
 
  
$
3.45
 
  
$
3.32
 
  
 
 
 
   
 
 
 
   
 
 
 
(a)
For the years ended December 31, 2025 and 2024, this includes shares to be issued under the contingently issuable share model for an acquisition-related compensation arrangement.
(b)
Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.
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 periods indicated:
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Weighted-Average Blackstone Holdings Partnership Units
  
 
  447,702,475
 
  
 
  455,306,643
 
  
 
  460,897,953
 
Stockholders’ Equity
As of December 31
, 2025
, Blackstone had
10
 billion shares of preferred stock authorized with a par value of $
0.00001
 per share, of which (a) 
999,999,000
shares are designated as Series I preferred stock and (b) 
1,000
 shares are designated as Series II preferred stock. The remaining
nine
 billion shares may be designated from time to time in accordance with Blackstone’s certificate of incorporation. There was
one
share of Series I preferred stock and
one
 share of Series II preferred stock issued and outstanding as of December 31
, 2025
.
 
Under Blackstone’s certificate of incorporation and Delaware law, holders of Blackstone’s common stock are entitled to vote, together with holders of Blackstone’s Series I preferred stock, voting as a single class, on a number of significant matters, including certain sales, exchanges or other dispositions of all or substantially all of Blackstone’s assets, a merger, consolidation or other business combination, the removal of the Series II Preferred Stockholder and forced transfer by the Series II Preferred Stockholder of its shares of Series II preferred stock and the designation of a successor Series II Preferred Stockholder. The Series II Preferred Stockholder elects Blackstone’s directors. Holders of Blackstone’s Series I preferred stock and Series II preferred stock are not entitled to dividends from Blackstone, or receipt of any of Blackstone’s assets in the event of any dissolution, liquidation or winding up. Blackstone Partners L.L.C. is the sole holder of the Series I preferred stock and Blackstone Group Management L.L.C. is the sole holder of the Series II preferred stock.
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 year ended December 31
, 2023
, Blackstone repurchased
3.7
 million shares of common stock at a total cost of $
351.3
 million. During the year ended December 31
, 2024
, Blackstone repurchased
4.0
 million shares of common stock at a total cost of $
520.4
 million. During the year ended December 31
, 2025
, Blackstone repurchased
0.8
 million shares of common stock at a total cost of $
122.6
 million. As of December 31
, 2025
, the amount remaining available for repurchases under the program was $
1.7 billion.
Shares Eligible for Dividends and Distributions
As of December 31, 2025, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows:
 
 
  
Shares/Units
Common Stock Outstanding
  
 
748,688,068
 
Unvested Participating Common Stock
  
 
34,494,942
 
  
 
 
 
Total Participating Common Stock
  
 
783,183,010
 
Participating Blackstone Holdings Partnership Units
  
 
445,586,312
 
  
 
 
 
  
 
1,228,769,322
 
  
 
 
 
v3.25.4
Equity-Based Compensation
 12 Months Ended
Dec. 31, 2025
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity-Based Compensation
16.
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
, 2025
, Blackstone had the ability to grant
174,967,230
 shares under the Equity Plan.
 
For the years ended December 31
, 2025
, 2024
and 2023
, Blackstone recorded compensation expense of $
1.4
 billion, $
1.2
 billion and $
987.5
 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $
309.7
 million, $
298.2
 million and $
183.4
 million, respectively.
As of December 31
, 2025
, there was $
2.6
 billion of estimated unrecognized compensation expense related to unvested awards, including compensation with performance conditions where it is probable that the performance condition will be met. This cost is expected to be recognized over a weighted-average period of
3.4
 years.
Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,228,831,817
as of December 31
, 2025
. Total outstanding phantom shares were
81,112
as of December 31
, 2025
.
A summary of the status of Blackstone’s unvested equity-based awards as of December 31, 2025 and of changes during the period January 1, 2025 through December 31, 2025 is presented below:

 
  
Blackstone Holdings
  
Blackstone Inc.
 
  
 
 
 
  
Equity Settled Awards
  
Cash Settled Awards
Unvested Shares/Units
  
Partnership
Units
 
Weighted-
Average
Grant
Date Fair
Value
  
Deferred
Restricted
Shares of
Common Stock
 
Weighted-
Average
Grant
Date Fair
Value
  
Phantom
Shares
 
Weighted-
Average
Grant
Date Fair
Value
Balance, December 31, 2024
  
 
850,409
 
 
$
33.83
 
  
 
33,928,570
 
 
$
103.44
 
  
 
70,517
 
 
$
187.66
 
Granted
  
 
—
 
 
 
—
 
  
 
11,145,454
 
 
 
147.38
 
  
 
22,498
 
 
 
139.99
 
Vested
  
 
(623,521
) 
 
 
34.49
 
  
 
(14,187,921
) 
 
 
98.81
 
  
 
(22,046
) 
 
 
163.16
 
Forfeited
  
 
 —
 
 
 
—
 
  
 
(1,465,391
) 
 
 
118.53
 
  
 
(4,028
) 
 
 
154.41
 
  
 
 
 
     
 
 
 
     
 
 
 
  
Balance, December 31, 2025
  
 
226,888
 
 
$
32.02
 
  
 
29,420,712
 
 
$
122.07
 
  
 
     
66,941
 
 
$
146.70
 
  
 
 
 
     
 
 
 
     
 
 
 
  
Shares/Units Expected to Vest
The following unvested shares and units, after expected forfeitures, as of December 31, 2025, are expected to
vest
:
 
 
  
Shares/Units
  
Weighted-Average

Service Period
in Years
Blackstone Holdings Partnership Units (a)
  
 
226,888
 
  
—
Deferred Restricted Shares of Common Stock
  
 
25,237,338
 
  
2.6
  
 
 
 
   
 
Total Equity-Based Awards
  
 
25,464,226
 
  
2.6
  
 
 
 
   
 
 
 
Phantom Shares
  
 
56,764
 
  
2.8
  
 
 
 
   
 
 
 
 
(a)
Each of the remaining unvested units fully vested on January 1, 2026.
Deferred Restricted Shares of Common Stock and Phantom Shares
Blackstone has granted deferred restricted shares of common stock to certain senior and
non-senior
managing director professionals, analysts and senior finance and administrative personnel and selected external advisers and phantom shares (cash settled equity-based awards) to other senior and
non-senior
managing director employees. Holders of deferred restricted shares of common stock and phantom shares are not entitled to any voting rights. Only phantom shares are to be settled in cash. Deferred restricted shares of common stock where the number of shares have not been set a
re
liability classified
and
excluded from
the
above tables.
 
The fair values of deferred restricted shares of common stock have been derived based on the closing price of common stock on the date of the grant, m
ultipli
ed by the number of unvested awards and expensed over the assumed service period, which ranges from 1 to
5
years. Additionally, the calculation of the compensation expense assumes forfeiture rates based on historical turnover rates, ranging from
1.0
% to
13.4
% annually by employee class, and a per share discount on
non-participating
shares, ranging from $
1.07
to $
24.23
.
The phantom shares vest over the assumed service period, which ranges from 1
to
5
years. On each such vesting date, Blackstone delivered or will deliver cash to the holder in an amount equal to the number of phantom shares held multiplied by the then fair market value of Blackstone’s common stock on such date. Additionally, the calculation of the compensation expense assumes a forfeiture rate based on historical turnover rates, ranging from
7.4
% to
13.4
% annually by employee class. Blackstone is accounting for these cash settled awards as a liability.
Blackstone paid $3.2
 million, $
3.9
 million and $
1.7
 million to employees in settlement of phantom shares for the years ended December 31
, 2025
, 2024
and 2023
, respectively.
Performance-Based Compensation
During the year ended December 31
, 2021
, Blackstone issued performance-based compensation, the dollar value of which is based on the future achievement of established business performance conditions. The number of vested shares of common stock to be issued is variable based on the
30-day
volume weighted-average price at the end of the performance period. Due to the nature of settlement, the performance-based compensation is classified as a liability. Compensation expense is recognized over the performance period based upon the probable outcome of the performance condition. Due to the variable share settlement, the tables above exclude the impact of this performance-based compensation, as the number of shares to be issued is based on the probability of achieving the performance condition and not yet set.
Blackstone Holdings Partnership Units
Blackstone has granted deferred restricted Blackstone Holdings Partnership Units to certain current and former senior managing directors. Holders of deferred restricted Blackstone Holdings Partnership Units are not entitled to any voting rights.
The fair values of deferred restricted Blackstone Holdings Partnership Units have been derived based on the closing price of Blackstone’s common units on the date of the grant, multiplied by the number of unvested awards and expensed over the assumed service period. Additionally, the calculation of the compensation expense assumes a forfeiture rate of 7.4%, based on historical data.
As of December 31, 2025, substantially all service conditions associated with Blackstone Holdings Partnership Units had been satisfied, and the remaining units, which were unvested as of that date, fully vested on January 1,
2026
.
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions
17. Related Party Transactions
Affiliate Receivables and Payables
Due from Affiliates and Due to Affiliates consisted of the following:

 
 
  
December 31,
 
  
2025
  
2024
Due from Affiliates
  
  
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from
Non-Consolidated
Entities and Portfolio Companies
  
$
5,047,814
 
  
$
4,049,707
 
Due from Certain
Non-Controlling
Interest Holders and Blackstone Employees
  
 
1,036,117
 
  
 
1,191,527
 
Accrual for Potential Clawback of Previously Distributed Performance Allocations
  
 
273,531
 
  
 
168,081
 
  
 
 
 
   
 
 
 
  
$
6,357,462
 
  
$
5,409,315
 
  
 
 
 
   
 
 
 
 
 
  
December 31,
 
  
2025
  
2024
Due to Affiliates
  
  
Due to Certain
Non-Controlling
Interest Holders in Connection with the Tax Receivable Agreements
  
$
2,076,205
 
  
$
1,844,978
 
Due to
Non-Consolidated
Entities
  
 
237,983
 
  
 
208,537
 
Due to Certain
Non-Controlling
Interest Holders and Blackstone Employees
  
 
103,977
 
  
 
255,086
 
Accrual for Potential Repayment of Previously Received Performance Allocations
  
 
806,267
 
  
 
499,547
 
  
 
 
 
   
 
 
 
  
$
3,224,432
 
  
$
2,808,148
 
  
 
 
 
   
 
 
 
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 December 31
, 2025
and 2024
, such investments aggregated to $
2.2
 billion and $
2.0
 billion, respectively. Their share of the Net Income Attributable to Redeemable
Non-Controlling
and
Non-Controlling
Interests in Consolidated Entities aggregated $
187.0
 million, $
176.0
 million and $
87.8
 million for the years ended December 31
, 2025
, 2024
and 2023
, 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 December 31, 2025. See Note 18. “Commitments and Contin
ge
ncies — 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
basis. The purchase and subsequent exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of Blackstone Holdings and therefore reduce the amount of tax that Blackstone would otherwise be required to pay in the future.
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 aggregate $
2.1
 billion over the next
15
 years. The
after-tax
net present value of these estimated payments totals $
699.3
 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. Subsequent to December 31
, 2025
, payments totaling $
70.6
 million were made to certain
pre-IPO
owners and others mentioned above in accordance with the tax receivable agreement and related to tax benefits Blackstone received for the 2024
taxable year.
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 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 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 18. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
 
18. Commitments and Contingencies
Commitments
Investment Commitments
Blackstone had $
6.5
 billion of investment commitments as of December 31
, 2025
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 $
797.4
 million as of December 31
, 2025
, which includes $
98.6
 million of signed investment commitments for portfolio company acquisitions in the process of closing.
Regulated Entities
Certain U.S. and
non-U.S.
entities are subject to various investment adviser and other financial regulatory rules and requirements that may include minimum net capital requirements. These entities have continuously operated in excess of these requirements. This includes a number of U.S. entities that are registered as investment advisers with the SEC.
These regulatory capital requirements may restrict Blackstone’s ability to withdraw capital from its entities. At December 31
, 2025
, $
116.2
 million of net assets of consolidated entities may be restricted as to the payment of cash dividends and advances to Blackstone.
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 $
24.7
 million as of December 31
, 2025
.
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 December 31
, 2025
was $
82.0
 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 b
ase
d 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 December 31, 2025, 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
claims against the fund manager defendants. Defendants moved to dismiss this amended complaint in June 2024. Those motions are pending.
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 pending.
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 pending.
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
claims, and barred all claims against the Blackstone Defendants in Taylor I and Taylor II without any admission of wrongdoing. The settlement included an $82.5 million cash settlement divided among several defendants, of which our portion would have been expected to be covered by insurance. In January 2025, the settling parties moved for court approval of the settlement. Taylor II plaintiffs objected. In May 2025, the Court declined to enter an approval order, holding that the Court’s approval is unnecessary and stating that the parties may settle as they see fit. Because an approval order was a condition to the settlement, the settlement agreement was terminated. While the parties are continuing their discussions, they have not reached a new settlement.
Our financial results for the year ended December 31, 2025 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:
 
 
  
December 31,
 
  
2025
  
2024
Segment
  
Blackstone
Holdings
  
Current and
Former
Personnel (a)
  
Total (b)
  
Blackstone
Holdings
  
Current and
Former
Personnel (a)
  
Total (b)
Real Estate
  
$
448,096
 
  
$
227,924
 
  
$
676,020
 
  
$
316,749
 
  
$
158,346
 
  
$
475,095
 
Private Equity
  
 
84,640
 
  
 
45,607
 
  
 
130,247
 
  
 
15,044
 
  
 
6,273
 
  
 
21,317
 
Credit & Insurance
  
 
—
 
  
 
—
 
  
 
—
 
  
 
1,468
 
  
 
1,667
 
  
 
3,135
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
532,736
 
  
$
273,531
 
  
$
806,267
 
  
$
333,261
 
  
$
166,286
 
  
$
499,547
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(a)
The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis.
(b)
Total is a component of Due to Affiliates. See Note 17. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”
During the year ended December 31, 2025, the Blackstone general partners paid a cash clawback obligation of
 
$
52.3
 
million related to interim and final cash clawbacks for funds in the Real Estate, Credit & Insurance and Private Equity segments, of which 
$
31.6
 
million was paid by Blackstone Holdings and
$
20.7
 
million by current and former Blackstone personnel.
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 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 December 31, 2025, $
1.2
 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 December 31, 2025, all of the investments held by Blackstone’s carry funds were deemed worthless, a possibility that management views as remote, the amount of Performance Allocations subject to potential clawback would be $
(8.3)
 billion, on an
after-tax
basis where applicable, of which Blackstone Holdings is potentially liable for $
(7.7)
 billion if current and former Blackstone personnel default on their share of the liability, a possibility that management also views as remote.
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting
19. Segment Reporting
Blackstone conducts its alternative asset management businesses through four segments:
 
 
•
 
Real Estate – Blackstone’s Real Estate segment primarily comprises its management of opportunistic real estate funds, Core+ real estate funds, and real estate debt strategies.
 
•
 
Private Equity – Blackstone’s Private Equity segment includes its management of flagship Corporate Private Equity funds, sector and geographically-focused Corporate Private Equity funds, core private equity funds, an opportunistic investment platform, a secondary funds business and GP Stakes, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, investment platforms offering eligible individual investors access to Blackstone’s private equity and infrastructure capabilities, a multi-asset investment program for eligible high net worth investors and a capital markets services business.
 

 
•
 
Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit & Insurance, which is organized into three overarching strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. In addition, the segment includes an insurer-focused platform.
 
•
 
Multi-Asset Investing – Blackstone’s Multi-Asset Investing segment is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management, and Public Real Assets.
These business segments are differentiated by their various investment strategies. E
ac
h 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
comparability and are not reflective of Blackstone’s operational performance.
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.
Geographic Information
Blackstone conducts its business primarily in the United States with domestically generated revenues making up 68%, 68% and 70% of total GAAP revenues for the years ended December 31, 2025, 2024 and 2023, respectively. The table below presents the percentage of total GAAP revenues generated by Blackstone by geographic region. Revenues attributed to a geographic region are generally based on the geography of investments held by Blackstone and Blackstone Funds. The geography of an investment is generally the country of domicile for an asset or where a portfolio company is headquartered.
 
 
  
Year Ended December 31,
 
  
2025
 
2024
 
2023
Americas
  
 
80
% 
 
 
76
% 
 
 
78
% 
Europe, Middle East and Africa
  
 
13
% 
 
 
16
% 
 
 
15
% 
Asia-Pacific
  
 
7
% 
 
 
8
% 
 
 
7
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
100
% 
 
 
100
% 
 
 
100
% 
  
 
 
 
  
 
 
 
  
 
 
 
Blackstone’s long-lived assets are comprised of
Right-of-Use
Assets and Furniture, Equipment and Leasehold Improvements, Net. As of December 31, 2025 and 2024, Blackstone held long-lived assets in the United States of $
1.0
 billion and $
1.1
 billion, respectively. No individual foreign country constituted more than
10
% of Blackstone’s total long-lived assets as of December 31, 2025 and 2024.
Major Customer Information
For the years ended December 31, 2025, 2024 and 2023, Blackstone Private Credit Fund (“BCRED”) accounted for an aggregate of $
1.2
 billion, $
980.6
 million and $
762.6
 million of Management and Advisory Fees, Net and Incentive Fees, respectively. For the year ended December 31, 2023, BREIT accounted for $
839.9
 million of Blackstone’s Management and Advisory Fees, Net. BCRED and BREIT are vehicles in Blackstone’s Credit & Insurance segment and Real Estate segment, respectively. Generally, for purposes of major customer analysis, Blackstone identifies the customer as the investors in its managed investment vehicles. For certain widely held vehicles like BCRED and BREIT, however, the investment vehicle is determined to be the customer. Blackstone evaluates the major customer disclosure in the context of its revenue streams as determined under the GAAP guidance for contracts with customers which includes Management and Advisory Fees, Net and Incentive Fees.
 
Segment Presentation
The following tables present the financial data for Blackstone’s
four
segments as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023.
 
    
December 31, 2025 and the Year Then Ended
    
Real

Estate
  
Private Equity
  
Credit &

Insurance
  
Multi-Asset

Investing
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
    $ 2,653,294     $ 2,457,981     $ 1,909,147     $ 528,435     $ 7,548,857  
Transaction, Advisory and Other Fees, Net
      141,696       362,531       74,115       4,489       582,831  
Management Fee Offsets
      (13,066 )      (48,903 )      (53,670 )      —       (115,639 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
      2,781,924       2,771,609       1,929,592       532,924       8,016,049  
Fee Related Performance Revenues
      489,648       547,985       787,795       —       1,825,428  
Fee Related Compensation
      (690,292 )      (961,448 )      (869,636 )      (169,325 )      (2,690,701 ) 
Other Operating Expenses
      (370,001 )      (482,312 )      (450,401 )      (110,525 )      (1,413,239 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
      2,211,279       1,875,834       1,397,350       253,074       5,737,537  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
      268,773       1,670,108       386,729       489,919       2,815,529  
Realized Performance Compensation
      (130,361 )      (704,938 )      (161,493 )      (93,803 )      (1,090,595 ) 
Realized Principal Investment Income
      10,689       66,495       335,870       6,689       419,743  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
      149,101       1,031,665       561,106       402,805       2,144,677  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
    $ 2,360,380     $ 2,907,499     $ 1,958,456     $ 655,879     $ 7,882,214  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
    $ 12,808,547     $ 19,747,965     $ 8,077,869     $ 2,352,308     $ 42,986,689  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
    
December 31, 2024 and the Year Then Ended
    
Real

Estate
  
Private Equity
  
Credit &

Insurance
  
Multi-Asset

Investing
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
    $ 2,716,983     $ 2,027,855     $ 1,561,649     $ 474,395     $ 6,780,882  
Transaction, Advisory and Other Fees, Net
      175,010       176,469       44,354       3,855       399,688  
Management Fee Offsets
      (16,716 )      (6,044 )      (24,196 )      (80 )      (47,036 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
      2,875,277       2,198,280       1,581,807       478,170       7,133,534  
Fee Related Performance Revenues
      203,425       1,185,428       747,092       —       2,135,945  
Fee Related Compensation
      (674,965 )      (1,164,237 )      (755,620 )      (144,500 )      (2,739,322 ) 
Other Operating Expenses
      (380,321 )      (391,309 )      (371,354 )      (105,108 )      (1,248,092 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
      2,023,416       1,828,162       1,201,925       228,562       5,282,065  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
      200,974       1,392,447       313,092       380,518       2,287,031  
Realized Performance Compensation
      (101,011 )      (633,491 )      (129,814 )      (86,930 )      (951,246 ) 
Realized Principal Investment Income (Loss)
      14,522       52,356       39,855       (14,207 )      92,526  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
      114,485       811,312       223,133       279,381       1,428,311  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
    $ 2,137,901     $ 2,639,474     $ 1,425,058     $ 507,943     $ 6,710,376  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
    $ 11,573,910     $ 18,027,030     $ 8,668,716     $ 1,958,735     $ 40,228,391  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31, 2023
    
Real

Estate
  
Private Equity
  
Credit &

Insurance
  
Multi-Asset

Investing
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
    $ 2,794,232     $ 1,903,972     $ 1,297,406     $ 470,237     $ 6,465,847  
Transaction, Advisory and Other Fees, Net
      78,483       108,848       44,542       4,019       235,892  
Management Fee Offsets
      (29,357 )      (5,228 )      (3,907 )      (3 )      (38,495 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
      2,843,358       2,007,592       1,338,041       474,253       6,663,244  
Fee Related Performance Revenues
      294,240       —       564,287       —       858,527  
Fee Related Compensation
      (675,880 )      (619,678 )      (628,064 )      (164,488 )      (2,088,110 ) 
Other Operating Expenses
      (325,050 )      (329,221 )      (323,773 )      (106,289 )      (1,084,333 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
      2,136,668       1,058,693       950,491       203,476       4,349,328  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
      244,358       1,343,865       317,620       155,259       2,061,102  
Realized Performance Compensation
      (123,299 )      (584,154 )      (140,210 )      (48,354 )      (896,017 ) 
Realized Principal Investment Income
      7,628       76,220       21,752       5,332       110,932  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
      128,687       835,931       199,162       112,237       1,276,017  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
    $  2,265,355     $  1,894,624     $ 1,149,653     $   315,713     $  5,625,345  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
Reconciliations of Total Segment Amounts
The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the years ended December 31, 2025, 2024 and 2023 along with Total Assets as of December 31, 2025 and 2024:
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Revenues
       
Total GAAP Revenues
    $ 14,450,265     $ 13,229,968     $ 8,022,841  
Less: Unrealized Performance Revenues (a)
      (642,957 )      (371,407 )      1,691,788  
Less: Unrealized Principal Investment (Income) Loss (b)
      (171,440 )      (271,868 )      593,301  
Less: Interest and Dividend Revenue (c)
      (416,094 )      (410,980 )      (535,641 ) 
Less: Other Revenue (d)
      271,190       (123,166 )      93,083  
Impact of Consolidation (e)
      (398,131 )      (444,828 )      (200,237 ) 
Transaction-Related and
Non-Recurring
Items (f)
      (17,214 )      39,272       25,672  
Intersegment Eliminations
      1,130       2,045       2,998  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Revenue (g)
    $   13,076,749     $   11,649,036     $    9,693,805  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Expenses
       
Total GAAP Expenses
    $ 7,702,607     $ 6,819,326     $ 4,981,130  
Less: Unrealized Performance Allocations Compensation (h)
      (376,962 )      (140,021 )      654,403  
Less: Equity-Based Compensation (i)
      (1,443,246 )      (1,159,122 )      (959,474 ) 
Less: Interest Expense (j)
      (497,095 )      (444,417 )      (429,521 ) 
Impact of Consolidation (e)
      (116,051 )      (81,129 )      (137,603 ) 
Amortization of Intangibles (k)
      (29,326 )      (29,332 )      (33,457 ) 
Transaction-Related and
Non-Recurring
Items (f)
      (30,185 )      (17,100 )      (309 ) 
Administrative Fee Adjustment (l)
      (16,337 )      (11,590 )      (9,707 ) 
Intersegment Eliminations
      1,130       2,045       2,998  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Expenses (m)
    $    5,194,535     $    4,938,660     $    4,068,460  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Other Income
       
Total GAAP Other Income (Loss)
    $      423,988     $       48,838     $ (83,997 ) 
Impact of Consolidation (e)
      (423,988 )      (48,838 )            83,997  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Other Income
    $ —     $ —     $ —  
  
 
 
 
  
 
 
 
  
 
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Income Before Provision for Taxes
       
Total GAAP Income Before Provision for Taxes
    $ 7,171,646     $ 6,459,480     $ 2,957,714  
Less: Unrealized Performance Revenues (a)
      (642,957 )      (371,407 )      1,691,788  
Less: Unrealized Principal Investment (Income) Loss (b)
      (171,440 )      (271,868 )      593,301  
Less: Interest and Dividend Revenue (c)
      (416,094 )      (410,980 )      (535,641 ) 
Less: Other Revenue (d)
      271,190       (123,166 )      93,083  
Plus: Unrealized Performance Allocations Compensation (h)
      376,962       140,021       (654,403 ) 
Plus: Equity-Based Compensation (i)
      1,443,246       1,159,122       959,474  
Plus: Interest Expense (j)
      497,095       444,417       429,521  
Impact of Consolidation (e)
      (706,068 )      (412,537 )      21,363  
Amortization of Intangibles (k)
      29,326       29,332       33,457  
Transaction-Related and
Non-Recurring
Items (f)
      12,971       56,372       25,981  
Administrative Fee Adjustment (l)
      16,337       11,590       9,707  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
    $    7,882,214     $    6,710,376     $    5,625,345  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
As of December 31,
    
2025
  
2024
Total Assets
     
Total GAAP Assets
    $ 47,708,975     $ 43,469,875  
Impact of Consolidation (e)
      (4,722,286 )      (3,241,484 ) 
  
 
 
 
  
 
 
 
Total Segment Assets
    $   42,986,689     $   40,228,391  
  
 
 
 
  
 
 
 
 
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.
(a)
This adjustment removes Unrealized Performance Revenues on a segment basis.
(b)
This adjustment removes Unrealized Principal Investment (Income) Loss on a segment basis.
(c)
This adjustment removes Interest and Dividend Revenue on a segment basis.
(d)
This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2025, 2024 and 2023, Other Revenue on a GAAP basis was $
(270.9)
 million, $
123.7
 million and $
(92.9)
 million and included $
(271.2)
 million, $
122.3
 million and $
(94.7)
 million of foreign exchange gains (losses), respectively.
(e)
This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain
NAV-based
fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by
non-controlling
interests.
(f)
This adjustment removes Transaction-Related and
Non-Recurring
Items, which are excluded from Blackstone’s segment presentation. 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
comparability and are not reflective of Blackstone’s operational performance.
 
 
(g)
Total Segment Revenues is comprised of the following:
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Total Segment Management and Advisory Fees, Net
    $ 8,016,049     $ 7,133,534     $ 6,663,244  
Total Segment Fee Related Performance Revenues
      1,825,428        2,135,945        858,527   
Total Segment Realized Performance Revenues
      2,815,529       2,287,031       2,061,102  
Total Segment Realized Principal Investment Income
      419,743       92,526       110,932  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Revenues
    $ 13,076,749     $ 11,649,036     $  9,693,805  
  
 
 
 
  
 
 
 
  
 
 
 
 
(h)
This adjustment removes Unrealized Performance Allocations Compensation.
(i)
This adjustment removes Equity-Based Compensation on a segment basis.
(j)
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(k)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
(l)
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(m)
Total Segment Expenses is comprised of the following:
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Total Segment Fee Related Compensation
    $ 2,690,701     $ 2,739,322     $ 2,088,110  
Total Segment Realized Performance Compensation
      1,090,595        951,246        896,017   
Total Segment Other Operating Expenses
      1,413,239       1,248,092       1,084,333  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Expenses
    $  5,194,535     $  4,938,660     $  4,068,460  
  
 
 
 
  
 
 
 
  
 
 
 
Reconciliations of Total Segment Components
The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Consolidated Statement of Operations for the years ended December 31, 2025, 2024 and 2023:
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Management and Advisory Fees, Net
       
GAAP
    $ 8,075,601     $ 7,188,936     $ 6,671,260  
Segment Adjustment (a)
      (59,552 )      (55,402 )      (8,016 ) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $  8,016,049     $  7,133,534     $  6,663,244  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
       
GAAP
       
Incentive Fees
    $ 978,202     $ 964,178     $ 695,171  
Investment Income — Realized Performance Allocations
      3,662,243       3,457,746       2,223,841  
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
      4,640,445       4,421,924       2,919,012  
Total Segment
       
Less: Realized Performance Revenues
      (2,815,529 )      (2,287,031 )      (2,061,102 ) 
Segment Adjustment (b)
      512       1,052       617  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $ 1,825,428     $ 2,135,945     $ 858,527  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
GAAP Compensation to Total Segment Fee Related Compensation
       
GAAP
       
Compensation
    $ 3,671,193     $ 3,048,229     $ 2,785,447  
Incentive Fee Compensation
      274,902       373,586       281,067  
Realized Performance Allocations Compensation
      1,297,472       1,432,217       900,859  
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
      5,243,567       4,854,032       3,967,373  
Total Segment
       
Less: Realized Performance Compensation
      (1,090,595 )      (951,246 )      (896,017 ) 
Less: Equity-Based Compensation — Fee Related Compensation
      (1,412,703 )      (1,143,054 )      (946,575 ) 
Less: Equity-Based Compensation — Performance Compensation
      (30,543 )      (16,068 )      (12,899 ) 
Segment Adjustment (c)
      (19,025 )      (4,342 )      (23,772 ) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $ 2,690,701     $ 2,739,322     $  2,088,110  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
       
GAAP
    $ 1,524,548     $ 1,361,909     $ 1,117,305  
Segment Adjustment (d)
      (111,309 )      (113,817 )      (32,972 ) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $  1,413,239     $  1,248,092     $  1,084,333  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Realized Performance Revenues
       
GAAP
       
Incentive Fees
    $ 978,202     $ 964,178     $ 695,171  
Investment Income — Realized Performance Allocations
      3,662,243       3,457,746       2,223,841  
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
      4,640,445       4,421,924       2,919,012  
Total Segment
       
Less: Fee Related Performance Revenues
      (1,825,428 )      (2,135,945 )      (858,527 ) 
Segment Adjustment (b)
      512       1,052       617  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $ 2,815,529     $ 2,287,031     $  2,061,102  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Realized Performance Compensation
       
GAAP
       
Incentive Fee Compensation
    $ 274,902     $ 373,586     $ 281,067  
Realized Performance Allocations Compensation
      1,297,472        1,432,217       900,859  
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
      1,572,374       1,805,803        1,181,926  
Total Segment
       
Less: Fee Related Performance Compensation (e)
      (451,236 )      (838,489 )      (273,010 ) 
Less: Equity-Based Compensation — Performance Compensation
      (30,543 )      (16,068 )      (12,899 ) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $  1,090,595     $ 951,246     $ 896,017  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Realized Principal Investment Income
       
GAAP
    $    697,632     $    332,258     $    303,823  
Segment Adjustment (f)
      (277,889 )      (239,732 )      (192,891 ) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $ 419,743     $ 92,526     $ 110,932  
  
 
 
 
  
 
 
 
  
 
 
 
 
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.
(a)
Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain
NAV-based
fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.
(b)
Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
(c)
Represents the removal of Transaction-Related and
Non-Recurring
Items that are not recorded in the Total Segment measures.
 
 
(d)
Represents the (1) removal of Transaction-Related and
Non-Recurring
Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain
NAV-based
fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of
Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(e)
Fee related performance compensation may include equity-based
compensation
based on fee related performance revenues.
(f)
Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating
partnerships
held by
non-controlling
interests.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events
20.
Subsequent Events
There have been no events since December 31, 2025 that require recognition or disclosure in the consolidated financial statements.
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
The 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.
Use of Estimates
Use of Estimates
The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of deferred tax balances (including any valuation allowances) and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material.
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 Consolidated Statements of Financial Condition.
Blackstone’s other disclosures regarding VIEs are discussed in Note 8. “Variable Interest Entities.”
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 19. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers.
Management and Advisory Fees, Net
— Management and Advisory Fees, Net are comprised of management fees, including base management fees, transaction, advisory and other fees net of management fee reductions and offsets.
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 Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the 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 Consolidated Statements of Financial Condition.
Incentive Fees —
Contractual fees earned based on the performance of Blackstone vehicles (“Incentive Fees”) are a form of variable consideration in Blackstone’s contracts with customers to provide investment management services. Incentive Fees are earned based on performance of the vehicle during the period, subject to the achievement of minimum return levels, or high water marks, in accordance with the respective terms set out in each vehicle’s governing agreements. Incentive Fees will not be recognized as revenue until (a) it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, or (b) the uncertainty associated with the variable consideration is subsequently resolved. Incentive Fees are typically recognized as revenue when realized at the end of the measurement period. Once realized, such fees are not subject to clawback or reversal. Accrued but unpaid Incentive Fees charged directly to investors in Blackstone vehicles as of the reporting date are recorded within Due from Affiliates in the Consolidated Statements of Financial Condition.
 
Investment Income (Loss)
— Investment Income (Loss) represents the unrealized and realized gains and losses on Blackstone’s Performance Allocations and Principal Investments.
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 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
— Interest consists primarily of interest income earned on cash, receivables and Blackstone held principal investments not accounted for under the equity method. Dividend Revenue consists primarily of dividend income earned on principal investments not accounted for under the equity method held by Blackstone, including investments accounted for under the fair value option.
Other Revenue
— Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars.
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:
 
 
•
 
Level I — Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price.
 
•
 
Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within consolidated collateralized loan obligations (“CLO”) vehicles, government and agency securities, less liquid and restricted equity securities, and certain
over-the-counter
derivatives where the fair value is based on observable inputs. Notes issued by consolidated CLO vehicles are classified within Level II of the fair value hierarchy.
 
•
 
Level III — Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include private investments in the equity of operating companies, real estate properties, distressed debt and
non-investment
grade residual interests in securitizations, investments in
non-consolidated
CLOs and certain
over-the-counter
derivatives where the fair value is based on unobservable inputs. For certain investments where the fair value is not readily determinable, net asset value (“NAV”) is applied as a practical expedient.
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:
 
 
•
 
Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants including those provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction.
 
•
 
Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads.
 
•
 
Notes issued by consolidated CLO vehicles are measured based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.
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
—
The fair values of real estate investments are determined by considering projected operating cash flows, sales of comparable assets, if any, and replacement costs, among other measures and considerations. The methods used to estimate the fair value of real estate investments include the discounted cash flow method, where value is calculated by discounting the estimated cash flows and the estimated terminal value of the subject investment by the assumed buyer’s weighted-average cost of capital. A terminal value is derived by reference to an exit multiple, such as for estimates of earnings before interest, taxes, depreciation and amortization (“EBITDA”), or a capitalization rate, such as for estimates of net operating income (“NOI”). Valuations may also be derived by the performance multiple or market approach, by reference to observable valuation measures for comparable companies or assets (for example, dividing NOI by a relevant capitalization rate observed for comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables.
Private Equity Investments
— The fair values of private equity investments are determined by reference to projected net earnings, EBITDA, public market or private transactions, valuations for comparable companies and other measures which, in many cases, are based on unaudited information at the time received. The methods used to estimate the fair value of private equity investments include the discounted cash flow method. Where a discounted cash flow method is used, a terminal value is derived by reference to EBITDA or price/earnings exit multiples. Valuations may also be derived by reference to observable valuation measures for comparable 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 fair values of credit-focused investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. For credit-focused investments that are not publicly traded or whose market prices are not readily available, Blackstone may utilize other valuation techniques, including the discounted cash flow method or a market approach. The discounted cash flow method projects the expected cash flows of the debt instrument based on contractual terms, and discounts such cash flows back to the valuation date using a market-based yield. The market-based yield is generally estimated using yields of publicly traded debt instruments issued by companies operating in similar industries as the subject investment or based on changes in credit spreads of a broader benchmark index applicable to a subject investment.
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
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
, and reflect their investments, including majority-owned and controlled investments, at fair value. Such consolidated funds’ investments are reflected in Investments on the Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price).
Certain principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the 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 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 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 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
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 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 Consolidated Statements of Financial Condition.
Strategic Partners’ results presented in Blackstone’s 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.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations. 
Cash Held by Blackstone Funds and Other
Cash Held by Blackstone Funds and Other
Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone.
Accounts Receivable and Due from Affiliates
Accounts Receivable and Due from Affiliates
Accounts Receivable and Due from Affiliates is comprised of management and incentive fees receivable from limited partners, receivables from managed investment vehicles and portfolio companies, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to affiliates and to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectability. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations.
Intangibles and Goodwill
Intangibles and Goodwill
Blackstone’s
 intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Performance Allocations. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from
five
to
twenty years
,
reflecting the contractual lives of such assets. Fully amortized intangible assets remain on the Consolidated Statement of Financial Position until they are no longer in use or have been disposed of. Amortization expense is included within General, Administrative and Other in the Consolidated Statements of Operations. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.
 
 
Goodwill comprises goodwill arising from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to its initial public offering (“IPO”) and the acquisitions of GSO Capital Partners LP in 2008, Strategic Partners in 2013, Harvest Fund Advisors LLC in 2017, Clarus Ventures LLC in 2018 and DCI LLC in 2020. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less than their respective carrying values. The operating segments are considered the reporting units for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, an impairment loss is recognized to the extent by which the carrying value exceeds the fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
Furniture, Equipment and Leasehold Improvements
Furniture, Equipment and Leasehold Improvements
Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements, furniture and fittings and other fixed assets were the lesser of the lease term or the life of the asset, the lesser of
seven years
or the lease term, or
three
to
five years
, respectively. Fully depreciated assets remain on the Consolidated Statement of Financial Position until they are no
longer in use or have been disposed of. Blackstone evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Foreign Currency
Foreign Currency
In the normal course of business, Blackstone may enter into transactions denominated in currencies other than United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, Blackstone consolidates a number of entities that have a
non-U.S.
dollar functional currency.
Non-U.S.
dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rate on the dates that they were recorded. Cumulative translation adjustments arising from the translation of
non-U.S.
dollar denominated operations are recorded in Other Comprehensive Income and allocated to
Non-Controlling
Interests in Consolidated Entities and
Non-Controlling
Interests in Blackstone Holdings, as applicable.
Comprehensive Income
Comprehensive Income
Comprehensive Income consists of Net Income and Other Comprehensive Income. Blackstone’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments.
Compensation and Benefits
Compensation and Benefits
Compensation and Benefits
—
Compensation
— Compensation consists of (a) salary and bonus, and benefits paid and payable to employees and senior managing directors and (b) equity-based compensation associated with the grants of equity-based awards to employees and senior managing directors. Compensation cost relating to the issuance of equity-based awards to senior managing directors and employees is measured at fair value at the grant date, and expensed over the vesting period on a straight-line basis, taking into consideration expected forfeitures, except in the case of (a) equity-based awards that do not require future service, which are expensed immediately, and (b) certain awards to recipients that meet criteria making them eligible for retirement (allowing such recipient to keep a percentage of those awards upon departure from Blackstone after becoming eligible for retirement), for which the expense for the portion of the award that would be retained in the event of retirement is either expensed immediately or amortized to the retirement date. Cash settled equity-based awards and awards settled in a variable number of shares are classified as liabilities and are remeasured at the end of each reporting period.
Compensation and Benefits — Incentive Fee Compensation —
Incentive Fee Compensation consists of compensation paid based on Incentive Fees.
Compensation and Benefits — Performance Allocations Compensation —
Performance Allocation 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
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
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 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 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 Consolidated Statements of Financial Condition as
Non-Controlling
Interests in Consolidated Entities.
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 average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships.
Other Income
Other Income
Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales of investments, the net change in unrealized gains (losses) resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments.
Expenses incurred by consolidated Blackstone funds are separately presented within Fund Expenses in the Consolidated Statements of Operations.
Other Income also includes amounts attributable to the Reduction of the Tax Receivable Agreement Liability. See Note 14. “Income Taxes — Other Income — Change in the Tax Receivable Agreement Liability” for additional information.
Income Taxes
Income Taxes
Blackstone Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local income taxes on Blackstone’s share of taxable income. The Blackstone Holdings Partnerships and certain of their subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes and generally as corporate entities in
non-U.S.
jurisdictions. Accordingly, these entities in some cases are subject to New York City unincorporated business taxes or
non-U.S.
income taxes. In addition, certain of the wholly owned subsidiaries of Blackstone and the Blackstone Holdings Partnerships will be subject to federal, state and local corporate income taxes at the entity level and the related tax provision attributable to Blackstone’s share of this income tax is reflected in the consolidated financial statements. Cash paid for transferrable tax credits is reflected in Payments for Income Taxes in the Consolidated Statements of Cash Flows.
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 consolidated financial statements.
 
 
Unrecognized Tax Benefits
Blackstone recognizes tax positions in the 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 consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the consolidated financial statements.
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.
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 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 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 Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.”
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 Consolidated Statements of Financial Condition.
Derivative Instruments
Derivative Instruments
Blackstone recognizes all derivatives as assets or liabilities on its 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 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 Consolidated Statements of Financial Condition.
Blackstone has elected to not offset derivative assets and liabilities or financial assets in its 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 11. “Offsetting of Assets and Liabilities.”
Leases
Leases
Blackstone determines if an arrangement is a lease at inception of the arrangement. Blackstone primarily enters into operating leases, as the lessee, for office space. Operating leases are included in
Right-of-Use
(“ROU”) Assets and Operating Lease Liabilities in the Consolidated Statement of Financial Condition. ROU Assets and Operating Lease Liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Blackstone determines the present value of the lease payments using an incremental borrowing rate based on information available at the inception date. Leases may include options to extend or terminate the lease which are included in the ROU Assets and Operating Lease Liability when they are reasonably certain of exercise.
 
 
Certain leases include lease and nonlease components, which are accounted for as one single lease component. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense.
Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term.
Additional disclosures relating to leases are discussed in Note 13. “Leases.”
Affiliates
Affiliates
Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the portfolio companies to be affiliates.
Dividends
Dividends
Dividends are reflected in the consolidated financial statements when declared.
Recent Accounting Developments
Recent Accounting Developments
In December 2023, the Financial Accounting Standards Board issued amended guidance addressing income tax disclosures. The guidance requires greater disaggregation of information in the effective income tax rate reconciliation and income taxes paid disclosure. The new guidance was effective for Blackstone for the year ended December 31, 2025, and was adopted on a prospective basis. Adoption of the amended guidance resulted only in changes to presentation and disclosure. Related disclosures are included within Note 14. “Income Taxes.”
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Intangible Assets [Line Items]  
Intangible Assets, Net
Intangible Assets, Net consists of the following:
 
 
  
December 31,
 
  
2025
  
2024
Finite-Lived Intangible Assets/Contractual Rights
  
$
1,749,626
 
  
$
1,769,372
 
Accumulated Amortization
  
 
(1,618,267
) 
  
 
(1,604,129
) 
  
 
 
 
   
 
 
 
Intangible Assets, Net
  
$
131,359
 
  
$
165,243
 
  
 
 
 
   
 
 
 
Changes in Partnership's Intangible Assets, Net
Changes in Blackstone’s Intangible Assets, Net consists of the following:
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Balance, Beginning of Year
  
$
165,243
 
  
$
201,208
 
  
$
217,287
 
Amortization Expense
  
 
(36,023
) 
  
 
(35,965
) 
  
 
(40,075
) 
Acquisitions
  
 
2,139
 
  
 
—
 
  
 
23,996
 
  
 
 
 
   
 
 
 
   
 
 
 
Balance, End of Year
  
$
 131,359
 
  
$
 165,243
 
  
$
 201,208
 
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Schedule of Investments [Line Items]  
Investments
Investments consist of the following:
 
 
  
December 31,
 
  
2025
  
2024
Investments of Consolidated Blackstone Funds
  
$
5,180,879
 
  
$
3,890,732
 
Equity Method Investments
  
  
Partnership Investments
  
 
6,546,190
 
  
 
6,546,728
 
Accrued Performance Allocations
  
 
12,980,356
 
  
 
12,397,366
 
Corporate Treasury Investments
  
 
359,657
 
  
 
1,147,328
 
Other Investments
  
 
7,145,029
 
  
 
5,818,412
 
  
 
 
 
   
 
 
 
  
$
32,212,111
 
  
$
29,800,566
 
  
 
 
 
   
 
 
 
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 Consolidated Statements of Operations:
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Realized Gains (Losses)
  
$
95,758
 
  
$
(19,139
) 
  
$
(42,756
) 
Net Change in Unrealized Gains (Losses)
  
 
233,867
 
  
 
92,834
 
  
 
(80,416
) 
  
 
 
 
   
 
 
 
   
 
 
 
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds
  
 
329,625
 
  
 
73,695
 
  
 
(123,172
) 
Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds
  
 
87,772
 
  
 
16,389
 
  
 
66,371
 
  
 
 
 
   
 
 
 
   
 
 
 
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities
  
$
417,397
 
  
$
90,084
 
  
$
(56,801
) 
  
 
 
 
   
 
 
 
   
 
 
 
Summarized Financial Information Of Blackstone's Equity Method Investments
The summarized financial information of Blackstone’s equity method investments for December 31, 2025 are as follows:

 
 
  
December 31, 2025 and the Year Then Ended
 
  
Real
Estate
 
Private
Equity
 
Credit &
Insurance
 
Multi-Asset

Investing
 
Total
Statement of Financial Condition
  
 
 
 
 
Assets
  
 
 
 
 
Investments
  
$
257,286,943
 
 
$
281,785,789
 
 
$
137,445,214
 
 
$
43,044,033
 
 
$
719,561,979
 
Other Assets
  
 
12,702,310
 
 
 
7,131,499
 
 
 
8,604,102
 
 
 
2,743,724
 
 
 
31,181,635
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
  
$
269,989,253
 
 
$
288,917,288
 
 
$
146,049,316
 
 
$
45,787,757
 
 
$
750,743,614
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
  
 
 
 
 
Debt
  
$
101,907,668
 
 
$
29,634,750
 
 
$
57,096,895
 
 
$
179,164
 
 
$
188,818,477
 
Other Liabilities
  
 
7,045,621
 
 
 
4,826,121
 
 
 
6,346,597
 
 
 
1,357,367
 
 
 
19,575,706
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
  
 
108,953,289
 
 
 
34,460,871
 
 
 
63,443,492
 
 
 
1,536,531
 
 
 
208,394,183
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
  
 
161,035,964
 
 
 
254,456,417
 
 
 
82,605,824
 
 
 
44,251,226
 
 
 
542,349,431
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
  
$
269,989,253
 
 
$
288,917,288
 
 
$
146,049,316
 
 
$
45,787,757
 
 
$
750,743,614
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
  
 
 
 
 
Interest Income
  
$
3,207,933
 
 
$
858,848
 
 
$
10,854,387
 
 
$
211,147
 
 
$
15,132,315
 
Other Income
  
 
10,712,682
 
 
 
2,354,457
 
 
 
641,386
 
 
 
42,776
 
 
 
13,751,301
 
Interest Expense
  
 
(6,653,550
) 
 
 
(1,901,600
)
 
 
(3,069,162
 ) 
 
 
(12,337
) 
 
 
(11,636,649
 ) 
Other Expenses
  
 
(12,575,335
 ) 
 
 
(2,628,202
 ) 
 
 
(2,315,210
)
 
 
(231,052
) 
 
 
(17,749,799
)
Net Realized and Unrealized Gain (Loss) from Investments
  
 
2,116,640
 
 
 
34,563,324
 
 
 
(147,485
)
 
 
4,827,393
 
 
 
41,359,872
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income (Loss)
  
$
(3,191,630
) 
 
$
33,246,827
 
 
$
5,963,916
 
 
$
4,837,927
 
 
$
40,857,040
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 

The summarized financial information of Blackstone’s equity method investments for December 31, 2024 are as follows:

 
 
  
December 31, 2024 and the Year Then Ended
 
  
Real
Estate
 
Private
Equity
 
Credit &

Insurance
 
Multi-Asset

Investing
 
Total
Statement of Financial Condition
  
 
 
 
 
Assets
  
 
 
 
 
Investments
  
$
270,306,524
 
 
$
226,288,905
 
 
$
120,658,563
 
 
$
33,758,058
 
 
$
651,012,050
 
Other Assets
  
 
14,990,868
 
 
 
7,948,890
 
 
 
6,511,331
 
 
 
2,409,862
 
 
 
31,860,951
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
  
$
285,297,392
 
 
$
234,237,795
 
 
$
127,169,894
 
 
$
36,167,920
 
 
$
682,873,001
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
  
 
 
 
 
Debt
  
$
112,085,824
 
 
$
27,581,552
 
 
$
49,403,806
 
 
$
266,931
 
 
$
189,338,113
 
Other Liabilities
  
 
6,752,800
 
 
 
3,773,648
 
 
 
4,680,341
 
 
 
645,001
 
 
 
15,851,790
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
  
 
118,838,624
 
 
 
31,355,200
 
 
 
54,084,147
 
 
 
911,932
 
 
 
205,189,903
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
  
 
166,458,768
 
 
 
202,882,595
 
 
 
73,085,747
 
 
 
35,255,988
 
 
 
477,683,098
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
  
$
285,297,392
 
 
$
234,237,795
 
 
$
127,169,894
 
 
$
36,167,920
 
 
$
682,873,001
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
  
 
 
 
 
Interest Income
  
$
4,539,867
 
 
$
697,624
 
 
$
9,567,357
 
 
$
204,281
 
 
$
15,009,129
 
Other Income
  
 
10,702,305
 
 
 
2,618,913
 
 
 
1,151,506
 
 
 
10,959
 
 
 
14,483,683
 
Interest Expense
  
 
(7,581,761
) 
 
 
(1,718,896
) 
 
 
(2,913,721
) 
 
 
(10,922
) 
 
 
(12,225,300
) 
Other Expenses
  
 
(11,570,892
) 
 
 
(2,223,931
) 
 
 
(2,020,440
) 
 
 
(153,459
) 
 
 
(15,968,722
) 
Net Realized and Unrealized Gain (Loss) from Investments
  
 
(4,805,753
) 
 
 
23,076,302
 
 
 
2,056,892
 
 
 
3,621,672
 
 
 
23,949,113
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income (Loss)
  
$
(8,716,234
) 
 
$
22,450,012
 
 
$
7,841,594
 
 
$
3,672,531
 
 
$
25,247,903
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
1
78
The summarized financial information of Blackstone’s equity method investments for December 31, 2023 are as follows:

 
 
  
December 31, 2023 and the Year Then Ended
 
  
Real
Estate
 
Private
Equity
 
Credit &
Insurance
 
Multi-Asset

Investing
 
Total
Statement of Financial Condition
  
 
 
 
 
Assets
  
 
 
 
 
Investments
  
$
283,919,193
 
 
$
196,798,070
 
 
$
91,574,839
 
 
$
30,667,406
 
 
$
602,959,508
 
Other Assets
  
 
12,496,703
 
 
 
5,514,318
 
 
 
4,995,562
 
 
 
4,354,754
 
 
 
27,361,337
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
  
$
296,415,896
 
 
$
202,312,388
 
 
$
96,570,401
 
 
$
35,022,160
 
 
$
630,320,845
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
  
 
 
 
 
Debt
  
$
113,462,431
 
 
$
22,205,324
 
 
$
37,327,026
 
 
$
179,610
 
 
$
173,174,391
 
Other Liabilities
  
 
7,365,824
 
 
 
2,791,378
 
 
 
4,008,215
 
 
 
3,145,046
 
 
 
17,310,463
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
  
 
120,828,255
 
 
 
24,996,702
 
 
 
41,335,241
 
 
 
3,324,656
 
 
 
190,484,854
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
  
 
175,587,641
 
 
 
177,315,686
 
 
 
55,235,160
 
 
 
31,697,504
 
 
 
439,835,991
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
  
$
296,415,896
 
 
$
202,312,388
 
 
$
96,570,401
 
 
$
35,022,160
 
 
$
630,320,845
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
  
 
 
 
 
Interest Income
  
$
4,673,775
 
 
$
1,779,971
 
 
$
8,890,426
 
 
$
20,995
 
 
$
15,365,167
 
Other Income
  
 
10,786,480
 
 
 
1,130,841
 
 
 
324,061
 
 
 
382,840
 
 
 
12,624,222
 
Interest Expense
  
 
(6,614,272
) 
 
 
(1,340,522
)
 
 
(2,583,654
) 
 
 
(5,872
)
 
 
(10,544,320
) 
Other Expenses
  
 
(11,705,874
) 
 
 
(2,631,916
 )
 
 
 
(1,691,066
 ) 
 
 
(273,193
 )
 
 
 
(16,302,049
 ) 
Net Realized and Unrealized Gain (Loss) from Investments
  
 
(7,330,220
) 
 
 
12,995,425
 
 
 
1,124,916
 
 
 
2,579,602
 
 
 
9,329,723
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income
  
$
(10,190,111
 ) 
 
$
11,893,799
 
 
$
6,064,683
 
 
$
2,704,372
 
 
$
10,472,743
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Performance Fees Allocated to Funds
Accrued Performance Allocations to Blackstone were as follows:


 
  
Real

Estate
 
Private

Equity
 
Credit &

Insurance
 
Multi-Asset

Investing
 
Total
Accrued Performance Allocations, December 31, 2024
  
$
1,986,017
 
 
$
9,461,936
 
 
$
801,849
 
 
$
147,564
 
 
$
12,397,366
 
Performance Allocations as a Result of Changes in Fund Fair Values
  
 
156,868
 
 
 
4,008,315
 
 
 
194,825
 
 
 
302,372
 
 
 
4,662,380
 
Foreign Exchange Gain
  
 
5,710
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
5,710
 
Fund Distributions
  
 
(386,099
 ) 
 
 
(3,080,900
 ) 
 
 
(356,087
 ) 
 
 
(262,014
 ) 
 
 
(4,085,100
 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accrued Performance Allocations, December 31, 2025
  
$
  1,762,496
 
 
$
  10,389,351
 
 
$
  640,587
 
 
$
   187,922
 
 
$
 12,980,356
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Realized Gains (Losses)
  
$
(5,389
) 
  
$
(3,234
) 
  
$
(4,881
) 
Net Change in Unrealized Gains
  
 
30,846
 
  
 
17,269
 
  
 
17,392
 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
   
25,457
 
  
$
14,035
 
  
$
12,511
 
  
 
 
 
   
 
 
 
   
 
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Realized Gains (Losses)
  
$
110,407
 
  
$
6,570
 
  
$
(19,346
) 
Net Change in Unrealized Gains (Losses)
  
 
181,780
 
  
 
436,061
 
  
 
(47,017
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
292,187
 
  
$
442,631
 
  
$
(66,363
) 
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
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.
 
   
December 31, 2025
  
December 31, 2024
   
Assets
  
Liabilities
  
Assets
  
Liabilities
   
Notional
  
Fair
Value
  
Notional
  
Fair
Value
  
Notional
  
Fair
Value
  
Notional
  
Fair
Value
Freestanding Derivatives
                
Blackstone
                
Interest Rate Contracts
   $ 613,740     $ 123,747     $ 601,000     $ 97,283     $ 624,740     $ 166,126     $ 600,000     $ 107,425  
Foreign Currency Contracts
     443,001       7,446       1,030,702       17,310       239,365       4,030       479,383       14,198  
Credit Default Swaps
     —       —       640       19       —       —       640       10  
Total Return Swaps
     23,532       3,364       —       —       58,263       10,153       —       —  
Equity Options
     —       —       1,462,632       1,124,147       —       —       1,139,400       938,216  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
    1,080,273       134,557       3,094,974       1,238,759       922,368       180,309       2,219,423       1,059,849  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments of Consolidated Blackstone Funds
                
Interest Rate Contracts
     880,390       12,780       880,390       12,780       785,790       13,243       915,215       15,918  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
    880,390       12,780       880,390       12,780       785,790       13,243       915,215       15,918  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  $ 1,960,663     $ 147,337     $ 3,975,364     $ 1,251,539     $ 1,708,158     $ 193,552     $ 3,134,638     $ 1,075,767  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations
The table below summarizes the impact to the Consolidated Statements of Operations from derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended December 31,
 
  
2025
 
2024
 
2023
Freestanding Derivatives
  
  
  
Realized Gains (Losses)
  
  
  
Interest Rate Contracts
  
$
(2,586
) 
  
$
1,051
 
  
$
24,291
 
Foreign Currency Contracts
  
 
(1,091
) 
  
 
9,193
 
  
 
443
 
Credit Default Swaps
  
 
6
 
  
 
75
 
  
 
(413
) 
Total Return Swaps
  
 
17,146
 
  
 
21,080
 
  
 
15,775
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
13,475
 
  
 
31,399
 
  
 
40,096
 
  
 
 
 
   
 
 
 
   
 
 
 
Net Change in Unrealized Gains (Losses)
  
  
  
Interest Rate Contracts
  
 
(21,176
) 
  
 
10,291
 
  
 
(87,177
) 
Foreign Currency Contracts
  
 
305
 
  
 
(17,954
) 
  
 
3,288
 
Credit Default Swaps
  
 
(15
) 
  
 
(55
) 
  
 
363
 
Total Return Swaps
  
 
(5,046
) 
  
 
(2,837
) 
  
 
6,381
 
Equity Options
  
 
(185,931
) 
  
 
(374,230
) 
  
 
(515,405
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
(211,863
) 
  
 
(384,785
) 
  
 
(592,550
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
(198,388
) 
  
$
(353,386
) 
  
$
(552,454
) 
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.4
Fair Value Option (Tables)
 12 Months Ended
Dec. 31, 2025
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:
 
 
 
 
 
 
 
 
 
 
 
  
December 31,
 
  
2025
  
2024
Assets
  
  
Loans and Receivables
  
$
205,158
 
  
$
100,866
 
Equity and Preferred Securities
  
 
4,880,907
 
  
 
4,498,617
 
Debt Securities
  
 
7,553
 
  
 
63,671
 
Assets of Consolidated CLO Vehicles
  
  
Corporate Loans
  
 
—
 
  
 
62,426
 
  
 
 
 
   
 
 
 
  
$
5,093,618
 
  
$
4,725,580
 
  
 
 
 
   
 
 
 
Liabilities
  
  
CLO Notes Payable
  
$
—
 
  
$
87,488
 
Corporate Treasury Commitments
  
 
181
 
  
 
368
 
  
 
 
 
   
 
 
 
  
$
181
 
  
$
87,856
 
  
 
 
 
   
 
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended December 31,
 
  
2025
  
2024
 
2023
 
  
 
 
Net Change
  
 
 
Net Change
 
 
 
Net Change
 
  
Realized
 
in Unrealized
  
Realized
 
in Unrealized
 
Realized
 
in Unrealized
 
  
Gains
 
Gains
  
Gains
 
Gains
 
Gains
 
Gains
 
  
(Losses)
 
(Losses)
  
(Losses)
 
(Losses)
 
(Losses)
 
(Losses)
Assets
  
 
  
 
 
 
Loans and Receivables
  
$
(1,582
) 
 
$
3,004
 
  
$
(4,849
) 
 
$
12
 
 
$
(8,053
) 
 
$
4,886
 
Equity and Preferred Securities
  
 
(4,937
) 
 
 
128,249
 
  
 
9,431
 
 
 
(48,209
) 
 
 
(1,439
) 
 
 
(122,605
) 
Debt Securities
  
 
(11,749
) 
 
 
4,722
 
  
 
—
 
 
 
(2,694
) 
 
 
—
 
 
 
(3,884
) 
Assets of Consolidated CLO Vehicles
  
 
  
 
 
 
Corporate Loans
  
 
(1,712
) 
 
 
1,038
 
  
 
(3,828
) 
 
 
2,889
 
 
 
(6,063
) 
 
 
8,728
 
  
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(19,980
) 
 
$
137,013
 
  
$
754
 
 
$
(48,002
) 
 
$
(15,555
) 
 
$
(112,875
) 
  
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
  
 
  
 
 
 
CLO Notes Payable
  
$
—
 
 
$
859
 
  
$
—
 
 
$
2,178
 
 
$
—
 
 
$
282
 
Corporate Treasury Commitments
  
 
—
 
 
 
187
 
  
 
—
 
 
 
896
 
 
 
—
 
 
 
6,880
 
  
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
—
 
 
$
1,046
 
  
$
—
 
 
$
3,074
 
 
$
—
 
 
$
7,162
 
  
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2025
 
December 31, 2024
 
  
 
 
For Financial Assets

Past Due (a)
 
 
 
For Financial Assets

Past Due (a)
 
  
Excess
 
 
 
Excess
 
Excess
 
 
 
Excess
 
  
(Deficiency)
 
 
 
(Deficiency)
 
(Deficiency)
 
 
 
(Deficiency)
 
  
of Fair Value
 
Fair
 
of Fair Value
 
of Fair Value
 
Fair
 
of Fair Value
 
  
Over Principal
 
Value
 
Over Principal
 
Over Principal
 
Value
 
Over Principal
Loans and Receivables
  
$
5,490
 
 
$
  —
 
 
$
—
 
 
$
2,769
 
 
$
—
 
 
$
—
 
Debt Securities
  
 
(48,690
) 
 
 
—
 
 
 
—
 
 
 
(55,890
) 
 
 
—
 
 
 
—
 
Assets of Consolidated CLO Vehicles
  
      
 
      
 
      
 
      
 
      
 
      
Corporate Loans
  
 
—
 
 
 
—
  
 
 
—
  
 
 
(2,478
) 
 
 
1,359
  
 
 
—
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
$
(43,200
) 
 
$
—
 
 
$
—
 
 
$
(55,599
) 
 
$
 1,359
 
 
$
—
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past due.
v3.25.4
Fair Value Measurements of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2025
 
  
Level I
  
Level II
  
Level III
  
NAV (a)
  
Total
Assets
  
  
  
  
  
Cash and Cash Equivalents
  
$
182,131
 
  
$
—
      $
—
      $
—
 
  
$
182,131
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments
  
  
  
  
  
Investments of Consolidated Blackstone Funds
  
  
  
  
  
Equity Securities, Partnerships and LLC Interests (b)
  
 
7,616
 
  
 
197,396
 
  
 
4,103,478
 
  
 
819,419
 
  
 
5,127,909
 
Debt Instruments
  
 
—
 
  
 
19,578
 
  
 
20,612
 
  
 
—
 
  
 
40,190
 
Freestanding Derivatives
  
 
—
 
  
 
12,780
 
  
 
—
 
  
 
—
 
  
 
12,780
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments of Consolidated Blackstone Funds
  
 
7,616
 
  
 
229,754
 
  
 
4,124,090
 
  
 
819,419
 
  
 
5,180,879
 
Corporate Treasury Investments
  
 
74,930
 
  
 
42,675
 
  
 
181,052
 
  
 
61,000
 
  
 
359,657
 
Other Investments
  
 
2,207,914
 
  
 
4,313,592
 
  
 
198,393
 
  
 
15,808
 
  
 
6,735,707
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments
  
 
2,290,460
 
  
 
4,586,021
 
  
 
4,503,535
 
  
 
896,227
 
  
 
12,276,243
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Receivable — Loans and Receivables
  
 
—
 
  
 
—
 
  
 
205,158
 
  
 
—
 
  
 
205,158
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Other Assets — Freestanding Derivatives
  
 
—
 
  
 
131,193
 
  
 
3,364
 
  
 
 —
 
  
 
134,557
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
2,472,591
 
  
$
4,717,214
 
  
$
4,712,057
 
  
$
896,227
 
  
$
12,798,089
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
  
  
  
  
  
Accounts Payable, Accrued Expenses and Other Liabilities
  
  
  
  
  
Consolidated Blackstone Funds — Freestanding Derivatives
  
—
 
  
12,780
 
  
—
 
  

—
 
  
12,780
 
Freestanding Derivatives
  
 
—
 
  
 
114,612
 
  
 
1,124,147
 
  
 
—
 
  
 
1,238,759
 
Contingent Consideration
  
 
—
 
  
 
—
 
  
 
416
 
  
 
—
 
  
 
416
 
Corporate Treasury Commitments
  
 
—
 
  
 
—
 
  
 
181
 
  
 
—
 
  
 
181
 
Securities Sold, Not Yet Purchased
  
 
1,978
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
1,978
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
  
 
1,978
 
  
 
127,392
 
  
 
1,124,744
 
  
 
—
 
  
 
1,254,114
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
1,978
 
  
$
127,392
 
  
$
1,124,744
 
  
$
—
 
  
$
1,254,114
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2024
 
  
Level I
  
Level II
  
Level III
  
NAV
  
Total
Assets
  
  
  
  
  
Cash and Cash Equivalents
  
$
60,799
 
  
$
—
 
  
$
—
 
  
$
—
 
  
$
60,799
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments
  
  
  
  
  
Investments of Consolidated Blackstone Funds
  
  
  
  
  
Equity Securities, Partnerships and LLC Interests (b)
  
 
12,076
 
  
 
155,316
 
  
 
3,158,254
 
  
 
473,496
 
  
 
3,799,142
 
Debt Instruments
  
 
—
 
  
 
63,159
 
  
 
15,188
 
  
 
—
 
  
 
78,347
 
Freestanding Derivatives
  
 
—
 
  
 
13,243
 
  
 
—
 
  
 
—
 
  
 
13,243
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments of Consolidated Blackstone Funds
  
 
12,076
 
  
 
231,718
 
  
 
3,173,442
 
  
 
473,496
 
  
 
3,890,732
 
Corporate Treasury Investments
  
 
67,729
 
  
 
565,968
 
  
 
450,345
 
  
 
63,286
 
  
 
1,147,328
 
Other Investments
  
 
2,089,838
 
  
 
3,182,353
 
  
 
179,522
 
  
 
6,289
 
  
 
5,458,002
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments
  
 
2,169,643
 
  
 
3,980,039
 
  
 
3,803,309
 
  
 
543,071
 
  
 
10,496,062
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Receivable — Loans and Receivables
  
 
—
 
  
 
—
 
  
 
100,866
 
  
 
—
 
  
 
100,866
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Other Assets — Freestanding Derivatives
  
 
 —
 
  
 
170,156
 
  
 
10,153
 
  
 
—
 
  
 
180,309
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
2,230,442
 
  
$
4,150,195
 
  
$
3,914,328
 
  
$
543,071
 
  
$
10,838,036
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
  
  
  
  
  
Loans Payable — CLO Notes Payable
  
$
—
 
  
$
87,488
 
  
$
—
 
  
$
—
 
  
$
87,488
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Payable, Accrued Expenses and Other Liabilities
  
  
  
  
  
Consolidated Blackstone Funds — Freestanding Derivatives
  
—
 
  
15,918
 
  
—
 
  
—
 
  
15,918
 
Freestanding Derivatives
  
 
—
 
  
 
121,633
 
  
 
938,216
 
  
 
—
 
  
 
1,059,849
 
Contingent Consideration
  
 
—
 
  
 
—
 
  
 
504
 
  
 
—
 
  
 
504
 
Corporate Treasury Commitments
  
 
—
 
  
 
—
 
  
 
368
 
  
 
—
 
  
 
368
 
Securities Sold, Not Yet Purchased
  
 
1,916
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
1,916
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
  
 
1,916
 
  
 
137,551
 
  
 
939,088
 
  
 
—
 
  
 
1,078,555
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
1,916
 
  
$
225,039
 
  
$
939,088
 
  
$
—
 
  
$
1,166,043
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
LLC Limited Liability Company.
Summary of Fair Value by Strategy Type Along side Consolidated Funds of Hedge Funds Remaining Unfunded Commitments and Ability to Redeem Such Investments
(a)
A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of December 31, 2025 is presented by strategy type below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategy
  
Fair Value
  
Unfunded
Commitments
  
Redemption
Frequency
(if currently eligible)
  
Redemption
Notice Period
Equity
  
$
44,357
 
  
$
—
 
  
(1)
  
(1)
Real Estate
  
 
27,352
 
  
 
—
 
  
(2)
  
(2)
Infrastructure
  
 
818,372
 
  
 
71,987
 
  
(3)
  
(3)
Credit Driven
  
 
6,146
 
  
 
—
 
  
(4)
  
(4)
 
  
 
 
 
  
 
 
 
  
  
  
  
 
  
$
896,227
 
  
$
71,987
 
  
  
  
  
 
  
 
 
 
  
 
 
 
  
  
  
  
 
 
(1)
The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 99% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 1% of fair value of the investments in this category are in liquidation.
 
(2)
The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date.
 
(3)
The Infrastructure category includes investments in funds that primarily invest in infrastructure assets and companies. All investments in this category may not be redeemed at, or within three months of, the reporting date.
 
(4)
The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. All investments in these categories may not be redeemed at, or within three months of, the reporting date.
(b)
Equity Securities, Partnership and LLC Interest includes investments in investment funds.
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 December 31, 2025. Consistent with presentation in these Notes to Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value
 
Valuation

Techniques
 
Unobservable

Inputs
 
Ranges
 
Weighted-
Average (a)
 
Impact to
Valuation
from an
Increase
in Input
Financial Assets
 
      
 
      
 
      
 
  
 
  
 
  
Investments of Consolidated Blackstone Funds
 
      
 
      
 
      
 
  
 
  
 
  
Equity Securities, Partnership and LLC Interests
 
$
4,103,478
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
4.3
% - 
41.1
%
 
10.2
%
 
Lower
 
 
      
 
      
 
 
Exit Multiple - EBITDA
 
 
5.0
x - 
30.6
x
 
16.6
x
 
Higher
 
 
      
 
      
 
 
Exit Capitalization Rate
 
 
3.1
% - 
15.3
%
 
5.1
%
 
Lower
Debt Instruments
 
 
20,612
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
6.1
% - 
20.0
%
 
12.2
%
 
Lower
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
Total Investments of Consolidated Blackstone Funds
 
 
4,124,090
 
 
      
 
      
 
  
 
  
 
  
Corporate Treasury Investments
 
 
181,052
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
8.7
% - 
11.1
%
 
9.9
%
 
Lower
 
 
      
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
Loans and Receivables
 
 
205,158
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
7.4
% - 
18.3
%
 
8.3
%
 
Lower
 
 
      
 
 
Other
 
 
 
n/a
 
 
  
 
  
 
  
Other Investments (b)
 
 
201,757
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
7.2
% -
 7.9
%
 
7.5
%
 
Lower
 
 
      
 
 
Transaction Price
 
 
 
n/a
 
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
 
$
4,712,057
 
 
      
 
      
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
Financial Liabilities
 
      
 
      
 
      
 
  
 
  
 
  
Freestanding Derivatives (c)
 
$
1,124,147
 
 
 
Option Pricing Model
 
 
 
Volatility
 
 
5.7
% - 
5.8
%
 
5.7
%
 
Higher
Other Liabilities (d)
 
 
597
 
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
 
 
      
 
 
Other
 
 
 
n/a
 
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
 
$
1,124,744
 
 
      
 
      
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
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, 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value
 
Valuation

Techniques
 
Unobservable

Inputs
 
Ranges
 
Weighted-
Average (a)
 
Impact to
Valuation
from an
Increase
in Input
Financial Assets
 
      
 
      
 
      
 
  
 
  
 
  
Investments of Consolidated Blackstone Funds
 
      
 
      
 
      
 
  
 
  
 
  
Equity Securities, Partnership and LLC Interests
 
$
3,158,254
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
4.2
% - 
39.1
%
 
10.4
%
 
Lower
 
 
      
 
      
 
 
Exit Multiple - EBITDA
 
 
4.0
x - 
30.6
x
 
15.4
x
 
Higher
 
 
      
 
      
 
 
Exit Capitalization Rate
 
 
3.1
% - 
15.0
%
 
5.2%
 
Lower
Debt Instruments
 
 
15,188
 
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
Total Investments of Consolidated Blackstone Funds
 
 
3,173,442
 
 
      
 
      
 
  
 
  
 
  
Corporate Treasury Investments
 
 
450,345
 
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
 
 
      
 
 
Transaction Price
 
 
 
n/a
 
 
  
 
  
 
  
Loans and Receivables
 
 
100,866
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
8.4
% - 
11.2
%
 
9.3
%
 
Lower
Other Investments (b)
 
 
189,675
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
7.1
% - 
7.7
%
 
7.4
%
 
Lower
 
 
      
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
 
$
3,914,328
 
 
      
 
      
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
Financial Liabilities
 
      
 
      
 
      
 
  
 
  
 
  
Freestanding Derivatives (c)
 
$
938,216
 
 
 
Option Pricing Model
 
 
 
Volatility
 
 
6.0
%
 
n/a
 
Higher
Other Liabilities (d)
 
 
872
 
 
 
Third-Party Pricing
 
 
 
n/a
 
 
  
 
  
 
  
 
 
      
 
 
Other
 
 
 
n/a
 
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
 
$
939,088
 
 
      
 
      
 
  
 
  
 
  
 
 
 
 
 
 
      
 
      
 
  
 
  
 
  
 
n/a
 
Not applicable.
EBITDA
 
Earnings before interest, taxes, depreciation and amortization.
Exit Multiple
 
Ranges include the last twelve months EBITDA and forward EBITDA multiples.
Third-Party Pricing
 
Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.
Transaction Price
 
Includes recent acquisitions or transactions.
(a)
 
Unobservable inputs were weighted based on the fair value of the investments included in the range.
(b)
 
As of December 31, 2025 and 2024, Other Investments includes Level III Freestanding Derivatives.
(c)
 
The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative.
(d)
 
As of December 31, 2025 and 2024, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
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 (Losses) from Fund Investment Activities in the Consolidated Statements of Operations.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Level III Financial Assets at Fair Value

Year Ended December 31,
 
  
2025
 
2024
 
  
Investments of

Consolidated

Funds
 
Loans

and
Receivables
 
Other
Investments (a)
 
Total
 
Investments of

Consolidated

Funds
 
Loans

and
Receivables
 
Other
Investments (a)
 
Total
Balance, Beginning of Period
  
$
3,173,442
 
 
$
100,866
 
 
$
624,412
 
 
$
3,898,720
 
 
$
2,683,631
 
 
$
60,738
 
 
$
373,024
 
 
$
3,117,393
 
Transfer In Due to Consolidation and Acquisition
  
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
85,540
 
 
 
—
 
 
 
—
 
 
 
85,540
 
Transfer Out Due to Deconsolidation
  
 
(753,196
) 
 
 
—
 
 
 
—
 
 
 
(753,196
) 
 
 
(14,237
) 
 
 
—
 
 
 
—
 
 
 
(14,237
) 
Transfer Into Level III (b)
  
 
1,858
 
 
 
—
 
 
 
—
 
 
 
1,858
 
 
 
35,547
 
 
 
—
 
 
 
109,347
 
 
 
144,894
 
Transfer Out of Level III (b)
  
 
(582,225
) 
 
 
—
 
 
 
—
 
 
 
(582,225
) 
 
 
(35,373
) 
 
 
—
 
 
 
(58
) 
 
 
(35,431
) 
Purchases
  
 
2,378,212
 
 
 
963,845
 
 
 
298,688
 
 
 
3,640,745
 
 
 
694,710
 
 
 
857,245
 
 
 
465,775
 
 
 
2,017,730
 
Sales
  
 
(484,081
) 
 
 
(860,552
) 
 
 
(639,466
) 
 
 
(1,984,099
) 
 
 
(214,743
) 
 
 
(784,457
) 
 
 
(307,926
) 
 
 
(1,307,126
) 
Issuances
  
 
—
 
 
 
4,573
 
 
 
—
 
 
 
4,573
 
 
 
—
 
 
 
30,028
 
 
 
—
 
 
 
30,028
 
Settlements (c)
  
 
—
 
 
 
(26,481
) 
 
 
(18,888
) 
 
 
(45,369
) 
 
 
—
 
 
 
(74,742
) 
 
 
(21,261
) 
 
 
(96,003
) 
Changes in Gains (Losses) Included in Earnings
  
 
390,080
 
 
 
22,907
 
 
 
45,450
 
 
 
458,437
 
 
 
(61,633
) 
 
 
12,054
 
 
 
5,511
 
 
 
(44,068
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period
  
$
4,124,090
 
 
$
205,158
 
 
$
310,196
 
 
$
4,639,444
 
 
$
3,173,442
 
 
$
100,866
 
 
$
624,412
 
 
$
3,898,720
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in
Unrealized
Gains
(Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date
  
$
177,821
 
 
$
(1,225
) 
 
$
14,885
 
 
$
191,481
 
 
$
(9,279
) 
 
$
(1,297
) 
 
$
(1,368
) 
 
$
(11,944
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Level III Financial Liabilities at Fair Value

Year Ended December 31,
 
  
2025
  
2024
 
  
Freestanding
Derivatives
  
Other
Liabilities
 
Total
  
Freestanding
Derivatives
  
Other
Liabilities
 
Total
Balance, Beginning of Period
  
$
938,216
 
  
$
872
 
 
$
939,088
 
  
$
563,986
 
  
$
1,651
 
 
$
565,637
 
Changes in Losses (Gains) Included in Earnings
  
 
185,931
 
  
 
(275
) 
 
 
185,656
 
  
 
374,230
 
  
 
(779
) 
 
 
373,451
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Balance, End of Period
  
$
1,124,147
 
  
$
597
 
 
$
1,124,744
 
  
$
938,216
 
  
$
872
 
 
$
939,088
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date
  
$
185,931
 
  
$
(275
) 
 
$
185,656
 
  
$
374,230
 
  
$
(779
) 
 
$
373,451
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
(a)
Represents freestanding derivatives, corporate treasury investments and Other Investments.
(b)
Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.
(c)
For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.
v3.25.4
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2025
Maximum Exposure to Loss Relating to Non-Consolidated VIEs Blackstone’s maximum exposure to loss relating to
non-consolidated
VIEs was as follows:
                 
 
  
December 31,
2025
  
December 31,
2024
Investments
  
$
 5,118,786
 
  
$
4,537,481
 
Due from Affiliates
  
 
 344,342
 
  
 
242,109
 
Potential Clawback Obligation
  
 
 42,291
 
  
 
41,908
 
  
 
 
 
   
 
 
 
Maximum Exposure to Loss
  
$
 5,505,419
 
  
$
4,821,498
 
  
 
 
 
   
 
 
 
Amounts Due to
Non-Consolidated
VIEs
  
$
 623
 
  
$
855
 
  
 
 
 
   
 
 
 
v3.25.4
Repurchase Agreements (Tables)
 12 Months Ended
Dec. 31, 2025
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged
The following table provides information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged as of December 31, 2025.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2025
 
  
Remaining Contractual Maturity of the Agreements
 
  
Overnight and
Continuous
  
Up to

30 Days
  
30 - 90

Days
  
Greater than
90 days
  
Total
Repurchase Agreements
  
      
  
      
  
      
  
      
  
      
Loans
  
$
—
 
  
$
103,835
 
  
$
176,196
 
  
$
9,187
 
  
$
289,218
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities”
 
  
$
289,218
 
   
  
      
  
      
  
 
 
 
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities”
 
  
$
—
 
   
  
      
  
      
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2024
 
  
Remaining Contractual Maturity of the Agreements
 
  
Overnight and
Continuous
  
Up to

30 Days
  
30 - 90

Days
  
Greater than
90 days
  
Total
Repurchase Agreements
  
      
  
      
  
      
  
      
  
      
Loans
  
$
—
 
  
$
  6,758
 
  
$
     —
 
  
$
   —
 
  
$
  6,758
 
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities”
 
  
$
6,758
 
   
  
      
  
      
  
 
 
 
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities”
 
  
$
—
 
   
  
      
  
      
  
 
 
 
v3.25.4
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Other Assets
Other Assets consists of the following:
 
 
 
 
 
 
 
 
 
 
 
  
December 31,
 
  
2025
  
2024
Furniture, Equipment and Leasehold Improvements
  
$
952,583
 
  
$
989,518
 
Less: Accumulated Depreciation
  
 
(431,394
) 
  
 
(483,200
) 
  
 
 
 
   
 
 
 
Furniture, Equipment and Leasehold Improvements, Net
  
 
521,189
 
  
 
506,318
 
Prepaid Expenses
  
 
315,338
 
  
 
192,777
 
Freestanding Derivatives
  
 
134,557
 
  
 
180,309
 
Other
  
 
186,635
 
  
 
68,455
 
  
 
 
 
   
 
 
 
  
$
1,157,719
 
  
$
947,859
 
  
 
 
 
   
 
 
 
v3.25.4
Offsetting of Assets And Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Offsetting of Assets
The following tables present the offsetting of assets and liabilities as of December 
31
, 2025 and 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2025
 
  
Gross and Net

  Amounts of Assets  

Presented in the

Statement of

Financial Condition
  
Gross Amounts Not Offset in

the Statement of

Financial Condition
  
 
 
  
Financial
Instruments (a)
  
Cash Collateral
Received
  
Net

Amount
Assets
  
      
  
      
  
      
  
      
Freestanding Derivatives
  
$
147,337
 
  
$
110,792
 
  
$
26,421
 
  
$
   10,124
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2024
 
  
Gross and Net

  Amounts of Assets  

Presented in the

Statement of

Financial Condition
  
Gross Amounts Not Offset in

the Statement of

Financial Condition
  
 
 
  
Financial
Instruments (a)
  
Cash Collateral
Received
  
Net

Amount
Assets
  
      
  
      
  
      
  
      
Freestanding
Derivatives
  
$
193,552
 
  
$
122,391
 
  
$
54,388
 
  
$
   16,773
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
Offsetting of Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2025
 
  
Gross and Net
Amounts of Liabilities
Presented in the
Statement of

Financial Condition
  
Gross Amounts Not Offset in

the Statement of

Financial Condition
  
 
 
  
Financial
Instruments (a)
  
Cash Collateral
Pledged
  
Net

Amount
Liabilities
  
      
  
      
  
      
  
      
Freestanding Derivatives
  
$
127,392
 
  
$
110,948
 
  
$
    32
 
  
$
16,412
 
Repurchase Agreements
  
 
289,218
 
  
 
289,218
 
  
 
—
 
  
 
—
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
$
416,610
 
  
$
400,166
 
  
$
32
 
  
$
   16,412
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2024
 
  
Gross and Net
Amounts of Liabilities
Presented in the
Statement of

Financial Condition
  
Gross Amounts Not Offset in

the Statement of

Financial Condition
  
Net

Amount
 
  
Financial
Instruments (a)
  
Cash Collateral
Pledged
Liabilities
  
  
  
  
Freestanding Derivatives
  
$
137,551
 
  
$
125,056
 
  
$
10
 
  
$
12,485
 
Repurchase Agreements
  
 
6,758
 
  
 
6,758
 
  
 
—
 
  
 
—
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
144,309
 
  
$
131,814
 
   
$
    10
 
  
$
    12,485
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Amounts presented are inclusive of both legally enforceable master netting agreements and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net exposure to the Consolidated Statement of Financial Condition.
v3.25.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Partnership's Credit Facilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31,
 
  
2025
 
2024
 
  
Credit
Available
  
Borrowing
Outstanding
  
Effective
Interest
Rate
 
Credit
Available
  
Borrowing
Outstanding
  
Effective
Interest
Rate
Revolving Credit Facility (a)
  
$
4,325,000
 
  
$
—
 
  
 
—
 
 
$
4,325,000
 
  
$
—
 
  
 
—
 
Blackstone Issued Senior Notes (b)
  
      
  
      
  
      
 
      
  
      
  
      
2.000%, Due 5/19/2025
  
 
—
 
  
 
—
 
  
 
—
 
 
 
310,620
 
  
 
310,620
 
  
 
2.10
% 
1.000%, Due 10/5/2026
  
 
704,760
 
  
 
704,760
 
  
 
1.26
% 
 
 
621,240
 
  
 
621,240
 
  
 
1.13
% 
3.150%, Due 10/2/2027
  
 
300,000
 
  
 
300,000
 
  
 
3.30
% 
 
 
300,000
 
  
 
300,000
 
  
 
3.30
% 
5.900%, Due 11/3/2027
  
 
600,000
 
  
 
600,000
 
  
 
6.13
% 
 
 
600,000
 
  
 
600,000
 
  
 
6.13
% 
1.625%, Due 8/5/2028
  
 
650,000
 
  
 
650,000
 
  
 
1.79
% 
 
 
650,000
 
  
 
650,000
 
  
 
1.79
% 
1.500%, Due 4/10/2029
  
 
704,760
 
  
 
704,760
 
  
 
1.73
% 
 
 
621,240
 
  
 
621,240
 
  
 
1.56
% 
2.500%, Due 1/10/2030
  
 
500,000
 
  
 
500,000
 
  
 
2.73
% 
 
 
500,000
 
  
 
500,000
 
  
 
2.73
% 
4.300%, Due 11/3/2030
  
 
600,000
 
  
 
600,000
 
  
 
4.59
% 
 
 
—
 
  
 
—
 
  
 
—
 
1.600%, Due 3/30/2031
  
 
500,000
 
  
 
500,000
 
  
 
1.71
% 
 
 
500,000
 
  
 
500,000
 
  
 
1.71
% 
2.000%, Due 1/30/2032
  
 
800,000
 
  
 
800,000
 
  
 
2.18
% 
 
 
800,000
 
  
 
800,000
 
  
 
2.18
% 
2.550%, Due 3/30/2032
  
 
500,000
 
  
 
500,000
 
  
 
2.67
% 
 
 
500,000
 
  
 
500,000
 
  
 
2.67
% 
6.200%, Due 4/22/2033
  
 
900,000
 
  
 
900,000
 
  
 
6.33
% 
 
 
900,000
 
  
 
900,000
 
  
 
6.33
% 
3.500%, Due 6/1/2034
  
 
587,300
 
  
 
587,300
 
  
 
4.22
% 
 
 
517,700
 
  
 
517,700
 
  
 
3.79
% 
5.000%, Due 12/6/2034
  
 
750,000
 
  
 
750,000
 
  
 
5.16
% 
 
 
750,000
 
  
 
750,000
 
  
 
5.23
% 
4.950%, Due 2/15/2036
  
 
600,000
 
  
 
600,000
 
  
 
5.15
% 
 
 
—
 
  
 
—
 
  
 
—
 
6.250%, Due 8/15/2042
  
 
250,000
 
  
 
250,000
 
  
 
6.65
% 
 
 
250,000
 
  
 
250,000
 
  
 
6.65
% 
5.000%, Due 6/15/2044
  
 
500,000
 
  
 
500,000
 
  
 
5.16
% 
 
 
500,000
 
  
 
500,000
 
  
 
5.16
% 
4.450%, Due 7/15/2045
  
 
350,000
 
  
 
350,000
 
  
 
4.56
% 
 
 
350,000
 
  
 
350,000
 
  
 
4.56
% 
4.000%, Due 10/2/2047
  
 
300,000
 
  
 
300,000
 
  
 
4.20
% 
 
 
300,000
 
  
 
300,000
 
  
 
4.20
% 
3.500%, Due 9/10/2049
  
 
400,000
 
  
 
400,000
 
  
 
3.61
% 
 
 
400,000
 
  
 
400,000
 
  
 
3.61
% 
2.800%, Due 9/30/2050
  
 
400,000
 
  
 
400,000
 
  
 
2.88
% 
 
 
400,000
 
  
 
400,000
 
  
 
2.88
% 
2.850%, Due 8/5/2051
  
 
550,000
 
  
 
550,000
 
  
 
2.91
% 
 
 
550,000
 
  
 
550,000
 
  
 
2.91
% 
3.200%, Due 1/30/2052
  
 
1,000,000
 
  
 
1,000,000
 
  
 
3.27
% 
 
 
1,000,000
 
  
 
1,000,000
 
  
 
3.27
% 
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
 
  
 
16,771,820
 
  
 
12,446,820
 
  
      
 
 
15,645,800
 
  
 
11,320,800
 
  
      
Other (c)
  
      
  
      
  
      
 
      
  
      
  
      
Secured Borrowing, Due 10/27/2033
  
 
—
 
  
 
—
 
  
 
—
 
 
 
19,949
 
  
 
19,949
 
  
 
6.94
% 
Secured Borrowing, Due 1/29/2035
  
 
—
 
  
 
—
 
  
 
—
 
 
 
20,000
 
  
 
20,000
 
  
 
6.94
% 
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
 
  
 
16,771,820
 
  
 
12,446,820
 
  
      
 
 
15,685,749
 
  
 
11,360,749
 
  
      
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
Borrowings of Consolidated Blackstone Funds
  
      
  
      
  
      
 
      
  
      
  
      
Blackstone Fund Facilities (d)
  
 
129,767
 
  
 
129,767
 
  
 
7.12
% 
 
 
—
 
  
 
—
 
  
 
—
 
CLO Notes Payable (e)
  
 
—
 
  
 
—
 
  
 
—
 
 
 
99,419
 
  
 
99,419
 
  
 
8.72
% 
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
 
  
 
129,767
 
  
 
129,767
 
  
      
 
 
99,419
 
  
 
99,419
 
  
      
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
 
  
$
16,901,587
 
  
$
12,576,587
 
  
      
 
$
15,785,168
 
  
$
11,460,168
 
  
      
 
  
 
 
 
  
 
 
 
  
      
 
 
 
 
  
 
 
 
  
      
 
 
 
(a)
Represents the Revolving Credit Facility of Blackstone, through Blackstone Holdings Finance Co. L.L.C. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75% plus an additional credit spread adjustment of 0.10% to account for the difference between London Interbank Offered Rate (“LIBOR”) and SOFR. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain
sub-limits.
The Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of
fee-earning
assets under management, each tested quarterly. As of December 31, 2025 and 2024, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $39.3 million and $38.9 million, respectively. The amount Blackstone can draw from the
Revolving
Credit Facility is reduced by the undrawn letters of credit, however the Credit Available presented herein is not reduced by the undrawn letters of credit. In February 2026, Blackstone drew $900.0 million under the Revolving Credit Facility.
(b)
The Issuers have issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuers. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, the Guarantors and the Issuers. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuers’ and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than
25
% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuers’ option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuers to repurchase the Notes at a repurchase price in cash equal to
101
% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.
(c)
The Secured Borrowings Due
10/27/2033
and
1/29/2035
were repaid during the year ended December 31, 2025.
(d)
Blackstone Fund Facilities represent borrowing facilities for the various consolidated Blackstone Funds that are used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until a disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ.
(e)
CLO Notes Payable have maturity dates ranging from
June 2025 to January 2037
. For periods prior to December 31, 2025, a portion of the outstanding borrowings consisted of subordinated notes, which did not have contractual interest rates but instead received distributions from the excess cash flows generated by the CLO vehicles. As of December 31, 2025, the CLO Notes Payable were fully deconsolidated, and there are no outstanding borrowings for the current period.
Carrying Value and Fair Value of Blackstone Issued Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31,
 
  
2025
  
2024
Description
  
Carrying

Value
  
Fair Value
  
Carrying

Value
  
Fair Value
Blackstone Operating Borrowings
  
  
  
  
Senior Notes (a)
  
  
  
  
2.000
%, Due
5/19/2025
  
$
—
 
  
$
—
 
  
$
315,860
 
  
$
309,502
 
1.000
%, Due
10/5/2026
  
 
711,022
 
  
 
696,585
 
  
 
624,078
 
  
 
601,801
 
3.150
%, Due
10/2/2027
  
 
299,264
 
  
 
295,941
 
  
 
298,864
 
  
 
287,007
 
5.900
%, Due
11/3/2027
  
 
597,667
 
  
 
619,068
 
  
 
596,505
 
  
 
617,550
 
1.625
%, Due
8/5/2028
  
 
647,359
 
  
 
610,688
 
  
 
646,374
 
  
 
579,189
 
1.500
%, Due
4/10/2029
  
 
713,034
 
  
 
673,772
 
  
 
626,043
 
  
 
584,295
 
2.500
%, Due
1/10/2030
  
 
495,590
 
  
 
467,930
 
  
 
494,568
 
  
 
444,970
 
4.300
%, Due
11/3/2030
  
 
594,461
 
  
 
600,162
 
  
 
—
 
  
 
—
 
1.600
%, Due
3/30/2031
  
 
497,384
 
  
 
435,810
 
  
 
496,911
 
  
 
403,415
 
2.000
%, Due
1/30/2032
  
 
791,761
 
  
 
689,088
 
  
 
790,508
 
  
 
644,816
 
2.550
%, Due
3/30/2032
  
 
496,635
 
  
 
444,025
 
  
 
496,146
 
  
 
417,830
 
6.200
%, Due
4/22/2033
  
 
893,266
 
  
 
975,870
 
  
 
892,561
 
  
 
946,818
 
3.500
%, Due
6/1/2034
  
 
559,079
 
  
 
582,161
 
  
 
489,624
 
  
 
522,877
 
5.000
%, Due
12/6/2034
  
 
741,552
 
  
 
757,718
 
  
 
741,218
 
  
 
726,023
 
4.950
%, Due
2/15/2036
  
 
594,586
 
  
 
596,592
 
  
 
—
 
  
 
—
 
6.250
%, Due
8/15/2042
  
 
240,076
 
  
 
264,443
 
  
 
239,756
 
  
 
254,095
 
5.000
%, Due
6/15/2044
  
 
490,561
 
  
 
466,615
 
  
 
490,261
 
  
 
457,335
 
4.450
%, Due
7/15/2045
  
 
344,996
 
  
 
302,855
 
  
 
344,840
 
  
 
290,836
 
4.000
%, Due
10/2/2047
  
 
291,605
 
  
 
236,016
 
  
 
291,372
 
  
 
230,337
 
3.500
%, Due
9/10/2049
  
 
392,808
 
  
 
286,888
 
  
 
392,618
 
  
 
277,496
 
2.800
%, Due
9/30/2050
  
 
394,405
 
  
 
246,808
 
  
 
394,252
 
  
 
238,256
 
2.850
%, Due
8/5/2051
  
 
543,643
 
  
 
345,164
 
  
 
543,478
 
  
 
329,791
 
3.200
%, Due
1/30/2052
  
 
987,969
 
  
 
670,740
 
  
 
987,682
 
  
 
652,770
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
12,318,723
 
  
 
11,264,939
 
  
 
11,193,519
 
  
 
9,817,009
 
Other (b)
  
  
  
  
Secured Borrowing, Due
10/27/2033
  
 
—
 
  
 
—
 
  
 
19,949
 
  
 
19,949
 
Secured Borrowing, Due
1/29/2035
  
 
—
 
  
 
—
 
  
 
20,000
 
  
 
20,000
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
12,318,723
 
  
 
11,264,939
 
  
 
11,233,468
 
  
 
9,856,958
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Borrowings of Consolidated Blackstone Funds
  
  
  
  
Blackstone Fund Facilities
  
 
126,421
 
  
 
129,767
 
  
 
—
 
  
CLO Notes Payable
  
 
—
 
  
 
—
 
  
 
87,488
 
  
 
87,488
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
126,421
 
  
 
129,767
 
  
 
87,488
 
  
 
87,488
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
12,445,144
 
  
$
11,394,706
 
  
$
11,320,956
 
  
$
9,944,446
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Fair value is determined by broker quote and these notes
would
be classified as Level II
within
the
fair
value hierarchy.
(b)
The Secured Borrowings Due
10/27/2033
and
1/29/2035
were repaid
during
the
year
ended December 31, 2025.
Scheduled Principal Payments for Borrowings
Scheduled principal payments for borrowings at December 31, 2025 were as follows:
 
    
Blackstone
Operating
Borrowings
   
Borrowings of
Consolidated
Blackstone Funds
   
Total
Borrowings
2026
    $ 704,760      $ —      $ 704,760  
2027
      900,000        —        900,000  
2028
      650,000        —        650,000  
2029
      704,760        —        704,760  
2030
      1,100,000        129,767        1,229,767  
Thereafter
      8,387,300        —        8,387,300  
  
 
 
 
   
 
 
 
   
 
 
 
   $ 12,446,820      $ 129,767      $ 12,576,587  
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of components of lease expense
The components of lease expense were as follows:
 
    
Year Ended December 31,
    
2025
   
2024
   
2023
Operating Lease Cost
         
Straight-Line Lease Cost (a)
    $ 149,490      $ 156,680      $ 160,534  
Variable Lease Cost (b)
      28,584        20,222        15,268  
Sublease Income
      (206 )       (65 )       (63 ) 
  
 
 
 
   
 
 
 
   
 
 
 
   $  177,868      $  176,837      $  175,739  
  
 
 
 
   
 
 
 
   
 
 
 
(a)
Straight-line lease cost includes short-term leases, which are immaterial.
(b)
Variable lease cost approximates variable lease cash payments.
Schedule of Supplemental cash flow information related to leases
Supplemental cash flow information related to leases was as follows:
 
    
Year Ended December 31,
    
2025
   
2024
   
2023
Operating Cash Flows for Operating Lease Liabilities
    $  187,012      $  145,388      $  127,183  
Non-Cash
Right-of-Use
Assets Obtained in Exchange for New Operating Lease Liabilities
    $ 41,689      $ 129,451      $ 117,155  
Schedule of Undiscounted cash flows on an annual basis for Operating Lease Liabilities
 
The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2025:

 
2026
    $ 160,648   
2027
      156,893   
2028
      147,780   
2029
      120,754   
2030
      62,175   
Thereafter
      231,241   
  
 
 
 
Total Lease Payments (a)
      879,491   
Less: Imputed Interest
      (18,470)  
  
 
 
 
Present Value of Operating Lease Liabilities
    $ 861,021   
  
 
 
 
 
(a)
Excludes signed leases that have not yet commenced.
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Before Provision for Taxes
The Income Before Provision for Taxes consists of the following:
 
    
Year Ended December 31,
    
2025
   
2024
   
2023
Income Before Provision (Benefit) for Taxes
         
U.S. Domestic Income
    $ 6,721,171      $ 6,029,702      $ 2,577,184  
Foreign Income
      450,475        429,778        380,530  
  
 
 
 
   
 
 
 
   
 
 
 
   $  7,171,646      $  6,459,480      $  2,957,714  
  
 
 
 
   
 
 
 
   
 
 
 
Provision (Benefit) for Income Taxes
The Provision for Taxes consists of the following:
 
 
  
Year Ended December 31,
 
  
2025
 
2024
 
2023
Current
  
 
 
Federal Income Tax
  
$
354,543
 
  
$
424,659
 
  
$
362,144
 
Foreign Income Tax
  
 
142,098
 
  
 
128,757
 
  
 
112,861
 
State and Local Income Tax
  
 
186,952
 
  
 
120,454
 
  
 
186,851
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
683,593
 
  
 
673,870
 
  
 
661,856
 
  
 
 
 
   
 
 
 
   
 
 
 
Deferred
  
  
  
Federal Income Tax
  
 
362,993
 
  
 
265,749
 
  
 
(94,732
) 
Foreign Income Tax
  
 
(3,823
) 
  
 
(471
) 
  
 
(7,020
) 
State and Local Income Tax
  
 
82,260
 
  
 
82,523
 
  
 
(46,643
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
441,430
 
  
 
347,801
 
  
 
(148,395
) 
  
 
 
 
   
 
 
 
   
 
 
 
Provision for Taxes
  
$
 1,125,023
 
  
$
   1,021,671
 
  
$
   513,461
 
  
 
 
 
   
 
 
 
   
 
 
 
Effective Income Tax Rate
  
 
15.7
% 
 
 
15.8
% 
 
 
17.4
% 
  
 
 
 
  
 
 
 
  
 
 
 
Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate
The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended

December 31, 2025
Income before Provision for Taxes
  
$
7,171,646
 
  
  
 
 
 
   
 
 
 
 
 
 
 
 
 
Statutory U.S. Federal Tax Rate
  
$
1,506,046
 
  
 
21.0
% 
State and Local Income Taxes, Net of Federal Benefit (a)
  
 
206,841
 
  
 
2.9
% 
Foreign Tax Effects
  
 
76,209
 
  
 
1.1
% 
Nontaxable or Nondeductible Items
  
  
Income Passed Through to
Non-Controlling
Interest Holders
  
 
(632,663
) 
  
 
-8.8
% 
Other Nontaxable or Nondeductible Items
  
 
30,471
 
  
 
0.4
% 
Other Adjustments
  
 
(61,881
) 
  
 
-0.9
% 
  
 
 
 
   
 
 
 
Effective Income Tax Rate
  
$
1,125,023
 
  
 
15.7
% 
  
 
 
 
   
 
 
 
 
(a)
State and local taxes in New York State and New York City made up the majority (50% or greater) of the tax effect in this category.
 
 
  
 
 
 
 
2024
vs.
 
  
Year Ended
December 31,
 
  
2024
 
2023
 
2023
Statutory U.S. Federal Income Tax Rate
      21.0 %      21.0 %      —  
Income Passed Through to
Non-Controlling
Interest Holders
      -9.0 %      -8.2 %      -0.8 % 
State and Local Income Taxes
      2.9 %      4.3 %      -1.4 % 
Other
      0.9 %      0.3 %      0.6 % 
  
 
 
 
  
 
 
 
  
 
 
 
Effective Income Tax Rate
      15.8 %      17.4 %      -1.6 % 
  
 
 
 
  
 
 
 
  
 
 
 
Summary of Tax Effects of Temporary Differences A summary of the tax effects of the temporary differences is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31,
 
  
2025
  
2024
Deferred Tax Assets
  
  
Investment Basis Differences/Net Unrealized Gains and Losses
  
$
1,879,975
 
  
$
1,737,508
 
Other
  
 
211,605
 
  
 
287,639
 
  
 
 
 
   
 
 
 
Total Deferred Tax Assets Before Valuation Allowance
  
 
2,091,580
 
  
 
2,025,147
 
Valuation Allowance
  
 
(35,357
) 
  
 
(21,199
) 
  
 
 
 
   
 
 
 
Total Deferred Tax Assets
  
 
2,056,223
 
  
 
2,003,948
 
  
 
 
 
   
 
 
 
Deferred Tax Liabilities
  
  
Investment Basis Differences/Net Unrealized Gains and Losses
  
 
14,794
 
  
 
12,282
 
Other
  
 
1,681
 
  
 
1,953
 
  
 
 
 
   
 
 
 
Total Deferred Tax Liabilities
  
 
16,475
 
  
 
14,235
 
  
 
 
 
   
 
 
 
Net Deferred Tax Assets
  
$
2,039,748
 
  
$
1,989,713
 
  
 
 
 
   
 
 
 
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations As of December 31, 2025, the most material jurisdictions where Blackstone entities are under active examination are New York State and City. The following are the major filing jurisdictions and their respective earliest open period subject to
examination:
 
Jurisdiction
  
Year
 
 
  
 
 
Federal
  
 
2022
 
New York City
  
 
2009
 
New York State
  
 
2016
 
United Kingdom
  
 
2011
 
Schedule Of Income Tax Paid By Individual Jurisdiction
The Cash Payments for Income Taxes consists of the following:
 
Jurisdiction
  
Year Ended
December 31,
2025
 
Federal (a)
  
$
409,537
 
New York City
  
 
68,500
 
State — Other
  
 
2,999
 
Foreign
  
 
81,524
 
  
 
 
 
  
$
562,560
 
  
 
 
 
(a)
Federal payments include cash paid for the transferable tax credits.
Blackstone's Unrecognized Tax Benefits Excluding Related Interest and Penalties
Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were:
 
 
  
December 31,
 
  
2025
  
2024
  
2023
Unrecognized Ta
x B
enefits — January 1
  
$
251,457
 
  
$
210,778
 
  
$
153,624
 
Additions Based on Tax Positions Related to Current Year
  
 
59,877
 
  
 
46,572
 
  
 
19,807
 
Reductions for Tax Positions of Current Year
  
 
—
 
  
 
—
 
  
 
(19,737
) 
Additions for Tax Positions of Prior Years
  
 
4,396
 
  
 
—
 
  
 
57,081
 
Reductions for Tax Positions of Prior Years
  
 
—
 
  
 
(6,111
) 
  
 
—
 
Settlements
  
 
(471
) 
  
 
—
 
  
 
—
 
Exchange Rate Fluctuations
  
 
339
 
  
 
218
 
  
 
3
 
  
 
 
 
   
 
 
 
   
 
 
 
Unrecognized Tax Benefits — December 31
  
$
315,598
 
  
$
251,457
 
  
$
210,778
 
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.4
Earnings Per Share and Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Basic and Diluted Net Income Per Common Stock
Basic and diluted net income per share of common stock for the years ended December 31, 2025, 2024 and 2023 was calculated as follows:
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Net Income for Per Share of Common Stock Calculations
  
  
  
Net Income Attributable to Blackstone Inc., Basic and Diluted
  
$
3,019,214
 
  
$
2,776,508
 
  
$
1,390,880
 
  
 
 
 
   
 
 
 
   
 
 
 
Shares/Units Outstanding
  
  
  
Weighted-Average Shares of Common Stock Outstanding, Basic
  
 
780,018,738
 
  
 
766,487,450
 
  
 
755,204,556
 
Weighted-Average Shares of Unvested Deferred Restricted Common Stock (a)
  
 
197,118
 
  
 
159,058
 
  
 
215,380
 
  
 
 
 
   
 
 
 
   
 
 
 
Weighted-Average Shares of Common Stock Outstanding, Diluted
  
 
780,215,856
 
  
 
766,646,508
 
  
 
755,419,936
 
  
 
 
 
   
 
 
 
   
 
 
 
Net Income Per Share of Common Stock
  
  
  
Basic
  
$
3.87
 
  
$
3.62
 
  
$
1.84
 
  
 
 
 
   
 
 
 
   
 
 
 
Diluted
  
$
3.87
 
  
$
3.62
 
  
$
1.84
 
  
 
 
 
   
 
 
 
   
 
 
 
Dividends Declared Per Share of Common Stock
(b)
  
$
4.69
 
  
$
3.45
 
  
$
3.32
 
  
 
 
 
   
 
 
 
   
 
 
 
(a)
For the years ended December 31, 2025 and 2024, this includes shares to be issued under the contingently issuable share model for an acquisition-related compensation arrangement.
(b)
Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.
Summary of Anti-Dilutive Securities
The following table summarizes the anti-dilutive securities for the periods indicated:
 
 
  
Year Ended December 31,
 
  
2025
  
2024
  
2023
Weighted-Average Blackstone Holdings Partnership Units
  
 
  447,702,475
 
  
 
  455,306,643
 
  
 
  460,897,953
 
Schedule of Shares Eligible For Dividends and Distribution
As of December 31, 2025, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows:
 
 
  
Shares/Units
Common Stock Outstanding
  
 
748,688,068
 
Unvested Participating Common Stock
  
 
34,494,942
 
  
 
 
 
Total Participating Common Stock
  
 
783,183,010
 
Participating Blackstone Holdings Partnership Units
  
 
445,586,312
 
  
 
 
 
  
 
1,228,769,322
 
  
 
 
 
v3.25.4
Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Summary of Status of Partnership's Unvested Equity-Based Awards
A summary of the status of Blackstone’s unvested equity-based awards as of December 31, 2025 and of changes during the period January 1, 2025 through December 31, 2025 is presented below:

 
  
Blackstone Holdings
  
Blackstone Inc.
 
  
 
 
 
  
Equity Settled Awards
  
Cash Settled Awards
Unvested Shares/Units
  
Partnership
Units
 
Weighted-
Average
Grant
Date Fair
Value
  
Deferred
Restricted
Shares of
Common Stock
 
Weighted-
Average
Grant
Date Fair
Value
  
Phantom
Shares
 
Weighted-
Average
Grant
Date Fair
Value
Balance, December 31, 2024
  
 
850,409
 
 
$
33.83
 
  
 
33,928,570
 
 
$
103.44
 
  
 
70,517
 
 
$
187.66
 
Granted
  
 
—
 
 
 
—
 
  
 
11,145,454
 
 
 
147.38
 
  
 
22,498
 
 
 
139.99
 
Vested
  
 
(623,521
) 
 
 
34.49
 
  
 
(14,187,921
) 
 
 
98.81
 
  
 
(22,046
) 
 
 
163.16
 
Forfeited
  
 
 —
 
 
 
—
 
  
 
(1,465,391
) 
 
 
118.53
 
  
 
(4,028
) 
 
 
154.41
 
  
 
 
 
     
 
 
 
     
 
 
 
  
Balance, December 31, 2025
  
 
226,888
 
 
$
32.02
 
  
 
29,420,712
 
 
$
122.07
 
  
 
     
66,941
 
 
$
146.70
 
  
 
 
 
     
 
 
 
     
 
 
 
  
Unvested Shares and Units, After Expected Forfeitures
The following unvested shares and units, after expected forfeitures, as of December 31, 2025, are expected to
vest
:
 
 
  
Shares/Units
  
Weighted-Average

Service Period
in Years
Blackstone Holdings Partnership Units (a)
  
 
226,888
 
  
—
Deferred Restricted Shares of Common Stock
  
 
25,237,338
 
  
2.6
  
 
 
 
   
 
Total Equity-Based Awards
  
 
25,464,226
 
  
2.6
  
 
 
 
   
 
 
 
Phantom Shares
  
 
56,764
 
  
2.8
  
 
 
 
   
 
 
 
 
(a)
Each of the remaining unvested units fully vested on January 1, 2026.
v3.25.4
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2025
Due from Affiliates and Due to Affiliates
Affiliate Receivables and Payables
Due from Affiliates and Due to Affiliates consisted of the following:

 
 
  
December 31,
 
  
2025
  
2024
Due from Affiliates
  
  
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from
Non-Consolidated
Entities and Portfolio Companies
  
$
5,047,814
 
  
$
4,049,707
 
Due from Certain
Non-Controlling
Interest Holders and Blackstone Employees
  
 
1,036,117
 
  
 
1,191,527
 
Accrual for Potential Clawback of Previously Distributed Performance Allocations
  
 
273,531
 
  
 
168,081
 
  
 
 
 
   
 
 
 
  
$
6,357,462
 
  
$
5,409,315
 
  
 
 
 
   
 
 
 
 
 
  
December 31,
 
  
2025
  
2024
Due to Affiliates
  
  
Due to Certain
Non-Controlling
Interest Holders in Connection with the Tax Receivable Agreements
  
$
2,076,205
 
  
$
1,844,978
 
Due to
Non-Consolidated
Entities
  
 
237,983
 
  
 
208,537
 
Due to Certain
Non-Controlling
Interest Holders and Blackstone Employees
  
 
103,977
 
  
 
255,086
 
Accrual for Potential Repayment of Previously Received Performance Allocations
  
 
806,267
 
  
 
499,547
 
  
 
 
 
   
 
 
 
  
$
3,224,432
 
  
$
2,808,148
 
  
 
 
 
   
 
 
 
v3.25.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Clawback Obligations by Segment
The following table presents the clawback obligations by segment:
 
 
  
December 31,
 
  
2025
  
2024
Segment
  
Blackstone
Holdings
  
Current and
Former
Personnel (a)
  
Total (b)
  
Blackstone
Holdings
  
Current and
Former
Personnel (a)
  
Total (b)
Real Estate
  
$
448,096
 
  
$
227,924
 
  
$
676,020
 
  
$
316,749
 
  
$
158,346
 
  
$
475,095
 
Private Equity
  
 
84,640
 
  
 
45,607
 
  
 
130,247
 
  
 
15,044
 
  
 
6,273
 
  
 
21,317
 
Credit & Insurance
  
 
—
 
  
 
—
 
  
 
—
 
  
 
1,468
 
  
 
1,667
 
  
 
3,135
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
532,736
 
  
$
273,531
 
  
$
806,267
 
  
$
333,261
 
  
$
166,286
 
  
$
499,547
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(a)
The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis.
(b)
Total is a component of Due to Affiliates. See Note 17. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”
v3.25.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Summary of Revenue from External Customers by Geographic Areas The geography of an investment is generally the country of domicile for an asset or where a portfolio company is headquartered.
 
 
  
Year Ended December 31,
 
  
2025
 
2024
 
2023
Americas
  
 
80
% 
 
 
76
% 
 
 
78
% 
Europe, Middle East and Africa
  
 
13
% 
 
 
16
% 
 
 
15
% 
Asia-Pacific
  
 
7
% 
 
 
8
% 
 
 
7
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
100
% 
 
 
100
% 
 
 
100
% 
  
 
 
 
  
 
 
 
  
 
 
 
Financial Data of Segments
The following tables present the financial data for Blackstone’s
four
segments as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023.
 
    
December 31, 2025 and the Year Then Ended
    
Real

Estate
  
Private Equity
  
Credit &

Insurance
  
Multi-Asset

Investing
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
    $ 2,653,294     $ 2,457,981     $ 1,909,147     $ 528,435     $ 7,548,857  
Transaction, Advisory and Other Fees, Net
      141,696       362,531       74,115       4,489       582,831  
Management Fee Offsets
      (13,066 )      (48,903 )      (53,670 )      —       (115,639 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
      2,781,924       2,771,609       1,929,592       532,924       8,016,049  
Fee Related Performance Revenues
      489,648       547,985       787,795       —       1,825,428  
Fee Related Compensation
      (690,292 )      (961,448 )      (869,636 )      (169,325 )      (2,690,701 ) 
Other Operating Expenses
      (370,001 )      (482,312 )      (450,401 )      (110,525 )      (1,413,239 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
      2,211,279       1,875,834       1,397,350       253,074       5,737,537  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
      268,773       1,670,108       386,729       489,919       2,815,529  
Realized Performance Compensation
      (130,361 )      (704,938 )      (161,493 )      (93,803 )      (1,090,595 ) 
Realized Principal Investment Income
      10,689       66,495       335,870       6,689       419,743  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
      149,101       1,031,665       561,106       402,805       2,144,677  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
    $ 2,360,380     $ 2,907,499     $ 1,958,456     $ 655,879     $ 7,882,214  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
    $ 12,808,547     $ 19,747,965     $ 8,077,869     $ 2,352,308     $ 42,986,689  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
    
December 31, 2024 and the Year Then Ended
    
Real

Estate
  
Private Equity
  
Credit &

Insurance
  
Multi-Asset

Investing
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
    $ 2,716,983     $ 2,027,855     $ 1,561,649     $ 474,395     $ 6,780,882  
Transaction, Advisory and Other Fees, Net
      175,010       176,469       44,354       3,855       399,688  
Management Fee Offsets
      (16,716 )      (6,044 )      (24,196 )      (80 )      (47,036 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
      2,875,277       2,198,280       1,581,807       478,170       7,133,534  
Fee Related Performance Revenues
      203,425       1,185,428       747,092       —       2,135,945  
Fee Related Compensation
      (674,965 )      (1,164,237 )      (755,620 )      (144,500 )      (2,739,322 ) 
Other Operating Expenses
      (380,321 )      (391,309 )      (371,354 )      (105,108 )      (1,248,092 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
      2,023,416       1,828,162       1,201,925       228,562       5,282,065  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
      200,974       1,392,447       313,092       380,518       2,287,031  
Realized Performance Compensation
      (101,011 )      (633,491 )      (129,814 )      (86,930 )      (951,246 ) 
Realized Principal Investment Income (Loss)
      14,522       52,356       39,855       (14,207 )      92,526  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
      114,485       811,312       223,133       279,381       1,428,311  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
    $ 2,137,901     $ 2,639,474     $ 1,425,058     $ 507,943     $ 6,710,376  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
    $ 11,573,910     $ 18,027,030     $ 8,668,716     $ 1,958,735     $ 40,228,391  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31, 2023
    
Real

Estate
  
Private Equity
  
Credit &

Insurance
  
Multi-Asset

Investing
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
    $ 2,794,232     $ 1,903,972     $ 1,297,406     $ 470,237     $ 6,465,847  
Transaction, Advisory and Other Fees, Net
      78,483       108,848       44,542       4,019       235,892  
Management Fee Offsets
      (29,357 )      (5,228 )      (3,907 )      (3 )      (38,495 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
      2,843,358       2,007,592       1,338,041       474,253       6,663,244  
Fee Related Performance Revenues
      294,240       —       564,287       —       858,527  
Fee Related Compensation
      (675,880 )      (619,678 )      (628,064 )      (164,488 )      (2,088,110 ) 
Other Operating Expenses
      (325,050 )      (329,221 )      (323,773 )      (106,289 )      (1,084,333 ) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
      2,136,668       1,058,693       950,491       203,476       4,349,328  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
      244,358       1,343,865       317,620       155,259       2,061,102  
Realized Performance Compensation
      (123,299 )      (584,154 )      (140,210 )      (48,354 )      (896,017 ) 
Realized Principal Investment Income
      7,628       76,220       21,752       5,332       110,932  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
      128,687       835,931       199,162       112,237       1,276,017  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
    $  2,265,355     $  1,894,624     $ 1,149,653     $   315,713     $  5,625,345  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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 years ended December 31, 2025, 2024 and 2023 along with Total Assets as of December 31, 2025 and 2024:
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Revenues
       
Total GAAP Revenues
    $ 14,450,265     $ 13,229,968     $ 8,022,841  
Less: Unrealized Performance Revenues (a)
      (642,957 )      (371,407 )      1,691,788  
Less: Unrealized Principal Investment (Income) Loss (b)
      (171,440 )      (271,868 )      593,301  
Less: Interest and Dividend Revenue (c)
      (416,094 )      (410,980 )      (535,641 ) 
Less: Other Revenue (d)
      271,190       (123,166 )      93,083  
Impact of Consolidation (e)
      (398,131 )      (444,828 )      (200,237 ) 
Transaction-Related and
Non-Recurring
Items (f)
      (17,214 )      39,272       25,672  
Intersegment Eliminations
      1,130       2,045       2,998  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Revenue (g)
    $   13,076,749     $   11,649,036     $    9,693,805  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Expenses
       
Total GAAP Expenses
    $ 7,702,607     $ 6,819,326     $ 4,981,130  
Less: Unrealized Performance Allocations Compensation (h)
      (376,962 )      (140,021 )      654,403  
Less: Equity-Based Compensation (i)
      (1,443,246 )      (1,159,122 )      (959,474 ) 
Less: Interest Expense (j)
      (497,095 )      (444,417 )      (429,521 ) 
Impact of Consolidation (e)
      (116,051 )      (81,129 )      (137,603 ) 
Amortization of Intangibles (k)
      (29,326 )      (29,332 )      (33,457 ) 
Transaction-Related and
Non-Recurring
Items (f)
      (30,185 )      (17,100 )      (309 ) 
Administrative Fee Adjustment (l)
      (16,337 )      (11,590 )      (9,707 ) 
Intersegment Eliminations
      1,130       2,045       2,998  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Expenses (m)
    $    5,194,535     $    4,938,660     $    4,068,460  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Other Income
       
Total GAAP Other Income (Loss)
    $      423,988     $       48,838     $ (83,997 ) 
Impact of Consolidation (e)
      (423,988 )      (48,838 )            83,997  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Other Income
    $ —     $ —     $ —  
  
 
 
 
  
 
 
 
  
 
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Income Before Provision for Taxes
       
Total GAAP Income Before Provision for Taxes
    $ 7,171,646     $ 6,459,480     $ 2,957,714  
Less: Unrealized Performance Revenues (a)
      (642,957 )      (371,407 )      1,691,788  
Less: Unrealized Principal Investment (Income) Loss (b)
      (171,440 )      (271,868 )      593,301  
Less: Interest and Dividend Revenue (c)
      (416,094 )      (410,980 )      (535,641 ) 
Less: Other Revenue (d)
      271,190       (123,166 )      93,083  
Plus: Unrealized Performance Allocations Compensation (h)
      376,962       140,021       (654,403 ) 
Plus: Equity-Based Compensation (i)
      1,443,246       1,159,122       959,474  
Plus: Interest Expense (j)
      497,095       444,417       429,521  
Impact of Consolidation (e)
      (706,068 )      (412,537 )      21,363  
Amortization of Intangibles (k)
      29,326       29,332       33,457  
Transaction-Related and
Non-Recurring
Items (f)
      12,971       56,372       25,981  
Administrative Fee Adjustment (l)
      16,337       11,590       9,707  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
    $    7,882,214     $    6,710,376     $    5,625,345  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
As of December 31,
    
2025
  
2024
Total Assets
     
Total GAAP Assets
    $ 47,708,975     $ 43,469,875  
Impact of Consolidation (e)
      (4,722,286 )      (3,241,484 ) 
  
 
 
 
  
 
 
 
Total Segment Assets
    $   42,986,689     $   40,228,391  
  
 
 
 
  
 
 
 
 
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.
(a)
This adjustment removes Unrealized Performance Revenues on a segment basis.
(b)
This adjustment removes Unrealized Principal Investment (Income) Loss on a segment basis.
(c)
This adjustment removes Interest and Dividend Revenue on a segment basis.
(d)
This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2025, 2024 and 2023, Other Revenue on a GAAP basis was $
(270.9)
 million, $
123.7
 million and $
(92.9)
 million and included $
(271.2)
 million, $
122.3
 million and $
(94.7)
 million of foreign exchange gains (losses), respectively.
(e)
This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain
NAV-based
fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by
non-controlling
interests.
(f)
This adjustment removes Transaction-Related and
Non-Recurring
Items, which are excluded from Blackstone’s segment presentation. 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
comparability and are not reflective of Blackstone’s operational performance.
 
 
(g)
Total Segment Revenues is comprised of the following:
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Total Segment Management and Advisory Fees, Net
    $ 8,016,049     $ 7,133,534     $ 6,663,244  
Total Segment Fee Related Performance Revenues
      1,825,428        2,135,945        858,527   
Total Segment Realized Performance Revenues
      2,815,529       2,287,031       2,061,102  
Total Segment Realized Principal Investment Income
      419,743       92,526       110,932  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Revenues
    $ 13,076,749     $ 11,649,036     $  9,693,805  
  
 
 
 
  
 
 
 
  
 
 
 
 
(h)
This adjustment removes Unrealized Performance Allocations Compensation.
(i)
This adjustment removes Equity-Based Compensation on a segment basis.
(j)
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(k)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
(l)
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(m)
Total Segment Expenses is comprised of the following:
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Total Segment Fee Related Compensation
    $ 2,690,701     $ 2,739,322     $ 2,088,110  
Total Segment Realized Performance Compensation
      1,090,595        951,246        896,017   
Total Segment Other Operating Expenses
      1,413,239       1,248,092       1,084,333  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Expenses
    $  5,194,535     $  4,938,660     $  4,068,460  
  
 
 
 
  
 
 
 
  
 
 
 
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 Consolidated Statement of Operations for the years ended December 31, 2025, 2024 and 2023:
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Management and Advisory Fees, Net
       
GAAP
    $ 8,075,601     $ 7,188,936     $ 6,671,260  
Segment Adjustment (a)
      (59,552 )      (55,402 )      (8,016 ) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $  8,016,049     $  7,133,534     $  6,663,244  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
       
GAAP
       
Incentive Fees
    $ 978,202     $ 964,178     $ 695,171  
Investment Income — Realized Performance Allocations
      3,662,243       3,457,746       2,223,841  
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
      4,640,445       4,421,924       2,919,012  
Total Segment
       
Less: Realized Performance Revenues
      (2,815,529 )      (2,287,031 )      (2,061,102 ) 
Segment Adjustment (b)
      512       1,052       617  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $ 1,825,428     $ 2,135,945     $ 858,527  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
GAAP Compensation to Total Segment Fee Related Compensation
       
GAAP
       
Compensation
    $ 3,671,193     $ 3,048,229     $ 2,785,447  
Incentive Fee Compensation
      274,902       373,586       281,067  
Realized Performance Allocations Compensation
      1,297,472       1,432,217       900,859  
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
      5,243,567       4,854,032       3,967,373  
Total Segment
       
Less: Realized Performance Compensation
      (1,090,595 )      (951,246 )      (896,017 ) 
Less: Equity-Based Compensation — Fee Related Compensation
      (1,412,703 )      (1,143,054 )      (946,575 ) 
Less: Equity-Based Compensation — Performance Compensation
      (30,543 )      (16,068 )      (12,899 ) 
Segment Adjustment (c)
      (19,025 )      (4,342 )      (23,772 ) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $ 2,690,701     $ 2,739,322     $  2,088,110  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
       
GAAP
    $ 1,524,548     $ 1,361,909     $ 1,117,305  
Segment Adjustment (d)
      (111,309 )      (113,817 )      (32,972 ) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $  1,413,239     $  1,248,092     $  1,084,333  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Realized Performance Revenues
       
GAAP
       
Incentive Fees
    $ 978,202     $ 964,178     $ 695,171  
Investment Income — Realized Performance Allocations
      3,662,243       3,457,746       2,223,841  
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
      4,640,445       4,421,924       2,919,012  
Total Segment
       
Less: Fee Related Performance Revenues
      (1,825,428 )      (2,135,945 )      (858,527 ) 
Segment Adjustment (b)
      512       1,052       617  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $ 2,815,529     $ 2,287,031     $  2,061,102  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Realized Performance Compensation
       
GAAP
       
Incentive Fee Compensation
    $ 274,902     $ 373,586     $ 281,067  
Realized Performance Allocations Compensation
      1,297,472        1,432,217       900,859  
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
      1,572,374       1,805,803        1,181,926  
Total Segment
       
Less: Fee Related Performance Compensation (e)
      (451,236 )      (838,489 )      (273,010 ) 
Less: Equity-Based Compensation — Performance Compensation
      (30,543 )      (16,068 )      (12,899 ) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $  1,090,595     $ 951,246     $ 896,017  
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2025
  
2024
  
2023
Realized Principal Investment Income
       
GAAP
    $    697,632     $    332,258     $    303,823  
Segment Adjustment (f)
      (277,889 )      (239,732 )      (192,891 ) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
    $ 419,743     $ 92,526     $ 110,932  
  
 
 
 
  
 
 
 
  
 
 
 
 
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.
(a)
Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain
NAV-based
fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.
(b)
Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
(c)
Represents the removal of Transaction-Related and
Non-Recurring
Items that are not recorded in the Total Segment measures.
 
 
(d)
Represents the (1) removal of Transaction-Related and
Non-Recurring
Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain
NAV-based
fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of
Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(e)
Fee related performance compensation may include equity-based
compensation
based on fee related performance revenues.
(f)
Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating
partnerships
held by
non-controlling
interests.
v3.25.4
Organization - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
Segment
Person
Dec. 31, 2024
Segment
Organization [Line Items]    
Number of business segments | Segment 4 4
Number of Blackstone founders managing the Partnership | Person 1  
v3.25.4
Summary of Significant Accounting Policies - Additional Information (Detail)
Dec. 31, 2025
Summary Of Significant Accounting Policies [Line Items]  
Finite-lived intangible assets, useful life, years 4 years 6 months
Leasehold Improvements  
Summary Of Significant Accounting Policies [Line Items]  
Property, plant and equipment, useful life, years 7 years
Minimum  
Summary Of Significant Accounting Policies [Line Items]  
Finite-lived intangible assets, useful life, years 5 years
Minimum | Furniture Fittings And Other Assets [Member]  
Summary Of Significant Accounting Policies [Line Items]  
Property, plant and equipment, useful life, years 3 years
Maximum  
Summary Of Significant Accounting Policies [Line Items]  
Finite-lived intangible assets, useful life, years 20 years
Maximum | Furniture Fittings And Other Assets [Member]  
Summary Of Significant Accounting Policies [Line Items]  
Property, plant and equipment, useful life, years 5 years
v3.25.4
Goodwill and Intangible Assets, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]        
Finite-Lived Intangible Assets/Contractual Rights $ 1,749,626 $ 1,769,372    
Accumulated Amortization (1,618,267) (1,604,129)    
Intangible Assets, Net $ 131,359 $ 165,243 $ 201,208 $ 217,287
v3.25.4
Goodwill and Intangible Assets - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Segment
Dec. 31, 2024
USD ($)
Segment
Net Assets Related to the Consolidation of Certain Fund Entities    
Goodwill, carrying value $ 1,890,202 $ 1,890,202
Number of business segments | Segment 4 4
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 6 months  
Private Equity Segment    
Net Assets Related to the Consolidation of Certain Fund Entities    
Goodwill, carrying value $ 870,000 $ 870,000
Real Estate Segment    
Net Assets Related to the Consolidation of Certain Fund Entities    
Goodwill, carrying value 421,700 421,700
Multi-Asset Investing    
Net Assets Related to the Consolidation of Certain Fund Entities    
Goodwill, carrying value 231,800 231,800
Credit & Insurance Segment    
Net Assets Related to the Consolidation of Certain Fund Entities    
Goodwill, carrying value $ 366,700 $ 366,700
v3.25.4
Changes in Partnership's Intangible Assets, Net (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Balance, Beginning of Year $ 165,243 $ 201,208 $ 217,287
Amortization Expense (36,023) (35,965) (40,075)
Acquisitions 2,139   23,996
Balance, End of Year $ 131,359 $ 165,243 $ 201,208
v3.25.4
Investments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Investments $ 32,212,111 $ 29,800,566
Partnership Investments    
Schedule of Investments [Line Items]    
Investments 6,546,190 6,546,728
Accrued Performance Allocations    
Schedule of Investments [Line Items]    
Investments 12,980,356 12,397,366
Other Investments    
Schedule of Investments [Line Items]    
Investments 7,145,029 5,818,412
Consolidated Blackstone Funds    
Schedule of Investments [Line Items]    
Investments 5,180,879 3,890,732
Corporate Treasury Investments    
Schedule of Investments [Line Items]    
Investments $ 359,657 $ 1,147,328
v3.25.4
Investments - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]      
Investments $ 32,212,111 $ 29,800,566  
Recognized net gains related to equity method investments 800,700 605,400 $ 245,800
Equity investments, carrying value 459,600    
Equity securities without readily determinable fair value downward price adjustment cumulative amount 19,300    
Equity securities without readily determinable fair value downward price adjustment 9,200    
American International Group, Incs Life and Retirement [Member]      
Schedule of Investments [Line Items]      
Equity investments, carrying value 86,900    
Equity method investment, aggregate cost 287,200    
Consolidated Blackstone Funds | Blackstone      
Schedule of Investments [Line Items]      
Investments $ 472,700 $ 439,700,000  
v3.25.4
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
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]      
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds $ 5,251,242 $ 4,542,002 $ 232,842
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities 417,397 90,084 (56,801)
Consolidated Blackstone Funds      
Gain (Loss) on Securities [Line Items]      
Realized Gains (Losses) 95,758 (19,139) (42,756)
Net Change in Unrealized Gains (Losses) 233,867 92,834 (80,416)
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 329,625 73,695 (123,172)
Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds 87,772 16,389 66,371
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities $ 417,397 $ 90,084 $ (56,801)
v3.25.4
Summarized Financial Information of Partnership's Equity Method Investments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Investments $ 719,561,979 $ 651,012,050 $ 602,959,508
Other Assets 31,181,635 31,860,951 27,361,337
Total Assets 47,708,975 43,469,875  
Debt 188,818,477 189,338,113 173,174,391
Other Liabilities 19,575,706 15,851,790 17,310,463
Total Liabilities 25,827,803 23,974,860  
Equity 20,500,669 18,693,616  
Total Liabilities and Equity 47,708,975 43,469,875  
Interest Income 15,132,315 15,009,129 15,365,167
Other Income 13,751,301 14,483,683 12,624,222
Interest Expense (11,636,649) (12,225,300) (10,544,320)
Other Expenses (17,749,799) (15,968,722) (16,302,049)
Net Realized and Unrealized Gain (Losses) from Investments 41,359,872 23,949,113 9,329,723
Net Income (Loss) 6,046,623 5,437,809 2,444,253
Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 750,743,614 682,873,001 630,320,845
Total Liabilities 208,394,183 205,189,903 190,484,854
Equity 542,349,431 477,683,098 439,835,991
Total Liabilities and Equity 750,743,614 682,873,001 630,320,845
Net Income (Loss) 40,857,040 25,247,903 10,472,743
RealEstateFunds      
Schedule of Equity Method Investments [Line Items]      
Investments 257,286,943 270,306,524 283,919,193
Other Assets 12,702,310 14,990,868 12,496,703
Debt 101,907,668 112,085,824 113,462,431
Other Liabilities 7,045,621 6,752,800 7,365,824
Interest Income 3,207,933 4,539,867 4,673,775
Other Income 10,712,682 10,702,305 10,786,480
Interest Expense (6,653,550) (7,581,761) (6,614,272)
Other Expenses (12,575,335) (11,570,892) (11,705,874)
Net Realized and Unrealized Gain (Losses) from Investments 2,116,640 (4,805,753) (7,330,220)
RealEstateFunds | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 269,989,253 285,297,392 296,415,896
Total Liabilities 108,953,289 118,838,624 120,828,255
Equity 161,035,964 166,458,768 175,587,641
Total Liabilities and Equity 269,989,253 285,297,392 296,415,896
Net Income (Loss) (3,191,630) (8,716,234) (10,190,111)
Private Equity      
Schedule of Equity Method Investments [Line Items]      
Investments 281,785,789 226,288,905 196,798,070
Other Assets 7,131,499 7,948,890 5,514,318
Debt 29,634,750 27,581,552 22,205,324
Other Liabilities 4,826,121 3,773,648 2,791,378
Interest Income 858,848 697,624 1,779,971
Other Income 2,354,457 2,618,913 1,130,841
Interest Expense (1,901,600) (1,718,896) (1,340,522)
Other Expenses (2,628,202) (2,223,931) (2,631,916)
Net Realized and Unrealized Gain (Losses) from Investments 34,563,324 23,076,302 12,995,425
Private Equity | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 288,917,288 234,237,795 202,312,388
Total Liabilities 34,460,871 31,355,200 24,996,702
Equity 254,456,417 202,882,595 177,315,686
Total Liabilities and Equity 288,917,288 234,237,795 202,312,388
Net Income (Loss) 33,246,827 22,450,012 11,893,799
Credit & Insurance      
Schedule of Equity Method Investments [Line Items]      
Investments 137,445,214 120,658,563 91,574,839
Other Assets 8,604,102 6,511,331 4,995,562
Debt 57,096,895 49,403,806 37,327,026
Other Liabilities 6,346,597 4,680,341 4,008,215
Interest Income 10,854,387 9,567,357 8,890,426
Other Income 641,386 1,151,506 324,061
Interest Expense (3,069,162) (2,913,721) (2,583,654)
Other Expenses (2,315,210) (2,020,440) (1,691,066)
Net Realized and Unrealized Gain (Losses) from Investments (147,485) 2,056,892 1,124,916
Credit & Insurance | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 146,049,316 127,169,894 96,570,401
Total Liabilities 63,443,492 54,084,147 41,335,241
Equity 82,605,824 73,085,747 55,235,160
Total Liabilities and Equity 146,049,316 127,169,894 96,570,401
Net Income (Loss) 5,963,916 7,841,594 6,064,683
Multi-Asset Investing      
Schedule of Equity Method Investments [Line Items]      
Investments 43,044,033 33,758,058 30,667,406
Other Assets 2,743,724 2,409,862 4,354,754
Debt 179,164 266,931 179,610
Other Liabilities 1,357,367 645,001 3,145,046
Interest Income 211,147 204,281 20,995
Other Income 42,776 10,959 382,840
Interest Expense (12,337) (10,922) (5,872)
Other Expenses (231,052) (153,459) (273,193)
Net Realized and Unrealized Gain (Losses) from Investments 4,827,393 3,621,672 2,579,602
Multi-Asset Investing | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 45,787,757 36,167,920 35,022,160
Total Liabilities 1,536,531 911,932 3,324,656
Equity 44,251,226 35,255,988 31,697,504
Total Liabilities and Equity 45,787,757 36,167,920 35,022,160
Net Income (Loss) $ 4,837,927 $ 3,672,531 $ 2,704,372
v3.25.4
Performance Fees Allocated to Funds (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance $ 29,800,566
Ending Balance 32,212,111
Performance Fees  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 12,397,366
Performance Allocations as a Result of Changes in Fund Fair Values 4,662,380
Foreign Exchange Gain 5,710
Fund Distributions (4,085,100)
Ending Balance 12,980,356
Real Estate Segment  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 1,986,017
Performance Allocations as a Result of Changes in Fund Fair Values 156,868
Foreign Exchange Gain 5,710
Fund Distributions (386,099)
Ending Balance 1,762,496
Private Equity Segment  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 9,461,936
Performance Allocations as a Result of Changes in Fund Fair Values 4,008,315
Fund Distributions (3,080,900)
Ending Balance 10,389,351
Credit & Insurance Segment  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 801,849
Performance Allocations as a Result of Changes in Fund Fair Values 194,825
Fund Distributions (356,087)
Ending Balance 640,587
Multi-Asset Investing | Performance Fees  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 147,564
Performance Allocations as a Result of Changes in Fund Fair Values 302,372
Fund Distributions (262,014)
Ending Balance $ 187,922
v3.25.4
Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]      
Total realized and net change in unrealized gains (losses) $ 5,251,242 $ 4,542,002 $ 232,842
Corporate Treasury Investments      
Gain (Loss) on Securities [Line Items]      
Realized Gains (Losses) (5,389) (3,234) (4,881)
Net Change in Unrealized Gains 30,846 17,269 17,392
Total realized and net change in unrealized gains (losses) $ 25,457 $ 14,035 $ 12,511
v3.25.4
Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]      
Total Investment Income $ 5,251,242 $ 4,542,002 $ 232,842
Other Investments      
Gain (Loss) on Securities [Line Items]      
Realized Gains (Losses) 110,407 6,570 (19,346)
Net Change in Unrealized Gains (Losses) 181,780 436,061 (47,017)
Total Investment Income $ 292,187 $ 442,631 $ (66,363)
v3.25.4
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional $ 1,960,663 $ 1,708,158
Derivative Liabilities, Notional 3,975,364 3,134,638
Derivative Assets, Fair Value 147,337 193,552
Derivative Liabilities, Fair Value 1,251,539 1,075,767
Freestanding Derivatives    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 880,390 785,790
Derivative Liabilities, Notional 880,390 915,215
Derivative Assets, Fair Value 12,780 13,243
Derivative Liabilities, Fair Value 12,780 15,918
Freestanding Derivatives | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 1,080,273 922,368
Derivative Liabilities, Notional 3,094,974 2,219,423
Derivative Assets, Fair Value 134,557 180,309
Derivative Liabilities, Fair Value 1,238,759 1,059,849
Freestanding Derivatives | Blackstone | Credit Default Swap    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities, Notional 640 640
Derivative Liabilities, Fair Value 19 10
Freestanding Derivatives | Blackstone | Total Return Swaps    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 23,532 58,263
Derivative Assets, Fair Value 3,364 10,153
Freestanding Derivatives | Interest Rate Contracts | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 613,740 624,740
Derivative Liabilities, Notional 601,000 600,000
Derivative Assets, Fair Value 123,747 166,126
Derivative Liabilities, Fair Value 97,283 107,425
Freestanding Derivatives | Interest Rate Contracts | Consolidated Blackstone Funds    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 880,390 785,790
Derivative Liabilities, Notional 880,390 915,215
Derivative Assets, Fair Value 12,780 13,243
Derivative Liabilities, Fair Value 12,780 15,918
Freestanding Derivatives | Foreign Currency Contracts | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 443,001 239,365
Derivative Liabilities, Notional 1,030,702 479,383
Derivative Assets, Fair Value 7,446 4,030
Derivative Liabilities, Fair Value 17,310 14,198
Freestanding Derivatives | Equity Options | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities, Notional 1,462,632 1,139,400
Derivative Liabilities, Fair Value $ 1,124,147 $ 938,216
v3.25.4
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Unrealized Gain (Loss) on Derivatives and Commodity Contracts $ (198,388) $ (353,386) $ (552,454)
Freestanding Derivatives      
Derivative [Line Items]      
Realized Gains (Losses) 13,475 31,399 40,096
Net Change in Unrealized Gains (Losses) (211,863) (384,785) (592,550)
Freestanding Derivatives | Total Return Swaps      
Derivative [Line Items]      
Realized Gains (Losses) 17,146 21,080 15,775
Net Change in Unrealized Gains (Losses) (5,046) (2,837) 6,381
Freestanding Derivatives | Credit Default Swap      
Derivative [Line Items]      
Realized Gains (Losses) 6 75 (413)
Net Change in Unrealized Gains (Losses) (15) (55) 363
Freestanding Derivatives | Interest Rate Contracts      
Derivative [Line Items]      
Realized Gains (Losses) (2,586) 1,051 24,291
Net Change in Unrealized Gains (Losses) (21,176) 10,291 (87,177)
Freestanding Derivatives | Foreign Currency Contracts      
Derivative [Line Items]      
Realized Gains (Losses) (1,091) 9,193 443
Net Change in Unrealized Gains (Losses) 305 (17,954) 3,288
Freestanding Derivatives | Equity Options      
Derivative [Line Items]      
Net Change in Unrealized Gains (Losses) $ (185,931) $ (374,230) $ (515,405)
v3.25.4
Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans and Receivables $ 205,158 $ 100,866
Assets 5,093,618 4,725,580
Liabilities 181 87,856
Debt Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investments 7,553 63,671
Equity and Preferred Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investments 4,880,907 4,498,617
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Assets   62,426
CLO Notes Payable    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Liabilities   87,488
Corporate Treasury Commitments    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Liabilities $ 181 $ 368
v3.25.4
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
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Realized Gains (Losses) | Debt Securities      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Realized and net change in unrealized gains (losses) on financial instruments $ (11,749)   $ 0
Realized Gains (Losses) | Assets      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Realized and net change in unrealized gains (losses) on financial instruments (19,980) $ 754 (15,555)
Realized Gains (Losses) | Loans and Receivables      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Realized and net change in unrealized gains (losses) on financial instruments (1,582) (4,849) (8,053)
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 (4,937) 9,431 (1,439)
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) (3,828) (6,063)
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 4,722 (2,694) (3,884)
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 137,013 (48,002) (112,875)
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 3,004 12 4,886
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 1,046 3,074 7,162
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 128,249 (48,209) (122,605)
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 2,889 8,728
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 2,178 282
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 $ 187 $ 896 $ 6,880
v3.25.4
Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over principal $ (43,200) $ (55,599)
Fair value of financial instruments more than one day past due   1,359
Debt Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over principal (48,690) (55,890)
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over principal   (2,478)
Fair value of financial instruments more than one day past due   1,359
Loans and Receivables    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over principal 5,490 2,769
Fair value of financial instruments more than one day past due $ 0 $ 0
v3.25.4
Fair Value Option - Additional Information (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Loans
Dec. 31, 2024
USD ($)
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value of financial instruments more than one day past due   $ 1,359
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value of financial instruments more than one day past due   $ 1,359
Corporate Loans | Not In Non Accrual Status    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Number of loans for which fair value option was elected past due | Loans 0 2
Loans and Receivables    
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
v3.25.4
Financial Assets and Liabilities at Fair Value (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Accounts Receivable - Loans and Receivables $ 205,158 $ 100,866
Assets 5,093,618 4,725,580
Loans Payable - CLO Notes Payable 12,445,144 11,320,956
Corporate Treasury Commitments $ 181 $ 87,856
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 $ 147,337 $ 193,552
Derivatives liabilities 127,392 137,551
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 4,712,057 3,914,328
Liabilities 1,124,744 939,088
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and Cash Equivalents 182,131 60,799
Total Investments 12,276,243 10,496,062
Accounts Receivable - Loans and Receivables 205,158 100,866
Assets 12,798,089 10,838,036
Contingent Consideration 416 504
Securities Sold, Not Yet Purchased 1,978 1,916
Total Accounts Payable, Accrued Expenses and Other Liabilities 1,254,114 1,078,555
Liabilities 1,254,114 1,166,043
Fair Value, Measurements, Recurring | CLO Notes Payable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans Payable - CLO Notes Payable   87,488
Fair Value, Measurements, Recurring | Corporate Treasury Commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate Treasury Commitments 181 368
Fair Value, Measurements, Recurring | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 1,238,759 1,059,849
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds - Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 12,780 15,918
Fair Value, Measurements, Recurring | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 6,735,707 5,458,002
Fair Value, Measurements, Recurring | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 896,227 [1] 543,071
Assets 896,227 [1] 543,071
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 15,808 [1] 6,289
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 5,180,879 3,890,732
Other Assets - Freestanding Derivatives 134,557 180,309
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 12,780 13,243
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] 5,127,909 3,799,142
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 40,190 78,347
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 819,419 [1] 473,496
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 [2] 819,419 [1] 473,496
Fair Value, Measurements, Recurring | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 359,657 1,147,328
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 61,000 [1] 63,286
Fair Value, Measurements, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and Cash Equivalents 182,131 60,799
Total Investments 2,290,460 2,169,643
Assets 2,472,591 2,230,442
Securities Sold, Not Yet Purchased 1,978 1,916
Total Accounts Payable, Accrued Expenses and Other Liabilities 1,978 1,916
Liabilities 1,978 1,916
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 2,207,914 2,089,838
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 7,616 12,076
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] 7,616 12,076
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 74,930 67,729
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 4,586,021 3,980,039
Assets 4,717,214 4,150,195
Total Accounts Payable, Accrued Expenses and Other Liabilities 127,392 137,551
Liabilities 127,392 225,039
Fair Value, Measurements, Recurring | Level 2 | CLO Notes Payable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans Payable - CLO Notes Payable   87,488
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 114,612 121,633
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 12,780 15,918
Fair Value, Measurements, Recurring | Level 2 | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 4,313,592 3,182,353
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 229,754 231,718
Other Assets - Freestanding Derivatives 131,193 170,156
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 12,780 13,243
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] 197,396 155,316
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 19,578 63,159
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 42,675 565,968
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 4,503,535 3,803,309
Accounts Receivable - Loans and Receivables 205,158 100,866
Assets 4,712,057 3,914,328
Contingent Consideration 416 504
Total Accounts Payable, Accrued Expenses and Other Liabilities 1,124,744 939,088
Liabilities 1,124,744 939,088
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 181 368
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 1,124,147 938,216
Fair Value, Measurements, Recurring | Level 3 | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 198,393 179,522
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 4,124,090 3,173,442
Other Assets - Freestanding Derivatives 3,364 10,153
Assets 4,124,090 3,173,442
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] 4,103,478 3,158,254
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 20,612 15,188
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments $ 181,052 $ 450,345
[1] A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of December 31, 2025 is presented by strategy type below:
[2] Equity Securities, Partnership and LLC Interest includes investments in investment funds.
v3.25.4
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
Dec. 31, 2025
USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value $ 896,227
Unfunded Loan Commitment  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 71,987
Equity  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 44,357
Equity | Unfunded Loan Commitment  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 0
Real Estate  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 27,352
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 818,372
Infrastructure | Unfunded Loan Commitment  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 71,987
Credit Driven  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 6,146
Credit Driven | Unfunded Loan Commitment  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value $ 0
v3.25.4
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
Dec. 31, 2025
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 99.00%
Percentage of investments redeemable as of reporting date 1.00%
v3.25.4
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 5,093,618 $ 4,725,580
Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 4,712,057 3,914,328
Fair value liabilities 1,124,744 939,088
Fair Value, Measurements, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 12,798,089 10,838,036
Fair value liabilities 1,254,114 1,166,043
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 4,712,057 3,914,328
Fair value liabilities 1,124,744 939,088
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 205,158 $ 100,866
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 7.40% 8.40%
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 18.30% 11.20%
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] 8.30% 9.30%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets [2] $ 201,757 $ 189,675
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% 7.10%
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] 7.90% 7.70%
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% 7.40%
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Valuation Technique, Option Pricing Model    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value liabilities [3] $ 1,124,147  
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Valuation Technique, Option Pricing Model | Measurement Input, Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Volatility [3]   0.06
Fair value liabilities [3]   $ 938,216
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  
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  
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  
Fair Value, Measurements, Recurring | Level 3 | Other Liabilities | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value liabilities [4] $ 597 872
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 4,124,090 3,173,442
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 $ 4,103,478 $ 3,158,254
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 4.30% 4.20%
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 0.05 0.04
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 41.10% 39.10%
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 0.306 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 15.30% 15.00%
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% 10.40%
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] 0.166 0.154
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% 5.20%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 20,612 $ 15,188
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%  
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%  
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] 12.20%  
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 181,052 $ 450,345
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 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] 9.90%  
[1] Unobservable inputs were weighted based on the fair value of the investments included in the range.
[2] As of December 31, 2025 and 2024, Other Investments includes Level III Freestanding Derivatives.
[3] The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative.
[4] As of December 31, 2025 and 2024, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
v3.25.4
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
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period $ 3,898,720 $ 3,117,393
Transfer In Due to Consolidation and Acquisition   85,540
Transfer Out Due to Deconsolidation (753,196) (14,237)
Transfer Into Level III [1] 1,858 144,894
Transfer Out of Level III [1] (582,225) (35,431)
Purchases 3,640,745 2,017,730
Sales (1,984,099) (1,307,126)
Issuances 4,573 30,028
Settlements [2] (45,369) (96,003)
Changes in Gains (Losses) Included in Earnings 458,437 (44,068)
Balance, End of Period 4,639,444 3,898,720
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 191,481 $ (11,944)
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 $ 939,088 $ 565,637
Changes in Losses (Gains) Included in Earnings 185,656 373,451
Balance, End of Period 1,124,744 939,088
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date 185,656 373,451
Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 938,216 563,986
Changes in Losses (Gains) Included in Earnings 185,931 374,230
Balance, End of Period 1,124,147 938,216
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date 185,931 374,230
Other Liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 872 1,651
Changes in Losses (Gains) Included in Earnings (275) (779)
Balance, End of Period 597 872
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date (275) (779)
Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period [3] 624,412 373,024
Transfer Into Level III [1],[3]   109,347
Transfer Out of Level III [1],[3]   (58)
Purchases [3] 298,688 465,775
Sales [3] (639,466) (307,926)
Settlements [2],[3] (18,888) (21,261)
Changes in Gains (Losses) Included in Earnings [3] 45,450 5,511
Balance, End of Period [3] 310,196 624,412
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date [3] 14,885 (1,368)
Loans and Receivables    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 100,866 60,738
Purchases 963,845 857,245
Sales (860,552) (784,457)
Issuances 4,573 30,028
Settlements [2] (26,481) (74,742)
Changes in Gains (Losses) Included in Earnings 22,907 12,054
Balance, End of Period 205,158 100,866
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date (1,225) (1,297)
Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 3,173,442 2,683,631
Transfer In Due to Consolidation and Acquisition   85,540
Transfer Out Due to Deconsolidation (753,196) (14,237)
Transfer Into Level III [1] 1,858 35,547
Transfer Out of Level III [1] (582,225) (35,373)
Purchases 2,378,212 694,710
Sales (484,081) (214,743)
Changes in Gains (Losses) Included in Earnings 390,080 (61,633)
Balance, End of Period 4,124,090 3,173,442
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 177,821 $ (9,279)
[1] Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.
[2] For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.
[3] Represents freestanding derivatives, corporate treasury investments and Other Investments.
v3.25.4
Fair Value Measurements of Financial instruments - Additional Information (Detail) - Blackstone - Consolidated Blackstone Funds - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial investment weighted average remaining term   1 year 8 months 12 days
Investments fair value disclosure $ 559.1  
v3.25.4
Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
VIE Assets $ 47,708,975 $ 43,469,875
VIE Liabilities 25,827,803 23,974,860
Due from Affiliates    
Variable Interest Entity [Line Items]    
VIE Assets 344,342 242,109
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Maximum Exposure to Loss 5,505,419 4,821,498
Variable Interest Entity, Not Primary Beneficiary | Potential Clawback Obligation    
Variable Interest Entity [Line Items]    
VIE Liabilities 42,291 41,908
Variable Interest Entity, Not Primary Beneficiary | Amounts Due to Non-Consolidated VIEs    
Variable Interest Entity [Line Items]    
VIE Liabilities 623 855
Variable Interest Entity, Not Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
VIE Assets $ 5,118,786 $ 4,537,481
v3.25.4
Repurchase Agreements - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Securities Financing Transaction [Line Items]    
Pledged securities with carrying value to collateralize its repurchase agreements $ 289.2 $ 6.8
v3.25.4
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets Sold under Agreements to Repurchase [Line Items]    
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. "Offsetting of Assets and Liabilities" $ 289,218 $ 6,758
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. "Offsetting of Assets and Liabilities" 0 0
Asset-backed Securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase Agreements 289,218 6,758
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 103,835 6,758
30 - 90 Days | Asset-backed Securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase Agreements 176,196 0
Greater than 90 Days | Asset-backed Securities    
Assets Sold under Agreements to Repurchase [Line Items]    
Repurchase Agreements $ 9,187 $ 0
v3.25.4
Components of Other Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Schedule of Other Assets [Line Items]    
Furniture, Equipment and Leasehold Improvements $ 952,583 $ 989,518
Less: Accumulated Depreciation (431,394) (483,200)
Furniture, Equipment and Leasehold Improvements, Net 521,189 506,318
Prepaid Expenses 315,338 192,777
Freestanding Derivatives 134,557 180,309
Other 186,635 68,455
Total Other Assets $ 1,157,719 $ 947,859
v3.25.4
Other Assets - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Other Assets [Line Items]      
Depreciation expense $ 98.0 $ 98.8 $ 94.1
v3.25.4
Offsetting of Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Offsetting Assets and Liabilities [Line Items]    
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition $ 416,610 $ 144,309
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments [1] 400,166 131,814
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 32 10
Net Amount 16,412 12,485
Freestanding Derivatives    
Offsetting Assets and Liabilities [Line Items]    
Derivatives Gross and Net Amounts of Assets Presented in the Statement of Financial Condition 147,337 193,552
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments [1] 110,792 122,391
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 26,421 54,388
Derivatives Net Amount 10,124 16,773
Derivatives Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition 127,392 137,551
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments [1] 110,948 125,056
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 32 10
Derivatives Net Amount 16,412 12,485
Repurchase Agreements    
Offsetting Assets and Liabilities [Line Items]    
Repurchase Agreements Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition 289,218 6,758
Repurchase Agreements Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments [1] 289,218 $ 6,758
Repurchase Agreements Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received  
Repurchase agreements Net Amount $ 0  
[1] Amounts presented are inclusive of both legally enforceable master netting agreements and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net exposure to the Consolidated Statement of Financial Condition.
v3.25.4
Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement
$ in Millions
Dec. 31, 2025
USD ($)
Offsetting Assets [Line Items]  
Aggregate cash balance on deposit relating to the cash pooling arrangement $ 781.0
Overdraft facility $ 780.9
v3.25.4
Borrowings - Additional Information (Detail) - USD ($)
$ in Millions
Oct. 16, 2025
Nov. 03, 2025
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Credit facility, maximum borrowing capacity $ 4,325  
Debt instrument, maturity date range, end Oct. 16, 2030  
Debt instrument, maturity date range, start Dec. 15, 2028  
4.950% Notes    
Debt Instrument [Line Items]    
Debt instrument, face amount   $ 600
4.300% Notes    
Debt Instrument [Line Items]    
Debt instrument, face amount   $ 600
Senior Notes Due February 15, 2036 [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate   4.95%
Senior Notes Due November 3, 2030 [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate   4.30%
v3.25.4
Partnership Credit Facilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Credit Available $ 16,901,587 $ 15,785,168
Borrowing Outstanding 12,576,587 11,460,168
Borrowings Of Consolidated Blackstone Funds    
Line of Credit Facility [Line Items]    
Credit Available 129,767 99,419
Borrowing Outstanding 129,767 99,419
Credit Facility    
Line of Credit Facility [Line Items]    
Credit Available [1] 4,325,000 4,325,000
Borrowing Outstanding [1] $ 0 $ 0
Effective Interest Rate [1] 0.00% 0.00%
Partnership's Credit Facilities | Senior Secured Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 16,771,820 $ 15,645,800
Borrowing Outstanding [2] 12,446,820 11,320,800
2.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] 0 310,620
Borrowing Outstanding [2] $ 0 $ 310,620
Effective Interest Rate [2] 0.00% 2.10%
1.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 704,760 $ 621,240
Borrowing Outstanding [2] $ 704,760 $ 621,240
Effective Interest Rate [2] 1.26% 1.13%
3.150% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 300,000 $ 300,000
Borrowing Outstanding [2] $ 300,000 $ 300,000
Effective Interest Rate [2] 3.30% 3.30%
5.900% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 600,000 $ 600,000
Borrowing Outstanding [2] $ 600,000 $ 600,000
Effective Interest Rate [2] 6.13% 6.13%
1.625% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 650,000 $ 650,000
Borrowing Outstanding [2] $ 650,000 $ 650,000
Effective Interest Rate [2] 1.79% 1.79%
1.500% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 704,760 $ 621,240
Borrowing Outstanding [2] $ 704,760 $ 621,240
Effective Interest Rate [2] 1.73% 1.56%
2.500% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 500,000 $ 500,000
Borrowing Outstanding [2] $ 500,000 $ 500,000
Effective Interest Rate [2] 2.73% 2.73%
4.300% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 600,000 $ 0
Borrowing Outstanding [2] $ 600,000 $ 0
Effective Interest Rate [2] 4.59% 0.00%
1.600% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 500,000 $ 500,000
Borrowing Outstanding [2] $ 500,000 $ 500,000
Effective Interest Rate [2] 1.71% 1.71%
2.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 800,000 $ 800,000
Borrowing Outstanding [2] $ 800,000 $ 800,000
Effective Interest Rate [2] 2.18% 2.18%
2.550% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 500,000 $ 500,000
Borrowing Outstanding [2] $ 500,000 $ 500,000
Effective Interest Rate [2] 2.67% 2.67%
6.200% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 900,000 $ 900,000
Borrowing Outstanding [2] $ 900,000 $ 900,000
Effective Interest Rate [2] 6.33% 6.33%
3.500% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 587,300 $ 517,700
Borrowing Outstanding [2] $ 587,300 $ 517,700
Effective Interest Rate [2] 4.22% 3.79%
5.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 750,000 $ 750,000
Borrowing Outstanding [2] $ 750,000 $ 750,000
Effective Interest Rate [2] 5.16% 5.23%
4.950% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 600,000 $ 0
Borrowing Outstanding [2] $ 600,000 $ 0
Effective Interest Rate [2] 5.15% 0.00%
6.250% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 250,000 $ 250,000
Borrowing Outstanding [2] $ 250,000 $ 250,000
Effective Interest Rate [2] 6.65% 6.65%
5.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 500,000 $ 500,000
Borrowing Outstanding [2] $ 500,000 $ 500,000
Effective Interest Rate [2] 5.16% 5.16%
4.450% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 350,000 $ 350,000
Borrowing Outstanding [2] $ 350,000 $ 350,000
Effective Interest Rate [2] 4.56% 4.56%
4.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 300,000 $ 300,000
Borrowing Outstanding [2] $ 300,000 $ 300,000
Effective Interest Rate [2] 4.20% 4.20%
3.500% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 400,000 $ 400,000
Borrowing Outstanding [2] $ 400,000 $ 400,000
Effective Interest Rate [2] 3.61% 3.61%
2.800% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 400,000 $ 400,000
Borrowing Outstanding [2] $ 400,000 $ 400,000
Effective Interest Rate [2] 2.88% 2.88%
2.850% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 550,000 $ 550,000
Borrowing Outstanding [2] $ 550,000 $ 550,000
Effective Interest Rate [2] 2.91% 2.91%
3.200% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 1,000,000 $ 1,000,000
Borrowing Outstanding [2] $ 1,000,000 $ 1,000,000
Effective Interest Rate [2] 3.27% 3.27%
Secured Borrowings One | Other    
Line of Credit Facility [Line Items]    
Credit Available [3] $ 0 $ 19,949
Borrowing Outstanding [3] $ 0 $ 19,949
Effective Interest Rate [3] 0.00% 6.94%
Secured Borrowings Two | Other    
Line of Credit Facility [Line Items]    
Credit Available [3] $ 0 $ 20,000
Borrowing Outstanding [3] $ 0 $ 20,000
Effective Interest Rate [3] 0.00% 6.94%
Blackstone Operating Borrowings | Other    
Line of Credit Facility [Line Items]    
Credit Available [3] $ 16,771,820 $ 15,685,749
Borrowing Outstanding [3] 12,446,820 11,360,749
Blackstone Fund Facilities | Borrowings Of Consolidated Blackstone Funds    
Line of Credit Facility [Line Items]    
Credit Available [4] 129,767 0
Borrowing Outstanding [4] $ 129,767 $ 0
Effective Interest Rate [4] 7.12% 0.00%
CLO Notes Payable | Borrowings Of Consolidated Blackstone Funds    
Line of Credit Facility [Line Items]    
Credit Available [5] $ 0 $ 99,419
Borrowing Outstanding [5] $ 0 $ 99,419
Effective Interest Rate [5] 0.00% 8.72%
[1] Represents the Revolving Credit Facility of Blackstone, through Blackstone Holdings Finance Co. L.L.C. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75% plus an additional credit spread adjustment of 0.10% to account for the difference between London Interbank Offered Rate (“LIBOR”) and SOFR. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. As of December 31, 2025 and 2024, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $39.3 million and $38.9 million, respectively. The amount Blackstone can draw from the Credit Facility is reduced by the undrawn letters of credit, however the Credit Available presented herein is not reduced by the undrawn letters of credit. In February 2026, Blackstone drew $900.0 million under the Revolving Credit Facility.
[2] The Issuers have issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuers. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, the Guarantors and the Issuers. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuers’ and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuers’ option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuers to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.
[3] The Secured Borrowings Due 10/27/2033 and 1/29/2035 were repaid during the year ended December 31, 2025.
[4] Blackstone Fund Facilities represent borrowing facilities for the various consolidated Blackstone Funds that are used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until a disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ.
[5] CLO Notes Payable have maturity dates ranging from June 2025 to January 2037. For periods prior to December 31, 2025, a portion of the outstanding borrowings consisted of subordinated notes, which did not have contractual interest rates but instead received distributions from the excess cash flows generated by the CLO vehicles. As of December 31, 2025, the CLO Notes Payable were fully deconsolidated, and there are no outstanding borrowings for the current period.
v3.25.4
Partnership Credit Facilities (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Oct. 16, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]      
Maximum percentage of aggregate principal amount of the outstanding notes 25.00%    
Percentage of repurchase of note on principal amount of notes 101.00%    
Liabilities Of Consolidated Clo Vehicles Notes Payable [Member]      
Line of Credit Facility [Line Items]      
Debt instrument, maturity date, description June 2025 to January 2037    
Secured Borrowings One      
Line of Credit Facility [Line Items]      
Debt instrument, maturity date [1] Oct. 27, 2033    
Secured Borrowings Two      
Line of Credit Facility [Line Items]      
Debt instrument, maturity date [1] Jan. 29, 2035    
Senior Secured Note [Member] | 2.000% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 2.00%    
Debt instrument, maturity date May 19, 2025    
Senior Secured Note [Member] | 1.000% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 1.00%    
Debt instrument, maturity date Oct. 05, 2026    
Senior Secured Note [Member] | 3.150% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 3.15%    
Debt instrument, maturity date Oct. 02, 2027    
Senior Secured Note [Member] | 5.900% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 5.90%    
Debt instrument, maturity date Nov. 03, 2027    
Senior Secured Note [Member] | 1.625% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 1.625%    
Debt instrument, maturity date Aug. 05, 2028    
Senior Secured Note [Member] | 1.500% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 1.50%    
Debt instrument, maturity date Apr. 10, 2029    
Senior Secured Note [Member] | 2.500% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 2.50%    
Debt instrument, maturity date Jan. 10, 2030    
Senior Secured Note [Member] | 4.300% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 4.30%    
Debt instrument, maturity date Nov. 03, 2030    
Senior Secured Note [Member] | 1.600% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 1.60%    
Debt instrument, maturity date Mar. 30, 2031    
Senior Secured Note [Member] | 2.000% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 2.00%    
Debt instrument, maturity date Jan. 30, 2032    
Senior Secured Note [Member] | 2.550% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 2.55%    
Debt instrument, maturity date Mar. 30, 2032    
Senior Secured Note [Member] | 6.200% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 6.20%    
Debt instrument, maturity date Apr. 22, 2033    
Senior Secured Note [Member] | 3.500% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 3.50%    
Debt instrument, maturity date Jun. 01, 2034    
Senior Secured Note [Member] | 5.000% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 5.00%    
Debt instrument, maturity date Dec. 06, 2034    
Senior Secured Note [Member] | 4.950% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 4.95%    
Debt instrument, maturity date Feb. 15, 2036    
Senior Secured Note [Member] | 6.250% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 6.25%    
Debt instrument, maturity date Aug. 15, 2042    
Senior Secured Note [Member] | 5.000% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 5.00%    
Debt instrument, maturity date Jun. 15, 2044    
Senior Secured Note [Member] | 4.450% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 4.45%    
Debt instrument, maturity date Jul. 15, 2045    
Senior Secured Note [Member] | 4.000% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 4.00%    
Debt instrument, maturity date Oct. 02, 2047    
Senior Secured Note [Member] | 3.500% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 3.50%    
Debt instrument, maturity date Sep. 10, 2049    
Senior Secured Note [Member] | 2.800% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 2.80%    
Debt instrument, maturity date Sep. 30, 2050    
Senior Secured Note [Member] | 2.850% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 2.85%    
Debt instrument, maturity date Aug. 05, 2051    
Senior Secured Note [Member] | 3.200% Notes      
Line of Credit Facility [Line Items]      
Debt instrument, interest rate 3.20%    
Debt instrument, maturity date Jan. 30, 2052    
Letter of Credit [Member]      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity $ 39.3   $ 38.9
Revolving Credit Facility [Member]      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 4,325.0  
Commitment fee percentage 0.06%    
Debt instrument, basis spread on variable rate 0.75%    
Line of credit facility, average outstanding amount $ 900.0    
Debt instrument additional credit spread adjustment 0.10%    
[1] The Secured Borrowings Due 10/27/2033 and 1/29/2035 were repaid during the year ended December 31, 2025.
v3.25.4
Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Carrying Value $ 12,445,144 $ 11,320,956
Debt instrument, fair value 11,394,706 9,944,446
Senior Secured Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 12,318,723 11,193,519
Debt instrument, fair value [1] 11,264,939 9,817,009
Borrowings Of Consolidated Blackstone Funds    
Debt Instrument [Line Items]    
Carrying Value 126,421 87,488
Debt instrument, fair value 129,767 87,488
Borrowings Of Consolidated Blackstone Funds | Blackstone Fund Facilities    
Debt Instrument [Line Items]    
Carrying Value 126,421 0
Debt instrument, fair value 129,767  
2.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 0 315,860
Debt instrument, fair value [1] 0 309,502
1.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 711,022 624,078
Debt instrument, fair value [1] 696,585 601,801
3.150% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 299,264 298,864
Debt instrument, fair value [1] 295,941 287,007
5.900% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 597,667 596,505
Debt instrument, fair value [1] 619,068 617,550
1.625% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 647,359 646,374
Debt instrument, fair value [1] 610,688 579,189
1.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 713,034 626,043
Debt instrument, fair value [1] 673,772 584,295
2.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 495,590 494,568
Debt instrument, fair value [1] 467,930 444,970
4.300% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 594,461 0
Debt instrument, fair value [1] 600,162 0
1.600% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 497,384 496,911
Debt instrument, fair value [1] 435,810 403,415
2.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 791,761 790,508
Debt instrument, fair value [1] 689,088 644,816
2.550% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 496,635 496,146
Debt instrument, fair value [1] 444,025 417,830
6.200% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 893,266 892,561
Debt instrument, fair value [1] 975,870 946,818
3.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 559,079 489,624
Debt instrument, fair value [1] 582,161 522,877
5.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 741,552 741,218
Debt instrument, fair value [1] 757,718 726,023
4.950% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 594,586 0
Debt instrument, fair value [1] 596,592 0
6.250% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 240,076 239,756
Debt instrument, fair value [1] 264,443 254,095
5.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 490,561 490,261
Debt instrument, fair value [1] 466,615 457,335
4.450% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 344,996 344,840
Debt instrument, fair value [1] 302,855 290,836
4.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 291,605 291,372
Debt instrument, fair value [1] 236,016 230,337
3.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 392,808 392,618
Debt instrument, fair value [1] 286,888 277,496
2.800% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 394,405 394,252
Debt instrument, fair value [1] 246,808 238,256
2.850% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 543,643 543,478
Debt instrument, fair value [1] 345,164 329,791
3.200% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 987,969 987,682
Debt instrument, fair value [1] 670,740 652,770
Secured Borrowings One | Other    
Debt Instrument [Line Items]    
Carrying Value [2] 0 19,949
Debt instrument, fair value [2] 0 19,949
Secured Borrowings Two | Other    
Debt Instrument [Line Items]    
Carrying Value [2] 0 20,000
Debt instrument, fair value [2] 0 20,000
Blackstone Operating Borrowings | Other    
Debt Instrument [Line Items]    
Carrying Value [2] 12,318,723 11,233,468
Debt instrument, fair value [2] 11,264,939 9,856,958
CLO Notes Payable | Borrowings Of Consolidated Blackstone Funds    
Debt Instrument [Line Items]    
Carrying Value 0 87,488
Debt instrument, fair value $ 0 $ 87,488
[1] Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
[2] The Secured Borrowings Due 10/27/2033 and 1/29/2035 were repaid during the year ended December 31, 2025.
v3.25.4
Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail)
 12 Months Ended
Dec. 31, 2025
2.000% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.00% [1]
Debt instrument, maturity date May 19, 2025 [1]
1.000% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.00% [1]
Debt instrument, maturity date Oct. 05, 2026 [1]
3.150% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.15% [1]
Debt instrument, maturity date Oct. 02, 2027 [1]
5.900% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 5.90% [1]
Debt instrument, maturity date Nov. 03, 2027 [1]
1.625% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.625% [1]
Debt instrument, maturity date Aug. 05, 2028 [1]
1.500% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.50% [1]
Debt instrument, maturity date Apr. 10, 2029 [1]
2.500% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.50% [1]
Debt instrument, maturity date Jan. 10, 2030 [1]
4.300% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 4.30% [1]
Debt instrument, maturity date Nov. 03, 2030 [1]
1.600% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.60% [1]
Debt instrument, maturity date Mar. 30, 2031 [1]
2.000% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.00% [1]
Debt instrument, maturity date Jan. 30, 2032 [1]
2.550% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.55% [1]
Debt instrument, maturity date Mar. 30, 2032 [1]
6.200% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 6.20% [1]
Debt instrument, maturity date Apr. 22, 2033 [1]
3.500% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.50% [1]
Debt instrument, maturity date Jun. 01, 2034 [1]
5.000% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 5.00% [1]
Debt instrument, maturity date Dec. 06, 2034 [1]
4.950% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 4.95% [1]
Debt instrument, maturity date Feb. 15, 2036 [1]
6.250% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 6.25% [1]
Debt instrument, maturity date Aug. 15, 2042 [1]
5.000% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 5.00% [1]
Debt instrument, maturity date Jun. 15, 2044 [1]
4.450% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 4.45% [1]
Debt instrument, maturity date Jul. 15, 2045 [1]
4.000% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 4.00% [1]
Debt instrument, maturity date Oct. 02, 2047 [1]
3.500% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.50% [1]
Debt instrument, maturity date Sep. 10, 2049 [1]
2.800% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.80% [1]
Debt instrument, maturity date Sep. 30, 2050 [1]
2.850% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.85% [1]
Debt instrument, maturity date Aug. 05, 2051 [1]
3.200% Notes | Senior Secured Notes [Member]  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.20% [1]
Debt instrument, maturity date Jan. 30, 2052 [1]
Secured Borrowings One  
Debt Instrument [Line Items]  
Debt instrument, maturity date Oct. 27, 2033 [2]
Secured Borrowings Two  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jan. 29, 2035 [2]
[1] Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
[2] The Secured Borrowings Due 10/27/2033 and 1/29/2035 were repaid during the year ended December 31, 2025.
v3.25.4
Scheduled Principal Payments for Borrowings (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2026 $ 704,760
2027 900,000
2028 650,000
2029 704,760
2030 1,229,767
Thereafter 8,387,300
Total 12,576,587
Blackstone Operating Borrowings  
Debt Instrument [Line Items]  
2026 704,760
2027 900,000
2028 650,000
2029 704,760
2030 1,100,000
Thereafter 8,387,300
Total 12,446,820
Borrowings of Consolidated Blackstone Funds  
Debt Instrument [Line Items]  
2026 0
2027 0
2028 0
2029 0
2030 129,767
Thereafter 0
Total $ 129,767
v3.25.4
Leases - Additional informaton (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term 7 years 4 months 24 days  
Weighted-average discount rate 3.50%  
Leases $ 15.1 $ 14.1
v3.25.4
Leases Components of leases expenses (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Lease Cost      
Straight-Line Lease Cost [1] $ 149,490 $ 156,680 $ 160,534
Variable Lease Cost [2] 28,584 20,222 15,268
Sublease Income (206) (65) (63)
Operating Lease Cost $ 177,868 $ 176,837 $ 175,739
[1] Straight-line lease cost includes short-term leases, which are immaterial.
[2] Variable lease cost approximates variable lease cash payments.
v3.25.4
Leases Supplemental Cash Flow Information Related Leases (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating Cash Flows for Operating Lease Liabilities $ 187,012 $ 145,388 $ 127,183
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities $ 41,689 $ 129,451 $ 117,155
v3.25.4
Leases Cash flows Annual Basis For Operating Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 160,648  
2027 156,893  
2028 147,780  
2029 120,754  
2030 62,175  
Thereafter 231,241  
Total Lease Payments [1] 879,491  
Less: Imputed Interest (18,470)  
Present Value of Operating Lease Liabilities $ 861,021 $ 965,742
[1] Excludes signed leases that have not yet commenced.
v3.25.4
Income Before Provision for Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Income Before Provision (Benefit) for Taxes $ 7,171,646 $ 6,459,480 $ 2,957,714
Domestic Tax Authority      
Income Taxes [Line Items]      
Income Before Provision (Benefit) for Taxes 6,721,171 6,029,702 2,577,184
Foreign Tax Authority      
Income Taxes [Line Items]      
Income Before Provision (Benefit) for Taxes $ 450,475 $ 429,778 $ 380,530
v3.25.4
Provision (Benefit) for Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes [Line Items]      
Federal Income Tax $ 354,543 $ 424,659 $ 362,144
Foreign Income Tax 142,098 128,757 112,861
State and Local Income Tax 186,952 120,454 186,851
Current Income Tax Expense (Benefit), Total 683,593 673,870 661,856
Federal Income Tax 362,993 265,749 (94,732)
Foreign Income Tax (3,823) (471) (7,020)
State and Local Income Tax 82,260 82,523 (46,643)
Deferred Income Tax Expense (Benefit), Total 441,430 347,801 (148,395)
Provision for Taxes $ 1,125,023 $ 1,021,671 $ 513,461
Effective Income Tax Rate Reconciliation, Percent 15.70% 15.80% 17.40%
v3.25.4
Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Effective Tax Rate Reconciliation [Line Items]      
Statutory U.S. Federal Tax Amount $ 1,506,046    
Statutory U.S. Federal Tax Rate, Percent 21.00% 21.00% 21.00%
Income Before Provision for Taxes $ 7,171,646    
State and Local Income Taxes, Net of Federal Benefit [1] $ 206,841    
State and Local Income Taxes, Net of Federal Benefit, Percent 2.90% [1] 2.90% 4.30%
Foreign Tax Effects $ 76,209    
Foreign Tax Effects, Percent 1.10%    
Nontaxable or Nondeductible Items      
Income Passed Through to Non-Controlling Interest Holders $ (632,663)    
Other Nontaxable or Nondeductible Items 30,471    
Other Adjustments (61,881)    
Effective Income Tax Rate $ 1,125,023    
Nontaxable or Nondeductible Items      
Income Passed Through to Non-Controlling Interest Holders, Percent (8.80%) (9.00%) (8.20%)
Other Nontaxable or Nondeductible Items, Percent 0.40%    
Other Adjustments, Percent (0.90%) 0.90% 0.30%
Effective Income Tax Rate 15.70% 15.80% 17.40%
2024 vs. 2023      
Schedule of Effective Tax Rate Reconciliation [Line Items]      
State and Local Income Taxes, Net of Federal Benefit, Percent (1.40%)    
Nontaxable or Nondeductible Items      
Income Passed Through to Non-Controlling Interest Holders, Percent (0.80%)    
Other Adjustments, Percent 0.60%    
Effective Income Tax Rate (1.60%)    
[1] State and local taxes in New York State and New York City made up the majority (50% or greater) of the tax effect in this category.
v3.25.4
Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate (Detail) (Parenthetical))
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Effective Income Tax Rate Reconciliation 50.00%
v3.25.4
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax [Line Items]      
Interest expense accrued $ 33,900 $ 29,100 $ 22,800
Deferred tax valuation allowance 35,357 21,199  
Reduction of Tax Receivable Agreement Liability 6,591 (41,246) $ (27,196)
Tax Cuts and Jobs Act      
Income Tax [Line Items]      
Reduction of Tax Receivable Agreement Liability $ 6,600 $ (41,200)  
v3.25.4
Summary of Tax Effects of Temporary Differences (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred Tax Assets    
Investment Basis Differences/Net Unrealized Gains and Losses $ 1,879,975 $ 1,737,508
Other 211,605 287,639
Total Deferred Tax Assets Before Valuation Allowance 2,091,580 2,025,147
Valuation Allowance (35,357) (21,199)
Total Deferred Tax Assets 2,056,223 2,003,948
Deferred Tax Liabilities    
Investment Basis Differences/Net Unrealized Gains and Losses 14,794 12,282
Other 1,681 1,953
Total Deferred Tax Liabilities 16,475 14,235
Net Deferred Tax Assets $ 2,039,748 $ 1,989,713
v3.25.4
Unrecognized Tax Benefits Excluding Related Interest and Penalties (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Contingency [Line Items]      
Unrecognized Tax Benefits - January 1 $ 251,457 $ 210,778 $ 153,624
Additions based on Tax Positions Related to Current Year 59,877 46,572 19,807
Reductions for Tax Positions of Current Year 0 0 (19,737)
Additions for Tax Positions of Prior Years 4,396 0 57,081
Reductions for Tax Positions of Prior Years 0 (6,111) 0
Settlements (471) 0 0
Exchange Rate Fluctuations 339 218 3
Unrecognized Tax Benefits - December 31 $ 315,598 $ 251,457 $ 210,778
v3.25.4
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations (Detail)
 12 Months Ended
Dec. 31, 2025
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 2016
United Kingdom  
Income Tax Examination [Line Items]  
Open Tax Year 2011
v3.25.4
Schedule Of Income Tax Paid By Individual Jurisdiction (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Income Tax Paid, by Individual Jurisdiction [Abstract]  
Federal $ 409,537 [1]
New York City 68,500
State - Other 2,999
Foreign 81,524
Income Taxes Paid, Net $ 562,560
[1] Federal payments include cash paid for the transferable tax credits.
v3.25.4
Earnings Per Share and Stockholders' Equity - Basic and Diluted Net Income Per Common Stock (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Line Items]      
Net Income Attributable to Blackstone Inc., Basic and Diluted $ 3,019,214 $ 2,776,508 $ 1,390,880
Weighted-Average Shares of Common Stock Outstanding, Basic 780,018,738 766,487,450 755,204,556
Weighted-Average Shares of Unvested Deferred Restricted Common Stock [1] 197,118 159,058 215,380
Weighted-Average Shares of Common Stock Outstanding, Diluted 780,215,856 766,646,508 755,419,936
Net Income Per Share of Common Stock, Basic $ 3.87 $ 3.62 $ 1.84
Net Income Per Share of Common Stock, Diluted 3.87 3.62 1.84
Dividends Declared Per Share of Common Stock [2] $ 4.69 $ 3.45 $ 3.32
[1] For the years ended December 31, 2025 and 2024, this includes shares to be issued under the contingently issuable share model for an acquisition-related compensation arrangement.
[2] Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.
v3.25.4
Earnings Per Share and Stockholders' Equity - Summary of Anti-Dilutive Securities (Detail) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Blackstone Partnership Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-Average Units 447,702,475 455,306,643 460,897,953
v3.25.4
Earnings Per Share and Stockholders' Equity - Schedule of Shares Eligible For Dividends and Distribution (Detail)
Dec. 31, 2025
shares
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 783,183,010
Shares eligible for dividends and distributions 1,228,769,322
Common Stock  
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 748,688,068
Unvested Participating Common Stock  
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 34,494,942
Participating Partnership Units  
Stockholders Equity [Line Items]  
Participating Blackstone Holdings Partnership Units 445,586,312
v3.25.4
Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jul. 16, 2024
Stockholders Equity [Line Items]        
Preferred shares authorized 10,000,000,000      
Preferred shares par value $ 0.00001      
Amount remaining available for repurchases $ 1,700.0      
Share Reclassification        
Stockholders Equity [Line Items]        
Preferred shares authorized 9,000,000,000      
Common Stock        
Stockholders Equity [Line Items]        
Common stock repurchased, units 800,000 4,000,000 3,700,000  
Amount authorized to repurchase under unit repurchase program       $ 2,000.0
Common stock repurchased, cost $ 122.6 $ 520.4 $ 351.3  
Series I Preferred Stock        
Stockholders Equity [Line Items]        
Preferred shares authorized 999,999,000 999,999,000    
Preferred shares par value $ 0.00001 $ 0.00001    
Preferred shares issued 1 1    
Series I Preferred Stock | Share Reclassification        
Stockholders Equity [Line Items]        
Preferred shares authorized 999,999,000      
Preferred shares issued 1      
Series II Preferred Stock        
Stockholders Equity [Line Items]        
Preferred shares authorized 1,000 1,000    
Preferred shares par value $ 0.00001 $ 0.00001    
Preferred shares issued 1 1    
Series II Preferred Stock | Share Reclassification        
Stockholders Equity [Line Items]        
Preferred shares authorized 1,000      
Preferred shares issued 1      
v3.25.4
Equity-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 01, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Partnership grant units       174,967,230
Compensation expense in relation to equity-based awards $ 1,445,352 $ 1,168,435 $ 987,549  
Tax benefits in relation to equity-based awards 309,700 298,200 183,400  
Estimated unrecognized compensation expense related to unvested awards $ 2,600,000      
Weighted-average period for recognized compensation expense related to unvested awards, years 3 years 4 months 24 days      
Total vested and unvested outstanding units 1,228,831,817      
Phantom units vesting period 2 years 9 months 18 days      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 30 days      
Phantom Share Units (PSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total outstanding unvested phantom units 81,112      
Payment in settlement of phantom units $ 3,200 $ 3,900 $ 1,700  
Phantom Share Units (PSUs) | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed forfeiture rate 7.40%      
Phantom units vesting period 1 year      
Phantom Share Units (PSUs) | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed forfeiture rate 13.40%      
Phantom units vesting period 5 years      
Equity Settled Awards Deferred Restricted Common Units | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed service period, in years 1 year      
Assumed forfeiture rate 1.00%      
Equity Settled Awards Deferred Restricted Common Units | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed service period, in years 5 years      
Assumed forfeiture rate 13.40%      
Blackstone Partnership Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed forfeiture rate 7.40%      
Blackstone Partnership Units | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Per unit discount $ 1.07      
Blackstone Partnership Units | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Per unit discount $ 24.23      
v3.25.4
Equity-Based Compensation - Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Blackstone | Blackstone Partnership Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning Balance | shares 850,409
Granted (Units) | shares 0
Vested (Units) | shares (623,521)
Forfeited (Units) | shares 0
Ending Balance | shares 226,888
Beginning Balance | $ / shares $ 33.83
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 0
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 34.49
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 0
Ending Balance | $ / shares $ 32.02
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 33,928,570
Granted (Units) | shares 11,145,454
Vested (Units) | shares (14,187,921)
Forfeited (Units) | shares (1,465,391)
Ending Balance | shares 29,420,712
Beginning Balance | $ / shares $ 103.44
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 147.38
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 98.81
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 118.53
Ending Balance | $ / shares $ 122.07
Blackstone Group Inc. | Cash Settled Awards Phantom Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning Balance | shares 70,517
Granted (Units) | shares 22,498
Vested (Units) | shares (22,046)
Forfeited (Units) | shares (4,028)
Ending Balance | shares 66,941
Beginning Balance | $ / shares $ 187.66
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 139.99
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 163.16
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 154.41
Ending Balance | $ / shares $ 146.7
v3.25.4
Equity-Based Compensation - Unvested Shares and Units, After Expected Forfeitures (Detail)
 12 Months Ended
Dec. 31, 2025
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Blackstone Holdings Partnership Units 226,888 [1]
Deferred Restricted Shares of Common Stock 25,237,338
Total Equity-Based Awards 25,464,226
Phantom Shares 56,764
Deferred Restricted Shares of Common Stock (Weighted-Average Service in Years) 2 years 7 months 6 days
Total Equity-Based Awards (Weighted-Average Service Period in Years) 2 years 7 months 6 days
Phantom Shares (Weighted-Average Service Period in Years) 2 years 9 months 18 days
[1] Each of the remaining unvested units fully vested on January 1, 2026.
v3.25.4
Related Party Transactions - Due from Affiliates and Due to Affiliates (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies $ 5,047,814 $ 4,049,707
Due from Certain Non-Controlling Interest Holders and Blackstone Employees 1,036,117 1,191,527
Accrual for Potential Clawback of Previously Distributed Performance Allocations 273,531 168,081
Due from Affiliates, total 6,357,462 5,409,315
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements 2,076,205 1,844,978
Due to Non-Consolidated Entities 237,983 208,537
Due to Certain Non-Controlling Interest Holders and Blackstone Employees 103,977 255,086
Accrual for Potential Repayment of Previously Received Performance Allocations 806,267 499,547
Due to Affiliates, total 3,224,432 2,808,148
Related Party    
Related Party Transaction [Line Items]    
Due from Affiliates, total 6,357,462 5,409,315
Due to Affiliates, total $ 3,224,432 $ 2,808,148
v3.25.4
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Investments $ 32,212,111 $ 29,800,566  
Cash saving in tax receivable agreements, percentage 85.00%    
Expected future payments under the tax receivable agreements $ 2,100,000    
Expected future payments under the tax receivable agreements in years 15 years    
After-tax net present value estimated payments $ 699,300    
After-tax net present value discount rate assumption 15.00%    
After tax net estimated payments made $ 70,600    
Founder, senior managing directors, employees and certain other related parties      
Related Party Transaction [Line Items]      
Net Income Attributable to Non-Controlling Interests 187,000 176,000 $ 87,800
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds      
Related Party Transaction [Line Items]      
Investments $ 2,200,000 $ 2,000,000  
v3.25.4
Commitments and Contingencies - Additional Information (Detail)
$ in Thousands, € in Millions
 12 Months Ended
Jan. 03, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Jan. 01, 2023
USD ($)
Dec. 31, 2022
USD ($)
Schedule Of Commitments And Contingencies [Line Items]            
General partner capital funding   $ 6,500,000        
Consolidated entities net assets restricted as to payment of cash dividends and advances to partnership   116,200        
Total investments at risk in respect of guarantees extended   $ 24,700        
Contingent obligations currently anticipated to expire end   2038        
Provision for cash clawback   $ 1,200,000        
Contingent Obligations (Clawback)   (8,300,000)        
Loss Contingency Accrual, Payments   52,300        
Investments   $ 32,212,111   $ 29,800,566    
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   $ 82,000        
Contingent Obligations (Clawback)   (7,700,000)        
Loss Contingency Accrual, Payments   31,600        
Current And Former Blackstone Personnel            
Schedule Of Commitments And Contingencies [Line Items]            
Loss Contingency Accrual, Payments   20,700        
Consolidated Blackstone Funds            
Schedule Of Commitments And Contingencies [Line Items]            
Funds signed investment commitments   797,400        
Consolidated Blackstone Funds | Portfolio Company Acquisition            
Schedule Of Commitments And Contingencies [Line Items]            
Signed investment commitments for portfolio company acquisitions in process of closing   $ 98,600        
v3.25.4
Clawback Obligations by Segment (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Product Liability Contingency [Line Items]    
Clawback obligations $ 806,267 $ 499,547
Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 532,736 333,261
Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations 273,531 166,286
Real Estate Segment    
Product Liability Contingency [Line Items]    
Clawback obligations 676,020 475,095
Real Estate Segment | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 448,096 316,749
Real Estate Segment | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations 227,924 158,346
Private Equity Segment    
Product Liability Contingency [Line Items]    
Clawback obligations 130,247 21,317
Private Equity Segment | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 84,640 15,044
Private Equity Segment | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations 45,607 6,273
Credit & Insurance    
Product Liability Contingency [Line Items]    
Clawback obligations 0 3,135
Credit & Insurance | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 0 1,468
Credit & Insurance | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations $ 0 $ 1,667
v3.25.4
Segment Reporting - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Segment
Dec. 31, 2024
USD ($)
Segment
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of business segments | Segment 4 4  
Number of reportable segments not disclosed true    
Percentage Of Long Lived Assets 10.00% 10.00%  
Investment Advice [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer, excluding assessed tax $ 8,075,601 $ 7,188,936 $ 6,671,260
Blackstone Real Estate Investment Trust or BREIT | Investment Advice [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer, excluding assessed tax     839,900
Blackstone Private Credit Fund [Member] | Investment Advice [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer, excluding assessed tax 1,200,000 980,600 $ 762,600
UNITED STATES      
Segment Reporting Information [Line Items]      
Long lived assets $ 1,000,000 $ 1,100,000  
Percentage of revenue 68.00% 68.00% 70.00%
v3.25.4
Summary of Revenue from External Customers by Geographic Areas (Detail)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Percentage of revenue from external customers 100.00% 100.00% 100.00%
Americas      
Segment Reporting Information [Line Items]      
Percentage of revenue from external customers 80.00% 76.00% 78.00%
Europe, Middle East and Africa      
Segment Reporting Information [Line Items]      
Percentage of revenue from external customers 13.00% 16.00% 15.00%
Asia-Pacific      
Segment Reporting Information [Line Items]      
Percentage of revenue from external customers 7.00% 8.00% 7.00%
v3.25.4
Financial Data of Segments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Fee Related Performance Revenues $ 1,825,428 $ 2,135,945 $ 858,527
Realized Performance Revenues 4,640,445 4,421,924 2,919,012
Realized Performance Compensation (1,572,374) (1,805,803) (1,181,926)
Realized Principal Investment Income 419,743 92,526 110,932
Operating Segments      
Segment Reporting Information [Line Items]      
Base Management Fees 7,548,857 6,780,882 6,465,847
Transaction, Advisory and Other Fees, Net 582,831 399,688 235,892
Management Fee Offsets (115,639) (47,036) (38,495)
Total Management and Advisory Fees, Net 8,016,049 7,133,534 6,663,244
Fee Related Performance Revenues 1,825,428 2,135,945 858,527
Fee Related Compensation (2,690,701) (2,739,322) (2,088,110)
Other Operating Expenses (1,413,239) (1,248,092) (1,084,333)
Fee Related Earnings 5,737,537 5,282,065 4,349,328
Realized Performance Revenues 2,815,529 2,287,031 2,061,102
Realized Performance Compensation (1,090,595) (951,246) (896,017)
Realized Principal Investment Income 419,743 92,526 110,932
Total Net Realizations 2,144,677 1,428,311 1,276,017
Total Segment Distributable Earnings 7,882,214 6,710,376 5,625,345
Segment Assets 42,986,689 40,228,391  
Operating Segments | Real Estate Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 2,653,294 2,716,983 2,794,232
Transaction, Advisory and Other Fees, Net 141,696 175,010 78,483
Management Fee Offsets (13,066) (16,716) (29,357)
Total Management and Advisory Fees, Net 2,781,924 2,875,277 2,843,358
Fee Related Performance Revenues 489,648 203,425 294,240
Fee Related Compensation (690,292) (674,965) (675,880)
Other Operating Expenses (370,001) (380,321) (325,050)
Fee Related Earnings 2,211,279 2,023,416 2,136,668
Realized Performance Revenues 268,773 200,974 244,358
Realized Performance Compensation (130,361) (101,011) (123,299)
Realized Principal Investment Income 10,689 14,522 7,628
Total Net Realizations 149,101 114,485 128,687
Total Segment Distributable Earnings 2,360,380 2,137,901 2,265,355
Segment Assets 12,808,547 11,573,910  
Operating Segments | Private Equity Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 2,457,981 2,027,855 1,903,972
Transaction, Advisory and Other Fees, Net 362,531 176,469 108,848
Management Fee Offsets (48,903) (6,044) (5,228)
Total Management and Advisory Fees, Net 2,771,609 2,198,280 2,007,592
Fee Related Performance Revenues 547,985 1,185,428 0
Fee Related Compensation (961,448) (1,164,237) (619,678)
Other Operating Expenses (482,312) (391,309) (329,221)
Fee Related Earnings 1,875,834 1,828,162 1,058,693
Realized Performance Revenues 1,670,108 1,392,447 1,343,865
Realized Performance Compensation (704,938) (633,491) (584,154)
Realized Principal Investment Income 66,495 52,356 76,220
Total Net Realizations 1,031,665 811,312 835,931
Total Segment Distributable Earnings 2,907,499 2,639,474 1,894,624
Segment Assets 19,747,965 18,027,030  
Operating Segments | Credit & Insurance Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 1,909,147 1,561,649 1,297,406
Transaction, Advisory and Other Fees, Net 74,115 44,354 44,542
Management Fee Offsets (53,670) (24,196) (3,907)
Total Management and Advisory Fees, Net 1,929,592 1,581,807 1,338,041
Fee Related Performance Revenues 787,795 747,092 564,287
Fee Related Compensation (869,636) (755,620) (628,064)
Other Operating Expenses (450,401) (371,354) (323,773)
Fee Related Earnings 1,397,350 1,201,925 950,491
Realized Performance Revenues 386,729 313,092 317,620
Realized Performance Compensation (161,493) (129,814) (140,210)
Realized Principal Investment Income 335,870 39,855 21,752
Total Net Realizations 561,106 223,133 199,162
Total Segment Distributable Earnings 1,958,456 1,425,058 1,149,653
Segment Assets 8,077,869 8,668,716  
Operating Segments | Multi Assets Investing Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 528,435 474,395 470,237
Transaction, Advisory and Other Fees, Net 4,489 3,855 4,019
Management Fee Offsets 0 (80) (3)
Total Management and Advisory Fees, Net 532,924 478,170 474,253
Fee Related Performance Revenues 0 0 0
Fee Related Compensation (169,325) (144,500) (164,488)
Other Operating Expenses (110,525) (105,108) (106,289)
Fee Related Earnings 253,074 228,562 203,476
Realized Performance Revenues 489,919 380,518 155,259
Realized Performance Compensation (93,803) (86,930) (48,354)
Realized Principal Investment Income 6,689 (14,207) 5,332
Total Net Realizations 402,805 279,381 112,237
Total Segment Distributable Earnings 655,879 507,943 $ 315,713
Segment Assets $ 2,352,308 $ 1,958,735  
v3.25.4
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total Revenues $ 14,450,265 $ 13,229,968 $ 8,022,841
Less: Unrealized Principal Investment (Income) Loss 248,304 380,591 (603,154)
Total Expenses 7,702,607 6,819,326 4,981,130
Total Other Income 423,988 48,838 (83,997)
Total Other Income 0 0 0
Total GAAP Income Before Provision for Taxes 7,171,646 6,459,480 2,957,714
Less: Unrealized Principal Investment (Income) Loss 248,304 380,591 (603,154)
Total Assets 47,708,975 43,469,875  
Operating Segments      
Segment Reporting Information [Line Items]      
Total Revenues [1] 13,076,749 11,649,036 9,693,805
Total Expenses [2] 5,194,535 4,938,660 4,068,460
Total Segment Distributable Earnings 7,882,214 6,710,376 5,625,345
Total Assets 42,986,689 40,228,391  
Consolidation Adjustments and Reconciling Items      
Segment Reporting Information [Line Items]      
Less: Unrealized Performance Revenues [3] (642,957) (371,407) 1,691,788
Less: Unrealized Principal Investment (Income) Loss [4] (171,440) (271,868) 593,301
Less: Interest and Dividend Revenue [5] (416,094) (410,980) (535,641)
Less: Other Revenue [6] 271,190 (123,166) 93,083
Impact of Consolidation [7] (398,131) (444,828) (200,237)
Transaction-Related and Non-Recurring Items [8] (17,214) 39,272 25,672
Less: Unrealized Performance Allocations Compensation [9] (376,962) (140,021) 654,403
Less: Equity-Based Compensation [10] (1,443,246) (1,159,122) (959,474)
Less: Interest Expense [11] (497,095) (444,417) (429,521)
Impact of Consolidation [7] (116,051) (81,129) (137,603)
Amortization of Intangibles [12] (29,326) (29,332) (33,457)
Transaction-Related and Non-Recurring Items [8] (30,185) (17,100) (309)
Administrative Fee Adjustment [13] (16,337) (11,590) (9,707)
Less: Unrealized Performance Revenues [3] (642,957) (371,407) 1,691,788
Less: Unrealized Principal Investment (Income) Loss [4] (171,440) (271,868) 593,301
Less: Interest and Dividend Revenue [5] (416,094) (410,980) (535,641)
Less: Other Revenue [6] 271,190 (123,166) 93,083
Plus: Unrealized Performance Allocations Compensation [9] 376,962 140,021 (654,403)
Plus: Equity-Based Compensation [10] 1,443,246 1,159,122 959,474
Plus: Interest Expense [11] 497,095 444,417 429,521
Amortization of Intangibles [12] 29,326 29,332 33,457
Transaction-Related and Non-Recurring Items [8] 12,971 56,372 25,981
Administrative Fee Adjustment [13] 16,337 11,590 9,707
Segment Adjustment      
Segment Reporting Information [Line Items]      
Intersegment Eliminations 1,130 2,045 2,998
Intersegment Eliminations 1,130 2,045 2,998
Impact of Consolidation      
Segment Reporting Information [Line Items]      
Impact of Consolidation [7] (423,988) (48,838) 83,997
Impact of Consolidation [7] (706,068) (412,537) $ 21,363
Total Assets [7] $ (4,722,286) $ (3,241,484)  
[1] Total Segment Revenues is comprised of the following:
[2] Total Segment Expenses is comprised of the following:
[3] This adjustment removes Unrealized Performance Revenues on a segment basis.
[4] This adjustment removes Unrealized Principal Investment (Income) Loss on a segment basis.
[5] This adjustment removes Interest and Dividend Revenue on a segment basis.
[6] This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2025, 2024 and 2023, Other Revenue on a GAAP basis was $(270.9) million, $123.7 million and $(92.9) million and included $(271.2) million, $122.3 million and $(94.7) million of foreign exchange gains (losses), respectively.
[7] This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
[8] This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. 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 comparability and are not reflective of Blackstone’s operational performance.
[9] This adjustment removes Unrealized Performance Allocations Compensation.
[10] This adjustment removes Equity-Based Compensation on a segment basis.
[11] This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
[12] This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
[13] This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
v3.25.4
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total Segment Fee Related Performance Revenues $ 1,825,428 $ 2,135,945 $ 858,527
Total Segment Realized Performance Revenues 4,640,445 4,421,924 2,919,012
Total Segment Realized Principal Investment Income 419,743 92,526 110,932
Total Segment Realized Performance Compensation 1,572,374 1,805,803 1,181,926
Total Segment Other Operating Expenses (270,873) 123,693 (92,929)
Foreign exchange gains (losses) (271,200) 122,300 (94,700)
Operating Segments      
Segment Reporting Information [Line Items]      
Total Segment Management and Advisory Fees, Net 8,016,049 7,133,534 6,663,244
Total Segment Fee Related Performance Revenues 1,825,428 2,135,945 858,527
Total Segment Realized Performance Revenues 2,815,529 2,287,031 2,061,102
Total Segment Realized Principal Investment Income 419,743 92,526 110,932
Total Revenues [1] 13,076,749 11,649,036 9,693,805
Total Segment Fee Related Compensation 2,690,701 2,739,322 2,088,110
Total Segment Realized Performance Compensation 1,090,595 951,246 896,017
Total Segment Other Operating Expenses 1,413,239 1,248,092 1,084,333
Total Expenses [2] $ 5,194,535 $ 4,938,660 $ 4,068,460
[1] Total Segment Revenues is comprised of the following:
[2] Total Segment Expenses is comprised of the following:
v3.25.4
Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues [1] $ (59,552) $ (55,402) $ (8,016)
Investment Income — Realized Performance Allocations 3,662,243 3,457,746 2,223,841
Realized Performance Revenues 1,825,428 2,135,945 858,527
Compensation 3,671,193 3,048,229 2,785,447
Incentive Fee Compensation 274,902 373,586 281,067
Realized Performance Allocations Compensation 1,297,472 1,432,217 900,859
Realized Performance Revenues 4,640,445 4,421,924 2,919,012
Segment Adjustment [2] 512 1,052 617
Total Compensation and Benefits 5,243,567 4,854,032 3,967,373
General, Administrative and Other 1,524,548 1,361,909 1,117,305
General, Administrative and Other [3] (111,309) (113,817) (32,972)
Investment Income — Realized Performance Allocations 3,662,243 3,457,746 2,223,841
Realized Performance Revenues 4,640,445 4,421,924 2,919,012
Realized Performance Compensation (1,572,374) (1,805,803) (1,181,926)
Investment Income Realized 697,632 332,258 303,823
Investment Income Realized [4] (277,889) (239,732) (192,891)
Investment Income Realized 419,743 92,526 110,932
Segment Adjustment [5] (19,025) (4,342) (23,772)
Less: Fee Related Performance Compensation [6] (451,236) (838,489) (273,010)
Total Segment 1,572,374 1,805,803 1,181,926
Management and Advisory Fees, Net      
Segment Reporting Information [Line Items]      
Revenues 8,075,601 7,188,936 6,671,260
Incentive Fees      
Segment Reporting Information [Line Items]      
Revenues 978,202 964,178 695,171
Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 8,016,049 7,133,534 6,663,244
Realized Performance Revenues 1,825,428 2,135,945 858,527
Realized Performance Revenues 2,815,529 2,287,031 2,061,102
Realized Performance Revenues (1,825,428) (2,135,945) (858,527)
General, Administrative and Other 1,413,239 1,248,092 1,084,333
Realized Performance Revenues 2,815,529 2,287,031 2,061,102
Less: Realized Performance Revenues (2,815,529) (2,287,031) (2,061,102)
Realized Performance Compensation (1,090,595) (951,246) (896,017)
Investment Income Realized 419,743 92,526 110,932
Less: Equity-Based Compensation — Fee Related Compensation (1,412,703) (1,143,054) (946,575)
Less: Equity-Based Compensation — Performance Compensation (30,543) (16,068) (12,899)
Total Compensation and Benefits 2,690,701 2,739,322 2,088,110
Less: Equity-Based Compensation — Performance Compensation (30,543) (16,068) (12,899)
Total Segment 1,090,595 951,246 896,017
Operating Segments | Management and Advisory Fees, Net      
Segment Reporting Information [Line Items]      
Revenues $ 8,016,049 $ 7,133,534 $ 6,663,244
[1] Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.
[2] Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
[3] Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. For the year ended December 31, 2024, this adjustment includes removal of an accrual for liability for a legal matter.
[4] Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
[5] Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.
[6] Fee related performance compensation may include equity-based compensation based on fee related performance revenues.