[10-Q] Blackstone Inc. Quarterly Earnings Report
Blackstone Inc. reported a strong quarter for the period ended June 30, 2025 with total revenues of $3,711,900 and total investment income of $1,605,665 (both amounts in thousands). Revenues rose versus the prior year period, driven by higher management and advisory fees of $2,035,495 and sizable realized and unrealized gains on performance allocations and principal investments. Total net income for the quarter was $1,626,133, with net income attributable to Blackstone Inc. of $764,244, and diluted earnings per share of $0.98.
The balance sheet expanded: total assets increased to $45,373,094 from $43,469,875, and Investments rose to $31,135,504. Cash and cash equivalents were $2,235,499. Liabilities included Loans Payable of $12,008,870 and Total Liabilities of $24,294,214. For the six months, Blackstone recorded $2,834,907 in net income and made significant distributions to stockholders and unitholders ($3,074,008), while repayable and redeemable non-controlling interests changed materially.
Blackstone Inc. ha registrato un trimestre solido per il periodo terminato il 30 giugno 2025, con ricavi totali di $3,711,900 e proventi da investimenti complessivi di $1,605,665 (entrambi gli importi espressi in migliaia). I ricavi sono aumentati rispetto allo stesso periodo dell'anno precedente, trainati da commissioni di gestione e consulenza più elevate di $2,035,495 e da rilevanti utili realizzati e non realizzati derivanti da assegnazioni di performance e investimenti propri. L'utile netto totale del trimestre è stato di $1,626,133, di cui l'utile netto attribuibile a Blackstone Inc. è stato di $764,244, con un utile diluito per azione di $0.98.
Lo stato patrimoniale si è ampliato: le attività totali sono salite a $45,373,094 da $43,469,875, e gli Investimenti sono aumentati a $31,135,504. La liquidità e mezzi equivalenti ammontavano a $2,235,499. Tra le passività figurano Prestiti Passivi per $12,008,870 e Passività Totali per $24,294,214. Nei sei mesi, Blackstone ha registrato un utile netto di $2,834,907 e ha effettuato distribuzioni significative a azionisti e unitholders per $3,074,008, mentre le partecipazioni non di controllo rimborsabili e riscattabili hanno subito variazioni rilevanti.
Blackstone Inc. registró un trimestre sólido correspondiente al periodo finalizado el 30 de junio de 2025, con ingresos totales de $3,711,900 y rentas por inversiones totales de $1,605,665 (ambos importes en miles). Los ingresos aumentaron respecto al mismo periodo del año anterior, impulsados por mayores honorarios de gestión y asesoría de $2,035,495 y por importantes ganancias realizadas y no realizadas por asignaciones de desempeño e inversiones directas. La utilidad neta total del trimestre fue de $1,626,133, con utilidad neta atribuible a Blackstone Inc. de $764,244 y utilidad diluida por acción de $0.98.
El balance se expandió: los activos totales aumentaron a $45,373,094 desde $43,469,875, y las Inversiones crecieron hasta $31,135,504. El efectivo y equivalentes de efectivo fueron $2,235,499. Entre los pasivos figuran Préstamos a Pagar por $12,008,870 y Pasivos Totales por $24,294,214. En los seis meses, Blackstone registró una utilidad neta de $2,834,907 y efectuó distribuciones significativas a accionistas y tenedores de unidades por $3,074,008, mientras que las participaciones no controladoras reembolsables y rescatables cambiaron de forma material.
Blackstone Inc.는 2025년 6월 30일로 끝나는 분기에 총수익 $3,711,900 및 총투자수익 $1,605,665를 기록했습니다(두 금액 모두 단위는 천 달러). 수익은 전년 동기 대비 증가했으며, 이는 $2,035,495의 증가한 운용 및 자문 수수료와 성과 배분 및 직접투자에서 발생한 знач한 실현 및 미실현 이익에 기인합니다. 분기 순이익은 $1,626,133였고, Blackstone Inc.에 귀속되는 순이익은 $764,244, 희석 주당순이익은 $0.98였습니다.
대차대조표가 확대되었습니다: 총자산은 $43,469,875에서 $45,373,094으로 늘었고, 투자자산은 $31,135,504로 증가했습니다. 현금 및 현금성자산은 $2,235,499였습니다. 부채 항목으로는 지급대출(Loans Payable) $12,008,870 및 총부채 $24,294,214가 포함되어 있습니다. 6개월 누계로 Blackstone은 $2,834,907의 순이익을 기록했으며 주주 및 유닛 보유자에게 총 $3,074,008의 배당을 실시했고, 상환 가능 및 환매 가능한 비지배지분은 크게 변동했습니다.
Blackstone Inc. a affiché un trimestre solide pour la période close le 30 juin 2025, avec des revenus totaux de $3,711,900 et des produits d'investissement totaux de $1,605,665 (les deux montants en milliers). Les revenus ont augmenté par rapport à la même période de l'année précédente, soutenus par des frais de gestion et de conseil plus élevés de $2,035,495 et d'importantes plus‑values réalisées et latentes liées aux allocations de performance et aux investissements en capital. Le résultat net du trimestre s'est élevé à $1,626,133, dont le résultat net attribuable à Blackstone Inc. de $764,244, et le bénéfice dilué par action de $0.98.
Le bilan s'est élargi : l'actif total est passé à $45,373,094 contre $43,469,875, et les investissements ont augmenté à $31,135,504. Les liquidités et équivalents de trésorerie s'élevaient à $2,235,499. Les passifs comprenaient des emprunts à payer de $12,008,870 et des passifs totaux de $24,294,214. Sur les six mois, Blackstone a enregistré un bénéfice net de $2,834,907 et a distribué des montants significatifs aux actionnaires et porteurs d'unités pour $3,074,008, tandis que les intérêts minoritaires remboursables et rachetables ont évolué de façon substantielle.
Blackstone Inc. meldete ein starkes Quartal für den zum 30. Juni 2025 endenden Zeitraum mit einem Gesamtumsatz von $3,711,900 und gesamten Anlageerträgen von $1,605,665 (beide Beträge in Tausend). Die Umsätze stiegen gegenüber dem Vorjahreszeitraum, getrieben durch höhere Verwaltungs- und Beratungsgebühren in Höhe von $2,035,495 sowie durch erhebliche realisierte und nicht realisierte Gewinne aus Performance‑Zuteilungen und Eigeninvestitionen. Der Nettogewinn für das Quartal betrug insgesamt $1,626,133, der auf Blackstone Inc. entfallende Nettogewinn $764,244, bei einem verwässerten Ergebnis je Aktie von $0.98.
Die Bilanz weitete sich aus: Die Gesamtvermögenswerte stiegen auf $45,373,094 gegenüber $43,469,875, und die Investments erhöhten sich auf $31,135,504. Zahlungsmittel und Zahlungsmitteläquivalente beliefen sich auf $2,235,499. Zu den Verbindlichkeiten gehören Darlehensverbindlichkeiten in Höhe von $12,008,870 und Gesamtverbindlichkeiten von $24,294,214. Für die sechs Monate verzeichnete Blackstone einen Nettogewinn von $2,834,907 und tätigte bedeutende Ausschüttungen an Aktionäre und Anteilinhaber in Höhe von $3,074,008, während einlösbare und rückzahlbare nicht beherrschende Beteiligungen sich erheblich verändert haben.
- Total revenues of $3,711,900 for the quarter, up versus the prior-year period (amounts in thousands)
- Investment income of $1,605,665 driven by realized and unrealized performance allocations and principal gains
- Net income attributable to Blackstone Inc. of $764,244 for the quarter with diluted EPS $0.98
- Total assets increased to $45,373,094 and Investments rose to $31,135,504 (amounts in thousands)
- Distributions to stockholders and unitholders of $3,074,008 for the six months represent a large cash outflow
- Loans Payable rose to $12,008,870, increasing leverage on the balance sheet
- Interest expense increased to $135,822 for the quarter, pressuring net interest-sensitive results
- Redeemable Non-Controlling Interests increased materially to $1,487,129, reflecting higher redeemable third-party interests in consolidated entities
Insights
TL;DR: Strong operating and investment-driven results; revenue and realized investment gains drove a sizable quarter-over-quarter earnings increase.
Blackstone delivered notable top-line and profitability growth in the quarter, with total revenues of $3.71 billion and investment-related income of $1.61 billion (in thousands). Realized performance allocations and principal investment gains were key drivers, producing large realized gains of $829.8 million and unrealized gains of $313.3 million for performance allocations. Net income attributable to Blackstone Inc. of $764.2 million and six-month net income of $2.83 billion reflect both recurring fee revenue and volatility from investment realizations. The firm’s invested and reported Investments increased to $31.14 billion, supporting fee-earning capacity. Overall, the quarter is materially positive from a revenue and earnings perspective.
TL;DR: Earnings are strong but cash outflows and higher leverage/redeemable interests raise liquidity and structural risks.
While profitability and assets rose, the six-month cash flow and balance-sheet items show potential areas of attention: distributions to stockholders and unitholders totaled $3.07 billion, Loans Payable increased to $12.01 billion, interest expense rose to $135.8 million for the quarter, and Redeemable Non-Controlling Interests increased to $1.49 billion. These items indicate meaningful cash deployment and greater obligations tied to consolidated fund structures. The company’s sizable accrued compensation and fund-related liabilities also remain material to liquidity and cash-flow planning.
Blackstone Inc. ha registrato un trimestre solido per il periodo terminato il 30 giugno 2025, con ricavi totali di $3,711,900 e proventi da investimenti complessivi di $1,605,665 (entrambi gli importi espressi in migliaia). I ricavi sono aumentati rispetto allo stesso periodo dell'anno precedente, trainati da commissioni di gestione e consulenza più elevate di $2,035,495 e da rilevanti utili realizzati e non realizzati derivanti da assegnazioni di performance e investimenti propri. L'utile netto totale del trimestre è stato di $1,626,133, di cui l'utile netto attribuibile a Blackstone Inc. è stato di $764,244, con un utile diluito per azione di $0.98.
Lo stato patrimoniale si è ampliato: le attività totali sono salite a $45,373,094 da $43,469,875, e gli Investimenti sono aumentati a $31,135,504. La liquidità e mezzi equivalenti ammontavano a $2,235,499. Tra le passività figurano Prestiti Passivi per $12,008,870 e Passività Totali per $24,294,214. Nei sei mesi, Blackstone ha registrato un utile netto di $2,834,907 e ha effettuato distribuzioni significative a azionisti e unitholders per $3,074,008, mentre le partecipazioni non di controllo rimborsabili e riscattabili hanno subito variazioni rilevanti.
Blackstone Inc. registró un trimestre sólido correspondiente al periodo finalizado el 30 de junio de 2025, con ingresos totales de $3,711,900 y rentas por inversiones totales de $1,605,665 (ambos importes en miles). Los ingresos aumentaron respecto al mismo periodo del año anterior, impulsados por mayores honorarios de gestión y asesoría de $2,035,495 y por importantes ganancias realizadas y no realizadas por asignaciones de desempeño e inversiones directas. La utilidad neta total del trimestre fue de $1,626,133, con utilidad neta atribuible a Blackstone Inc. de $764,244 y utilidad diluida por acción de $0.98.
El balance se expandió: los activos totales aumentaron a $45,373,094 desde $43,469,875, y las Inversiones crecieron hasta $31,135,504. El efectivo y equivalentes de efectivo fueron $2,235,499. Entre los pasivos figuran Préstamos a Pagar por $12,008,870 y Pasivos Totales por $24,294,214. En los seis meses, Blackstone registró una utilidad neta de $2,834,907 y efectuó distribuciones significativas a accionistas y tenedores de unidades por $3,074,008, mientras que las participaciones no controladoras reembolsables y rescatables cambiaron de forma material.
Blackstone Inc.는 2025년 6월 30일로 끝나는 분기에 총수익 $3,711,900 및 총투자수익 $1,605,665를 기록했습니다(두 금액 모두 단위는 천 달러). 수익은 전년 동기 대비 증가했으며, 이는 $2,035,495의 증가한 운용 및 자문 수수료와 성과 배분 및 직접투자에서 발생한 знач한 실현 및 미실현 이익에 기인합니다. 분기 순이익은 $1,626,133였고, Blackstone Inc.에 귀속되는 순이익은 $764,244, 희석 주당순이익은 $0.98였습니다.
대차대조표가 확대되었습니다: 총자산은 $43,469,875에서 $45,373,094으로 늘었고, 투자자산은 $31,135,504로 증가했습니다. 현금 및 현금성자산은 $2,235,499였습니다. 부채 항목으로는 지급대출(Loans Payable) $12,008,870 및 총부채 $24,294,214가 포함되어 있습니다. 6개월 누계로 Blackstone은 $2,834,907의 순이익을 기록했으며 주주 및 유닛 보유자에게 총 $3,074,008의 배당을 실시했고, 상환 가능 및 환매 가능한 비지배지분은 크게 변동했습니다.
Blackstone Inc. a affiché un trimestre solide pour la période close le 30 juin 2025, avec des revenus totaux de $3,711,900 et des produits d'investissement totaux de $1,605,665 (les deux montants en milliers). Les revenus ont augmenté par rapport à la même période de l'année précédente, soutenus par des frais de gestion et de conseil plus élevés de $2,035,495 et d'importantes plus‑values réalisées et latentes liées aux allocations de performance et aux investissements en capital. Le résultat net du trimestre s'est élevé à $1,626,133, dont le résultat net attribuable à Blackstone Inc. de $764,244, et le bénéfice dilué par action de $0.98.
Le bilan s'est élargi : l'actif total est passé à $45,373,094 contre $43,469,875, et les investissements ont augmenté à $31,135,504. Les liquidités et équivalents de trésorerie s'élevaient à $2,235,499. Les passifs comprenaient des emprunts à payer de $12,008,870 et des passifs totaux de $24,294,214. Sur les six mois, Blackstone a enregistré un bénéfice net de $2,834,907 et a distribué des montants significatifs aux actionnaires et porteurs d'unités pour $3,074,008, tandis que les intérêts minoritaires remboursables et rachetables ont évolué de façon substantielle.
Blackstone Inc. meldete ein starkes Quartal für den zum 30. Juni 2025 endenden Zeitraum mit einem Gesamtumsatz von $3,711,900 und gesamten Anlageerträgen von $1,605,665 (beide Beträge in Tausend). Die Umsätze stiegen gegenüber dem Vorjahreszeitraum, getrieben durch höhere Verwaltungs- und Beratungsgebühren in Höhe von $2,035,495 sowie durch erhebliche realisierte und nicht realisierte Gewinne aus Performance‑Zuteilungen und Eigeninvestitionen. Der Nettogewinn für das Quartal betrug insgesamt $1,626,133, der auf Blackstone Inc. entfallende Nettogewinn $764,244, bei einem verwässerten Ergebnis je Aktie von $0.98.
Die Bilanz weitete sich aus: Die Gesamtvermögenswerte stiegen auf $45,373,094 gegenüber $43,469,875, und die Investments erhöhten sich auf $31,135,504. Zahlungsmittel und Zahlungsmitteläquivalente beliefen sich auf $2,235,499. Zu den Verbindlichkeiten gehören Darlehensverbindlichkeiten in Höhe von $12,008,870 und Gesamtverbindlichkeiten von $24,294,214. Für die sechs Monate verzeichnete Blackstone einen Nettogewinn von $2,834,907 und tätigte bedeutende Ausschüttungen an Aktionäre und Anteilinhaber in Höhe von $3,074,008, während einlösbare und rückzahlbare nicht beherrschende Beteiligungen sich erheblich verändert haben.
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| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED |
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
☒ |
Accelerated filer |
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Non-accelerated filer |
☐ |
Smaller reporting company |
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Emerging growth company |
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| Part I. | Financial Information |
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| Item 1. |
Financial Statements | 5 | ||||
| Unaudited Condensed Consolidated Financial Statements: | ||||||
| Condensed Consolidated Statements of Financial Condition as of June 30, 2025 and December 31, 2024 |
5 | |||||
| Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 |
7 | |||||
| Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 |
8 | |||||
| Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2025 and 2024 |
9 | |||||
| Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 |
13 | |||||
| Notes to Condensed Consolidated Financial Statements |
15 | |||||
| Item 1A. |
Unaudited Supplemental Presentation of Statements of Financial Condition | 67 | ||||
| Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 70 | ||||
| Item 3. |
Quantitative and Qualitative Disclosures About Market Risk | 143 | ||||
| Item 4. |
Controls and Procedures | 143 | ||||
| Part II. |
Other Information | |||||
| Item 1. |
Legal Proceedings | 144 | ||||
| Item 1A. |
Risk Factors | 144 | ||||
| Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds | 144 | ||||
| Item 3. |
Defaults Upon Senior Securities | 145 | ||||
| Item 4. |
Mine Safety Disclosures | 145 | ||||
| Item 5. |
Other Information | 145 | ||||
| Item 6. |
Exhibits | 146 | ||||
| Signatures |
147 | |||||
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Forward-Looking Statements
This report may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Website and Social Media Disclosure
We may use our website (www.blackstone.com), Facebook page (www.facebook.com/blackstone), X (Twitter) (www.x.com/blackstone), LinkedIn (www.linkedin.com/company/blackstonegroup), Instagram (www.instagram.com/blackstone), SoundCloud (www.soundcloud.com/blackstone-300250613), Pandora (https://www.pandora.com/artist/blackstone/ARvlPz9Plblrlmg), PodBean (www.blackstone.podbean.com), Spotify (https://spoti.fi/2LJ1tHG and https://open.spotify.com/artist/52Eom8vQxM8Lk75ZZlf2hJ), YouTube (www.youtube.com/user/blackstonegroup) and Apple Podcast (https://apple.co/31Pe1Gg) accounts as channels of distribution of company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone when you enroll your email address by visiting the “Contact Us/E-mail Alerts” section of our website at http://ir.blackstone.com. The contents of our website, any alerts and social media channels are not, however, a part of this report.
In this report, references to “Blackstone,” the “Company,” “we,” “us” or “our” refer to Blackstone Inc. and its consolidated subsidiaries.
“Series I Preferred Stockholder” refers to Blackstone Partners L.L.C., the holder of the sole outstanding share of our Series I preferred stock.
“Series II Preferred Stockholder” refers to Blackstone Group Management L.L.C., the holder of the sole outstanding share of our Series II preferred stock.
“Blackstone Holdings,” “Blackstone Holdings Partnerships” or “Holdings Partnerships” refer to 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.
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“Blackstone Funds,” “our funds” and “our investment funds” refer to the funds and other vehicles that are managed by Blackstone. “Our carry funds” refers to funds managed by Blackstone that have commitment-based multi-year drawdown structures that pay carry on the realization of an investment.
“Our hedge funds” refers to our funds of hedge funds, hedge funds, certain of our real estate debt investment funds and certain other credit-focused funds which are managed by Blackstone.
We refer to our separately managed accounts as “SMAs.”
“Total Assets Under Management” refers to the invested and available capital in Blackstone-managed or advised vehicles (including, without limitation, investment funds and SMAs). The Total Assets Under Management attributable to an individual vehicle is dependent on the structure and investment strategy of such vehicle and accordingly, will vary from vehicle to vehicle. Total Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable:
| (a) | a vehicle’s invested capital at fair value which, as applicable, is measured as (1) total investments measured at fair value, or gross asset values, each of which may include the fair value of investments purchased with leverage under certain credit facilities, (2) net asset value, or (3) amount of debt and equity outstanding or aggregate par amount of assets, including principal cash for collateralized loan obligation vehicles (“CLOs”), and |
| (b) | a vehicle’s available capital, if any, which represents (1) uncalled commitments made by investors and (2) available borrowing capacity under certain credit facilities. |
Uncalled commitments represent the capital we are entitled to call from investors pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods. Drawdown funds, perpetual capital vehicles, co-investment vehicles, and SMAs can each be structured with a commitment from an investor that is called over time as opposed to fully funded upon subscription.
Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit. Total Assets Under Management are reported in the segment where the assets are managed.
Our measurement of Total Assets Under Management includes commitments to, and the fair value of, invested capital in our funds from Blackstone and our personnel. Our calculation of Total Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. Our definition of Total Assets Under Management differs from the manner in which affiliated investment advisors report regulatory assets under management and may differ from the definition set forth in the agreements governing the vehicles we manage or advise.
“Fee-Earning Assets Under Management” refers to the portion of Total Assets Under Management on which we are entitled to earn management fees and/or performance revenues. The Fee-Earning Assets Under Management attributable to an individual vehicle is driven by the basis on which fees are earned and accordingly, will vary from vehicle to vehicle. Fee-Earning Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable: (a) net asset value, (b) committed capital and remaining invested capital during the investment period and post-investment period, respectively, (c) invested capital (including leverage to the extent management fee-eligible), (d) gross asset value, (e) fair value of investments, or (f) the aggregate par amount of collateral assets, including principal cash, of CLOs.
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Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit. Fee-Earning Assets Under Management are reported in the segment where the Total Assets Under Management are reported to the extent fee-paying to Blackstone.
While Fee-Earning Assets Under Management generally reflects Total Assets Under Management on which we are entitled to earn management fees, Fee-Earning Assets Under Management may also include Total Assets Under Management on which we are entitled to earn only performance revenues. Our calculation of Fee-Earning Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. Our definition of Fee-Earning Assets Under Management may differ from the definition set forth in the agreements governing the vehicles that we manage or advise.
“Perpetual Capital” refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemptions are limited in quantum. Perpetual Capital includes co-investment capital with an investor right to convert into Perpetual Capital.
Commitment-based drawdown structured funds generally do not permit investors to redeem their interests at their election. Certain of our open-ended vehicles generally afford an investor the right to withdraw or redeem their interests on a periodic basis (for example, annually, quarterly or monthly), typically with 2 to 95 days’ notice, depending on the fund and the liquidity profile of the underlying assets. In our perpetual capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles. Investment advisory agreements related to certain SMAs in our Credit & Insurance and Multi-Asset Investing segments, excluding SMAs in our insurance platform, may generally be terminated by an investor on 15 to 95 days’ notice. SMAs in our insurance platform can generally only be terminated for long-term underperformance, cause and certain other limited circumstances, in each case subject to Blackstone’s right to cure.
This report does not constitute an offer of any Blackstone Fund.
4
Table of Contents
June 30, 2025 |
December 31, 2024 | |||||||
Assets |
||||||||
Cash and Cash Equivalents |
$ |
$ |
||||||
Cash Held by Blackstone Funds and Other |
||||||||
Investments |
||||||||
Accounts Receivable |
||||||||
from |
||||||||
Intangible Assets, Net |
||||||||
Goodwill |
||||||||
Other Assets |
||||||||
Right-of-Use |
||||||||
Deferred Tax Assets |
||||||||
Total Assets |
$ |
$ |
||||||
Liabilities and Equity |
||||||||
Loans Payable |
$ |
$ |
||||||
to |
||||||||
Accrued Compensation and Benefits |
||||||||
Operating Lease Liabilities |
||||||||
Accounts Payable, Accrued Expenses and Other Liabilities |
||||||||
Total Liabilities |
||||||||
Commitments and Contingencies |
||||||||
Redeemable Non-Controlling Interests in Consolidated Entities |
||||||||
Equity |
||||||||
Stockholders’ Equity of Blackstone Inc. |
||||||||
Common Stock, $ |
||||||||
Series I Preferred Stock, $ |
||||||||
Series II Preferred Stock, $ |
||||||||
Additional Paid-in-Capital |
||||||||
Retained Earnings |
||||||||
Accumulated Other Comprehensive Income (Loss) |
( |
) | ||||||
Total Stockholders’ Equity of Blackstone Inc. |
||||||||
Non-Controlling Interests in Consolidated Entities |
||||||||
Non-Controlling Interests in Blackstone Holdings |
||||||||
Total Equity |
||||||||
Total Liabilities and Equity |
$ |
$ |
||||||
June 30, 2025 |
December 31, 2024 | |||||||
Assets |
||||||||
Cash Held by Blackstone Funds and Other |
$ |
$ |
||||||
Investments |
||||||||
Accounts Receivable |
||||||||
Due from Affiliates |
||||||||
Other Assets |
||||||||
Total Assets |
$ |
$ |
||||||
Liabilities |
||||||||
Loans Payable |
$ |
$ |
||||||
Due to Affiliates |
||||||||
Accounts Payable, Accrued Expenses and Other Liabilities |
||||||||
Total Liabilities |
$ |
$ |
||||||
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
| Revenues |
||||||||||||||||
| Management and Advisory Fees, Net |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Incentive Fees |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Investment Income (Loss) |
||||||||||||||||
| Performance Allocations |
||||||||||||||||
| Realized |
||||||||||||||||
| Unrealized |
||||||||||||||||
| Principal Investments |
||||||||||||||||
| Realized |
||||||||||||||||
| Unrealized |
( |
) |
||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Investment Income |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Interest and Dividend Revenue |
||||||||||||||||
| Other |
( |
) |
( |
) |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Revenues |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Expenses |
||||||||||||||||
| Compensation and Benefits |
||||||||||||||||
| Compensation |
||||||||||||||||
| Incentive Fee Compensation |
||||||||||||||||
| Performance Allocations Compensation |
||||||||||||||||
| Realized |
||||||||||||||||
| Unrealized |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Compensation and Benefits |
||||||||||||||||
| General, Administrative and Other |
||||||||||||||||
| Interest Expense |
||||||||||||||||
| Fund Expenses |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Expenses |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Other Income |
||||||||||||||||
| Net Gains from Fund Investment Activities |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Other Income |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income Before Provision for Taxes |
||||||||||||||||
| Provision for Taxes |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net Income |
||||||||||||||||
| Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
( |
) | ||||||||||||||
| Net Income Attributable to Non-Controlling Interests in Consolidated Entities |
||||||||||||||||
| Net Income Attributable to Non-Controlling Interests in Blackstone Holdings |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net Income Attributable to Blackstone Inc. |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net Income Per Share of Common Stock |
||||||||||||||||
| Basic |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Diluted |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Weighted-Average Shares of Common Stock Outstanding |
||||||||||||||||
| Basic |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Diluted |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
| Net Income |
$ |
$ |
$ |
$ |
||||||||||||
| Other Comprehensive Income (Loss) – Currency Translation Adjustment |
( |
) |
( |
) | ||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Comprehensive Income |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Less: |
||||||||||||||||
| Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
( |
) |
( |
) | ||||||||||||
| Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities |
||||||||||||||||
| Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Comprehensive Income Attributable to Non-Controlling Interests |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Comprehensive Income Attributable to Blackstone Inc. |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
Shares of Blackstone Inc. (a) |
Blackstone Inc. (a) |
|||||||||||||||||||||||||||||||||||||||
Common Stock |
Common Stock |
Additional Paid-in- Capital |
Retained Earnings (Deficit) |
Accumulated Other Compre- hensive Income (Loss) |
Total Stockholders’ Equity |
Non- Controlling Interests in Consolidated Entities |
Non- Controlling Interests in Blackstone Holdings |
Total Equity |
Redeemable Non- Controlling Interests in Consolidated Entities | |||||||||||||||||||||||||||||||
| Balance at March 31, 2025 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||
| Net Income |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
| Currency Translation Adjustment |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||||
| Capital Contributions |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
| Capital Distributions |
— |
— |
— |
( |
) |
— |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
| Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities |
— |
— |
— |
— |
( |
) |
— |
( |
) |
— |
||||||||||||||||||||||||||||||
| Deferred Tax Effects on Equity Transactions |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||
| Equity-Based Compensation |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
| Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock |
— |
( |
) |
— |
— |
( |
) |
— |
— |
( |
) |
— |
||||||||||||||||||||||||||||
| Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units |
( |
) |
— |
( |
) |
— |
— |
( |
) |
— |
— |
( |
) |
— |
||||||||||||||||||||||||||
| Change in Blackstone Inc.’s Ownership Interest |
— |
— |
— |
— |
— |
( |
) |
— |
— |
|||||||||||||||||||||||||||||||
| Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock |
— |
— |
— |
— |
( |
) |
— |
— |
||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| Balance at June 30, 2025 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
(a) |
During the period presented, Blackstone also had |
Shares of Blackstone Inc. (a) |
Blackstone Inc. (a) |
|||||||||||||||||||||||||||||||||||||||
Common Stock |
Common Stock |
Additional Paid-in- Capital |
Retained Earnings (Deficit) |
Accumulated Other Compre- hensive Income (Loss) |
Total Stockholders’ Equity |
Non- Controlling Interests in Consolidated Entities |
Non- Controlling Interests in Blackstone Holdings |
Total Equity |
Redeemable Non- Controlling Interests in Consolidated Entities | |||||||||||||||||||||||||||||||
Balance at March 31, 2024 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||
Transfer In Due to Consolidation of Fund Entities |
— |
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||
Net Income |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
Currency Translation Adjustment |
— |
— |
— |
— |
( |
) |
( |
) |
— |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||||
Capital Contributions |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
Capital Distributions |
— |
— |
— |
( |
) |
— |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities |
— |
— |
— |
— |
( |
) |
— |
( |
) |
— |
||||||||||||||||||||||||||||||
Deferred Tax Effects on Equity Transactions |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||
Equity-Based Compensation |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock |
— |
( |
) |
— |
— |
( |
) |
— |
— |
( |
) |
— |
||||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units |
( |
) |
— |
( |
) |
— |
— |
( |
) |
— |
— |
( |
) |
— |
||||||||||||||||||||||||||
Change in Blackstone Inc.’s Ownership Interest |
— |
— |
— |
— |
— |
( |
) |
— |
— |
|||||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock |
— |
— |
— |
— |
( |
) |
— |
— |
||||||||||||||||||||||||||||||||
Balance at June 30, 2024 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||
(a) |
During the period presented, Blackstone also had |
Shares of Blackstone Inc. (a) |
Blackstone Inc. (a) |
|||||||||||||||||||||||||||||||||||||||
Common Stock |
Common Stock |
Additional Paid-in- Capital |
Retained Earnings (Deficit) |
Accumulated Other Compre- hensive Income (Loss) |
Total Stockholders’ Equity |
Non- Controlling Interests in Consolidated Entities |
Non- Controlling Interests in Blackstone Holdings |
Total Equity |
Redeemable Non- Controlling Interests in Consolidated Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2024 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||
Transfer Out Due to Deconsolidation of Fund Entities |
— |
— |
— |
— |
— |
— |
( |
) |
— |
( |
) |
( |
) | |||||||||||||||||||||||||||
Net Income |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
Currency Translation Adjustment |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||||
Capital Contributions |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
Capital Distributions |
— |
— |
— |
( |
) |
— |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||||
Deferred Tax Effects on Equity Transactions |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||
Equity-Based Compensation |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock |
— |
( |
) |
— |
— |
( |
) |
— |
— |
( |
) |
— |
||||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units |
( |
) |
— |
( |
) |
— |
— |
( |
) |
— |
— |
( |
) |
— |
||||||||||||||||||||||||||
Change in Blackstone Inc.’s Ownership Interest |
— |
— |
— |
— |
— |
( |
) |
— |
— |
|||||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock |
— |
— |
— |
— |
( |
) |
— |
— |
||||||||||||||||||||||||||||||||
Balance at June 30, 2025 |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||||
(a) |
During the period presented, Blackstone also had |
Shares of Blackstone Inc. (a) |
Blackstone Inc. (a) |
|||||||||||||||||||||||||||||||||||||||
Common Stock |
Common Stock |
Additional Paid-in- Capital |
Retained Earnings (Deficit) |
Accumulated Other Compre- hensive Income (Loss) |
Total Stockholders’ Equity |
Non- Controlling Interests in Consolidated Entities |
Non- Controlling Interests in Blackstone Holdings |
Total Equity |
Redeemable Non- Controlling Interests in Consolidated Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2023 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||
Transfer In Due to Consolidation of Fund Entities |
— |
— |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||
Net Income (Loss) |
— |
— |
— |
— |
( |
) | ||||||||||||||||||||||||||||||||||
Currency Translation Adjustment |
— |
— |
— |
— |
( |
) |
( |
) |
— |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||||
Capital Contributions |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
Capital Distributions |
— |
— |
— |
( |
) |
— |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities |
— |
— |
( |
) |
— |
— |
( |
) |
— |
( |
) | |||||||||||||||||||||||||||||
Deferred Tax Effects on Equity Transactions |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||||
Equity-Based Compensation |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock |
— |
( |
) |
— |
— |
( |
) |
— |
— |
( |
) |
— |
||||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units |
( |
) |
— |
( |
) |
— |
— |
( |
) |
— |
— |
( |
) |
— |
||||||||||||||||||||||||||
Change in Blackstone Inc.’s Ownership Interest |
— |
— |
( |
) |
— |
— |
( |
) |
— |
— |
— |
|||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock |
— |
— |
— |
— |
( |
) |
— |
— |
||||||||||||||||||||||||||||||||
Balance at June 30, 2024 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||
(a) |
During the period presented, Blackstone also had |
Six Months Ended June 30, | ||||||||
2025 |
2024 | |||||||
| Operating Activities |
||||||||
| Net Income |
$ |
$ |
||||||
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities |
||||||||
| Net Realized Gains on Investments |
( |
) |
( |
) | ||||
| Changes in Unrealized Gains on Investments |
( |
) |
( |
) | ||||
| Non-Cash Performance Allocations |
( |
) |
( |
) | ||||
| Non-Cash Performance Allocations and Incentive Fee Compensation |
||||||||
| Equity-Based Compensation Expense |
||||||||
| Amortization of Intangibles |
||||||||
| Other Non-Cash Amounts Included in Net Income |
( |
) | ||||||
| Cash Flows Due to Changes in Operating Assets and Liabilities |
||||||||
| Cash Acquired with Consolidation of Fund Entities |
||||||||
| Cash Relinquished with Deconsolidation of Fund Entities |
( |
) |
( |
) | ||||
| Accounts Receivable |
( |
) |
( |
) | ||||
| Due from Affiliates |
( |
) | ||||||
| Other Assets |
( |
) | ||||||
| Accrued Compensation and Benefits |
( |
) |
( |
) | ||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
( |
) |
||||||
| Due to Affiliates |
( |
) |
( |
) | ||||
| Investments Purchased |
( |
) |
( |
) | ||||
| Cash Proceeds from Sale of Investments |
||||||||
| |
|
|
|
|
| |||
| Net Cash Provided by Operating Activities |
||||||||
| |
|
|
|
|
| |||
| Investing Activities |
||||||||
| Purchase of Furniture, Equipment and Leasehold Improvements |
( |
) |
( |
) | ||||
| |
|
|
|
|
| |||
| Net Cash Used in Investing Activities |
( |
) |
( |
) | ||||
| |
|
|
|
|
| |||
| Financing Activities |
||||||||
| Distributions to Non-Controlling Interest Holders in Consolidated Entities |
( |
) |
( |
) | ||||
| Contributions from Non-Controlling Interest Holders in Consolidated Entities |
||||||||
| Payments Under Tax Receivable Agreement |
( |
) |
( |
) | ||||
| Net Settlement of Vested Common Stock and Repurchase of Common Stock |
( |
) |
( |
) | ||||
| Proceeds from Loans Payable |
— |
|||||||
Six Months Ended June 30, | ||||||||
2025 |
2024 | |||||||
Financing Activities (Continued) |
||||||||
Repayment and Repurchase of Loans Payable |
$ |
( |
) |
$ |
( |
) | ||
Dividends/Distributions to Stockholders and Unitholders |
( |
) |
( |
) | ||||
Net Cash Used in Financing Activities |
( |
) |
( |
) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other |
( |
) | ||||||
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other |
||||||||
Net Increase (Decrease) |
( |
) | ||||||
Beginning of Period |
||||||||
End of Period |
$ |
$ |
||||||
Supplemental Disclosure of Cash Flows Information |
||||||||
Payments for Interest |
$ |
$ |
||||||
Payments for Income Taxes |
$ |
$ |
||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities |
||||||||
Non-Cash Contributions from Non-Controlling Interest Holders |
$ |
$ |
||||||
Non-Cash Distributions to Non-Controlling Interest Holders |
$ |
( |
) |
$ |
( |
) | ||
Transfer of Interests to Non-Controlling Interest Holders |
$ |
$ |
( |
) | ||||
Net Settlement of Vested Common Stock |
$ |
$ |
||||||
Deferred Tax Asset Increase from Equity Transactions |
$ |
$ |
||||||
Due to Affiliates Increase Related to the Impact of Conversions on Tax Receivable Agreements |
$ |
$ |
||||||
June 30, 2025 |
December 31, 2024 | |||||||
Cash and Cash Equivalents |
$ |
$ |
||||||
Cash Held by Blackstone Funds and Other |
||||||||
$ |
$ |
|||||||
1. |
Organization |
2. |
Summary of Significant Accounting Policies |
• |
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 |
• |
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 |
• |
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. |
3. |
Intangible Assets |
June 30, 2025 |
December 31, 2024 |
|||||||
| Finite-Lived Intangible Assets/Contractual Rights |
$ |
$ |
||||||
| Accumulated Amortization |
( |
) |
( |
) | ||||
| |
|
|
|
|||||
| Intangible Assets, Net |
$ |
$ |
||||||
| |
|
|
|
|||||
4. |
Investments |
June 30, 2025 |
December 31, 2024 |
|||||||
| Investments of Consolidated Blackstone Funds |
$ |
$ |
||||||
| Equity Method Investments |
||||||||
| Partnership Investments |
||||||||
| Accrued Performance Allocations |
||||||||
| Corporate Treasury Investments |
||||||||
| Other Investments |
||||||||
| |
|
|
|
|||||
$ |
$ |
|||||||
| |
|
|
|
|||||
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
| Realized Gains (Losses) |
$ |
$ |
$ |
$ |
( |
) | ||||||||||
| Net Change in Unrealized Gains |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds |
||||||||||||||||
| Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Other Income – Net Gains from Fund Investment Activities |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
Real Estate |
Private Equity |
Credit & Insurance |
Multi-Asset Investing |
Total | ||||||||||||||||
Accrued Performance Allocations, December 31, 2024 |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Performance Allocations as a Result of Changes in Fund Fair Values |
( |
) |
||||||||||||||||||
Foreign Exchange Loss |
( |
) |
— |
— |
— |
( |
) | |||||||||||||
Fund Distributions |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Accrued Performance Allocations, June 30, 2025 |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Realized Gains (Losses) |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | ||||||
Net Change in Unrealized Gains |
||||||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Realized Gains |
$ |
$ |
$ |
$ |
||||||||||||
Net Change in Unrealized Gains (Losses) |
( |
) |
||||||||||||||
$ |
$ |
( |
) |
$ |
$ |
|||||||||||
5. |
Derivative Financial Instruments |
June 30, 2025 |
December 31, 2024 | |||||||||||||||||||||||||||||||
Assets |
Liabilities |
Assets |
Liabilities | |||||||||||||||||||||||||||||
Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value | |||||||||||||||||||||||||
Freestanding Derivatives |
||||||||||||||||||||||||||||||||
Blackstone |
||||||||||||||||||||||||||||||||
Interest Rate Contracts |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Foreign Currency Contracts |
||||||||||||||||||||||||||||||||
Credit Default Swaps |
— |
— |
||||||||||||||||||||||||||||||
Total Return Swaps |
— |
— |
— |
— |
||||||||||||||||||||||||||||
Equity Options |
— |
— |
— |
— |
||||||||||||||||||||||||||||
Investments of Consolidated Blackstone Funds |
||||||||||||||||||||||||||||||||
Interest Rate Contracts |
||||||||||||||||||||||||||||||||
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Freestanding Derivatives |
||||||||||||||||
Realized Gains (Losses) |
||||||||||||||||
Interest Rate Contracts |
$ |
$ |
$ |
$ |
( |
) | ||||||||||
Foreign Currency Contracts |
( |
) |
( |
) |
||||||||||||
Credit Default Swaps |
||||||||||||||||
Total Return Swaps |
||||||||||||||||
Net Change in Unrealized Gains (Losses) |
||||||||||||||||
Interest Rate Contracts |
( |
) |
( |
) |
||||||||||||
Foreign Currency Contracts |
( |
) |
( |
) |
( |
) | ||||||||||
Credit Default Swaps |
( |
) |
( |
) |
( |
) | ||||||||||
Total Return Swaps |
( |
) |
( |
) |
( |
) | ||||||||||
Equity Options |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
( |
) |
( |
) |
( |
) |
( |
) | |||||||||
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||||
6. |
Fair Value Option |
June 30, 2025 |
December 31, 2024 |
|||||||
Assets |
||||||||
Loans and Receivables |
$ |
$ |
||||||
Equity and Preferred Securities |
||||||||
Debt Securities |
||||||||
Assets of Consolidated CLO Vehicles |
||||||||
Corporate Loans |
— |
|||||||
$ |
$ |
|||||||
Liabilities |
||||||||
CLO Notes Payable |
$ |
— |
$ |
|||||
Corporate Treasury Commitments |
||||||||
$ |
$ |
|||||||
Three Months Ended June 30, | ||||||||||||||||
2025 |
2024 | |||||||||||||||
Realized Gains (Losses) |
Net Change in Unrealized Gains (Losses) |
Realized Gains (Losses) |
Net Change in Unrealized Gains (Losses) | |||||||||||||
Assets |
||||||||||||||||
Loans and Receivables |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||
Equity and Preferred Securities |
( |
) |
( |
) | ||||||||||||
Debt Securities |
— |
( |
) |
— |
( |
) | ||||||||||
Assets of Consolidated CLO Vehicles |
||||||||||||||||
Corporate Loans |
— |
— |
( |
) | ||||||||||||
$ |
$ |
( |
) |
$ |
$ |
( |
) | |||||||||
Liabilities |
||||||||||||||||
CLO Notes Payable |
$ |
— |
$ |
— |
$ |
— |
$ |
|||||||||
Corporate Treasury Commitments |
— |
— |
( |
) | ||||||||||||
$ |
— |
$ |
$ |
— |
$ |
|||||||||||
Six Months Ended June 30, | ||||||||||||||||
2025 |
2024 | |||||||||||||||
Realized Gains (Losses) |
Net Change in Unrealized Gains |
Realized Gains (Losses) |
Net Change in Unrealized Gains (Losses) | |||||||||||||
Assets |
||||||||||||||||
Loans and Receivables |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) | ||||||
Equity and Preferred Securities |
( |
) |
( |
) | ||||||||||||
Debt Securities |
( |
) |
— |
( |
) | |||||||||||
Assets of Consolidated CLO Vehicles |
||||||||||||||||
Corporate Loans |
( |
) |
( |
) |
||||||||||||
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) | |||||||
Liabilities |
||||||||||||||||
CLO Notes Payable |
$ |
— |
$ |
$ |
— |
$ |
||||||||||
Corporate Treasury Commitments |
— |
— |
( |
) | ||||||||||||
$ |
— |
$ |
$ |
— |
$ |
|||||||||||
June 30, 2025 |
December 31, 2024 | |||||||||||||||||||||||
For Financial Assets Past Due (a) |
For Financial Assets Past Due (a) | |||||||||||||||||||||||
Excess (Deficiency) of Fair Value Over Principal |
Fair Value |
Excess (Deficiency) of Fair Value Over Principal |
Excess (Deficiency) of Fair Value Over Principal |
Fair Value |
Excess (Deficiency) of Fair Value Over Principal | |||||||||||||||||||
| Loans and Receivables |
$ |
$ |
— |
$ |
— |
$ |
$ |
— |
$ |
— |
||||||||||||||
| Debt Securities |
( |
) |
— |
— |
( |
) |
— |
— |
||||||||||||||||
| Assets of Consolidated CLO Vehicles |
||||||||||||||||||||||||
| Corporate Loans |
— |
— |
— |
( |
) |
— |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
$ |
( |
) |
$ |
— |
$ |
— |
$ |
( |
) |
$ |
$ |
— |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
(a) |
Assets are classified as past due if contractual payments are more than 90 days past due. |
7. |
Fair Value Measurements of Financial Instruments |
June 30, 2025 | ||||||||||||||||||||
Level I |
Level II |
Level III |
NAV (a) |
Total | ||||||||||||||||
| Assets |
||||||||||||||||||||
| Cash and Cash Equivalents |
$ |
$ |
— |
$ |
— |
$ |
— |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Investments |
||||||||||||||||||||
| Investments of Consolidated Blackstone Funds |
||||||||||||||||||||
| Equity Securities, Partnerships and LLC Interests (b) |
||||||||||||||||||||
| Debt Instruments |
— |
— |
||||||||||||||||||
| Freestanding Derivatives |
— |
— |
— |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Investments of Consolidated Blackstone Funds |
||||||||||||||||||||
| Corporate Treasury Investments |
||||||||||||||||||||
| Other Investments |
||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Investments |
||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Accounts Receivable - Loans and Receivables |
— |
— |
— |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Other Assets - Freestanding Derivatives |
— |
— |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ |
$ |
$ |
$ |
$ |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Liabilities |
||||||||||||||||||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
||||||||||||||||||||
| Consolidated Blackstone Funds - Freestanding Derivatives |
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
||||||||||||
| Freestanding Derivatives |
— |
— |
||||||||||||||||||
| Contingent Consideration |
— |
— |
— |
|||||||||||||||||
| Corporate Treasury Commitments |
— |
— |
— |
|||||||||||||||||
| Securities Sold, Not Yet Purchased |
— |
— |
— |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Accounts Payable, Accrued Expenses and Other Liabilities |
— |
|||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ |
$ |
$ |
$ |
— |
$ |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
December 31, 2024 | ||||||||||||||||||||
Level I |
Level II |
Level III |
NAV |
Total | ||||||||||||||||
| Assets |
||||||||||||||||||||
| Cash and Cash Equivalents |
$ |
$ |
— |
$ |
— |
$ |
— |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Investments |
||||||||||||||||||||
| Investments of Consolidated Blackstone Funds |
||||||||||||||||||||
| Equity Securities, Partnerships and LLC Interests (b) |
||||||||||||||||||||
| Debt Instruments |
— |
— |
||||||||||||||||||
| Freestanding Derivatives |
— |
— |
— |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Investments of Consolidated Blackstone Funds |
||||||||||||||||||||
| Corporate Treasury Investments |
||||||||||||||||||||
| Other Investments |
||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Investments |
||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Accounts Receivable - Loans and Receivables |
— |
— |
— |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Other Assets - Freestanding Derivatives |
— |
|||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ |
$ |
$ |
$ |
$ |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Liabilities |
||||||||||||||||||||
| Loans Payable - CLO Notes Payable |
$ |
— |
$ |
$ |
— |
$ |
— |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
||||||||||||||||||||
| Consolidated Blackstone Funds - Freestanding Derivatives |
— |
— |
— |
|||||||||||||||||
| Freestanding Derivatives |
— |
|||||||||||||||||||
| Contingent Consideration |
— |
— |
— |
|||||||||||||||||
| Corporate Treasury Commitments |
— |
— |
— |
|||||||||||||||||
| Securities Sold, Not Yet Purchased |
— |
— |
— |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Accounts Payable, Accrued Expenses and Other Liabilities |
— |
|||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ |
$ |
$ |
$ |
— |
$ |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(a) |
A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of June 30, 2025 is presented by strategy type below: |
| Strategy (1) |
Fair Value |
Redemption Frequency (if currently eligible) |
Redemption Notice Period |
|||||||||
| Equity |
$ |
(2 |
) |
(2 |
) | |||||||
| Real Estate |
(3 |
) |
(3 |
) | ||||||||
| Other |
(4 |
) |
(4 |
) | ||||||||
| |
|
|||||||||||
$ |
||||||||||||
| |
|
|||||||||||
(1) |
As of June 30, 2025, Blackstone had no unfunded commitments. |
(2) |
The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing |
(3) |
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. |
(4) |
Other is composed of the Credit Driven category and the Commodities 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. 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. |
Fair Value |
Valuation Techniques |
Unobservable Inputs |
Ranges |
Weighted- Average (a) |
Impact to Valuation from an Increase in Input | |||||||||||||||||||
Financial Assets |
||||||||||||||||||||||||
Investments of Consolidated Blackstone Funds |
||||||||||||||||||||||||
Equity Securities, Partnership and LLC Interests |
$ |
Discounted Cash Flows |
Discount Rate |
Lower |
||||||||||||||||||||
Exit Multiple - EBITDA |
Higher |
|||||||||||||||||||||||
Exit Capitalization Rate |
Lower |
|||||||||||||||||||||||
Debt Instruments |
Discounted Cash Flows |
Discount Rate |
Lower |
|||||||||||||||||||||
Other |
n/a |
|||||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds |
||||||||||||||||||||||||
Corporate Treasury Investments |
Third-Party Pricing |
n/a |
||||||||||||||||||||||
Loans and Receivables |
Discounted Cash Flows |
Discount Rate |
Lower |
|||||||||||||||||||||
Other Investments (b) |
Discounted Cash Flows |
Discount Rate |
Lower |
|||||||||||||||||||||
Transaction Pricing |
n/a |
|||||||||||||||||||||||
$ |
||||||||||||||||||||||||
Financial Liabilities |
||||||||||||||||||||||||
Freestanding Derivatives (c) |
$ |
Option Pricing Model |
Volatility |
Higher |
||||||||||||||||||||
Other Liabilities (d) |
Third-Party Pricing |
n/a |
||||||||||||||||||||||
Other |
n/a |
|||||||||||||||||||||||
$ |
||||||||||||||||||||||||
Fair Value |
Valuation Techniques |
Unobservable Inputs |
Ranges |
Weighted- Average (a) |
Impact to Valuation from an Increase in Input | |||||||||||||||||||
Financial Assets |
||||||||||||||||||||||||
Investments of Consolidated Blackstone Funds |
||||||||||||||||||||||||
Equity Securities, Partnership and LLC Interests |
$ |
Discounted Cash Flows |
Discount Rate |
Lower |
||||||||||||||||||||
Exit Multiple - EBITDA |
Higher |
|||||||||||||||||||||||
Exit Capitalization Rate |
Lower |
|||||||||||||||||||||||
Debt Instruments |
Third-Party Pricing |
n/a |
||||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds |
||||||||||||||||||||||||
Corporate Treasury Investments |
Third-Party Pricing |
n/a |
||||||||||||||||||||||
Transaction Price |
n/a |
|||||||||||||||||||||||
Loans and Receivables |
Discounted Cash Flows |
Discount Rate |
Lower |
|||||||||||||||||||||
Other Investments (b) |
Discounted Cash Flows |
Discount Rate |
Lower |
|||||||||||||||||||||
Third-Party Pricing |
n/a |
|||||||||||||||||||||||
$ |
||||||||||||||||||||||||
Financial Liabilities |
||||||||||||||||||||||||
Freestanding Derivatives (c) |
$ |
Option Pricing Model |
Volatility |
n/a |
Higher |
|||||||||||||||||||
Other Liabilities (d) |
Third-Party Pricing |
n/a |
||||||||||||||||||||||
Other |
n/a |
|||||||||||||||||||||||
$ |
||||||||||||||||||||||||
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 June 30, 2025 and December 31, 2024, Other Investments includes Level III Freestanding Derivatives. | |
(c) |
The volatility of the historical performance of the underlying reference entities or an appropriate proxy is used to project the expected returns relevant for the fair value of the derivatives. | |
(d) |
As of June 30, 2025 and December 31, 2024, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments. |
Level III Financial Assets at Fair Value Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
2025 |
2024 | |||||||||||||||||||||||||||||||
Investments of Consolidated Funds |
Loans and Receivables |
Other Investments (a) |
Total |
Investments of Consolidated Funds |
Loans and Receivables |
Other Investments (a) |
Total | |||||||||||||||||||||||||
| Balance, Beginning of Period |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
| Transfer Into Level III (b) |
— |
— |
— |
|||||||||||||||||||||||||||||
| Transfer Out of Level III (b) |
( |
) |
— |
— |
( |
) |
( |
) |
— |
( |
) |
( |
) | |||||||||||||||||||
| Purchases |
||||||||||||||||||||||||||||||||
| Sales |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||
| Issuances |
— |
— |
— |
— |
||||||||||||||||||||||||||||
| Settlements (c) |
— |
( |
) |
( |
) |
( |
) |
— |
( |
) |
( |
) | ||||||||||||||||||||
| Changes in Gains Included in Earnings |
||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
| Balance, End of Period |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
| Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Level III Financial Assets at Fair Value Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2025 |
2024 | |||||||||||||||||||||||||||||||
Investments of Consolidated Funds |
Loans and Receivables |
Other Investments (a) |
Total |
Investments of Consolidated Funds |
Loans and Receivables |
Other Investments (a) |
Total | |||||||||||||||||||||||||
| Balance, Beginning of Period |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
| Transfer Out Due to Deconsolidation |
( |
) |
— |
— |
( |
) |
( |
) |
— |
— |
( |
) | ||||||||||||||||||||
| Transfer Into Level III (b) |
— |
— |
— |
|||||||||||||||||||||||||||||
| Transfer Out of Level III (b) |
( |
) |
— |
— |
( |
) |
( |
) |
— |
( |
) |
( |
) | |||||||||||||||||||
| Purchases |
||||||||||||||||||||||||||||||||
| Sales |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||
| Issuances |
— |
— |
— |
— |
||||||||||||||||||||||||||||
| Settlements (c) |
— |
( |
) |
( |
) |
( |
) |
— |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
| Changes in Gains (Losses) Included in Earnings |
( |
) |
( |
) | ||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
| Balance, End of Period |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
| Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) | ||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Level III Financial Liabilities at Fair Value Three Months Ended June 30, | ||||||||||||||||||||||||
2025 |
2024 | |||||||||||||||||||||||
Freestanding Derivatives |
Other Liabilities |
Total |
Freestanding Derivatives |
Other Liabilities |
Total | |||||||||||||||||||
| Balance, Beginning of Period |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
| Changes in Losses (Gains) Included in Earnings |
( |
) |
||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Balance, End of Period |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Level III Financial Liabilities at Fair Value Six Months Ended June 30, | ||||||||||||||||||||||||
2025 |
2024 | |||||||||||||||||||||||
Freestanding Derivatives |
Other Liabilities |
Total |
Freestanding Derivatives |
Other Liabilities |
Total | |||||||||||||||||||
| Balance, Beginning of Period |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
| Changes in Losses (Gains) Included in Earnings |
( |
) |
||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Balance, End of Period |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
(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. |
8. |
Variable Interest Entities |
June 30, 2025 |
December 31, 2024 |
|||||||
| Investments |
$ |
$ |
||||||
| Due from Affiliates |
||||||||
| Potential Clawback Obligation |
||||||||
| |
|
|
|
|||||
| Maximum Exposure to Loss |
$ |
$ |
||||||
| |
|
|
|
|||||
| Amounts Due to Non-Consolidated VIEs |
$ |
$ |
||||||
| |
|
|
|
|||||
9. |
Repurchase Agreements |
June 30, 2025 |
||||||||||||||||||||
Remaining Contractual Maturity of the Agreements |
||||||||||||||||||||
Overnight and Continuous |
Up to 30 Days |
30 - 90 Days |
Greater than 90 days |
Total |
||||||||||||||||
| Repurchase Agreements |
||||||||||||||||||||
| Loans |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 10. “Offsetting of Assets and Liabilities” |
|
$ |
||||||||||||||||||
| |
|
|||||||||||||||||||
| Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 10. “Offsetting of Assets and Liabilities” |
|
$ |
||||||||||||||||||
| |
|
|||||||||||||||||||
December 31, 2024 |
||||||||||||||||||||
Remaining Contractual Maturity of the Agreements |
||||||||||||||||||||
Overnight and Continuous |
Up to 30 Days |
30 - 90 Days |
Greater than 90 days |
Total |
||||||||||||||||
| Repurchase Agreements |
||||||||||||||||||||
| Loans |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 10. “Offsetting of Assets and Liabilities” |
|
$ |
||||||||||||||||||
| |
|
|||||||||||||||||||
| Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 10. “Offsetting of Assets and Liabilities” |
|
$ |
||||||||||||||||||
| |
|
|||||||||||||||||||
10. |
Offsetting of Assets and Liabilities |
June 30, 2025 |
||||||||||||||||
Gross and Net Amounts of Assets Presented in the Statement of Financial Condition |
Gross Amounts Not Offset in the Statement of Financial Condition |
|||||||||||||||
Financial Instruments (a) |
Cash Collateral Received |
Net Amount |
||||||||||||||
| Assets |
||||||||||||||||
| Freestanding Derivatives |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
June 30, 2025 |
||||||||||||||||
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition |
Gross Amounts Not Offset in the Statement of Financial Condition |
|||||||||||||||
Financial Instruments (a) |
Cash Collateral Pledged |
Net Amount |
||||||||||||||
| Liabilities |
||||||||||||||||
| Freestanding Derivatives |
$ |
$ |
$ |
$ |
||||||||||||
| Repurchase Agreements |
||||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
$ |
$ |
$ |
|||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
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 |
$ |
$ |
$ |
$ |
||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
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 |
$ |
$ |
$ |
$ |
||||||||||||
| Repurchase Agreements |
— |
— |
||||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
$ |
$ |
$ |
$ |
|||||||||||||
| |
|
|
|
|
|
|
|
|||||||||
(a) |
Amounts presented are inclusive of both legally enforceable m a ster 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. |
June 30, 2025 |
December 31, 2024 |
|||||||
| Furniture, Equipment and Leasehold Improvements |
$ |
$ |
||||||
| Less: Accumulated Depreciation |
( |
) |
( |
) | ||||
| |
|
|
|
|||||
| Furniture, Equipment and Leasehold Improvements, Net |
||||||||
| Prepaid Expenses |
||||||||
| Freestanding Derivatives |
||||||||
| Other |
||||||||
| |
|
|
|
|||||
$ |
$ |
|||||||
| |
|
|
|
|||||
11. |
Borrowings |
June 30, 2025 |
December 31, 2024 |
|||||||||||||||
Description |
Carrying Value |
Fair Value |
Carrying Value |
Fair Value |
||||||||||||
Blackstone Operating Borrowings |
||||||||||||||||
Revolving Credit Facility (a) |
$ |
$ |
$ |
$ |
||||||||||||
Senior Notes (b) |
||||||||||||||||
Other (c) |
||||||||||||||||
Secured Borrowing, Due |
||||||||||||||||
Secured Borrowing, Due |
||||||||||||||||
Borrowings of Consolidated |
||||||||||||||||
Blackstone Funds |
||||||||||||||||
Blackstone Fund Facilities (d) |
||||||||||||||||
CLO Notes Payable (e) |
||||||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
(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 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 June 30, 2025 and December 31, 2024, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $ |
(b) |
Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. |
(c) |
The Secured Borrowings Due |
(d) |
Blackstone Fund Facilities represent borrowing facilities for the various consolidated Blackstone Funds that are used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until a disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ. |
(e) |
CLO Notes Payable have maturity dates ranging from |
Blackstone Operating Borrowings |
Borrowings of Consolidated Blackstone Funds |
Total Borrowings |
||||||||||
2025 |
$ |
$ |
$ |
|||||||||
2026 |
||||||||||||
2027 |
||||||||||||
2028 |
||||||||||||
2029 |
||||||||||||
Thereafter |
||||||||||||
$ |
$ |
$ |
||||||||||
12. |
Income Taxes |
Jurisdiction |
Year |
|||
Federal |
||||
New York City |
||||
New York State |
||||
United Kingdom |
||||
13. |
Earnings Per Share and Stockholders’ Equity |
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Net Income for Per Share of Common Stock Calculations |
||||||||||||||||
Net Income Attributable to Blackstone Inc., Basic and Diluted |
$ |
$ |
$ |
$ |
||||||||||||
Shares/Units Outstanding |
||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding, Basic |
||||||||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Common Stock |
||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding, Diluted |
||||||||||||||||
Net Income Per Share of Common Stock |
||||||||||||||||
Basic |
$ |
$ |
$ |
$ |
||||||||||||
Diluted |
$ |
$ |
$ |
$ |
||||||||||||
Dividends Declared Per Share of Common Stock (a) |
$ |
$ |
$ |
$ |
||||||||||||
(a) |
Dividends declared reflects the calendar date of the declaration for each distribution. |
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Weighted-Average Blackstone Holdings Partnership Units |
||||||||||||||||
Shares/Units |
||||
Common Stock Outstanding |
||||
Unvested Participating Common Stock |
||||
Total Participating Common Stock |
||||
Participating Blackstone Holdings Partnership Units |
||||
14. |
Equity-Based Compensation |
Blackstone Holdings |
Blackstone Inc. | |||||||||||||||||||||||
Equity Settled Awards |
Cash Settled Awards | |||||||||||||||||||||||
Unvested Shares/Units |
Partnership Units |
Weighted- Average Grant Date Fair Value |
Deferred Restricted Shares of Common Stock |
Weighted- Average Grant Date Fair Value |
Phantom Shares |
Weighted- Average Grant Date Fair Value | ||||||||||||||||||
Balance, December 31, 2024 |
$ |
$ |
$ |
|||||||||||||||||||||
Granted |
||||||||||||||||||||||||
Vested |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Forfeited |
( |
) |
( |
) |
||||||||||||||||||||
Balance, June 30, 2025 |
$ |
$ |
$ |
|||||||||||||||||||||
Shares/ Units |
Weighted- Average Service Period in Years |
|||||||
Blackstone Holdings Partnership Units |
||||||||
Deferred Restricted Shares of Common Stock |
||||||||
Total Equity-Based Awards |
||||||||
Phantom Shares |
||||||||
15. |
Related Party Transactions |
June 30, 2025 |
December 31, 2024 | |||||||
Due from Affiliates |
||||||||
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies |
$ |
$ |
||||||
Due from Certain Non-Controlling Interest Holders and Blackstone Employees |
||||||||
Accrual for Potential Clawback of Previously Distributed Performance Allocations |
||||||||
$ |
$ |
|||||||
June 30, 2025 |
December 31, 2024 | |||||||
Due to Affiliates |
||||||||
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements |
$ |
$ |
||||||
Due to Non-Consolidated Entities |
||||||||
Due to Certain Non-Controlling Interest Holders and Blackstone Employees |
||||||||
Accrual for Potential Repayment of Previously Received Performance Allocations |
||||||||
$ |
$ |
|||||||
16. |
Commitments and Contingencies |
June 30, 2025 |
December 31, 2024 | |||||||||||||||||||||||
| Segment |
Blackstone Holdings |
Current and Former Personnel (a) |
Total (b) |
Blackstone Holdings |
Current and Former Personnel (a) |
Total (b) | ||||||||||||||||||
| Real Estate |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
| Private Equity |
||||||||||||||||||||||||
| Credit & Insurance |
||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
(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 15. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.” |
17. |
Segment Reporting |
• |
Real Estate – Blackstone’s Real Estate segment primarily comprises its management of opportunistic real estate funds, Core+ real estate funds, and real estate debt strategies. |
• |
Private Equity – Blackstone’s Private Equity segment includes its management of flagship Corporate Private Equity funds, sector and geographically-focused Corporate Private Equity funds, core private equity funds, an opportunistic investment platform, a secondary funds business and GP Stakes, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, investment platforms offering eligible individual investors access to Blackstone’s private equity and infrastructure capabilities, a multi-asset investment program for eligible high net worth investors and a capital markets services business. |
• |
Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit & Insurance, which is organized into three overarching strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. In addition, the segment includes an insurer-focused platform. |
• |
Multi-Asset Investing – Blackstone’s Multi-Asset Investing segment is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management, and Public Real Assets. |
Three Months Ended June 30, 2025 | ||||||||||||||||||||
Real Estate |
Private Equity |
Credit & Insurance |
Multi-Asset Investing |
Total Segments | ||||||||||||||||
Management and Advisory Fees, Net |
||||||||||||||||||||
Base Management Fees |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Transaction, Advisory and Other Fees, Net |
||||||||||||||||||||
Management Fee Offsets |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Total Management and Advisory Fees, Net |
||||||||||||||||||||
Fee Related Performance Revenues |
||||||||||||||||||||
Fee Related Compensation |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Other Operating Expenses |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Fee Related Earnings |
||||||||||||||||||||
Realized Performance Revenues |
||||||||||||||||||||
Realized Performance Compensation |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Realized Principal Investment Income |
||||||||||||||||||||
Total Net Realizations |
||||||||||||||||||||
Total Segment Distributable Earnings |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Three Months Ended June 30, 2024 | ||||||||||||||||||||
Real Estate |
Private Equity |
Credit & Insurance |
Multi-Asset Investing |
Total Segments | ||||||||||||||||
Management and Advisory Fees, Net |
||||||||||||||||||||
Base Management Fees |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Transaction, Advisory and Other Fees, Net |
||||||||||||||||||||
Management Fee Offsets |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Total Management and Advisory Fees, Net |
||||||||||||||||||||
Fee Related Performance Revenues |
||||||||||||||||||||
Fee Related Compensation |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Other Operating Expenses |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Fee Related Earnings |
||||||||||||||||||||
Realized Performance Revenues |
||||||||||||||||||||
Realized Performance Compensation |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Realized Principal Investment Income |
||||||||||||||||||||
Total Net Realizations |
||||||||||||||||||||
Total Segment Distributable Earnings |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
June 30, 2025 and the Six Months Then Ended | ||||||||||||||||||||
Real Estate |
Private Equity |
Credit & Insurance |
Multi-Asset Investing |
Total Segments | ||||||||||||||||
Management and Advisory Fees, Net |
||||||||||||||||||||
Base Management Fees |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Transaction, Advisory and Other Fees, Net |
||||||||||||||||||||
Management Fee Offsets |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Total Management and Advisory Fees, Net |
||||||||||||||||||||
Fee Related Performance Revenues |
||||||||||||||||||||
Fee Related Compensation |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Other Operating Expenses |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Fee Related Earnings |
||||||||||||||||||||
Realized Performance Revenues |
||||||||||||||||||||
Realized Performance Compensation |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Realized Principal Investment Income |
||||||||||||||||||||
Total Net Realizations |
||||||||||||||||||||
Total Segment Distributable Earnings |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Segment Assets |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Six Months Ended June 30, 2024 | ||||||||||||||||||||
Real Estate |
Private Equity |
Credit & Insurance |
Multi-Asset Investing |
Total Segments | ||||||||||||||||
Management and Advisory Fees, Net |
||||||||||||||||||||
Base Management Fees |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Transaction, Advisory and Other Fees, Net |
||||||||||||||||||||
Management Fee Offsets |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||
Total Management and Advisory Fees, Net |
||||||||||||||||||||
Fee Related Performance Revenues |
||||||||||||||||||||
Fee Related Compensation |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Other Operating Expenses |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Fee Related Earnings |
||||||||||||||||||||
Realized Performance Revenues |
||||||||||||||||||||
Realized Performance Compensation |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||
Realized Principal Investment Income (Loss) |
( |
) |
||||||||||||||||||
Total Net Realizations |
||||||||||||||||||||
Total Segment Distributable Earnings |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Revenues |
||||||||||||||||
Total GAAP Revenues |
$ |
$ |
$ |
$ |
||||||||||||
Less: Unrealized Performance Revenues (a) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Less: Unrealized Principal Investment (Income) Loss (b) |
( |
) |
( |
) |
( |
) | ||||||||||
Less: Interest and Dividend Revenue (c) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Less: Other Revenue (d) |
( |
) |
( |
) | ||||||||||||
Impact of Consolidation (e) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Transaction-Related and Non-Recurring Items (f) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Intersegment Eliminations |
||||||||||||||||
Total Segment Revenue (g) |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Expenses |
||||||||||||||||
Total GAAP Expenses |
$ |
$ |
$ |
$ |
||||||||||||
Less: Unrealized Performance Allocations Compensation (h) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Less: Equity-Based Compensation (i) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Less: Interest Expense (j) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Impact of Consolidation (e) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Amortization of Intangibles (k) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Transaction-Related and Non-Recurring Items (f) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Administrative Fee Adjustment (l) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Intersegment Eliminations |
||||||||||||||||
Total Segment Expenses (m) |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Other Income |
||||||||||||||||
Total GAAP Other Income (Loss) |
$ |
$ |
$ |
$ |
||||||||||||
Impact of Consolidation (e) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Total Segment Other Income |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Income Before Provision for Taxes |
||||||||||||||||
Total GAAP Income Before Provision for Taxes |
$ |
$ |
$ |
$ |
||||||||||||
Less: Unrealized Performance Revenues (a) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Less: Unrealized Principal Investment (Income) Loss (b) |
( |
) |
( |
) |
( |
) | ||||||||||
Less: Interest and Dividend Revenue (c) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Less: Other Revenue (d) |
( |
) |
( |
) | ||||||||||||
Plus: Unrealized Performance Allocations Compensation (h) |
||||||||||||||||
Plus: Equity-Based Compensation (i) |
||||||||||||||||
Plus: Interest Expense (j) |
||||||||||||||||
Impact of Consolidation (e) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Amortization of Intangibles (k) |
||||||||||||||||
Transaction-Related and Non-Recurring Items (f) |
||||||||||||||||
Administrative Fee Adjustment (l) |
||||||||||||||||
Total Segment Distributable Earnings |
$ |
$ |
$ |
$ |
||||||||||||
As of | ||||
June 30, | ||||
2025 | ||||
Total Assets |
||||
Total GAAP Assets |
$ |
|||
Impact of Consolidation (e) |
( |
) | ||
Total Segment Assets |
$ |
|||
(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 three months ended June 30, 2025 and 2024, Other Revenue on a GAAP basis was $( |
(e) |
This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. |
(f) |
This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period to period comparability and are not reflective of Blackstone’s operational performance. |
(g) |
Total Segment Revenues is comprised of the following: |
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Total Segment Management and Advisory Fees, Net |
$ |
$ |
$ |
$ |
||||||||||||
Total Segment Fee Related Performance Revenues |
||||||||||||||||
Total Segment Realized Performance Revenues |
||||||||||||||||
Total Segment Realized Principal Investment Income |
||||||||||||||||
Total Segment Revenues |
$ |
$ |
$ |
$ |
||||||||||||
(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: |
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
Total Segment Fee Related Compensation |
$ |
$ |
$ |
$ |
||||||||||||
Total Segment Realized Performance Compensation |
||||||||||||||||
Total Segment Other Operating Expenses |
||||||||||||||||
Total Segment Expenses |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Management and Advisory Fees, Net |
||||||||||||||||
GAAP |
$ |
$ |
$ |
$ |
||||||||||||
Segment Adjustment (a) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Total Segment |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues |
||||||||||||||||
GAAP |
||||||||||||||||
Incentive Fees |
$ |
$ |
$ |
$ |
||||||||||||
Investment Income - Realized Performance Allocations |
||||||||||||||||
GAAP |
||||||||||||||||
Total Segment |
||||||||||||||||
Less: Realized Performance Revenues |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Segment Adjustment (b) |
( |
) |
||||||||||||||
Total Segment |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
GAAP Compensation to Total Segment Fee Related Compensation |
||||||||||||||||
GAAP |
||||||||||||||||
Compensation |
$ |
$ |
$ |
$ |
||||||||||||
Incentive Fee Compensation |
||||||||||||||||
Realized Performance Allocations Compensation |
||||||||||||||||
GAAP |
||||||||||||||||
Total Segment |
||||||||||||||||
Less: Realized Performance Compensation |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Less: Equity-Based Compensation - Fee Related Compensation |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Less: Equity-Based Compensation - Performance Compensation |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Segment Adjustment (c) |
( |
) |
( |
) |
( |
) | ||||||||||
Total Segment |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
GAAP General, Administrative and Other to Total Segment Other Operating Expenses |
||||||||||||||||
GAAP |
$ |
$ |
$ |
$ |
||||||||||||
Segment Adjustment (d) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Total Segment |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Realized Performance Revenues |
||||||||||||||||
GAAP |
||||||||||||||||
Incentive Fees |
$ |
$ |
$ |
$ |
||||||||||||
Investment Income - Realized Performance Allocations |
||||||||||||||||
GAAP |
||||||||||||||||
Total Segment |
||||||||||||||||
Less: Fee Related Performance Revenues |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Segment Adjustment (b) |
( |
) |
||||||||||||||
Total Segment |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Realized Performance Compensation |
||||||||||||||||
GAAP |
||||||||||||||||
Incentive Fee Compensation |
$ |
$ |
$ |
$ |
||||||||||||
Realized Performance Allocation Compensation |
||||||||||||||||
GAAP |
||||||||||||||||
Total Segment |
||||||||||||||||
Less: Fee Related Performance Compensation (e) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Less: Equity-Based Compensation - Performance Compensation |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Total Segment |
$ |
$ |
$ |
$ |
||||||||||||
Three Months Ended |
Six Months Ended | |||||||||||||||
June 30, |
June 30, | |||||||||||||||
2025 |
2024 |
2025 |
2024 | |||||||||||||
Realized Principal Investment Income |
||||||||||||||||
GAAP |
$ |
$ |
$ |
$ |
||||||||||||
Segment Adjustment (f) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Total Segment |
$ |
$ |
$ |
$ |
||||||||||||
(a) |
Represents (1) the add back of net management fees earned from consolidated Blackstone funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures. |
(b) |
Represents the add back of Performance Revenues earned from consolidated Blackstone funds which have been eliminated in consolidation. |
(c) |
Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures. |
(d) |
Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. |
(e) |
Fee related performance compensation may include equity-based compensation based on fee related performance revenues. |
(f) |
Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. |
18. |
Subsequent Events |
June 30, 2025 | ||||||||||||||||
Consolidated Operating Partnerships |
Consolidated Blackstone Funds (a) |
Reclasses and Eliminations |
Consolidated | |||||||||||||
Assets |
||||||||||||||||
Cash and Cash Equivalents |
$ |
2,235,499 |
$ |
— |
$ |
— |
$ |
2,235,499 |
||||||||
Cash Held by Blackstone Funds and Other |
— |
313,950 |
— |
313,950 |
||||||||||||
Investments |
27,257,910 |
5,101,278 |
(1,223,684 |
) |
31,135,504 |
|||||||||||
Accounts Receivable |
357,008 |
850 |
— |
357,858 |
||||||||||||
Due from Affiliates |
5,217,214 |
363,454 |
(63,848 |
) |
5,516,820 |
|||||||||||
Intangible Assets, Net |
147,294 |
— |
— |
147,294 |
||||||||||||
Goodwill |
1,890,202 |
— |
— |
1,890,202 |
||||||||||||
Other Assets |
872,721 |
4,279 |
— |
877,000 |
||||||||||||
Right-of-Use |
793,690 |
— |
— |
793,690 |
||||||||||||
Deferred Tax Assets |
2,105,277 |
— |
— |
2,105,277 |
||||||||||||
Total Assets |
$ |
40,876,815 |
$ |
5,783,811 |
$ |
(1,287,532 |
) |
$ |
45,373,094 |
|||||||
Liabilities and Equity |
||||||||||||||||
Loans Payable |
$ |
11,880,535 |
$ |
128,335 |
$ |
— |
$ |
12,008,870 |
||||||||
Due to Affiliates |
2,655,581 |
212,987 |
(66,054 |
) |
2,802,514 |
|||||||||||
Accrued Compensation and Benefits |
6,065,974 |
— |
— |
6,065,974 |
||||||||||||
Operating Lease Liabilities |
918,887 |
— |
— |
918,887 |
||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities |
2,416,296 |
81,673 |
— |
2,497,969 |
||||||||||||
Total Liabilities |
23,937,273 |
422,995 |
(66,054 |
) |
24,294,214 |
|||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities |
3 |
1,487,126 |
— |
1,487,129 |
||||||||||||
Equity |
||||||||||||||||
Common Stock |
7 |
— |
— |
7 |
||||||||||||
Series I Preferred Stock |
— |
— |
— |
— |
||||||||||||
Series II Preferred Stock |
— |
— |
— |
— |
||||||||||||
Additional Paid-in-Capital |
7,988,663 |
1,194,346 |
(1,194,346 |
) |
7,988,663 |
|||||||||||
Retained Earnings |
362,614 |
27,132 |
(27,132 |
) |
362,614 |
|||||||||||
Accumulated Other Comprehensive Income (Loss) |
(55,734 |
) |
56,789 |
— |
1,055 |
|||||||||||
Non-Controlling Interests in Consolidated Entities |
4,252,362 |
2,595,423 |
— |
6,847,785 |
||||||||||||
Non-Controlling Interests in Blackstone Holdings |
4,391,627 |
— |
— |
4,391,627 |
||||||||||||
Total Equity |
16,939,539 |
3,873,690 |
(1,221,478 |
) |
19,591,751 |
|||||||||||
Total Liabilities and Equity |
$ |
40,876,815 |
$ |
5,783,811 |
$ |
(1,287,532 |
) |
$ |
45,373,094 |
|||||||
December 31, 2024 | ||||||||||||||||
Consolidated Operating Partnerships |
Consolidated Blackstone Funds (a) |
Reclasses and Eliminations |
Consolidated | |||||||||||||
Assets |
||||||||||||||||
Cash and Cash Equivalents |
$ |
1,972,140 |
$ |
— |
$ |
— |
$ |
1,972,140 |
||||||||
Cash Held by Blackstone Funds and Other |
— |
204,052 |
— |
204,052 |
||||||||||||
Investments |
26,791,383 |
3,890,732 |
(881,549 |
) |
29,800,566 |
|||||||||||
Accounts Receivable |
191,937 |
45,993 |
— |
237,930 |
||||||||||||
Due from Affiliates |
5,436,866 |
21,089 |
(48,640 |
) |
5,409,315 |
|||||||||||
Intangible Assets, Net |
165,243 |
— |
— |
165,243 |
||||||||||||
Goodwill |
1,890,202 |
— |
— |
1,890,202 |
||||||||||||
Other Assets |
938,052 |
9,807 |
— |
947,859 |
||||||||||||
Right-of-Use |
838,620 |
— |
— |
838,620 |
||||||||||||
Deferred Tax Assets |
2,003,948 |
— |
— |
2,003,948 |
||||||||||||
Total Assets |
$ |
40,228,391 |
$ |
4,171,673 |
$ |
(930,189 |
) |
$ |
43,469,875 |
|||||||
Liabilities and Equity |
||||||||||||||||
Loans Payable |
$ |
11,233,468 |
$ |
87,488 |
$ |
— |
$ |
11,320,956 |
||||||||
Due to Affiliates |
2,582,178 |
276,789 |
(50,819 |
) |
2,808,148 |
|||||||||||
Accrued Compensation and Benefits |
6,087,700 |
— |
— |
6,087,700 |
||||||||||||
Operating Lease Liabilities |
965,742 |
— |
— |
965,742 |
||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities |
2,723,551 |
68,763 |
— |
2,792,314 |
||||||||||||
Total Liabilities |
23,592,639 |
433,040 |
(50,819 |
) |
23,974,860 |
|||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities |
1 |
801,398 |
— |
801,399 |
||||||||||||
Equity |
||||||||||||||||
Common Stock |
7 |
— |
— |
7 |
||||||||||||
Series I Preferred Stock |
— |
— |
— |
— |
||||||||||||
Series II Preferred Stock |
— |
— |
— |
— |
||||||||||||
Additional Paid-in-Capital |
7,444,561 |
878,014 |
(878,014 |
) |
7,444,561 |
|||||||||||
Retained Earnings |
808,079 |
1,356 |
(1,356 |
) |
808,079 |
|||||||||||
Accumulated Other Comprehensive Loss |
(20,590 |
) |
(19,736 |
) |
— |
(40,326 |
) | |||||||||
Non-Controlling Interests in Consolidated Entities |
4,077,342 |
2,077,601 |
— |
6,154,943 |
||||||||||||
Non-Controlling Interests in Blackstone Holdings |
4,326,352 |
— |
— |
4,326,352 |
||||||||||||
Total Equity |
16,635,751 |
2,937,235 |
(879,370 |
) |
18,693,616 |
|||||||||||
Total Liabilities and Equity |
$ |
40,228,391 |
$ |
4,171,673 |
$ |
(930,189 |
) |
$ |
43,469,875 |
|||||||
(a) |
The Consolidated Blackstone Funds consisted of the following: |
Table of Contents
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with Blackstone Inc.’s condensed consolidated financial statements and the related notes included within this Quarterly Report on Form 10-Q.
In this report, references to “Blackstone,” the “Company,” “we,” “us” or “our” refer to Blackstone Inc. and its consolidated subsidiaries.
Our Business
Blackstone is the world’s largest alternative asset manager. We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio companies (including management, transaction and monitoring fees), and from capital markets services. We also invest in the funds we manage and we are entitled to a pro-rata share of the income of the fund (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, we are entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). In certain structures, we receive a contractual incentive fee from an investment fund based on achieving certain investment returns (an “Incentive Fee,” and together with Performance Allocations, “Performance Revenues”). The composition of our revenues will vary based on market conditions and the cyclicality of the different businesses in which we operate. Net investment gains and investment income generated by the Blackstone Funds are driven by the performance of the underlying investments as well as overall market conditions. Fair values are affected by changes in the fundamentals of our portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.
Our business is organized into four segments:
Real Estate
Our Real Estate business is a global leader in real estate investing and operates as one globally integrated business, with investments across the globe, including in the Americas, Europe and Asia. Our real estate investment teams seek to utilize our global expertise and presence to generate attractive risk-adjusted returns for our investors.
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Our Blackstone Real Estate Partners (“BREP”) business is geographically diversified and targets a broad range of opportunistic real estate and real estate-related investments. The BREP platform includes global funds as well as funds focused specifically on Europe or Asia investments. BREP seeks to invest thematically in high-quality assets, focusing where we see outsized growth potential driven by global economic and demographic trends. BREP has made significant investments in logistics, data centers, rental housing, hospitality, office and retail properties around the world, as well as in a variety of real estate operating companies.
Our Core+ real estate strategy invests in substantially stabilized real estate globally, primarily through perpetual capital vehicles. The strategy includes our (a) Blackstone Property Partners (“BPP”) funds, which are focused on high-quality assets in the Americas, Europe and Asia and (b) our non-listed real estate investment trust (“REIT”) Blackstone Real Estate Income Trust, Inc. (“BREIT”) and our Blackstone European Property Income (“BEPIF”) vehicles, which provide income-focused individual investors access to institutional quality real estate primarily in the Americas and Europe, respectively.
Our Blackstone Real Estate Debt Strategies (“BREDS”) platform primarily targets real estate-related debt investment opportunities. BREDS invests in both public and private markets, primarily in the U.S. and Europe. BREDS’ scale and investment mandates enable it to provide a variety of lending options for our borrowers and investment options for our investors, including commercial real estate mortgage loans and liquid real estate-related debt securities. The BREDS platform includes high-yield real estate debt funds, liquid real estate debt funds, capital managed on behalf of our Credit & Insurance segment, and Blackstone Mortgage Trust, Inc. (“BXMT”), a NYSE-listed mortgage REIT.
Private Equity
Our Private Equity segment includes: (a) Private Equity Strategies (described below), (b) Infrastructure, which includes (1) our infrastructure-focused funds for institutional investors with a primary focus on the U.S. and Europe (Blackstone Infrastructure Partners or “BIP”) and (2) a private wealth-focused platform offering eligible individual investors access to our infrastructure capabilities (Blackstone Infrastructure Strategies or “BXINFRA”), (c) our secondaries business (“Secondaries”), which includes Strategic Partners Fund Solutions (“Strategic Partners”) and our GP Stakes business (“Blackstone GP Stakes” or “BXGP”), (d) our capital markets services business (Blackstone Capital Markets or “BXCM”) and (e) a private wealth-focused platform offering eligible individuals exposure to certain of Blackstone’s key illiquid investment strategies through a single commitment (Blackstone Total Alternatives Solution or “BTAS”).
Our Private Equity Strategies include: (a) our Corporate Private Equity business (described below), (b) our opportunistic investment platform that invests flexibly across asset classes, industries and geographies (Blackstone Tactical Opportunities or “Tactical Opportunities”), (c) our life sciences investment platform (Blackstone Life Sciences or “BXLS”), (d) our growth equity investment platform (Blackstone Growth or “BXG”) and (e) a private wealth-focused platform offering eligible individual investors access to Blackstone’s private equity capabilities (Blackstone Private Equity Strategies Fund or “BXPE”).
Our Corporate Private Equity business consists of: (a) our global private equity funds (Blackstone Capital Partners or “BCP”), (b) our Asia-focused private equity funds (Blackstone Capital Partners Asia or “BCP Asia”), (c) our sector-focused funds, including our energy- and energy transition-focused funds (Blackstone Energy Transition Partners or “BETP”) and (d) our core private equity funds (Blackstone Core Equity Partners or “BCEP”).
We are a global leader in private equity investing. Our Corporate Private Equity business pursues transactions across industries on a global basis. It strives to create value by investing in great businesses where our capital, strategic insight, global relationships and operational support can drive transformation. Corporate Private Equity’s investment strategies and core themes continually evolve in anticipation of, or in response to, changes in the global economy, local markets, regulation, capital flows and geopolitical trends. We seek to construct a differentiated portfolio of investments with a well-defined, post-acquisition value creation strategy. Similarly, we seek investments that can generate strong unlevered returns regardless of entry or exit cycle timing. BCEP pursues control-oriented investments in high-quality companies with durable businesses and seeks to offer a lower level of risk and a longer hold period than traditional private equity.
71
Table of Contents
Tactical Opportunities pursues a thematically driven, opportunistic investment strategy. Our flexible, global mandate enables us to find differentiated opportunities across asset classes, industries and geographies and invest behind them with the frequent use of structure to generate attractive risk-adjusted returns. Tactical Opportunities’ ability to dynamically shift focus to the most compelling opportunities in any market environment, combined with the business’ expertise in structuring complex transactions, enables Tactical Opportunities to invest in attractive market areas, often with securities that provide downside protection and maintain upside return.
BXLS invests across the life cycle of companies and products within the life sciences sector. BXLS primarily focuses on investments in life sciences products in late-stage clinical development within the pharmaceutical, biotechnology and medical technology sectors.
BXG seeks to deliver attractive risk-adjusted returns by investing in dynamic, growth-stage businesses, with a focus on the consumer, consumer technology, enterprise solutions, financial services and healthcare sectors.
BXPE invests primarily in privately negotiated, equity-oriented investments, leveraging Blackstone’s private equity talent and investment capabilities to create an attractive portfolio of alternative investments diversified across geographies and sectors.
BIP targets a diversified mix of core+, core and public-private partnership investments across all infrastructure sectors, including energy infrastructure, transportation, digital infrastructure and water and waste. BIP applies a disciplined, operationally intensive investment approach to investments, seeking to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. BXINFRA invests primarily in infrastructure equity, secondaries and credit strategies, leveraging Blackstone’s infrastructure talent and investment capabilities to create an attractive portfolio of alternative infrastructure investments.
Strategic Partners is a total fund solutions provider. As a secondary investor, it acquires interests in high-quality private funds from original holders seeking liquidity. Strategic Partners focuses on a range of opportunities in underlying funds such as private equity, real estate, infrastructure, venture and growth capital, credit and other types of funds, as well as general partner-led transactions and primary investments and co-investments with financial sponsors. Strategic Partners also provides investment advisory services to separately managed account clients investing in primary and secondary investments in private funds and co-investments. Blackstone GP Stakes targets minority investments in the general partners of private equity and other private market alternative asset management firms globally, with a focus on delivering a combination of recurring annual cash flow yield and long-term capital appreciation.
Credit & Insurance
Our Credit & Insurance segment (“BXCI”) offers its clients and borrowers a comprehensive solution across corporate and asset based credit, including investment grade and non-investment grade. BXCI is one of the largest credit managers and CLO managers in the world. The investment portfolios BXCI’s credit platform manages or sub-advises consist primarily of loans and securities of non-investment and investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity.
BXCI is organized into three overarching credit investing strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. The private corporate credit strategies include mezzanine and direct lending funds, private placement strategies, stressed/distressed strategies and SMAs. The direct lending funds include Blackstone Private Credit Fund (“BCRED”), Blackstone Secured Lending Fund (“BXSL”), both of which are business development companies (“BDCs”), as well as Blackstone European Private Credit Fund (“ECRED”).
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The liquid corporate credit strategies consist of CLOs, closed-ended funds, open-ended funds, systematic strategies and SMAs. The infrastructure and asset based credit strategies include energy strategies (including our sustainable resources platform) and asset based finance strategies focused on privately originated, income-oriented credit assets secured by physical, financial or residential real estate collateral.
Our insurance platform focuses on providing full investment management services for insurance and reinsurance accounts, seeking to deliver customized and diversified portfolios consisting primarily of investment grade credit, including through Blackstone’s private credit origination capabilities. Through this platform, we provide our clients tailored portfolio construction, strategic asset allocation and specialized analytical tools. While focusing on policyholder protection, we seek to achieve risk-managed, liability-matched and capital-efficient returns, as well as diversification and capital preservation. We also provide similar services to clients through SMAs or by sub-managing assets for certain insurance-dedicated funds and special purpose vehicles.
Multi-Asset Investing
Our Multi-Asset Investing segment (“BXMA”) is the world’s largest discretionary allocator to hedge funds and seeks to grow investors’ assets through investment strategies designed to deliver, primarily through the public markets, compelling risk-adjusted returns.
BXMA is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management, and Public Real Assets. Absolute Return manages a broad range of commingled and customized portfolios and aims to generate consistent returns across market environments. Multi-Strategy aims to generate strong risk-adjusted returns through opportunistic, asset-class agnostic investing. Total Portfolio Management manages large-scale total portfolios across asset classes in both public and private markets. The Public Real Assets platform is managed by Harvest Fund Advisors LLC (“Harvest”), which primarily invests in publicly traded energy infrastructure, renewables and master limited partnerships holding midstream energy assets in North America.
Business Environment
Blackstone’s businesses are materially affected by conditions in the financial markets and economic conditions in the U.S., Europe, Asia and, to a lesser extent, elsewhere in the world.
The second quarter of 2025 began amid a sharp decline in investor sentiment related to trade and other policy-driven uncertainty and geopolitical instability, with the S&P 500 index falling as much as 14% on an intraday basis in the first five trading days of the quarter. However, most major equity indices later rebounded and ultimately posted gains for the quarter overall, as markets reacted positively to progress on trade negotiations and favorable economic data. The S&P 500 index delivered a total return of 10.9% in the second quarter, led by information technology and telecom sectors, which gained 23.7% and 18.5%, respectively. The energy and healthcare sectors underperformed, down 8.6% and 7.2%, respectively. Equity market volatility decreased overall by the end of the quarter, with the CBOE Volatility Index declining 24.9% quarter-over-quarter. In credit markets, the S&P leveraged loan index posted a total return of 2.3% and the ICE Bank of America high yield bond index returned 3.6% in the second quarter. High yield spreads tightened by 57 basis points in the quarter while year-to-date issuance decreased 8.4% year-over-year.
The U.S. economy demonstrated resilience and healthy growth in the second quarter of 2025. Inflation has moderated significantly from the post-Covid peak of 9.1% in June 2022, with June CPI up 2.7% year-over-year. The Federal Reserve has held the federal funds target range steady at 4.25-4.50% for five consecutive meetings, most recently in July 2025, citing continued uncertainty
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on the inflation outlook, particularly as related to the impact of trade policy. The ten-year U.S. Treasury yield increased 2 basis points in the second quarter to 4.23%, but decreased following quarter end to 4.19% as of August 4, 2025. Three-month SOFR increased 4 basis points in the second quarter to 4.45%, but decreased following quarter end to 4.33% as of August 4, 2025.
The Bureau of Economic Analysis’ advance estimate of U.S. real GDP indicated growth of 3.0% quarter-over-quarter, up from -0.5% in the first quarter of 2025. Wages rose 3.7% year-over-year in June 2025. Demand for retail and food services also remained healthy, with sales increasing 3.9% year-over-year. The labor market remained resilient in the second quarter, with an unemployment rate of 4.1% as of June 2025 compared to 4.2% in March 2025. However, a lower than expected July jobs report and downward revisions of prior May and June 2025 reports may indicate a weakening labor market.
Capital markets activity levels in the U.S. expanded considerably in the second quarter of 2025, with both U.S. initial public offering volumes and announced merger and acquisition deal volumes up approximately 50% year-over-year.
Outside of the U.S., many major central banks have continued to loosen monetary policy. The European Central Bank lowered its deposit facility rate by 50 basis points in the second quarter to 2.0%. Eurozone inflation slowed to 2.0% year-over-year in June 2025, down from 2.2% in March 2025. The Bank of England held its bank rate steady in the second quarter at 4.25%. Inflation in the U.K. increased to 3.6% year-over-year in June compared to 2.6% in March 2025, although was still well below the post-Covid peak of 11.1% in October 2022. The Bank of Japan also left its policy rate unchanged in the second quarter at 0.50%.
A resilient U.S. economy and increased clarity on U.S. trade and tax policy relative to the beginning of the second quarter have contributed to greater investor confidence, stronger capital markets and increased market transaction activity. Nevertheless, the ultimate outcome of ongoing tariff negotiations could have an adverse impact on the U.S. economy and growth expectations as well as contribute to slower-than-anticipated interest rate decreases in a manner that could adversely affect investor sentiment and the market environment.
For additional information on the potential impact on each of our business segments of the conditions described above see “—Segment Analysis.”
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Table of Contents
Organizational Structure
The simplified diagram below depicts our current organizational structure. The diagram does not depict all of our subsidiaries, including intermediate holding companies through which certain of the subsidiaries depicted are held.
Key Financial Measures and Indicators
We manage our business using certain financial measures and key operating metrics since we believe these metrics measure the productivity of our investment activities. We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See “—Item 1. Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2. Summary of Significant Accounting Policies” and “—Critical Accounting Policies.” Our key non-GAAP financial measures and operating indicators and metrics are discussed below.
Distributable Earnings
Distributable Earnings is derived from Blackstone’s segment reported results. Distributable Earnings is used to assess performance and amounts available for dividends to Blackstone stockholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Distributable Earnings is the sum of Segment Distributable Earnings plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. Distributable Earnings excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Distributable Earnings.
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Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the tax receivable agreement.
Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the payable under the tax receivable agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and Distributable Earnings reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment Distributable Earnings and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s Consolidated Statements of Operations under GAAP, excluding the impact of divestitures and accrued tax contingencies and refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that parties to the Tax Receivable Agreement are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating Distributable Earnings is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to stockholders.
Segment Distributable Earnings
Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Blackstone believes it is useful to stockholders to review the measure that management uses in assessing segment performance. 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. Segment Distributable Earnings excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Segment Distributable Earnings.
Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).
Realized Performance Compensation reflects an increase, pursuant to a separate compensation program, in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2025, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year in respect of this compensation program. During the three and six months ended June 30, 2025, Realized Performance Compensation increased by
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$25.8 million and $47.1 million, respectively, and Fee Related Compensation decreased by $25.6 million and $46.9 million, respectively. These changes to Realized Performance Compensation and Fee Related Compensation reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision for Taxes and Distributable Earnings in the three and six months ended June 30, 2025. These changes are not expected to impact Income Before Provision for Taxes and Distributable Earnings for the year ending December 31, 2025. These changes had an impact on individual quarters in 2024, but did not impact Income Before Provision for Taxes and Distributable Earnings for the year ended December 31, 2024.
Fee Related Earnings
Fee Related Earnings is a performance measure 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. Blackstone believes Fee Related Earnings is useful to stockholders as it provides insight into the profitability of the portion of Blackstone’s business that is not dependent on realization activity. Fee Related Earnings equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis and (b) Other Operating Expenses. Fee Related Earnings is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Fee Related Earnings.
Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.
Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis and (b) not dependent on realization events from the underlying investments.
Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove transaction-related and non-recurring items that arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses or other charges, if any, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone’s segment presentation and (c) give effect 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.
Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization
Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (“Adjusted EBITDA”), is a supplemental measure used to assess performance derived from Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Adjusted EBITDA.
Net Accrued Performance Revenues
Net Accrued Performance Revenues is a non-GAAP financial measure Blackstone believes is useful to stockholders as an indicator of potential future realized performance revenues based on the current investment portfolio of the funds and vehicles we manage. Net Accrued Performance Revenues represents the accrued
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performance revenues receivable by Blackstone, net of the related accrued performance compensation payable by Blackstone, excluding performance revenues that have been realized but not yet distributed as of the reporting date and clawback amounts, if any. Net Accrued Performance Revenues is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Investments. See “—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues and Note 2. “Summary of Significant Accounting Policies — Equity Method Investments” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” for additional information on the calculation of Investments — Accrued Performance Allocations.
Operating Metrics
The alternative asset management business is primarily based on managing third-party capital and does not require substantial capital investment to support rapid growth. Since our inception, we have developed and used various key operating metrics to assess and monitor the operating performance of our various alternative asset management businesses in order to monitor the effectiveness of our value-creating strategies.
Total and Fee-Earning Assets Under Management
“Total Assets Under Management” refers to the invested and available capital in Blackstone-managed or advised vehicles (including, without limitation, investment funds and SMAs). The Total Assets Under Management attributable to an individual vehicle is dependent on the structure and investment strategy of such vehicle and accordingly, will vary from vehicle to vehicle. Total Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable:
| (a) | a vehicle’s invested capital at fair value which, as applicable, is measured as (1) total investments measured at fair value, or gross asset values, each of which may include the fair value of investments purchased with leverage under certain credit facilities, (2) net asset value, or (3) amount of debt and equity outstanding or aggregate par amount of assets, including principal cash for CLOs, and |
| (b) | a vehicle’s available capital, if any, which represents (1) uncalled commitments made by investors and (2) available borrowing capacity under certain credit facilities. |
Uncalled commitments represent the capital we are entitled to call from investors pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods. Drawdown funds, perpetual capital vehicles, co-investment vehicles, and SMAs can each be structured with a commitment from an investor that is called over time as opposed to fully funded upon subscription.
Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit. Total Assets Under Management are reported in the segment where the assets are managed.
Our measurement of Total Assets Under Management includes commitments to, and the fair value of, invested capital in our funds from Blackstone and our personnel. Our calculation of Total Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. Our definition of Total Assets Under Management differs from the manner in which affiliated investment advisors report regulatory assets under management and may differ from the definition set forth in the agreements governing the vehicles we manage or advise.
“Fee-Earning Assets Under Management” refers to the portion of Total Assets Under Management on which we are entitled to earn management fees and/or performance revenues. The Fee-Earning Assets Under Management attributable to an individual vehicle is driven by the basis on which fees are earned and accordingly,
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will vary from vehicle to vehicle. Fee-Earning Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable: (a) net asset value, (b) committed capital and remaining invested capital during the investment period and post-investment period, respectively, (c) invested capital (including leverage to the extent management fee-eligible), (d) gross asset value, (e) fair value of investments, or (f) the aggregate par amount of collateral assets, including principal cash, of CLOs.
Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit. Fee-Earning Assets Under Management are reported in the segment where the Total Assets Under Management are reported to the extent fee-paying to Blackstone.
While Fee-Earning Assets Under Management generally reflects Total Assets Under Management on which we are entitled to earn management fees, Fee-Earning Assets Under Management may also include Total Assets Under Management on which we are entitled to earn only performance revenues. Our calculation of Fee-Earning Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. Our definition of Fee-Earning Assets Under Management may differ from the definition set forth in the agreements governing the vehicles that we manage or advise.
Commitment-based drawdown structured funds generally do not permit investors to redeem their interests at their election. Certain of our open-ended vehicles generally afford an investor the right to withdraw or redeem their interests on a periodic basis (for example, annually, quarterly or monthly), typically with 2 to 95 days’ notice, depending on the fund and the liquidity profile of the underlying assets. In our perpetual capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles. Investment advisory agreements related to certain SMAs in our Credit & Insurance and Multi-Asset Investing segments, excluding SMAs in our insurance platform, may generally be terminated by an investor on 15 to 95 days’ notice. SMAs in our insurance platform can generally only be terminated for long-term underperformance, cause and certain other limited circumstances, in each case subject to Blackstone’s right to cure.
Perpetual Capital
“Perpetual Capital” refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemptions are limited in quantum. Perpetual Capital includes co-investment capital with an investor right to convert into Perpetual Capital.
In our Perpetual Capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles. Perpetual Capital includes co-investment capital with an investor right to convert into Perpetual Capital. We believe this measure is useful to stockholders as it represents capital we manage that has a longer duration and the ability to generate recurring revenues in a different manner than traditional fund structures.
Dry Powder
Dry Powder represents the amount of capital available for investment or reinvestment, including general partner and employee capital, and is an indicator of the capital we have available for future investments. We believe this measure is useful to stockholders as it provides insight into the extent to which capital is available for Blackstone to deploy capital into investment opportunities as they arise.
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Invested Performance Eligible Assets Under Management
Invested Performance Eligible Assets Under Management represents invested capital at fair value on which performance revenues could be earned if certain hurdles are met. We believe Invested Performance Eligible Assets Under Management is useful to stockholders as it provides insight into the capital deployed that has the potential to generate performance revenues.
Recent Tax Developments
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA provides for significant U.S. tax law changes including making permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. Prior to the enactment of the OBBBA, these provisions were set to sunset on December 31, 2025. Blackstone does not believe the extension of these provisions, or other provisions contained in the OBBBA, will materially impact its financial statements. For further discussion of potential consequences of changes in tax regulations, please see “Part I. Item 1A. Risk Factors – Risks Related to Our Business – Changes in U.S. and foreign taxation of businesses and other tax laws, regulations or treaties or an adverse interpretation of these items by tax authorities could adversely affect us, including by adversely impacting our effective tax rate and tax liability.” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Consolidated Results of Operations
Following is a discussion of our consolidated results of operations. For a more detailed discussion of the factors that affected the results of our four business segments (which are presented on a basis that deconsolidates the investment funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships and removes the amortization of intangible assets and Transaction-Related and Non-Recurring Items) in these periods, see “—Segment Analysis” below.
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The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
| June 30, | 2025 vs. 2024 | June 30, | 2025 vs. 2024 | |||||||||||||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | |||||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||||||||
| Revenues |
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| Management and Advisory Fees, Net |
$ | 2,035,495 | $ | 1,787,313 | $ | 248,182 | 14% | $ | 3,939,812 | $ | 3,514,461 | $ | 425,351 | 12% | ||||||||||||||||||
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| Incentive Fees |
195,414 | 188,299 | 7,115 | 4% | 387,239 | 367,640 | 19,599 | 5% | ||||||||||||||||||||||||
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| Investment Income (Loss) |
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| Performance Allocations |
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| Realized |
829,820 | 531,641 | 298,179 | 56% | 1,391,870 | 1,184,158 | 207,712 | 18% | ||||||||||||||||||||||||
| Unrealized |
313,283 | 122,229 | 191,054 | 156% | 576,484 | 568,172 | 8,312 | 1% | ||||||||||||||||||||||||
| Principal Investments |
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| Realized |
97,171 | 74,045 | 23,126 | 31% | 282,713 | 152,642 | 130,071 | 85% | ||||||||||||||||||||||||
| Unrealized |
365,391 | (31,776 | ) | 397,167 | n/m | 524,104 | 429,847 | 94,257 | 22% | |||||||||||||||||||||||
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| Total Investment Income (Loss) |
1,605,665 | 696,139 | 909,526 | 131% | 2,775,171 | 2,334,819 | 440,352 | 19% | ||||||||||||||||||||||||
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| Interest and Dividend Revenue |
100,389 | 104,999 | (4,610 | ) | -4% | 197,809 | 202,838 | (5,029 | ) | -2% | ||||||||||||||||||||||
| Other |
(225,063 | ) | 19,631 | (244,694 | ) | n/m | (298,673 | ) | 64,451 | (363,124 | ) | n/m | ||||||||||||||||||||
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| Total Revenues |
3,711,900 | 2,796,381 | 915,519 | 33% | 7,001,358 | 6,484,209 | 517,149 | 8% | ||||||||||||||||||||||||
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| Expenses |
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| Compensation and Benefits |
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| Compensation |
870,358 | 766,647 | 103,711 | 14% | 1,899,720 | 1,561,450 | 338,270 | 22% | ||||||||||||||||||||||||
| Incentive Fee Compensation |
67,363 | 77,139 | (9,776 | ) | -13% | 124,392 | 150,846 | (26,454 | ) | -18% | ||||||||||||||||||||||
| Performance Allocations |
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| Compensation |
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| Realized |
331,191 | 260,736 | 70,455 | 27% | 573,081 | 519,630 | 53,451 | 10% | ||||||||||||||||||||||||
| Unrealized |
152,618 | 101,680 | 50,938 | 50% | 256,177 | 282,580 | (26,403 | ) | -9% | |||||||||||||||||||||||
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| Total Compensation and Benefits |
1,421,530 | 1,206,202 | 215,328 | 18% | 2,853,370 | 2,514,506 | 338,864 | 13% | ||||||||||||||||||||||||
| General, Administrative and Other |
360,817 | 311,928 | 48,889 | 16% | 693,190 | 681,878 | 11,312 | 2% | ||||||||||||||||||||||||
| Interest Expense |
135,822 | 108,616 | 27,206 | 25% | 253,937 | 216,819 | 37,118 | 17% | ||||||||||||||||||||||||
| Fund Expenses |
14,434 | 5,960 | 8,474 | 142% | 26,538 | 9,910 | 16,628 | 168% | ||||||||||||||||||||||||
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| Total Expenses |
1,932,603 | 1,632,706 | 299,897 | 18% | 3,827,035 | 3,423,113 | 403,922 | 12% | ||||||||||||||||||||||||
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| Other Income |
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| Net Gains from Fund Investment Activities |
136,330 | 44,934 | 91,396 | 203% | 193,905 | 27,167 | 166,738 | 614% | ||||||||||||||||||||||||
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| Total Other Income |
136,330 | 44,934 | 91,396 | 203% | 193,905 | 27,167 | 166,738 | 614% | ||||||||||||||||||||||||
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| Income Before Provision for Taxes |
1,915,627 | 1,208,609 | 707,018 | 58% | 3,368,228 | 3,088,263 | 279,965 | 9% | ||||||||||||||||||||||||
| Provision for Taxes |
289,494 | 260,246 | 29,248 | 11% | 533,321 | 543,917 | (10,596 | ) | -2% | |||||||||||||||||||||||
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| Net Income |
1,626,133 | 948,363 | 677,770 | 71% | 2,834,907 | 2,544,346 | 290,561 | 11% | ||||||||||||||||||||||||
| Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
18,209 | 258 | 17,951 | n/m | 26,109 | (39,411 | ) | 65,520 | n/m | |||||||||||||||||||||||
| Net Income Attributable to Non-Controlling Interests in Consolidated Entities |
240,836 | 100,583 | 140,253 | 139% | 341,383 | 203,410 | 137,973 | 68% | ||||||||||||||||||||||||
| Net Income Attributable to Non-Controlling Interests in Blackstone Holdings |
602,844 | 403,108 | 199,736 | 50% | 1,088,319 | 1,088,547 | (228 | ) | — | |||||||||||||||||||||||
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| Net Income Attributable to Blackstone Inc. |
$ | 764,244 | $ | 444,414 | $ | 319,830 | 72% | $ | 1,379,096 | $ | 1,291,800 | $ | 87,296 | 7% | ||||||||||||||||||
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n/m Not meaningful.
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Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
Revenues
Revenues were $3.7 billion for the three months ended June 30, 2025, an increase of $915.5 million compared to $2.8 billion for the three months ended June 30, 2024. The increase in Revenues was primarily attributable to an increase of $909.5 million in Investment Income (Loss), primarily attributable to increases of $588.2 million in Unrealized Investment Income and $248.2 million in Management and Advisory Fees, Net.
The $588.2 million increase in Unrealized Investment Income was primarily attributable to higher net unrealized appreciation of investments in the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The principal drivers were:
| • | An increase of $414.6 million in our Private Equity segment primarily attributable to higher unrealized appreciation of Blackstone’s investment in certain Corporate Private Equity funds and Strategic Partners funds in the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Corporate Private Equity and Strategic Partners funds appreciated 5.1% and 6.6%, respectively, in the three months ended June 30, 2025 compared to 2.0% and 2.0%, respectively, in the three months ended June 30, 2024. |
| • | An increase of $145.1 million in our Credit & Insurance segment, primarily attributable to higher unrealized appreciation of Blackstone’s investment in Corebridge common stock based on the publicly traded price as of June 30, 2025 compared to June 30, 2024. |
The $248.2 million increase in Management and Advisory Fees, Net was primarily attributable to an increase in our Private Equity segment of $191.4 million. The increase in our Private Equity segment was primarily attributable to fee holiday expirations of BCP IX and BETP IV, as well as an increase in Fee-Earning Assets Under Management in BXPE and BIP.
Expenses
Expenses were $1.9 billion for the three months ended June 30, 2025, an increase of $299.9 million, compared to $1.6 billion for the three months ended June 30, 2024. The increase was primarily attributable to an increase of $215.3 million in Total Compensation and Benefits, of which $103.7 million was an increase in Compensation and $121.4 million was an increase in Performance Allocations Compensation. The increase in Compensation was primarily attributable to the increase in Management and Advisory Fees, Net, on which a portion of Compensation is based. The increase in Performance Allocations Compensation was primarily attributable to the increase in Investment Income (Loss), on which a portion of Performance Allocations Compensation is based.
Other Income
Other Income (Loss) was $136.3 million for the three months ended June 30, 2025, an increase of $91.4 million, compared to $44.9 million for the three months ended June 30, 2024. The increase in Other Income (Loss) was primarily attributable to an increase of $91.4 million in Net Gains (Losses) from Fund Investment Activities.
The increase in Net Gains (Losses) from Fund Investment Activities was primarily attributable to increases of $46.9 million in our Private Equity segment and $32.3 million in our Real Estate segment. The increases in our Private Equity and Real Estate segments were primarily attributable to higher net unrealized appreciation of investments in our consolidated funds in the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
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Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Revenues
Revenues were $7.0 billion for the six months ended June 30, 2025, an increase of $517.1 million, compared to $6.5 billion for the six months ended June 30, 2024. The increase in Revenues was primarily attributable to an increase of $440.4 million in Investment Income (Loss), primarily attributable to increases of $337.8 million in Realized Investment Income and $425.4 million in Management and Advisory Fees, Net, partially offset by a decrease of $363.1 million in Other Revenues.
The $337.8 million increase in Realized Investment Income was primarily attributable to higher realized gains in the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The principal drivers were:
| • | An increase of $198.7 million in our Credit & Insurance segment, primarily attributable to the sale of Bistro, a portfolio visualization software platform developed by Blackstone, as well as increased performance revenues in our mezzanine funds. |
| • | An increase of $172.8 million in our Private Equity segment primarily attributable to crystallization of performance revenues for BXPE and BIP, as well as the scheduled change to quarterly crystallization of performance revenues for BXPE. The increase was partially offset by lower realizations in Corporate Private Equity in the six months ended June 30, 2025 compared to the six months ended June 30, 2024. |
The $425.4 million increase in Management and Advisory Fees, Net was primarily attributable to an increase in our Private Equity segment of $312.0 million. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to fee holiday expirations of BCP IX and BETP IV.
The $363.1 million decrease in Other Revenues was primarily attributable to foreign exchange losses on our euro-denominated bonds and cross-currency swaps.
Expenses
Expenses were $3.8 billion for the six months ended June 30, 2025, an increase of $403.9 million, compared to $3.4 billion for the six months ended June 30, 2024. The increase was primarily attributable to an increase of $338.9 million in Total Compensation and Benefits, of which $338.3 million was an increase in Compensation. The increase in Compensation was primarily attributable to the increase in Management and Advisory Fees, Net, on which a portion of Compensation is based.
Other Income (Loss)
Other Income (Loss) was $193.9 million for the six months ended June 30, 2025, an increase of $166.7 million, compared to $27.2 million for the six months ended June 30, 2024. The increase in Other Income (Loss) was primarily attributable to an increase of $166.7 million in Net Gains (Losses) from Fund Investment Activities.
The increase in Net Gains (Losses) from Fund Investment Activities was primarily attributable to increases of $92.9 million in our Real Estate segment and $54.3 million in our Private Equity segment. The increase in our Real Estate segment was primarily attributable to net unrealized appreciation of investments in our consolidated funds in the six months ended June 30, 2025 compared to net unrealized depreciation of investments in the six months ended June 30, 2024. The increases in our Private Equity segment were primarily attributable to higher net unrealized appreciation of investments in our consolidated funds in the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
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Provision for Taxes
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
Blackstone’s Provision for Taxes for the three months ended June 30, 2025 was $289.5 million, an increase of $29.2 million, compared to $260.2 million for the three months ended June 30, 2024. This resulted in an effective tax rate of 15.1% and 21.5%, based on our Income Before Provision for Taxes of $1.9 billion and $1.2 billion for the three months ended June 30, 2025 and 2024, respectively.
The decrease in Blackstone’s effective tax rate for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities and the deferred tax impact of Blackstone’s investment in its operating partnerships.
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Blackstone’s Provision for Taxes for the six months ended June 30, 2025 was $533.3 million, a decrease of $10.6 million, compared to $543.9 million for the six months ended June 30, 2024. This resulted in an effective tax rate of 15.8% and 17.6%, based on our Income Before Provision for Taxes of $3.4 billion and $3.1 billion for the six months ended June 30, 2025 and 2024, respectively.
The decrease in Blackstone’s effective tax rate for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities and the deferred tax impact of Blackstone’s investment in its operating partnerships.
Blackstone had a corporate alternative minimum tax (“CAMT”) liability for the six months ended June 30, 2025 as calculated pursuant to the Inflation Reduction Act. Blackstone will continue to assess the overall impact to its Provision for Taxes upon the issuance of applicable additional guidance by the U.S. Treasury Department related to interpretations of CAMT. For the six months ended June 30, 2025, there is no meaningful CAMT impact reflected in the Provision for Taxes given current year tax payments made under CAMT are permitted to be carried forward and used as credits in future years resulting in a deferred tax benefit.
Additional information regarding our income taxes can be found in Note 12. “Income Taxes” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.
Non-Controlling Interests in Consolidated Entities
The Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities and Net Income Attributable to Non-Controlling Interests in Consolidated Entities is attributable to the consolidated Blackstone Funds. The amounts of these items vary directly with the performance of the consolidated Blackstone funds and largely eliminate the amount of Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities from the Net Income Attributable to Blackstone Inc.
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings is derived from the Income Before Provision for Taxes at the Blackstone Holdings level, excluding the Net Gains (Losses) from Fund Investment Activities and the percentage allocation of the income between Blackstone personnel and others who are limited partners of Blackstone Holdings and Blackstone after considering any contractual arrangements that govern the allocation of income such as fees allocable to Blackstone.
For the three months ended June 30, 2025 and 2024, the Net Income Before Taxes allocated to Blackstone personnel and others who are limited partners of Blackstone Holdings was 37.7% and 38.7%, respectively. For the six months ended June 30, 2025 and 2024, the Net Income Before Taxes allocated to Blackstone personnel and others who are limited partners of Blackstone Holdings was 37.9% and 38.8%, respectively. The respective decreases of 1.0% and 0.9% were primarily attributable to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.
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Operating Metrics
Total and Fee-Earning Assets Under Management
The following graphs and tables summarize the Fee-Earning Assets Under Management by Segment and Total Assets Under Management by Segment, followed by a rollforward of activity for the three and six months ended June 30, 2025 and 2024. For a description of how Assets Under Management and Fee-Earning Assets Under Management are determined, please see “—Key Financial Measures and Indicators — Operating Metrics — Total and Fee-Earning Assets Under Management.”
| Note: | Totals may not add due to rounding. |
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| Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
| June 30, 2025 | June 30, 2024 | |||||||||||||||||||||||||||||||||||||||
| Real Estate | Private Equity | Credit & Insurance |
Multi-Asset Investing |
Total | Real Estate | Private Equity | Credit & Insurance |
Multi-Asset Investing |
Total | |||||||||||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
| Total Assets Under Management |
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| Balance, Beginning of Period |
$ | 319,988,734 | $ | 370,989,871 | $ | 388,720,401 | $ | 87,762,904 | $ | 1,167,461,910 | $ | 339,332,420 | $ | 320,809,532 | $ | 322,525,630 | $ | 78,595,166 | $ | 1,061,262,748 | ||||||||||||||||||||
| Inflows (a) |
7,222,446 | 15,323,222 | 26,818,000 | 2,713,566 | 52,077,234 | 5,922,807 | 12,102,058 | 18,647,797 | 2,704,128 | 39,376,790 | ||||||||||||||||||||||||||||||
| Outflows (b) |
(1,883,281 | ) | (1,804,870 | ) | (5,287,139 | ) | (1,796,301 | ) | (10,771,591 | ) | (3,637,266 | ) | (889,467 | ) | (4,724,607 | ) | (2,606,805 | ) | (11,858,145 | ) | ||||||||||||||||||||
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| Net Inflows |
5,339,165 | 13,518,352 | 21,530,861 | 917,265 | 41,305,643 | 2,285,541 | 11,212,591 | 13,923,190 | 97,323 | 27,518,645 | ||||||||||||||||||||||||||||||
| Realizations (c) |
(5,249,171 | ) | (7,316,081 | ) | (9,962,065 | ) | (825,058 | ) | (23,352,375 | ) | (5,454,439 | ) | (7,822,794 | ) | (9,518,399 | ) | (664,469 | ) | (23,460,101 | ) | ||||||||||||||||||||
| Market Activity (d)(g) |
4,915,997 | 11,715,100 | 7,006,975 | 2,154,091 | 25,792,163 | (63,251 | ) | 6,390,257 | 3,186,783 | 1,536,730 | 11,050,519 | |||||||||||||||||||||||||||||
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| Balance, End of Period (e) |
$ | 324,994,725 | $ | 388,907,242 | $ | 407,296,172 | $ | 90,009,202 | $ | 1,211,207,341 | $ | 336,100,271 | $ | 330,589,586 | $ | 330,117,204 | $ | 79,564,750 | $ | 1,076,371,811 | ||||||||||||||||||||
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| Increase (Decrease) |
$ | 5,005,991 | $ | 17,917,371 | $ | 18,575,771 | $ | 2,246,298 | $ | 43,745,431 | $ | (3,232,149 | ) | $ | 9,780,054 | $ | 7,591,574 | $ | 969,584 | $ | 15,109,063 | |||||||||||||||||||
| Increase (Decrease) |
2 | % | 5 | % | 5 | % | 3 | % | 4 | % | -1 | % | 3 | % | 2 | % | 1 | % | 1 | % | ||||||||||||||||||||
| Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
| June 30, 2025 | June 30, 2024 | |||||||||||||||||||||||||||||||||||||||
| Real Estate | Private Equity | Credit & Insurance |
Multi-Asset Investing |
Total | Real Estate | Private Equity | Credit & Insurance |
Multi-Asset Investing |
Total | |||||||||||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
| Total Assets Under Management |
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| Balance, Beginning of Period |
$ | 315,353,132 | $ | 352,168,635 | $ | 375,507,818 | $ | 84,150,411 | $ | 1,127,179,996 | $ | 336,940,096 | $ | 314,391,397 | $ | 312,674,037 | $ | 76,186,917 | $ | 1,040,192,447 | ||||||||||||||||||||
| Inflows (a) |
13,398,076 | 37,007,746 | 57,167,112 | 6,138,984 | 113,711,918 | 14,012,025 | 19,466,407 | 35,629,310 | 4,310,561 | 73,418,303 | ||||||||||||||||||||||||||||||
| Outflows (b) |
(4,559,583 | ) | (5,242,894 | ) | (11,913,342 | ) | (2,919,861 | ) | (24,635,680 | ) | (6,870,466 | ) | (2,694,809 | ) | (8,928,097 | ) | (4,446,832 | ) | (22,940,204 | ) | ||||||||||||||||||||
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| Net Inflows (Outflows) |
8,838,493 | 31,764,852 | 45,253,770 | 3,219,123 | 89,076,238 | 7,141,559 | 16,771,598 | 26,701,213 | (136,271 | ) | 50,478,099 | |||||||||||||||||||||||||||||
| Realizations (c) |
(9,555,186 | ) | (13,783,306 | ) | (23,849,608 | ) | (1,649,886 | ) | (48,837,986 | ) | (9,301,630 | ) | (13,109,405 | ) | (14,989,215 | ) | (1,104,963 | ) | (38,505,213 | ) | ||||||||||||||||||||
| Market Activity (d)(h) |
10,358,286 | 18,757,061 | 10,384,192 | 4,289,554 | 43,789,093 | 1,320,246 | 12,535,996 | 5,731,169 | 4,619,067 | 24,206,478 | ||||||||||||||||||||||||||||||
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| Balance, End of Period (e) |
$ | 324,994,725 | $ | 388,907,242 | $ | 407,296,172 | $ | 90,009,202 | $ | 1,211,207,341 | $ | 336,100,271 | $ | 330,589,586 | $ | 330,117,204 | $ | 79,564,750 | $ | 1,076,371,811 | ||||||||||||||||||||
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| Increase (Decrease) |
$ | 9,641,593 | $ | 36,738,607 | $ | 31,788,354 | $ | 5,858,791 | $ | 84,027,345 | $ | (839,825 | ) | $ | 16,198,189 | $ | 17,443,167 | $ | 3,377,833 | $ | 36,179,364 | |||||||||||||||||||
| Increase (Decrease) |
3 | % | 10 | % | 8 | % | 7 | % | 7 | % | — | 5 | % | 6 | % | 4 | % | 3 | % | |||||||||||||||||||||
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| Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
| June 30, 2025 | June 30, 2024 | |||||||||||||||||||||||||||||||||||||||
| Real Estate | Private Equity | Credit & Insurance |
Multi-Asset Investing |
Total | Real Estate | Private Equity | Credit & Insurance |
Multi-Asset Investing |
Total | |||||||||||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
| Fee-Earning Assets Under Management |
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| Balance, Beginning of Period |
$ | 282,060,486 | $ | 226,219,392 | $ | 274,120,326 | $ | 77,669,746 | $ | 860,069,950 | $ | 301,583,557 | $ | 179,353,534 | $ | 229,350,998 | $ | 71,109,466 | $ | 781,397,555 | ||||||||||||||||||||
| Inflows (a) |
7,587,147 | 7,550,495 | 23,817,071 | 2,944,815 | 41,899,528 | 6,743,781 | 26,997,642 | 16,888,845 | 2,412,452 | 53,042,720 | ||||||||||||||||||||||||||||||
| Outflows (b) |
(1,712,885 | ) | (804,533 | ) | (5,872,807 | ) | (1,689,485 | ) | (10,079,710 | ) | (3,636,256 | ) | (4,111,831 | ) | (2,431,726 | ) | (2,500,080 | ) | (12,679,893 | ) | ||||||||||||||||||||
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| Net Inflows (Outflows) |
5,874,262 | 6,745,962 | 17,944,264 | 1,255,330 | 31,819,818 | 3,107,525 | 22,885,811 | 14,457,119 | (87,628 | ) | 40,362,827 | |||||||||||||||||||||||||||||
| Realizations (c) |
(5,405,545 | ) | (3,288,907 | ) | (7,006,088 | ) | (782,279 | ) | (16,482,819 | ) | (5,500,752 | ) | (2,619,517 | ) | (7,725,121 | ) | (629,639 | ) | (16,475,029 | ) | ||||||||||||||||||||
| Market Activity (d)(i) |
3,297,473 | 2,483,762 | 3,872,734 | 2,053,287 | 11,707,256 | (124,078 | ) | 866,912 | 1,202,550 | 1,426,064 | 3,371,448 | |||||||||||||||||||||||||||||
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| Balance, End of Period (e) |
$ | 285,826,676 | $ | 232,160,209 | $ | 288,931,236 | $ | 80,196,084 | $ | 887,114,205 | $ | 299,066,252 | $ | 200,486,740 | $ | 237,285,546 | $ | 71,818,263 | $ | 808,656,801 | ||||||||||||||||||||
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| Increase (Decrease) |
$ | 3,766,190 | $ | 5,940,817 | $ | 14,810,910 | $ | 2,526,338 | $ | 27,044,255 | $ | (2,517,305 | ) | $ | 21,133,206 | $ | 7,934,548 | $ | 708,797 | $ | 27,259,246 | |||||||||||||||||||
| Increase (Decrease) |
1 | % | 3 | % | 5 | % | 3 | % | 3 | % | -1 | % | 12 | % | 3 | % | 1 | % | 3 | % | ||||||||||||||||||||
| Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
| June 30, 2025 | June 30, 2024 | |||||||||||||||||||||||||||||||||||||||
| Real Estate | Private Equity | Credit & Insurance |
Multi-Asset Investing |
Total | Real Estate | Private Equity | Credit & Insurance |
Multi-Asset Investing |
Total | |||||||||||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
| Fee-Earning Assets Under Management |
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| Balance, Beginning of Period |
$ | 278,914,938 | $ | 212,182,896 | $ | 264,617,560 | $ | 74,993,209 | $ | 830,708,603 | $ | 298,889,475 | $ | 176,997,265 | $ | 218,188,936 | $ | 68,532,226 | $ | 762,607,902 | ||||||||||||||||||||
| Inflows (a) |
13,559,679 | 22,902,066 | 44,220,903 | 5,375,389 | 86,058,037 | 15,769,963 | 29,346,774 | 33,114,121 | 3,857,998 | 82,088,856 | ||||||||||||||||||||||||||||||
| Outflows (b) |
(4,309,189 | ) | (2,473,791 | ) | (10,802,441 | ) | (2,725,809 | ) | (20,311,230 | ) | (6,810,844 | ) | (4,329,360 | ) | (4,421,275 | ) | (3,918,290 | ) | (19,479,769 | ) | ||||||||||||||||||||
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| Net Inflows (Outflows) |
9,250,490 | 20,428,275 | 33,418,462 | 2,649,580 | 65,746,807 | 8,959,119 | 25,017,414 | 28,692,846 | (60,292 | ) | 62,609,087 | |||||||||||||||||||||||||||||
| Realizations (c) |
(9,222,193 | ) | (6,103,494 | ) | (14,857,276 | ) | (1,475,344 | ) | (31,658,307 | ) | (9,604,276 | ) | (4,135,653 | ) | (11,708,041 | ) | (1,009,436 | ) | (26,457,406 | ) | ||||||||||||||||||||
| Market Activity (d)(j) |
6,883,441 | 5,652,532 | 5,752,490 | 4,028,639 | 22,317,102 | 821,934 | 2,607,714 | 2,111,805 | 4,355,765 | 9,897,218 | ||||||||||||||||||||||||||||||
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| Balance, End of Period (e) |
$ | 285,826,676 | $ | 232,160,209 | $ | 288,931,236 | $ | 80,196,084 | $ | 887,114,205 | $ | 299,066,252 | $ | 200,486,740 | $ | 237,285,546 | $ | 71,818,263 | $ | 808,656,801 | ||||||||||||||||||||
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| Increase |
$ | 6,911,738 | $ | 19,977,313 | $ | 24,313,676 | $ | 5,202,875 | $ | 56,405,602 | $ | 176,777 | $ | 23,489,475 | $ | 19,096,610 | $ | 3,286,037 | $ | 46,048,899 | ||||||||||||||||||||
| Increase |
2 | % | 9 | % | 9 | % | 7 | % | 7 | % | — | 13 | % | 9 | % | 5 | % | 6 | % | |||||||||||||||||||||
| Annualized Base Management Fee Rate (f) |
0.95 | % | 1.06 | % | 0.66 | % | 0.65 | % | 0.86 | % | 0.92 | % | 1.02 | % | 0.65 | % | 0.66 | % | 0.84 | % | ||||||||||||||||||||
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| (a) | Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. |
| (b) | Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments). |
| (c) | Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. |
| (d) | Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. |
| (e) | Total and Fee-Earning Assets Under Management are reported in the segment where the assets are managed. |
| (f) | Annualized Base Management Fee Rate represents annualized year to date Base Management Fee divided by the average of the beginning of year and each quarter end’s Fee-Earning Assets Under Management in the reporting period. |
| (g) | For the three months ended June 30, 2025, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $6.0 billion, $2.4 billion, $2.4 billion, $132.0 million and $11.0 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the three months ended June 30, 2024, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(404.5) million, $(119.9) million, $(41.8) million, $(14.5) million and $(580.7) million for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. |
| (h) | For the six months ended June 30, 2025, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $8.9 billion, $3.7 billion, $2.7 billion, $287.7 million and $15.6 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the six months ended June 30, 2024, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(2.3) billion, $(844.0) million, $(434.2) million, $(301.6) million and $(3.9) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. |
| (i) | For the three months ended June 30, 2025, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $4.4 billion, $422.9 million, $2.3 billion, $134.5 million and $7.3 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the three months ended June 30, 2024, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(315.3) million, $(45.4) million, $(84.6) million, $(13.8) million and $(459.0) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. |
| (j) | For the six months ended June 30, 2025, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $6.4 billion, $590.1 million, $2.7 billion, $288.7 million and $10.0 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the six months ended June 30, 2024, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(1.5) billion, $(136.7) million, $(459.5) million, $(302.1) million and $(2.4) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. |
Total Assets Under Management and Fee-Earning Assets Under Management may have differences in the measurement and timing of certain activities that affect each of inflows, outflows, realizations and market activity. These differences include, but are not limited to:
| • | For commitment-based drawdown funds, Total Assets Under Management inflows are generally reported at each fund closing whereas Fee-Earning Assets Under Management inflows are generally reported when a fund’s investment period commences. Fund closings and the investment period commencement generally occur in different periods and as such, Fee-Earning Assets Under Management inflows in such funds may exceed Total Assets Under Management inflows in the period when the investment period commences. This is most prevalent in our Real Estate and Private Equity segments. |
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| • | For commitment-based drawdown funds, Total Assets Under Management realizations generally represents the total proceeds whereas Fee-Earning Assets Under Management generally represents only the invested capital. As such, Total Assets Under Management realizations typically exceeds Fee-Earning Assets Under Management realizations. This is most prevalent in our Real Estate and Private Equity segments. |
| • | For commitment-based drawdown funds, Total Assets Under Management is reported based on invested capital at fair value and available capital whereas Fee-Earning Assets Under Management is reported based on committed or remaining invested capital. As such, Total Assets Under Management market activity generally exceeds Fee-Earning Assets Under Management market activity. This is most prevalent in our Real Estate and Private Equity segments. |
| • | For certain credit funds, Total Assets Under Management are based on gross asset value while Fee-Earning Assets Under Management are based on net asset value. As such, Total Assets Under Management inflows, outflows, realizations and market activity for the period generally exceed the Fee-Earning Assets Under Management inflows, outflows, realizations and market activity for the period. |
Total Assets Under Management
Total Assets Under Management were $1,211.2 billion at June 30, 2025, an increase of $43.7 billion compared to $1,167.5 billion at March 31, 2025. The net increase was due to:
| • | In our Real Estate segment, an increase of $5.0 billion from $320.0 billion at March 31, 2025 to $325.0 billion at June 30, 2025. The net increase was due to inflows of $7.2 billion and market appreciation of $4.9 billion, offset by realizations of $5.2 billion and outflows of $1.9 billion. |
| ○ | Inflows were driven by $2.4 billion from BREDS, $2.2 billion from BPP and co-investment and $2.0 billion from BREIT. |
| ○ | Market appreciation was primarily driven by $2.6 billion from BREP and co-investment (which reflected $3.0 billion of foreign exchange appreciation), $756.0 million from BPP and co-investment (which reflected $2.5 billion of foreign exchange appreciation) and $745.5 million from BREDS (which reflected $124.6 million of foreign exchange appreciation). |
| ○ | Realizations were driven by $2.5 billion from BREDS, $1.3 billion from BREIT and $755.6 million from BPP and co-investment. |
| ○ | Outflows were driven by $1.5 billion from BREIT. |
| • | In our Private Equity segment, an increase of $17.9 billion from $371.0 billion at March 31, 2025 to $388.9 billion at June 30, 2025. The net increase was due to inflows of $15.3 billion and market appreciation of $11.7 billion, offset by realizations of $7.3 billion and outflows of $1.8 billion. |
| ○ | Inflows were driven by $5.1 billion from Corporate Private Equity, $3.8 billion from Infrastructure and $3.3 billion from Secondaries. |
| ○ | Market appreciation was driven by $5.4 billion from Corporate Private Equity (which reflected $1.5 billion of foreign exchange appreciation), $2.5 billion from Secondaries and $1.8 billion from Infrastructure (which reflected $716.0 million of foreign exchange appreciation). |
| ○ | Realizations were driven by $3.5 billion from Corporate Private Equity, $1.7 billion from Secondaries and $1.0 billion from Tactical Opportunities. |
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| ○ | Outflows were driven by $695.7 million from Secondaries, $373.3 million from Corporate Private Equity and $264.1 million from Infrastructure. |
| • | In our Credit & Insurance segment, an increase of $18.6 billion from $388.7 billion at March 31, 2025 to $407.3 billion at June 30, 2025. The net increase was due to inflows of $26.8 billion and market appreciation of $7.0 billion, offset by realizations of $10.0 billion and outflows of $5.3 billion. |
| ○ | Inflows were driven by $9.1 billion from private corporate credit, $7.6 billion from liquid corporate credit and $7.1 billion from infrastructure and asset based credit strategies. |
| ○ | Market appreciation was driven by $2.7 billion from private corporate credit (which reflected $693.6 million of foreign exchange appreciation), $2.3 billion from liquid corporate credit (which reflected $1.7 billion of foreign exchange appreciation) and $1.2 billion from the insurance platform. |
| ○ | Realizations were driven by $5.5 billion from private corporate credit and $2.5 billion from infrastructure and asset based credit strategies. |
| ○ | Outflows were driven by $2.9 billion from liquid corporate credit and $2.0 billion from private corporate credit. |
| • | In our Multi-Asset Investing segment, an increase of $2.2 billion from $87.8 billion at March 31, 2025 to $90.0 billion at June 30, 2025. The net increase was due to inflows of $2.7 billion and market appreciation of $2.2 billion, offset by outflows of $1.8 billion and realizations of $825.1 million. |
| ○ | Inflows were driven by $2.0 billion from Absolute Return. |
| ○ | Market appreciation was driven by $1.9 billion from Absolute Return (which reflected $202.8 million of foreign exchange appreciation). |
| ○ | Outflows were driven by $1.6 billion from Absolute Return. |
| ○ | Realizations were driven by $487.4 million from Multi-Strategy. |
Total Assets Under Management were $1,211.2 billion at June 30, 2025, an increase of $84.0 billion compared to $1,127.2 billion at December 31, 2024. The net increase was due to:
| • | In our Real Estate segment, an increase of $9.6 billion from $315.4 billion at December 31, 2024 to $325.0 billion at June 30, 2025. The net increase was due to inflows of $13.4 billion and market appreciation of $10.4 billion, offset by realizations of $9.6 billion and outflows of $4.6 billion. |
| ○ | Inflows were driven by $3.5 billion from BREDS, $3.4 billion from BREIT, $2.5 billion from BPP and co-investment and $2.1 billion from BREP and co-investment. |
| ○ | Market appreciation was primarily driven by appreciation of $4.0 billion from BREP and co-investment (which reflected $4.4 billion of foreign exchange appreciation), $2.4 billion from BREDS (which reflected $177.7 million of foreign exchange appreciation) and $2.0 billion from BPP and co-investment (which reflected $3.8 billion of foreign exchange appreciation). |
| ○ | Realizations were driven by $4.7 billion from BREDS, $2.2 billion from BREIT and $1.4 billion from BREP and co-investment. |
| ○ | Outflows were driven by $3.6 billion from BREIT. |
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| • | In our Private Equity segment, an increase of $36.7 billion from $352.2 billion at December 31, 2024 to $388.9 billion at June 30, 2025. The net increase was due to inflows of $37.0 billion and market appreciation of $18.8 billion, offset by realizations of $13.8 billion and outflows of $5.2 billion. |
| ○ | Inflows were driven by $14.4 billion from Corporate Private Equity, $9.7 billion from Secondaries and $5.5 billion from Infrastructure. |
| ○ | Market appreciation was driven by appreciation of $6.8 billion from Corporate Private Equity (which reflected $2.3 billion of foreign exchange appreciation), $5.0 billion from Infrastructure (which reflected $1.0 billion of foreign exchange appreciation) and $3.5 billion from Secondaries. |
| ○ | Realizations were driven by $5.7 billion from Corporate Private Equity and $3.1 billion from Tactical Opportunities. |
| ○ | Outflows were driven by $2.1 billion from Corporate Private Equity and $1.3 billion from Infrastructure. |
| • | In our Credit & Insurance segment, an increase of $31.8 billion from $375.5 billion at December 31, 2024 to $407.3 billion at June 30, 2025. The net increase was due to inflows of $57.2 billion and market appreciation of $10.4 billion, offset by realizations of $23.8 billion and outflows of $11.9 billion. |
| ○ | Inflows were driven by $27.8 billion from private corporate credit, $12.9 billion from infrastructure and asset based credit strategies and $10.0 billion from liquid corporate credit. |
| ○ | Market appreciation was driven by appreciation of $4.7 billion from private corporate credit (which reflected $991.9 million of foreign exchange appreciation), $2.4 billion from liquid corporate credit (which reflected $1.7 billion of foreign exchange appreciation) and $1.7 billion from the insurance platform. |
| ○ | Realizations were driven by $14.6 billion from private corporate credit and $5.2 billion from infrastructure and asset based credit strategies. |
| ○ | Outflows were driven by $6.1 billion from liquid corporate credit and $4.6 billion from private corporate credit. |
| • | In our Multi-Asset Investing segment, an increase of $5.9 billion from $84.2 billion at December 31, 2024 to $90.0 billion at June 30, 2025. The net increase was due to inflows of $6.1 billion and market appreciation of $4.3 billion, offset by outflows of $2.9 billion and realizations of $1.6 billion. |
| ○ | Inflows were driven by $5.3 billion from Absolute Return. |
| ○ | Market appreciation was driven by $3.2 billion from Absolute Return (which reflected $358.8 million of foreign exchange appreciation). |
| ○ | Outflows were driven by $2.2 billion from Absolute Return. |
| ○ | Realizations were driven by $739.8 million from Multi-Strategy and $695.4 million from Absolute Return. |
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Fee-Earning Assets Under Management
Fee-Earning Assets Under Management were $887.1 billion at June 30, 2025, an increase of $27.0 billion compared to $860.1 billion at March 31, 2025. The net increase was due to:
| • | In our Real Estate segment, an increase of $3.8 billion from $282.1 billion at March 31, 2025 to $285.8 billion at June 30, 2025. The net increase was due to inflows of $7.6 billion and market appreciation of $3.3 billion, offset by realizations of $5.4 billion and outflows of $1.7 billion. |
| ○ | Inflows were driven by $3.7 billion from BREDS, $2.0 billion from BREIT and $1.3 billion from BPP and related co-investment. |
| ○ | Market appreciation was driven by $1.5 billion from BREP and co-investment (which reflected $1.5 billion of foreign exchange appreciation), $746.0 million from BPP and co-investment (which reflected $2.5 billion of foreign exchange appreciation) and $578.1 million from BREIT (which reflected $197.6 million of foreign exchange appreciation). |
| ○ | Realizations were driven by $3.0 billion from BREDS and $1.3 billion from BREIT. |
| ○ | Outflows were driven by $1.5 billion from BREIT. |
| • | In our Private Equity segment, an increase of $5.9 billion from $226.2 billion at March 31, 2025 to $232.2 billion at June 30, 2025. The net increase was due to inflows of $7.6 billion and market appreciation of $2.5 billion, offset by realizations of $3.3 billion and outflows of $804.5 million. |
| ○ | Inflows were driven by $2.1 billion from Infrastructure, $1.7 billion from Secondaries, $1.4 billion from BXPE and $1.4 billion from Corporate Private Equity. |
| ○ | Market appreciation was driven by $1.2 billion from Infrastructure (which reflected $424.1 million of foreign exchange appreciation) and $760.1 million from BXPE. |
| ○ | Realizations were driven by $1.3 billion from Corporate Private Equity, $806.4 million Secondaries and $493.0 million from Infrastructure. |
| ○ | Outflows were driven by $209.1 million from Infrastructure, $198.6 million from BXPE and $150.9 million from BXLS. |
| • | In our Credit & Insurance segment, an increase of $14.8 billion from $274.1 billion at March 31, 2025 to $288.9 billion at June 30, 2025. The net increase was due to inflows of $23.8 billion and market appreciation of $3.9 billion, offset by realizations of $7.0 billion and outflows of $5.9 billion. |
| ○ | Inflows were driven by $7.6 billion from liquid corporate credit, $7.3 billion from private corporate credit and $6.0 billion from infrastructure and asset based credit strategies. |
| ○ | Market appreciation was driven by $2.3 billion from liquid corporate credit (which reflected $1.7 billion foreign exchange appreciation) and $1.6 billion from private corporate credit (which reflected $576.6 million of foreign exchange appreciation). |
| ○ | Realizations were driven by $2.9 billion from private corporate credit, $2.1 billion from infrastructure and asset based credit strategies and $2.0 billion from liquid corporate credit. |
| ○ | Outflows were driven by $2.8 billion from liquid corporate credit and $2.7 billion from private corporate credit. |
| • | In our Multi-Asset Investing segment, an increase of $2.5 billion from $77.7 billion at March 31, 2025 to $80.2 billion at June 30, 2025. The net increase was due to inflows of $2.9 billion and market appreciation of $2.1 billion, offset by outflows of $1.7 billion and realizations of $782.3 million. |
| ○ | Inflows were driven by $2.2 billion from Absolute Return. |
| ○ | Market appreciation was driven by $1.8 billion from Absolute Return (which reflected $203.0 million of foreign exchange appreciation). |
| ○ | Outflows were driven by $1.5 billion from Absolute Return. |
| ○ | Realizations were driven by $482.2 million from Multi-Strategy. |
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Fee-Earning Assets Under Management were $887.1 billion at June 30, 2025, an increase of $56.4 billion compared to $830.7 billion at December 31, 2024. The net increase was due to:
| • | In our Real Estate segment, an increase of $6.9 billion from $278.9 billion at December 31, 2024 to $285.8 billion at June 30, 2025. The net increase was due to inflows of $13.6 billion and market appreciation of $6.9 billion, offset by realizations of $9.2 billion and outflows of $4.3 billion. |
| ○ | Inflows were driven by $4.7 billion from BREDS, $3.4 billion from BREIT and $2.0 billion from BREP and co-investment. |
| ○ | Market appreciation was driven by appreciation of $2.1 billion from BREP and co-investment (which reflected $2.1 billion of foreign exchange appreciation), $2.1 billion from BPP and co-investment (which reflected $3.7 billion of foreign exchange appreciation) and $1.5 billion from BREIT (which reflected $289.1 million of foreign exchange appreciation). |
| ○ | Realizations were driven by $5.3 billion from BREDS and $2.2 billion from BREIT. |
| ○ | Outflows were driven by $3.6 billion from BREIT. |
| • | In our Private Equity segment, an increase of $20.0 billion from $212.2 billion at December 31, 2024 to $232.2 billion at June 30, 2025. The net increase was due to inflows of $22.9 billion and market appreciation of $5.7 billion, offset by realizations of $6.1 billion and outflows of $2.5 billion. |
| ○ | Inflows were driven by $5.6 billion from Infrastructure, $4.1 billion from BXG, $4.0 billion from BXPE, $3.5 billion from Corporate Private Equity and $2.7 billion from BXLS. |
| ○ | Market appreciation was driven by appreciation of $3.9 billion from Infrastructure (which reflected $591.5 million of foreign exchange appreciation) and $1.2 billion from BXPE. |
| ○ | Realizations were driven by $2.2 billion from Corporate Private Equity, $1.4 billion from Secondaries and $1.3 billion from Tactical Opportunities. |
| ○ | Outflows were driven by $1.1 billion from BXLS, $439.4 million from Infrastructure and $332.5 million from BXPE. |
| • | In our Credit & Insurance segment, an increase of $24.3 billion from $264.6 billion at December 31, 2024 to $288.9 billion at June 30, 2025. The net increase was due to inflows of $44.2 billion and market appreciation of $5.8 billion, offset by realizations of $14.9 billion and outflows of $10.8 billion. |
| ○ | Inflows were driven by $14.9 billion from private corporate credit, $11.8 billion from liquid corporate credit and $11.2 billion from infrastructure and asset based credit strategies. |
| ○ | Market appreciation was driven by appreciation of $3.1 billion from private corporate credit (which reflected $1.0 billion of foreign exchange appreciation) and $2.3 billion from liquid credit strategies (which reflected $1.7 billion of foreign exchange appreciation). |
| ○ | Realizations were driven by $6.4 billion from private credit strategies, $4.4 billion from infrastructure and asset based credit strategies and $4.0 billion from liquid corporate credit. |
| ○ | Outflows were driven by $5.8 billion from liquid corporate credit and $3.6 billion from private corporate credit. |
| • | In our Multi-Asset Investing segment, an increase of $5.2 billion from $75.0 billion at December 31, 2024 to $80.2 billion at June 30, 2025. The net increase was due to inflows of $5.4 billion and market appreciation of $4.0 billion, offset by outflows of $2.7 billion and realizations of $1.5 billion. |
| ○ | Inflows were driven by $4.3 billion from Absolute Return. |
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| ○ | Market appreciation was driven by $3.1 billion from Absolute Return (which reflected $359.1 million of foreign exchange appreciation). |
| ○ | Outflows were driven by $2.1 billion from Absolute Return. |
| ○ | Realizations were driven by $729.5 million from Multi-Strategy. |
Dry Powder
The following presents our Dry Powder as of quarter end of each period:
| Note: | Totals may not add due to rounding. |
Net Accrued Performance Revenues
The following table presents the Accrued Performance Revenues, net of performance compensation, of the Blackstone Funds as of June 30, 2025 and 2024. Net Accrued Performance Revenues presented do not include clawback amounts, if any, which are disclosed in Note 16. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing. See “—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues.
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| June 30, | ||||||||
| 2025 | 2024 | |||||||
| (Dollars in Millions) | ||||||||
| Real Estate |
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| BREP Global |
$ | 721 | $ | 1,294 | ||||
| BREP Europe |
27 | 117 | ||||||
| BREP Asia |
98 | 97 | ||||||
| BPP |
45 | 73 | ||||||
| BREDS |
32 | 16 | ||||||
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| Total Real Estate (a) |
923 | 1,595 | ||||||
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| Private Equity |
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| BCP Global |
1,869 | 1,508 | ||||||
| BCP Asia |
344 | 190 | ||||||
| Energy/Energy Transition |
515 | 417 | ||||||
| Core Private Equity |
266 | 243 | ||||||
| Tactical Opportunities |
227 | 159 | ||||||
| Secondaries |
1,270 | 813 | ||||||
| Infrastructure |
247 | 478 | ||||||
| Life Sciences |
239 | 125 | ||||||
| BTAS/BXPE/Other |
236 | 217 | ||||||
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| Total Private Equity (a) |
5,212 | 4,150 | ||||||
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| Credit & Insurance |
369 | 391 | ||||||
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| Multi-Asset Investing |
103 | 78 | ||||||
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| Total Blackstone Net Accrued Performance Revenues |
$ | 6,608 | $ | 6,214 | ||||
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Note: Totals may not add due to rounding.
| (a) | Real Estate and Private Equity include co-investments, as applicable. |
For the twelve months ended June 30, 2025, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $3.3 billion, partially offset by net realized distributions of $2.9 billion.
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Invested Performance Eligible Assets Under Management
The following presents our Invested Performance Eligible Assets Under Management as of quarter end for each period:
| Note: | Totals may not add due to rounding. |
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Perpetual Capital
The following presents our Perpetual Capital Total Assets Under Management as of quarter end for each period:
| Note: | Totals may not add due to rounding. |
| (a) | Perpetual Capital Total Assets Under Management for the Multi-Asset Investing segment was $247.1 million, $39.8 million and $186.1 million as of December 31, 2024, March 31, 2025 and June 30, 2025, respectively. |
Perpetual Capital Total Assets Under Management was $484.6 billion as of June 30, 2025, an increase of $20.1 billion, compared to $464.4 billion as of March 31, 2025. Perpetual Capital Total Assets Under Management in our Credit & Insurance and Private Equity segments increased $11.5 billion and $6.6 billion, respectively. Principal drivers of these increases were:
| • | In our Credit & Insurance segment, growth in insurance capital managed in the segment and in BCRED resulted in increases of $7.9 billion and $2.4 billion, respectively. |
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| • | In our Private Equity segment, growth in Infrastructure and BXPE resulted in increases of $4.5 billion and $2.3 billion, respectively. |
Perpetual Capital Total Assets Under Management was $484.6 billion as of June 30, 2025, an increase of $39.8 billion, compared to $444.8 billion as of December 31, 2024. Perpetual Capital Total Assets Under Management in our Credit & Insurance and Private Equity segments increased $21.0 billion and $14.8 billion, respectively. Principal drivers of the increases were:
| • | In our Credit & Insurance segment, growth in insurance capital managed in the segment and in BCRED resulted in increases of $10.3 billion and $7.6 billion, respectively. |
| • | In our Private Equity segment, growth in Infrastructure and BXPE resulted in increases of $9.0 billion and $5.3 billion, respectively. |
Investment Records
Fund returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
The following tables present the investment record of our significant and formerly significant carry/drawdown funds and select perpetual capital strategies from inception through June 30, 2025:
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Carry/Drawdown Funds
| Unrealized Investments | Realized Investments | Total Investments | ||||||||||||||||||||||||||||||||||||||||||
| Net IRRs (d) | ||||||||||||||||||||||||||||||||||||||||||||
| Fund (Investment Period Beginning Date / Ending Date) (a) |
Committed Capital |
Available Capital (b) |
Value | MOIC (c) | % Public |
Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||||||||||||
| (Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||||||||||||
| Real Estate |
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| Pre-BREP |
$ | 140,714 | $ | — | $ | — | n/a | — | $ | 345,190 | 2.5x | $ | 345,190 | 2.5x | 33% | 33% | ||||||||||||||||||||||||||||
| BREP I (Sep 1994 / Oct 1996) |
380,708 | — | — | n/a | — | 1,327,708 | 2.8x | 1,327,708 | 2.8x | 40% | 40% | |||||||||||||||||||||||||||||||||
| BREP II (Oct 1996 / Mar 1999) |
1,198,339 | — | — | n/a | — | 2,531,614 | 2.1x | 2,531,614 | 2.1x | 19% | 19% | |||||||||||||||||||||||||||||||||
| BREP III (Apr 1999 / Apr 2003) |
1,522,708 | — | — | n/a | — | 3,330,406 | 2.4x | 3,330,406 | 2.4x | 21% | 21% | |||||||||||||||||||||||||||||||||
| BREP IV (Apr 2003 / Dec 2005) |
2,198,694 | — | — | n/a | — | 4,684,608 | 1.7x | 4,684,608 | 1.7x | 12% | 12% | |||||||||||||||||||||||||||||||||
| BREP V (Dec 2005 / Feb 2007) |
5,539,418 | — | 2,336 | n/a | — | 13,468,476 | 2.3x | 13,470,812 | 2.3x | 11% | 11% | |||||||||||||||||||||||||||||||||
| BREP VI (Feb 2007 / Aug 2011) |
11,060,122 | — | 1,752 | n/a | — | 27,764,962 | 2.5x | 27,766,714 | 2.5x | 13% | 13% | |||||||||||||||||||||||||||||||||
| BREP VII (Aug 2011 / Apr 2015) |
13,506,798 | 898,732 | 1,584,660 | 0.5x | 1% | 28,788,970 | 2.2x | 30,373,630 | 1.9x | 18% | 14% | |||||||||||||||||||||||||||||||||
| BREP VIII (Apr 2015 / Jun 2019) |
16,638,999 | 1,415,060 | 10,524,212 | 1.3x | 1% | 23,084,365 | 2.3x | 33,608,577 | 1.8x | 23% | 12% | |||||||||||||||||||||||||||||||||
| BREP IX (Jun 2019 / Aug 2022) |
21,356,236 | 3,197,042 | 21,704,362 | 1.2x | 1% | 9,310,853 | 2.1x | 31,015,215 | 1.4x | 52% | 8% | |||||||||||||||||||||||||||||||||
| *BREP X (Aug 2022 / Feb 2028) |
30,662,078 | 19,129,490 | 14,101,112 | 1.2x | 1% | 1,071,053 | 1.2x | 15,172,165 | 1.2x | 7% | 10% | |||||||||||||||||||||||||||||||||
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| Total Global BREP |
$ | 104,204,814 | $ | 24,640,324 | $ | 47,918,434 | 1.2x | 1% | $ | 115,708,205 | 2.3x | $ | 163,626,639 | 1.8x | 17% | 14% | ||||||||||||||||||||||||||||
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| BREP Int’l (Jan 2001 / Sep 2005) |
€ | 824,172 | € | — | € | — | n/a | — | € | 1,373,170 | 2.1x | € | 1,373,170 | 2.1x | 23% | 23% | ||||||||||||||||||||||||||||
| BREP Int’l II (Sep 2005 / Jun 2008) (e) |
1,629,748 | — | — | n/a | — | 2,583,032 | 1.8x | 2,583,032 | 1.8x | 8% | 8% | |||||||||||||||||||||||||||||||||
| BREP Europe III (Jun 2008 / Sep 2013) |
3,205,420 | 385,566 | 56,204 | 0.3x | — | 5,926,938 | 2.1x | 5,983,142 | 2.0x | 14% | 13% | |||||||||||||||||||||||||||||||||
| BREP Europe IV (Sep 2013 / Dec 2016) |
6,676,604 | 1,047,011 | 940,560 | 0.7x | — | 10,217,388 | 1.9x | 11,157,948 | 1.7x | 17% | 11% | |||||||||||||||||||||||||||||||||
| BREP Europe V (Dec 2016 / Oct 2019) |
7,997,397 | 757,584 | 4,192,061 | 0.8x | — | 6,762,819 | 3.8x | 10,954,880 | 1.5x | 41% | 6% | |||||||||||||||||||||||||||||||||
| BREP Europe VI (Oct 2019 / Sep 2023) |
9,935,641 | 2,869,990 | 7,798,015 | 1.1x | — | 3,512,882 | 2.6x | 11,310,897 | 1.4x | 72% | 8% | |||||||||||||||||||||||||||||||||
| *BREP Europe VII (Sep 2023 / Mar 2029) |
9,783,376 | 7,332,218 | 2,917,076 | 1.2x | — | 47,242 | 1.1x | 2,964,318 | 1.2x | n/m | 15% | |||||||||||||||||||||||||||||||||
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| Total BREP Europe |
€ | 40,052,358 | € | 12,392,369 | € | 15,903,916 | 1.0x | — | € | 30,423,471 | 2.3x | € | 46,327,387 | 1.5x | 16% | 10% | ||||||||||||||||||||||||||||
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continued...
99
Table of Contents
| Unrealized Investments | Realized Investments | Total Investments | ||||||||||||||||||||||||||||||||||||||||||
| Net IRRs (d) | ||||||||||||||||||||||||||||||||||||||||||||
| Fund (Investment Period Beginning Date / Ending Date) (a) |
Committed Capital |
Available Capital (b) |
Value | MOIC (c) | % Public |
Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||||||||||||
| (Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||||||||||||
| Real Estate (continued) |
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| BREP Asia I (Jun 2013 / Dec 2017) |
$ | 4,262,075 | $ | 898,761 | $ | 1,509,465 | 1.8x | 26% | $ | 7,369,699 | 2.0x | $ | 8,879,164 | 1.9x | 15% | 12% | ||||||||||||||||||||||||||||
| BREP Asia II (Dec 2017 / Mar 2022) |
7,358,270 | 1,236,069 | 6,202,463 | 1.2x | 6% | 2,387,241 | 1.8x | 8,589,704 | 1.3x | 23% | 4% | |||||||||||||||||||||||||||||||||
| *BREP Asia III (Mar 2022 / Sep 2027) |
8,225,740 | 4,628,445 | 3,884,536 | 1.1x | 1% | 70,976 | 2.3x | 3,955,512 | 1.1x | 42% | -2% | |||||||||||||||||||||||||||||||||
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| Total BREP Asia |
19,846,085 | 6,763,275 | 11,596,464 | 1.2x | 7% | 9,827,916 | 1.9x | 21,424,380 | 1.5x | 16% | 8% | |||||||||||||||||||||||||||||||||
| BREP Co-Investment (f) |
7,782,389 | 136,284 | 1,142,965 | 1.4x | — | 15,277,156 | 2.2x | 16,420,121 | 2.1x | 16% | 16% | |||||||||||||||||||||||||||||||||
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| Total BREP |
$ | 178,512,387 | $ | 45,899,019 | $ | 78,518,657 | 1.1x | 2% | $ | 177,993,322 | 2.2x | $ | 256,511,979 | 1.7x | 17% | 13% | ||||||||||||||||||||||||||||
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| *BREDS High-Yield (Various) (g) |
$ | 27,607,180 | $ | 9,640,706 | $ | 5,402,248 | 1.1x | — | $ | 22,923,144 | 1.3x | $ | 28,325,392 | 1.3x | 10% | 9% | ||||||||||||||||||||||||||||
| Private Equity |
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| Corporate Private Equity |
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| BCP I (Oct 1987 / Oct 1993) |
$ | 859,081 | $ | — | $ | — | n/a | — | $ | 1,741,738 | 2.6x | $ | 1,741,738 | 2.6x | 19% | 19% | ||||||||||||||||||||||||||||
| BCP II (Oct 1993 / Aug 1997) |
1,361,100 | — | — | n/a | — | 3,268,627 | 2.5x | 3,268,627 | 2.5x | 32% | 32% | |||||||||||||||||||||||||||||||||
| BCP III (Aug 1997 / Nov 2002) |
3,967,422 | — | — | n/a | — | 9,228,707 | 2.3x | 9,228,707 | 2.3x | 14% | 14% | |||||||||||||||||||||||||||||||||
| BCOM (Jun 2000 / Jun 2006) |
2,137,330 | 24,575 | 187 | n/a | — | 2,995,106 | 1.4x | 2,995,293 | 1.4x | 6% | 6% | |||||||||||||||||||||||||||||||||
| BCP IV (Nov 2002 / Dec 2005) |
6,773,182 | 195,824 | 329 | n/a | — | 21,720,334 | 2.9x | 21,720,663 | 2.9x | 36% | 36% | |||||||||||||||||||||||||||||||||
| BCP V (Dec 2005 / Jan 2011) |
21,009,112 | 982,018 | 7,751 | n/a | 100% | 38,862,488 | 1.9x | 38,870,239 | 1.9x | 8% | 8% | |||||||||||||||||||||||||||||||||
| BCP VI (Jan 2011 / May 2016) |
15,195,794 | 1,341,577 | 3,749,193 | 2.1x | 5% | 29,465,219 | 2.3x | 33,214,412 | 2.2x | 15% | 12% | |||||||||||||||||||||||||||||||||
| BCP VII (May 2016 / Feb 2020) |
18,872,738 | 1,464,882 | 17,109,476 | 1.7x | 17% | 21,685,432 | 2.7x | 38,794,908 | 2.1x | 25% | 13% | |||||||||||||||||||||||||||||||||
| BCP VIII (Feb 2020 / Apr 2024) |
25,753,034 | 7,205,084 | 27,089,459 | 1.4x | 5% | 5,102,888 | 2.3x | 32,192,347 | 1.5x | 35% | 10% | |||||||||||||||||||||||||||||||||
| *BCP IX (Apr 2024 / Apr 2030) |
21,699,785 | 20,652,930 | 1,454,909 | 1.6x | — | — | n/a | 1,454,909 | 1.6x | n/a | n/m | |||||||||||||||||||||||||||||||||
| Energy I (Aug 2011 / Feb 2015) |
2,441,558 | 174,492 | 390,794 | 2.0x | 21% | 4,456,022 | 2.0x | 4,846,816 | 2.0x | 13% | 12% | |||||||||||||||||||||||||||||||||
| Energy II (Feb 2015 / Feb 2020) |
4,931,260 | 783,727 | 3,917,459 | 1.9x | 61% | 4,954,266 | 1.9x | 8,871,725 | 1.9x | 12% | 8% | |||||||||||||||||||||||||||||||||
| Energy III (Feb 2020 / Jun 2024) |
4,355,417 | 1,675,267 | 5,203,019 | 2.1x | 2% | 2,301,128 | 2.4x | 7,504,147 | 2.2x | 38% | 25% | |||||||||||||||||||||||||||||||||
| *Energy Transition IV (Jun 2024 / Jun 2030) |
5,852,687 | 4,738,767 | 1,458,397 | 1.5x | — | — | n/a | 1,458,397 | 1.5x | n/a | n/m | |||||||||||||||||||||||||||||||||
| BCP Asia I (Dec 2017 / Sep 2021) |
2,437,080 | 417,510 | 2,715,503 | 2.2x | 64% | 2,886,025 | 3.0x | 5,601,528 | 2.6x | 43% | 24% | |||||||||||||||||||||||||||||||||
| *BCP Asia II (Sep 2021 / Sep 2027) |
6,794,242 | 4,558,655 | 4,495,291 | 2.3x | 21% | 858,688 | 3.4x | 5,353,979 | 2.4x | 106% | 41% | |||||||||||||||||||||||||||||||||
| BCP Asia III (TBD) |
7,906,614 | 7,906,614 | — | n/a | — | — | n/a | — | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||
| Core Private Equity I (Jan 2017 / Mar 2021) (h) |
4,760,130 | 1,184,250 | 7,607,485 | 2.0x | — | 3,086,102 | 5.5x | 10,693,587 | 2.5x | 59% | 16% | |||||||||||||||||||||||||||||||||
| *Core Private Equity II (Mar 2021 / Mar 2026) (h) |
8,231,069 | 5,028,913 | 5,067,196 | 1.5x | — | 502,247 | n/a | 5,569,443 | 1.6x | n/a | 14% | |||||||||||||||||||||||||||||||||
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| Total Corporate Private Equity |
$ | 165,338,635 | $ | 58,335,085 | $ | 80,266,448 | 1.7x | 12% | $ | 153,115,017 | 2.3x | $ | 233,381,465 | 2.0x | 16% | 15% | ||||||||||||||||||||||||||||
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continued...
100
Table of Contents
| Unrealized Investments | Realized Investments |
Total Investments | ||||||||||||||||||||||||||||||||||||||||||
| Net IRRs (d) | ||||||||||||||||||||||||||||||||||||||||||||
| Fund (Investment Period Beginning Date / Ending Date) (a) |
Committed Capital |
Available Capital (b) |
Value | MOIC (c) | % Public |
Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||||||||||||
| (Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||||||||||||
| Private Equity (continued) |
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| Tactical Opportunities |
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| *Tactical Opportunities (Various) |
$ | 31,299,857 | $ | 12,676,036 | $ | 14,449,563 | 1.3x | 5% | $ | 27,911,570 | 1.8x | $ | 42,361,133 | 1.6x | 14% | 11% | ||||||||||||||||||||||||||||
| *Tactical Opportunities Co-Investment and Other (Various) |
10,719,054 | 1,232,593 | 4,710,265 | 1.4x | 3% | 11,033,570 | 1.8x | 15,743,835 | 1.6x | 18% | 15% | |||||||||||||||||||||||||||||||||
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| Total Tactical Opportunities |
$ | 42,018,911 | $ | 13,908,629 | $ | 19,159,828 | 1.3x | 5% | $ | 38,945,140 | 1.8x | $ | 58,104,968 | 1.6x | 16% | 12% | ||||||||||||||||||||||||||||
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| Growth |
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| BXG I (Jul 2020 / Feb 2025) |
$ | 4,968,719 | $ | 724,615 | $ | 4,111,011 | 1.0x | 1% | $ | 561,134 | 2.7x | $ | 4,672,145 | 1.1x | n/m | -1% | ||||||||||||||||||||||||||||
| *BXG II (Feb 2025 / Feb 2030) |
4,389,899 | 4,342,078 | — | n/a | — | — | n/a | — | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||
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| Total Growth |
$ | 9,358,618 | $ | 5,066,693 | $ | 4,111,011 | 1.0x | 1% | $ | 561,134 | 2.7x | $ | 4,672,145 | 1.1x | n/m | -1% | ||||||||||||||||||||||||||||
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| Strategic Partners (Secondaries) |
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| Strategic Partners I-V (Various) (i) |
$ | 11,035,527 | $ | 9,572 | $ | 1,962 | n/a | — | $ | 16,796,758 | n/a | $ | 16,798,720 | 1.7x | n/a | 13% | ||||||||||||||||||||||||||||
| Strategic Partners VI (Apr 2014 / Apr 2016) (i) |
4,362,772 | 590,701 | 529,398 | n/a | — | 4,543,440 | n/a | 5,072,838 | 1.7x | n/a | 13% | |||||||||||||||||||||||||||||||||
| Strategic Partners VII (May 2016 / Mar 2019) (i) |
7,489,970 | 1,633,510 | 2,657,693 | n/a | — | 8,036,195 | n/a | 10,693,888 | 1.9x | n/a | 15% | |||||||||||||||||||||||||||||||||
| Strategic Partners Real Assets II (May 2017 / Jun 2020) (i) |
1,749,807 | 517,352 | 1,395,364 | n/a | — | 1,240,984 | n/a | 2,636,348 | 1.8x | n/a | 16% | |||||||||||||||||||||||||||||||||
| Strategic Partners VIII (Mar 2019 / Oct 2021) (i) |
10,763,600 | 3,587,242 | 7,459,822 | n/a | — | 7,549,779 | n/a | 15,009,601 | 1.8x | n/a | 21% | |||||||||||||||||||||||||||||||||
| *Strategic Partners Real Estate, SMA and Other (Various) (i) |
7,055,591 | 1,708,630 | 2,543,735 | n/a | — | 2,650,956 | n/a | 5,194,691 | 1.4x | n/a | 11% | |||||||||||||||||||||||||||||||||
| Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i) |
3,250,100 | 789,234 | 2,569,431 | n/a | — | 640,888 | n/a | 3,210,319 | 1.5x | n/a | 18% | |||||||||||||||||||||||||||||||||
| *Strategic Partners IX (Oct 2021 / Jan 2027) (i) |
19,692,625 | 3,697,398 | 13,603,694 | n/a | — | 1,107,668 | n/a | 14,711,362 | 1.5x | n/a | 21% | |||||||||||||||||||||||||||||||||
| *Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i) |
2,095,211 | 578,490 | 1,038,195 | n/a | — | 11,152 | n/a | 1,049,347 | 1.0x | n/a | -2% | |||||||||||||||||||||||||||||||||
| *Strategic Partners Infrastructure IV (Jul 2024 / Jun 2029) (i) |
4,637,949 | 4,190,514 | 69,750 | n/a | — | — | n/a | 69,750 | n/m | n/a | n/m | |||||||||||||||||||||||||||||||||
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| Total Strategic Partners (Secondaries) |
$ | 72,133,152 | $ | 17,302,643 | $ | 31,869,044 | n/a | — | $ | 42,577,820 | n/a | $ | 74,446,864 | 1.6x | n/a | 14% | ||||||||||||||||||||||||||||
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| Life Sciences |
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| Clarus IV (Jan 2018 / Jan 2020) |
$ | 910,000 | $ | 55,270 | $ | 699,827 | 2.1x | — | $ | 586,139 | 1.4x | $ | 1,285,966 | 1.7x | 6% | 9% | ||||||||||||||||||||||||||||
| BXLS V (Jan 2020 / Mar 2025) |
4,993,165 | 2,566,835 | 4,705,006 | 2.1x | 1% | 1,088,641 | 1.6x | 5,793,647 | 2.0x | 9% | 20% | |||||||||||||||||||||||||||||||||
continued...
101
Table of Contents
| Unrealized Investments | Realized Investments | Total Investments | ||||||||||||||||||||||||||||||||||||||||||
| Net IRRs (d) | ||||||||||||||||||||||||||||||||||||||||||||
| Fund (Investment Period Beginning Date / Ending Date) (a) |
Committed Capital |
Available Capital (b) |
Value | MOIC (c) | % Public |
Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||||||||||||
| (Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||||||||||||
| Credit |
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| Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) |
$ | 2,000,000 | $ | 97,114 | $ | — | n/a | — | $ | 4,809,113 | 1.6x | $ | 4,809,113 | 1.6x | n/a | 17% | ||||||||||||||||||||||||||||
| Mezzanine / Opportunistic II (Nov 2011 / Nov 2016) |
4,120,000 | 993,260 | 72,977 | 0.6x | — | 6,678,087 | 1.4x | 6,751,064 | 1.4x | n/a | 9% | |||||||||||||||||||||||||||||||||
| Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) |
6,639,133 | 1,076,877 | 1,525,686 | 1.0x | 38% | 9,260,802 | 1.6x | 10,786,488 | 1.5x | n/a | 12% | |||||||||||||||||||||||||||||||||
| *Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026) |
5,016,771 | 1,369,196 | 4,206,195 | 1.2x | — | 2,526,842 | 1.6x | 6,733,037 | 1.3x | n/a | 13% | |||||||||||||||||||||||||||||||||
| Mezzanine / Opportunistic V (TBD) |
3,916,540 | 3,916,540 | — | n/a | — | — | n/a | — | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||
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| Total Mezzanine / Opportunistic |
21,692,444 | 7,452,987 | 5,804,858 | 1.1x | 10% | 23,274,844 | 1.5x | 29,079,702 | 1.4x | n/a | 13% | |||||||||||||||||||||||||||||||||
| Stressed / Distressed I (Sep 2009 / May 2013) |
3,253,143 | — | — | n/a | — | 5,777,098 | 1.3x | 5,777,098 | 1.3x | n/a | 9% | |||||||||||||||||||||||||||||||||
| Stressed / Distressed II (Jun 2013 / Jun 2018) |
5,125,000 | 547,430 | 66,642 | 0.1x | — | 5,504,072 | 1.2x | 5,570,714 | 1.1x | n/a | 1% | |||||||||||||||||||||||||||||||||
| Stressed / Distressed III (Dec 2017 / Dec 2022) |
7,356,380 | 1,068,577 | 1,454,800 | 0.8x | — | 5,516,944 | 1.5x | 6,971,744 | 1.3x | n/a | 10% | |||||||||||||||||||||||||||||||||
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| Total Stressed / Distressed |
15,734,523 | 1,616,007 | 1,521,442 | 0.7x | — | 16,798,114 | 1.3x | 18,319,556 | 1.2x | n/a | 7% | |||||||||||||||||||||||||||||||||
| European Senior Debt I (Feb 2015 / Feb 2019) |
€ | 1,964,689 | € | 65,796 | € | 172,113 | 0.3x | — | € | 2,981,872 | 1.3x | € | 3,153,985 | 1.1x | n/a | 1% | ||||||||||||||||||||||||||||
| European Senior Debt II (Jun 2019 / Jun 2023) (j) |
4,088,344 | 916,352 | 2,799,584 | 0.9x | — | 4,166,690 | 1.7x | 6,966,274 | 1.3x | n/a | 9% | |||||||||||||||||||||||||||||||||
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| Total European Senior Debt |
€ | 6,053,033 | € | 982,148 | € | 2,971,697 | 0.8x | — | € | 7,148,562 | 1.5x | € | 10,120,259 | 1.2x | n/a | 6% | ||||||||||||||||||||||||||||
| Energy I (Nov 2015 / Nov 2018) |
$ | 2,856,867 | $ | 1,154,819 | $ | 173,338 | 0.8x | — | $ | 3,422,576 | 1.6x | $ | 3,595,914 | 1.5x | n/a | 10% | ||||||||||||||||||||||||||||
| Energy II (Feb 2019 / Jun 2023) |
3,616,081 | 1,464,279 | 619,526 | 1.0x | — | 3,216,072 | 1.4x | 3,835,598 | 1.3x | n/a | 15% | |||||||||||||||||||||||||||||||||
| *Energy III (May 2023 / May 2028) |
6,477,000 | 3,043,157 | 3,936,437 | 1.1x | — | 328,904 | 1.2x | 4,265,341 | 1.1x | n/a | 13% | |||||||||||||||||||||||||||||||||
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| Total Energy |
12,949,948 | 5,662,255 | 4,729,301 | 1.1x | — | 6,967,552 | 1.5x | 11,696,853 | 1.3x | n/a | 12% | |||||||||||||||||||||||||||||||||
| *Senior Direct Lending (Dec 2023 / Dec 2025) (k) |
2,057,661 | 736,905 | 2,162,525 | 1.1x | — | 64,476 | 1.1x | 2,227,001 | 1.1x | n/a | 11% | |||||||||||||||||||||||||||||||||
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| Total Credit Drawdown Funds (l) |
$ | 59,340,235 | $ | 16,621,050 | $ | 19,149,462 | 1.0x | 3% | $ | 55,671,872 | 1.5x | $ | 74,821,334 | 1.3x | n/a | 10% | ||||||||||||||||||||||||||||
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Select Perpetual Capital Strategies (m)
| Strategy (Inception Year) (a) |
Investment Strategy | Total Assets Under Management |
Total Net Return (m) | |||||||
| (Dollars in Thousands, Except Where Noted) | ||||||||||
| Real Estate |
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| BPP - Blackstone Property Partners Platform (2013) (o) |
Core+ Real Estate | $ | 64,298,098 | 4% | ||||||
| BREIT - Blackstone Real Estate Income Trust (2017) (p) |
Core+ Real Estate | 53,050,569 | 9% | |||||||
| BREIT - Class I (q) |
Core+ Real Estate | 9% | ||||||||
| BXMT - Blackstone Mortgage Trust (2013) (r) |
Real Estate Debt | 6,129,160 | 7% | |||||||
| Private Equity |
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| BXGP - Blackstone GP Stakes (2014) (s) |
Minority GP Interests | 11,656,689 | 14% | |||||||
| BIP - Blackstone Infrastructure Partners (2019) (t) |
Infrastructure | 51,540,327 | 17% | |||||||
| BXPE - Blackstone Private Equity Strategies Fund Program (2024) (u) |
Private Equity | 12,515,293 | 16% | |||||||
| BXPE - Class I (v) |
Private Equity | 17% | ||||||||
| Credit |
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| BXSL - Blackstone Secured Lending Fund (2018) (w) |
U.S. Direct Lending | 16,311,870 | 11% | |||||||
| BCRED - Blackstone Private Credit Fund (2021) (x) |
U.S. Direct Lending | 83,511,801 | 10% | |||||||
| BCRED - Class I (y) |
U.S. Direct Lending | 10% | ||||||||
| ECRED - Blackstone European Credit Fund (2022) (z) |
European Direct Lending | € | 2,613,129 | 10% | ||||||
| ECRED - Class I (aa) |
European Direct Lending | 11% | ||||||||
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
| n/m | Not meaningful generally due to the limited time since initial investment. |
| n/a | Not applicable. |
| SMA | Separately managed account. |
| * | For the carry/drawdown funds only, represents funds that are in their investment period as of June 30, 2025. |
| (a) | Excludes investment vehicles where Blackstone does not earn fees. |
| (b) | Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments. |
| (c) | Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital. |
| (d) | Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to June 30, 2025 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date. |
| (e) | The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR. |
| (f) | BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. |
| (g) | BREDS High-Yield represents the flagship real estate debt drawdown funds only. |
| (h) | Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity. |
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| (i) | Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter. |
| (j) | European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within the strategy. Total net returns were 14% and 8%, respectively, for the levered and unlevered funds of the strategy. |
| (k) | Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within the strategy. Total net returns were 14% and 8%, respectively, for the levered and unlevered funds of the strategy. |
| (l) | Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. |
| (m) | Represents the performance for select perpetual capital strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees. |
| (n) | Unless otherwise indicated, Total Net Return represents the annualized inception to June 30, 2025 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year. |
| (o) | BPP represents the aggregate Total Assets Under Management and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of June 30, 2025, these vehicles represented $4.4 billion of Total Assets Under Management. |
| (p) | The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017. |
| (q) | Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from January 1, 2017. |
| (r) | The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during the period. |
| (s) | Blackstone GP Stakes (“BXGP”) represents the aggregate Total Assets Under Management and Total Net Return of BSCH I and BSCH II funds that invest as part of the Secondaries—GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of June 30, 2025, including co-investment vehicles that do not pay fees, BXGP Total Assets Under Management is $13.1 billion. |
| (t) | BIP represents the aggregate Total Assets Under Management and Total Net Return of infrastructure-focused funds for institutional investors with a primary focus on the U.S. and Europe. Including co-investment vehicles, BIP Total Assets Under Management is $62.4 billion. |
| (u) | The BXPE Total Net Return reflects a per share blended return, assuming the BXPE fund program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of June 30, 2025. Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total Assets Under Management reflects net asset value as of June 30, 2025. BXPE Total Assets Under Management, to the extent managed by a different business, is reported in such business for the purposes of segment Assets Under Management reporting. |
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| (v) | Represents the blended Total Net Return for the BXPE fund program’s Class I shares, its largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of June 30, 2025. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. |
| (w) | The BXSL Total Assets Under Management and Total Net Return are presented as of March 31, 2025. Refer to BXSL public filings for current quarter results. BXSL Total Net Return reflects the change in Net Asset Value (“NAV”) per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018. |
| (x) | The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total Assets Under Management reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of June 30, 2025 was $44.3 billion. |
| (y) | Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021. |
| (z) | The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities as of June 30, 2025. ECRED net asset value as of June 30, 2025 was €1.3 billion. |
| (aa) | Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance varies by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis and is from October 3, 2022. |
Segment Analysis
Discussed below is our Segment Distributable Earnings for each of our segments. This information is reflected in the manner utilized by our senior management to make operating decisions, assess performance and allocate resources. References to “our” sectors or investments may also refer to portfolio companies and investments of the underlying funds that we manage.
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Real Estate
The following table presents the results of operations for our Real Estate segment:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
| June 30, | 2025 vs. 2024 | June 30, | 2025 vs. 2024 | |||||||||||||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | |||||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||||||||
| Management Fees, Net |
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| Base Management Fees |
$ | 673,154 | $ | 685,784 | $ | (12,630 | ) | -2% | $ | 1,337,755 | $ | 1,379,963 | $ | (42,208 | ) | -3% | ||||||||||||||||
| Transaction and Other Fees, Net |
41,720 | 75,140 | (33,420 | ) | -44% | 81,866 | 104,330 | (22,464 | ) | -22% | ||||||||||||||||||||||
| Management Fee Offsets |
(3,582 | ) | (3,467 | ) | (115 | ) | 3% | (7,481 | ) | (6,397 | ) | (1,084 | ) | 17% | ||||||||||||||||||
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| Total Management Fees, Net |
711,292 | 757,457 | (46,165 | ) | -6% | 1,412,140 | 1,477,896 | (65,756 | ) | -4% | ||||||||||||||||||||||
| Fee Related Performance Revenues |
89,590 | 606 | 88,984 | n/m | 127,393 | 130,564 | (3,171 | ) | -2% | |||||||||||||||||||||||
| Fee Related Compensation |
(170,209 | ) | (184,404 | ) | 14,195 | -8% | (340,734 | ) | (358,973 | ) | 18,239 | -5% | ||||||||||||||||||||
| Other Operating Expenses |
(87,048 | ) | (92,378 | ) | 5,330 | -6% | (170,329 | ) | (182,140 | ) | 11,811 | -6% | ||||||||||||||||||||
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| Fee Related Earnings |
543,625 | 481,281 | 62,344 | 13% | 1,028,470 | 1,067,347 | (38,877 | ) | -4% | |||||||||||||||||||||||
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| Realized Performance Revenues |
43,587 | 53,472 | (9,885 | ) | -18% | 62,597 | 103,439 | (40,842 | ) | -39% | ||||||||||||||||||||||
| Realized Performance Compensation |
(24,139 | ) | (25,295 | ) | 1,156 | -5% | (32,909 | ) | (47,158 | ) | 14,249 | -30% | ||||||||||||||||||||
| Realized Principal Investment Income |
2,797 | 7,053 | (4,256 | ) | -60% | 3,146 | 9,246 | (6,100 | ) | -66% | ||||||||||||||||||||||
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| Net Realizations |
22,245 | 35,230 | (12,985 | ) | -37% | 32,834 | 65,527 | (32,693 | ) | -50% | ||||||||||||||||||||||
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| Segment Distributable Earnings |
$ | 565,870 | $ | 516,511 | $ | 49,359 | 10% | $ | 1,061,304 | $ | 1,132,874 | $ | (71,570 | ) | -6% | |||||||||||||||||
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n/m Not meaningful.
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
Segment Distributable Earnings were $565.9 million for the three months ended June 30, 2025, an increase of $49.4 million, compared to $516.5 million for the three months ended June 30, 2024. The increase in Segment Distributable Earnings was attributable to an increase of $62.3 million in Fee Related Earnings, partially offset by a decrease of $13.0 million in Net Realizations.
The performance of funds in our Real Estate segment was stable overall in the second quarter of 2025. Investments in digital infrastructure and multifamily drove appreciation in our opportunistic real estate funds and BREIT. The BPP funds, however, declined modestly, driven primarily by declines in the life science office portfolio, which has been impacted by elevated supply and increased tenant caution.
Nevertheless, we believe commercial real estate is increasingly well-positioned for a recovery. Our overall Real Estate equity portfolio has benefited and is set to benefit from positive cash flow growth, declining new supply and continued improvement in the cost and availability of debt. These factors should be constructive for asset values. Additionally, along with greater clarity in the U.S. policy environment and lower market volatility, these factors have contributed to a market environment that is more conducive to transaction activity. While we expect the market for larger realizations to remain muted in the near-term, we believe such factors, if sustained, should provide a strong foundation for acceleration in transaction activity. Additionally, these positive developments have coincided with improving investor sentiment, reflected in the continued decline in repurchase requests and a stronger quarter of fundraising in BREIT.
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Nonetheless, the ultimate outcome of ongoing tariff negotiations could have an adverse impact on the U.S. economy and growth expectations as well as contribute to slower-than-anticipated interest rate decreases in a manner that could adversely affect valuations, fundraising and realizations in our Real Estate segment.
Fee Related Earnings
Fee Related Earnings were $543.6 million for the three months ended June 30, 2025, an increase of $62.3 million, compared to $481.3 million for the three months ended June 30, 2024. The increase in Fee Related Earnings was primarily attributable to an increase of $89.0 million in Fee Related Performance Revenues, partially offset by a decrease of $46.2 million in Management Fees, Net.
Fee Related Performance Revenues were $89.6 million for the three months ended June 30, 2025, an increase of $89.0 million, compared to $0.6 million for the three months ended June 30, 2024. The increase was primarily attributable to higher Fee Related Performance Revenues in BREIT.
Management Fees, Net were $711.3 million for the three months ended June 30, 2025, a decrease of $46.2 million, compared to $757.5 million for the three months ended June 30, 2024, primarily attributable to decreases in Transaction and Other Fees, Net and Base Management Fees. Transaction and Other Fees, Net decreased $33.4 million primarily attributable to a decrease in acquisition advisory fees paid to the advisor of our BREP funds. Base Management Fees decreased $12.6 million primarily attributable to a decrease in Fee-Earning Assets Under Management in Core+ and BREDS.
Net Realizations
Net Realizations were $22.2 million for the three months ended June 30, 2025, a decrease of $13.0 million, compared to $35.2 million for the three months ended June 30, 2024. The decrease in Net Realizations was primarily attributable to a decrease of $9.9 million in Realized Performance Revenues.
Realized Performance Revenues were $43.6 million for the three months ended June 30, 2025, a decrease of $9.9 million, compared to $53.5 million for the three months ended June 30, 2024. The decrease was primarily attributable to lower Realized Performance Revenues in BREDS.
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Segment Distributable Earnings were $1.1 billion for the six months ended June 30, 2025, a decrease of $71.6 million, compared to $1.1 billion for the six months ended June 30, 2024. The decrease in Segment Distributable Earnings was attributable to decreases of $38.9 million in Fee Related Earnings and of $32.7 million in Net Realizations.
Fee Related Earnings
Fee Related Earnings were $1.0 billion for the six months ended June 30, 2025, a decrease of $38.9 million, compared to $1.1 billion for the six months ended June 30, 2024. The decrease in Fee Related Earnings was primarily attributable to a decrease of $65.8 million in Management Fees, Net, partially offset by a decrease of $18.2 million in Fee Related Compensation.
Management Fees, Net were $1.4 billion for the six months ended June 30, 2025, a decrease of $65.8 million, compared to $1.5 billion for the six months ended June 30, 2024, primarily attributable to decreases in Base Management Fees and Transaction and Other Fees, Net. Base Management Fees decreased $42.2 million primarily attributable to a decrease in Fee-Earning Assets Under Management in Core+ and BREDS. Transaction and Other Fees, Net decreased $22.5 million primarily attributable to a decrease in acquisition advisory fees paid to the advisor of our BREP funds.
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Fee Related Compensation was $340.7 million for the six months ended June 30, 2025, a decrease of $18.2 million, compared to $359.0 million for the six months ended June 30, 2024. The decrease was primarily attributable to decreases in Management Fees, Net and Fee Related Performance Revenues, both of which impact Fee Related Compensation.
Net Realizations
Net Realizations were $32.8 million for the six months ended June 30, 2025, a decrease of $32.7 million, compared to $65.5 million for the six months ended June 30, 2024. The decrease in Net Realizations was primarily attributable to a decrease of $40.8 million in Realized Performance Revenues, partially offset by a decrease of $14.2 million in Realized Performance Compensation.
Realized Performance Revenues were $62.6 million for the six months ended June 30, 2025, a decrease of $40.8 million, compared to $103.4 million for the six months ended June 30, 2024. The decrease was primarily attributable to lower Realized Performance Revenues in BREDS.
Realized Performance Compensation was $32.9 million for the six months ended June 30, 2025, a decrease of $14.2 million, compared to $47.2 million for the six months ended June 30, 2024. The decrease was primarily attributable to the decrease in Realized Performance Revenues.
Fund Returns
Fund return information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
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The following table presents the internal rates of return, except where noted, of our significant real estate funds:
| Three Months Ended | Six Months Ended | June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| June 30, | June 30, | Inception to Date | ||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | Realized | Total | |||||||||||||||||||||||||||||||||||||||||||
| Fund (a) |
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||
| BREP VIII |
-1% | -1% | 0% | -1% | -2% | -2% | 1% | 0% | 30% | 23% | 18% | 12% | ||||||||||||||||||||||||||||||||||||
| BREP IX |
-2% | 0% | 0% | -1% | -3% | -2% | 0% | -1% | 77% | 52% | 13% | 8% | ||||||||||||||||||||||||||||||||||||
| BREP X |
4% | 2% | n/m | n/m | 11% | 7% | n/m | n/m | 16% | 7% | 27% | 10% | ||||||||||||||||||||||||||||||||||||
| BREP Europe V (b) |
-2% | -2% | -3% | -3% | -1% | -2% | -3% | -3% | 50% | 41% | 11% | 6% | ||||||||||||||||||||||||||||||||||||
| BREP Europe VI (b) |
-3% | -2% | 0% | 0% | -8% | -7% | 1% | 0% | 97% | 72% | 14% | 8% | ||||||||||||||||||||||||||||||||||||
| BREP Asia II |
1% | 1% | 2% | 1% | 3% | 2% | 0% | -1% | 35% | 23% | 7% | 4% | ||||||||||||||||||||||||||||||||||||
| BREP Asia III |
6% | 5% | 4% | 0% | 15% | 12% | 2% | -5% | 63% | 42% | 9% | -2% | ||||||||||||||||||||||||||||||||||||
| BREP Co-Investment (c) |
-1% | -1% | 4% | 3% | 0% | 0% | 2% | 0% | 18% | 16% | 18% | 16% | ||||||||||||||||||||||||||||||||||||
| BPP (d) |
-2% | -3% | 0% | 0% | -2% | -3% | 0% | 0% | n/a | n/a | 6% | 4% | ||||||||||||||||||||||||||||||||||||
| BREIT (e) |
n/a | 1% | n/a | 0% | n/a | 3% | n/a | 2% | n/a | n/a | n/a | 9% | ||||||||||||||||||||||||||||||||||||
| BREIT—Class I (f) |
n/a | 1% | n/a | 1% | n/a | 3% | n/a | 2% | n/a | n/a | n/a | 9% | ||||||||||||||||||||||||||||||||||||
| BREDS High-Yield (g) |
3% | 2% | 3% | 2% | 7% | 5% | 8% | 6% | 14% | 10% | 14% | 9% | ||||||||||||||||||||||||||||||||||||
| BXMT (h) |
n/a | -1% | n/a | -9% | n/a | 16% | n/a | -13% | n/a | n/a | n/a | 7% | ||||||||||||||||||||||||||||||||||||
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
| n/m | Not meaningful generally due to the limited time since initial investment. |
| n/a | Not applicable. |
| (a) | Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. Excludes investment vehicles where Blackstone does not earn fees. |
| (b) | Euro-based internal rates of return. |
| (c) | BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. |
| (d) | The BPP platform, which comprises over 30 fund, co-investment and separately managed account vehicles, represents the Core+ real estate funds which invest with a more modest risk profile and lower leverage. |
| (e) | Reflects a per share blended return for each respective period, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date returns are presented on an annualized basis and are from January 1, 2017. |
| (f) | Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Inception to date return is from January 1, 2017. |
| (g) | BREDS High-Yield represents the flagship real estate debt drawdown funds only. Inception to date returns are from July 1, 2009. |
| (h) | Reflects annualized return of a shareholder invested in BXMT as of the beginning of each period presented, assuming reinvestment of all dividends received during the period, and net of all fees and expenses incurred by BXMT. Return incorporates the closing NYSE stock price as of each period end. Inception to date returns are from May 22, 2013. |
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Funds With Closed Investment Periods as of June 30, 2025
The Real Estate segment has thirteen funds with closed investment periods as of June 30, 2025: BREP IX, BREP VIII, BREP VII, BREP VI, BREP V, BREP Europe VI, BREP Europe V, BREP Europe IV, BREP Europe III, BREP Asia II, BREP Asia I, BREDS IV and BREDS III. As of June 30, 2025, BREP VII, BREP VI, BREP V, BREP Europe IV, BREP Europe III and BREP Asia I were above their carried interest thresholds (i.e., the preferred return payable to its limited partners before the general partner is eligible to receive carried interest) and would have been above their carried interest thresholds even if all remaining investments were valued at zero. BREP IX, BREP VIII, BREP Europe VI, BREDS IV and BREDS III were above their carried interest thresholds as of June 30, 2025, while BREP Asia II and BREP Europe V were below their carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.
Private Equity
The following table presents the results of operations for our Private Equity segment:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
| June 30, | 2025 vs. 2024 | June 30, | 2025 vs. 2024 | |||||||||||||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | |||||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||||||||
| Management and Advisory Fees, Net |
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| Base Management Fees |
$ | 605,068 | $ | 468,237 | $ | 136,831 | 29% | $ | 1,183,512 | $ | 942,828 | $ | 240,684 | 26% | ||||||||||||||||||
| Transaction, Advisory and Other Fees, Net |
108,988 | 46,238 | 62,750 | 136% | 163,208 | 73,129 | 90,079 | 123% | ||||||||||||||||||||||||
| Management Fee Offsets |
(7,758 | ) | 376 | (8,134 | ) | n/m | (18,630 | ) | 101 | (18,731 | ) | n/m | ||||||||||||||||||||
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| Total Management and Advisory Fees, Net |
706,298 | 514,851 | 191,447 | 37% | 1,328,090 | 1,016,058 | 312,032 | 31% | ||||||||||||||||||||||||
| Fee Related Performance Revenues |
192,331 | 8,703 | 183,628 | n/m | 253,235 | 8,703 | 244,532 | n/m | ||||||||||||||||||||||||
| Fee Related Compensation |
(266,925 | ) | (158,068 | ) | (108,857 | ) | 69% | (470,244 | ) | (320,627 | ) | (149,617 | ) | 47% | ||||||||||||||||||
| Other Operating Expenses |
(112,300 | ) | (87,436 | ) | (24,864 | ) | 28% | (215,194 | ) | (177,471 | ) | (37,723 | ) | 21% | ||||||||||||||||||
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| Fee Related Earnings |
519,404 | 278,050 | 241,354 | 87% | 895,887 | 526,663 | 369,224 | 70% | ||||||||||||||||||||||||
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| Realized Performance Revenues |
408,980 | 381,797 | 27,183 | 7% | 759,053 | 831,671 | (72,618 | ) | -9% | |||||||||||||||||||||||
| Realized Performance Compensation |
(196,824 | ) | (179,761 | ) | (17,063 | ) | 9% | (367,965 | ) | (400,242 | ) | 32,277 | -8% | |||||||||||||||||||
| Realized Principal Investment Income |
19,859 | 5,725 | 14,134 | 247% | 29,035 | 28,154 | 881 | 3% | ||||||||||||||||||||||||
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| Net Realizations |
232,015 | 207,761 | 24,254 | 12% | 420,123 | 459,583 | (39,460 | ) | -9% | |||||||||||||||||||||||
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| Segment Distributable Earnings |
$ | 751,419 | $ | 485,811 | $ | 265,608 | 55% | $ | 1,316,010 | $ | 986,246 | $ | 329,764 | 33% | ||||||||||||||||||
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| n/m | Not meaningful. |
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
Segment Distributable Earnings were $751.4 million for the three months ended June 30, 2025, an increase of $265.6 million, compared to $485.8 million for the three months ended June 30, 2024. The increase in Segment Distributable Earnings was attributable to an increase of $241.4 million in Fee Related Earnings and an increase of $24.3 million in Net Realizations.
Our Private Equity segment generated positive performance across all strategies in the second quarter of 2025, with particular strength in our Life Sciences and Secondaries strategies. In Corporate Private Equity, our operating companies
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exhibited broad-based strength with healthy revenue growth and resilient margin expansion. Greater clarity in the U.S. policy environment, including in respect of taxes and tariffs, and lower market volatility, have contributed to increased market transaction activity. A more conducive capital markets environment, if sustained, should provide a foundation for acceleration in transaction activity, including realizations, in our Private Equity segment going forward. Continued decelerating inflation may also encourage the lowering of interest rates, which would be positive for asset values. These positive developments have additionally coincided with improving investor sentiment, reflected in stronger fundraising in our drawdown and perpetual strategies. Nevertheless, the ultimate outcome of ongoing tariff negotiations could have an adverse impact on the U.S. economy and growth expectations as well as contribute to slower-than-anticipated interest rate decreases in a manner that could adversely affect valuations, fundraising and realizations in our Private Equity segment.
Fee Related Earnings
Fee Related Earnings were $519.4 million for the three months ended June 30, 2025, an increase of $241.4 million, compared to $278.1 million for the three months ended June 30, 2024. The increase in Fee Related Earnings was primarily attributable to increases of $191.4 million in Management and Advisory Fees, Net and $183.6 million in Fee Related Performance Revenues, partially offset by an increase of $108.9 million in Fee Related Compensation.
Management and Advisory Fees, Net were $706.3 million for the three months ended June 30, 2025, an increase of $191.4 million, compared to $514.9 million for the three months ended June 30, 2024, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $136.8 million primarily attributable to fee holiday expirations of BCP IX and BETP IV, as well as an increase in Fee-Earning Assets Under Management in BXPE and BIP. Transaction, Advisory and Other Fees, Net increased $62.8 million primarily attributable to increased volume of deal activity in BXCM.
Fee Related Performance Revenues were $192.3 million for the three months ended June 30, 2025, an increase of $183.6 million, compared to $8.7 million for the three months ended June 30, 2024. The increase was primarily attributable to crystallization of performance revenues in BXPE and BIP.
Fee Related Compensation was $266.9 million for the three months ended June 30, 2025, an increase of $108.9 million, compared to $158.1 million for the three months ended June 30, 2024. The increase was primarily attributable to increases in Fee Related Performance Revenues and Management and Advisory Fees, Net, both of which impact Fee Related Compensation.
Net Realizations
Net Realizations were $232.0 million for the three months ended June 30, 2025, an increase of $24.3 million, compared to $207.8 million for the three months ended June 30, 2024. The increase in Net Realizations was attributable to increases in Realized Performance Revenues of $27.2 million and in Realized Principal Investment Income of $14.1 million, partially offset by an increase in Realized Performance Compensation of $17.1 million.
Realized Performance Revenues were $409.0 million for the three months ended June 30, 2025, an increase of $27.2 million, compared to $381.8 million for the three months ended June 30, 2024. The increase was primarily attributable to increases in Realized Performance Revenues in Tactical Opportunities and BXLS, partially offset by a decrease in Secondaries.
Realized Principal Investment Income was $19.9 million for the three months ended June 30, 2025, an increase of $14.1 million, compared to $5.7 million for the three months ended June 30, 2024. The increase was primarily attributable to increases in Realized Principal Investment Income in Corporate Private Equity.
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Realized Performance Compensation was $196.8 million for the three months ended June 30, 2025, an increase of $17.1 million, compared to $179.8 million for the three months ended June 30, 2024. The increase was primarily attributable to the increase in Realized Performance Revenues.
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Segment Distributable Earnings were $1.3 billion for the six months ended June 30, 2025, an increase of $329.8 million, compared to $986.2 million for the six months ended June 30, 2024. The increase in Segment Distributable Earnings was attributable to an increase of $369.2 million in Fee Related Earnings, partially offset by a decrease of $39.5 million in Net Realizations.
Fee Related Earnings
Fee Related Earnings were $895.9 million for the six months ended June 30, 2025, an increase of $369.2 million, compared to $526.7 million for the six months ended June 30, 2024. The increase in Fee Related Earnings was primarily attributable to increases of $312.0 million in Management and Advisory Fees, Net and $244.5 million in Fee Related Performance Revenues, partially offset by an increase of $149.6 million in Fee Related Compensation.
Management and Advisory Fees, Net were $1.3 billion for the six months ended June 30, 2025, an increase of $312.0 million compared to $1.0 billion for the six months ended June 30, 2024, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $240.7 million primarily attributable to fee holiday expirations of BCP IX and BETP IV. Transaction, Advisory and Other Fees, Net increased $90.1 million primarily attributable to increased volume of deal activity in BXCM.
Fee Related Performance Revenues were $253.2 million for the six months ended June 30, 2025, an increase of $244.5 million compared to $8.7 million for the six months ended June 30, 2024. The increase was primarily attributable to crystallization of performance revenues in BXPE and BIP.
Fee Related Compensation was $470.2 million for the six months ended June 30, 2025, an increase of $149.6 million, compared to $320.6 million for the six months ended June 30, 2024. The increase was primarily attributable to increases in Fee Related Performance Revenues and Management and Advisory Fees, Net, both of which impact Fee Related Compensation.
Net Realizations
Net Realizations were $420.1 million for the six months ended June 30, 2025, a decrease of $39.5 million, compared to $459.6 million for the six months ended June 30, 2024. The decrease in Net Realizations was primarily attributable to a decrease of $72.6 million in Realized Performance Revenues, partially offset by a decrease of $32.3 million in Realized Performance Compensation.
Realized Performance Revenues were $759.1 million for the six months ended June 30, 2025, a decrease of $72.6 million, compared to $831.7 million for the six months ended June 30, 2024. The decrease was primarily attributable to decreases in Realized Performance Revenues in Corporate Private Equity and Secondaries.
Realized Performance Compensation was $368.0 million for the six months ended June 30, 2025, a decrease of $32.3 million, compared to $400.2 million for the six months ended June 30, 2024. The decrease was primarily attributable to a decrease in Realized Performance Revenues.
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Fund Returns
Fund returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
The following table presents the internal rates of return of our significant private equity funds:
| Three Months Ended | Six Months Ended | June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| June 30, | June 30, | Inception to Date | ||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | Realized | Total | |||||||||||||||||||||||||||||||||||||||||||
| Fund (a) |
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||
| BCP VI |
2% | 2% | -5% | -4% | 3% | 2% | 0% | 0% | 19% | 15% | 17% | 12% | ||||||||||||||||||||||||||||||||||||
| BCP VII |
6% | 5% | 2% | 1% | 9% | 7% | 5% | 4% | 33% | 25% | 18% | 13% | ||||||||||||||||||||||||||||||||||||
| BCP VIII |
5% | 4% | 1% | 0% | 7% | 4% | 4% | 2% | 52% | 35% | 18% | 10% | ||||||||||||||||||||||||||||||||||||
| BCP Asia I |
12% | 10% | 9% | 8% | 3% | 3% | 7% | 5% | 62% | 43% | 34% | 24% | ||||||||||||||||||||||||||||||||||||
| BCP Asia II |
17% | 14% | 14% | 12% | 10% | 6% | 20% | 15% | 169% | 106% | 65% | 41% | ||||||||||||||||||||||||||||||||||||
| BEP II |
-7% | -6% | 2% | 1% | -9% | -9% | 14% | 6% | 16% | 12% | 13% | 8% | ||||||||||||||||||||||||||||||||||||
| BEP III |
3% | 2% | 3% | 2% | 3% | 2% | 8% | 6% | 55% | 38% | 38% | 25% | ||||||||||||||||||||||||||||||||||||
| BCEP I |
1% | 1% | 1% | 1% | 1% | 1% | 4% | 3% | 65% | 59% | 18% | 16% | ||||||||||||||||||||||||||||||||||||
| BCEP II |
5% | 5% | 6% | 5% | 10% | 8% | 8% | 6% | n/a | n/a | 19% | 14% | ||||||||||||||||||||||||||||||||||||
| Tactical Opportunities |
4% | 2% | 1% | 1% | 7% | 4% | 4% | 2% | 18% | 14% | 15% | 11% | ||||||||||||||||||||||||||||||||||||
| Tactical Opportunities Co-Investment and Other |
6% | 5% | 3% | 3% | 12% | 8% | 4% | 5% | 21% | 18% | 19% | 15% | ||||||||||||||||||||||||||||||||||||
| Clarus IV |
-1% | -1% | 12% | 10% | -1% | -2% | 13% | 11% | 11% | 6% | 15% | 9% | ||||||||||||||||||||||||||||||||||||
| BXLS V |
10% | 8% | 14% | 11% | 15% | 12% | 16% | 12% | 15% | 9% | 31% | 20% | ||||||||||||||||||||||||||||||||||||
| BXG I |
1% | 0% | 2% | 1% | 5% | 2% | 1% | 0% | n/m | n/m | 3% | -1% | ||||||||||||||||||||||||||||||||||||
| BXPE (e) |
n/a | 6% | n/a | 2% | n/a | 10% | n/a | 4% | n/a | n/a | 20% | 16% | ||||||||||||||||||||||||||||||||||||
| BXPE - Class I (f) |
n/a | 6% | n/a | n/a | n/a | 10% | n/a | n/a | n/a | n/a | 20% | 17% | ||||||||||||||||||||||||||||||||||||
| BIP (d) |
3% | 2% | 6% | 5% | 11% | 10% | 12% | 9% | n/a | n/a | 21% | 17% | ||||||||||||||||||||||||||||||||||||
| Strategic Partners VII (b) |
1% | 0% | -4% | -4% | 0% | -1% | -1% | -2% | n/a | n/a | 20% | 15% | ||||||||||||||||||||||||||||||||||||
| Strategic Partners Real Assets II (b) |
9% | 8% | 1% | 1% | 11% | 10% | 9% | 8% | n/a | n/a | 19% | 16% | ||||||||||||||||||||||||||||||||||||
| Strategic Partners VIII (b) |
2% | 1% | 1% | 0% | 1% | 0% | 1% | 0% | n/a | n/a | 27% | 21% | ||||||||||||||||||||||||||||||||||||
| Strategic Partners Real Estate, SMA and Other (b) |
-1% | -1% | -2% | -4% | 2% | 1% | -3% | -6% | n/a | n/a | 13% | 11% | ||||||||||||||||||||||||||||||||||||
| Strategic Partners Infrastructure III (b) |
4% | 4% | 4% | 3% | 5% | 4% | 5% | 3% | n/a | n/a | 26% | 18% | ||||||||||||||||||||||||||||||||||||
| Strategic Partners IX (b) |
14% | 12% | 10% | 8% | 15% | 13% | 17% | 13% | n/a | n/a | 30% | 21% | ||||||||||||||||||||||||||||||||||||
| Strategic Partners GP Solutions (b) |
4% | 4% | -1% | -2% | 1% | 0% | 0% | -1% | n/a | n/a | 1% | -2% | ||||||||||||||||||||||||||||||||||||
| BXGP (c) |
3% | 2% | 6% | 4% | 10% | 8% | 14% | 10% | n/a | n/a | 21% | 14% | ||||||||||||||||||||||||||||||||||||
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
| n/m | Not meaningful generally due to the limited time since initial investment. |
| n/a | Not applicable. |
| SMA | Separately managed account. |
| (a) | Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. Excludes investment vehicles where Blackstone does not earn fees. |
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| (b) | Gross and net returns are reported on a three-month lag, reflect Strategic Partners’ fund financial performance as of the prior quarter and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore inception to date realized returns are not applicable. |
| (c) | Blackstone GP Stakes (“BXGP”) gross and net returns represent BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy. Returns include performance of investments in four public-market general partner stakes acquired in BSCH I, prior to a shift in BXGP’s strategy in 2017 to focus exclusively on private-markets general partners. |
| (d) | Gross and net returns reflect infrastructure-focused funds for institutional investors. |
| (e) | Reflects a per share blended return for each respective period, assuming the BXPE had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. These returns are not representative of the returns experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of June 30, 2025. Inception to date returns are presented on an annualized basis and are from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. |
| (f) | Represents the blended returns for BXPE’s Class I shares, its largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of June 30, 2025. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. |
Funds With Closed Investment Periods as of June 30, 2025
Corporate Private Equity has eleven funds with closed investment periods: BCP IV, BCP V, BCP VI, BCP VII, BCP VIII, BCOM, BEP I, BEP II, BEP III, BCEP I and BCP Asia I. As of June 30, 2025, BCP IV was above its carried interest threshold (i.e., the preferred return payable to its limited partners before the general partner is eligible to receive carried interest) and would still be above its carried interest threshold even if all remaining investments were valued at zero. BCP V is comprised of two fund classes, the BCP V “main fund” and BCP V-AC fund. Within these fund classes, the general partner is subject to equalization such that (a) the general partner accrues carried interest when the respective carried interest for either fund class is positive and (b) the general partner realizes carried interest so long as clawback obligations, if any, for either of the respective fund classes are fully satisfied. BCP V, BCP VI, BCP VII, BCP VIII, BCOM, BEP I, BEP II, BEP III, BCEP I and BCP Asia I were above their respective carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.
Tactical Opportunities has various funds with closed investment periods, including but not limited to: BTOF-POOL, BTOF-POOL II, and BTOF-POOL III, which are each above their carried interest thresholds based on aggregate fund position. Blackstone Growth has one fund with a closed investment period, BXG I, which is not above its carried interest threshold. Secondaries has various funds with closed investment periods, including but not limited to: Strategic Partners Infrastructure III, Strategic Partners VIII, Strategic Partners Real Estate VII and BSCH I which are above their respective carried interest thresholds based on aggregate fund position. Blackstone Life Sciences has funds with a closed investment period: Clarus IV and BXLS V, which are each above their carried interest thresholds.
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Credit & Insurance
The following table presents the results of operations for our Credit & Insurance segment:
| Three Months Ended June 30, |
2025 vs. 2024 | Six Months Ended June 30, |
2025 vs. 2024 | |||||||||||||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | |||||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||||||||
| Management Fees, Net |
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| Base Management Fees |
$ | 467,657 | $ | 380,943 | $ | 86,714 | 23% | $ | 910,880 | $ | 741,864 | $ | 169,016 | 23% | ||||||||||||||||||
| Transaction and Other Fees, Net |
13,980 | 10,250 | 3,730 | 36% | 29,460 | 20,036 | 9,424 | 47% | ||||||||||||||||||||||||
| Management Fee Offsets |
(11,010 | ) | (993 | ) | (10,017 | ) | n/m | (22,669 | ) | (1,885 | ) | (20,784 | ) | n/m | ||||||||||||||||||
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| Total Management Fees, Net |
470,627 | 390,200 | 80,427 | 21% | 917,671 | 760,015 | 157,656 | 21% | ||||||||||||||||||||||||
| Fee Related Performance Revenues |
190,129 | 167,758 | 22,371 | 13% | 385,337 | 333,301 | 52,036 | 16% | ||||||||||||||||||||||||
| Fee Related Compensation |
(220,305 | ) | (172,551 | ) | (47,754 | ) | 28% | (421,923 | ) | (351,072 | ) | (70,851 | ) | 20% | ||||||||||||||||||
| Other Operating Expenses |
(107,426 | ) | (88,348 | ) | (19,078 | ) | 22% | (203,704 | ) | (172,924 | ) | (30,780 | ) | 18% | ||||||||||||||||||
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| Fee Related Earnings |
333,025 | 297,059 | 35,966 | 12% | 677,381 | 569,320 | 108,061 | 19% | ||||||||||||||||||||||||
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| Realized Performance Revenues |
87,393 | 91,247 | (3,854 | ) | -4% | 178,990 | 106,367 | 72,623 | 68% | |||||||||||||||||||||||
| Realized Performance Compensation |
(30,433 | ) | (37,738 | ) | 7,305 | -19% | (70,928 | ) | (43,059 | ) | (27,869 | ) | 65% | |||||||||||||||||||
| Realized Principal Investment Income |
5,800 | 3,511 | 2,289 | 65% | 113,703 | 7,072 | 106,631 | n/m | ||||||||||||||||||||||||
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| Net Realizations |
62,760 | 57,020 | 5,740 | 10% | 221,765 | 70,380 | 151,385 | 215% | ||||||||||||||||||||||||
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| Segment Distributable Earnings |
$ | 395,785 | $ | 354,079 | $ | 41,706 | 12% | $ | 899,146 | $ | 639,700 | $ | 259,446 | 41% | ||||||||||||||||||
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| n/m | Not meaningful. |
Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
Segment Distributable Earnings were $395.8 million for the three months ended June 30, 2025, an increase of $41.7 million, compared to $354.1 million for the three months ended June 30, 2024. The increase in Segment Distributable Earnings was attributable to increases of $36.0 million in Fee Related Earnings and $5.7 million in Net Realizations.
Our Credit & Insurance segment demonstrated strong performance in the second quarter of 2025. Credit & Insurance funds have benefited from an environment of high interest rates, although these rates have decreased and may decrease further in light of decelerating inflation. Greater clarity in the U.S. policy environment, including in respect of taxes and tariffs, and lower market volatility have contributed to a strong pipeline of potential transactions for our credit funds. Nevertheless, the ultimate outcome of ongoing tariff negotiations could have an adverse impact on the U.S. economy and growth expectations as well as contribute to slower-than-anticipated interest rate decreases in a manner that could adversely affect transaction activity in our Credit & Insurance segment.
More broadly, we continue to see long-term structural shifts in the lending market. This has contributed to robust momentum in non-investment grade strategies, investment grade private credit and perpetual capital strategies. It has also facilitated opportunities to generate excess returns relative to liquid markets in our non-investment grade strategies and attractive and sizeable deployment opportunities in investment grade strategies. Moreover, rapidly expanding private credit markets and other opportunities for corporate and bank partnerships should continue to be supportive of overall transaction activity, including deployment. Given the significant opportunities in the space, competition in the private credit markets has increased and is likely to increase further as a result of product innovation and customization by private credit managers. In addition, regulatory measures aimed at reducing burden on U.S. banks, such as less onerous bank regulatory capital requirements, may also increase competition.
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Fee Related Earnings
Fee Related Earnings were $333.0 million for the three months ended June 30, 2025, an increase of $36.0 million, compared to $297.1 million for the three months ended June 30, 2024. The increase in Fee Related Earnings was primarily attributable to increases of $80.4 million in Management Fees, Net and of $22.4 million in Fee Related Performance Revenues, partially offset by increases of $47.8 million in Fee Related Compensation and $19.1 million in Other Operating Expenses.
Management Fees, Net were $470.6 million for the three months ended June 30, 2025, an increase of $80.4 million, compared to $390.2 million for the three months ended June 30, 2024, primarily attributable to an increase in Base Management Fees. Base Management Fees increased $86.7 million primarily attributable to inflows from Fee-Earning Assets Under Management in private corporate credit.
Fee Related Performance Revenues were $190.1 million for the three months ended June 30, 2025, an increase of $22.4 million, compared to $167.8 million for the three months ended June 30, 2024. The increase was primarily attributable to higher net investment income and Fee-Earning Assets Under Management in BCRED.
Fee Related Compensation was $220.3 million for the three months ended June 30, 2025, an increase of $47.8 million, compared to $172.6 million for the three months ended June 30, 2024. The increase was primarily attributable to increases in Management Fees, Net and Fee Related Performance Revenues, both of which impact Fee Related Compensation.
Other Operating Expenses were $107.4 million for the three months ended June 30, 2025, an increase of $19.1 million, compared to $88.3 million for the three months ended June 30, 2024. The increase was primarily attributable to an increase in professional fees.
Net Realizations
Net Realizations were $62.8 million for the three months ended June 30, 2025, an increase of $5.7 million, compared to $57.0 million for the three months ended June 30, 2024. The increase in Net Realizations was primarily attributable to a decrease of $7.3 million in Realized Performance Compensation, partially offset by a decrease of $3.9 million in Realized Performance Revenues.
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Segment Distributable Earnings were $899.1 million for the six months ended June 30, 2025, an increase of $259.4 million, compared to $639.7 million for the six months ended June 30, 2024. The increase in Segment Distributable Earnings was attributable to increases of $108.1 million in Fee Related Earnings and $151.4 million in Net Realizations.
Fee Related Earnings
Fee Related Earnings were $677.4 million for the six months ended June 30, 2025, an increase of $108.1 million, compared to $569.3 million for the six months ended June 30, 2024. The increase in Fee Related Earnings was attributable to increases of $157.7 million in Management Fees, Net and $52.0 million in Fee Related Performance Revenues, partially offset by an increase of $70.9 million in Fee Related Compensation.
Management Fees, Net were $917.7 million for the six months ended June 30, 2025, an increase of $157.7 million, compared to $760.0 million for the six months ended June 30, 2024, primarily attributable to an increase in Base Management Fees. Base Management Fees increased $169.0 million primarily attributable to an increase in Fee-Earning Assets Under Management in private corporate credit.
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Fee Related Performance Revenues were $385.3 million for the six months ended June 30, 2025, an increase of $52.0 million, compared to $333.3 million for the six months ended June 30, 2024. The increase was primarily attributable to higher net investment income and Fee-Earning Assets Under Management in BCRED.
Fee Related Compensation was $421.9 million for the six months ended June 30, 2025, an increase of $70.9 million, compared to $351.1 million for the six months ended June 30, 2024. The increase was primarily attributable to increases in Management Fees, Net and Fee Related Performance Revenues, both of which impact Fee Related Compensation.
Net Realizations
Net Realizations were $221.8 million for the six months ended June 30, 2025, an increase of $151.4 million, compared to $70.4 million for the six months ended June 30, 2024. The increase in Net Realizations was attributable to increases of $106.6 million in Realized Principal Investment Income and of $72.6 million in Realized Performance Revenues, partially offset by an increase of $27.9 million in Realized Performance Compensation.
Realized Principal Investment Income was $113.7 million for the six months ended June 30, 2025, an increase of $106.6 million, compared to $7.1 million for the six months ended June 30, 2024. The increase was primarily attributable to the sale of Bistro, a portfolio visualization software platform developed by Blackstone.
Realized Performance Revenues were $179.0 million for the six months ended June 30, 2025, an increase of $72.6 million, compared to $106.4 million for the six months ended June 30, 2024. The increase was primarily attributable to higher Realized Performance Revenues in our Mezzanine and Stressed/Distressed funds.
Realized Performance Compensation was $70.9 million for the six months ended June 30, 2025, an increase of $27.9 million, compared to $43.1 million for the six months ended June 30, 2024. The increase was primarily attributable to the increase in Realized Performance Revenues.
Composite Returns
Composite returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The composite returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future results of any particular fund or composite. An investment in Blackstone is not an investment in any of our funds or composites. There can be no assurance that any of our funds or composites or our other existing and future funds or composites will achieve similar returns.
The following table presents the return information for the Private Credit and Liquid Credit composites:
| Three Months Ended June 30, |
Six Months Ended June 30, |
June 30, 2025 Inception to Date | ||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||||||||||
| Composite (a) |
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||
| Private Credit (b) |
3% | 2% | 4% | 3% | 6% | 4% | 8% | 6% | 15% | 10% | ||||||||||||||||||||||||||||||
| Liquid Credit (b) |
2% | 2% | 2% | 2% | 3% | 3% | 4% | 4% | 5% | 5% | ||||||||||||||||||||||||||||||
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
| (a) | Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Allocations, net of tax advances. |
| (b) | Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and |
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| non-investment grade infrastructure and asset based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset based finance are excluded. Blackstone Funds that were contributed to BXCI as part of Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by BXCI subsequent to March 2008, are also excluded. |
Operating Metrics
The following table presents information regarding our Invested Performance Eligible Assets Under Management:
| Invested Performance | Estimated % Above | |||||||||||||||
| Eligible Assets Under | High Water Mark/ | |||||||||||||||
| Management | Hurdle (a) | |||||||||||||||
| As of June 30, | As of June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| Credit & Insurance (b) |
$ | 115,155,531 | $ | 98,471,521 | 99% | 96% | ||||||||||
| (a) | Estimated % Above High Water Mark/Hurdle represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Credit & Insurance managed fund has positive investment performance relative to a hurdle, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a hurdle return, thereby resulting in an increase in Estimated % Above High Water Mark/Hurdle. |
| (b) | For the Credit & Insurance managed funds, at June 30, 2025, the incremental appreciation needed for the 1% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles to reach their respective High Water Marks/Hurdles was $2.4 billion, an increase of $1.5 billion, compared to $915.6 million at June 30, 2024. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles as of June 30, 2025, 17% were within 5% of reaching their respective High Water Mark. |
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Multi-Asset Investing
The following table presents the results of operations for our Multi-Asset Investing segment:
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
| June 30, | 2025 vs. 2024 | June 30, | 2025 vs. 2024 | |||||||||||||||||||||||||||||
| 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | |||||||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||||||||||||||
| Management Fees, Net |
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| Base Management Fees |
$ | 130,793 | $ | 116,602 | $ | 14,191 | 12% | $ | 251,644 | $ | 231,641 | $ | 20,003 | 9% | ||||||||||||||||||
| Transaction and Other Fees, Net |
1,002 | 908 | 94 | 10% | 2,465 | 1,979 | 486 | 25% | ||||||||||||||||||||||||
| Management Fee Offsets |
— | (80 | ) | 80 | -100% | — | (80 | ) | 80 | -100% | ||||||||||||||||||||||
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| Total Management Fees, Net |
131,795 | 117,430 | 14,365 | 12% | 254,109 | 233,540 | 20,569 | 9% | ||||||||||||||||||||||||
| Fee Related Compensation |
(42,877 | ) | (37,890 | ) | (4,987 | ) | 13% | (84,397 | ) | (76,318 | ) | (8,079 | ) | 11% | ||||||||||||||||||
| Other Operating Expenses |
(25,469 | ) | (24,960 | ) | (509 | ) | 2% | (49,891 | ) | (49,565 | ) | (326 | ) | 1% | ||||||||||||||||||
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| Fee Related Earnings |
63,449 | 54,580 | 8,869 | 16% | 119,821 | 107,657 | 12,164 | 11% | ||||||||||||||||||||||||
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| Realized Performance Revenues |
13,161 | 16,373 | (3,212 | ) | -20% | 12,504 | 37,805 | (25,301 | ) | -67% | ||||||||||||||||||||||
| Realized Performance Compensation |
(5,228 | ) | (8,263 | ) | 3,035 | -37% | (5,746 | ) | (13,622 | ) | 7,876 | -58% | ||||||||||||||||||||
| Realized Principal Investment Income (Loss) |
965 | 283 | 682 | 241% | 1,447 | (17,962 | ) | 19,409 | n/m | |||||||||||||||||||||||
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| Net Realizations |
8,898 | 8,393 | 505 | 6% | 8,205 | 6,221 | 1,984 | 32% | ||||||||||||||||||||||||
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| Segment Distributable Earnings |
$ | 72,347 | $ | 62,973 | $ | 9,374 | 15% | $ | 128,026 | $ | 113,878 | $ | 14,148 | 12% | ||||||||||||||||||
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Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
Segment Distributable Earnings were $72.3 million for the three months ended June 30, 2025, an increase of $9.4 million, compared to $63.0 million for the three months ended June 30, 2024. The increase in Segment Distributable Earnings was attributable to increases of $8.9 million in Fee Related Earnings and $0.5 million in Net Realizations.
Most strategies across our Multi-Asset Investing segment exhibited positive performance in the second quarter of 2025, with significantly less volatility than the broader markets. In particular, the Absolute Return Composite had its twenty-first consecutive quarter of positive performance, benefiting from performance across strategies, including quantitative, equities, macro and credit. Market volatility has decreased concurrently with greater clarity in the U.S. policy environment. As certain strategies in our Multi-Asset Investing segment are designed to capitalize on periods of market volatility, a sustained period of low volatility may make it more difficult for such strategies to generate strong returns.
In addition, certain of our strategies are designed to benefit from a high-interest rate environment. Accordingly, declining interest rates may make it more difficult for these Multi-Asset Investing strategies to replicate their positive performance. Conversely, if interest rates remain at sustained high levels for an extended period, certain investors may seek to reallocate capital away from traditional Multi-Asset Investing strategies in favor of fixed income investments. Outperformance by our Multi-Asset Investing segment strategies in a weak market environment has in some cases resulted in such strategies representing an increasing portion of the value of certain investors’ portfolios, which may limit such investors’ ability to allocate additional capital to certain funds in the segment, or result in such investors seeking to withdraw capital from such funds.
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Fee Related Earnings
Fee Related Earnings were $63.4 million for the three months ended June 30, 2025, an increase of $8.9 million, compared to $54.6 million for the three months ended June 30, 2024. The increase in Fee Related Earnings was primarily attributable to an increase of $14.4 million in Management Fees, Net, partially offset by an increase of $5.0 million in Fee Related Compensation.
Management Fees, Net were $131.8 million for the three months ended June 30, 2025, an increase of $14.4 million, compared to $117.4 million for the three months ended June 30, 2024. The increase was primarily attributable to an increase in Base Management Fees. Base Management Fees increased $14.2 million primarily attributable to an increase in Fee-Earning Assets Under Management in Absolute Return, Multi-Strategy and Harvest.
Fee Related Compensation was $42.9 million for the three months ended June 30, 2025, an increase of $5.0 million, compared to $37.9 million for the three months ended June 30, 2024. The increase was primarily attributable to an increase in Management Fees, Net, on which a portion of Fee Related Compensation is based.
Net Realizations
Net Realizations were $8.9 million for the three months ended June 30, 2025, an increase of $0.5 million, compared to $8.4 million for the three months ended June 30, 2024. The increase was attributable to a decrease of $3.0 million in Realized Performance Compensation and an increase of $0.7 million in Realized Principal Investment Income (Loss), partially offset by a decrease of $3.2 million in Realized Performance Revenues.
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Segment Distributable Earnings were $128.0 million for the six months ended June 30, 2025, an increase of $14.1 million, compared to $113.9 million for the six months ended June 30, 2024. The increase in Segment Distributable Earnings was attributable to increases of $12.2 million in Fee Related Earnings and $2.0 million in Net Realizations.
Fee Related Earnings
Fee Related Earnings were $119.8 million for the six months ended June 30, 2025, an increase of $12.2 million, compared to $107.7 million for the six months ended June 30, 2024. The increase in Fee Related Earnings was primarily attributable to an increase of $20.6 million in Management Fees, Net, partially offset by an increase of $8.1 million in Fee Related Compensation.
Management Fees, Net were $254.1 million for the six months ended June 30, 2025, an increase of $20.6 million, compared to $233.5 million for the six months ended June 30, 2024, primarily attributable to an increase in Base Management Fees. Base Management Fees increased $20.0 million, primarily attributable to an increase in Fee-Earning Assets Under Management in Absolute Return, Multi-Strategy and Harvest.
Fee Related Compensation was $84.4 million for the six months ended June 30, 2025, an increase of $8.1 million, compared to $76.3 million for the six months ended June 30, 2024. The increase was primarily attributable to an increase in Management Fees, Net, on which a portion of Fee Related Compensation is based.
Net Realizations
Net Realizations were $8.2 million for the six months ended June 30, 2025, an increase of $2.0 million, compared to $6.2 million for the six months ended June 30, 2024. The increase in Net Realizations was primarily attributable to an increase of $19.4 million in Realized Principal Investment Income (Loss) and a decrease of $7.9 million in Realized Performance Compensation, partially offset by a decrease of $25.3 million in Realized Performance Revenues.
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Composite Returns
Composite returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The composite returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future results of any particular fund or composite. An investment in Blackstone is not an investment in any of our funds or composites. There can be no assurance that any of our funds or composites or our other existing and future funds or composites will achieve similar returns.
The following table presents the return information of the Absolute Return Composite:
| Three | Six | Average Annual Returns (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Months Ended | Months Ended | Periods Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| June 30, | June 30, | June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | One Year | Three Year | Five Year | Historical | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Composite |
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||||||||||||||
| Absolute Return Composite (b) |
3% | 3% | 2% | 2% | 5% | 5% | 7% | 6% | 12% | 11% | 10% | 9% | 10% | 9% | 7% | 6% | ||||||||||||||||||||||||||||||||||||||||||||||||
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
| (a) | Composite returns present a summarized asset-weighted return measure to evaluate the overall performance of the applicable class of Blackstone Funds. |
| (b) | Absolute Return Composite covers the period from January 2000 to present, although BXMA’s inception date is September 1990. The Absolute Return Composite includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA’s liquid solutions, seeding, Multi-Strategy, Harvest and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns, non-fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account. The historical return is from January 1, 2000. |
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Operating Metrics
The following table presents information regarding our Invested Performance Eligible Assets Under Management:
| Invested Performance Eligible Assets Under Management |
Estimated % Above High Water Mark/ Benchmark (a) |
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| As of June 30, | As of June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| Multi-Asset Investing Managed Funds (b) |
$ | 52,523,386 | $ | 48,232,338 | 97% | 98% | ||||||||||
| (a) | Estimated % Above High Water Mark/Benchmark represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Multi-Asset Investing managed fund has positive investment performance relative to a benchmark, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a benchmark return, thereby resulting in an increase in Estimated % Above High Water Mark/Benchmark. |
| (b) | For the Multi-Asset Investing managed funds, at June 30, 2025, the incremental appreciation needed for the 3% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks to reach their respective High Water Marks/Benchmarks was $172.3 million, an increase of $10.9 million, compared to $161.4 million at June 30, 2024. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks as of June 30, 2025, 13% were within 5% of reaching their respective High Water Mark. |
Non-GAAP Financial Measures
These non-GAAP financial measures are presented without the consolidation of any Blackstone Funds that are consolidated into the condensed consolidated financial statements. Consequently, all non-GAAP financial measures exclude the assets, liabilities and operating results related to the Blackstone Funds. See “—Key Financial Measures and Indicators” for our definitions of Distributable Earnings, Segment Distributable Earnings, Fee Related Earnings and Adjusted EBITDA.
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The following table is a reconciliation of Net Income (Loss) Attributable to Blackstone Inc. to Distributable Earnings, Total Segment Distributable Earnings, Fee Related Earnings and Adjusted EBITDA:
| Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| Net Income Attributable to Blackstone Inc. |
$ | 764,244 | $ | 444,414 | $ | 1,379,096 | $ | 1,291,800 | ||||||||
| Net Income Attributable to Non-Controlling Interests in Blackstone Holdings |
602,844 | 403,108 | 1,088,319 | 1,088,547 | ||||||||||||
| Net Income Attributable to Non-Controlling Interests in Consolidated Entities |
240,836 | 100,583 | 341,383 | 203,410 | ||||||||||||
| Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
18,209 | 258 | 26,109 | (39,411 | ) | |||||||||||
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| Net Income |
1,626,133 | 948,363 | 2,834,907 | 2,544,346 | ||||||||||||
| Provision for Taxes |
289,494 | 260,246 | 533,321 | 543,917 | ||||||||||||
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| Net Income Before Provision for Taxes |
1,915,627 | 1,208,609 | 3,368,228 | 3,088,263 | ||||||||||||
| Transaction-Related and Non-Recurring Items (a) |
10,381 | 4,962 | 29,205 | 57,159 | ||||||||||||
| Amortization of Intangibles (b) |
7,333 | 7,333 | 14,666 | 14,666 | ||||||||||||
| Impact of Consolidation (c) |
(259,045 | ) | (100,841 | ) | (367,492 | ) | (163,999 | ) | ||||||||
| Unrealized Performance Revenues (d) |
(313,256 | ) | (122,239 | ) | (576,457 | ) | (568,175 | ) | ||||||||
| Unrealized Performance Allocations Compensation (e) |
152,618 | 101,680 | 256,177 | 282,580 | ||||||||||||
| Unrealized Principal Investment (Income) Loss (f) |
(294,093 | ) | 38,125 | (455,350 | ) | (404,851 | ) | |||||||||
| Other Revenues (g) |
225,083 | (19,541 | ) | 298,718 | (64,288 | ) | ||||||||||
| Equity-Based Compensation (h) |
312,018 | 295,396 | 783,320 | 613,175 | ||||||||||||
| Administrative Fee Adjustment (i) |
4,112 | 2,465 | 8,298 | 4,942 | ||||||||||||
| Taxes and Related Payables (j) |
(195,015 | ) | (163,728 | ) | (382,745 | ) | (340,873 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Distributable Earnings |
1,565,763 | 1,252,221 | 2,976,568 | 2,518,599 | ||||||||||||
| Taxes and Related Payables (j) |
195,015 | 163,728 | 382,745 | 340,873 | ||||||||||||
| Net Interest and Dividend Loss (k) |
24,643 | 3,425 | 45,173 | 13,226 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Segment Distributable Earnings |
1,785,421 | 1,419,374 | 3,404,486 | 2,872,698 | ||||||||||||
| Realized Performance Revenues (l) |
(553,121 | ) | (542,889 | ) | (1,013,144 | ) | (1,079,282 | ) | ||||||||
| Realized Performance Compensation (m) |
256,624 | 251,057 | 477,548 | 504,081 | ||||||||||||
| Realized Principal Investment Income (n) |
(29,421 | ) | (16,572 | ) | (147,331 | ) | (26,510 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Fee Related Earnings |
$ | 1,459,503 | $ | 1,110,970 | $ | 2,721,559 | $ | 2,270,987 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Adjusted EBITDA Reconciliation |
||||||||||||||||
| Distributable Earnings |
$ | 1,565,763 | $ | 1,252,221 | $ | 2,976,568 | $ | 2,518,599 | ||||||||
| Interest Expense (o) |
125,033 | 108,424 | 242,983 | 216,064 | ||||||||||||
| Taxes and Related Payables (j) |
195,015 | 163,728 | 382,745 | 340,873 | ||||||||||||
| Depreciation and Amortization (p) |
26,642 | 25,336 | 48,868 | 51,389 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Adjusted EBITDA |
$ | 1,912,453 | $ | 1,549,709 | $ | 3,651,164 | $ | 3,126,925 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| (a) | 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. |
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| (b) | This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. |
| (c) | 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 and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. |
| (d) | This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone funds which have been eliminated in consolidation. |
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| GAAP Unrealized Performance Allocations |
$ | 313,283 | $ | 122,229 | $ | 576,484 | $ | 568,172 | ||||||||
| Segment Adjustment |
(27 | ) | 10 | (27 | ) | 3 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Unrealized Performance Revenues |
$ | 313,256 | $ | 122,239 | $ | 576,457 | $ | 568,175 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | This adjustment removes Unrealized Performance Allocations Compensation. |
| (f) | This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment 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. |
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| GAAP Unrealized Principal Investment Income (Loss) |
$ | 365,391 | $ | (31,776 | ) | $ | 524,104 | $ | 429,847 | |||||||
| Segment Adjustment |
(71,298 | ) | (6,349 | ) | (68,754 | ) | (24,996 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Unrealized Principal Investment Income (Loss) |
$ | 294,093 | $ | (38,125 | ) | $ | 455,350 | $ | 404,851 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (g) | This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non-Recurring Items. |
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| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| GAAP Other Revenue |
$ | (225,063 | ) | $ | 19,631 | $ | (298,673 | ) | $ | 64,451 | ||||||
| Segment Adjustment |
(20 | ) | (90 | ) | (45 | ) | (163 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Other Revenues |
$ | (225,083 | ) | $ | 19,541 | $ | (298,718 | ) | $ | 64,288 | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (h) | This adjustment removes Equity-Based Compensation on a segment basis. |
| (i) | 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. |
| (j) | Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable to the holders of the tax receivable agreements based on expected tax savings generated in the respective period. See “—Key Financial Measures and Indicators — Distributable Earnings” for the full definition of Taxes and Related Payables. |
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| Taxes |
$ | 167,162 | $ | 141,656 | $ | 329,697 | $ | 297,529 | ||||||||
| Related Payables |
27,853 | 22,072 | 53,048 | 43,344 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Taxes and Related Payables |
$ | 195,015 | $ | 163,728 | $ | 382,745 | $ | 340,873 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (k) | This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the tax receivable agreement. |
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| GAAP Interest and Dividend Revenue |
$ | 100,389 | $ | 104,999 | $ | 197,809 | $ | 202,838 | ||||||||
| Segment Adjustment |
1 | — | 1 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Interest and Dividend Revenue |
100,390 | 104,999 | 197,810 | 202,838 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| GAAP Interest Expense |
135,822 | 108,616 | 253,937 | 216,819 | ||||||||||||
| Segment Adjustment |
(10,789 | ) | (192 | ) | (10,954 | ) | (755 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Interest Expense |
125,033 | 108,424 | 242,983 | 216,064 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Interest and Dividend Loss |
$ | (24,643 | ) | $ | (3,425 | ) | $ | (45,173 | ) | $ | (13,226 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| (l) | This adjustment removes the total segment amount of Realized Performance Revenues. |
| (m) | This adjustment removes the total segment amount of Realized Performance Compensation. |
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| (n) | This adjustment removes the total segment amount of Realized Principal Investment Income. |
| (o) | This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the tax receivable agreement. |
| (p) | This adjustment adds back Depreciation and Amortization on a segment basis. |
The following tables are a reconciliation of Total GAAP Investments to Net Accrued Performance Revenues. Total GAAP Investments and Net Accrued Performance Revenues consist of the following:
| June 30, | ||||||||
| 2025 | 2024 | |||||||
| (Dollars in Thousands) | ||||||||
| Investments of Consolidated Blackstone Funds |
$ | 5,101,278 | $ | 3,621,676 | ||||
| Equity Method Investments |
||||||||
| Partnership Investments |
6,942,526 | 6,107,429 | ||||||
| Accrued Performance Allocations |
12,054,879 | 11,132,801 | ||||||
| Corporate Treasury Investments |
229,497 | 176,330 | ||||||
| Other Investments |
6,807,324 | 5,388,053 | ||||||
|
|
|
|
|
|||||
| Total GAAP Investments |
$ | 31,135,504 | $ | 26,426,289 | ||||
|
|
|
|
|
|||||
| Accrued Performance Allocations - GAAP |
$ | 12,054,879 | $ | 11,132,801 | ||||
| Due from Affiliates - GAAP (a) |
229,359 | 235,767 | ||||||
| Less: Net Realized Performance Revenues (b) |
(456,507 | ) | (146,832 | ) | ||||
| Less: Accrued Performance Compensation - GAAP (c) |
(5,220,188 | ) | (5,007,547 | ) | ||||
|
|
|
|
|
|||||
| Net Accrued Performance Revenues |
$ | 6,607,543 | $ | 6,214,189 | ||||
|
|
|
|
|
|||||
| (a) | Represents GAAP accrued performance revenue recorded within Due from Affiliates. |
| (b) | Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized. |
| (c) | Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates. |
Liquidity and Capital Resources
General
Blackstone’s business model derives revenue primarily from third-party Assets Under Management. Blackstone is not a capital or balance sheet intensive business and targets operating expense levels such that total management and advisory fees exceed total operating expenses each period. As a result, we require limited capital resources to support the working capital or operating needs of our businesses. We draw primarily on the long-term committed or invested capital of investors in our investment vehicles to fund the investment requirements of the Blackstone Funds and use our own realizations and cash flows to invest in growth initiatives, make commitments to our own funds, where our minimum general partner commitments are generally less than 5% of the limited partner commitments of a fund, and pay dividends to stockholders and distributions to holders of Holdings Units.
Fluctuations in our statement of financial condition result primarily from activities of the Blackstone Funds that are consolidated as well as business transactions, such as the issuance of senior notes. The majority economic ownership interests of such consolidated Blackstone funds are reflected as Redeemable Non-Controlling Interests in Consolidated Entities, and Non-Controlling Interests in Consolidated Entities in the Consolidated Financial Statements. The consolidation of these Blackstone funds has no net effect on Blackstone’s Net Income or Equity. Additionally, fluctuations in our statement of financial condition also include appreciation or depreciation in Blackstone investments in the non-consolidated Blackstone funds, additional investments and redemptions of such interests in the non-consolidated Blackstone funds and the collection of receivables related to management and advisory fees.
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Total Assets were $45.4 billion as of June 30, 2025, an increase of $1.9 billion from December 31, 2024. The increase in Total Assets was primarily attributable to increases of $1.6 billion in total assets attributable to consolidated Blackstone funds and $648.4 million in total assets attributable to consolidated operating partnerships.
| • | The increase in total assets attributable to consolidated Blackstone funds was primarily attributable to an increase of $1.2 billion in Investments. |
| ○ | The increase in Investments was primarily attributable to purchases made by consolidated fund entities. |
| • | The increase in total assets attributable to consolidated operating partnerships was primarily attributable to increases of $466.5 million in Investments and $263.4 million in Cash and Cash Equivalents, partially offset by a decrease of $219.7 million in Due from Affiliates. |
| ○ | The increase in Cash and Cash Equivalents was primarily attributable to ongoing operating activities, partially offset by the paydown of senior notes that matured and a partial paydown of our revolving credit facility (the “Revolving Credit Facility”) during the quarter ended June 30, 2025. |
| ○ | The increase in Investments was primarily attributable to appreciation in our Private Equity segment. |
| ○ | The decrease in Due from Affiliates was primarily attributable to a decrease in amounts due from certain non-controlling interest holders and Blackstone employees. |
Total Liabilities were $24.3 billion as of June 30, 2025, an increase of $319.4 million from December 31, 2024. The increase in Total Liabilities was primarily attributable to an increase of $344.6 million in total liabilities attributable to consolidated operating partnerships.
| • | The increase in total liabilities attributable to consolidated operating partnerships was primarily attributable to an increase of $647.1 million in Loans Payable, partially offset by a decrease of $307.3 million in Accounts Payable, Accrued Expenses and Other Liabilities. |
| ○ | The increase in Loans Payable was primarily attributable to a draw of the Revolving Credit Facility during the quarter ended March 31, 2025, partially offset by the paydown of senior notes that matured and a partial paydown of the Revolving Credit Facility during the quarter ended June 30, 2025. |
| ○ | The decrease in Accounts Payable, Accrued Expenses and Other Liabilities was primarily attributable to a decrease in unsettled purchases of investments. |
Sources and Uses of Liquidity
We have multiple sources of liquidity to meet our capital needs, including annual cash flows, accumulated earnings in our businesses, the proceeds from our issuances of senior notes and other borrowings, liquid investments we hold on our balance sheet and access to our $4.325 billion committed Revolving Credit Facility. As of June 30, 2025, Blackstone had $2.2 billion in Cash and Cash Equivalents, $229.5 million invested in Corporate Treasury Investments and $6.8 billion in Other Investments (which included $6.3 billion of liquid investments), against $12.0 billion in borrowings, which included our bond issuances and $750.0 million of outstanding borrowings under the Revolving Credit Facility.
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In addition to the cash we receive from our notes offerings and availability under the Revolving Credit Facility and other borrowings, we expect to receive (a) cash generated from operating activities, (b) Performance Revenue realizations, and (c) realizations on the fund investments that we make. The amounts received from these three sources in particular may vary substantially from year to year and quarter to quarter depending on the frequency and size of realization events or net returns experienced by our investment funds. Our available capital could be adversely affected if there are prolonged periods of few substantial realizations from our investment funds accompanied by substantial capital calls for new investments from those investment funds. Therefore, Blackstone’s commitments to our funds are taken into consideration when managing our overall liquidity and cash position.
We expect that our primary liquidity needs will be cash to (a) provide capital to facilitate the growth of our existing businesses, which includes, without limitation, funding our general partner and co-investment commitments to our funds and warehousing investments for our funds, (b) provide capital for business expansion, (c) pay operating expenses, including cash compensation to our employees, and other obligations as they arise, including servicing debts, (d) pay income taxes and (e) pay dividends to our stockholders, make distributions to the holders of Blackstone Holdings Partnership Units and make repurchases under our share repurchase program. For a tabular presentation of Blackstone’s contractual obligations and the expected timing of such see “— Contractual Obligations.”
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Capital Commitments
Our own capital commitments to our funds, the funds we invest in and our investment strategies as of June 30, 2025 consisted of the following:
| Blackstone and General Partner (a) |
Senior Managing Directors and Certain Other Professionals (b) | |||||||||||||||
| Fund |
Original Commitment |
Remaining Commitment |
Original Commitment |
Remaining Commitment | ||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| Real Estate |
||||||||||||||||
| BREP VII |
$ | 300,000 | $ | 20,075 | $ | 100,000 | $ | 6,692 | ||||||||
| BREP VIII |
300,000 | 26,487 | 100,000 | 8,829 | ||||||||||||
| BREP IX |
300,000 | 44,593 | 100,000 | 14,864 | ||||||||||||
| BREP X |
300,000 | 189,232 | 100,000 | 63,077 | ||||||||||||
| BREP Europe III |
100,000 | 11,257 | 35,000 | 3,752 | ||||||||||||
| BREP Europe IV |
130,000 | 19,086 | 43,333 | 6,362 | ||||||||||||
| BREP Europe V |
150,000 | 15,881 | 43,333 | 4,588 | ||||||||||||
| BREP Europe VI |
130,000 | 39,885 | 43,333 | 13,295 | ||||||||||||
| BREP Europe VII |
130,000 | 93,543 | 43,333 | 31,181 | ||||||||||||
| BREP Asia I |
50,392 | 10,342 | 16,797 | 3,447 | ||||||||||||
| BREP Asia II |
70,707 | 12,143 | 23,569 | 4,048 | ||||||||||||
| BREP Asia III |
81,078 | 45,102 | 27,026 | 15,034 | ||||||||||||
| BREDS III |
50,000 | 11,721 | 16,667 | 3,907 | ||||||||||||
| BREDS IV |
50,000 | 15,751 | 49,113 | 15,471 | ||||||||||||
| BREDS V |
50,000 | 37,312 | 48,070 | 35,871 | ||||||||||||
| BPP |
251,369 | 32,772 | — | — | ||||||||||||
| Other (c) |
38,184 | 16,061 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Real Estate |
2,481,730 | 641,243 | 789,574 | 230,418 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Private Equity |
||||||||||||||||
| BCP V |
629,356 | 29,573 | — | — | ||||||||||||
| BCP VI |
719,718 | 81,400 | 250,000 | 28,275 | ||||||||||||
| BCP VII |
500,000 | 30,127 | 225,000 | 13,557 | ||||||||||||
| BCP VIII |
500,000 | 125,164 | 225,000 | 56,324 | ||||||||||||
| BCP IX |
500,000 | 475,308 | 225,000 | 213,889 | ||||||||||||
| BEP I |
50,000 | 4,728 | — | — | ||||||||||||
| BEP II |
80,000 | 10,498 | 26,667 | 3,499 | ||||||||||||
| BEP III |
80,000 | 31,664 | 26,667 | 10,555 | ||||||||||||
| BETP IV |
80,000 | 66,875 | 26,667 | 22,292 | ||||||||||||
| BCP Asia I |
40,000 | 5,869 | 13,333 | 1,956 | ||||||||||||
| BCP Asia II |
100,000 | 70,067 | 33,333 | 23,356 | ||||||||||||
| BCP Asia III |
158,132 | 158,132 | 52,711 | 52,711 | ||||||||||||
continued ...
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| Blackstone and General Partner (a) |
Senior Managing Directors and Certain Other Professionals (b) | |||||||||||||||
| Fund |
Original Commitment |
Remaining Commitment |
Original Commitment |
Remaining Commitment | ||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| Private Equity (continued) |
||||||||||||||||
| Core Private Equity I |
$ | 117,747 | $ | 27,016 | $ | 18,992 | $ | 4,358 | ||||||||
| Core Private Equity II |
160,000 | 98,311 | 32,640 | 20,055 | ||||||||||||
| Tactical Opportunities |
491,764 | 191,998 | 163,921 | 63,999 | ||||||||||||
| Strategic Partners (Secondaries) |
1,508,981 | 668,307 | 1,208,531 | 575,853 | ||||||||||||
| BIP |
474,845 | 85,239 | — | — | ||||||||||||
| Life Sciences |
183,865 | 112,386 | 37,353 | 21,858 | ||||||||||||
| Growth |
165,095 | 101,242 | 54,696 | 33,726 | ||||||||||||
| Other (c) |
290,208 | 26,620 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Private Equity |
6,829,711 | 2,400,524 | 2,620,511 | 1,146,263 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Credit & Insurance |
||||||||||||||||
| Mezzanine / Opportunistic II |
120,000 | 29,059 | 110,101 | 26,662 | ||||||||||||
| Mezzanine / Opportunistic III |
130,783 | 34,082 | 98,118 | 25,569 | ||||||||||||
| Mezzanine / Opportunistic IV |
122,000 | 53,347 | 116,185 | 50,804 | ||||||||||||
| Mezzanine / Opportunistic V |
76,795 | 76,795 | 25,598 | 25,598 | ||||||||||||
| Stressed / Distressed II |
125,000 | 51,612 | 119,878 | 49,497 | ||||||||||||
| Stressed / Distressed III |
151,000 | 93,582 | 146,432 | 90,751 | ||||||||||||
| European Senior Debt I |
63,000 | 2,873 | 56,882 | 2,594 | ||||||||||||
| European Senior Debt II |
93,181 | 32,582 | 90,915 | 31,836 | ||||||||||||
| European Senior Debt III |
23,870 | 14,598 | 19,705 | 12,051 | ||||||||||||
| Energy I |
80,000 | 36,700 | 75,445 | 34,611 | ||||||||||||
| Energy II |
150,000 | 102,832 | 149,036 | 102,171 | ||||||||||||
| Energy III |
127,000 | 101,036 | 119,643 | 95,183 | ||||||||||||
| Energy SMAs |
52,829 | 24,878 | 4,962 | 3,040 | ||||||||||||
| Credit Alpha Fund |
52,102 | 19,752 | 50,670 | 19,209 | ||||||||||||
| Credit Alpha Fund II |
25,500 | 12,550 | 24,385 | 12,001 | ||||||||||||
| Direct Lending SMAs |
87,543 | 52,321 | 41,066 | 26,574 | ||||||||||||
| Other (c) |
55,602 | 28,864 | 1,843 | 836 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Credit & Insurance |
1,536,205 | 767,463 | 1,250,864 | 608,987 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
continued ...
130
Table of Contents
| Blackstone and General Partner (a) |
Senior Managing Directors and Certain Other Professionals (b) | |||||||||||||||
| Fund |
Original Commitment |
Remaining Commitment |
Original Commitment |
Remaining Commitment | ||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| Multi-Asset Investing |
||||||||||||||||
| Strategic Alliance II |
$ | 50,000 | $ | 1,482 | $ | — | $ | — | ||||||||
| Strategic Alliance III |
22,000 | 24,263 | — | — | ||||||||||||
| Strategic Alliance IV |
15,000 | 10,360 | — | — | ||||||||||||
| Dislocation |
20,000 | 10,357 | — | — | ||||||||||||
| Other (c) |
4,246 | 1,824 | — | — | ||||||||||||
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| |||||
| Total Multi-Asset Investing |
111,246 | 48,286 | — | — | ||||||||||||
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|
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| |||||
| Other |
||||||||||||||||
| Treasury (d) |
1,207,294 | 856,497 | — | — | ||||||||||||
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| |||||
| $ | 12,166,186 | $ | 4,714,013 | $ | 4,660,949 | $ | 1,985,668 | |||||||||
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| |||||
| (a) | We expect our commitments to be drawn down over time and to be funded by available cash and cash generated from operations and realizations. Taking into account prevailing market conditions and both the liquidity and cash or liquid investment balances, we believe that the sources of liquidity described above will be more than sufficient to fund our working capital requirements. Additionally, for some of the general partner commitments shown in the table above, we require our senior managing directors and certain other professionals to fund a portion of the commitment even though the ultimate obligation to fund the aggregate commitment is ours pursuant to the governing agreements of the respective funds. The amounts of the aggregate applicable general partner original and remaining commitment are shown in the table above. Remaining commitment may exceed original commitment due to recallable capital. |
| (b) | Includes the full portion of our commitments (i) required to be funded by senior managing directors and certain other professionals and (ii) that are elected by such individuals to be funded for the life of a fund, where such fund permits such election. Excludes amounts that are elected by such individuals to be funded on an annual basis and certain de minimis commitments funded by such individuals in certain carry funds. |
| (c) | Represents capital commitments to a number of other funds in each respective segment. |
| (d) | Represents loan origination commitments, revolver commitments and capital market commitments. |
For a tabular presentation of the timing of Blackstone’s remaining capital commitments to our funds, the funds we invest in and our investment strategies see “—Contractual Obligations.”
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Borrowings
As of June 30, 2025, Blackstone Holdings Finance Co. L.L.C. and Blackstone Reg Finance Co. L.L.C. (each an “Issuer” and together the “Issuers”), both indirect subsidiaries of Blackstone, had issued and outstanding the following senior notes (collectively the “Notes”):
| Senior Notes (a) |
Aggregate Principal Amount (Dollars/Euros in Thousands) |
|||
| 1.000%, Due 10/5/2026 |
€ | 600,000 | ||
| 3.150%, Due 10/2/2027 |
$ | 300,000 | ||
| 5.900%, Due 11/3/2027 |
$ | 600,000 | ||
| 1.625%, Due 8/5/2028 |
$ | 650,000 | ||
| 1.500%, Due 4/10/2029 |
€ | 600,000 | ||
| 2.500%, Due 1/10/2030 |
$ | 500,000 | ||
| 1.600%, Due 3/30/2031 |
$ | 500,000 | ||
| 2.000%, Due 1/30/2032 |
$ | 800,000 | ||
| 2.550%, Due 3/30/2032 |
$ | 500,000 | ||
| 6.200%, Due 4/22/2033 |
$ | 900,000 | ||
| 3.500%, Due 6/1/2034 |
€ | 500,000 | ||
| 5.000%, Due 12/6/2034 (b) |
$ | 750,000 | ||
| 6.250%, Due 8/15/2042 |
$ | 250,000 | ||
| 5.000%, Due 6/15/2044 |
$ | 500,000 | ||
| 4.450%, Due 7/15/2045 |
$ | 350,000 | ||
| 4.000%, Due 10/2/2047 |
$ | 300,000 | ||
| 3.500%, Due 9/10/2049 |
$ | 400,000 | ||
| 2.800%, Due 9/30/2050 |
$ | 400,000 | ||
| 2.850%, Due 8/5/2051 |
$ | 550,000 | ||
| 3.200%, Due 1/30/2052 |
$ | 1,000,000 | ||
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| $ | 11,253,790 | |||
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| (a) | The Notes are unsecured and unsubordinated obligations of the Issuers, as applicable, and are fully and unconditionally guaranteed, jointly and severally, by Blackstone Inc. and each of the Blackstone Holdings Partnerships (the “Guarantors”). The Notes contain customary covenants and financial restrictions that, among other things, limit the Issuers and the guarantors’ ability, subject to certain exceptions, to 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 Notes also contain customary events of default. All or a portion of the Notes may be redeemed at our 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 Notes are subject to repurchase at the repurchase price as set forth in the Notes. |
| (b) | The Registered 2034 Notes’ Guarantors and Issuer, Blackstone Reg Finance Co. L.L.C. (collectively, the “Obligor Group”) do not have material assets, liabilities and results of operations, with the exception of certain amounts already disclosed in our consolidated financial statements (specifically, goodwill, the majority of our deferred tax assets, the Tax Receivable Agreement liability and the Registered 2034 Notes). Therefore, we have excluded the summarized financial information for the Obligor Group due to management’s belief that such summarized financial information would be repetitive and would not provide material information to investors. For additional information see Note 11. “Borrowings” in the “Notes to Consolidated Financial Statements” in “— Item 1. Financial Statements” of this filing. |
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Blackstone, through Blackstone Holdings Finance Co. L.L.C., has a $4.325 billion unsecured Revolving Credit Facility with Citibank, N.A., as administrative agent with a maturity date of December 15, 2028. As of June 30, 2025, Blackstone had $750.0 million of outstanding borrowings under the Revolving Credit Facility. 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.
For a tabular presentation of the payment timing of principal and interest due on Blackstone’s issued notes and the Revolving Credit Facility see “—Contractual Obligations.”
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Contractual Obligations
The following table sets forth information relating to our contractual obligations as of June 30, 2025 on a consolidated basis and on a basis deconsolidating the Blackstone Funds:
| Contractual Obligations |
July 1, 2025 to December 31, 2025 |
2026-2027 | 2028-2029 | Thereafter | Total | |||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||
| Operating Lease Obligations (a) |
$ | 185,581 | $ | 431,996 | $ | 1,126,015 | $ | 1,839,132 | $ | 3,582,724 | ||||||||||
| Purchase Obligations |
103,548 | 160,614 | 17,508 | 976 | 282,646 | |||||||||||||||
| Blackstone Operating Borrowings (b) |
— | 1,607,220 | 2,107,220 | 8,289,350 | 12,003,790 | |||||||||||||||
| Interest on Blackstone Operating Borrowings (c) |
468,494 | 919,968 | 769,606 | 3,407,943 | 5,566,011 | |||||||||||||||
| Borrowings of Consolidated Blackstone Funds |
— | — | 132,242 | — | 132,242 | |||||||||||||||
| Interest on Borrowings of Consolidated Blackstone Funds |
4,824 | 19,140 | 10,776 | — | 34,740 | |||||||||||||||
| Blackstone Funds Capital Commitments to Investee Funds (d) |
312,016 | — | — | — | 312,016 | |||||||||||||||
| Due to Certain Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (e) |
— | 217,625 | 304,414 | 1,479,082 | 2,001,121 | |||||||||||||||
| Unrecognized Tax Benefits, Including Interest and Penalties (f) |
— | — | — | — | — | |||||||||||||||
| Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g) |
4,714,013 | — | — | — | 4,714,013 | |||||||||||||||
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| Consolidated Contractual Obligations |
5,788,476 | 3,356,563 | 4,467,781 | 15,016,483 | 28,629,303 | |||||||||||||||
| Borrowings of Consolidated Blackstone Funds |
— | — | (132,242 | ) | — | (132,242 | ) | |||||||||||||
| Interest on Borrowings of Consolidated Blackstone Funds |
(4,824 | ) | (19,140 | ) | (10,776 | ) | — | (34,740 | ) | |||||||||||
| Blackstone Funds Capital Commitments to Investee Funds (d) |
(312,016 | ) | — | — | — | (312,016 | ) | |||||||||||||
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| Blackstone Operating Entities Contractual Obligations |
$ | 5,471,636 | $ | 3,337,423 | $ | 4,324,763 | $ | 15,016,483 | $ | 28,150,305 | ||||||||||
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| (a) | We lease our primary office space and certain office equipment under agreements that expire through 2043. 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 in the table above. The table above includes operating leases that are recognized as Operating Lease Liabilities, short-term leases that are not recorded as Operating Lease Liabilities and leases that have been signed but not yet commenced which are not recorded as Operating Lease Liabilities. The amounts in this table are presented net of contractual sublease commitments. |
| (b) | Represents the principal amounts due on our senior notes and secured borrowings. For our senior notes, we assume no pre-payments and the borrowings are held until their final maturity. For our secured borrowings, we project pre-payments based on the performance of the underlying assets and principal may be paid down in full prior to their stated maturity. As of June 30, 2025, we had $750.0 million of outstanding borrowings under our Revolving Credit Facility, which are presented as due in 2028, the contractual maturity date of the Revolving Credit Facility. |
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| (c) | Represents interest to be paid over the maturity of our senior notes and secured borrowings. For our senior notes, we assume no pre-payments and the borrowings are held until their final maturity. For our secured borrowings, we project pre-payments based on the performance of the underlying assets with interest payments based on the estimated principal outstanding, inclusive of projected pre-payments. These amounts include commitment fees for unutilized borrowings under the Revolving Credit Facility. |
| (d) | These obligations represent commitments of the consolidated Blackstone funds to make capital contributions to investee funds and portfolio companies. These amounts are generally due on demand and are therefore presented in the less than one year category. |
| (e) | Represents obligations by Blackstone’s corporate subsidiary to make payments under the tax receivable agreements to certain non-controlling interest holders for the tax savings realized from the taxable purchases of their interests in connection with the reorganization at the time of Blackstone’s initial public offering (“IPO”) in 2007 and subsequent purchases. The obligation represents the amount of the payments currently expected to be made, which are dependent on the tax savings expected to be realized as determined annually without discounting for the timing of the payments. As required by GAAP, the amount of the obligation included in the condensed consolidated financial statements and shown in Note 15. “Related Party Transactions” (see “—Item 1. Financial Statements”) differs to reflect the net present value of the payments due to certain non-controlling interest holders. |
| (f) | Blackstone is not able to make a reasonably reliable estimate of the timing of payments in individual years in connection with gross unrecognized benefits of $279.0 million and interest of $103.1 million as of June 30, 2025; therefore, such amounts are not included in the above contractual obligations table. |
| (g) | These obligations represent commitments by us to provide general partner capital funding to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments. These amounts are generally due on demand and are therefore presented in the less than one year category; however, a substantial amount of the capital commitments are expected to be called over the next three years. We expect to continue to make these general partner capital commitments as we raise additional amounts for our investment funds over time. |
Guarantees
Blackstone and certain of its consolidated funds provide financial guarantees. The amounts and nature of these guarantees are described in Note 16. “Commitments and Contingencies — Contingencies — Guarantees” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.
Indemnifications
In many of its service contracts, Blackstone agrees to indemnify the third-party service provider under certain circumstances. The terms of the indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined and has not been included in the above contractual obligations table or recorded in our condensed consolidated financial statements as of June 30, 2025.
Clawback Obligations
Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceed the amount due to Blackstone based on cumulative results of that fund. The amounts and nature of Blackstone’s clawback obligations are described in Note 16. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.
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Share Repurchase Program
During the three and six months ended June 30, 2025, Blackstone repurchased 0.2 million and 0.4 million shares of common stock at a total cost of $27.8 million and $58.8 million, respectively. As of June 30, 2025, the amount remaining available for repurchases under the program was $1.8 billion.
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. 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 number of shares 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.
Dividends
Our intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by our board of directors to be necessary or appropriate to provide for the conduct of our business, to make appropriate investments in our business and funds, to comply with applicable law, any of our debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to stockholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter.
For Blackstone’s definition of Distributable Earnings, see “—Key Financial Measures and Indicators.”
All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of our board of directors, and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.
Because the publicly traded entity and/or its wholly owned subsidiaries must pay taxes and make payments under the tax receivable agreements, the amounts ultimately paid as dividends by Blackstone to common stockholders in respect of each fiscal year are generally expected to be less, on a per share or per unit basis, than the amounts distributed by the Blackstone Holdings Partnerships to the Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships in respect of their Blackstone Holdings Partnership Units.
Dividends are treated as qualified dividends to the extent of Blackstone’s current and accumulated earnings and profits, with any excess dividends treated as a return of capital to the extent of the stockholder’s basis.
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The following graph shows fiscal quarterly and annual per common stockholder dividends for 2025 and 2024. Dividends are declared and paid in the quarter subsequent to the quarter in which they are earned.
With respect to the second quarter of fiscal year 2025, we paid to stockholders of our common stock a dividend of $1.03 per share, aggregating to $1.96 per share of common stock in respect of the two fiscal quarters ended June 30, 2025. With respect to fiscal year 2024, we paid stockholders aggregate dividends of $3.95 per share.
Leverage
We may, under certain circumstances, use leverage opportunistically and over time to create the most efficient capital structure for Blackstone and our stockholders. In addition to the borrowings from our notes issuances and our revolving credit facility, we may use asset based financing arrangements, including but not limited to margin loans, reverse repurchase agreements, repurchase agreements and securities sold, not yet purchased. Reverse repurchase agreements are entered into primarily to take advantage of opportunistic yields otherwise absent in the overnight markets and also to use the collateral received to cover securities sold, not yet purchased. Repurchase agreements are entered into primarily to opportunistically yield higher spreads on purchased securities. The balances held in these financial instruments fluctuate based on Blackstone’s liquidity needs, market conditions and investment risk profiles.
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The following table presents information regarding financial instruments which are included in Accounts Payable, Accrued Expenses and Other Liabilities in our Condensed Consolidated Statements of Financial Condition:
| Repurchase Agreements |
Securities Sold, Not Yet Purchased |
|||||||
| (Dollars in Millions) | ||||||||
| Balance, June 30, 2025 |
$ | 121.9 | $ | 2.0 | ||||
| Balance, December 31, 2024 |
$ | 6.8 | $ | 1.9 | ||||
| Six Months Ended June 30, 2025 |
||||||||
| Average Daily Balance |
$ | 42.1 | $ | 1.9 | ||||
| Maximum Daily Balance |
$ | 297.4 | $ | 2.0 | ||||
Critical Accounting Policies
We prepare our condensed consolidated financial statements in accordance with GAAP. In applying many of these accounting principles, we need to make assumptions, estimates and/or judgments that affect the reported amounts of assets, liabilities, revenues and expenses in our condensed consolidated financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable under the circumstances. These assumptions, estimates and/or judgments, however, are often subjective. Actual results may be affected negatively based on changing circumstances. If actual amounts are ultimately different from our estimates, the revisions are included in our results of operations for the period in which the actual amounts become known. We believe the following critical accounting policies could potentially produce materially different results if we were to change underlying assumptions, estimates and/or judgments. For a description of our accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.
Principles of Consolidation
For a description of our accounting policy on consolidation, see Note 2. “Summary of Significant Accounting Policies — Consolidation” and Note 8. “Variable Interest Entities” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” for detailed information on Blackstone’s involvement with VIEs. The following discussion is intended to provide supplemental information about how the application of consolidation principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.
The determination that Blackstone holds a controlling financial interest in a Blackstone Fund or investment vehicle significantly changes the presentation of our condensed consolidated financial statements. In our Condensed Consolidated Statements of Financial Position included in this filing, we present 100% of the assets and liabilities of consolidated VIEs along with a non-controlling interest which represents the portion of the consolidated vehicle’s interests held by third parties. However, assets of our consolidated VIEs can only be used to settle obligations of the consolidated VIE and are not available for general use by Blackstone. Further, the liabilities of our consolidated VIEs do not have recourse to the general credit of Blackstone. In the Condensed Consolidated Statements of Operations, we eliminate any management fees, Incentive Fees, or Performance Allocations received or accrued from consolidated VIEs as they are considered intercompany transactions. We recognize 100% of the consolidated VIE’s investment income (loss) and allocate the portion of that income (loss) attributable to third-party ownership to non-controlling interests in arriving at Net Income Attributable to Blackstone Inc.
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The assessment of whether we consolidate a Blackstone Fund or investment vehicle we manage requires the application of significant judgment. These judgments are applied both at the time we become involved with the VIE and on an ongoing basis and include, but are not limited to:
| • | Determining whether our management fees, Incentive Fees or Performance Allocations represent variable interests – We make judgments as to whether the fees we earn are commensurate with the level of effort required for those fees and at market rates. In making this judgment, we consider, among other things, the extent of third-party investment in the entity and the terms of any other interests we hold in the VIE. |
| • | Determining whether kick-out rights are substantive – We make judgments as to whether the third-party investors in a partnership entity have the ability to remove the general partner, the investment manager or its equivalent, or to dissolve (liquidate) the partnership entity, through a simple majority vote. This includes an evaluation of whether barriers to exercise these rights exist. |
| • | Concluding whether Blackstone has an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE – As there is no explicit threshold in GAAP to define “potentially significant,” management must apply judgment and evaluate both quantitative and qualitative factors to conclude whether this threshold is met. |
Revenue Recognition
For a description of our accounting policy on revenue recognition, see Note 2. “Summary of Significant Accounting Policies — Revenue Recognition” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements.” For an additional description of the nature of our revenue arrangements, including how management fees, Incentive Fees, and Performance Allocations are generated, please refer to “Part I. Item 1. Business — Fee Structure/Incentive Arrangements” in our Annual Report on Form 10-K for the year ended December 31, 2024. The following discussion is intended to provide supplemental information about how the application of revenue recognition principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.
Management and Advisory Fees, Net — Blackstone earns base management fees from its customers at a fixed percentage of a calculation base. The range of management fee rates and the calculation base from which they are earned, generally, are as follows:
For vehicles within the Real Estate segment:
| • | 0.35% to 1.50% of committed capital or invested capital during the investment period or subsequent to the investment period, respectively, or gross asset value, for certain drawdown vehicles and co-investment vehicles, |
| • | 0.40% to 1.25% of net asset value for other vehicles, including separately managed accounts, certain perpetual capital vehicles, drawdown vehicles, and co-investment vehicles, and |
| • | 1.50% of BXMT’s net proceeds received from equity offerings and accumulated “distributable earnings” (which is generally equal to its GAAP net income excluding certain non-cash and other items), subject to certain adjustments. |
For vehicles within the Private Equity segment:
| • | 0.50% to 1.75% of committed capital during the investment period or invested capital or gross investment value subsequent to the investment period for drawdown vehicles and certain co-investment vehicles, |
| • | 0.50% to 1.75% of invested capital for certain separately managed accounts and co-investment vehicles, and |
| • | 0.75% to 1.25% of net asset value for perpetual capital vehicles. |
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For vehicles within the Credit & Insurance segment:
| • | 0.20% to 1.25% of net asset value or fair value of investments for certain separately managed accounts and open-ended vehicles, |
| • | 0.35% to 1.25% of net asset value or gross asset value of our BDCs and certain registered investment companies, |
| • | 0.10% to 0.50% of the aggregate par amount of collateral assets, including principal cash, for CLO vehicles, and |
| • | 0.20% to 1.50% of invested capital for drawdown vehicles and certain separately managed accounts. |
For vehicles within the Multi-Asset Investing segment:
| • | 0.20% to 1.50% of net asset value for all vehicles. |
Management fee calculations based on committed capital or invested capital are mechanical in nature and therefore do not require the use of significant estimates or judgments. Management fee calculations based on net asset value, gross asset value, or investment fair value depend on the fair value of the underlying investments within the funds. Estimates and assumptions are made when determining the fair value of the underlying investments within the funds and could vary depending on the valuation methodology that is used as well as economic conditions. See “—Fair Value” below for further discussion of the judgment required for determining the fair value of the underlying investments.
Investment Income (Loss) — Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. Blackstone has concluded that investments made alongside its limited partners in a partnership which entitle Blackstone to a Performance Allocation represent equity method investments that are not in the scope of the GAAP guidance on accounting for revenues from contracts with customers. Blackstone accounts for these arrangements under the equity method of accounting. Under the equity method, 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. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results.
The change in the fair value of the investments held by certain Blackstone Funds is a significant input into the accrued Performance Allocation calculation and accrual for potential repayment of previously received Performance Allocations. Estimates and assumptions are made when determining the fair value of the underlying investments within the funds. See “—Fair Value” below for further discussion related to significant estimates and assumptions used for determining fair value of the underlying investments.
Fair Value
Blackstone uses fair value throughout the reporting process. For a description of our accounting policies related to valuation, see Note 2. “Summary of Significant Accounting Policies — Fair Value of Financial Instruments” and “Summary of Significant Accounting Policies — Investments, at Fair Value” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing. The following discussion is intended to provide supplemental information about how the application of fair value principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.
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The fair value of the investments held by Blackstone Funds is the primary input to the calculation of certain of our management fees, Incentive Fees, Performance Allocations and the related Compensation we recognize. Generally, Blackstone Funds are accounted for 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. In the absence of observable market prices, we utilize valuation methodologies applied on a consistent basis and assumptions that we believe market participants would use to determine the fair value of the investments. For investments where little market activity exists management’s determination of fair value is based on the best information available in the circumstances, which may incorporate management’s own assumptions and involves a significant degree of judgment, and the consideration of a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks.
Blackstone has also elected the fair value option for certain instruments it owns directly, including loans and receivables, investments in private debt securities and other proprietary investments. Blackstone is required to measure certain financial instruments at fair value, including debt instruments, equity securities and freestanding derivatives.
Fair Value of Investments or Instruments That Are Publicly Traded
Securities that are publicly traded and for which a quoted market exists will be valued at the closing price of such securities in the principal market in which the security trades, or in the absence of a principal market, in the most advantageous market on the valuation date. When a quoted price in an active market exists, no block discounts or control premiums are permitted regardless of the size of the public security held. In some cases, securities will include legal and contractual restrictions limiting their purchase and sale for a period of time. A discount to the publicly traded price may be appropriate in instances where a legal restriction is a characteristic of the security, such as may be required under SEC Rule 144. The amount of the discount, if taken, shall be determined based on the time period that must pass before the restricted security becomes unrestricted or otherwise available for sale.
Fair Value of Investments or Instruments That Are Not Publicly Traded
Investments for which market prices are not observable include private investments in the equity or debt of operating companies or real estate properties. Our primary methodology for determining the fair values of such investments is generally the income approach which provides an indication of fair value based on the present value of cash flows that a business, security, or property is expected to generate in the future. The most widely used methodology under the income approach is the discounted cash flow method which includes significant assumptions about the underlying investment’s projected net earnings or cash flows, discount rate, capitalization rate and exit multiple. Our secondary methodology, generally used to corroborate the results of the income approach, is typically the market approach. The most widely used methodology under the market approach relies upon valuations for comparable public companies, transactions, or assets, and includes making judgments about which companies, transactions, or assets are comparable. Depending on the facts and circumstances associated with the investment, different primary and secondary methodologies may be used including option value, contingent claims or scenario analysis, yield analysis, projected cash flow through maturity or expiration, discount to sale, probability weighted methods or recent round of financing.
In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants 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.
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Management Process on Fair Value
Due to the importance of fair value throughout the condensed consolidated financial statements and the significant judgment required to be applied in arriving at those fair values, we have developed a process around valuation that incorporates several levels of approval and review from both internal and external sources. Investments held by Blackstone Funds and investment vehicles are valued on at least a quarterly basis by our internal valuation or asset management teams, which are independent from our investment teams. For investments held by vehicles managed by more than one business unit, Blackstone has developed a process designed to facilitate coordination and alignment, as appropriate, of the fair value of in-scope investments across business units.
For investments valued utilizing the income method and where Blackstone has information rights, we generally have a direct line of communication with each of the Companies’ and underlying assets’ finance teams and collect financial data used to support projections used in a discounted cash flow analysis. The valuation team then analyzes the data received and updates the valuation models reflecting any changes in the underlying cash flow projections, weighted-average cost of capital, exit multiple or capitalization rate, and any other valuation input relevant to economic conditions.
The results of all valuations of investments held by Blackstone Funds and investment vehicles are reviewed by the relevant business unit’s valuation sub-committee, which is comprised of key personnel from the business unit, typically the chief investment officer, chief operating officer, chief financial officer, chief compliance officer (or their respective equivalents where applicable) and other senior managing directors in the business. To further corroborate results, each business unit also generally obtains either a positive assurance opinion or a range of value from an independent valuation party, at least annually for internally prepared valuations for investments that have been held by Blackstone Funds and investment vehicles for greater than a year and quarterly for certain investments. Our firmwide valuation committee, chaired by our Chief Financial Officer and comprised of senior members of our businesses and representatives from corporate functions, including legal and finance, reviews the valuation process for investments held by us and our investment vehicles, including the application of appropriate valuation standards on a consistent basis. Each quarter, the valuation process is also reviewed by the audit committee of our board of directors, which is comprised of our non-employee directors.
Income Tax
For a description of our accounting policy on taxes and additional information on taxes see Note 2. “Summary of Significant Accounting Policies” and Note 12. “Income Taxes” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.
Our provision for income taxes is comprised of current and deferred taxes. Current income taxes approximate taxes to be paid or refunded for the current period. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the applicable enacted tax rates and laws that will be in effect when such differences are expected to reverse.
Additionally, significant judgment is required in estimating the provision for (benefit from) income taxes, current and deferred tax balances (including any valuation allowance), accrued interest or penalties and uncertain tax positions. In evaluating these judgments, we consider, among other items, projections of taxable income (including the 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, a valuation allowance is recorded.
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Revisions in estimates and/or actual costs of a tax assessment may ultimately be materially different from the recorded accruals and unrecognized tax benefits, if any.
Recent Accounting Developments
Information regarding recent accounting developments and their impact on Blackstone, if any, can be found in Note 2. “Summary of Significant Accounting Policies” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our predominant exposure to market risk is related to our role as general partner or investment adviser to the Blackstone Funds and the sensitivities to movements in the fair value of their investments, including the effect on management fees, performance revenues and investment income. There were no material changes in our market risks as of June 30, 2025 as compared to December 31, 2024. For additional information, refer to our Annual Report on Form 10-K for the year ended December 31, 2024.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain “disclosure controls and procedures,” as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired objectives.
Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are effective at the reasonable assurance level to accomplish their objectives of ensuring that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during our most recent quarter, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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Part II. Other Information
Item 1. Legal Proceedings
We may from time to time be involved in litigation and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us. See “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. We are not currently subject to any pending legal (including judicial, regulatory, administrative or arbitration) proceedings that we expect to have a material impact on our condensed consolidated financial statements. However, given the inherent unpredictability of these types of proceedings and the potentially large and/or indeterminate amounts that could be sought, an adverse outcome in certain matters could have a material effect on Blackstone’s financial results in any particular period. See “Part I. Item 1. Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 16. Commitments and Contingencies — Contingencies — Litigation.”
Item 1A. Risk Factors
For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 , as such factors may be updated from time to time in our subsequently filed reports, all of which are accessible on the United States Securities and Exchange Commission’s website at www.sec.gov.
See “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Business Environment” in this report for a discussion of the conditions in the financial markets and economic conditions affecting our businesses. This discussion updates, and should be read together with, the risk factor entitled “Difficult market and geopolitical conditions can adversely affect our business in many ways, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition.” in our Annual Report on Form 10-K for the year ended December 31, 2024.
The risks described in our Annual Report on Form 10-K and in our subsequently filed periodic reports are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table sets forth information regarding repurchases of shares of our common stock during the three months ended June 30, 2025:
| Period |
Total Number of Shares Purchased |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) |
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (Dollars in Thousands) (a) | ||||||||||||
| Apr. 1 - Apr. 30, 2025 |
27,270 | $ | 132.06 | 27,270 | $ | 1,777,644 | ||||||||||
| May 1 - May 31, 2025 |
95,448 | $ | 140.75 | 95,448 | $ | 1,764,210 | ||||||||||
| Jun. 1 - Jun. 30, 2025 |
77,282 | $ | 139.45 | 77,282 | $ | 1,753,433 | ||||||||||
|
|
|
|
|
|
|
|||||||||||
| 200,000 | 200,000 | |||||||||||||||
|
|
|
|
|
|
|
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| (a) | 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. 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 number of shares repurchased will depend on a variety of factors, including legal requirements, |
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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. See “Part I. Item 1. Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 13. Earnings Per Share and Stockholders’ Equity — Share Repurchase Program” and “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Share Repurchase Program” for further information regarding this repurchase program.
As permitted by our policies and procedures governing transactions in our securities by our directors, executive officers and other employees, from time to time some of these persons may establish plans or arrangements complying with Rule 10b5-1 under the Exchange Act, and similar plans and arrangements relating to our common stock and Blackstone Holdings Partnership Units.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Election of Directors
On August 6, 2025, Blackstone Group Management L.L.C., by a written consent as the sole holder of our Series II preferred stock, elected Stephen A. Schwarzman, Jonathan D. Gray, Joseph P. Baratta, William G. Parrett, James W. Breyer, Reginald J. Brown, Rochelle B. Lazarus, and Ruth Porat as directors of Blackstone Inc. Each director was serving as a director of Blackstone Inc. at the time of election.
Annual Meeting of Stockholders
We will hold our 2025 annual meeting of stockholders (the “Annual Meeting”) at 9:00 a.m., Eastern Time, on September 18, 2025. The Annual Meeting will be held in a virtual meeting format only. Stockholders of record at the close of business on August 18, 2025 (the “Record Date”) can attend the meeting at https://event.webcasts.com/starthere.jsp?ei=1726668&tp_key=fa41c35155. In order to access the Annual Meeting, please be prepared to confirm your ownership of common stock as of the Record Date. Please note that there will not be any matter for stockholders to vote on at the Annual Meeting, and, as such, no action is expected to be taken at the Annual Meeting. Please note that we are not planning on providing any update on our business during the Annual Meeting.
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Item 6. Exhibits
| Exhibit Number |
Exhibit Description | |
| 10.1*+ | Amended and Restated Limited Partnership Agreement of BXGA II GP L.P., dated as of August 8, 2025 and deemed effective as of February 19, 2025. | |
| 31.1* | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a). | |
| 31.2* | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a). | |
| 32.1** | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
| 32.2** | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
| 101.INS* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
| 101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |
| 101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
| 101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
| 101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
| 101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
| 104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |
| * | Filed herewith. |
| ** | Furnished herewith. |
| + | Management contract or compensatory plan or arrangement in which directors or executive officers are eligible to participate. |
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: August 8, 2025
| Blackstone Inc. | ||
| /s/ Michael S. Chae | ||
| Name: | Michael S. Chae | |
| Title: | Chief Financial Officer | |
| (Principal Financial Officer and Authorized Signatory) | ||
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FAQ
What were Blackstone (BX)'s total revenues for the quarter ended June 30, 2025?
How much net income did Blackstone report in Q2 2025 and what was EPS for BX?
What are Blackstone's total assets and investments as of June 30, 2025?
How much did Blackstone distribute to stockholders and unitholders in the first six months of 2025?
Did Blackstone's liabilities change meaningfully in the quarter?
