BLACKSTONE INC., 10-K filed on 2/28/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 30, 2024
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2024    
Document Fiscal Year Focus 2024    
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     $ 88.2
ICFR Auditor Attestation Flag true    
Entity Common Stock, Shares Outstanding   729,415,925  
Auditor Name DELOITTE & TOUCHE LLP    
Auditor Firm ID 34    
Auditor Location New York    
Document Financial Statement Error Correction [Flag] false    
v3.25.0.1
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and Cash Equivalents $ 1,972,140 $ 2,955,866
Cash Held by Blackstone Funds and Other 204,052 316,197
Investments 29,800,566 26,146,622
Accounts Receivable 237,930 193,365
Due from Affiliates $ 5,409,315 $ 4,466,521
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Intangible Assets, Net $ 165,243 $ 201,208
Goodwill 1,890,202 1,890,202
Other Assets 947,859 944,848
Right-of-Use Assets 838,620 841,307
Deferred Tax Assets 2,003,948 2,331,394
Total Assets 43,469,875 40,287,530
Liabilities and Equity    
Loans Payable 11,320,956 11,304,059
Due to Affiliates 2,808,148 2,393,410
Accrued Compensation and Benefits 6,087,700 5,247,766
Operating Lease Liabilities 965,742 989,823
Accounts Payable, Accrued Expenses and Other Liabilities 2,792,314 2,277,258
Total Liabilities 23,974,860 22,212,316
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities 801,399 1,179,073
Stockholders' Equity of Blackstone Inc.    
Common Stock, $0.00001 par value, 90 billion shares authorized, (731,925,965 shares issued and outstanding as of December 31, 2024; 719,358,114 shares issued and outstanding as of December 31, 2023) 7 7
Additional Paid-in-Capital 7,444,561 6,175,190
Retained Earnings 808,079 660,734
Accumulated Other Comprehensive Loss (40,326) (19,133)
Total Stockholders' Equity of Blackstone Inc. 8,212,321 6,816,798
Non-Controlling Interests in Consolidated Entities 6,154,943 5,177,255
Non-Controlling Interests in Blackstone Holdings 4,326,352 4,902,088
Total Equity 18,693,616 16,896,141
Total Liabilities and Equity 43,469,875 40,287,530
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
v3.25.0.1
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets $ 43,469,875 $ 40,287,530
Liabilities $ 23,974,860 $ 22,212,316
Common stock par value $ 0.00001 $ 0.00001
Common shares authorized 90,000,000,000 90,000,000,000
Common shares issued 731,925,965 719,358,114
Common shares outstanding 731,925,965 719,358,114
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 $ 4,170,540 $ 4,656,207
Liabilities 385,729 1,202,203
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary    
Liabilities 87,488 687,122
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 3,890,732 4,319,483
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 45,993 6,995
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 204,052 316,197
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 19,956 12,762
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 9,807 770
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Liabilities 229,478 123,909
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Liabilities $ 68,763 $ 391,172
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Performance Allocations      
Realized $ 3,457,746 $ 2,223,841 $ 5,381,640
Unrealized 371,407 (1,691,668) (3,435,056)
Principal Investments      
Realized 332,258 303,823 850,327
Unrealized 380,591 (603,154) (1,563,849)
Total Investment Income 4,542,002 232,842 1,233,062
Interest and Dividend Revenue 411,159 516,497 271,612
Other 123,693 (92,929) 184,557
Total Revenues 13,229,968 8,022,841 8,517,673
Expenses      
Compensation 3,048,229 2,785,447 2,569,780
Incentive Fee Compensation 373,586 281,067 207,998
Performance Allocations Compensation      
Realized 1,432,217 900,859 2,225,264
Unrealized 140,021 (654,403) (1,470,588)
Total Compensation and Benefits 4,994,053 3,312,970 3,532,454
General, Administrative and Other 1,361,909 1,117,305 1,092,671
Interest Expense 443,688 431,868 317,225
Fund Expenses 19,676 118,987 30,675
Total Expenses 6,819,326 4,981,130 4,973,025
Other Income (Loss)      
Change in Tax Receivable Agreement Liability (41,246) (27,196) 22,283
Net Gains (Losses) from Fund Investment Activities 90,084 (56,801) (105,142)
Total Other Income (Loss) 48,838 (83,997) (82,859)
Income Before Provision for Taxes 6,459,480 2,957,714 3,461,789
Provision for Taxes 1,021,671 513,461 472,880
Net Income 5,437,809 2,444,253 2,988,909
Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (61,289) (245,518) (142,890)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities 473,826 224,155 107,766
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 2,248,764 1,074,736 1,276,402
Net Income Attributable to Blackstone Inc. $ 2,776,508 $ 1,390,880 $ 1,747,631
Net Income Per Share of Common Stock      
Basic $ 3.62 $ 1.84 $ 2.36
Diluted $ 3.62 $ 1.84 $ 2.36
Weighted-Average Shares of Common Stock Outstanding      
Basic 766,487,450 755,204,556 740,664,038
Diluted 766,646,508 755,419,936 740,942,399
Management and Advisory Fees, Net      
Revenues      
Revenues $ 7,188,936 $ 6,671,260 $ 6,303,315
Incentive Fees      
Revenues      
Revenues $ 964,178 $ 695,171 $ 525,127
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net Income $ 5,437,809 $ 2,444,253 $ 2,988,909
Other Comprehensive Income (Loss) - Currency Translation Adjustment (76,662) 59,698 (32,523)
Comprehensive Income 5,361,147 2,503,951 2,956,386
Comprehensive Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (95,256) (199,998) (163,263)
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities 473,826 224,155 107,766
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings 2,227,262 1,080,572 1,272,101
Comprehensive Income Attributable to Non-Controlling Interests 2,605,832 1,104,729 1,216,604
Comprehensive Income Attributable to Blackstone Inc. $ 2,755,315 $ 1,399,222 $ 1,739,782
v3.25.0.1
Consolidated Statement of Changes in Equity - USD ($)
$ in Thousands
Total
Common Units
Common Stock
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 at Dec. 31, 2021 $ 21,638,018   $ 7 $ 5,794,727 $ 3,647,785 $ (19,626) $ 9,422,893 $ 5,600,653 $ 6,614,472
Beginning Balance, Units at Dec. 31, 2021 [1]   704,339,774              
Beginning Balance at Dec. 31, 2021 68,028                
Transfer In Due to Consolidation of Fund Entities 1,146,410                
Net Income (Loss) 3,131,799       1,747,631   1,747,631 107,766 1,276,402
Net Income (Loss) (142,890)                
Currency Translation Adjustment (12,150)         (7,849) (7,849)   (4,301)
Currency Translation Adjustment (20,373)                
Capital Contributions 555,693                
Capital Contributions 749,528             739,660 9,868
Capital Distributions (7,620,451)       (3,647,310)   (3,647,310) (1,091,798) (2,881,343)
Capital Distributions (180,200)                
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities (299,801)             (299,801)  
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities 288,338                
Deferred Tax Effects on Equity Transaction 6,690     6,690     6,690    
Equity-Based Compensation 838,383     504,738     504,738   333,645
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock (73,987)     (73,987)     (73,987)   0
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units [1]   5,407,340              
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units (391,968)     (391,968)     (391,968)    
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units [1]   (3,850,000)              
Change in Blackstone Inc.'s Ownership Interest       36,824     36,824   (36,824)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock       58,249     58,249   (58,249)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units [1]   4,379,809              
Ending Balance at Dec. 31, 2022 17,966,061   7 [1] 5,935,273 1,748,106 (27,475) 7,655,911 5,056,480 5,253,670
Ending Balance, Units at Dec. 31, 2022 [1]   710,276,923              
Ending Balance at Dec. 31, 2022 1,715,006                
Transfer In Due to Consolidation 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 Transaction 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 at Dec. 31, 2023 16,896,141   7 [1] 6,175,190 660,734 (19,133) 6,816,798 5,177,255 4,902,088
Ending Balance, Units at Dec. 31, 2023 [1]   719,358,114              
Ending Balance at Dec. 31, 2023 1,179,073                
Transfer In Due to Consolidation of Fund Entities 87,643             87,643  
Transfer In Due to Consolidation 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 Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders (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 at Dec. 31, 2024 18,693,616   $ 7 [1] $ 7,444,561 $ 808,079 $ (40,326) $ 8,212,321 $ 6,154,943 $ 4,326,352
Ending Balance, Units at Dec. 31, 2024 [1]   731,925,965              
Ending Balance at Dec. 31, 2024 $ 801,399                
[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.
v3.25.0.1
Consolidated Statement of Changes in Equity (Parenthetical)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net Income $ 5,437,809 $ 2,444,253 $ 2,988,909
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities      
Net Realized Gains on Investments (4,172,938) (2,989,636) (6,474,051)
Changes in Unrealized (Gains) Losses on Investments (487,013) 683,715 1,828,364
Non-Cash Performance Allocations (371,407) 1,691,668 3,435,055
Non-Cash Performance Allocations and Incentive Fee Compensation 1,941,899 473,364 931,288
Equity-Based Compensation Expense 1,168,435 987,549 846,349
Amortization of Intangibles 35,965 40,075 67,097
Other Non-Cash Amounts Included in Net Income (444,772) (835,230) (1,341,059)
Cash Flows Due to Changes in Operating Assets and Liabilities      
Cash Acquired With Consolidation Of Fund Entity 39,729 0 31,791
Cash Relinquished with Deconsolidation of Fund Entities (113,224) (113,589) 0
Accounts Receivable (78,284) 237,623 177,832
Due from Affiliates (386,755) 331,623 654,290
Other Assets (560) (47,299) (26,853)
Accrued Compensation and Benefits (1,211,545) (1,071,559) (2,197,446)
Accounts Payable, Accrued Expenses and Other Liabilities 194,581 (40,283) 158,019
Due to Affiliates 16,930 85,733 117,219
Investments Purchased (2,429,824) (5,010,341) (5,228,723)
Cash Proceeds from Sale of Investments 4,342,636 7,189,240 10,368,172
Net Cash Provided by Operating Activities 3,481,662 4,056,906 6,336,253
Investing Activities      
Purchase of Furniture, Equipment and Leasehold Improvements (61,409) (224,231) (235,497)
Net Cash Paid for Acquisitions, Net of Cash Acquired   (5,420) 0
Net Cash Used in Investing Activities (61,409) (229,651) (235,497)
Financing Activities      
Distributions to Non-Controlling Interest Holders in Consolidated Entities (874,024) (1,003,715) (1,271,907)
Contributions from Non-Controlling Interest Holders in Consolidated Entities 907,267 708,410 1,268,297
Payments Under Tax Receivable Agreement (87,508) (64,634) (46,880)
Net Settlement of Vested Common Stock and Repurchase of Common Stock (661,065) (418,024) (465,956)
Proceeds from Loans Payable 741,173 494,975 3,521,544
Repayment and Repurchase of Loans Payable (103,221) (502,460) (280,768)
Dividends/Distributions to Stockholders and Unitholders (4,424,183) (4,268,447) (6,518,785)
Net Cash Used in Financing Activities (4,501,561) (5,053,895) (3,794,455)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other (14,563) 4,988 (12,318)
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other      
Net Increase (Decrease) (1,095,871) (1,221,652) 2,293,983
Beginning of Period 3,272,063 4,493,715 2,199,732
End of Period 2,176,192 3,272,063 4,493,715
Supplemental Disclosure of Cash Flows Information      
Payments for Interest 407,333 400,333 261,886
Payments for Income Taxes 646,872 569,381 683,171
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Non-Cash Contributions from Non-Controlling Interest Holders 101,429 22,049 34,286
Non-Cash Distributions to Non-Controlling Interest Holders (2,070) (105,414) 0
Notes Issuance Costs 6,082 0 30,240
Transfer of Interests to Non-Controlling Interest Holders (9,458) (8,231) (11,463)
Net Settlement of Vested Common Stock 972,398 681,004 387,332
Deferred Tax Asset Effects from Equity Transactions (26,035) (117,459) (120,167)
Change in Due to Affiliates Related to the Impact of Conversions on Tax Receivable Agreements $ 208,676 $ 114,992 $ 113,477
v3.25.0.1
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash and Cash Equivalents $ 1,972,140 $ 2,955,866    
Cash Held by Blackstone Funds and Other 204,052 316,197    
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other $ 2,176,192 $ 3,272,063 $ 4,493,715 $ 2,199,732
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 2,776,508 $ 1,390,880 $ 1,747,631
v3.25.0.1
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
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 examine our cybersecurity program every two to three years with third parties, evaluating 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 remediating 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.
 
81
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 — Risk 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 23 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 — Risk 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 23 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
v3.25.0.1
Organization
 12 Months Ended
Dec. 31, 2024
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.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
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 are based on the amount such investors reimburse the Blackstone Funds or Blackstone primarily for placement fees. 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 and Dividend Revenue comprises primarily interest and dividend income earned on principal investments not accounted for under the equity method held by Blackstone.
 
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
three
to twenty years, reflecting the contractual lives of such assets. 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. 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 June 2022, the Financial Accounting Standards Board issued amended guidance addressing certain sale restrictions on equity securities measured at fair value. The guidance requires that reporting entities not consider contractual sale restrictions that prohibit the sale of equity securities when measuring fair value and introduces new disclosure requirements for equity securities subject to contractual sale restrictions. The new guidance was effective for Blackstone beginning January 1, 2024, was adopted on a prospective basis and did not result in a change in measurement of equity securities upon adoption. Related disclosures are included within the consolidated financial statements.
v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets
3.
Goodwill and Intangible Assets
The carrying value of Goodwill was $1.9 billion as of December 31, 2024 and 2023. At December 31, 2024 and 2023, Blackstone determined there was no evidence of Goodwill impairment.
At December 31, 2024 and 2023, 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,
    
2024
   
2023
Finite-Lived Intangible Assets/Contractual Rights
   
$
1,769,372
  
$
1,769,372
Accumulated Amortization
   
(1,604,129
) 
   
(1,568,164
) 
  
 
 
 
   
 
 
 
Intangible Assets, Net
   
$
165,243
  
$
201,208
  
 
 
 
   
 
 
 
Changes in Blackstone’s Intangible Assets, Net consists of the following:
 
    
Year Ended December 31,
    
2024
   
2023
   
2022
Balance, Beginning of Year
   
$
201,208
  
$
217,287
  
$
284,384
Amortization Expense
   
(35,965
) 
   
(40,075
) 
   
(67,097
) 
Acquisitions
   
—
  
23,996
  
—
  
 
 
 
   
 
 
 
   
 
 
 
Balance, End of Year
   
$
 165,243
  
$
 201,208
  
$
 217,287
  
 
 
 
   
 
 
 
   
 
 
 
Amortization of Intangible Assets held at December 31, 2024 is expected to be $35.9 million, $35.7 million, $34.6 million, $17.8 million and $16.6 million for each of the years ending December 31, 2025, 2026, 2027, 2028 and 2029, respectively. Blackstone’s Intangible Assets as of December 31, 2024 are expected to amortize over a weighted-average period of 5.3 years.
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments
4.
Investments
Investments consist of the following:

December 31,
2024
2023
Investments of Consolidated Blackstone Funds
   
$
 
 
 
 
 
 
 
3,890,732
  
$
 
 
 
 
 
 
4,319,483
Equity Method Investments
      
Partnership Investments
   
6,546,728
  
5,924,275
Accrued Performance Allocations
   
12,397,366
  
10,775,355
Corporate Treasury Investments
   
1,147,328
  
803,870
Other Investments
   
5,818,412
  
4,323,639
  
 
 
 
   
 
 
 
  
$
29,800,566
  
$
26,146,622
 
 
  
 
 
 
   
 
 
 
Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $439.7 million and $1.0 billion at December 31, 2024 and December 31, 2023, 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,
    
2024
   
2023
   
2022
Realized Gains (Losses)
   
$
(19,139
) 
   
$
(42,756
) 
   
$
99,457
Net Change in Unrealized Gains (Losses)
   
92,834
  
(80,416
) 
   
(264,204
) 
  
 
 
 
   
 
 
 
   
 
 
 
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds
   
73,695
  
(123,172
) 
   
(164,747
) 
Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds
   
16,389
  
66,371
  
59,605
  
 
 
 
   
 
 
 
   
 
 
 
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities
   
$
90,084
  
$
(56,801
) 
   
$
(105,142
) 
  
 
 
 
   
 
 
 
   
 
 
 
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, 2024, 2023 and 2022, 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 $605.4 million, $245.8 million and $292.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.
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
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
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
) 
  
12,955,425
 
1,124,916
 
2,579,602
 
9,329,723
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income (Loss)
   
$
(10,190,111
) 
  
$
11,893,799
 
$
6,064,683
 
$
2,704,372
 
$
10,472,743
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
The summarized financial information of Blackstone’s equity method investments for December 31, 2022 are as follows:
 
    
December 31, 2022 and the Year Then Ended
    
Real
Estate
  
Private
Equity
  
Credit &
Insurance
  
Multi-Asset

Investing
  
Total
Statement of Financial Condition
           
Assets
           
Investments
   
$
295,985,447
 
$
190,972,309
 
$
87,362,311
 
$
29,969,945
 
$
604,290,012
Other Assets
   
13,601,083
 
3,529,890
 
6,345,260
 
3,743,263
 
27,219,496
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
   
$
309,586,530
 
$
194,502,199
 
$
93,707,571
 
$
33,713,208
 
$
631,509,508
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
           
Debt
   
$
118,075,949
 
$
23,197,140
 
$
39,049,599
 
$
244,796
 
$
180,567,484
Other Liabilities
   
7,735,780
 
2,187,967
 
5,644,625
 
1,215,788
 
16,784,160
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
   
125,811,729
 
25,385,107
 
44,694,224
 
1,460,584
 
197,351,644
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
   
183,774,801
 
169,117,092
 
49,013,347
 
32,252,624
 
434,157,864
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
   
$
309,586,530
 
$
194,502,199
 
$
93,707,571
 
$
33,713,208
 
$
631,509,508
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
           
Interest Income
   
$
2,917,115
 
$
2,017,933
 
$
5,764,150
 
$
11,052
 
$
10,710,250
Other Income
   
9,432,802
 
1,047,067
 
690,193
 
64,156
 
11,234,218
Interest Expense
   
(3,644,118
) 
  
(761,405
) 
  
(1,450,447
) 
  
(2,743
) 
  
(5,858,713
) 
Other Expenses
   
(11,089,520
) 
  
(2,246,183
) 
  
(1,303,902
) 
  
(141,596
) 
  
(14,781,201
) 
Net Realized and Unrealized Gain (Loss) from Investments
   
7,807,056
 
2,252,738
 
(1,330,895
) 
  
377,489
 
9,106,388
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income
   
$
5,423,335
 
$
2,310,150
 
$
2,369,099
 
$
308,358
 
$
10,410,942
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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, 2023
   
$
2,990,602
 
$
7,093,920
 
$
599,779
 
$
91,054
 
$
10,775,355
Performance Allocations as a Result of Changes in Fund Fair Values
   
(490,902
) 
  
3,801,294
 
471,043
 
222,708
 
4,004,143
Foreign Exchange Gain
   
5,124
 
—
 
—
 
—
 
5,124
Fund Distributions
   
(518,807
) 
  
(1,433,278
) 
  
(268,973
) 
  
(166,198
) 
  
(2,387,256
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accrued Performance Allocations, December 31, 2024
   
$
  1,986,017
 
$
  9,461,936
 
$
  801,849
 
$
   147,564
 
$
 12,397,366
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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,
    
2024
   
2023
   
2022
Realized Gains (Losses)
   
$
(3,234
) 
   
$
(4,881
) 
   
$
(21,511
) 
Net Change in Unrealized Gains
   
17,269
  
17,392
  
(57,426
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
  14,035
  
$
12,511
  
$
(78,937
) 
  
 
 
 
   
 
 
 
   
 
 
 
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 $356.3 million as of December 31, 2024. 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, 2024 were $20.4 million and $7.6 million, respectively, during the year ended December 31, 2024, and $211.3 million and $12.4 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,
 
  
2024
  
2023
  
2022
Realized Gains (Losses)
   
$
6,570
  
$
(19,346
) 
   
$
203,327
Net Change in Unrealized Gains (Losses)
   
436,061
(47,017
) 
(1,128,244
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
442,631
 
   
$
(66,363
) 
   
$
(924,917
) 
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.0.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2024
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, 2024
December 31, 2023
Assets
Liabilities
Assets
Liabilities
Notional
Fair
Value
Notional
Fair

Value
Notional
Fair
Value
Notional
Fair
Value
Freestanding Derivatives
                                                              
Blackstone
Interest Rate Contracts
  
$
624,740
$
166,126
$
600,000
$
107,425
$
634,840
$
145,798
$
607,000
$
86,589
Foreign Currency Contracts
  
239,365
 
4,030
 
479,383
 
14,198
 
387,102
 
11,442
 
334,228
 
3,538
Credit Default Swaps
  
—
 
—
 
640
 
10
 
3,108
 
479
 
3,748
 
508
Total Return Swaps
  
58,263
 
10,153
 
—
 
—
 
63,158
 
13,171
 
—
 
—
Equity Options
  
—
 
—
 
1,139,400
 
938,216
 
—
 
—
 
1,110,490
 
563,986
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
922,368
 
180,309
 
2,219,423
 
1,059,849
 
1,088,208
 
170,890
 
2,055,466
 
654,621
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments of Consolidated Blackstone Funds
                
Interest Rate Contracts
  
785,790
 
13,243
 
915,215
 
15,918
 
855,683
 
19,189
 
—
 
—
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
785,790
 
13,243
 
915,215
 
15,918
 
855,683
 
19,189
 
—
 
—
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
$
1,708,158
 
  
$
193,552
 
  
$
3,134,638
 
  
$
1,075,767
 
  
$
1,943,891
 
  
$
190,079
 
  
$
2,055,466
 
  
$
654,621
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The table below summarizes the impact to the Consolidated Statements of Operations from derivative financial instruments:
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Freestanding Derivatives
       
Realized Gains (Losses)
       
Interest Rate Contracts
   
$
1,051
 
$
24,291
 
$
15,319
Foreign Currency Contracts
   
9,193
 
443
 
(8,520
) 
Credit Default Swaps
   
75
 
(413
) 
  
(231
) 
Total Return Swaps
   
21,080
 
15,775
 
1,654
  
 
 
 
  
 
 
 
  
 
 
 
  
31,399
 
40,096
 
8,222
  
 
 
 
  
 
 
 
  
 
 
 
Net Change in Unrealized Gains (Losses)
       
Interest Rate Contracts
   
10,291
 
(87,177
) 
  
167,706
Foreign Currency Contracts
   
(17,954
) 
  
3,288
 
9,666
Credit Default Swaps
   
(55
) 
  
363
 
73
Total Return Swaps
   
(2,837
) 
  
6,381
 
5,290
Equity Options
   
(374,230
) 
  
(515,405
) 
  
(48,581
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
(384,785
) 
  
(592,550
) 
  
134,154
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(353,386
) 
  
$
(552,454
) 
  
$
142,376
  
 
 
 
  
 
 
 
  
 
 
 
As of December 31, 2024, 2023 and 2022, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.
v3.25.0.1
Fair Value Option
 12 Months Ended
Dec. 31, 2024
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,
2024
2023
Assets
      
Loans and Receivables
   
$
100,866
  
$
60,738
Equity and Preferred Securities
   
4,498,617
  
2,894,302
Debt Securities
   
63,671
  
63,486
Assets of Consolidated CLO Vehicles
      
Corporate Loans
   
62,426
  
938,801
  
 
 
 
   
 
 
 
  
$
4,725,580
 
   
$
3,957,327
 
  
 
 
 
   
 
 
 
Liabilities
      
CLO Notes Payable
   
$
87,488
  
$
687,122
Corporate Treasury Commitments
   
368
  
1,264
  
 
 
 
   
 
 
 
  
$
87,856
  
$
688,386
  
 
 
 
   
 
 
 
 
18
6
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,
    
2024
  
2023
  
2022
        
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
   
$
(4,849
) 
  
$
12
 
$
(8,053
) 
  
$
4,886
 
$
(10,733
) 
  
$
(464
) 
Equity and Preferred Securities
   
9,431
 
(48,209
) 
  
(1,439
) 
  
(122,605
) 
  
22,285
 
(91,338
) 
Debt Securities
   
—
 
(2,694
) 
  
—
 
(3,884
) 
  
(22,240
) 
  
(19,490
) 
Assets of Consolidated CLO Vehicles
             
Corporate Loans
   
(3,828
) 
  
2,889
 
(6,063
) 
  
8,728
 
—
 
—
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
754
 
$
(48,002
) 
  
$
(15,555
) 
  
$
(112,875
) 
  
$
(10,688
) 
  
$
(111,292
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
             
CLO Notes Payable
   
$
—
 
$
2,178
 
$
—
 
$
282
 
$
—
 
$
—
Corporate Treasury Commitments
   
—
 
896
 
—
 
6,880
 
—
 
(7,508
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
—
 
$
3,074
 
$
—
 
$
7,162
 
$
—
 
$
(7,508
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The following table presents information for those financial instruments for which the fair value option was elected:

 
 
  
December 31, 2024
 
December 31, 2023
 
  
 
 
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
   
$
2,769
 
$
—
 
$
—
  
$
675
 
$
—
  
$
—
Debt Securities
   
(55,890
)
  
—
 
—
  
(52,577
) 
  
—
  
—
Assets of Consolidated CLO Vehicles
                     
Corporate Loans
   
(2,478
) 
  
1,359
  
  
—
  
  
(8,751
) 
  
1,345
  
   
—
  
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
  
$
(55,599
)
  
$
1,359
 
$
—
  
$
(60,653
) 
  
$
1,345
  
$
—
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past due.
As of December 31, 2024 and 2023, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual status. As of December 31, 2024 and 2023, 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 was not in non-accrual status.
v3.25.0.1
Fair Value Measurements of Financial Instruments
 12 Months Ended
Dec. 31, 2024
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, 2024
 
  
Level I
  
Level II
  
Level III
  
NAV (a)
  
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
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
  
December 31, 2023
 
  
Level I
  
Level II
  
Level III
  
NAV
  
Total
Assets
Cash and Cash Equivalents
   
$
263,574
  
$
—
  
$
—
  
$
—
  
$
263,574
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments
               
Investments of Consolidated Blackstone Funds
               
Equity Securities, Partnerships and LLC Interests (b)
   
11,118
123,022
2,653,246
558,259
3,345,645
Debt Instruments
   
—
  
924,264
  
30,385
  
—
  
954,649
Freestanding Derivatives
   
—
  
19,189
  
—
  
—
  
19,189
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments of Consolidated Blackstone Funds
   
11,118
  
1,066,475
  
2,683,631
  
558,259
  
4,319,483
Corporate Treasury Investments
   
72,071
  
435,430
  
296,369
  
—
  
803,870
Other Investments
   
1,564,112
  
2,355,423
  
223,441
  
7,275
  
4,150,251
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments
   
1,647,301
  
3,857,328
  
3,203,441
  
565,534
  
9,273,604
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Receivable
—
Loans and Receivables
   
—
  
—
  
60,738
  
—
  
60,738
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Other Assets — Freestanding Derivatives
   
90
  
157,629
  
13,171
  
—
  
170,890
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
1,910,965
  
$
4,014,957
  
$
3,277,350
  
$
565,534
  
$
9,768,806
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
               
Loans Payable
—
 CLO Notes Payable
   
$
—
  
$
687,122
  
$
—
  
$
—
  
$
687,122
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Payable, Accrued Expenses and Other Liabilities
               
Freestanding Derivatives
   
436
  
90,199
  
563,986
  
—
  
654,621
Contingent Consideration
   
—
  
—
  
387
  
—
  
387
Corporate Treasury Commitments
   
—
  
—
  
1,264
  
—
  
1,264
Securities Sold, Not Yet Purchased
   
3,886
  
—
  
—
  
—
  
3,886
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
   
4,322
  
90,199
  
565,637
  
—
  
660,158
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
4,322
 
   
$
777,321
 
   
$
565,637
 
   
$
—
 
   
$
1,347,280
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
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, 2024 is presented by strategy type below:
 
Strategy
  
Fair Value
  
Unfunded
Commitments
  
Redemption
Frequency
(if currently eligible)
  
Redemption
Notice Period
Equity
   
$
421,052
 
$
—
 
(1)
  
(1)
Real Estate
   
52,444
  
—
  
(2)
  
(2)
Private Equity
   
63,286
50,400
(3)
(3)
Other
   
6,289
  
—
 
   
(4)
  
(4)
  
 
 
 
   
 
 
 
     
  
$
543,071
  
$
50,400
    
  
 
 
 
   
 
 
 
     
 
 
(1)
The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 69% 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 31% of the fair value of the investments in this category are redeemable as of the reporting date.
 
(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 Private Equity category includes investments in funds that primarily invest in infrastructure. All investments in these categories may not be redeemed at, or within three months of, the reporting date.
(4)
Other is composed of the Credit Driven category, the Commodities category and the Diversified Instruments category. The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. The Diversified Instruments category includes investments in funds that invest across multiple strategies. 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 $630.9 million as of December 31, 2024. The nature of such restrictions are contractual or legal in nature and deemed an attribute of the holder rather than the investment. Contractual restrictions include certain phased restrictions on sale or transfer, underwriter lock-ups and 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 2.2 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, 2024. 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
Impact to
 
 
 
 
 
 
 
 
 
 
 
 
Valuation
 
 
 
 
 
 
 
 
 
 
 
 
from an
 
 
 
 
Valuation
 
Unobservable
 
 
 
Weighted-
 
Increase
 
 
Fair Value
 
Techniques
 
Inputs
 
Ranges
 
Average (a)
 
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
 
 
4.0x - 30.6x
 
15.4x
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2023:
 
 
 
 
  
 
  
 
  
 
 
 
 
Impact to
 
 
 
  
 
  
 
  
 
 
 
 
Valuation
 
 
 
  
 
  
 
  
 
 
 
 
from an
 
 
 
  
Valuation
  
Unobservable
  
 
 
Weighted-
 
Increase
 
 
Fair Value
  
Techniques
  
Inputs
  
Ranges
 
Average (a)
 
in Input
Financial Assets
Investments of Consolidated Blackstone Funds
Equity Securities, Partnership and LLC Interests
  
$
2,653,246
  
Discounted Cash Flows
  
 
Discount Rate
  
3.3% - 38.0%
  
9.7%
  
Lower
       
Exit Multiple 
- 
EBITDA
  
4.0x - 30.6x
  
15.0x
  
Higher
       
Exit Capitalization Rate
  
3.1% - 12.8%
  
5.1%
  
Lower
Debt Instruments
  
30,385
  
Third-Party Pricing
  
n/a
      
 
 
 
 
             
Total Investments of Consolidated Blackstone Funds
  
2,683,631
            
Corporate Treasury Investments
  
296,369
  
Discounted Cash Flows
  
Discount Rate
  
11.2% - 22.4%
  
17.1%
  
Lower
    
Transaction Price
  
n/a
  
Loans and Receivables
  
60,738
  
Discounted Cash Flows
  
Discount Rate
  
8.8% - 14.9%
10.3%
Lower
Other Investments (b)
  
236,612
  
Third-Party Pricing
  
n/a
      
   
Transaction Price
  
n/a
  
   
 
 
 
 
             
 
$
3,277,350
            
 
 
 
 
             
Financial Liabilities
               
Freestanding Derivatives (c)
  
$
563,986
  
Option Pricing Model
  
Volatility
  
6.3%
  
n/a
  
Higher
Other Liabilities (d)
  
1,651
  
Third-Party Pricing
  
n/a
      
    
 
Other
  
n/a
      
 
 
 
 
             
 
$
565,637
            
 
 
 
 
             
 
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, 2024 and 2023, 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, 2024 and 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
During the year ended December 31, 2024, 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,
2024
2023
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
   
$
2,683,631
 
$
60,738
 
$
373,024
 
$
3,117,393
 
$
4,249,832
 
$
315,039
 
$
30,971
 
$
4,595,842
Transfer In Due to Consolidation and Acquisition
   
85,540
 
—
 
—
 
85,540
 
—
 
—
 
—
 
—
Transfer Out Due to Deconsolidation
   
(14,237
) 
  
—
 
—
 
(14,237
) 
  
(1,453,837
) 
  
—
 
—
 
(1,453,837
) 
Transfer Into Level III (b)
   
35,547
 
—
 
109,347
 
144,894
 
28,190
 
—
 
898
 
29,088
Transfer Out of Level III (b)
   
(35,373
) 
  
—
 
(58
) 
  
(35,431
) 
  
(18,197
) 
  
—
 
(3,374
) 
  
(21,571
) 
Purchases
   
694,710
 
857,245
 
465,775
 
2,017,730
 
294,789
 
284,002
 
354,202
 
932,993
Sales
   
(214,743
) 
  
(784,457
) 
  
(307,926
) 
  
(1,307,126
) 
  
(289,721
) 
  
(563,732
) 
  
(14,542
) 
  
(867,995
) 
Issuances
   
—
 
30,028
 
—
 
30,028
 
—
 
68,450
 
—
 
68,450
Settlements (c)
   
—
 
(74,742
) 
  
(21,261
) 
  
(96,003
) 
  
—
 
(70,419
) 
  
(8,252
) 
  
(78,671
) 
Changes in Gains (Losses) Included in Earnings
   
(61,633
) 
  
12,054
 
5,511
 
(44,068
) 
  
(127,425
) 
  
27,398
 
13,121
 
(86,906
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance, End of Period
   
$
3,173,442
 
$
100,866
 
$
624,412
 
$
3,898,720
 
$
2,683,631
 
$
60,738
 
$
373,024
 
$
3,117,393
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Changes in
Unrealized Gains
(Losses) Included
in Earnings Related to Financial Assets Still Held at the Reporting Date
   
$
(9,279
) 
  
$
(1,297
) 
  
$
(1,368
) 
  
$
(11,944
) 
  
$
(94,828
) 
  
$
2,227
 
$
7,725
 
$
(84,876
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
  
Level III Financial Liabilities at Fair Value
 
  
Year Ended December 31,
 
  
2024
  
2023
 
  
Freestanding
Derivatives
  
Other
Liabilities
 
Total
  
Freestanding
Derivatives
  
Other
Liabilities
 
Total
Balance, Beginning of Period
   
$
563,986
  
$
1,651
 
$
565,637
  
$
48,581
  
$
8,144
 
$
56,725
Transfer In (Out) Due to Consolidation and Acquisition
   
—
  
—
 
—
  
—
  
800
 
800
Sales
   
—
  
—
 
—
  
—
  
(413
) 
  
(413
) 
Changes in Losses (Gains) Included in Earnings
   
374,230
  
(779
) 
  
373,451
  
515,405
  
(6,880
) 
  
508,525
  
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
Balance, End of Period
   
$
938,216
$
872
$
939,088
$
563,986
$
1,651
$
565,637
  
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date
   
$
374,230
 
   
$
(779
) 
  
$
373,451
 
   
$
515,405
 
   
$
(6,880
) 
  
$
508,525
  
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 

(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.
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
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,
2024
December 31,
2023
Investments
   
$
4,537,481
  
$
3,751,591
Due from Affiliates
   
242,109
  
203,187
Potential Clawback Obligation
   
41,908
  
72,119
  
 
 
 
   
 
 
 
Maximum Exposure to Loss
   
$
4,821,498
$
4,026,897
  
 
 
 
   
 
 
 
Amounts Due to Non-Consolidated VIEs
   
$
855
 
   
$
223
 
  
 
 
 
   
 
 
 
v3.25.0.1
Repurchase Agreements
 12 Months Ended
Dec. 31, 2024
Repurchase Agreements
9.
Repurchase Agreements
As of December 31, 2024, Blackstone pledged securities with a carrying value of $6.8 million. As of December 31, 2023, Blackstone had no Repurchase Agreements and hence no pledged securities.
 
The following table provides information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged as of December 31, 2024.
 
    
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”
 
   
$
—
        
 
 
 
v3.25.0.1
Other Assets
 12 Months Ended
Dec. 31, 2024
Other Assets
10.
Other Assets
Other Assets consists of the following:
 
    
December 31,
    
2024
   
2023
Furniture, Equipment and Leasehold Improvements
   
$
989,518
  
$
937,355
Less: Accumulated Depreciation
   
(483,200
) 
   
(394,602
) 
  
 
 
 
   
 
 
 
Furniture, Equipment and Leasehold Improvements, Net
   
506,318
  
542,753
Prepaid Expenses
   
192,777
  
207,886
Freestanding Derivatives
   
180,309
  
170,890
Other
   
68,455
  
23,319
  
 
 
 
   
 
 
 
  
$
947,859
  
$
944,848
  
 
 
 
   
 
 
 
Depreciation expense of $98.8 million, $94.1 million and $69.2 million related to furniture, equipment and leasehold improvements for the years ended December 31, 2024, 2023 and 2022, respectively, is included in General, Administrative and Other in the Consolidated Statements of Operations.
 
v3.25.0.1
Offsetting of Assets And Liabilities
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023:
 
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
Financial
Instruments (a)
Cash Collateral
Pledged
Net

Amount
Liabilities
            
Freestanding Derivatives
   
$
137,551
  
$
125,056
  
$
10
  
$
12,485
Repurchase Agreements
   
6,758
  
6,758
  
—
  
—
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
144,309
 
   
$
131,814
 
   
$
    10
 
   
$
    12,485
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
December 31, 2023
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
   
$
  190,079
 
   
$
 107,330
 
   
$
 49,532
 
   
$
   33,217
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
December 31, 2023
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
   
$
 90,635
 
   
$
 87,777
 
   
$
   625
 
   
$
    2,233
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(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 balance sheet exposure.
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, 2024, the aggregate cash balance on deposit relating to the cash pooling arrangements was $981.9 million, which was offset and reported net of the accompanying overdraft of $981.8 million.
 
v3.25.0.1
Borrowings
 12 Months Ended
Dec. 31, 2024
Borrowings
12.
Borrowings
On December 6, 2024, Blackstone, through its indirect subsidiary Blackstone Reg Finance Co. L.L.C., issued $
750
 million
aggregate principal amount of senior notes due December 6, 2034 pursuant to a Registration Statement on Form
S-3
(the “Registered 2034 Notes”). The Registered 2034 Notes have an interest rate
of
5.000
% per annum, accruing
from December 6, 2024. Interest on the Registered 2034 Notes is payable semi-annually in arrears on June 6 and December 6 of each year commencing on June 6, 2025.
All of Blackstone’s outstanding senior notes as of December 31, 2024 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.
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,
    
2024
  
2023
    
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
% 
  
331,170
  
331,170
  
2.16
% 
1.000%, Due 10/5/2026
   
621,240
  
621,240
  
1.13
% 
  
662,340
  
662,340
  
1.16
% 
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
   
621,240
  
621,240
  
1.56
% 
  
662,340
  
662,340
  
1.60
% 
2.500%, Due 1/10/2030
   
500,000
  
500,000
  
2.73
% 
  
500,000
  
500,000
  
2.73
% 
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
   
517,700
  
517,700
  
3.79
% 
  
551,950
  
551,950
  
3.90
% 
5.000%, Due 12/6/2034
   
750,000
  
750,000
  
5.23
% 
  
—
  
—
  
—
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
% 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
15,645,800
  
11,320,800
    
15,032,800
  
10,707,800
  
Other (c)
                 
Secured Borrowing, Due 10/27/2033
   
19,949
  
19,949
  
6.94
% 
  
19,949
  
19,949
  
7.69
% 
Secured Borrowing, Due 1/29/2035
   
20,000
  
20,000
  
6.94
%
 
  
20,000
  
20,000
  
3.72
% 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
15,685,749
  
11,360,749
    
15,072,749
  
10,747,749
  
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
Borrowings of Consolidated
                 
Blackstone Funds
                 
CLO Notes Payable (d)
   
99,419
  
99,419
  
 
8.72
%
 
 
  
858,133
  
858,133
  
 
7.57
%
 
 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
99,419
  
99,419
    
858,133
  
858,133
  
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
$
15,785,168
 
   
$
11,460,168
 
     
$
15,930,882
 
   
$
11,605,882
 
   
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
 
(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, 2024 and 2023, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $
38.9
 
million and $
40.3 
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 2025, 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)
Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of December 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $
49.6 
million.
(d)
CLO Notes Payable have maturity dates ranging from June 2025 to January 2037. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.
The following table presents the general characteristics of each of Blackstone’s borrowings as of December 31, 2024 and 2023, 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,
 
  
2024
  
2023
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
 
   
$
336,005
 
   
$
324,778
 
1.000%, Due 10/5/2026
   
624,078
  
601,801
  
664,085
  
620,864
3.150%, Due 10/2/2027
   
298,864
  
287,007
  
298,476
  
283,059
5.900%, Due 11/3/2027
   
596,505
  
617,550
  
595,411
  
625,158
1.625%, Due 8/5/2028
   
646,374
  
579,189
  
645,406
  
566,508
1.500%, Due 4/10/2029
   
626,043
  
584,295
  
666,655
  
601,272
2.500%, Due 1/10/2030
   
494,568
  
444,970
  
493,573
  
431,005
1.600%, Due 3/30/2031
   
496,911
  
403,415
  
496,447
  
391,955
2.000%, Due 1/30/2032
   
790,508
  
644,816
  
789,283
  
633,153
2.550%, Due 3/30/2032
   
496,146
  
417,830
  
495,670
  
410,755
6.200%, Due 4/22/2033
   
892,561
  
946,818
  
891,899
  
962,037
3.500%, Due 6/1/2034
   
489,624
  
522,877
  
521,549
  
536,319
5.000%, Due 12/6/2034
   
741,218
  
726,023
  
—
  
—
6.250%, Due 8/15/2042
   
239,756
  
254,095
  
239,457
  
263,270
5.000%, Due 6/15/2044
   
490,261
  
457,335
  
489,975
  
464,560
4.450%, Due 7/15/2045
   
344,840
  
290,836
  
344,691
  
297,486
4.000%, Due 10/2/2047
   
291,372
  
230,337
  
291,149
  
233,685
3.500%, Due 9/10/2049
   
392,618
  
277,496
  
392,436
  
294,608
2.800%, Due 9/30/2050
   
394,252
  
238,256
  
394,103
  
252,008
2.850%, Due 8/5/2051
   
543,478
  
329,791
  
543,317
  
352,457
3.200%, Due 1/30/2052
   
987,682
  
652,770
  
987,401
  
696,740
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
11,193,519
  
9,817,009
  
10,576,988
  
9,241,677
Other
            
Secured Borrowing, Due 10/27/2033
   
19,949
  
19,949
  
19,949
  
19,949
Secured Borrowing, Due 1/29/2035
   
20,000
  
20,000
  
20,000
  
20,000
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
11,233,468
  
9,856,958
  
10,616,937
  
9,281,626
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Borrowings of Consolidated
            
Blackstone Funds
            
CLO Notes Payable
   
87,488
  
87,488
  
687,122
  
687,122
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
87,488
  
87,488
  
687,122
  
687,122
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
11,320,956
 
   
$
9,944,446
 
   
$
11,304,059
 
   
$
9,968,748
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
 
Scheduled principal payments for borrowings at December 31, 2024 were as follows:
 
Blackstone
Operating
Borrowings
Borrowings of
Consolidated
Blackstone Funds
Total
Borrowings
2025
   
$
318,843
 
   
$
—
 
   
$
318,843
 
2026
   
627,287
  
—
  
627,287
2027
   
911,589
  
—
  
911,589
2028
   
660,131
  
—
  
660,131
2029
   
625,199
  
—
  
625,199
Thereafter
   
8,217,700
  
99,419
  
8,317,119
  
 
 
 
   
 
 
 
   
 
 
 
  
$
11,360,749
  
$
99,419
  
$
11,460,168
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023, Blackstone maintained irrevocable standby letters of credit and cash deposits as security for the leases of $14.1 million and $14.7 million, respectively. As of December 31, 2024, the weighted-average remaining lease term was 8.1 years, and the weighted-average discount rate was 3.4%.
The components of lease expense were as follows:
 
Year Ended December 31,
2024
2023
2022
Operating Lease Cost
         
Straight-Line Lease Cost (a)
   
$
156,680
  
$
160,534
  
$
139,740
Variable Lease Cost (b)
   
20,222
  
15,268
  
12,072
Sublease Income
   
(65
) 
   
(63
) 
   
(888
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
 176,837
  
$
 175,739
  
$
 150,924
  
 
 
 
   
 
 
 
   
 
 
 
 
(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,
2024
2023
2022
Operating Cash Flows for Operating Lease Liabilities
   
$
 145,388
 
   
$
 127,183
 
   
$
 107,249
 
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities
   
$
129,451
  
$
117,155
  
$
278,010
 
 
The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2024:
 
2025
   
$
178,730
2026
   
176,178
2027
   
173,142
2028
   
167,033
2029
   
106,720
Thereafter
   
281,538
  
 
 
 
Total Lease Payments (a)
   
1,083,341
Less: Imputed Interest
   
(117,599
) 
  
 
 
 
Present Value of Operating Lease Liabilities
   
$
965,742
  
 
 
 
 
(a)
Excludes signed leases that have not yet commenced.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Taxes
14. Income Taxes
The Income Before Provision for Taxes consists of the following:
 
Year Ended December 31,
2024
2023
2022
Income Before Provision (Benefit) for Taxes
U.S. Domestic Income
   
$
6,029,702
 
   
$
2,577,184
 
   
$
3,023,588
 
Foreign Income
   
429,778
  
380,530
  
438,201
  
 
 
 
   
 
 
 
   
 
 
 
  
$
 6,459,480
  
$
 2,957,714
  
$
 3,461,789
  
 
 
 
   
 
 
 
   
 
 
 
The Provision for Taxes consists of the following:
 
 
  
Year Ended December 31,
 
  
2024
  
2023
  
2022
Current
  
  
  
Federal Income Tax
   
$
424,659
  
$
362,144
  
$
503,075
Foreign Income Tax
   
128,757
  
112,861
  
75,859
State and Local Income Tax
   
120,454
  
186,851
  
255,421
  
 
 
 
   
 
 
 
   
 
 
 
  
673,870
661,856
834,355
  
 
 
 
   
 
 
 
   
 
 
 
Deferred
           
Federal Income Tax
   
265,749
  
(94,732
) 
   
(312,961
) 
Foreign Income Tax
   
(471
) 
   
(7,020
) 
   
(3,048
) 
State and Local Income Tax
   
82,523
  
(46,643
) 
   
(45,466
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
347,801
  
(148,395
) 
   
(361,475
) 
  
 
 
 
   
 
 
 
   
 
 
 
Provision for Taxes
   
$
 1,021,671
  
$
   513,461
  
$
   472,880
  
 
 
 
   
 
 
 
   
 
 
 
 
The following table summarizes Blackstone’s tax position:
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Income Before Provision for Taxes
   
$
6,459,480
 
$
2,957,714
 
$
3,461,789
Provision for Taxes
   
$
1,021,671
 
$
513,461
 
$
472,880
Effective Income Tax Rate
   
15.8
% 
  
17.4
% 
  
13.7
% 
The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:
 
                
2024
  
2023
    
Year Ended December 31,
  
vs.
  
vs.
    
2024
  
2023
  
2022
  
2023
  
2022
Statutory U.S. Federal Income Tax Rate
   
21.0
% 
  
21.0
% 
  
21.0
% 
  
—
 
—
Income Passed Through to
Non-Controlling
Interest Holders
   
-9.0
% 
  
-8.2
% 
  
-8.1
% 
  
-0.8
% 
  
-0.1
% 
State and Local Income Taxes
   
2.9
% 
  
4.3
% 
  
6.0
% 
  
-1.4
% 
  
-1.7
% 
Basis Adjustment (a)
   
—
 
—
 
-4.6
% 
  
—
 
4.6
% 
Other
   
0.9
% 
  
0.3
% 
  
-0.6
% 
  
0.6
% 
  
0.9
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Effective Income Tax Rate
   
15.8
% 
  
17.4
% 
  
13.7
% 
  
-1.6
% 
  
3.7
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
Represents the impact of the out-of-period adjustment made during the year ended December 31, 2022 to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision.
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,
2024
2023
Deferred Tax Assets
Investment Basis Differences/Net Unrealized Gains and Losses
   
$
1,737,508
  
$
2,210,974
Other
   
287,639
  
120,420
  
 
 
 
   
 
 
 
Total Deferred Tax Assets Before Valuation Allowance
   
2,025,147
  
2,331,394
Valuation Allowance
   
(21,199
) 
   
—
  
 
 
 
   
 
 
 
Total Deferred Tax Assets
   
2,003,948
2,331,394
  
 
 
 
   
 
 
 
Deferred Tax Liabilities
      
Investment Basis Differences/Net Unrealized Gains and Losses
   
12,282
  
18,333
Other
   
1,953
  
2,163
  
 
 
 
   
 
 
 
Total Deferred Tax Liabilities
   
14,235
  
20,496
 
  
 
 
 
   
 
 
 
Net Deferred Tax Assets
   
$
1,989,713
  
$
2,310,898
  
 
 
 
   
 
 
 
The decrease in the Net Deferred Tax Assets for the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily due to an out-of-period adjustment Blackstone recorded to correct the allocation of book equity between Additional Paid-In-Capital and Non-Controlling Interests in Blackstone Holdings
 
 
related to change in ownership transactions, including repurchases, which had a corresponding impact to the investment basis used to calculate deferred taxes. The cumulative impact of the correction related to prior years resulted in a decrease of $317.1 million in Deferred Tax Assets as of December 31, 2024, with a corresponding increase to Additional Paid-in-Capital as of December 31, 2024. 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, 2024. See Note 15. “Earnings Per Share and Stockholders’ Equity — Share Repurchase Program” for further information on the out-of-period adjustment.
Blackstone has determined that deferred tax assets recorded during the period 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 $21.2 million as of December 31, 2024.
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, 2024, 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
   
2021
 
New York City
   
2009
New York State
   
2016
United Kingdom
   
2011
Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were:

    
December 31,
    
2024
   
2023
   
2022
Unrecognized Tax Benefits — January 1
   
$
210,778
  
$
153,624
  
$
47,501
 
Additions Based on Tax Positions Related to Current Year
   
46,572
  
19,807
  
—
Reductions for Tax Positions of Current Year
   
—
  
(19,737
) 
   
—
Additions for Tax Positions of Prior Years
   
—
  
57,081
  
106,059
Reductions for Tax Positions of Prior Years
   
(6,111
) 
   
—
  
—
Exchange Rate Fluctuations
   
218
  
3
  
64
  
 
 
 
   
 
 
 
   
 
 
 
Unrecognized Tax Benefits — December 31
   
$
251,457
  
$
210,778
  
$
153,624
  
 
 
 
   
 
 
 
   
 
 
 
 
 
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, 2024; 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, 2024.
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, 2024, 2023 and 2022, Blackstone accrued no penalties and accrued interest expense related to unrecognized tax benefits of $29.1 million, $22.8 million, and $32.6 million, respectively.
Other Income — Change in Tax Receivable Agreement Liability
In 2024 and 2023, the $(41.2) million and $(27.2)
million, respectively, Change in Tax Receivable Agreement Liability was primarily attributable to a change in Blackstone’s state tax apportionment.
v3.25.0.1
Earnings Per Share and Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 was calculated as follows:
 
    
Year Ended December 31,
    
2024
   
2023
   
2022
Net Income for Per Share of Common Stock Calculations
         
Net Income Attributable to Blackstone Inc., Basic and Diluted
   
$
2,776,508
  
$
1,390,880
  
$
1,747,631
  
 
 
 
   
 
 
 
   
 
 
 
Shares/Units Outstanding
         
Weighted-Average Shares of Common Stock Outstanding, Basic
   
766,487,450
  
755,204,556
  
740,664,038
Weighted-Average Shares of Unvested Deferred Restricted Common Stock (a)
   
159,058
  
215,380
  
278,361
  
 
 
 
   
 
 
 
   
 
 
 
Weighted-Average Shares of Common Stock Outstanding, Diluted
   
766,646,508
 
   
755,419,936
 
   
740,942,399
 
  
 
 
 
   
 
 
 
   
 
 
 
Net Income Per Share of Common Stock
         
Basic
   
$
3.62
  
$
1.84
  
$
2.36
  
 
 
 
   
 
 
 
   
 
 
 
Diluted
   
$
3.62
  
$
1.84
  
$
2.36
  
 
 
 
   
 
 
 
   
 
 
 
Dividends Declared Per Share of Common Stock (b)
   
$
3.45
  
$
3.32
  
$
4.94
  
 
 
 
   
 
 
 
   
 
 
 
 
(a)
For the years ended December 31, 2024 and 2023, 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,
    
2024
   
2023
   
2022
Weighted-Average Blackstone Holdings Partnership Units
   
  455,306,643
 
   
  460,897,953
 
   
  466,083,269
 
Stockholders’ Equity
As of December 31, 2024, 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, 2024.
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, 2022, Blackstone repurchased 3.9 million shares of common stock at a total cost of $392.0 million. 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. As of December 31, 2024, the amount remaining available for repurchases under the program was $1.8 billion.
Change in Blackstone Inc. Ownership Interest
During the year ended December 31, 2024, Blackstone recorded an out-of-period adjustment to correct the allocation of book equity between Additional Paid-In-Capital and Non-Controlling Interests in Blackstone Holdings related to change in ownership transactions, including repurchases, and the corresponding impact to the investment basis used to calculate deferred taxes. The cumulative impact of the correction related to prior years
 
 
resulted in a decrease of $1.1 billion in Non-Controlling Interests in Blackstone Holdings as of December 31, 2024, a decrease of $317.1 million in Deferred Tax Assets as of December 31, 2024, and a net increase of $781.6 million in Additional Paid-In-Capital as of December 31, 2024. The impact of the out-of-period adjustment is reflected in Change in Blackstone Inc.’s Ownership Interest and Deferred Tax Effects Resulting from Change in Blackstone Inc.’s Ownership Interest within the Consolidated Statement of Changes in Equity. Blackstone concluded the out-of-period adjustment was not material to the current or prior periods.
Shares Eligible for Dividends and Distributions
As of December 31, 2024, 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
   
731,925,965
Unvested Participating Common Stock
   
36,796,276
 
  
 
 
 
Total Participating Common Stock
   
768,722,241
Participating Blackstone Holdings Partnership Units
   
452,448,896
  
 
 
 
  
1,221,171,137
  
 
 
 
v3.25.0.1
Equity-Based Compensation
 12 Months Ended
Dec. 31, 2024
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, 2024, Blackstone had the ability to grant 173,443,452 shares under the Equity Plan.
For the years ended December 31, 2024, 2023 and 2022, Blackstone recorded compensation expense
 of $1.2 billion, $987.5 million, and $846.3 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $298.2 million, $183.4 million, and $135.9 million, respectively.
As of December 31, 2024, there was $2.5 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 1,221,159,186 as of December 31, 2024. Total outstanding phantom shares were 83,228 as of December 31, 2024.
 
 
A summary of the status of Blackstone’s unvested equity-based awards as of December 31, 2024 and of changes during the period January 1, 2024 through December 31, 2024 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, 2023
   
4,585,893
 
$
38.94
 
   
36,456,644
 
  
$
86.05
 
   
85,447
 
$
114.50
 
Granted
   
 
—
 
—
  
 
11,894,835
 
131.67
  
 
38,819
 
121.94
Vested
   
(3,700,053
) 
  
40.06
  
(12,165,823
) 
  
79.92
  
(32,886
) 
  
144.80
Forfeited
   
(35,431
) 
  
46.58
  
(2,257,086
) 
  
101.29
 
(20,863
) 
  
130.85
  
 
 
 
     
 
 
 
     
 
 
 
  
Balance, December 31, 2024
   
850,409
 
$
33.38
  
33,928,570
 
$
103.44
 
    70,517
 
$
187.66
  
 
 
 
     
 
 
 
     
 
 
 
  
Shares/Units Expected to Vest
The following unvested shares and units, after expected forfeitures, as of December 31, 2024, are expected to vest:
 
Shares/Units
Weighted-Average

Service Period in
Years
Blackstone Holdings Partnership Units
   
828,312
  
0.6
Deferred Restricted Shares of Common Stock
   
30,826,072
 
   
2.8
  
 
 
 
   
 
Total Equity-Based Awards
   
31,654,384
  
2.7
  
 
 
 
   
 
Phantom Shares
   
59,807
  
2.9
  
 
 
 
   
 
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 are 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, multiplied 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 13.8% annually by employee class, and a per share discount on non-participating shares, ranging from $1.07 to $21.53.
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 6.8% to 13.8% annually by employee class. Blackstone is accounting for these cash settled awards as a liability.
 
 
Blackstone paid $3.9 million, $1.7 million, and $0.6 million to employees in settlement of phantom shares for the years ended December 31, 2024, 2023 and 2022, 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 up to 1 year. Additionally, the calculation of the compensation expense assumes a forfeiture rate of 6.8%, based on historical experience.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions
17. Related Party Transactions
Affiliate Receivables and Payables
Due from Affiliates and Due to Affiliates consisted of the following:
 
December 31,
2024
2023
Due from Affiliates
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies
   
$
4,049,707
 
   
$
3,638,948
 
Due from Certain Non-Controlling Interest Holders and Blackstone Employees
   
1,191,527
  
720,743
Accrual for Potential Clawback of Previously Distributed Performance Allocations
   
168,081
  
106,830
  
 
 
 
   
 
 
 
  
$
5,409,315
  
$
4,466,521
  
 
 
 
   
 
 
 
 
 
    
December 31,
    
2024
   
2023
Due to Affiliates
      
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements
   
$
1,844,978
 
   
$
1,681,516
 
Due to Non-Consolidated Entities
   
208,537
  
124,560
Due to Certain Non-Controlling Interest Holders and Blackstone Employees
   
255,086
  
305,816
Accrual for Potential Repayment of Previously Received Performance Allocations
   
499,547
  
281,518
 
 
 
 
 
 
    
$
2,808,148
  
$
2,393,410
  
 
 
 
   
 
 
 
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, 2024 and 2023, such investments aggregated to $2.0 billion and $1.7 billion, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling and Non-Controlling Interests in Consolidated Entities aggregated $176.0 million, $87.8 million, and $10.9 million for the years ended December 31, 2024, 2023 and 2022, 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, 2024. See Note 18. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback).”
Tax Receivable Agreements
Blackstone used a portion of the proceeds from the IPO and other sales of shares to purchase interests in the predecessor businesses from the predecessor owners. In addition, holders of Blackstone Holdings Partnership Units may exchange their Blackstone Holdings Partnership Units for shares of Blackstone common stock on a one-for-one 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 $1.8 billion over the next 15 years. The after-tax net present value of these estimated payments totals $529.9 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, 2024, payments totaling $46.3 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 2023 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 balance sheet date, 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.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies
18. Commitments and Contingencies
Commitments
Investment Commitments
Blackstone had $6.4 billion of investment commitments as of December 31, 2024 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 $127.2 million as of December 31, 2024 which includes $104.0 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, 2024, $92.8 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 $28.4 million as of December 31, 2024.
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, 2024 was $91.5 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. An asset or liability is recognized based on fair value with the maximum potential future obligation capped at the fair value of the assets pledged by Blackstone in connection with the above arrangements. As of December 31, 2024, the fair value of the assets pledged was $1.1 billion and the total liability recognized was $938.2 million.
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. Defendants subsequently filed appeals, including a cross-appeal by the Blackstone Defendants, which is currently pending. Additionally, the Blackstone Defendants and the other fund manager defendants filed a petition for a writ of prohibition. On November 12, 2024, the Kentucky Court of Appeals denied defendants’ writ of prohibition, and defendants subsequently appealed to the Kentucky Supreme Court. Taylor II is stayed pending review of these appeals and cross-appeals.
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 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.
On January 3, 2025, we and several other defendants entered into a settlement agreement with KRS and the Commonwealth of Kentucky to, subject to approval by the Franklin County Circuit Court and certain requirements, resolve all claims against these defendants in the AG’s actions, resolve BLP’s breach-of-contract claims, and bar all claims against the Blackstone Defendants in Taylor I and Taylor II without any admission of wrongdoing. The settlement includes an $82.5 million
cash settlement divided among several defendants, of which
our
portion is expected to be covered by insurance. On January 8, 2025, the settling parties moved for court approval of the settlement. Taylor II plaintiffs objected and requested, in part, that the court refer their matter to mediation. On February 14, 2025, the court ordered the Taylor II parties to conduct a mediation
in
March 2025 and scheduled an approval hearing for the defendants’ settlement with KRS and the Commonwealth to follow on March 26, 2025. Our financial results for the year ended December 31, 2024 include an accrual for the estimated liability related to this matter.
 

In October 2022, as part of a sweep of private equity and other investment advisory firms, the SEC sent us a request for information relating to the retention of certain types of electronic business communications, including text messages, that may be required to be preserved under certain SEC rules. In January 2025, we entered into a settlement agreement with the SEC to resolve this matter and paid a civil monetary penalty of $
12 
million. During the three months ended December 31, 2024, we updated our accrued liability to reflect the settlement amount, which was less than the amount we previously accrued during 2024.
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 2032. 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 following table presents the clawback obligations by segment:
 
December 31,
2024
2023
Segment
Blackstone
Holdings
Current and
Former
Personnel (a)
Total (b)
Blackstone
Holdings
Current and
Former
Personnel (a)
Total (b)
Real Estate
   
$
316,749
 
   
$
158,346
 
   
$
475,095
 
   
$
145,435
 
   
$
90,337
 
   
$
235,772
 
Private Equity
   
15,044
  
6,273
  
21,317
  
29,046
  
16,231
  
45,277
Credit & Insurance
   
1,468
  
1,667
  
3,135
  
207
  
262
  
469
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
333,261
  
$
166,286
  
$
499,547
  
$
174,688
  
$
 
 
 
106,830
  
$
281,518
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(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, 2024, the Blackstone general partners paid an interim cash clawback obligation of $2.1 million related to a Private Equity segment fund, of which $1.2 million was paid by Blackstone Holdings and $0.9 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, 2024, $1.1 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, 2024, 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 $7.3 billion, on an after-tax basis where applicable, of which Blackstone Holdings is potentially liable for $6.7 billion if current and former Blackstone personnel default on their share of the liability, a possibility that management also views as remote.
v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
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, an investment platform offering eligible individual investors access to Blackstone’s private equity 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 – Multi-Asset Investing is organized into two primary platforms: Absolute Return and Multi-Strategy. In addition, the segment also includes a publicly traded energy infrastructure, renewables and master limited partnership investment platform.
These business segments are differentiated by their various investment strategies. Each of the segments primarily earns its income from management fees and investment returns on assets under management. Blackstone’s chief operating decision makers are its Chief Executive Officer and
Co-Founder
and its President and Chief Operating Officer. 
Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments.
Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period 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%, 70% and 77% of total GAAP revenues for the years ended December 31, 2024, 2023 and 2022, 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,
    
2024
  
2023
  
2022
Americas
   
76
% 
  
78
% 
  
83
% 
Europe, Middle East and Africa
   
16
% 
  
15
% 
  
15
% 
Asia-Pacific
   
8
% 
  
7
% 
  
2
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
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, 2024 and 2023, Blackstone held long-lived assets in the United States of $1.1 billion. As of December 31, 2023, Blackstone held long-lived assets in the United Kingdom of $141.7 million. No individual foreign country constituted more than 10% of Blackstone’s total long-lived assets as of December 31, 2024.
Major Customer Information
For the years ended December 31, 2024 and 2023, Blackstone Private Credit Fund (“BCRED”) accounted for an aggregate of $980.6 million and $762.6 million of Management and Advisory Fees, Net and Incentive Fees, respectively. For the years ended December 31, 2023 and 2022, BREIT accounted for $839.9 million and $841.3 million of Blackstone’s Management and Advisory Fees, Net, respectively. 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, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022.
 
    
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
   
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
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
December 31, 2023 and the Year Then Ended
Real

Estate
Private Equity
Credit &
Insurance
Multi-Asset
Investing
Total Segments
Management and Advisory Fees, Net
Base Management Fees
   
$
2,794,232
 
$
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
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
   
$
13,016,980
 
$
14,901,682
 
$
6,705,647
 
$
1,819,602
 
$
36,443,911
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31, 2022
    
Real

Estate
  
Private Equity
  
Credit &
Insurance
  
Multi-Asset
Investing
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
   
$
2,462,179
 
$
1,882,197
 
$
1,185,289
 
$
515,373
 
$
6,045,038
Transaction, Advisory and Other Fees, Net
   
171,424
 
97,972
 
34,481
 
6,240
 
310,117
Management Fee Offsets
   
(10,538
) 
  
(56,078
) 
  
(5,432
) 
  
(161
) 
  
(72,209
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
2,623,065
 
1,924,091
 
1,214,338
 
521,452
 
6,282,946
Fee Related Performance Revenues
   
1,075,424
 
(648
) 
  
374,721
 
—
 
1,449,497
Fee Related Compensation
   
(1,039,125
) 
  
(599,758
) 
  
(512,727
) 
  
(179,165
) 
  
(2,330,775
) 
Other Operating Expenses
   
(315,331
) 
  
(314,967
) 
  
(260,028
) 
  
(98,697
) 
  
(989,023
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
2,344,033
 
1,008,718
 
816,304
 
243,590
 
4,412,645
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
2,985,713
 
1,206,594
 
147,285
 
121,746
 
4,461,338
Realized Performance Compensation
   
(1,168,045
) 
  
(550,306
) 
  
(63,845
) 
  
(31,901
) 
  
(1,814,097
) 
Realized Principal Investment Income
   
150,790
 
144,585
 
79,763
 
21,118
 
396,256
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
1,968,458
 
800,873
 
163,203
 
110,963
 
3,043,497
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
 4,312,491
 
$
 1,809,591
 
$
  979,507
 
$
  354,553
 
$
 7,456,142
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
Reconciliations of Total Segment Amounts
The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the ye
ar
s ended December 31, 2024, 2023 and 2022 along with Total Assets as of December 31, 2024 and 2023:
 
                         
 
  
Year Ended December 31,
 
  
2024
 
2023
 
2022
Revenues
  
      
 
      
 
      
Total GAAP Revenues
  
$
13,229,968
 
 
$
8,022,841
 
 
$
8,517,673
 
Less: Unrealized Performance Revenues (a)
  
 
(371,407
) 
 
 
1,691,788
 
 
 
3,436,978
 
Less: Unrealized Principal Investment (Income) Loss (b)
  
 
(271,868
) 
 
 
593,301
 
 
 
1,235,529
 
Less: Interest and Dividend Revenue (c)
  
 
(410,980
) 
 
 
(535,641
) 
 
 
(285,075
) 
Less: Other Revenue (d)
  
 
(123,166
) 
 
 
93,083
 
 
 
(183,754
) 
Impact of Consolidation (e)
  
 
(444,828
) 
 
 
(200,237
) 
 
 
(109,379
) 
Transaction-Related and
Non-Recurring
Items (f)
  
 
39,272
 
 
 
25,672
 
 
 
(24,656
) 
Intersegment Eliminations
  
 
2,045
 
 
 
2,998
 
 
 
2,721
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment Revenue (g)
  
$
  11,649,036
 
 
$
 9,693,805
 
 
$
 12,590,037
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended December 31,
 
  
2024
 
2023
 
2022
Expenses
  
 
 
Total GAAP Expenses
 
$
6,819,326
  
 
$
4,981,130
  
 
$
4,973,025
  
Less: Unrealized Performance Allocations Compensation (h)
 
   
(140,021
) 
 
  
654,403
  
 
  
1,470,588
  
Less: Equity-Based Compensation (i)
 
   
(1,159,122
) 
 
  
(959,474
) 
 
  
(782,090
) 
Less: Interest Expense (j)
 
   
(444,417
) 
 
  
(429,521
) 
 
  
(316,569
) 
Impact of Consolidation (e)
 
   
(81,129
) 
 
  
(137,603
) 
 
  
(61,644
) 
Amortization of Intangibles (k)
 
   
(29,332
) 
 
  
(33,457
) 
 
  
(60,481
) 
Transaction-Related and Non-Recurring Items (f)
 
   
(17,100
) 
 
  
(309
) 
 
  
(81,789
) 
Administrative Fee Adjustment (l)
 
   
(11,590
) 
 
  
(9,707
) 
 
  
(9,866
) 
Intersegment Eliminations
 
   
2,045
  
 
  
2,998
  
 
  
2,721
  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Expenses (m)
 
$
  4,938,660
  
 
$
  4,068,460
  
 
$
 5,133,895
  
  
 
 
 
  
 
 
 
  
 
 
 
 
                         
   
Year Ended December 31,
   
2024
  
2023
  
2022
Other Income
       
Total GAAP Other Income (Loss)
   
$    
 
 
                         
48,838
    
$
 
  
 
 
 
  
 
 
                  
      (83,997
)
  
$
 
 
 
 
 
 
 
      
   (82,859
)
Impact of Consolidation (e)
     
(48,838
) 
    
83,997
      
82,859
  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Other Income
   
$
     —
    
$
—
    
$
—
  
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
                         
   
Year Ended December 31,
   
2024
  
2023
  
2022
Income Before Provision for Taxes
                        
Total GAAP Income Before Provision for Taxes
   
$
6,459,480
    
$
2,957,714
    
$
3,461,789
  
Less: Unrealized Performance Revenues (a)
     
(371,407
) 
    
1,691,788
      
3,436,978
  
Less: Unrealized Principal Investment (Income) Loss (b)
     
(271,868
) 
    
593,301
      
1,235,529
  
Less: Interest and Dividend Revenue (c)
     
(410,980
) 
    
(535,641
) 
    
(285,075
) 
Less: Other Revenue (d)
     
(123,166
) 
    
93,083
      
(183,754
) 
Plus: Unrealized Performance Allocations Compensation (h)
     
140,021
      
(654,403
) 
    
(1,470,588
) 
Plus: Equity-Based Compensation (i)
     
1,159,122
      
959,474
      
782,090
  
Plus: Interest Expense (j)
     
444,417
      
429,521
      
316,569
  
Impact of Consolidation (e)
     
(412,537
) 
    
21,363
      
35,124
  
Amortization of Intangibles (k)
     
29,332
      
33,457
      
60,481
  
Transaction-Related and Non-Recurring Items (f)
     
56,372
      
25,981
      
57,133
  
Administrative Fee Adjustment (l)
     
11,590
      
9,707
      
9,866
  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
6,710,376
    
$
5,625,345
    
$
7,456,142
  
  
 
 
 
  
 
 
 
  
 
 
 
 
                 
   
As of December 31,
   
2024
  
2023
Total Assets
                
Total GAAP Assets
   
$
43,469,875
    
$
40,287,530
  
Impact of Consolidation (e)
     
(3,241,484
) 
    
(3,843,619
) 
  
 
 
 
  
 
 
 
Total Segment Assets
   
$
40,228,391
    
$
36,443,911
  
  
 
 
 
  
 
 
 
 
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, 2024, 2023 and 2022, Other Revenue on a GAAP basis was $123.7 million, $(92.9) million and $184.6 million and included $122.3 million, $(94.7) million, and $182.9 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. For the year ended December 31, 2024, this adjustment includes removal of an accrual for
a
liability for a legal matter.
 
 
(g)
Total Segment Revenues is comprised of the following:
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Total Segment Management and Advisory Fees, Net
  
 
 
 
 
$
 
 
 
 
 
7,133,534
 
 
 
 
 
 
 
 
 
 
 
$
 
 
 
6,663,244
 
$
 
 
 
 
 
6,282,946
Total Segment Fee Related Performance Revenues
   
2,135,945
  
  
858,527
  
 
 
 
 
  
1,449,497
  
Total Segment Realized Performance Revenues
   
2,287,031
 
2,061,102
 
4,461,338
Total Segment Realized Principal Investment Income
   
92,526
 
110,932
 
396,256

  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Revenues
   
$
 
11,649,036
 
  
$
9,693,805
 
$
12,590,037

  
 
 
 
  
 
 
 
  
 
 
 
 
(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,
    
2024
  
2023
  
2022
Total Segment Fee Related Compensation
   
$
 
 
 
2,739,322
 
 
 
 
 
 
 
 
 
 
 
$
 
 
 
2,088,110
 
 
 
 
 
$
 
 
2,330,775
Total Segment Realized Performance Compensation
   
951,246
  
  
896,017
  
 
 
 
 
 
  
1,814,097
  
Total Segment Other Operating Expenses
   
1,248,092
 
1,084,333
 
989,023
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Expenses
   
$
4,938,660
 
$
 4,068,460
 
$
 5,133,895
  
 
 
 
  
 
 
 
  
 
 
 
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, 2024, 2023 and 2022:
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Management and Advisory Fees, Net
       
GAAP
   
$
7,188,936
 
$
6,671,260
 
$
6,303,315
Segment Adjustment (a)
   
(55,402
) 
  
(8,016
) 
  
(20,369
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
7,133,534
 
$
 6,663,244
 
$
 6,282,946
  
 
 
 
  
 
 
 
  
 
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
       
GAAP
       
Incentive Fees
   
$
964,178
 
$
695,171
 
$
525,127
Investment Income — Realized Performance Allocations
   
3,457,746
 
2,223,841
 
5,381,640
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
4,421,924
 
2,919,012
 
5,906,767
Total Segment
       
Less: Realized Performance Revenues
   
(2,287,031
) 
  
(2,061,102
) 
  
(4,461,338
) 
Segment Adjustment (b)
   
1,052
 
617
 
4,068
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
2,135,945
 
$
858,527
 
$
1,449,497
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
GAAP Compensation to Total Segment Fee Related Compensation
       
GAAP
       
Compensation
   
$
 3,048,229
 
$
2,785,447
 
$
2,569,780
Incentive Fee Compensation
   
373,586
 
281,067
 
207,998
Realized Performance Allocations Compensation
   
1,432,217
 
900,859
 
2,225,264
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
4,854,032
 
3,967,373
 
5,003,042
Total Segment
       
Less: Realized Performance Compensation
   
(951,246
) 
  
(896,017
) 
  
(1,814,097
) 
Less: Equity-Based Compensation — Fee Related Compensation
   
(1,143,054
) 
  
(946,575
) 
  
(772,170
) 
Less: Equity-Based Compensation — Performance Compensation
   
(16,068
) 
  
(12,899
) 
  
(9,920
) 
Segment Adjustment (c)
   
(4,342
) 
  
(23,772
) 
  
(76,080
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
2,739,322
 
$
 2,088,110
 
$
2,330,775
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
       
GAAP
   
$
1,361,909
 
$
 1,117,305
 
$
1,092,671
Segment Adjustment (d)
   
(113,817
) 
  
(32,972
) 
  
  (103,648
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
 1,248,092
 
$
1,084,333
 
$
  989,023
  
 
 
 
  
 
 
 
  
 
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Realized Performance Revenues
       
GAAP
       
Incentive Fees
   
$
964,178
 
$
695,171
 
$
525,127
Investment Income — Realized Performance Allocations
   
3,457,746
 
2,223,841
 
5,381,640
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
4,421,924
 
2,919,012
 
5,906,767
Total Segment
       
Less: Fee Related Performance Revenues
   
(2,135,945
) 
  
(858,527
) 
  
(1,449,497
) 
Segment Adjustment (b)
   
1,052
 
617
 
4,068
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
2,287,031
 
$
2,061,102
 
$
4,461,338
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Realized Performance Compensation
       
GAAP
       
Incentive Fee Compensation
   
$
373,586
 
$
281,067
 
$
207,998
Realized Performance Allocations Compensation
   
1,432,217
 
900,859
 
 2,225,264
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
1,805,803
 
 1,181,926
 
2,433,262
Total Segment
       
Less: Fee Related Performance Compensation (e)
   
(838,489
) 
  
(273,010
) 
  
(609,245
) 
Less: Equity-Based Compensation — Performance Compensation
   
(16,068
) 
  
(12,899
) 
  
(9,920
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
951,246
 
$
896,017
 
$
1,814,097
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Realized Principal Investment Income
       
GAAP
   
$
  332,258
 
$
303,823
 
$
   850,327
Segment Adjustment (f)
   
(239,732
) 
  
(192,891
) 
  
(454,071
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
   92,526
 
$
   110,932
 
$
396,256
  
 
 
 
  
 
 
 
  
 
 
 
 
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. For the year ended December 31, 2024, this adjustment includes removal of an accrual for
a
liability for a legal matter.
(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.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events
20. Subsequent Events
There have been no events since December 31, 2024 that require recognition or disclosure in the consolidated financial statements.
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
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 are based on the amount such investors reimburse the Blackstone Funds or Blackstone primarily for placement fees. 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 and Dividend Revenue comprises primarily interest and dividend income earned on principal investments not accounted for under the equity method held by Blackstone.
 
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
three
to twenty years, reflecting the contractual lives of such assets. 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. 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 June 2022, the Financial Accounting Standards Board issued amended guidance addressing certain sale restrictions on equity securities measured at fair value. The guidance requires that reporting entities not consider contractual sale restrictions that prohibit the sale of equity securities when measuring fair value and introduces new disclosure requirements for equity securities subject to contractual sale restrictions. The new guidance was effective for Blackstone beginning January 1, 2024, was adopted on a prospective basis and did not result in a change in measurement of equity securities upon adoption. Related disclosures are included within the consolidated financial statements.
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Intangible Assets, Net
Intangible Assets, Net consists of the following:
 
    
December 31,
    
2024
   
2023
Finite-Lived Intangible Assets/Contractual Rights
   
$
1,769,372
  
$
1,769,372
Accumulated Amortization
   
(1,604,129
) 
   
(1,568,164
) 
  
 
 
 
   
 
 
 
Intangible Assets, Net
   
$
165,243
  
$
201,208
  
 
 
 
   
 
 
 
Changes in Partnership's Intangible Assets, Net
Changes in Blackstone’s Intangible Assets, Net consists of the following:
 
    
Year Ended December 31,
    
2024
   
2023
   
2022
Balance, Beginning of Year
   
$
201,208
  
$
217,287
  
$
284,384
Amortization Expense
   
(35,965
) 
   
(40,075
) 
   
(67,097
) 
Acquisitions
   
—
  
23,996
  
—
  
 
 
 
   
 
 
 
   
 
 
 
Balance, End of Year
   
$
 165,243
  
$
 201,208
  
$
 217,287
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments
Investments consist of the following:

December 31,
2024
2023
Investments of Consolidated Blackstone Funds
   
$
 
 
 
 
 
 
 
3,890,732
  
$
 
 
 
 
 
 
4,319,483
Equity Method Investments
      
Partnership Investments
   
6,546,728
  
5,924,275
Accrued Performance Allocations
   
12,397,366
  
10,775,355
Corporate Treasury Investments
   
1,147,328
  
803,870
Other Investments
   
5,818,412
  
4,323,639
  
 
 
 
   
 
 
 
  
$
29,800,566
  
$
26,146,622
 
 
  
 
 
 
   
 
 
 
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,
    
2024
   
2023
   
2022
Realized Gains (Losses)
   
$
(19,139
) 
   
$
(42,756
) 
   
$
99,457
Net Change in Unrealized Gains (Losses)
   
92,834
  
(80,416
) 
   
(264,204
) 
  
 
 
 
   
 
 
 
   
 
 
 
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds
   
73,695
  
(123,172
) 
   
(164,747
) 
Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds
   
16,389
  
66,371
  
59,605
  
 
 
 
   
 
 
 
   
 
 
 
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities
   
$
90,084
  
$
(56,801
) 
   
$
(105,142
) 
  
 
 
 
   
 
 
 
   
 
 
 
Summarized Financial Information of Partnership's Equity Method Investments
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
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
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
) 
  
12,955,425
 
1,124,916
 
2,579,602
 
9,329,723
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income (Loss)
   
$
(10,190,111
) 
  
$
11,893,799
 
$
6,064,683
 
$
2,704,372
 
$
10,472,743
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
The summarized financial information of Blackstone’s equity method investments for December 31, 2022 are as follows:
 
    
December 31, 2022 and the Year Then Ended
    
Real
Estate
  
Private
Equity
  
Credit &
Insurance
  
Multi-Asset

Investing
  
Total
Statement of Financial Condition
           
Assets
           
Investments
   
$
295,985,447
 
$
190,972,309
 
$
87,362,311
 
$
29,969,945
 
$
604,290,012
Other Assets
   
13,601,083
 
3,529,890
 
6,345,260
 
3,743,263
 
27,219,496
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
   
$
309,586,530
 
$
194,502,199
 
$
93,707,571
 
$
33,713,208
 
$
631,509,508
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
           
Debt
   
$
118,075,949
 
$
23,197,140
 
$
39,049,599
 
$
244,796
 
$
180,567,484
Other Liabilities
   
7,735,780
 
2,187,967
 
5,644,625
 
1,215,788
 
16,784,160
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
   
125,811,729
 
25,385,107
 
44,694,224
 
1,460,584
 
197,351,644
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
   
183,774,801
 
169,117,092
 
49,013,347
 
32,252,624
 
434,157,864
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
   
$
309,586,530
 
$
194,502,199
 
$
93,707,571
 
$
33,713,208
 
$
631,509,508
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
           
Interest Income
   
$
2,917,115
 
$
2,017,933
 
$
5,764,150
 
$
11,052
 
$
10,710,250
Other Income
   
9,432,802
 
1,047,067
 
690,193
 
64,156
 
11,234,218
Interest Expense
   
(3,644,118
) 
  
(761,405
) 
  
(1,450,447
) 
  
(2,743
) 
  
(5,858,713
) 
Other Expenses
   
(11,089,520
) 
  
(2,246,183
) 
  
(1,303,902
) 
  
(141,596
) 
  
(14,781,201
) 
Net Realized and Unrealized Gain (Loss) from Investments
   
7,807,056
 
2,252,738
 
(1,330,895
) 
  
377,489
 
9,106,388
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income
   
$
5,423,335
 
$
2,310,150
 
$
2,369,099
 
$
308,358
 
$
10,410,942
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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, 2023
   
$
2,990,602
 
$
7,093,920
 
$
599,779
 
$
91,054
 
$
10,775,355
Performance Allocations as a Result of Changes in Fund Fair Values
   
(490,902
) 
  
3,801,294
 
471,043
 
222,708
 
4,004,143
Foreign Exchange Gain
   
5,124
 
—
 
—
 
—
 
5,124
Fund Distributions
   
(518,807
) 
  
(1,433,278
) 
  
(268,973
) 
  
(166,198
) 
  
(2,387,256
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accrued Performance Allocations, December 31, 2024
   
$
  1,986,017
 
$
  9,461,936
 
$
  801,849
 
$
   147,564
 
$
 12,397,366
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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,
    
2024
   
2023
   
2022
Realized Gains (Losses)
   
$
(3,234
) 
   
$
(4,881
) 
   
$
(21,511
) 
Net Change in Unrealized Gains
   
17,269
  
17,392
  
(57,426
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
  14,035
  
$
12,511
  
$
(78,937
) 
  
 
 
 
   
 
 
 
   
 
 
 
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,
 
  
2024
  
2023
  
2022
Realized Gains (Losses)
   
$
6,570
  
$
(19,346
) 
   
$
203,327
Net Change in Unrealized Gains (Losses)
   
436,061
(47,017
) 
(1,128,244
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
442,631
 
   
$
(66,363
) 
   
$
(924,917
) 
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024
December 31, 2023
Assets
Liabilities
Assets
Liabilities
Notional
Fair
Value
Notional
Fair

Value
Notional
Fair
Value
Notional
Fair
Value
Freestanding Derivatives
                                                              
Blackstone
Interest Rate Contracts
  
$
624,740
$
166,126
$
600,000
$
107,425
$
634,840
$
145,798
$
607,000
$
86,589
Foreign Currency Contracts
  
239,365
 
4,030
 
479,383
 
14,198
 
387,102
 
11,442
 
334,228
 
3,538
Credit Default Swaps
  
—
 
—
 
640
 
10
 
3,108
 
479
 
3,748
 
508
Total Return Swaps
  
58,263
 
10,153
 
—
 
—
 
63,158
 
13,171
 
—
 
—
Equity Options
  
—
 
—
 
1,139,400
 
938,216
 
—
 
—
 
1,110,490
 
563,986
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
922,368
 
180,309
 
2,219,423
 
1,059,849
 
1,088,208
 
170,890
 
2,055,466
 
654,621
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments of Consolidated Blackstone Funds
                
Interest Rate Contracts
  
785,790
 
13,243
 
915,215
 
15,918
 
855,683
 
19,189
 
—
 
—
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
785,790
 
13,243
 
915,215
 
15,918
 
855,683
 
19,189
 
—
 
—
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
$
1,708,158
 
  
$
193,552
 
  
$
3,134,638
 
  
$
1,075,767
 
  
$
1,943,891
 
  
$
190,079
 
  
$
2,055,466
 
  
$
654,621
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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,
    
2024
  
2023
  
2022
Freestanding Derivatives
       
Realized Gains (Losses)
       
Interest Rate Contracts
   
$
1,051
 
$
24,291
 
$
15,319
Foreign Currency Contracts
   
9,193
 
443
 
(8,520
) 
Credit Default Swaps
   
75
 
(413
) 
  
(231
) 
Total Return Swaps
   
21,080
 
15,775
 
1,654
  
 
 
 
  
 
 
 
  
 
 
 
  
31,399
 
40,096
 
8,222
  
 
 
 
  
 
 
 
  
 
 
 
Net Change in Unrealized Gains (Losses)
       
Interest Rate Contracts
   
10,291
 
(87,177
) 
  
167,706
Foreign Currency Contracts
   
(17,954
) 
  
3,288
 
9,666
Credit Default Swaps
   
(55
) 
  
363
 
73
Total Return Swaps
   
(2,837
) 
  
6,381
 
5,290
Equity Options
   
(374,230
) 
  
(515,405
) 
  
(48,581
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
(384,785
) 
  
(592,550
) 
  
134,154
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(353,386
) 
  
$
(552,454
) 
  
$
142,376
  
 
 
 
  
 
 
 
  
 
 
 
As of December 31, 2024, 2023 and 2022, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.
v3.25.0.1
Fair Value Option (Tables)
 12 Months Ended
Dec. 31, 2024
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,
2024
2023
Assets
      
Loans and Receivables
   
$
100,866
  
$
60,738
Equity and Preferred Securities
   
4,498,617
  
2,894,302
Debt Securities
   
63,671
  
63,486
Assets of Consolidated CLO Vehicles
      
Corporate Loans
   
62,426
  
938,801
  
 
 
 
   
 
 
 
  
$
4,725,580
 
   
$
3,957,327
 
  
 
 
 
   
 
 
 
Liabilities
      
CLO Notes Payable
   
$
87,488
  
$
687,122
Corporate Treasury Commitments
   
368
  
1,264
  
 
 
 
   
 
 
 
  
$
87,856
  
$
688,386
  
 
 
 
   
 
 
 
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,
    
2024
  
2023
  
2022
        
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
   
$
(4,849
) 
  
$
12
 
$
(8,053
) 
  
$
4,886
 
$
(10,733
) 
  
$
(464
) 
Equity and Preferred Securities
   
9,431
 
(48,209
) 
  
(1,439
) 
  
(122,605
) 
  
22,285
 
(91,338
) 
Debt Securities
   
—
 
(2,694
) 
  
—
 
(3,884
) 
  
(22,240
) 
  
(19,490
) 
Assets of Consolidated CLO Vehicles
             
Corporate Loans
   
(3,828
) 
  
2,889
 
(6,063
) 
  
8,728
 
—
 
—
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
754
 
$
(48,002
) 
  
$
(15,555
) 
  
$
(112,875
) 
  
$
(10,688
) 
  
$
(111,292
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
             
CLO Notes Payable
   
$
—
 
$
2,178
 
$
—
 
$
282
 
$
—
 
$
—
Corporate Treasury Commitments
   
—
 
896
 
—
 
6,880
 
—
 
(7,508
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
—
 
$
3,074
 
$
—
 
$
7,162
 
$
—
 
$
(7,508
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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, 2024
 
December 31, 2023
 
  
 
 
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
   
$
2,769
 
$
—
 
$
—
  
$
675
 
$
—
  
$
—
Debt Securities
   
(55,890
)
  
—
 
—
  
(52,577
) 
  
—
  
—
Assets of Consolidated CLO Vehicles
                     
Corporate Loans
   
(2,478
) 
  
1,359
  
  
—
  
  
(8,751
) 
  
1,345
  
   
—
  
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
  
$
(55,599
)
  
$
1,359
 
$
—
  
$
(60,653
) 
  
$
1,345
  
$
—
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past due.
v3.25.0.1
Fair Value Measurements of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024
 
  
Level I
  
Level II
  
Level III
  
NAV (a)
  
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
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
  
December 31, 2023
 
  
Level I
  
Level II
  
Level III
  
NAV
  
Total
Assets
Cash and Cash Equivalents
   
$
263,574
  
$
—
  
$
—
  
$
—
  
$
263,574
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments
               
Investments of Consolidated Blackstone Funds
               
Equity Securities, Partnerships and LLC Interests (b)
   
11,118
123,022
2,653,246
558,259
3,345,645
Debt Instruments
   
—
  
924,264
  
30,385
  
—
  
954,649
Freestanding Derivatives
   
—
  
19,189
  
—
  
—
  
19,189
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments of Consolidated Blackstone Funds
   
11,118
  
1,066,475
  
2,683,631
  
558,259
  
4,319,483
Corporate Treasury Investments
   
72,071
  
435,430
  
296,369
  
—
  
803,870
Other Investments
   
1,564,112
  
2,355,423
  
223,441
  
7,275
  
4,150,251
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments
   
1,647,301
  
3,857,328
  
3,203,441
  
565,534
  
9,273,604
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Receivable
—
Loans and Receivables
   
—
  
—
  
60,738
  
—
  
60,738
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Other Assets — Freestanding Derivatives
   
90
  
157,629
  
13,171
  
—
  
170,890
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
1,910,965
  
$
4,014,957
  
$
3,277,350
  
$
565,534
  
$
9,768,806
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
               
Loans Payable
—
 CLO Notes Payable
   
$
—
  
$
687,122
  
$
—
  
$
—
  
$
687,122
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Payable, Accrued Expenses and Other Liabilities
               
Freestanding Derivatives
   
436
  
90,199
  
563,986
  
—
  
654,621
Contingent Consideration
   
—
  
—
  
387
  
—
  
387
Corporate Treasury Commitments
   
—
  
—
  
1,264
  
—
  
1,264
Securities Sold, Not Yet Purchased
   
3,886
  
—
  
—
  
—
  
3,886
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
   
4,322
  
90,199
  
565,637
  
—
  
660,158
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
4,322
 
   
$
777,321
 
   
$
565,637
 
   
$
—
 
   
$
1,347,280
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
LLC Limited Liability Company.
Summary of Fair Value by Strategy Type Alongside 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, 2024 is presented by strategy type below:
 
Strategy
  
Fair Value
  
Unfunded
Commitments
  
Redemption
Frequency
(if currently eligible)
  
Redemption
Notice Period
Equity
   
$
421,052
 
$
—
 
(1)
  
(1)
Real Estate
   
52,444
  
—
  
(2)
  
(2)
Private Equity
   
63,286
50,400
(3)
(3)
Other
   
6,289
  
—
 
   
(4)
  
(4)
  
 
 
 
   
 
 
 
     
  
$
543,071
  
$
50,400
    
  
 
 
 
   
 
 
 
     
 
 
(1)
The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 69% 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 31% of the fair value of the investments in this category are redeemable as of the reporting date.
 
(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 Private Equity category includes investments in funds that primarily invest in infrastructure. All investments in these categories may not be redeemed at, or within three months of, the reporting date.
(4)
Other is composed of the Credit Driven category, the Commodities category and the Diversified Instruments category. The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. The Diversified Instruments category includes investments in funds that invest across multiple strategies. 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
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. 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
Impact to
 
 
 
 
 
 
 
 
 
 
 
 
Valuation
 
 
 
 
 
 
 
 
 
 
 
 
from an
 
 
 
 
Valuation
 
Unobservable
 
 
 
Weighted-
 
Increase
 
 
Fair Value
 
Techniques
 
Inputs
 
Ranges
 
Average (a)
 
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
 
 
4.0x - 30.6x
 
15.4x
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2023:
 
 
 
 
  
 
  
 
  
 
 
 
 
Impact to
 
 
 
  
 
  
 
  
 
 
 
 
Valuation
 
 
 
  
 
  
 
  
 
 
 
 
from an
 
 
 
  
Valuation
  
Unobservable
  
 
 
Weighted-
 
Increase
 
 
Fair Value
  
Techniques
  
Inputs
  
Ranges
 
Average (a)
 
in Input
Financial Assets
Investments of Consolidated Blackstone Funds
Equity Securities, Partnership and LLC Interests
  
$
2,653,246
  
Discounted Cash Flows
  
 
Discount Rate
  
3.3% - 38.0%
  
9.7%
  
Lower
       
Exit Multiple 
- 
EBITDA
  
4.0x - 30.6x
  
15.0x
  
Higher
       
Exit Capitalization Rate
  
3.1% - 12.8%
  
5.1%
  
Lower
Debt Instruments
  
30,385
  
Third-Party Pricing
  
n/a
      
 
 
 
 
             
Total Investments of Consolidated Blackstone Funds
  
2,683,631
            
Corporate Treasury Investments
  
296,369
  
Discounted Cash Flows
  
Discount Rate
  
11.2% - 22.4%
  
17.1%
  
Lower
    
Transaction Price
  
n/a
  
Loans and Receivables
  
60,738
  
Discounted Cash Flows
  
Discount Rate
  
8.8% - 14.9%
10.3%
Lower
Other Investments (b)
  
236,612
  
Third-Party Pricing
  
n/a
      
   
Transaction Price
  
n/a
  
   
 
 
 
 
             
 
$
3,277,350
            
 
 
 
 
             
Financial Liabilities
               
Freestanding Derivatives (c)
  
$
563,986
  
Option Pricing Model
  
Volatility
  
6.3%
  
n/a
  
Higher
Other Liabilities (d)
  
1,651
  
Third-Party Pricing
  
n/a
      
    
 
Other
  
n/a
      
 
 
 
 
             
 
$
565,637
            
 
 
 
 
             
 
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, 2024 and 2023, 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, 2024 and 2023, 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
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,
2024
2023
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
   
$
2,683,631
 
$
60,738
 
$
373,024
 
$
3,117,393
 
$
4,249,832
 
$
315,039
 
$
30,971
 
$
4,595,842
Transfer In Due to Consolidation and Acquisition
   
85,540
 
—
 
—
 
85,540
 
—
 
—
 
—
 
—
Transfer Out Due to Deconsolidation
   
(14,237
) 
  
—
 
—
 
(14,237
) 
  
(1,453,837
) 
  
—
 
—
 
(1,453,837
) 
Transfer Into Level III (b)
   
35,547
 
—
 
109,347
 
144,894
 
28,190
 
—
 
898
 
29,088
Transfer Out of Level III (b)
   
(35,373
) 
  
—
 
(58
) 
  
(35,431
) 
  
(18,197
) 
  
—
 
(3,374
) 
  
(21,571
) 
Purchases
   
694,710
 
857,245
 
465,775
 
2,017,730
 
294,789
 
284,002
 
354,202
 
932,993
Sales
   
(214,743
) 
  
(784,457
) 
  
(307,926
) 
  
(1,307,126
) 
  
(289,721
) 
  
(563,732
) 
  
(14,542
) 
  
(867,995
) 
Issuances
   
—
 
30,028
 
—
 
30,028
 
—
 
68,450
 
—
 
68,450
Settlements (c)
   
—
 
(74,742
) 
  
(21,261
) 
  
(96,003
) 
  
—
 
(70,419
) 
  
(8,252
) 
  
(78,671
) 
Changes in Gains (Losses) Included in Earnings
   
(61,633
) 
  
12,054
 
5,511
 
(44,068
) 
  
(127,425
) 
  
27,398
 
13,121
 
(86,906
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance, End of Period
   
$
3,173,442
 
$
100,866
 
$
624,412
 
$
3,898,720
 
$
2,683,631
 
$
60,738
 
$
373,024
 
$
3,117,393
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Changes in
Unrealized Gains
(Losses) Included
in Earnings Related to Financial Assets Still Held at the Reporting Date
   
$
(9,279
) 
  
$
(1,297
) 
  
$
(1,368
) 
  
$
(11,944
) 
  
$
(94,828
) 
  
$
2,227
 
$
7,725
 
$
(84,876
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
  
Level III Financial Liabilities at Fair Value
 
  
Year Ended December 31,
 
  
2024
  
2023
 
  
Freestanding
Derivatives
  
Other
Liabilities
 
Total
  
Freestanding
Derivatives
  
Other
Liabilities
 
Total
Balance, Beginning of Period
   
$
563,986
  
$
1,651
 
$
565,637
  
$
48,581
  
$
8,144
 
$
56,725
Transfer In (Out) Due to Consolidation and Acquisition
   
—
  
—
 
—
  
—
  
800
 
800
Sales
   
—
  
—
 
—
  
—
  
(413
) 
  
(413
) 
Changes in Losses (Gains) Included in Earnings
   
374,230
  
(779
) 
  
373,451
  
515,405
  
(6,880
) 
  
508,525
  
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
Balance, End of Period
   
$
938,216
$
872
$
939,088
$
563,986
$
1,651
$
565,637
  
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date
   
$
374,230
 
   
$
(779
) 
  
$
373,451
 
   
$
515,405
 
   
$
(6,880
) 
  
$
508,525
  
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 

(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.
v3.25.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2024
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,
2024
December 31,
2023
Investments
   
$
4,537,481
  
$
3,751,591
Due from Affiliates
   
242,109
  
203,187
Potential Clawback Obligation
   
41,908
  
72,119
  
 
 
 
   
 
 
 
Maximum Exposure to Loss
   
$
4,821,498
$
4,026,897
  
 
 
 
   
 
 
 
Amounts Due to Non-Consolidated VIEs
   
$
855
 
   
$
223
 
  
 
 
 
   
 
 
 
v3.25.0.1
Repurchase Agreements (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024.
 
    
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”
 
   
$
—
        
 
 
 
v3.25.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Other Assets
Other Assets consists of the following:
 
    
December 31,
    
2024
   
2023
Furniture, Equipment and Leasehold Improvements
   
$
989,518
  
$
937,355
Less: Accumulated Depreciation
   
(483,200
) 
   
(394,602
) 
  
 
 
 
   
 
 
 
Furniture, Equipment and Leasehold Improvements, Net
   
506,318
  
542,753
Prepaid Expenses
   
192,777
  
207,886
Freestanding Derivatives
   
180,309
  
170,890
Other
   
68,455
  
23,319
  
 
 
 
   
 
 
 
  
$
947,859
  
$
944,848
  
 
 
 
   
 
 
 
v3.25.0.1
Offsetting of Assets And Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Offsetting of Assets
The following tables present the offsetting of assets and liabilities as of December 31, 2024 and 2023:
 
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
Financial
Instruments (a)
Cash Collateral
Pledged
Net

Amount
Liabilities
            
Freestanding Derivatives
   
$
137,551
  
$
125,056
  
$
10
  
$
12,485
Repurchase Agreements
   
6,758
  
6,758
  
—
  
—
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
144,309
 
   
$
131,814
 
   
$
    10
 
   
$
    12,485
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Offsetting of Liabilities
December 31, 2023
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
   
$
  190,079
 
   
$
 107,330
 
   
$
 49,532
 
   
$
   33,217
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
December 31, 2023
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
   
$
 90,635
 
   
$
 87,777
 
   
$
   625
 
   
$
    2,233
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(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 balance sheet exposure.
v3.25.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Partnership's Credit Facilities
    
December 31,
    
2024
  
2023
    
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
% 
  
331,170
  
331,170
  
2.16
% 
1.000%, Due 10/5/2026
   
621,240
  
621,240
  
1.13
% 
  
662,340
  
662,340
  
1.16
% 
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
   
621,240
  
621,240
  
1.56
% 
  
662,340
  
662,340
  
1.60
% 
2.500%, Due 1/10/2030
   
500,000
  
500,000
  
2.73
% 
  
500,000
  
500,000
  
2.73
% 
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
   
517,700
  
517,700
  
3.79
% 
  
551,950
  
551,950
  
3.90
% 
5.000%, Due 12/6/2034
   
750,000
  
750,000
  
5.23
% 
  
—
  
—
  
—
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
% 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
15,645,800
  
11,320,800
    
15,032,800
  
10,707,800
  
Other (c)
                 
Secured Borrowing, Due 10/27/2033
   
19,949
  
19,949
  
6.94
% 
  
19,949
  
19,949
  
7.69
% 
Secured Borrowing, Due 1/29/2035
   
20,000
  
20,000
  
6.94
%
 
  
20,000
  
20,000
  
3.72
% 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
15,685,749
  
11,360,749
    
15,072,749
  
10,747,749
  
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
Borrowings of Consolidated
                 
Blackstone Funds
                 
CLO Notes Payable (d)
   
99,419
  
99,419
  
 
8.72
%
 
 
  
858,133
  
858,133
  
 
7.57
%
 
 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
99,419
  
99,419
    
858,133
  
858,133
  
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
$
15,785,168
 
   
$
11,460,168
 
     
$
15,930,882
 
   
$
11,605,882
 
   
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
 
(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, 2024 and 2023, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $
38.9
 
million and $
40.3 
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 2025, 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)
Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of December 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $
49.6 
million.
(d)
CLO Notes Payable have maturity dates ranging from June 2025 to January 2037. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.
Carrying Value and Fair Value of Blackstone Issued Notes
 
  
December 31,
 
  
2024
  
2023
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
 
   
$
336,005
 
   
$
324,778
 
1.000%, Due 10/5/2026
   
624,078
  
601,801
  
664,085
  
620,864
3.150%, Due 10/2/2027
   
298,864
  
287,007
  
298,476
  
283,059
5.900%, Due 11/3/2027
   
596,505
  
617,550
  
595,411
  
625,158
1.625%, Due 8/5/2028
   
646,374
  
579,189
  
645,406
  
566,508
1.500%, Due 4/10/2029
   
626,043
  
584,295
  
666,655
  
601,272
2.500%, Due 1/10/2030
   
494,568
  
444,970
  
493,573
  
431,005
1.600%, Due 3/30/2031
   
496,911
  
403,415
  
496,447
  
391,955
2.000%, Due 1/30/2032
   
790,508
  
644,816
  
789,283
  
633,153
2.550%, Due 3/30/2032
   
496,146
  
417,830
  
495,670
  
410,755
6.200%, Due 4/22/2033
   
892,561
  
946,818
  
891,899
  
962,037
3.500%, Due 6/1/2034
   
489,624
  
522,877
  
521,549
  
536,319
5.000%, Due 12/6/2034
   
741,218
  
726,023
  
—
  
—
6.250%, Due 8/15/2042
   
239,756
  
254,095
  
239,457
  
263,270
5.000%, Due 6/15/2044
   
490,261
  
457,335
  
489,975
  
464,560
4.450%, Due 7/15/2045
   
344,840
  
290,836
  
344,691
  
297,486
4.000%, Due 10/2/2047
   
291,372
  
230,337
  
291,149
  
233,685
3.500%, Due 9/10/2049
   
392,618
  
277,496
  
392,436
  
294,608
2.800%, Due 9/30/2050
   
394,252
  
238,256
  
394,103
  
252,008
2.850%, Due 8/5/2051
   
543,478
  
329,791
  
543,317
  
352,457
3.200%, Due 1/30/2052
   
987,682
  
652,770
  
987,401
  
696,740
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
11,193,519
  
9,817,009
  
10,576,988
  
9,241,677
Other
            
Secured Borrowing, Due 10/27/2033
   
19,949
  
19,949
  
19,949
  
19,949
Secured Borrowing, Due 1/29/2035
   
20,000
  
20,000
  
20,000
  
20,000
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
11,233,468
  
9,856,958
  
10,616,937
  
9,281,626
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Borrowings of Consolidated
            
Blackstone Funds
            
CLO Notes Payable
   
87,488
  
87,488
  
687,122
  
687,122
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
87,488
  
87,488
  
687,122
  
687,122
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
11,320,956
 
   
$
9,944,446
 
   
$
11,304,059
 
   
$
9,968,748
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
Scheduled Principal Payments for Borrowings
Scheduled principal payments for borrowings at December 31, 2024 were as follows:
 
Blackstone
Operating
Borrowings
Borrowings of
Consolidated
Blackstone Funds
Total
Borrowings
2025
   
$
318,843
 
   
$
—
 
   
$
318,843
 
2026
   
627,287
  
—
  
627,287
2027
   
911,589
  
—
  
911,589
2028
   
660,131
  
—
  
660,131
2029
   
625,199
  
—
  
625,199
Thereafter
   
8,217,700
  
99,419
  
8,317,119
  
 
 
 
   
 
 
 
   
 
 
 
  
$
11,360,749
  
$
99,419
  
$
11,460,168
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of components of lease expense
The components of lease expense were as follows:
 
Year Ended December 31,
2024
2023
2022
Operating Lease Cost
         
Straight-Line Lease Cost (a)
   
$
156,680
  
$
160,534
  
$
139,740
Variable Lease Cost (b)
   
20,222
  
15,268
  
12,072
Sublease Income
   
(65
) 
   
(63
) 
   
(888
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
 176,837
  
$
 175,739
  
$
 150,924
  
 
 
 
   
 
 
 
   
 
 
 
 
(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,
2024
2023
2022
Operating Cash Flows for Operating Lease Liabilities
   
$
 145,388
 
   
$
 127,183
 
   
$
 107,249
 
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities
   
$
129,451
  
$
117,155
  
$
278,010
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, 2024:
 
2025
   
$
178,730
2026
   
176,178
2027
   
173,142
2028
   
167,033
2029
   
106,720
Thereafter
   
281,538
  
 
 
 
Total Lease Payments (a)
   
1,083,341
Less: Imputed Interest
   
(117,599
) 
  
 
 
 
Present Value of Operating Lease Liabilities
   
$
965,742
  
 
 
 
 
(a)
Excludes signed leases that have not yet commenced.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Before Provision for Taxes
The Income Before Provision for Taxes consists of the following:
 
Year Ended December 31,
2024
2023
2022
Income Before Provision (Benefit) for Taxes
U.S. Domestic Income
   
$
6,029,702
 
   
$
2,577,184
 
   
$
3,023,588
 
Foreign Income
   
429,778
  
380,530
  
438,201
  
 
 
 
   
 
 
 
   
 
 
 
  
$
 6,459,480
  
$
 2,957,714
  
$
 3,461,789
  
 
 
 
   
 
 
 
   
 
 
 
Provision (Benefit) for Income Taxes
The Provision for Taxes consists of the following:
 
 
  
Year Ended December 31,
 
  
2024
  
2023
  
2022
Current
  
  
  
Federal Income Tax
   
$
424,659
  
$
362,144
  
$
503,075
Foreign Income Tax
   
128,757
  
112,861
  
75,859
State and Local Income Tax
   
120,454
  
186,851
  
255,421
  
 
 
 
   
 
 
 
   
 
 
 
  
673,870
661,856
834,355
  
 
 
 
   
 
 
 
   
 
 
 
Deferred
           
Federal Income Tax
   
265,749
  
(94,732
) 
   
(312,961
) 
Foreign Income Tax
   
(471
) 
   
(7,020
) 
   
(3,048
) 
State and Local Income Tax
   
82,523
  
(46,643
) 
   
(45,466
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
347,801
  
(148,395
) 
   
(361,475
) 
  
 
 
 
   
 
 
 
   
 
 
 
Provision for Taxes
   
$
 1,021,671
  
$
   513,461
  
$
   472,880
  
 
 
 
   
 
 
 
   
 
 
 
Summary of Blackstone's Tax Position
The following table summarizes Blackstone’s tax position:
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Income Before Provision for Taxes
   
$
6,459,480
 
$
2,957,714
 
$
3,461,789
Provision for Taxes
   
$
1,021,671
 
$
513,461
 
$
472,880
Effective Income Tax Rate
   
15.8
% 
  
17.4
% 
  
13.7
% 
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:
 
                
2024
  
2023
    
Year Ended December 31,
  
vs.
  
vs.
    
2024
  
2023
  
2022
  
2023
  
2022
Statutory U.S. Federal Income Tax Rate
   
21.0
% 
  
21.0
% 
  
21.0
% 
  
—
 
—
Income Passed Through to
Non-Controlling
Interest Holders
   
-9.0
% 
  
-8.2
% 
  
-8.1
% 
  
-0.8
% 
  
-0.1
% 
State and Local Income Taxes
   
2.9
% 
  
4.3
% 
  
6.0
% 
  
-1.4
% 
  
-1.7
% 
Basis Adjustment (a)
   
—
 
—
 
-4.6
% 
  
—
 
4.6
% 
Other
   
0.9
% 
  
0.3
% 
  
-0.6
% 
  
0.6
% 
  
0.9
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Effective Income Tax Rate
   
15.8
% 
  
17.4
% 
  
13.7
% 
  
-1.6
% 
  
3.7
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
Represents the impact of the out-of-period adjustment made during the year ended December 31, 2022 to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision.
Summary of Tax Effects of Temporary Differences A summary of the tax effects of the temporary differences is as follows:
 
December 31,
2024
2023
Deferred Tax Assets
Investment Basis Differences/Net Unrealized Gains and Losses
   
$
1,737,508
  
$
2,210,974
Other
   
287,639
  
120,420
  
 
 
 
   
 
 
 
Total Deferred Tax Assets Before Valuation Allowance
   
2,025,147
  
2,331,394
Valuation Allowance
   
(21,199
) 
   
—
  
 
 
 
   
 
 
 
Total Deferred Tax Assets
   
2,003,948
2,331,394
  
 
 
 
   
 
 
 
Deferred Tax Liabilities
      
Investment Basis Differences/Net Unrealized Gains and Losses
   
12,282
  
18,333
Other
   
1,953
  
2,163
  
 
 
 
   
 
 
 
Total Deferred Tax Liabilities
   
14,235
  
20,496
 
  
 
 
 
   
 
 
 
Net Deferred Tax Assets
   
$
1,989,713
  
$
2,310,898
  
 
 
 
   
 
 
 
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations The following are the major filing jurisdictions and their respective earliest open period subject to examination:
 
Jurisdiction
   
Year
Federal
   
2021
 
New York City
   
2009
New York State
   
2016
United Kingdom
   
2011
Blackstone's Unrecognized Tax Benefits Excluding Related Interest and Penalties
Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were:

    
December 31,
    
2024
   
2023
   
2022
Unrecognized Tax Benefits — January 1
   
$
210,778
  
$
153,624
  
$
47,501
 
Additions Based on Tax Positions Related to Current Year
   
46,572
  
19,807
  
—
Reductions for Tax Positions of Current Year
   
—
  
(19,737
) 
   
—
Additions for Tax Positions of Prior Years
   
—
  
57,081
  
106,059
Reductions for Tax Positions of Prior Years
   
(6,111
) 
   
—
  
—
Exchange Rate Fluctuations
   
218
  
3
  
64
  
 
 
 
   
 
 
 
   
 
 
 
Unrecognized Tax Benefits — December 31
   
$
251,457
  
$
210,778
  
$
153,624
  
 
 
 
   
 
 
 
   
 
 
 
v3.25.0.1
Earnings Per Share and Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Basic and Diluted Net Income Per Common Stock
Basic and diluted net income per share of common stock for the years ended December 31, 2024, 2023 and 2022 was calculated as follows:
 
    
Year Ended December 31,
    
2024
   
2023
   
2022
Net Income for Per Share of Common Stock Calculations
         
Net Income Attributable to Blackstone Inc., Basic and Diluted
   
$
2,776,508
  
$
1,390,880
  
$
1,747,631
  
 
 
 
   
 
 
 
   
 
 
 
Shares/Units Outstanding
         
Weighted-Average Shares of Common Stock Outstanding, Basic
   
766,487,450
  
755,204,556
  
740,664,038
Weighted-Average Shares of Unvested Deferred Restricted Common Stock (a)
   
159,058
  
215,380
  
278,361
  
 
 
 
   
 
 
 
   
 
 
 
Weighted-Average Shares of Common Stock Outstanding, Diluted
   
766,646,508
 
   
755,419,936
 
   
740,942,399
 
  
 
 
 
   
 
 
 
   
 
 
 
Net Income Per Share of Common Stock
         
Basic
   
$
3.62
  
$
1.84
  
$
2.36
  
 
 
 
   
 
 
 
   
 
 
 
Diluted
   
$
3.62
  
$
1.84
  
$
2.36
  
 
 
 
   
 
 
 
   
 
 
 
Dividends Declared Per Share of Common Stock (b)
   
$
3.45
  
$
3.32
  
$
4.94
  
 
 
 
   
 
 
 
   
 
 
 
 
(a)
For the years ended December 31, 2024 and 2023, 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.
Summary of Anti-Dilutive Securities
The following table summarizes the anti-dilutive securities for the periods indicated:

    
Year Ended December 31,
    
2024
   
2023
   
2022
Weighted-Average Blackstone Holdings Partnership Units
   
  455,306,643
 
   
  460,897,953
 
   
  466,083,269
 
Schedule of Shares Eligible For Dividends and Distribution
As of December 31, 2024, 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
   
731,925,965
Unvested Participating Common Stock
   
36,796,276
 
  
 
 
 
Total Participating Common Stock
   
768,722,241
Participating Blackstone Holdings Partnership Units
   
452,448,896
  
 
 
 
  
1,221,171,137
  
 
 
 
v3.25.0.1
Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 and of changes during the period January 1, 2024 through December 31, 2024 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, 2023
   
4,585,893
 
$
38.94
 
   
36,456,644
 
  
$
86.05
 
   
85,447
 
$
114.50
 
Granted
   
 
—
 
—
  
 
11,894,835
 
131.67
  
 
38,819
 
121.94
Vested
   
(3,700,053
) 
  
40.06
  
(12,165,823
) 
  
79.92
  
(32,886
) 
  
144.80
Forfeited
   
(35,431
) 
  
46.58
  
(2,257,086
) 
  
101.29
 
(20,863
) 
  
130.85
  
 
 
 
     
 
 
 
     
 
 
 
  
Balance, December 31, 2024
   
850,409
 
$
33.38
  
33,928,570
 
$
103.44
 
    70,517
 
$
187.66
  
 
 
 
     
 
 
 
     
 
 
 
  
Unvested Shares and Units, After Expected Forfeitures
The following unvested shares and units, after expected forfeitures, as of December 31, 2024, are expected to vest:
 
Shares/Units
Weighted-Average

Service Period in
Years
Blackstone Holdings Partnership Units
   
828,312
  
0.6
Deferred Restricted Shares of Common Stock
   
30,826,072
 
   
2.8
  
 
 
 
   
 
Total Equity-Based Awards
   
31,654,384
  
2.7
  
 
 
 
   
 
Phantom Shares
   
59,807
  
2.9
  
 
 
 
   
 
v3.25.0.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Due from Affiliates and Due to Affiliates
Due from Affiliates and Due to Affiliates consisted of the following:
 
December 31,
2024
2023
Due from Affiliates
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies
   
$
4,049,707
 
   
$
3,638,948
 
Due from Certain Non-Controlling Interest Holders and Blackstone Employees
   
1,191,527
  
720,743
Accrual for Potential Clawback of Previously Distributed Performance Allocations
   
168,081
  
106,830
  
 
 
 
   
 
 
 
  
$
5,409,315
  
$
4,466,521
  
 
 
 
   
 
 
 
 
 
    
December 31,
    
2024
   
2023
Due to Affiliates
      
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements
   
$
1,844,978
 
   
$
1,681,516
 
Due to Non-Consolidated Entities
   
208,537
  
124,560
Due to Certain Non-Controlling Interest Holders and Blackstone Employees
   
255,086
  
305,816
Accrual for Potential Repayment of Previously Received Performance Allocations
   
499,547
  
281,518
 
 
 
 
 
 
    
$
2,808,148
  
$
2,393,410
  
 
 
 
   
 
 
 
v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Clawback Obligations by Segment
The following table presents the clawback obligations by segment:
 
December 31,
2024
2023
Segment
Blackstone
Holdings
Current and
Former
Personnel (a)
Total (b)
Blackstone
Holdings
Current and
Former
Personnel (a)
Total (b)
Real Estate
   
$
316,749
 
   
$
158,346
 
   
$
475,095
 
   
$
145,435
 
   
$
90,337
 
   
$
235,772
 
Private Equity
   
15,044
  
6,273
  
21,317
  
29,046
  
16,231
  
45,277
Credit & Insurance
   
1,468
  
1,667
  
3,135
  
207
  
262
  
469
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
333,261
  
$
166,286
  
$
499,547
  
$
174,688
  
$
 
 
 
106,830
  
$
281,518
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(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.”
v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Summary of Revenue from External Customers by Geographic Areas The table below presents the percentage of total GAAP revenues generated by Blackstone by geographic region
    
Year Ended December 31,
    
2024
  
2023
  
2022
Americas
   
76
% 
  
78
% 
  
83
% 
Europe, Middle East and Africa
   
16
% 
  
15
% 
  
15
% 
Asia-Pacific
   
8
% 
  
7
% 
  
2
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
100
% 
  
100
% 
  
100
% 
  
 
 
 
  
 
 
 
  
 
 
 
Financial Data of Segments
The following tables present the financial data for Blackstone’s four segments as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022.
 
    
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
   
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
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
December 31, 2023 and the Year Then Ended
Real

Estate
Private Equity
Credit &
Insurance
Multi-Asset
Investing
Total Segments
Management and Advisory Fees, Net
Base Management Fees
   
$
2,794,232
 
$
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
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
   
$
13,016,980
 
$
14,901,682
 
$
6,705,647
 
$
1,819,602
 
$
36,443,911
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31, 2022
    
Real

Estate
  
Private Equity
  
Credit &
Insurance
  
Multi-Asset
Investing
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
   
$
2,462,179
 
$
1,882,197
 
$
1,185,289
 
$
515,373
 
$
6,045,038
Transaction, Advisory and Other Fees, Net
   
171,424
 
97,972
 
34,481
 
6,240
 
310,117
Management Fee Offsets
   
(10,538
) 
  
(56,078
) 
  
(5,432
) 
  
(161
) 
  
(72,209
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
2,623,065
 
1,924,091
 
1,214,338
 
521,452
 
6,282,946
Fee Related Performance Revenues
   
1,075,424
 
(648
) 
  
374,721
 
—
 
1,449,497
Fee Related Compensation
   
(1,039,125
) 
  
(599,758
) 
  
(512,727
) 
  
(179,165
) 
  
(2,330,775
) 
Other Operating Expenses
   
(315,331
) 
  
(314,967
) 
  
(260,028
) 
  
(98,697
) 
  
(989,023
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
2,344,033
 
1,008,718
 
816,304
 
243,590
 
4,412,645
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
2,985,713
 
1,206,594
 
147,285
 
121,746
 
4,461,338
Realized Performance Compensation
   
(1,168,045
) 
  
(550,306
) 
  
(63,845
) 
  
(31,901
) 
  
(1,814,097
) 
Realized Principal Investment Income
   
150,790
 
144,585
 
79,763
 
21,118
 
396,256
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
1,968,458
 
800,873
 
163,203
 
110,963
 
3,043,497
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
 4,312,491
 
$
 1,809,591
 
$
  979,507
 
$
  354,553
 
$
 7,456,142
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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 ye
ar
s ended December 31, 2024, 2023 and 2022 along with Total Assets as of December 31, 2024 and 2023:
 
                         
 
  
Year Ended December 31,
 
  
2024
 
2023
 
2022
Revenues
  
      
 
      
 
      
Total GAAP Revenues
  
$
13,229,968
 
 
$
8,022,841
 
 
$
8,517,673
 
Less: Unrealized Performance Revenues (a)
  
 
(371,407
) 
 
 
1,691,788
 
 
 
3,436,978
 
Less: Unrealized Principal Investment (Income) Loss (b)
  
 
(271,868
) 
 
 
593,301
 
 
 
1,235,529
 
Less: Interest and Dividend Revenue (c)
  
 
(410,980
) 
 
 
(535,641
) 
 
 
(285,075
) 
Less: Other Revenue (d)
  
 
(123,166
) 
 
 
93,083
 
 
 
(183,754
) 
Impact of Consolidation (e)
  
 
(444,828
) 
 
 
(200,237
) 
 
 
(109,379
) 
Transaction-Related and
Non-Recurring
Items (f)
  
 
39,272
 
 
 
25,672
 
 
 
(24,656
) 
Intersegment Eliminations
  
 
2,045
 
 
 
2,998
 
 
 
2,721
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment Revenue (g)
  
$
  11,649,036
 
 
$
 9,693,805
 
 
$
 12,590,037
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Year Ended December 31,
 
  
2024
 
2023
 
2022
Expenses
  
 
 
Total GAAP Expenses
 
$
6,819,326
  
 
$
4,981,130
  
 
$
4,973,025
  
Less: Unrealized Performance Allocations Compensation (h)
 
   
(140,021
) 
 
  
654,403
  
 
  
1,470,588
  
Less: Equity-Based Compensation (i)
 
   
(1,159,122
) 
 
  
(959,474
) 
 
  
(782,090
) 
Less: Interest Expense (j)
 
   
(444,417
) 
 
  
(429,521
) 
 
  
(316,569
) 
Impact of Consolidation (e)
 
   
(81,129
) 
 
  
(137,603
) 
 
  
(61,644
) 
Amortization of Intangibles (k)
 
   
(29,332
) 
 
  
(33,457
) 
 
  
(60,481
) 
Transaction-Related and Non-Recurring Items (f)
 
   
(17,100
) 
 
  
(309
) 
 
  
(81,789
) 
Administrative Fee Adjustment (l)
 
   
(11,590
) 
 
  
(9,707
) 
 
  
(9,866
) 
Intersegment Eliminations
 
   
2,045
  
 
  
2,998
  
 
  
2,721
  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Expenses (m)
 
$
  4,938,660
  
 
$
  4,068,460
  
 
$
 5,133,895
  
  
 
 
 
  
 
 
 
  
 
 
 
 
                         
   
Year Ended December 31,
   
2024
  
2023
  
2022
Other Income
       
Total GAAP Other Income (Loss)
   
$    
 
 
                         
48,838
    
$
 
  
 
 
 
  
 
 
                  
      (83,997
)
  
$
 
 
 
 
 
 
 
      
   (82,859
)
Impact of Consolidation (e)
     
(48,838
) 
    
83,997
      
82,859
  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Other Income
   
$
     —
    
$
—
    
$
—
  
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
                         
   
Year Ended December 31,
   
2024
  
2023
  
2022
Income Before Provision for Taxes
                        
Total GAAP Income Before Provision for Taxes
   
$
6,459,480
    
$
2,957,714
    
$
3,461,789
  
Less: Unrealized Performance Revenues (a)
     
(371,407
) 
    
1,691,788
      
3,436,978
  
Less: Unrealized Principal Investment (Income) Loss (b)
     
(271,868
) 
    
593,301
      
1,235,529
  
Less: Interest and Dividend Revenue (c)
     
(410,980
) 
    
(535,641
) 
    
(285,075
) 
Less: Other Revenue (d)
     
(123,166
) 
    
93,083
      
(183,754
) 
Plus: Unrealized Performance Allocations Compensation (h)
     
140,021
      
(654,403
) 
    
(1,470,588
) 
Plus: Equity-Based Compensation (i)
     
1,159,122
      
959,474
      
782,090
  
Plus: Interest Expense (j)
     
444,417
      
429,521
      
316,569
  
Impact of Consolidation (e)
     
(412,537
) 
    
21,363
      
35,124
  
Amortization of Intangibles (k)
     
29,332
      
33,457
      
60,481
  
Transaction-Related and Non-Recurring Items (f)
     
56,372
      
25,981
      
57,133
  
Administrative Fee Adjustment (l)
     
11,590
      
9,707
      
9,866
  
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
6,710,376
    
$
5,625,345
    
$
7,456,142
  
  
 
 
 
  
 
 
 
  
 
 
 
 
                 
   
As of December 31,
   
2024
  
2023
Total Assets
                
Total GAAP Assets
   
$
43,469,875
    
$
40,287,530
  
Impact of Consolidation (e)
     
(3,241,484
) 
    
(3,843,619
) 
  
 
 
 
  
 
 
 
Total Segment Assets
   
$
40,228,391
    
$
36,443,911
  
  
 
 
 
  
 
 
 
 
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, 2024, 2023 and 2022, Other Revenue on a GAAP basis was $123.7 million, $(92.9) million and $184.6 million and included $122.3 million, $(94.7) million, and $182.9 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. For the year ended December 31, 2024, this adjustment includes removal of an accrual for
a
liability for a legal matter.
 
 
(g)
Total Segment Revenues is comprised of the following:
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Total Segment Management and Advisory Fees, Net
  
 
 
 
 
$
 
 
 
 
 
7,133,534
 
 
 
 
 
 
 
 
 
 
 
$
 
 
 
6,663,244
 
$
 
 
 
 
 
6,282,946
Total Segment Fee Related Performance Revenues
   
2,135,945
  
  
858,527
  
 
 
 
 
  
1,449,497
  
Total Segment Realized Performance Revenues
   
2,287,031
 
2,061,102
 
4,461,338
Total Segment Realized Principal Investment Income
   
92,526
 
110,932
 
396,256

  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Revenues
   
$
 
11,649,036
 
  
$
9,693,805
 
$
12,590,037

  
 
 
 
  
 
 
 
  
 
 
 
 
(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,
    
2024
  
2023
  
2022
Total Segment Fee Related Compensation
   
$
 
 
 
2,739,322
 
 
 
 
 
 
 
 
 
 
 
$
 
 
 
2,088,110
 
 
 
 
 
$
 
 
2,330,775
Total Segment Realized Performance Compensation
   
951,246
  
  
896,017
  
 
 
 
 
 
  
1,814,097
  
Total Segment Other Operating Expenses
   
1,248,092
 
1,084,333
 
989,023
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Expenses
   
$
4,938,660
 
$
 4,068,460
 
$
 5,133,895
  
 
 
 
  
 
 
 
  
 
 
 
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, 2024, 2023 and 2022:
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Management and Advisory Fees, Net
       
GAAP
   
$
7,188,936
 
$
6,671,260
 
$
6,303,315
Segment Adjustment (a)
   
(55,402
) 
  
(8,016
) 
  
(20,369
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
7,133,534
 
$
 6,663,244
 
$
 6,282,946
  
 
 
 
  
 
 
 
  
 
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
       
GAAP
       
Incentive Fees
   
$
964,178
 
$
695,171
 
$
525,127
Investment Income — Realized Performance Allocations
   
3,457,746
 
2,223,841
 
5,381,640
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
4,421,924
 
2,919,012
 
5,906,767
Total Segment
       
Less: Realized Performance Revenues
   
(2,287,031
) 
  
(2,061,102
) 
  
(4,461,338
) 
Segment Adjustment (b)
   
1,052
 
617
 
4,068
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
2,135,945
 
$
858,527
 
$
1,449,497
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
GAAP Compensation to Total Segment Fee Related Compensation
       
GAAP
       
Compensation
   
$
 3,048,229
 
$
2,785,447
 
$
2,569,780
Incentive Fee Compensation
   
373,586
 
281,067
 
207,998
Realized Performance Allocations Compensation
   
1,432,217
 
900,859
 
2,225,264
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
4,854,032
 
3,967,373
 
5,003,042
Total Segment
       
Less: Realized Performance Compensation
   
(951,246
) 
  
(896,017
) 
  
(1,814,097
) 
Less: Equity-Based Compensation — Fee Related Compensation
   
(1,143,054
) 
  
(946,575
) 
  
(772,170
) 
Less: Equity-Based Compensation — Performance Compensation
   
(16,068
) 
  
(12,899
) 
  
(9,920
) 
Segment Adjustment (c)
   
(4,342
) 
  
(23,772
) 
  
(76,080
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
2,739,322
 
$
 2,088,110
 
$
2,330,775
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
       
GAAP
   
$
1,361,909
 
$
 1,117,305
 
$
1,092,671
Segment Adjustment (d)
   
(113,817
) 
  
(32,972
) 
  
  (103,648
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
 1,248,092
 
$
1,084,333
 
$
  989,023
  
 
 
 
  
 
 
 
  
 
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Realized Performance Revenues
       
GAAP
       
Incentive Fees
   
$
964,178
 
$
695,171
 
$
525,127
Investment Income — Realized Performance Allocations
   
3,457,746
 
2,223,841
 
5,381,640
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
4,421,924
 
2,919,012
 
5,906,767
Total Segment
       
Less: Fee Related Performance Revenues
   
(2,135,945
) 
  
(858,527
) 
  
(1,449,497
) 
Segment Adjustment (b)
   
1,052
 
617
 
4,068
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
2,287,031
 
$
2,061,102
 
$
4,461,338
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Realized Performance Compensation
       
GAAP
       
Incentive Fee Compensation
   
$
373,586
 
$
281,067
 
$
207,998
Realized Performance Allocations Compensation
   
1,432,217
 
900,859
 
 2,225,264
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
1,805,803
 
 1,181,926
 
2,433,262
Total Segment
       
Less: Fee Related Performance Compensation (e)
   
(838,489
) 
  
(273,010
) 
  
(609,245
) 
Less: Equity-Based Compensation — Performance Compensation
   
(16,068
) 
  
(12,899
) 
  
(9,920
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
951,246
 
$
896,017
 
$
1,814,097
  
 
 
 
  
 
 
 
  
 
 
 
 
    
Year Ended December 31,
    
2024
  
2023
  
2022
Realized Principal Investment Income
       
GAAP
   
$
  332,258
 
$
303,823
 
$
   850,327
Segment Adjustment (f)
   
(239,732
) 
  
(192,891
) 
  
(454,071
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
   92,526
 
$
   110,932
 
$
396,256
  
 
 
 
  
 
 
 
  
 
 
 
 
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. For the year ended December 31, 2024, this adjustment includes removal of an accrual for
a
liability for a legal matter.
(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.
v3.25.0.1
Organization - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
Segment
Person
Dec. 31, 2023
Segment
Organization [Line Items]    
Number of business segments | Segment 4 4
Number of Blackstone founders managing the Partnership | Person 1  
v3.25.0.1
Summary of Significant Accounting Policies - Additional Information (Detail)
Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]  
Finite-lived intangible assets, useful life, years 5 years 3 months 18 days
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 3 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
v3.25.0.1
Goodwill and Intangible Assets, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]        
Finite-Lived Intangible Assets/Contractual Rights $ 1,769,372 $ 1,769,372    
Accumulated Amortization (1,604,129) (1,568,164)    
Intangible Assets, Net $ 165,243 $ 201,208 $ 217,287 $ 284,384
v3.25.0.1
Goodwill and Intangible Assets - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Segment
Dec. 31, 2023
USD ($)
Segment
Goodwill and Intangible Assets [Line Items]    
Goodwill, carrying value $ 1,890,202 $ 1,890,202
Number of business segments | Segment 4 4
Expected amortization of intangibles, 2025 $ 35,900  
Expected amortization of intangibles, 2026 35,700  
Expected amortization of intangibles, 2027 34,600  
Expected amortization of intangibles, 2028 17,800  
Expected amortization of intangibles, 2029 $ 16,600  
Intangible assets expected to amortize over a weighted-average period 5 years 3 months 18 days  
Private Equity Segment    
Goodwill and Intangible Assets [Line Items]    
Goodwill, carrying value $ 870,000 $ 870,000
Real Estate Segment    
Goodwill and Intangible Assets [Line Items]    
Goodwill, carrying value 421,700 421,700
Multi-Asset Investing    
Goodwill and Intangible Assets [Line Items]    
Goodwill, carrying value 231,800 231,800
Credit & Insurance Segment    
Goodwill and Intangible Assets [Line Items]    
Goodwill, carrying value $ 366,700 $ 366,700
v3.25.0.1
Changes in Partnership's Intangible Assets, Net (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Balance, Beginning of Year $ 201,208 $ 217,287 $ 284,384
Amortization Expense (35,965) (40,075) (67,097)
Acquisitions 0 23,996 0
Balance, End of Year $ 165,243 $ 201,208 $ 217,287
v3.25.0.1
Investments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Investments $ 29,800,566 $ 26,146,622
Partnership Investments    
Schedule of Investments [Line Items]    
Investments 6,546,728 5,924,275
Accrued Performance Allocations    
Schedule of Investments [Line Items]    
Investments 12,397,366 10,775,355
Other Investments    
Schedule of Investments [Line Items]    
Investments 5,818,412 4,323,639
Consolidated Blackstone Funds    
Schedule of Investments [Line Items]    
Investments 3,890,732 4,319,483
Corporate Treasury Investments    
Schedule of Investments [Line Items]    
Investments $ 1,147,328 $ 803,870
v3.25.0.1
Investments - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investments [Line Items]      
Investments $ 29,800,566 $ 26,146,622  
Recognized net gains related to equity method investments 605,400 245,800 $ 292,100
Equity investments, carrying value 356,300    
Equity securities without readily determinable fair value downward price adjustment cumulative amount 12,400    
Equity securities without readily determinable fair value downward price adjustment 7,600    
American International Group, Incs Life and Retirement [Member]      
Schedule of Investments [Line Items]      
Equity investments, carrying value 20,400    
Equity method investment, aggregate cost 211,300    
Consolidated Blackstone Funds | Blackstone      
Schedule of Investments [Line Items]      
Investments $ 439,700 $ 1,000,000  
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Gain (Loss) on Securities [Line Items]      
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds $ 4,542,002 $ 232,842 $ 1,233,062
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities 90,084 (56,801) (105,142)
Consolidated Blackstone Funds      
Gain (Loss) on Securities [Line Items]      
Realized Gains (Losses) (19,139) (42,756) 99,457
Net Change in Unrealized Gains (Losses) 92,834 (80,416) (264,204)
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 73,695 (123,172) (164,747)
Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds 16,389 66,371 59,605
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities $ 90,084 $ (56,801) $ (105,142)
v3.25.0.1
Summarized Financial Information of Partnership's Equity Method Investments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Investments $ 651,012,050 $ 602,959,508 $ 604,290,012
Other Assets 31,860,951 27,361,337 27,219,496
Total Assets 43,469,875 40,287,530  
Debt 189,338,113 173,174,391 180,567,484
Other Liabilities 15,851,790 17,310,463 16,784,160
Total Liabilities 23,974,860 22,212,316  
Equity 18,693,616 16,896,141  
Total Liabilities and Equity 43,469,875 40,287,530  
Interest Income 15,009,129 15,365,167 10,710,250
Other Income 14,483,683 12,624,222 11,234,218
Interest Expense (12,225,300) (10,544,320) (5,858,713)
Other Expenses (15,968,722) (16,302,049) (14,781,201)
Net Realized and Unrealized Gain (Losses) from Investments 23,949,113 9,329,723 9,106,388
Net Income (Loss) 5,437,809 2,444,253 2,988,909
Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 682,873,001 630,320,845 631,509,508
Total Liabilities 205,189,903 190,484,854 197,351,644
Equity 477,683,098 439,835,991 434,157,864
Total Liabilities and Equity 682,873,001 630,320,845 631,509,508
Net Income (Loss) 25,247,903 10,472,743 10,410,942
RealEstateFunds      
Schedule of Equity Method Investments [Line Items]      
Investments 270,306,524 283,919,193 295,985,447
Other Assets 14,990,868 12,496,703 13,601,083
Debt 112,085,824 113,462,431 118,075,949
Other Liabilities 6,752,800 7,365,824 7,735,780
Interest Income 4,539,867 4,673,775 2,917,115
Other Income 10,702,305 10,786,480 9,432,802
Interest Expense (7,581,761) (6,614,272) (3,644,118)
Other Expenses (11,570,892) (11,705,874) (11,089,520)
Net Realized and Unrealized Gain (Losses) from Investments (4,805,753) (7,330,220) 7,807,056
RealEstateFunds | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 285,297,392 296,415,896 309,586,530
Total Liabilities 118,838,624 120,828,255 125,811,729
Equity 166,458,768 175,587,641 183,774,801
Total Liabilities and Equity 285,297,392 296,415,896 309,586,530
Net Income (Loss) (8,716,234) (10,190,111) 5,423,335
Private Equity      
Schedule of Equity Method Investments [Line Items]      
Investments 226,288,905 196,798,070 190,972,309
Other Assets 7,948,890 5,514,318 3,529,890
Debt 27,581,552 22,205,324 23,197,140
Other Liabilities 3,773,648 2,791,378 2,187,967
Interest Income 697,624 1,779,971 2,017,933
Other Income 2,618,913 1,130,841 1,047,067
Interest Expense (1,718,896) (1,340,522) (761,405)
Other Expenses (2,223,931) (2,631,916) (2,246,183)
Net Realized and Unrealized Gain (Losses) from Investments 23,076,302 12,955,425 2,252,738
Private Equity | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 234,237,795 202,312,388 194,502,199
Total Liabilities 31,355,200 24,996,702 25,385,107
Equity 202,882,595 177,315,686 169,117,092
Total Liabilities and Equity 234,237,795 202,312,388 194,502,199
Net Income (Loss) 22,450,012 11,893,799 2,310,150
Credit & Insurance      
Schedule of Equity Method Investments [Line Items]      
Investments 120,658,563 91,574,839 87,362,311
Other Assets 6,511,331 4,995,562 6,345,260
Debt 49,403,806 37,327,026 39,049,599
Other Liabilities 4,680,341 4,008,215 5,644,625
Interest Income 9,567,357 8,890,426 5,764,150
Other Income 1,151,506 324,061 690,193
Interest Expense (2,913,721) (2,583,654) (1,450,447)
Other Expenses (2,020,440) (1,691,066) (1,303,902)
Net Realized and Unrealized Gain (Losses) from Investments 2,056,892 1,124,916 (1,330,895)
Credit & Insurance | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 127,169,894 96,570,401 93,707,571
Total Liabilities 54,084,147 41,335,241 44,694,224
Equity 73,085,747 55,235,160 49,013,347
Total Liabilities and Equity 127,169,894 96,570,401 93,707,571
Net Income (Loss) 7,841,594 6,064,683 2,369,099
Multi-Asset Investing      
Schedule of Equity Method Investments [Line Items]      
Investments 33,758,058 30,667,406 29,969,945
Other Assets 2,409,862 4,354,754 3,743,263
Debt 266,931 179,610 244,796
Other Liabilities 645,001 3,145,046 1,215,788
Interest Income 204,281 20,995 11,052
Other Income 10,959 382,840 64,156
Interest Expense (10,922) (5,872) (2,743)
Other Expenses (153,459) (273,193) (141,596)
Net Realized and Unrealized Gain (Losses) from Investments 3,621,672 2,579,602 377,489
Multi-Asset Investing | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 36,167,920 35,022,160 33,713,208
Total Liabilities 911,932 3,324,656 1,460,584
Equity 35,255,988 31,697,504 32,252,624
Total Liabilities and Equity 36,167,920 35,022,160 33,713,208
Net Income (Loss) $ 3,672,531 $ 2,704,372 $ 308,358
v3.25.0.1
Performance Fees Allocated to Funds (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance $ 26,146,622
Ending Balance 29,800,566
Performance Fees  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 10,775,355
Performance Allocations as a Result of Changes in Fund Fair Values 4,004,143
Foreign Exchange Gain 5,124
Fund Distributions (2,387,256)
Ending Balance 12,397,366
Real Estate Segment  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 2,990,602
Performance Allocations as a Result of Changes in Fund Fair Values (490,902)
Foreign Exchange Gain 5,124
Fund Distributions (518,807)
Ending Balance 1,986,017
Private Equity Segment  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 7,093,920
Performance Allocations as a Result of Changes in Fund Fair Values 3,801,294
Fund Distributions (1,433,278)
Ending Balance 9,461,936
Credit & Insurance Segment  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 599,779
Performance Allocations as a Result of Changes in Fund Fair Values 471,043
Fund Distributions (268,973)
Ending Balance 801,849
Multi-Asset Investing | Performance Fees  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 91,054
Performance Allocations as a Result of Changes in Fund Fair Values 222,708
Fund Distributions (166,198)
Ending Balance $ 147,564
v3.25.0.1
Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Gain (Loss) on Securities [Line Items]      
Total realized and net change in unrealized gains (losses) $ 4,542,002 $ 232,842 $ 1,233,062
Corporate Treasury Investments      
Gain (Loss) on Securities [Line Items]      
Realized Gains (Losses) (3,234) (4,881) (21,511)
Net Change in Unrealized Gains 17,269 17,392 (57,426)
Total realized and net change in unrealized gains (losses) $ 14,035 $ 12,511 $ (78,937)
v3.25.0.1
Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Gain (Loss) on Securities [Line Items]      
Total Investment Income $ 4,542,002 $ 232,842 $ 1,233,062
Other Investments      
Gain (Loss) on Securities [Line Items]      
Realized Gains (Losses) 6,570 (19,346) 203,327
Net Change in Unrealized Gains (Losses) 436,061 (47,017) (1,128,244)
Total Investment Income $ 442,631 $ (66,363) $ (924,917)
v3.25.0.1
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional $ 1,708,158 $ 1,943,891
Derivative Liabilities, Notional 3,134,638 2,055,466
Derivative Assets, Fair Value 193,552 190,079
Derivative Liabilities, Fair Value 1,075,767 654,621
Freestanding Derivatives    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 785,790 855,683
Derivative Liabilities, Notional 915,215  
Derivative Assets, Fair Value 13,243 19,189
Derivative Liabilities, Fair Value 15,918  
Freestanding Derivatives | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 922,368 1,088,208
Derivative Liabilities, Notional 2,219,423 2,055,466
Derivative Assets, Fair Value 180,309 170,890
Derivative Liabilities, Fair Value 1,059,849 654,621
Freestanding Derivatives | Blackstone | Credit Default Swap    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional   3,108
Derivative Liabilities, Notional 640 3,748
Derivative Assets, Fair Value   479
Derivative Liabilities, Fair Value 10 508
Freestanding Derivatives | Blackstone | Total Return Swaps    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 58,263 63,158
Derivative Assets, Fair Value 10,153 13,171
Freestanding Derivatives | Interest Rate Contracts | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 624,740 634,840
Derivative Liabilities, Notional 600,000 607,000
Derivative Assets, Fair Value 166,126 145,798
Derivative Liabilities, Fair Value 107,425 86,589
Freestanding Derivatives | Interest Rate Contracts | Consolidated Blackstone Funds    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 785,790 855,683
Derivative Liabilities, Notional 915,215  
Derivative Assets, Fair Value 13,243 19,189
Derivative Liabilities, Fair Value 15,918  
Freestanding Derivatives | Foreign Currency Contracts | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 239,365 387,102
Derivative Liabilities, Notional 479,383 334,228
Derivative Assets, Fair Value 4,030 11,442
Derivative Liabilities, Fair Value 14,198 3,538
Freestanding Derivatives | Equity Options | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities, Notional 1,139,400 1,110,490
Derivative Liabilities, Fair Value $ 938,216 $ 563,986
v3.25.0.1
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Unrealized Gain (Loss) on Derivatives and Commodity Contracts $ (353,386) $ (552,454) $ 142,376
Freestanding Derivatives      
Derivative [Line Items]      
Realized Gains (Losses) 31,399 40,096 8,222
Net Change in Unrealized Gains (Losses) (384,785) (592,550) 134,154
Freestanding Derivatives | Total Return Swaps      
Derivative [Line Items]      
Realized Gains (Losses) 21,080 15,775 1,654
Net Change in Unrealized Gains (Losses) (2,837) 6,381 5,290
Freestanding Derivatives | Credit Default Swap      
Derivative [Line Items]      
Realized Gains (Losses) 75 (413) (231)
Net Change in Unrealized Gains (Losses) (55) 363 73
Freestanding Derivatives | Interest Rate Contracts      
Derivative [Line Items]      
Realized Gains (Losses) 1,051 24,291 15,319
Net Change in Unrealized Gains (Losses) 10,291 (87,177) 167,706
Freestanding Derivatives | Foreign Currency Contracts      
Derivative [Line Items]      
Realized Gains (Losses) 9,193 443 (8,520)
Net Change in Unrealized Gains (Losses) (17,954) 3,288 9,666
Freestanding Derivatives | Equity Options      
Derivative [Line Items]      
Net Change in Unrealized Gains (Losses) $ (374,230) $ (515,405) $ (48,581)
v3.25.0.1
Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans and Receivables $ 100,866 $ 60,738
Assets 4,725,580 3,957,327
Liabilities 87,856 688,386
Debt Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investments 63,671 63,486
Equity and Preferred Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investments 4,498,617 2,894,302
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Assets 62,426 938,801
CLO Notes Payable    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Liabilities 87,488 687,122
Corporate Treasury Commitments    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Liabilities $ 368 $ 1,264
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Realized Gains (Losses) | Debt Securities      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Realized and net change in unrealized gains (losses) on financial instruments     $ (22,240)
Realized Gains (Losses) | Assets      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Realized and net change in unrealized gains (losses) on financial instruments $ 754 $ (15,555) (10,688)
Realized Gains (Losses) | Loans and Receivables      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Realized and net change in unrealized gains (losses) on financial instruments (4,849) (8,053) (10,733)
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 9,431 (1,439) 22,285
Realized Gains (Losses) | Corporate Loans      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Realized and net change in unrealized gains (losses) on financial instruments (3,828) (6,063) 0
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 (2,694) (3,884) (19,490)
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 (48,002) (112,875) (111,292)
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 12 4,886 (464)
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 3,074 7,162 (7,508)
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 (48,209) (122,605) (91,338)
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 2,889 8,728 0
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 2,178 282 0
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 $ 896 $ 6,880 $ (7,508)
v3.25.0.1
Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal $ (55,599) $ (60,653)
Fair value of financial instruments more than one day past due 1,359 1,345
Debt Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal (55,890) (52,577)
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal (2,478) (8,751)
Fair value of financial instruments more than one day past due 1,359 1,345
Loans and Receivables    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal 2,769 675
Fair value of financial instruments more than one day past due $ 0 $ 0
v3.25.0.1
Fair Value Option - Additional Information (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value of financial instruments more than one day past due $ 1,359 $ 1,345
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value of financial instruments more than one day past due 1,359 $ 1,345
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   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
v3.25.0.1
Financial Assets and Liabilities at Fair Value (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Accounts Receivable — Loans and Receivables $ 100,866 $ 60,738
Assets 4,725,580 3,957,327
Loans Payable — CLO Notes Payable 11,320,956 11,304,059
Corporate Treasury Commitments $ 87,856 $ 688,386
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]    
Derivatives assets $ 193,552 $ 190,079
Derivatives liabilities 137,551 90,635
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 3,914,328 3,277,350
Liabilities 939,088 565,637
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and Cash Equivalents 60,799 263,574
Total Investments 10,496,062 9,273,604
Accounts Receivable — Loans and Receivables 100,866 60,738
Assets 10,838,036 9,768,806
Securities Sold, Not Yet Purchased 1,916 3,886
Contingent Consideration 504 387
Total Accounts Payable, Accrued Expenses and Other Liabilities 1,078,555 660,158
Liabilities 1,166,043 1,347,280
Fair Value, Measurements, Recurring | Corporate Treasury Commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate Treasury Commitments 368 1,264
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 87,488 687,122
Fair Value, Measurements, Recurring | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 1,059,849 654,621
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds - Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 15,918  
Fair Value, Measurements, Recurring | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 5,458,002 4,150,251
Fair Value, Measurements, Recurring | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 543,071 [1] 565,534
Assets 543,071 [1] 565,534
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 6,289 [1] 7,275
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 3,890,732 4,319,483
Derivatives assets 180,309 170,890
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 13,243 19,189
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] 3,799,142 3,345,645
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 78,347 954,649
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 473,496 [1] 558,259
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] 473,496 [1] 558,259
Fair Value, Measurements, Recurring | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 1,147,328 803,870
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments [1] 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 60,799 263,574
Total Investments 2,169,643 1,647,301
Assets 2,230,442 1,910,965
Securities Sold, Not Yet Purchased 1,916 3,886
Total Accounts Payable, Accrued Expenses and Other Liabilities 1,916 4,322
Liabilities 1,916 4,322
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities   436
Fair Value, Measurements, Recurring | Level 1 | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 2,089,838 1,564,112
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 12,076 11,118
Derivatives assets   90
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] 12,076 11,118
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 67,729 72,071
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 3,980,039 3,857,328
Assets 4,150,195 4,014,957
Total Accounts Payable, Accrued Expenses and Other Liabilities 137,551 90,199
Liabilities 225,039 777,321
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 87,488 687,122
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 121,633 90,199
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 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 3,182,353 2,355,423
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 231,718 1,066,475
Derivatives assets 170,156 157,629
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 13,243 19,189
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] 155,316 123,022
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 63,159 924,264
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 565,968 435,430
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 3,803,309 3,203,441
Accounts Receivable — Loans and Receivables 100,866 60,738
Assets 3,914,328 3,277,350
Contingent Consideration 504 387
Total Accounts Payable, Accrued Expenses and Other Liabilities 939,088 565,637
Liabilities 939,088 565,637
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 368 1,264
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 938,216 563,986
Fair Value, Measurements, Recurring | Level 3 | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 179,522 223,441
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 3,173,442 2,683,631
Derivatives assets 10,153 13,171
Assets 3,173,442 2,683,631
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments [2] 3,158,254 2,653,246
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 15,188 30,385
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments $ 450,345 $ 296,369
[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, 2024 is presented by strategy type below:
[2] Equity Securities, Partnership and LLC Interest includes investments in investment funds.
v3.25.0.1
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, 2024
USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value $ 543,071
Unfunded Loan Commitment  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 50,400
Equity  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 421,052
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 52,444
Real Estate | Unfunded Loan Commitment  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 0
Private Equity  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 63,286
Private Equity | Unfunded Loan Commitment  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 50,400
Other  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 6,289
Other | Unfunded Loan Commitment  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value $ 0
v3.25.0.1
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, 2024
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 69.00%
Percentage of investments redeemable as of reporting date 31.00%
v3.25.0.1
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 4,725,580 $ 3,957,327
Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 3,914,328 3,277,350
Fair value liabilities 939,088 565,637
Fair Value, Measurements, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 10,838,036 9,768,806
Fair value liabilities 1,166,043 1,347,280
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 3,914,328 3,277,350
Fair value liabilities 939,088 565,637
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 100,866 $ 60,738
Fair Value, Measurements, Recurring | Level 3 | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate 7.10%  
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 8.40% 8.80% [1]
Fair Value, Measurements, Recurring | Level 3 | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate 7.70%  
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 11.20% 14.90% [1]
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate 7.40%  
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 9.30% 10.30% [1],[2]
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 189,675  
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets [1]   $ 236,612
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Valuation Technique, Option Pricing Model    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value liabilities $ 938,216 $ 563,986 [3]
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 6 6.3 [3]
Fair Value, Measurements, Recurring | Level 3 | Other Liabilities | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value liabilities $ 872 $ 1,651 [4]
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 3,173,442 2,683,631
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Discounted Cash Flows    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 3,158,254 $ 2,653,246
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | EBITDA Multiple Market    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Exit Multiple - EBITDA 4 4
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | 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 | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate 4.20% 3.30%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Maximum | EBITDA Multiple Market    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Exit Multiple - EBITDA 30.6 30.6
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Maximum | Measurement Input, Cap Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Exit Capitalization Rate 15.00% 12.80%
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 39.10% 38.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | EBITDA Multiple Market    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Exit Multiple - EBITDA 15.4 15 [2]
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Measurement Input, Cap Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Exit Capitalization Rate 5.20% 5.10% [2]
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 10.40% 9.70% [2]
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 $ 15,188 $ 30,385
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets   $ 296,369
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 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   11.20%
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   22.40%
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 [2]   17.10%
[1] As of December 31, 2024 and 2023, Other Investments includes Level III Freestanding Derivatives.
[2] Unobservable inputs were weighted based on the fair value of the investments included in the range.
[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, 2024 and 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
v3.25.0.1
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, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period $ 3,117,393 $ 4,595,842
Transfer In Due to Consolidation and Acquisition 85,540  
Transfer Out Due to Deconsolidation (14,237) (1,453,837)
Transfer Into Level III [1] 144,894 29,088
Transfer Out of Level III [1] (35,431) (21,571)
Purchases 2,017,730 932,993
Sales (1,307,126) (867,995)
Issuances 30,028 68,450
Settlements [2] (96,003) (78,671)
Changes in Gains (Losses) In cludedin Earnings (44,068) (86,906)
Balance, End of Period 3,898,720 3,117,393
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (11,944) $ (84,876)
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 $ 565,637 $ 56,725
Transfer In (Out) Due to Consolidation and Acquisition 0 800
Sales 0 (413)
Changes in Losses (Gains) Included in Earnings 373,451 508,525
Balance, End of Period 939,088 565,637
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date 373,451 508,525
Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 373,024 30,971
Transfer Into Level III [1],[3] 109,347 898
Transfer Out of Level III [1],[3] (58) (3,374)
Purchases 465,775 354,202
Sales (307,926) (14,542)
Settlements [2],[3] (21,261) (8,252)
Changes in Gains (Losses) In cludedin Earnings 5,511 13,121
Balance, End of Period 624,412 373,024
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date (1,368) 7,725
Other Liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 1,651 8,144
Transfer In (Out) Due to Consolidation and Acquisition 0 800
Sales 0 (413)
Changes in Losses (Gains) Included in Earnings (779) (6,880)
Balance, End of Period 872 1,651
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date (779) (6,880)
Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 563,986 48,581
Transfer In (Out) Due to Consolidation and Acquisition 0 0
Sales 0 0
Changes in Losses (Gains) Included in Earnings 374,230 515,405
Balance, End of Period 938,216 563,986
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date 374,230 515,405
Loans and Receivables    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 60,738 315,039
Purchases 857,245 284,002
Sales (784,457) (563,732)
Issuances 30,028 68,450
Settlements [2] (74,742) (70,419)
Changes in Gains (Losses) In cludedin Earnings 12,054 27,398
Balance, End of Period 100,866 60,738
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date (1,297) 2,227
Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 2,683,631 4,249,832
Transfer In Due to Consolidation and Acquisition 85,540  
Transfer Out Due to Deconsolidation (14,237) (1,453,837)
Transfer Into Level III [1] 35,547 28,190
Transfer Out of Level III [1] (35,373) (18,197)
Purchases 694,710 294,789
Sales (214,743) (289,721)
Changes in Gains (Losses) In cludedin Earnings (61,633) (127,425)
Balance, End of Period 3,173,442 2,683,631
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (9,279) $ (94,828)
[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.
v3.25.0.1
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, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial investment weighted average remaining term   2 years 2 months 12 days
Investments fair value disclosure $ 630.9  
v3.25.0.1
Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
VIE Assets $ 43,469,875 $ 40,287,530
VIE Liabilities 23,974,860 22,212,316
Due from Affiliates    
Variable Interest Entity [Line Items]    
VIE Assets 242,109 203,187
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Maximum Exposure to Loss 4,821,498 4,026,897
Variable Interest Entity, Not Primary Beneficiary | Potential Clawback Obligation    
Variable Interest Entity [Line Items]    
VIE Liabilities 41,908 72,119
Variable Interest Entity, Not Primary Beneficiary | Amounts Due to Non-Consolidated VIEs    
Variable Interest Entity [Line Items]    
VIE Liabilities 855 223
Variable Interest Entity, Not Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
VIE Assets $ 4,537,481 $ 3,751,591
v3.25.0.1
Repurchase Agreements - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Securities Financing Transaction [Line Items]    
Pledged securities with carrying value to collateralize its repurchase agreements $ 6.8 $ 0.0
v3.25.0.1
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Assets Sold under Agreements to Repurchase [Line Items]  
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. "Offsetting of Assets and Liabilities" $ 6,758
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. "Offsetting of Assets and Liabilities" 0
Asset-backed Securities  
Assets Sold under Agreements to Repurchase [Line Items]  
Repurchase Agreements 6,758
Overnight and Continuous | Asset-backed Securities  
Assets Sold under Agreements to Repurchase [Line Items]  
Repurchase Agreements 0
Up to 30 Days | Asset-backed Securities  
Assets Sold under Agreements to Repurchase [Line Items]  
Repurchase Agreements 6,758
30 - 90 Days | Asset-backed Securities  
Assets Sold under Agreements to Repurchase [Line Items]  
Repurchase Agreements 0
Greater than 90 Days | Asset-backed Securities  
Assets Sold under Agreements to Repurchase [Line Items]  
Repurchase Agreements $ 0
v3.25.0.1
Components of Other Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Other Assets [Line Items]    
Furniture, Equipment and Leasehold Improvements $ 989,518 $ 937,355
Less: Accumulated Depreciation (483,200) (394,602)
Furniture, Equipment and Leasehold Improvements, Net 506,318 542,753
Prepaid Expenses 192,777 207,886
Freestanding Derivatives 180,309 170,890
Other 68,455 23,319
Total Other Assets $ 947,859 $ 944,848
v3.25.0.1
Other Assets - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Other Assets [Line Items]      
Depreciation expense $ 98.8 $ 94.1 $ 69.2
v3.25.0.1
Offsetting of Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Offsetting Assets and Liabilities [Line Items]    
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition $ 144,309  
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments 131,814  
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 10  
Net Amount 12,485  
Freestanding Derivatives    
Offsetting Assets and Liabilities [Line Items]    
Derivatives Gross and Net Amounts of Assets Presented in the Statement of Financial Condition 193,552 $ 190,079
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments [1] 122,391 107,330
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 54,388 49,532
Derivatives Net Amount 16,773 33,217
Derivatives Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition 137,551 90,635
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments [1] 125,056 87,777
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 10 625
Derivatives Net Amount 12,485 $ 2,233
Repurchase Agreements    
Offsetting Assets and Liabilities [Line Items]    
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition 6,758  
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments 6,758  
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received  
Repurchase agreements Net Amount  
[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 balance sheet exposure.
v3.25.0.1
Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement
$ in Millions
Dec. 31, 2024
USD ($)
Offsetting Assets [Line Items]  
Aggregate cash balance on deposit relating to the cash pooling arrangement $ 981.9
Overdraft facility $ 981.8
v3.25.0.1
Borrowings - Additional Information (Detail) - Revolving Credit Facility [Member]
$ in Millions
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
Debt instrument, interest rate 5.00%
Amended And Restated [Member]  
Debt Instrument [Line Items]  
Credit facility, maximum borrowing capacity $ 750
v3.25.0.1
Partnership Credit Facilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Line of Credit Facility [Line Items]    
Credit Available $ 15,785,168 $ 15,930,882
Borrowing Outstanding 11,460,168 11,605,882
Borrowings Of Consolidated Blackstone Funds    
Line of Credit Facility [Line Items]    
Credit Available 99,419 858,133
Borrowing Outstanding 99,419 858,133
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] $ 15,645,800 $ 15,032,800
Borrowing Outstanding [2] 11,320,800 10,707,800
2.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] 310,620 331,170
Borrowing Outstanding [2] $ 310,620 $ 331,170
Effective Interest Rate [2] 2.10% 2.16%
1.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 621,240 $ 662,340
Borrowing Outstanding [2] $ 621,240 $ 662,340
Effective Interest Rate [2] 1.13% 1.16%
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] $ 621,240 $ 662,340
Borrowing Outstanding [2] $ 621,240 $ 662,340
Effective Interest Rate [2] 1.56% 1.60%
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%
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] $ 517,700 $ 551,950
Borrowing Outstanding [2] $ 517,700 $ 551,950
Effective Interest Rate [2] 3.79% 3.90%
5.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 750,000 $ 0
Borrowing Outstanding [2] $ 750,000 $ 0
Effective Interest Rate [2] 5.23% 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] $ 19,949 $ 19,949
Borrowing Outstanding [3] $ 19,949 $ 19,949
Effective Interest Rate [3] 6.94% 7.69%
Secured Borrowings Two | Other    
Line of Credit Facility [Line Items]    
Credit Available [3] $ 20,000 $ 20,000
Borrowing Outstanding [3] $ 20,000 $ 20,000
Effective Interest Rate [3] 6.94% 3.72%
Blackstone Operating Borrowings [Member] | Other    
Line of Credit Facility [Line Items]    
Credit Available [3] $ 15,685,749 $ 15,072,749
Borrowing Outstanding [3] 11,360,749 10,747,749
CLO Notes Payable [Member] | Borrowings Of Consolidated Blackstone Funds    
Line of Credit Facility [Line Items]    
Credit Available [4] 99,419 858,133
Borrowing Outstanding [4] $ 99,419 $ 858,133
Effective Interest Rate [4] 8.72% 7.57%
[1] Represents the Credit Facility of Blackstone, through the Issuer. 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
[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] Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of December 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $49.6 million.
[4] CLO Notes Payable have maturity dates ranging from June 2025 to January 2037. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.
v3.25.0.1
Partnership Credit Facilities (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
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%  
Secured Borrowings One    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Oct. 27, 2033  
Secured Borrowings Two    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Jan. 29, 2035  
Secured Debt    
Line of Credit Facility [Line Items]    
Secured Debt $ 49.6  
Senior Secured Note | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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    
Line of Credit Facility [Line Items]    
Credit facility, maximum borrowing capacity $ 38.9 $ 40.3
Revolving Credit Facility [Member]    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 5.00%  
Commitment fee percentage 0.06%  
Debt instrument, basis spread on variable rate 0.75% 0.75%
Debt Instrument Additional Credit Spread Adjustment 0.10%  
v3.25.0.1
Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Carrying Value $ 11,320,956 $ 11,304,059
Debt instrument, fair value 9,944,446 9,968,748
Senior Secured Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 11,193,519 10,576,988
Debt instrument, fair value [1] 9,817,009 9,241,677
Borrowings Of Consolidated Blackstone Funds    
Debt Instrument [Line Items]    
Carrying Value 87,488 687,122
Debt instrument, fair value 87,488 687,122
2.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 315,860 336,005
Debt instrument, fair value [1] 309,502 324,778
1.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 624,078 664,085
Debt instrument, fair value [1] 601,801 620,864
3.150% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 298,864 298,476
Debt instrument, fair value [1] 287,007 283,059
5.900% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 596,505 595,411
Debt instrument, fair value [1] 617,550 625,158
1.625% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 646,374 645,406
Debt instrument, fair value [1] 579,189 566,508
1.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 626,043 666,655
Debt instrument, fair value [1] 584,295 601,272
2.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 494,568 493,573
Debt instrument, fair value [1] 444,970 431,005
1.600% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 496,911 496,447
Debt instrument, fair value [1] 403,415 391,955
2.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 790,508 789,283
Debt instrument, fair value [1] 644,816 633,153
2.550% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 496,146 495,670
Debt instrument, fair value [1] 417,830 410,755
6.200% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 892,561 891,899
Debt instrument, fair value [1] 946,818 962,037
3.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 489,624 521,549
Debt instrument, fair value [1] 522,877 536,319
5.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 741,218 0
Debt instrument, fair value [1] 726,023 0
6.250% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 239,756 239,457
Debt instrument, fair value [1] 254,095 263,270
5.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 490,261 489,975
Debt instrument, fair value [1] 457,335 464,560
4.450% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 344,840 344,691
Debt instrument, fair value [1] 290,836 297,486
4.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 291,372 291,149
Debt instrument, fair value [1] 230,337 233,685
3.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 392,618 392,436
Debt instrument, fair value [1] 277,496 294,608
2.800% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 394,252 394,103
Debt instrument, fair value [1] 238,256 252,008
2.850% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 543,478 543,317
Debt instrument, fair value [1] 329,791 352,457
3.200% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 987,682 987,401
Debt instrument, fair value [1] 652,770 696,740
Secured Borrowings One | Other    
Debt Instrument [Line Items]    
Carrying Value 19,949 19,949
Debt instrument, fair value 19,949 19,949
Secured Borrowings Two | Other    
Debt Instrument [Line Items]    
Carrying Value 20,000 20,000
Debt instrument, fair value 20,000 20,000
Blackstone Operating Borrowings | Other    
Debt Instrument [Line Items]    
Carrying Value 11,233,468 10,616,937
Debt instrument, fair value 9,856,958 9,281,626
CLO Notes Payable | Borrowings Of Consolidated Blackstone Funds    
Debt Instrument [Line Items]    
Carrying Value 87,488 687,122
Debt instrument, fair value $ 87,488 $ 687,122
[1] Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
v3.25.0.1
Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail)
 12 Months Ended
Dec. 31, 2024
2.000% Notes | Senior Secured Notes  
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  
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  
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  
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  
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  
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  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.50% [1]
Debt instrument, maturity date Jan. 10, 2030 [1]
1.600% Notes | Senior Secured Notes  
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  
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  
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  
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  
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  
Debt Instrument [Line Items]  
Debt instrument, interest rate 5.00% [1]
Debt instrument, maturity date Dec. 06, 2034 [1]
6.250% Notes | Senior Secured Notes  
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  
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  
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  
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  
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  
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  
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  
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
Secured Borrowings Two  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jan. 29, 2035
[1] Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
v3.25.0.1
Scheduled Principal Payments for Borrowings (Detail)
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
2025 $ 318,843
2026 627,287
2027 911,589
2028 660,131
2029 625,199
Thereafter 8,317,119
Total 11,460,168
Blackstone Operating Borrowings  
Debt Instrument [Line Items]  
2025 318,843
2026 627,287
2027 911,589
2028 660,131
2029 625,199
Thereafter 8,217,700
Total 11,360,749
Borrowings of Consolidated Blackstone Funds  
Debt Instrument [Line Items]  
2025 0
2026 0
2027 0
2028 0
2029 0
Thereafter 99,419
Total $ 99,419
v3.25.0.1
Leases - Additional informaton (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Weighted-average remaining lease term 8 years 1 month 6 days 3 years 4 months 24 days
Leases $ 14.1 $ 14.7
v3.25.0.1
Leases Components of leases expenses (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Lease Cost      
Straight-Line Lease Cost [1] $ 156,680 $ 160,534 $ 139,740
Variable Lease Cost [2] 20,222 15,268 12,072
Sublease Income (65) (63) (888)
Operating Lease Cost $ 176,837 $ 175,739 $ 150,924
[1] Straight-line lease cost includes short-term leases, which are immaterial.
[2] Variable lease cost approximates variable lease cash payments.
v3.25.0.1
Leases Supplemental Cash Flow Information Related Leases (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating Cash Flows for Operating Lease Liabilities $ 145,388 $ 127,183 $ 107,249
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities $ 129,451 $ 117,155 $ 278,010
v3.25.0.1
Leases Cash flows Annual Basis For Operating Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
2025 $ 178,730  
2026 176,178  
2027 173,142  
2028 167,033  
2029 106,720  
Thereafter 281,538  
Total Lease Payments [1] 1,083,341  
Less: Imputed Interest (117,599)  
Present Value of Operating Lease Liabilities $ 965,742 $ 989,823
[1] Excludes signed leases that have not yet commenced.
v3.25.0.1
Income Before Provision for Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Income Before Provision (Benefit) for Taxes $ 6,459,480 $ 2,957,714 $ 3,461,789
Domestic Tax Authority      
Income Taxes [Line Items]      
Income Before Provision (Benefit) for Taxes 6,029,702 2,577,184 3,023,588
Foreign Tax Authority      
Income Taxes [Line Items]      
Income Before Provision (Benefit) for Taxes $ 429,778 $ 380,530 $ 438,201
v3.25.0.1
Provision (Benefit) for Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes [Line Items]      
Federal Income Tax $ 424,659 $ 362,144 $ 503,075
Foreign Income Tax 128,757 112,861 75,859
State and Local Income Tax 120,454 186,851 255,421
Current Income Tax Expense (Benefit), Total 673,870 661,856 834,355
Federal Income Tax 265,749 (94,732) (312,961)
Foreign Income Tax (471) (7,020) (3,048)
State and Local Income Tax 82,523 (46,643) (45,466)
Deferred Income Tax Expense (Benefit), Total 347,801 (148,395) (361,475)
Provision for Taxes $ 1,021,671 $ 513,461 $ 472,880
v3.25.0.1
Summary of Tax Positions (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax [Line Items]      
Income Before Provision for Taxes $ 6,459,480 $ 2,957,714 $ 3,461,789
Provision for Taxes $ 1,021,671 $ 513,461 $ 472,880
Effective Income Tax Rate 15.80% 17.40% 13.70%
v3.25.0.1
Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate (Detail)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Effective Tax Rate Reconciliation [Line Items]      
Statutory U.S. Federal Income Tax Rate 21.00% 21.00% 21.00%
Income Passed Through to Non-Controlling Interest Holders (9.00%) (8.20%) (8.10%)
State and Local Income Taxes 2.90% 4.30% 6.00%
Basis Adjustment [1] 0.00% 0.00% (4.60%)
Other 0.90% 0.30% (0.60%)
Effective Income Tax Rate 15.80% 17.40% 13.70%
2024 vs. 2023      
Schedule of Effective Tax Rate Reconciliation [Line Items]      
Income Passed Through to Non-Controlling Interest Holders (0.80%)    
State and Local Income Taxes (1.40%)    
Basis Adjustment [1] 0.00%    
Other 0.60%    
Effective Income Tax Rate (1.60%)    
2023 vs. 2022      
Schedule of Effective Tax Rate Reconciliation [Line Items]      
Income Passed Through to Non-Controlling Interest Holders   (0.10%)  
State and Local Income Taxes   (1.70%)  
Basis Adjustment [1]   4.60%  
Other   0.90%  
Effective Income Tax Rate   3.70%  
[1] Represents the impact of the out-of-period adjustment made during the year ended December 31, 2022 to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision.
v3.25.0.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax [Line Items]      
Interest expense accrued $ 29,100 $ 22,800 $ 32,600
Deferred tax valuation allowance 21,199 0  
Reduction of Tax Receivable Agreement Liability (41,246) (27,196) $ 22,283
Dcrease of Deferred Tax Assets 317,100    
Tax Cuts and Jobs Act      
Income Tax [Line Items]      
Reduction of Tax Receivable Agreement Liability $ (41,200) $ (27,200)  
v3.25.0.1
Summary of Tax Effects of Temporary Differences (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred Tax Assets    
Investment Basis Differences/Net Unrealized Gains and Losses $ 1,737,508 $ 2,210,974
Other 287,639 120,420
Total Deferred Tax Assets Before Valuation Allowance 2,025,147 2,331,394
Valuation Allowance (21,199) 0
Total Deferred Tax Assets 2,003,948 2,331,394
Deferred Tax Liabilities    
Investment Basis Differences/Net Unrealized Gains and Losses 12,282 18,333
Other 1,953 2,163
Total Deferred Tax Liabilities 14,235 20,496
Net Deferred Tax Assets $ 1,989,713 $ 2,310,898
v3.25.0.1
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations (Detail)
 12 Months Ended
Dec. 31, 2024
Federal  
Income Tax Examination [Line Items]  
Open Tax Year 2021
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
v3.25.0.1
Unrecognized Tax Benefits Excluding Related Interest and Penalties (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]      
Unrecognized Tax Benefits — January 1 $ 210,778 $ 153,624 $ 47,501
Additions based on Tax Positions Related to Current Year 46,572 19,807 0
Reductions for Tax Positions of Current Year 0 (19,737) 0
Additions for Tax Positions of Prior Years 0 57,081 106,059
Reductions for Tax Positions of Prior Years (6,111) 0 0
Exchange Rate Fluctuations 218 3 64
Unrecognized Tax Benefits — December 31 $ 251,457 $ 210,778 $ 153,624
v3.25.0.1
Basic and Diluted Net Income Per Common Stock (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Line Items]      
Net Income Attributable to Blackstone Inc., Basic and Diluted $ 2,776,508 $ 1,390,880 $ 1,747,631
Weighted-Average Shares of Common Stock Outstanding, Basic 766,487,450 755,204,556 740,664,038
Weighted-Average Shares of Unvested Deferred Restricted Common Stock [1] 159,058 215,380 278,361
Weighted-Average Shares of Common Stock Outstanding, Diluted 766,646,508 755,419,936 740,942,399
Net Income Per Share of Common Stock, Basic $ 3.62 $ 1.84 $ 2.36
Net Income Per Share of Common Stock, Diluted 3.62 1.84 2.36
Dividends Declared Per Share of Common Stock [2] $ 3.45 $ 3.32 $ 4.94
[1] For the years ended December 31, 2024 and 2023, 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.
v3.25.0.1
Summary of Anti-Dilutive Securities (Detail) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Blackstone Partnership Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-Average Units 455,306,643 460,897,953 466,083,269
v3.25.0.1
Schedule of Shares Eligible For Dividends and Distribution (Detail)
Dec. 31, 2024
shares
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 768,722,241
Shares eligible for dividends and distributions 1,221,171,137
Common Stock  
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 731,925,965
Unvested Participating Common Stock  
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 36,796,276
Participating Partnership Units  
Stockholders Equity [Line Items]  
Participating Blackstone Holdings Partnership Units 452,448,896
v3.25.0.1
Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 $ 1,800.0      
Revision of Prior Period Error Correction Adjustment Member        
Stockholders Equity [Line Items]        
Non-Controlling Interests 1,100.0      
Deferred Tax Assets 317.1      
Additional Paid-In-Capital $ 781.6      
Share Reclassification        
Stockholders Equity [Line Items]        
Preferred shares authorized 9,000,000,000      
Common Stock        
Stockholders Equity [Line Items]        
Common stock repurchased, units 4,000,000 3,700,000 3,900,000  
Amount authorized to repurchase under unit repurchase program       $ 2,000.0
Common stock repurchased, cost $ 520.4 $ 351.3 $ 392.0  
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    
Preferred shares outstanding 1 1    
Series I Preferred Stock | Share Reclassification        
Stockholders Equity [Line Items]        
Preferred shares authorized 999,999,000      
Preferred shares issued 1      
Preferred shares outstanding 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    
Preferred shares outstanding 1 1    
Series II Preferred Stock | Share Reclassification        
Stockholders Equity [Line Items]        
Preferred shares authorized 1,000      
Preferred shares issued 1      
Preferred shares outstanding 1      
v3.25.0.1
Equity-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 01, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Partnership grant units         173,443,452
Compensation expense in relation to equity-based awards   $ 1,168,435 $ 987,549 $ 846,349  
Tax benefits in relation to equity-based awards $ 298,200   183,400 135,900  
Estimated unrecognized compensation expense related to unvested awards   $ 2,500,000      
Weighted-average period for recognized compensation expense related to unvested awards, years   3 years 4 months 24 days      
Total vested and unvested outstanding units   1,221,159,186      
Phantom units vesting period   2 years 10 months 24 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   83,228      
Payment in settlement of phantom units   $ 3,900 $ 1,700 $ 600  
Phantom Share Units (PSUs) | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Assumed forfeiture rate   6.80%      
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   13.80%      
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   13.80%      
Blackstone Partnership Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Assumed forfeiture rate   6.80%      
Blackstone Partnership Units | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Assumed service period, in years   1 year      
Per unit discount   $ 1.07      
Blackstone Partnership Units | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Per unit discount   $ 21.53      
v3.25.0.1
Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Blackstone | Blackstone Partnership Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning Balance | shares 4,585,893
Granted (Units) | shares 0
Vested (Units) | shares (3,700,053)
Forfeited (Units) | shares (35,431)
Ending Balance | shares 850,409
Beginning Balance | $ / shares $ 38.94
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 0
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 40.06
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 46.58
Ending Balance | $ / shares $ 33.38
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 36,456,644
Granted (Units) | shares 11,894,835
Vested (Units) | shares (12,165,823)
Forfeited (Units) | shares (2,257,086)
Ending Balance | shares 33,928,570
Beginning Balance | $ / shares $ 86.05
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 131.67
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 79.92
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 101.29
Ending Balance | $ / shares $ 103.44
Blackstone Group Inc. | Cash Settled Awards Phantom Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning Balance | shares 85,447
Granted (Units) | shares 38,819
Vested (Units) | shares (32,886)
Forfeited (Units) | shares (20,863)
Ending Balance | shares 70,517
Beginning Balance | $ / shares $ 114.5
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 121.94
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 144.8
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 130.85
Ending Balance | $ / shares $ 187.66
v3.25.0.1
Unvested Shares and Units, After Expected Forfeitures (Detail)
 12 Months Ended
Dec. 31, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Blackstone Holdings Partnership Units 828,312
Deferred Restricted Shares of Common Stock 30,826,072
Total Equity-Based Awards 31,654,384
Phantom Shares 59,807
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years) 7 months 6 days
Deferred Restricted Shares of Common Stock (Weighted-Average Service in Years) 2 years 9 months 18 days
Total Equity-Based Awards (Weighted-Average Service Period in Years) 2 years 8 months 12 days
Phantom Shares (Weighted-Average Service Period in Years) 2 years 10 months 24 days
v3.25.0.1
Due from Affiliates and Due to Affiliates (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies $ 4,049,707 $ 3,638,948
Due from Certain Non-Controlling Interest Holders and Blackstone Employees 1,191,527 720,743
Accrual for Potential Clawback of Previously Distributed Performance Allocations 168,081 106,830
Due from Affiliates, total 5,409,315 4,466,521
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements 1,844,978 1,681,516
Due to Non-Consolidated Entities 208,537 124,560
Due to Certain Non-Controlling Interest Holders and Blackstone Employees 255,086 305,816
Accrual for Potential Repayment of Previously Received Performance Allocations 499,547 281,518
Due to Affiliates, total 2,808,148 2,393,410
Related Party    
Related Party Transaction [Line Items]    
Due from Affiliates, total 5,409,315 4,466,521
Due to Affiliates, total $ 2,808,148 $ 2,393,410
v3.25.0.1
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Investments $ 29,800,566 $ 26,146,622  
Cash saving in tax receivable agreements, percentage 85.00%    
Expected future payments under the tax receivable agreements $ 1,800,000    
Expected future payments under the tax receivable agreements in years 15 years    
After-tax net present value estimated payments $ 529,900    
After-tax net present value discount rate assumption 15.00%    
After tax net estimated payments made $ 46,300    
Founder, senior managing directors, employees and certain other related parties      
Related Party Transaction [Line Items]      
Net Income Attributable to Non-Controlling Interests 176,000 87,800 $ 10,900
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds      
Related Party Transaction [Line Items]      
Investments $ 2,000,000 $ 1,700,000  
v3.25.0.1
Commitments and Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jan. 03, 2025
Jan. 31, 2025
Dec. 31, 2024
Jan. 01, 2023
Schedule Of Commitments And Contingencies [Line Items]        
General partner capital funding     $ 6,400.0  
Consolidated entities net assets restricted as to payment of cash dividends and advances to partnership     92.8  
Total investments at risk in respect of guarantees extended     $ 28.4  
Contingent obligations currently anticipated to expire end     2032  
Provision for cash clawback     $ 1,100.0  
Contingent Obligations (Clawback)     7,300.0  
Loss Contingency Accrual, Payments     $ 2.1  
Blackstone Real Estate Investment Trust or BREIT        
Schedule Of Commitments And Contingencies [Line Items]        
Percentage Of Incremental Cash Payment In Excess Of Target Return     5.00%  
Security Owned and Pledged as Collateral, Associated Liabilities, Fair Value     $ 938.2  
Investments Pledged fair value     $ 1,100.0  
Common stock, value, subscriptions       $ 4,500.0
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%  
Cost of the investment     $ 4,500.0  
Settlement Agreement [Member]        
Schedule Of Commitments And Contingencies [Line Items]        
Payments for Legal Settlements   $ 12.0    
Settled Litigation [Member]        
Schedule Of Commitments And Contingencies [Line Items]        
Loss Contingency Settlement Value Among Dedendants $ 82.5      
Loss Contingency, Name of Plaintiff Taylor I and Taylor II      
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     91.5  
Contingent Obligations (Clawback)     6,700.0  
Loss Contingency Accrual, Payments     1.2  
Current And Former Blackstone Personnel        
Schedule Of Commitments And Contingencies [Line Items]        
Loss Contingency Accrual, Payments     0.9  
Consolidated Blackstone Funds        
Schedule Of Commitments And Contingencies [Line Items]        
Funds signed investment commitments     127.2  
Consolidated Blackstone Funds | Portfolio Company Acquisition        
Schedule Of Commitments And Contingencies [Line Items]        
Signed investment commitments for portfolio company acquisitions in process of closing     $ 104.0  
v3.25.0.1
Clawback Obligations by Segment (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Product Liability Contingency [Line Items]    
Clawback obligations $ 499,547 $ 281,518
Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 333,261 174,688
Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations 166,286 106,830
Real Estate Segment    
Product Liability Contingency [Line Items]    
Clawback obligations 475,095 235,772
Real Estate Segment | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 316,749 145,435
Real Estate Segment | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations 158,346 90,337
Private Equity Segment    
Product Liability Contingency [Line Items]    
Clawback obligations 21,317 45,277
Private Equity Segment | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 15,044 29,046
Private Equity Segment | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations 6,273 16,231
Credit & Insurance    
Product Liability Contingency [Line Items]    
Clawback obligations 3,135 469
Credit & Insurance | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 1,468 207
Credit & Insurance | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations $ 1,667 $ 262
v3.25.0.1
Segment Reporting - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Segment
Dec. 31, 2023
USD ($)
Segment
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of business segments | Segment 4 4  
Investment Advice [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer, excluding assessed tax $ 7,188,936 $ 6,671,260 $ 6,303,315
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 $ 841,300
Blackstone Private Credit Fund [Member] | Investment Advice [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer, excluding assessed tax 980,600 762,600  
UNITED STATES      
Segment Reporting Information [Line Items]      
Long lived assets $ 1,100,000 $ 1,100,000  
Percentage of revenue 68.00% 70.00% 77.00%
UNITED KINGDOM      
Segment Reporting Information [Line Items]      
Long lived assets   $ 141,700  
v3.25.0.1
Summary of Revenue from External Customers by Geographic Areas (Detail)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 76.00% 78.00% 83.00%
Europe, Middle East and Africa      
Segment Reporting Information [Line Items]      
Percentage of revenue from external customers 16.00% 15.00% 15.00%
Asia-Pacific      
Segment Reporting Information [Line Items]      
Percentage of revenue from external customers 8.00% 7.00% 2.00%
v3.25.0.1
Financial Data of Segments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Fee Related Performance Revenues $ 2,135,945 $ 858,527 $ 1,449,497
Realized Performance Revenues 4,421,924 2,919,012 5,906,767
Realized Performance Compensation (1,805,803) (1,181,926) (2,433,262)
Realized Principal Investment Income 92,526 110,932 396,256
Operating Segments      
Segment Reporting Information [Line Items]      
Base Management Fees 6,780,882 6,465,847 6,045,038
Transaction, Advisory and Other Fees, Net 399,688 235,892 310,117
Management Fee Offsets (47,036) (38,495) (72,209)
Total Management and Advisory Fees, Net 7,133,534 6,663,244 6,282,946
Fee Related Performance Revenues 2,135,945 858,527 1,449,497
Fee Related Compensation (2,739,322) (2,088,110) (2,330,775)
Other Operating Expenses (1,248,092) (1,084,333) (989,023)
Fee Related Earnings 5,282,065 4,349,328 4,412,645
Realized Performance Revenues 2,287,031 2,061,102 4,461,338
Realized Performance Compensation (951,246) (896,017) (1,814,097)
Realized Principal Investment Income 92,526 110,932 396,256
Total Net Realizations 1,428,311 1,276,017 3,043,497
Total Segment Distributable Earnings 6,710,376 5,625,345 7,456,142
Segment Assets 40,228,391 36,443,911  
Operating Segments | Real Estate Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 2,716,983 2,794,232 2,462,179
Transaction, Advisory and Other Fees, Net 175,010 78,483 171,424
Management Fee Offsets (16,716) (29,357) (10,538)
Total Management and Advisory Fees, Net 2,875,277 2,843,358 2,623,065
Fee Related Performance Revenues 203,425 294,240 1,075,424
Fee Related Compensation (674,965) (675,880) (1,039,125)
Other Operating Expenses (380,321) (325,050) (315,331)
Fee Related Earnings 2,023,416 2,136,668 2,344,033
Realized Performance Revenues 200,974 244,358 2,985,713
Realized Performance Compensation (101,011) (123,299) (1,168,045)
Realized Principal Investment Income 14,522 7,628 150,790
Total Net Realizations 114,485 128,687 1,968,458
Total Segment Distributable Earnings 2,137,901 2,265,355 4,312,491
Segment Assets 11,573,910 13,016,980  
Operating Segments | Private Equity Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 2,027,855 1,903,972 1,882,197
Transaction, Advisory and Other Fees, Net 176,469 108,848 97,972
Management Fee Offsets (6,044) (5,228) (56,078)
Total Management and Advisory Fees, Net 2,198,280 2,007,592 1,924,091
Fee Related Performance Revenues 1,185,428 0 (648)
Fee Related Compensation (1,164,237) (619,678) (599,758)
Other Operating Expenses (391,309) (329,221) (314,967)
Fee Related Earnings 1,828,162 1,058,693 1,008,718
Realized Performance Revenues 1,392,447 1,343,865 1,206,594
Realized Performance Compensation (633,491) (584,154) (550,306)
Realized Principal Investment Income 52,356 76,220 144,585
Total Net Realizations 811,312 835,931 800,873
Total Segment Distributable Earnings 2,639,474 1,894,624 1,809,591
Segment Assets 18,027,030 14,901,682  
Operating Segments | Credit & Insurance Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 1,561,649 1,297,406 1,185,289
Transaction, Advisory and Other Fees, Net 44,354 44,542 34,481
Management Fee Offsets (24,196) (3,907) (5,432)
Total Management and Advisory Fees, Net 1,581,807 1,338,041 1,214,338
Fee Related Performance Revenues 747,092 564,287 374,721
Fee Related Compensation (755,620) (628,064) (512,727)
Other Operating Expenses (371,354) (323,773) (260,028)
Fee Related Earnings 1,201,925 950,491 816,304
Realized Performance Revenues 313,092 317,620 147,285
Realized Performance Compensation (129,814) (140,210) (63,845)
Realized Principal Investment Income 39,855 21,752 79,763
Total Net Realizations 223,133 199,162 163,203
Total Segment Distributable Earnings 1,425,058 1,149,653 979,507
Segment Assets 8,668,716 6,705,647  
Operating Segments | Multi Assets Investing Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 474,395 470,237 515,373
Transaction, Advisory and Other Fees, Net 3,855 4,019 6,240
Management Fee Offsets (80) (3) (161)
Total Management and Advisory Fees, Net 478,170 474,253 521,452
Fee Related Performance Revenues 0 0 0
Fee Related Compensation (144,500) (164,488) (179,165)
Other Operating Expenses (105,108) (106,289) (98,697)
Fee Related Earnings 228,562 203,476 243,590
Realized Performance Revenues 380,518 155,259 121,746
Realized Performance Compensation (86,930) (48,354) (31,901)
Realized Principal Investment Income (14,207) 5,332 21,118
Total Net Realizations 279,381 112,237 110,963
Total Segment Distributable Earnings 507,943 315,713 $ 354,553
Segment Assets $ 1,958,735 $ 1,819,602  
v3.25.0.1
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total Revenues $ 13,229,968 $ 8,022,841 $ 8,517,673
Less: Unrealized Principal Investment (Income) Loss 380,591 (603,154) (1,563,849)
Total Expenses 6,819,326 4,981,130 4,973,025
Total Other Income 48,838 (83,997) (82,859)
Total Other Income 0 0 0
Total GAAP Income Before Provision for Taxes 6,459,480 2,957,714 3,461,789
Less: Unrealized Principal Investment (Income) Loss 380,591 (603,154) (1,563,849)
Total Assets 43,469,875 40,287,530  
Operating Segments      
Segment Reporting Information [Line Items]      
Total Revenues [1] 11,649,036 9,693,805 12,590,037
Total Expenses [2] 4,938,660 4,068,460 5,133,895
Total Segment Distributable Earnings 6,710,376 5,625,345 7,456,142
Total Assets 40,228,391 36,443,911  
Consolidation Adjustments and Reconciling Items      
Segment Reporting Information [Line Items]      
Less: Unrealized Performance Revenues [3] (371,407) 1,691,788 3,436,978
Less: Unrealized Principal Investment (Income) Loss [4] (271,868) 593,301 1,235,529
Less: Interest and Dividend Revenue [5] (410,980) (535,641) (285,075)
Less: Other Revenue [6] (123,166) 93,083 (183,754)
Impact of Consolidation [7] (444,828) (200,237) (109,379)
Transaction-Related and Non-Recurring Items [8] 39,272 25,672 (24,656)
Less: Unrealized Performance Allocations Compensation [9] (140,021) 654,403 1,470,588
Less: Equity-Based Compensation [10] (1,159,122) (959,474) (782,090)
Less: Interest Expense [11] (444,417) (429,521) (316,569)
Impact of Consolidation [7] (81,129) (137,603) (61,644)
Amortization of Intangibles [12] (29,332) (33,457) (60,481)
Transaction-Related and Non-Recurring Items [8] (17,100) (309) (81,789)
Administrative Fee Adjustment [13] (11,590) (9,707) (9,866)
Less: Unrealized Performance Revenues [3] (371,407) 1,691,788 3,436,978
Less: Unrealized Principal Investment (Income) Loss [4] (271,868) 593,301 1,235,529
Less: Interest and Dividend Revenue [5] (410,980) (535,641) (285,075)
Less: Other Revenue [6] (123,166) 93,083 (183,754)
Plus: Unrealized Performance Allocations Compensation [9] 140,021 (654,403) (1,470,588)
Plus: Equity-Based Compensation [10] 1,159,122 959,474 782,090
Plus: Interest Expense [11] 444,417 429,521 316,569
Amortization of Intangibles [12] 29,332 33,457 60,481
Transaction-Related and Non-Recurring Items [8] 56,372 25,981 57,133
Administrative Fee Adjustment [13] 11,590 9,707 9,866
Segment Adjustment      
Segment Reporting Information [Line Items]      
Intersegment Eliminations 2,045 2,998 2,721
Intersegment Eliminations 2,045 2,998 2,721
Impact of Consolidation      
Segment Reporting Information [Line Items]      
Impact of Consolidation [7] (48,838) 83,997 82,859
Impact of Consolidation (412,537) 21,363 $ 35,124
Total Assets [7] $ (3,241,484) $ (3,843,619)  
[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, 2024, 2023 and 2022, Other Revenue on a GAAP basis was $123.7 million, $(92.9) million and $184.6 million and included $122.3 million, $(94.7) million, and $182.9 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. For the year ended December 31, 2024, this adjustment includes removal of an accrual for a liability for a legal matter.
[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.
v3.25.0.1
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total Segment Fee Related Performance Revenues $ 2,135,945 $ 858,527 $ 1,449,497
Total Segment Realized Performance Revenues 4,421,924 2,919,012 5,906,767
Total Segment Realized Principal Investment Income 92,526 110,932 396,256
Total Segment Realized Performance Compensation 1,805,803 1,181,926 2,433,262
Total Segment Other Operating Expenses 123,693 (92,929) 184,557
Foreign exchange gains (losses) 122,300 (94,700) 182,900
Operating Segments      
Segment Reporting Information [Line Items]      
Total Segment Management and Advisory Fees, Net 7,133,534 6,663,244 6,282,946
Total Segment Fee Related Performance Revenues 2,135,945 858,527 1,449,497
Total Segment Realized Performance Revenues 2,287,031 2,061,102 4,461,338
Total Segment Realized Principal Investment Income 92,526 110,932 396,256
Total Revenues [1] 11,649,036 9,693,805 12,590,037
Total Segment Fee Related Compensation 2,739,322 2,088,110 2,330,775
Total Segment Realized Performance Compensation 951,246 896,017 1,814,097
Total Segment Other Operating Expenses 1,248,092 1,084,333 989,023
Total Expenses [2] $ 4,938,660 $ 4,068,460 $ 5,133,895
[1] Total Segment Revenues is comprised of the following:
[2] Total Segment Expenses is comprised of the following:
v3.25.0.1
Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues [1] $ (55,402) $ (8,016) $ (20,369)
Investment Income — Realized Performance Allocations 3,457,746 2,223,841 5,381,640
Realized Performance Revenues 2,135,945 858,527 1,449,497
Compensation 3,048,229 2,785,447 2,569,780
Incentive Fee Compensation 373,586 281,067 207,998
Realized Performance Allocations Compensation 1,432,217 900,859 2,225,264
Realized Performance Revenues 4,421,924 2,919,012 5,906,767
Segment Adjustment [2] 1,052 617 4,068
Total Compensation and Benefits 4,854,032 3,967,373 5,003,042
General, Administrative and Other 1,361,909 1,117,305 1,092,671
General, Administrative and Other [3] (113,817) (32,972) 103,648
Investment Income — Realized Performance Allocations 3,457,746 2,223,841 5,381,640
Realized Performance Revenues 4,421,924 2,919,012 5,906,767
Realized Performance Compensation (1,805,803) (1,181,926) (2,433,262)
Investment Income Realized 332,258 303,823 850,327
Investment Income Realized [4] (239,732) (192,891) (454,071)
Investment Income Realized 92,526 110,932 396,256
Segment Adjustment [5] (4,342) (23,772) (76,080)
Less: Fee Related Performance Compensation [6] (838,489) (273,010) (609,245)
Total Segment 1,805,803 1,181,926 2,433,262
Management and Advisory Fees, Net      
Segment Reporting Information [Line Items]      
Revenues 7,188,936 6,671,260 6,303,315
Incentive Fees      
Segment Reporting Information [Line Items]      
Revenues 964,178 695,171 525,127
Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 7,133,534 6,663,244 6,282,946
Realized Performance Revenues 2,135,945 858,527 1,449,497
Realized Performance Revenues 2,287,031 2,061,102 4,461,338
Realized Performance Revenues (2,135,945) (858,527) (1,449,497)
General, Administrative and Other 1,248,092 1,084,333 989,023
Realized Performance Revenues 2,287,031 2,061,102 4,461,338
Less: Realized Performance Revenues (2,287,031) (2,061,102) (4,461,338)
Realized Performance Compensation (951,246) (896,017) (1,814,097)
Investment Income Realized 92,526 110,932 396,256
Less: Equity-Based Compensation — Fee Related Compensation (1,143,054) (946,575) (772,170)
Less: Equity-Based Compensation — Performance Compensation (16,068) (12,899) (9,920)
Total Compensation and Benefits 2,739,322 2,088,110 2,330,775
Less: Equity-Based Compensation — Performance Compensation (16,068) (12,899) (9,920)
Total Segment 951,246 896,017 1,814,097
Operating Segments | Management and Advisory Fees, Net      
Segment Reporting Information [Line Items]      
Revenues $ 7,133,534 $ 6,663,244 $ 6,282,946
[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.