Blackstone : First-Quarter 2026 Earnings Supplemental Financial Data PDF
BX
Published on 04/23/2026 at 07:06 am EDT
April 23, 2026
Throughout this presentation, all current period amounts are preliminary and unaudited.
($ in thousands)
1Q'23
2Q'23
3Q'23
4Q'23
1Q'24
2Q'24
3Q'24
4Q'24
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
Last Twelve Months
1Q'25 1Q'26
Total Segment Distributable Earnings
$ 1,429,205
$ 1,346,342
$ 1,383,468
$ 1,466,330
$ 1,453,324
$ 1,419,374
$ 1,400,659
$ 2,437,019
$ 1,619,065
$ 1,785,421
$ 1,985,523
$ 2,492,205
$ 1,996,392
$ 6,876,117
$ 8,259,541
Net Interest and Dividend Income (Loss)
(9,108)
46,110
3,890
65,228
(9,801)
(3,425)
(1,731)
(18,480)
(20,530)
(24,643)
(18,552)
(17,276)
(22,118)
(44,166)
(82,589)
Taxes and Related Payables
(171,005)
(180,380)
(175,747)
(143,378)
(177,145)
(163,728)
(120,278)
(249,046)
(187,730)
(195,015)
(77,484)
(230,120)
(209,436)
(720,782)
(712,055)
Distributable Earnings
$ 1,249,092
$ 1,212,072
$ 1,211,611
$ 1,388,180
$ 1,266,378
$ 1,252,221
$ 1,278,650
$ 2,169,493
$ 1,410,805
$ 1,565,763
$ 1,889,487
$ 2,244,809
$ 1,764,838
$ 6,111,169
$ 7,464,897
Additional Metrics:
Total Segment Revenues
$ 2,485,848
$ 2,350,886
$ 2,321,831
$ 2,535,240
$ 2,549,403
$ 2,516,466
$ 2,433,907
$ 4,149,260
$ 2,763,846
$ 3,074,604
$ 3,302,326
$ 3,935,973
$ 3,433,373
$ 11,863,479
$ 13,746,276
Total Assets Under Management
991,293,596
1,001,355,959
1,007,353,458
1,040,192,447
1,061,262,748
1,076,371,811
1,107,628,362
1,127,179,996
1,167,461,910
1,211,207,341
1,241,731,296
1,274,931,234
1,304,017,634
1,167,461,910
1,304,017,634
Fee-Earning Assets Under Management
731,973,409
731,145,065
734,541,603
762,607,902
781,397,555
808,656,801
820,457,203
830,708,603
860,069,950
887,114,205
906,221,028
921,674,454
937,596,454
860,069,950
937,596,454
Weighted-Average Fee-Earning AUM
725,180,149
731,559,237
732,843,334
748,574,752
772,002,728
795,027,178
814,557,002
825,582,903
845,389,276
873,592,078
896,667,616
913,947,741
929,635,454
820,258,022
902,535,218
Inflows
40,359,694
30,115,202
25,343,278
52,700,239
34,041,513
39,376,790
40,540,713
57,499,621
61,634,684
52,077,234
54,196,343
71,476,886
68,541,319
199,051,808
246,291,782
Capital Deployed
10,841,196
19,462,601
12,430,922
31,075,605
24,525,890
33,724,661
34,038,772
41,573,585
36,411,217
33,079,967
26,550,513
42,169,860
35,561,313
145,748,236
137,361,653
Realizations
17,951,836
17,178,175
14,775,981
15,784,847
15,045,112
23,460,101
22,736,943
25,900,324
25,485,611
23,352,375
30,597,526
46,115,237
35,908,311
97,582,979
135,973,449
Management and Advisory Fees, Net
Base Management Fees
$ 1,619,547 $
1,620,609 $
1,619,743 $
1,605,948 $
1,644,730 $
1,651,566 $
1,710,941 $
1,773,645 $
1,807,119 $
1,876,672 $
1,919,702 $
1,945,364 $
1,952,414 $
6,943,271 $
7,694,152
Transaction, Advisory and Other Fees, Net
45,710
92,735
44,611
52,836
66,938
132,536
82,506
117,708
111,309
165,690
156,211
149,621
211,697
444,059
683,219
Management Fee Offsets
(12,870)
(10,158)
(10,514)
(4,953)
(4,097)
(4,164)
(6,713)
(32,062)
(26,430)
(22,350)
(34,093)
(32,766)
(31,303)
(69,369)
(120,512)
Total Management and Advisory Fees, Net
1,652,387
1,703,186
1,653,840
1,653,831
1,707,571
1,779,938
1,786,734
1,859,291
1,891,998
2,020,012
2,041,820
2,062,219
2,132,808
7,317,961
8,256,859
Fee Related Performance Revenues
148,244
266,738
274,551
168,994
295,501
177,067
264,101
1,399,276
293,915
472,050
453,018
606,445
488,098
2,134,359
2,019,611
Fee Related Compensation
(508,971)
(568,808)
(539,923)
(470,408)
(554,077)
(552,913)
(554,855)
(1,077,477)
(616,982)
(700,316)
(658,091)
(715,312)
(729,470)
(2,802,227)
(2,803,189)
Other Operating Expenses
(251,648)
(257,366)
(264,445)
(310,874)
(288,978)
(293,122)
(320,823)
(345,169)
(306,875)
(332,243)
(356,070)
(418,051)
(343,455)
(1,265,989)
(1,449,819)
Fee Related Earnings
$ 1,040,012 $
1,143,750 $
1,124,023 $
1,041,543 $
1,160,017 $
1,110,970 $
1,175,157 $
1,835,921 $
1,262,056 $
1,459,503 $
1,480,677 $
1,535,301 $
1,547,981 $
5,384,104 $
6,023,462
Realized Performance Revenues
641,526
388,423
337,940
693,213
536,393
542,889
342,669
865,080
460,023
553,121
744,953
1,057,432
780,494
2,210,661
3,136,000
Realized Performance Compensation
(296,024)
(178,370)
(133,995)
(287,628)
(253,024)
(251,057)
(157,570)
(289,595)
(220,924)
(256,624)
(302,642)
(310,405)
(364,056)
(919,146)
(1,233,727)
Realized Principal Investment Income (Loss)
43,691
(7,461)
55,500
19,202
9,938
16,572
40,403
25,613
117,910
29,421
62,535
209,877
31,973
200,498
333,806
Total Net Realizations
389,193
202,592
259,445
424,787
293,307
308,404
225,502
601,098
357,009
325,918
504,846
956,904
448,411
1,492,013
2,236,079
($ in thousands)
1Q'23
2Q'23
3Q'23
4Q'23
1Q'24
2Q'24
3Q'24
4Q'24
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
Last Twelve Months
1Q'25 1Q'26
Management Fees, Net
Base Management Fees
$ 705,387 $
709,977 $
697,561 $
681,307 $
694,179 $
685,784 $
672,260 $
664,760 $
664,601 $
673,154 $
670,774 $
644,765 $
636,047 $
2,687,405 $
2,624,740
Transaction and Other Fees, Net
20,561
27,066
10,686
20,170
29,190
75,140
24,810
45,870
40,146
41,720
21,238
38,592
51,738
185,966
153,288
Management Fee Offsets
(10,457)
(8,307)
(7,616)
(2,977)
(2,930)
(3,467)
(1,524)
(8,795)
(3,899)
(3,582)
(3,213)
(2,372)
(10,308)
(17,685)
(19,475)
Total Management Fees, Net
715,491
728,736
700,631
698,500
720,439
757,457
695,546
701,835
700,848
711,292
688,799
680,985
677,477
2,855,686
2,758,553
Fee Related Performance Revenues
20,748
131,299
127,841
14,352
129,958
606
72,428
433
37,803
89,590
124,647
237,608
152,998
111,270
604,843
Fee Related Compensation
(137,610)
(199,006)
(199,384)
(139,880)
(174,569)
(184,404)
(166,567)
(149,425)
(170,525)
(170,209)
(168,377)
(181,181)
(193,137)
(670,921)
(712,904)
Other Operating Expenses
(74,181)
(71,949)
(83,074)
(95,846)
(89,762)
(92,378)
(100,739)
(97,442)
(83,281)
(87,048)
(95,228)
(104,444)
(90,200)
(373,840)
(376,920)
Fee Related Earnings
$ 524,448
$ 589,080
$ 546,014
$ 477,126
$ 586,066
$ 481,281
$ 500,668
$ 455,401
$ 484,845
$ 543,625
$ 549,841
$ 632,968
$ 547,138
$ 1,922,195
$ 2,273,572
Realized Performance Revenues
11,096
119,721
17,419
96,122
49,967
53,472
78,022
19,513
19,010
43,587
132,792
73,384
42,074
170,017
291,837
Realized Performance Compensation
(3,165)
(69,593)
(7,813)
(42,728)
(21,863)
(25,295)
(44,761)
(9,092)
(8,770)
(24,139)
(69,623)
(27,829)
(22,956)
(87,918)
(144,547)
Realized Principal Investment Income (Loss)
2,224
(70)
1,565
3,909
2,193
7,053
6,421
(1,145)
349
2,797
5,303
2,240
(8,805)
12,678
1,535
Total Net Realizations
10,155
50,058
11,171
57,303
30,297
35,230
39,682
9,276
10,589
22,245
68,472
47,795
10,313
94,777
148,825
Segment Distributable Earnings
$ 534,603
$ 639,138
$ 557,185
$ 534,429
$ 616,363
$ 516,511
$ 540,350
$ 464,677
$ 495,434
$ 565,870
$ 618,313
$ 680,763
$ 557,451
$ 2,016,972
$ 2,422,397
Additional Metrics:
Segment Revenues
$ 749,559
$ 979,686
$ 847,456
$ 812,883
$ 902,557
$ 818,588
$ 852,417
$ 720,636
$ 758,010
$ 847,266
$ 951,541
$ 994,217
$ 863,744
$ 3,149,651
$ 3,656,768
Total Assets Under Management
331,797,338
333,241,514
331,500,697
336,940,096
339,332,420
336,100,271
325,075,713
315,353,132
319,988,734
324,994,725
320,490,495
319,342,875
315,284,316
319,988,734
315,284,316
Fee-Earning Assets Under Management
287,497,306
287,556,241
284,936,903
298,889,475
301,583,557
299,066,252
285,488,072
278,914,938
282,060,486
285,826,676
282,579,289
279,427,148
277,502,688
282,060,486
277,502,688
Weighted-Average Fee-Earning AUM
284,732,231
287,526,773
286,246,571
291,913,189
300,236,515
300,324,904
292,277,161
282,201,506
280,487,712
283,943,581
284,202,982
281,003,218
278,464,918
289,422,660
281,479,257
Inflows
17,045,929
7,890,788
9,080,894
19,904,895
8,089,218
5,922,807
5,834,937
8,094,108
6,175,630
7,222,446
3,818,585
8,310,030
6,776,713
26,027,482
26,127,774
Capital Deployed
2,027,483
4,125,926
2,610,367
6,261,702
4,796,519
9,813,906
3,655,251
7,014,543
5,233,084
6,167,832
3,611,577
5,461,491
7,002,095
25,716,785
22,242,995
Realizations
4,423,681
5,542,607
4,210,722
4,567,068
3,847,191
5,454,439
7,405,152
5,457,441
4,306,015
5,249,171
7,349,484
8,646,301
7,039,034
22,623,047
28,283,990
($ in thousands)
1Q'23
2Q'23
3Q'23
4Q'23
1Q'24
2Q'24
3Q'24
4Q'24
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
Last Twelve Months
1Q'25 1Q'26
Management and Advisory Fees, Net
Base Management Fees
$ 475,485 $
466,761 $
481,224 $
480,502 $
474,591 $
468,237
$ 511,355 $
573,672 $
578,444 $
605,068 $
628,402 $
646,067 $
659,991 $
2,131,708 $
2,539,528
Transaction, Advisory and Other Fees, Net
15,597
49,722
22,604
20,925
26,891
46,238
45,592
57,748
54,220
108,988
106,903
92,420
150,938
203,798
459,249
Management Fee Offsets
(1,310)
(794)
(2,000)
(1,124)
(275)
376
(4,127)
(2,018)
(10,872)
(7,758)
(17,915)
(12,358)
(9,007)
(16,641)
(47,038)
Total Management and Advisory Fees, Net
489,772
515,689
501,828
500,303
501,207
514,851
552,820
629,402
621,792
706,298
717,390
726,129
801,922
2,318,865
2,951,739
Fee Related Performance Revenues
-
-
-
-
-
8,703
5,868
1,170,857
60,904
192,331
126,652
168,098
170,697
1,246,332
657,778
Fee Related Compensation
(167,726)
(162,379)
(152,491)
(137,082)
(162,559)
(158,068)
(169,059)
(674,551)
(203,319)
(266,925)
(231,915)
(259,289)
(262,813)
(1,204,997)
(1,020,942)
Other Operating Expenses
(79,751)
(77,423)
(81,738)
(90,309)
(90,035)
(87,436)
(96,660)
(117,178)
(102,894)
(112,300)
(120,743)
(146,375)
(112,928)
(404,168)
(492,346)
Fee Related Earnings
$ 242,295
$ 275,887
$ 267,599
$ 272,912
$ 248,613
$ 278,050
$ 292,969
$ 1,008,530
$ 376,483
$ 519,404
$ 491,384
$ 488,563
$ 596,878
$ 1,956,032
$ 2,096,229
Realized Performance Revenues
501,007
220,886
299,271
322,701
449,874
381,797
216,643
344,133
350,073
408,980
559,383
351,672
637,989
1,292,646
1,958,024
Realized Performance Compensation
(233,597)
(90,162)
(114,211)
(146,184)
(220,481)
(179,761)
(94,800)
(138,449)
(171,141)
(196,824)
(205,967)
(131,006)
(294,536)
(584,151)
(828,333)
Realized Principal Investment Income
34,168
11,708
22,682
7,662
22,429
5,725
9,028
15,174
9,176
19,859
26,686
10,774
45,348
39,103
102,667
Total Net Realizations
301,578
142,432
207,742
184,179
251,822
207,761
130,871
220,858
188,108
232,015
380,102
231,440
388,801
747,598
1,232,358
Segment Distributable Earnings
$ 543,873
$ 418,319
$ 475,341
$ 457,091
$ 500,435
$ 485,811
$ 423,840
$ 1,229,388
$ 564,591
$ 751,419
$ 871,486
$ 720,003
$ 985,679
$ 2,703,630
$ 3,328,587
Additional Metrics:
Segment Revenues
$ 1,024,947
$ 748,283
$ 823,781
$ 830,666
$ 973,510
$ 911,076
$ 784,359
$ 2,159,566
$ 1,041,945
$ 1,327,468
$ 1,430,111
$ 1,256,673
$ 1,655,956
$ 4,896,946
$ 5,670,208
Total Assets Under Management
298,100,332
305,277,730
308,569,957
314,391,397
320,809,532
330,589,586
344,710,201
352,168,635
370,989,871
388,907,242
395,607,045
416,423,156
429,909,808
370,989,871
429,909,808
Fee-Earning Assets Under Management
174,370,064
173,736,641
175,877,372
176,997,265
179,353,534
200,486,740
208,681,656
212,182,896
226,219,392
232,160,209
235,003,905
240,959,058
255,840,774
226,219,392
255,840,774
Weighted-Average Fee-Earning AUM
175,180,514
174,053,353
174,807,007
176,437,319
178,175,400
189,920,137
204,584,198
210,432,276
219,201,144
229,189,801
233,582,057
237,981,482
248,399,916
205,384,844
238,036,668
Inflows
4,576,163
8,637,945
3,575,508
7,196,951
7,364,349
12,102,058
10,201,293
11,617,426
21,684,524
15,323,222
10,811,754
20,321,173
20,353,090
55,605,301
66,809,239
Capital Deployed
3,571,390
11,376,128
3,345,440
6,573,894
7,347,969
11,314,308
11,395,437
12,132,834
16,367,958
11,758,870
5,564,248
12,811,670
14,513,047
51,210,537
44,647,835
Realizations
8,678,198
5,123,538
5,189,356
5,435,552
5,286,611
7,822,794
5,255,528
10,565,575
6,467,225
7,316,081
9,292,220
10,802,743
14,564,004
30,111,122
41,975,048
($ in thousands)
1Q'23
2Q'23
3Q'23
4Q'23
1Q'24
2Q'24
3Q'24
4Q'24
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
Last Twelve Months
1Q'25 1Q'26
Management Fees, Net
Base Management Fees
$ 317,253 $
326,066 $
324,148 $
329,939 $
360,921 $
380,943 $
407,947 $
411,838 $
443,223 $
467,657 $
483,078 $
515,189 $
509,847 $
1,643,951 $
1,975,771
Transaction and Other Fees, Net
8,448
14,995
10,357
10,742
9,786
10,250
11,164
13,154
15,480
13,980
27,062
17,593
10,628
50,048
69,263
Management Fee Offsets
(1,101)
(1,056)
(898)
(852)
(892)
(993)
(1,062)
(21,249)
(11,659)
(11,010)
(12,965)
(18,036)
(11,988)
(34,963)
(53,999)
Total Management Fees, Net
324,600
340,005
333,607
339,829
369,815
390,200
418,049
403,743
447,044
470,627
497,175
514,746
508,487
1,659,036
1,991,035
Fee Related Performance Revenues
127,496
135,439
146,710
154,642
165,543
167,758
185,805
227,986
195,208
190,129
201,719
200,739
164,403
776,757
756,990
Fee Related Compensation
(161,087)
(165,147)
(145,011)
(156,819)
(178,521)
(172,551)
(181,586)
(222,962)
(201,618)
(220,305)
(218,425)
(229,288)
(226,493)
(778,717)
(894,511)
Other Operating Expenses
(73,565)
(80,443)
(75,227)
(94,538)
(84,576)
(88,348)
(97,756)
(100,674)
(96,278)
(107,426)
(113,120)
(133,577)
(114,563)
(383,056)
(468,686)
Fee Related Earnings
$ 217,444
$ 229,854
$ 260,079
$ 243,114
$ 272,261
$ 297,059
$ 324,512
$ 308,093
$ 344,356
$ 333,025
$ 367,349
$ 352,620
$ 331,834
$ 1,274,020
$ 1,384,828
Realized Performance Revenues
125,181
42,344
14,349
135,746
15,120
91,247
42,926
163,799
91,597
87,393
40,124
167,615
78,126
389,569
373,258
Realized Performance Compensation
(56,491)
(17,572)
(5,453)
(60,694)
(5,321)
(37,738)
(16,489)
(70,266)
(40,495)
(30,433)
(21,123)
(69,442)
(31,197)
(164,988)
(152,195)
Realized Principal Investment Income (Loss)
5,966
(19,394)
29,181
5,999
3,561
3,511
24,239
8,544
107,903
5,800
29,855
192,312
(5,705)
144,197
222,262
Total Net Realizations
74,656
5,378
38,077
81,051
13,360
57,020
50,676
102,077
159,005
62,760
48,856
290,485
41,224
368,778
443,325
Segment Distributable Earnings
$ 292,100
$ 235,232
$ 298,156
$ 324,165
$ 285,621
$ 354,079
$ 375,188
$ 410,170
$ 503,361
$ 395,785
$ 416,205
$ 643,105
$ 373,058
$ 1,642,798
$ 1,828,153
Additional Metrics:
Segment Revenues
$ 583,243
$ 498,394
$ 523,847
$ 636,216
$ 554,039
$ 652,716
$ 671,019
$ 804,072
$ 841,752
$ 753,949
$ 768,873
$ 1,075,412
$ 745,311
$ 2,969,559
$ 3,343,545
Total Assets Under Management
285,120,725
288,410,617
290,908,112
312,674,037
322,525,630
330,117,204
354,741,520
375,507,818
388,720,401
407,296,172
432,315,679
442,951,606
457,462,151
388,720,401
457,462,151
Fee-Earning Assets Under Management
201,021,682
202,794,690
204,974,045
218,188,936
229,350,998
237,285,546
251,567,431
264,617,560
274,120,326
288,931,236
305,193,225
315,640,583
313,255,195
274,120,326
313,255,195
Weighted-Average Fee-Earning AUM
196,778,688
201,908,186
203,884,368
211,581,490
223,769,967
233,318,272
244,426,489
258,092,495
269,368,943
281,525,781
297,062,231
310,416,904
314,447,889
251,388,372
299,428,113
Inflows
16,440,219
12,168,752
10,388,817
23,134,831
16,981,513
18,647,797
21,389,914
34,180,938
30,349,112
26,818,000
35,998,834
38,968,928
37,018,985
104,567,761
138,804,747
Capital Deployed
4,825,031
3,758,943
5,817,059
16,603,608
11,955,577
11,777,747
18,416,578
21,633,496
13,998,335
14,098,000
16,656,249
22,940,859
13,034,989
65,826,156
66,730,097
Realizations
4,505,798
5,533,339
4,957,840
5,083,748
5,470,816
9,518,399
9,631,685
8,698,181
13,887,543
9,962,065
12,961,129
25,597,583
13,666,896
41,735,808
62,187,673
($ in thousands)
1Q'23
2Q'23
3Q'23
4Q'23
1Q'24
2Q'24
3Q'24
4Q'24
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
Last Twelve Months
1Q'25 1Q'26
Management Fees, Net
Base Management Fees
$ 121,422 $
117,805 $
116,810 $
114,200 $
115,039 $
116,602 $
119,379 $
123,375 $
120,851 $
130,793 $
137,448 $
139,343 $
146,529 $
480,207 $
554,113
Transaction and Other Fees, Net
1,104
952
964
999
1,071
908
940
936
1,463
1,002
1,008
1,016
(1,607)
4,247
1,419
Management Fee Offsets
(2)
(1)
-
-
-
(80)
-
-
-
-
-
-
-
(80)
-
Total Management Fees, Net
122,524
118,756
117,774
115,199
116,110
117,430
120,319
124,311
122,314
131,795
138,456
140,359
144,922
484,374
555,532
Fee Related Compensation
(42,548)
(42,276)
(43,037)
(36,627)
(38,428)
(37,890)
(37,643)
(30,539)
(41,520)
(42,877)
(39,374)
(45,554)
(47,027)
(147,592)
(174,832)
Other Operating Expenses
(24,151)
(27,551)
(24,406)
(30,181)
(24,605)
(24,960)
(25,668)
(29,875)
(24,422)
(25,469)
(26,979)
(33,655)
(25,764)
(104,925)
(111,867)
Fee Related Earnings
$ 55,825 $
48,929 $
50,331 $
48,391 $
53,077 $
54,580 $
57,008 $
63,897 $
56,372 $
63,449 $
72,103 $
61,150 $
72,131 $
231,857 $
268,833
Realized Performance Revenues
4,242
5,472
6,901
138,644
21,432
16,373
5,078
337,635
(657)
13,161
12,654
464,761
22,305
358,429
512,881
Realized Performance Compensation
(2,771)
(1,043)
(6,518)
(38,022)
(5,359)
(8,263)
(1,520)
(71,788)
(518)
(5,228)
(5,929)
(82,128)
(15,367)
(82,089)
(108,652)
Realized Principal Investment Income (Loss)
1,333
295
2,072
1,632
(18,245)
283
715
3,040
482
965
691
4,551
1,135
4,520
7,342
Total Net Realizations
2,804
4,724
2,455
102,254
(2,172)
8,393
4,273
268,887
(693)
8,898
7,416
387,184
8,073
280,860
411,571
Segment Distributable Earnings
$ 58,629
$ 53,653
$ 52,786
$ 150,645
$ 50,905
$ 62,973
$ 61,281
$ 332,784
$ 55,679
$ 72,347
$ 79,519
$ 448,334
$ 80,204
$ 512,717
$ 680,404
Additional Metrics:
Segment Revenues
$ 128,099
$ 124,523
$ 126,747
$ 255,475
$ 119,297
$ 134,086
$ 126,112
$ 464,986
$ 122,139
$ 145,921
$ 151,801
$ 609,671
$ 168,362
$ 847,323
$ 1,075,755
Total Assets Under Management
76,275,201
74,426,098
76,374,692
76,186,917
78,595,166
79,564,750
83,100,928
84,150,411
87,762,904
90,009,202
93,318,077
96,213,597
101,361,359
87,762,904
101,361,359
Fee-Earning Assets Under Management
69,084,357
67,057,493
68,753,283
68,532,226
71,109,466
71,818,263
74,720,044
74,993,209
77,669,746
80,196,084
83,444,609
85,647,665
90,997,797
77,669,746
90,997,797
Weighted-Average Fee-Earning AUM
68,488,716
68,070,925
67,905,388
68,642,754
69,820,846
71,463,865
73,269,154
74,856,626
76,331,477
78,932,915
81,820,346
84,546,137
88,322,731
74,062,146
83,591,180
Inflows
2,297,383
1,417,717
2,298,059
2,463,562
1,606,433
2,704,128
3,114,569
3,607,149
3,425,418
2,713,566
3,567,170
3,876,755
4,392,531
12,851,264
14,550,022
Capital Deployed
417,292
201,604
658,056
1,636,401
425,825
818,700
571,506
792,712
811,840
1,055,265
718,439
955,840
1,011,182
2,994,758
3,740,726
Realizations
344,159
978,691
418,063
698,479
440,494
664,469
444,578
1,179,127
824,828
825,058
994,693
1,068,610
638,377
3,113,002
3,526,738
($ in thousands)
2021
2022
2023
2024
2025
Management and Advisory Fees, Net
Base Management Fees
$ 4,819,275
$ 6,045,038
$ 6,465,847
$ 6,780,882
$ 7,548,857
Transaction, Advisory and Other Fees, Net
391,938
310,117
235,892
399,688
582,831
Management Fee Offsets
(43,971)
(72,209)
(38,495)
(47,036)
(115,639)
Total Management and Advisory Fees, Net
5,167,242
6,282,946
6,663,244
7,133,534
8,016,049
Fee Related Performance Revenues
2,025,244
1,449,497
858,527
2,135,945
1,825,428
Fee Related Compensation
(2,348,010)
(2,330,775)
(2,088,110)
(2,739,322)
(2,690,701)
Other Operating Expenses
(793,677)
(989,023)
(1,084,333)
(1,248,092)
(1,413,239)
Fee Related Earnings
$ 4,050,799
$ 4,412,645
$ 4,349,328
$ 5,282,065
$ 5,737,537
Realized Performance Revenues
3,883,112
4,461,338
2,061,102
2,287,031
2,815,529
Realized Performance Compensation
(1,557,570)
(1,814,097)
(896,017)
(951,246)
(1,090,595)
Realized Principal Investment Income
587,766
396,256
110,932
92,526
419,743
Total Net Realizations
2,913,308
3,043,497
1,276,017
1,428,311
2,144,677
Total Segment Distributable Earnings
$ 6,964,107
$ 7,456,142
$ 5,625,345
$ 6,710,376
$ 7,882,214
Net Interest and Dividend Income (Loss)
(33,588)
(31,494)
106,120
(33,437)
(81,001)
Taxes and Related Payables
(759,682)
(791,868)
(670,510)
(710,197)
(690,349)
Distributable Earnings
$ 6,170,837
$ 6,632,780
$ 5,060,955
$ 5,966,742
$ 7,110,864
Additional Metrics:
Total Segment Revenues
$ 11,663,364
$ 12,590,037
$ 9,693,805
$ 11,649,036
$ 13,076,749
Total Assets Under Management
880,901,720
974,673,077
1,040,192,447
1,127,179,996
1,274,931,234
Fee-Earning Assets Under Management
649,969,058
718,386,888
762,607,902
830,708,603
921,674,454
Weighted-Average Fee-Earning AUM
525,594,531
687,198,112
735,730,973
800,765,613
881,157,648
Inflows
270,471,654
226,039,439
148,518,413
171,458,637
239,385,147
Capital Deployed
144,425,507
120,553,941
73,810,324
133,862,908
138,211,557
Realizations
77,209,503
81,767,640
65,690,839
87,142,480
125,550,749
($ in thousands)
2021
2022
2023
2024
2025
Management Fees, Net
Base Management Fees
$ 1,895,412
$ 2,462,179
$ 2,794,232
$ 2,716,983
$ 2,653,294
Transaction and Other Fees, Net
160,395
171,424
78,483
175,010
141,696
Management Fee Offsets
(3,499)
(10,538)
(29,357)
(16,716)
(13,066)
Total Management Fees, Net
2,052,308
2,623,065
2,843,358
2,875,277
2,781,924
Fee Related Performance Revenues
1,695,019
1,075,424
294,240
203,425
489,648
Fee Related Compensation
(1,161,349)
(1,039,125)
(675,880)
(674,965)
(690,292)
Other Operating Expenses
(234,505)
(315,331)
(325,050)
(380,321)
(370,001)
Fee Related Earnings
$ 2,351,473
$ 2,344,033
$ 2,136,668
$ 2,023,416
$ 2,211,279
Realized Performance Revenues
1,119,612
2,985,713
244,358
200,974
268,773
Realized Performance Compensation
(443,220)
(1,168,045)
(123,299)
(101,011)
(130,361)
Realized Principal Investment Income
196,869
150,790
7,628
14,522
10,689
Total Net Realizations
873,261
1,968,458
128,687
114,485
149,101
Segment Distributable Earnings
$ 3,224,734
$ 4,312,491
$ 2,265,355
$ 2,137,901
$ 2,360,380
Additional Metrics:
Segment Revenues
$ 5,063,808
$ 6,834,992
$ 3,389,584
$ 3,294,198
$ 3,551,034
Total Assets Under Management
279,474,105
326,146,904
336,940,096
315,353,132
319,342,875
Fee-Earning Assets Under Management
221,476,699
281,967,153
298,889,475
278,914,938
279,427,148
Weighted-Average Fee-Earning AUM
174,576,308
253,927,805
288,169,416
292,788,459
281,761,708
Inflows
75,257,777
90,199,877
53,922,506
27,941,070
25,526,691
Capital Deployed
45,908,612
47,943,344
15,025,478
25,280,219
20,473,984
Realizations
19,490,016
37,061,836
18,744,078
22,164,223
25,550,971
($ in thousands)
2021
2022
2023
2024
2025
Management and Advisory Fees, Net
Base Management Fees
$ 1,638,300
$ 1,882,197
$ 1,903,972
$ 2,027,855
$ 2,457,981
Transaction, Advisory and Other Fees, Net
179,204
97,972
108,848
176,469
362,531
Management Fee Offsets
(33,588)
(56,078)
(5,228)
(6,044)
(48,903)
Total Management and Advisory Fees, Net
1,783,916
1,924,091
2,007,592
2,198,280
2,771,609
Fee Related Performance Revenues
212,128
(648)
-
1,185,428
547,985
Fee Related Compensation
(687,408)
(599,758)
(619,678)
(1,164,237)
(961,448)
Other Operating Expenses
(274,360)
(314,967)
(329,221)
(391,309)
(482,312)
Fee Related Earnings
$ 1,034,276
$ 1,008,718
$ 1,058,693
$ 1,828,162
$ 1,875,834
Realized Performance Revenues
2,296,036
1,206,594
1,343,865
1,392,447
1,670,108
Realized Performance Compensation
(952,913)
(550,306)
(584,154)
(633,491)
(704,938)
Realized Principal Investment Income
269,679
144,585
76,220
52,356
66,495
Total Net Realizations
1,612,802
800,873
835,931
811,312
1,031,665
Segment Distributable Earnings
$ 2,647,078
$ 1,809,591
$ 1,894,624
$ 2,639,474
$ 2,907,499
Additional Metrics:
Segment Revenues
$ 4,561,759
$ 3,274,622
$ 3,427,677
$ 4,828,511
$ 5,056,197
Total Assets Under Management
272,810,231
299,850,659
314,391,397
352,168,635
416,423,156
Fee-Earning Assets Under Management
166,331,770
175,990,967
176,997,265
212,182,896
240,959,058
Weighted-Average Fee-Earning AUM
146,196,066
172,596,369
175,394,461
195,540,418
229,305,092
Inflows
55,633,265
52,712,942
23,986,567
41,285,126
68,140,673
Capital Deployed
50,116,995
29,070,305
24,866,852
42,190,548
46,502,746
Realizations
37,169,693
24,926,992
24,426,644
28,930,508
33,878,269
($ in thousands)
2021
2022
2023
2024
2025
Management Fees, Net
Base Management Fees
$ 720,131
$ 1,185,289
$ 1,297,406
$ 1,561,649
$ 1,909,147
Transaction and Other Fees, Net
44,676
34,481
44,542
44,354
74,115
Management Fee Offsets
(6,653)
(5,432)
(3,907)
(24,196)
(53,670)
Total Management Fees, Net
758,154
1,214,338
1,338,041
1,581,807
1,929,592
Fee Related Performance Revenues
118,097
374,721
564,287
747,092
787,795
Fee Related Compensation
(348,826)
(512,727)
(628,064)
(755,620)
(869,636)
Other Operating Expenses
(196,457)
(260,028)
(323,773)
(371,354)
(450,401)
Fee Related Earnings
$ 330,968
$ 816,304
$ 950,491
$ 1,201,925
$ 1,397,350
Realized Performance Revenues
209,126
147,285
317,620
313,092
386,729
Realized Performance Compensation
(94,443)
(63,845)
(140,210)
(129,814)
(161,493)
Realized Principal Investment Income
67,994
79,763
21,752
39,855
335,870
Total Net Realizations
182,677
163,203
199,162
223,133
561,106
Segment Distributable Earnings
$ 513,645
$ 979,507
$ 1,149,653
$ 1,425,058
$ 1,958,456
Additional Metrics:
Segment Revenues
$ 1,153,371
$ 1,816,107
$ 2,241,700
$ 2,681,846
$ 3,439,986
Total Assets Under Management
251,150,891
273,746,559
312,674,037
375,507,818
442,951,606
Fee-Earning Assets Under Management
191,174,657
192,535,693
218,188,936
264,617,560
315,640,583
Weighted-Average Fee-Earning AUM
132,334,113
190,759,236
203,903,009
240,202,094
289,700,586
Inflows
128,833,582
71,695,591
62,132,619
91,200,162
132,134,874
Capital Deployed
45,501,607
42,336,344
31,004,641
63,783,398
67,693,443
Realizations
19,229,656
18,132,037
20,080,725
33,319,081
62,408,320
($ in thousands)
2021
2022
2023
2024
2025
Management Fees, Net
Base Management Fees
$ 565,432
$ 515,373
$ 470,237
$ 474,395
$ 528,435
Transaction and Other Fees, Net
7,663
6,240
4,019
3,855
4,489
Management Fee Offsets
(231)
(161)
(3)
(80)
-
Total Management Fees, Net
572,864
521,452
474,253
478,170
532,924
Fee Related Compensation
(150,427)
(179,165)
(164,488)
(144,500)
(169,325)
Other Operating Expenses
(88,355)
(98,697)
(106,289)
(105,108)
(110,525)
Fee Related Earnings
$ 334,082
$ 243,590
$ 203,476
$ 228,562
$ 253,074
Realized Performance Revenues
258,338
121,746
155,259
380,518
489,919
Realized Performance Compensation
(66,994)
(31,901)
(48,354)
(86,930)
(93,803)
Realized Principal Investment Income (Loss)
53,224
21,118
5,332
(14,207)
6,689
Total Net Realizations
244,568
110,963
112,237
279,381
402,805
Segment Distributable Earnings
$ 578,650
$ 354,553
$ 315,713
$ 507,943
$ 655,879
Additional Metrics:
Segment Revenues
$ 884,426
$ 664,316
$ 634,844
$ 844,481
$ 1,029,532
Total Assets Under Management
77,466,493
74,928,955
76,186,917
84,150,411
96,213,597
Fee-Earning Assets Under Management
70,985,932
67,893,075
68,532,226
74,993,209
85,647,665
Weighted-Average Fee-Earning AUM
72,488,044
69,914,702
68,264,087
72,234,642
80,390,262
Inflows
10,747,030
11,431,029
8,476,721
11,032,279
13,582,909
Capital Deployed
2,898,293
1,203,948
2,913,353
2,608,743
3,541,384
Realizations
1,320,138
1,646,775
2,439,392
2,728,668
3,713,189
GAAP - Consolidated Statements of Operations
($ in thousands) (unaudited)
1Q'23
2Q'23
3Q'23
4Q'23
1Q'24
2Q'24
3Q'24
4Q'24
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
Last Twelve Months
1Q'25 1Q'26
Revenues
Management and Advisory Fees, Net
$ 1,658,315
$ 1,709,370
$ 1,655,443
$ 1,648,132
$ 1,727,148
$ 1,787,313
$ 1,794,894
$ 1,879,581
$ 1,904,317
$ 2,035,495
$ 2,056,248
$ 2,079,541
$ 2,148,620
$ 7,366,105
$ 8,319,904
Incentive Fees
142,876
153,077
158,801
240,417
179,341
188,299
191,794
404,744
191,825
195,414
200,675
390,288
165,419
976,662
951,796
Investment Income (Loss)
Performance Allocations
Realized
646,894
502,084
453,690
621,173
652,517
531,641
414,755
1,858,833
562,050
829,820
997,296
1,273,077
1,103,173
3,367,279
4,203,366
Unrealized
(759,212)
114,395
(63,204)
(983,647)
445,943
122,229
1,154,918
(1,351,683)
263,201
313,283
(215,818)
282,397
283,452
188,665
663,314
Principal Investments
Realized
108,058
54,835
94,313
46,617
78,597
74,045
95,235
84,381
185,542
97,171
152,652
262,267
143,020
439,203
655,110
Unrealized
(491,417)
164,089
69,340
(345,166)
461,623
(31,776)
(1,864)
(47,392)
158,713
365,391
(238,658)
(37,142)
(385,002)
77,681
(295,411)
Total Investment Income (Loss)
(495,677)
835,403
554,139
(661,023)
1,638,680
696,139
1,663,044
544,139
1,169,506
1,605,665
695,472
1,780,599
1,144,643
4,072,828
5,226,379
Interest and Dividend Revenue
90,485
148,505
109,133
168,374
97,839
104,999
109,774
98,547
97,420
100,389
107,538
110,746
107,940
410,740
426,613
Other
(14,154)
(31,664)
63,769
(110,880)
44,820
19,631
(96,312)
155,554
(73,610)
(225,063)
28,702
(902)
50,973
5,263
(146,290)
Total Revenues
$ 1,381,845
$ 2,814,691
$ 2,541,285
$ 1,285,020
$ 3,687,828
$ 2,796,381
$ 3,663,194
$ 3,082,565
$ 3,289,458
$ 3,711,900
$ 3,088,635
$ 4,360,272
$ 3,617,595
$ 12,831,598
$ 14,778,402
Expenses
Compensation and Benefits
Compensation
716,285
737,017
700,268
631,877
794,803
766,647
732,041
754,738
1,029,362
870,358
845,659
925,814
1,166,897
3,282,788
3,808,728
Incentive Fee Compensation
63,281
64,227
65,432
88,127
73,707
77,139
73,464
149,276
57,029
67,363
61,882
88,628
54,368
356,908
272,241
Performance Allocations Compensation
Realized
296,794
205,196
168,620
230,249
258,894
260,736
169,740
742,847
241,890
331,191
354,765
369,626
433,449
1,415,213
1,489,031
Unrealized
(313,249)
54,155
11,866
(407,175)
180,900
101,680
465,099
(607,658)
103,559
152,618
(31,547)
152,332
89,701
62,680
363,104
Total Compensation and Benefits
763,111
1,060,595
946,186
543,078
1,308,304
1,206,202
1,440,344
1,039,203
1,431,840
1,421,530
1,230,759
1,536,400
1,744,415
5,117,589
5,933,104
General, Administrative and Other
273,394
275,034
279,186
289,691
369,950
311,928
340,945
339,086
332,373
360,817
383,580
447,778
372,821
1,324,332
1,564,996
Interest Expense
104,441
108,096
110,599
108,732
108,203
108,616
111,337
115,532
118,115
135,822
126,288
128,089
137,053
453,600
527,252
Fund Expenses
48,399
31,585
38,934
69
3,950
5,960
3,470
6,296
12,104
14,434
10,060
12,618
8,004
27,830
45,116
Total Expenses
$ 1,189,345
$ 1,475,310
$ 1,374,905
$ 941,570
$ 1,790,407
$ 1,632,706
$ 1,896,096
$ 1,500,117
$ 1,894,432
$ 1,932,603
$ 1,750,687
$ 2,124,885
$ 2,262,293
$ 6,923,351
$ 8,070,468
Other Income
Change in Tax Receivable Agreement Liability
(5,208)
7,095
-
(29,083)
-
-
-
(41,246)
-
-
-
6,591
-
(41,246)
6,591
Net Gains (Losses) from Fund Investment Activities
71,064
80,500
(49,078)
(159,287)
(17,767)
44,934
42,842
20,075
57,575
136,330
108,634
114,858
99,755
165,426
459,577
Income Before Provision for Taxes
$ 258,356
$ 1,426,976
$ 1,117,302
$ 155,080
$ 1,879,654
$ 1,208,609
$ 1,809,940
$ 1,561,277
$ 1,452,601
$ 1,915,627
$ 1,446,582
$ 2,356,836
$ 1,455,057
$ 6,032,427
$ 7,174,102
Provision for Taxes
47,675
223,269
196,560
45,957
283,671
260,246
245,303
232,451
243,827
289,494
209,657
382,045
197,150
981,827
1,078,346
Net Income
$ 210,681
$ 1,203,707
$ 920,742
$ 109,123
$ 1,595,983
$ 948,363
$ 1,564,637
$ 1,328,826
$ 1,208,774
$ 1,626,133
$ 1,236,925
$ 1,974,791
$ 1,257,907
$ 5,050,600
$ 6,095,756
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities
(6,700)
17,688
(92,577)
(163,929)
(39,669)
258
(22,184)
306
7,900
18,209
29,008
(9,617)
21,010
(13,720)
58,610
Net Income Attributable to Non-Controlling Interests in Consolidated Entities
74,869
89,436
20,716
39,134
102,827
100,583
202,929
67,487
100,547
240,836
125,890
193,295
117,367
471,546
677,388
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings
56,700
495,309
440,609
82,118
685,439
403,108
603,057
557,160
485,475
602,844
457,110
775,912
469,801
2,048,800
2,305,667
Net Income Attributable to Blackstone Inc.
$ 85,812
$ 601,274
$ 551,994
$ 151,800
$ 847,386
$ 444,414
$ 780,835
$ 703,873
$ 614,852
$ 764,244
$ 624,917
$ 1,015,201
$ 649,729
$ 2,543,974
$ 3,054,091
($ in thousands) (unaudited)
2021
2022
2023
2024
2025
Revenues
Management and Advisory Fees, Net
$ 5,170,707
$ 6,303,315
$ 6,671,260
$ 7,188,936
$ 8,075,601
Incentive Fees
253,991
525,127
695,171
964,178
978,202
Investment Income
Performance Allocations
Realized
5,653,452
5,381,640
2,223,841
3,457,746
3,662,243
Unrealized
8,675,246
(3,435,056)
(1,691,668)
371,407
643,063
Principal Investments
Realized
1,003,822
850,327
303,823
332,258
697,632
Unrealized
1,456,201
(1,563,849)
(603,154)
380,591
248,304
Total Investment Income
16,788,721
1,233,062
232,842
4,542,002
5,251,242
Interest and Dividend Revenue
160,643
271,612
516,497
411,159
416,093
Other
203,086
184,557
(92,929)
123,693
(270,873)
Total Revenues
$ 22,577,148
$ 8,517,673
$ 8,022,841
$ 13,229,968
$ 14,450,265
Expenses
Compensation and Benefits
Compensation
2,161,973
2,569,780
2,785,447
3,048,229
3,671,193
Incentive Fee Compensation
98,112
207,998
281,067
373,586
274,902
Performance Allocations Compensation
Realized
2,311,993
2,225,264
900,859
1,432,217
1,297,472
Unrealized
3,778,048
(1,470,588)
(654,403)
140,021
376,962
Total Compensation and Benefits
8,350,126
3,532,454
3,312,970
4,994,053
5,620,529
General, Administrative and Other
917,847
1,092,671
1,117,305
1,361,909
1,524,548
Interest Expense
198,268
317,225
431,868
443,688
508,314
Fund Expenses
10,376
30,675
118,987
19,676
49,216
Total Expenses
$ 9,476,617
$ 4,973,025
$ 4,981,130
$ 6,819,326
$ 7,702,607
Other Income
Change in Tax Receivable Agreement Liability
(2,759)
22,283
(27,196)
(41,246)
6,591
Net Gains (Losses) from Fund Investment Activities
461,624
(105,142)
(56,801)
90,084
417,397
Income Before Provision for Taxes
$ 13,559,396
$ 3,461,789
$ 2,957,714
$ 6,459,480
$ 7,171,646
Provision for Taxes
1,184,401
472,880
513,461
1,021,671
1,125,023
Net Income
$ 12,374,995
$ 2,988,909
$ 2,444,253
$ 5,437,809
$ 6,046,623
Net Income (Loss) Attributable to Redeemable
Non-Controlling Interests in Consolidated Entities 5,740
(142,890)
(245,518)
(61,289)
45,500
Net Income Attributable to Non-Controlling Interests
in Consolidated Entities 1,625,306
107,766
224,155
473,826
660,568
Net Income Attributable to Non-Controlling Interests
in Blackstone Holdings 4,886,552
1,276,402
1,074,736
2,248,764
2,321,341
Net Income Attributable to Blackstone Inc. $ 5,857,397 $ 1,747,631 $ 1,390,880 $ 2,776,508 $ 3,019,214
Reconciliation of GAAP to Non-GAAP Measures
($ in thousands)
1Q'23
2Q'23
3Q'23
4Q'23
1Q'24
2Q'24
3Q'24
4Q'24
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
Last Twelve Months
1Q'25 1Q'26
Net Income Attributable to Blackstone Inc.
$ 85,812 $
601,274 $
551,994 $
151,800 $
847,386 $
444,414 $
780,835 $
703,873 $
614,852 $
764,244 $
624,917
$ 1,015,201 $
649,729
$ 2,543,974
$ 3,054,091
Net Income Attributable to Non-Controlling
Interests in Blackstone Holdings 56,700
495,309
440,609
82,118
685,439
403,108
603,057
557,160
485,475
602,844
457,110
775,912
469,801
2,048,800
2,305,667
Net Income Attributable to Non-Controlling
Interests in Consolidated Entities 74,869
89,436
20,716
39,134
102,827
100,583
202,929
67,487
100,547
240,836
125,890
193,295
117,367
471,546
677,388
Net Income (Loss) Attributable to Redeemable
Non-Controlling Interests in Consolidated Entities (6,700)
17,688
(92,577)
(163,929)
(39,669)
258
(22,184)
306
7,900
18,209
29,008
(9,617)
21,010
(13,720)
58,610
Net Income $ 210,681
$ 1,203,707
$ 920,742
$ 109,123
$ 1,595,983
$ 948,363
$ 1,564,637
$ 1,328,826
$ 1,208,774
$ 1,626,133
$ 1,236,925
$ 1,974,791
$ 1,257,907
$ 5,050,600
$ 6,095,756
Provision for Taxes 47,675
223,269
196,560
45,957
283,671
260,246
245,303
232,451
243,827
289,494
209,657
382,045
197,150
981,827
1,078,346
Income Before Provision for Taxes
$ 258,356
$ 1,426,976
$ 1,117,302
$ 155,080
$ 1,879,654
$ 1,208,609
$ 1,809,940
$ 1,561,277
$ 1,452,601
$ 1,915,627
$ 1,446,582
$ 2,356,836
$ 1,455,057
$ 6,032,427
$ 7,174,102
Transaction-Related and Non-Recurring Items (a)
8,621
2,228
6,250
8,882
52,197
4,962
(394)
(393)
18,824
10,381
(9,412)
(6,822)
6,967
22,999
1,114
Amortization of Intangibles (b)
11,341
7,412
7,357
7,347
7,333
7,333
7,333
7,333
7,333
7,333
7,333
7,327
7,288
29,332
29,281
Impact of Consolidation (c)
(68,169)
(107,124)
71,861
124,795
(63,158)
(100,841)
(180,745)
(67,793)
(108,447)
(259,045)
(154,898)
(183,678)
(138,377)
(457,826)
(735,998)
Unrealized Performance Revenues (d)
759,316
(114,379)
63,209
983,642
(445,936)
(122,239)
(1,154,905)
1,351,673
(263,201)
(313,256)
215,872
(282,372)
(283,355)
(188,672)
(663,111)
Unrealized Performance Allocations Compensation (e)
(313,249)
54,155
11,866
(407,175)
180,900
101,680
465,099
(607,658)
103,559
152,618
(31,547)
152,332
89,701
62,680
363,104
Unrealized Principal Investment (Income) Loss (f)
479,120
(160,702)
(84,780)
359,663
(442,976)
38,125
90,254
42,729
(161,257)
(294,093)
216,084
67,826
322,136
9,851
311,953
Other Revenues (g)
14,180
31,718
(63,748)
110,933
(44,747)
(19,541)
96,329
(155,207)
73,635
225,083
(28,702)
1,174
(50,928)
(4,784)
146,627
Equity-Based Compensation (h)
268,134
249,755
255,616
185,969
317,779
295,396
262,798
283,149
471,302
312,018
301,562
358,364
561,217
1,312,645
1,533,161
Administrative Fee Adjustment (i)
2,447
2,413
2,425
2,422
2,477
2,465
3,219
3,429
4,186
4,112
4,097
3,942
4,568
13,299
16,719
Taxes and Related Payables (j)
(171,005)
(180,380)
(175,747)
(143,378)
(177,145)
(163,728)
(120,278)
(249,046)
(187,730)
(195,015)
(77,484)
(230,120)
(209,436)
(720,782)
(712,055)
Distributable Earnings
$ 1,249,092
$ 1,212,072
$ 1,211,611
$ 1,388,180
$ 1,266,378
$ 1,252,221
$ 1,278,650
$ 2,169,493
$ 1,410,805
$ 1,565,763
$ 1,889,487
$ 2,244,809
$ 1,764,838
$ 6,111,169
$ 7,464,897
Taxes and Related Payables (j)
171,005
180,380
175,747
143,378
177,145
163,728
120,278
249,046
187,730
195,015
77,484
230,120
209,436
720,782
712,055
Net Interest and Dividend (Income) Loss (k)
9,108
(46,110)
(3,890)
(65,228)
9,801
3,425
1,731
18,480
20,530
24,643
18,552
17,276
22,118
44,166
82,589
Total Segment Distributable Earnings
$ 1,429,205
$ 1,346,342
$ 1,383,468
$ 1,466,330
$ 1,453,324
$ 1,419,374
$ 1,400,659
$ 2,437,019
$ 1,619,065
$ 1,785,421
$ 1,985,523
$ 2,492,205
$ 1,996,392
$ 6,876,117
$ 8,259,541
Realized Performance Revenues (l)
(641,526)
(388,423)
(337,940)
(693,213)
(536,393)
(542,889)
(342,669)
(865,080)
(460,023)
(553,121)
(744,953)
(1,057,432)
(780,494)
(2,210,661)
(3,136,000)
Realized Performance Compensation (m)
296,024
178,370
133,995
287,628
253,024
251,057
157,570
289,595
220,924
256,624
302,642
310,405
364,056
919,146
1,233,727
Realized Principal Investment (Income) Loss (n)
(43,691)
7,461
(55,500)
(19,202)
(9,938)
(16,572)
(40,403)
(25,613)
(117,910)
(29,421)
(62,535)
(209,877)
(31,973)
(200,498)
(333,806)
Fee Related Earnings
$ 1,040,012
$ 1,143,750
$ 1,124,023
$ 1,041,543
$ 1,160,017
$ 1,110,970
$ 1,175,157
$ 1,835,921
$ 1,262,056
$ 1,459,503
$ 1,480,677
$ 1,535,301
$ 1,547,981
$ 5,384,104
$ 6,023,462
Adjusted EBITDA Reconciliation
Distributable Earnings
$ 1,249,092
$ 1,212,072
$ 1,211,611
$ 1,388,180
$ 1,266,378
$ 1,252,221
$ 1,278,650
$ 2,169,493
$ 1,410,805
$ 1,565,763
$ 1,889,487
$ 2,244,809
$ 1,764,838
$ 6,111,169
$ 7,464,897
Interest Expense (o)
104,209
107,130
110,014
108,168
107,640
108,424
111,326
117,027
117,950
125,033
126,090
128,022
130,058
454,727
509,203
Taxes and Related Payables (j)
171,005
180,380
175,747
143,378
177,145
163,728
120,278
249,046
187,730
195,015
77,484
230,120
209,436
720,782
712,055
Depreciation and Amortization (p)
23,175
24,100
21,598
25,251
26,053
25,336
24,685
22,682
22,226
26,642
24,015
26,102
26,138
94,929
102,897
Adjusted EBITDA
$ 1,547,481
$ 1,523,682
$ 1,518,970
$ 1,664,977
$ 1,577,216
$ 1,549,709
$ 1,534,939
$ 2,558,248
$ 1,738,711
$ 1,912,453
$ 2,117,076
$ 2,629,053
$ 2,130,470
$ 7,381,607
$ 8,789,052
See Reconciliation of GAAP to Non-GAAP Measures - Notes.
($ in thousands)
2021
2022
2023
2024
2025
Net Income Attributable to Blackstone Inc.
$ 5,857,397
$ 1,747,631
$ 1,390,880
$ 2,776,508
$ 3,019,214
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings
4,886,552
1,276,402
1,074,736
2,248,764
2,321,341
Net Income Attributable to Non-Controlling Interests in Consolidated Entities
1,625,306
107,766
224,155
473,826
660,568
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities
5,740
(142,890)
(245,518)
(61,289)
45,500
Net Income
$ 12,374,995
$ 2,988,909
$ 2,444,253
$ 5,437,809
$ 6,046,623
Provision for Taxes
1,184,401
472,880
513,461
1,021,671
1,125,023
Income Before Provision for Taxes
$ 13,559,396
$ 3,461,789
$ 2,957,714
$ 6,459,480
$ 7,171,646
Transaction-Related and Non-Recurring Items (a)
144,038
57,133
25,981
56,372
12,971
Amortization of Intangibles (b)
68,256
60,481
33,457
29,332
29,326
Impact of Consolidation (c)
(1,631,046)
35,124
21,363
(412,537)
(706,068)
Unrealized Performance Revenues (d)
(8,675,246)
3,436,978
1,691,788
(371,407)
(642,957)
Unrealized Performance Allocations Compensation (e)
3,778,048
(1,470,588)
(654,403)
140,021
376,962
Unrealized Principal Investment (Income) Loss (f)
(679,767)
1,235,529
593,301
(271,868)
(171,440)
Other Revenues (g)
(202,885)
(183,754)
93,083
(123,166)
271,190
Equity-Based Compensation (h)
559,537
782,090
959,474
1,159,122
1,443,246
Administrative Fee Adjustment (i)
10,188
9,866
9,707
11,590
16,337
Taxes and Related Payables (j)
(759,682)
(791,868)
(670,510)
(710,197)
(690,349)
Distributable Earnings
$ 6,170,837
$ 6,632,780
$ 5,060,955
$ 5,966,742
$ 7,110,864
Taxes and Related Payables (j)
759,682
791,868
670,510
710,197
690,349
Net Interest and Dividend (Income) Loss (k)
33,588
31,494
(106,120)
33,437
81,001
Total Segment Distributable Earnings
$ 6,964,107
$ 7,456,142
$ 5,625,345
$ 6,710,376
$ 7,882,214
Realized Performance Revenues (l)
(3,883,112)
(4,461,338)
(2,061,102)
(2,287,031)
(2,815,529)
Realized Performance Compensation (m)
1,557,570
1,814,097
896,017
951,246
1,090,595
Realized Principal Investment Income (n)
(587,766)
(396,256)
(110,932)
(92,526)
(419,743)
Fee Related Earnings
$ 4,050,799
$ 4,412,645
$ 4,349,328
$ 5,282,065
$ 5,737,537
Adjusted EBITDA Reconciliation
Distributable Earnings
$ 6,170,837
$ 6,632,780
$ 5,060,955
$ 5,966,742
$ 7,110,864
Interest Expense (o)
196,632
316,569
429,521
444,417
497,095
Taxes and Related Payables (j)
759,682
791,868
670,510
710,197
690,349
Depreciation and Amortization (p)
52,187
69,219
94,124
98,756
98,985
Adjusted EBITDA
$ 7,179,338
$ 7,810,436
$ 6,255,110
$ 7,220,112
$ 8,397,293
See Reconciliation of GAAP to Non-GAAP Measures - Notes.
Note: See Definitions.
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.
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone's segment presentation.
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.
This adjustment removes Unrealized Performance Revenues on a segment basis.
This adjustment removes Unrealized Performance Allocations Compensation.
This adjustment removes Unrealized Principal Investment Income on a segment basis.
This adjustment removes Other Revenues on a segment basis.
This adjustment removes Equity-Based Compensation on a segment basis.
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.
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 for impacts of divestitures and tax contingencies. 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 holders of the Tax Receivable Agreements based on expected tax savings generated in the current period. Please refer to Definitions for the full definition of Taxes and Related Payables.
This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis.
This adjustment removes the total segment amount of Realized Performance Revenues.
This adjustment removes the total segment amount of Realized Performance Compensation.
This adjustment removes the total segment amount of Realized Principal Investment Income.
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
This adjustment adds back Depreciation and Amortization on a segment basis.
($ in millions)
Three Months Ended March 31, 2026
Real Estate
Private Equity
Credit & Insurance
Multi-Asset Investing
Total
Beginning Balance
$ 319,343
$ 416,423
$ 442,952
$ 96,214
$ 1,274,931
Inflows
6,777
20,353
37,019
4,393
68,541
Outflows
(2,845)
(2,149)
(9,350)
(1,539)
(15,883)
Net Flows
3,932
18,204
27,669
2,854
52,659
Realizations
(7,039)
(14,564)
(13,667)
(638)
(35,908)
Market Activity
(951)
9,847
508
2,932
12,336
Ending Balance
$ 315,284
$ 429,910
$ 457,462
$ 101,361
$ 1,304,018
% Change
(1)%
3%
3%
5%
2%
Twelve Months Ended March 31, 2026
Real Estate
Private Equity
Credit & Insurance
Multi-Asset Investing
Total
$ 319,989
$ 370,990
$ 388,720
$ 87,763
$ 1,167,462
26,128
66,809
138,805
14,550
246,292
(8,713)
(9,592)
(23,109)
(7,731)
(49,145)
17,415
57,217
115,696
6,819
197,147
(28,284)
(41,975)
(62,188)
(3,527)
(135,973)
6,164
43,678
15,233
10,306
75,382
$ 315,284
$ 429,910
$ 457,462
$ 101,361
$ 1,304,018
(1)%
16%
18%
15%
12%
($ in millions)
Three Months Ended March 31, 2026
Real Estate
Private Equity
Credit & Insurance
Multi-Asset Investing
Total
Beginning Balance
$ 279,427
$ 240,959
$ 315,641
$ 85,648
$ 921,674
Inflows
5,398
19,348
14,712
4,699
44,157
Outflows
(1,747)
(4,690)
(7,929)
(1,481)
(15,848)
Net Flows
3,651
14,658
6,783
3,218
28,309
Realizations
(5,239)
(4,829)
(9,189)
(613)
(19,869)
Market Activity
(336)
5,053
21
2,745
7,482
Ending Balance
$ 277,503
$ 255,841
$ 313,255
$ 90,998
$ 937,596
% Change
(1)%
6%
(1)%
6%
2%
Twelve Months Ended March 31, 2026
Real Estate
Private Equity
Credit & Insurance
Multi-Asset Investing
Total
$ 282,060
$ 226,219
$ 274,120
$ 77,670
$ 860,070
22,680
44,162
85,828
14,319
166,990
(6,690)
(11,622)
(19,997)
(7,180)
(45,488)
15,991
32,540
65,831
7,140
121,502
(24,935)
(17,952)
(35,083)
(3,283)
(81,253)
4,387
15,033
8,387
9,472
37,278
$ 277,503
$ 255,841
$ 313,255
$ 90,998
$ 937,596
(2)%
13%
14%
17%
9%
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments). Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.
Totals may not add due to rounding.
($/€ in thousands, except where noted)
Fund (Investment Period Beginning Date / Ending Date)
Real Estate
Committed Capital
Available Capital (b)
Unrealized Investments Value MOIC (c) % Public
Realized Investments Value MOIC (c)
Total Investments Value MOIC (c)
Net IRRs (d) Realized Total
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
-
2,331 n/a -
13,468,476 2.3x
13,470,807 2.3x
11% 11%
BREP VI (Feb 2007 / Aug 2011)
11,060,122
-
1,748 n/a -
27,764,962 2.5x
27,766,710 2.5x
13% 13%
BREP VII (Aug 2011 / Apr 2015)
13,506,736
844,688
926,699 0.4x 0%
29,379,122 2.1x
30,305,821 1.9x
17% 14%
BREP VIII (Apr 2015 / Jun 2019)
16,645,922
1,257,178
8,790,136 1.3x 3%
24,373,810 2.1x
33,163,946 1.8x
19% 11%
BREP IX (Jun 2019 / Aug 2022)
21,368,059
2,956,465
17,407,939 1.1x 1%
11,993,150 2.0x
29,401,089 1.3x
33% 5%
*BREP X (Aug 2022 / Feb 2028)
30,637,407
16,820,830
17,614,335 1.3x 1%
2,056,656 1.4x
19,670,991 1.3x
14% 10%
Total Global BREP
$ 104,198,827
$ 21,879,161
$ 44,743,188 1.1x 2%
$ 121,255,702 2.2x
$ 165,998,890 1.7x
16% 14%
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
85,814
23,868 0.2x -
5,984,997 2.1x
6,008,865 2.0x
14% 13%
BREP Europe IV (Sep 2013 / Dec 2016)
6,676,611
595,371
764,957 0.7x -
10,343,285 1.9x
11,108,242 1.7x
16% 11%
BREP Europe V (Dec 2016 / Oct 2019)
8,005,138
655,673
3,933,820 0.7x -
6,902,190 3.8x
10,836,010 1.5x
40% 5%
BREP Europe VI (Oct 2019 / Sep 2023)
9,940,454
2,787,157
6,293,358
0.9x
5%
3,998,290
2.4x
10,291,648
1.2x
62%
3%
*BREP Europe VII (Sep 2023 / Mar 2029)
9,762,262
6,196,453
4,269,615
1.3x
1%
139,783
1.3x
4,409,398
1.3x
n/m
14%
Total BREP Europe
€ 40,043,805
€ 10,320,468
€ 15,285,618
0.9x
2%
€ 31,324,747
2.2x
€ 46,610,365
1.5x
16%
9%
BREP Asia I (Jun 2013 / Dec 2017)
$ 4,262,480
$ 899,019
$ 1,149,290
1.5x
49%
$ 7,678,043
2.0x
$ 8,827,333
1.9x
15%
12%
BREP Asia II (Dec 2017 / Mar 2022)
7,358,646
1,179,714
5,131,779
1.2x
23%
3,330,331
1.6x
8,462,110
1.3x
11%
3%
*BREP Asia III (Mar 2022 / Sep 2027)
8,219,668
4,340,055
5,014,957
1.3x
2%
224,625
1.6x
5,239,582
1.3x
33%
8%
Total BREP Asia
$ 19,840,794
$ 6,418,788
$ 11,296,026
1.3x
16%
$ 11,232,999
1.8x
$ 22,529,025
1.5x
15%
7%
BREP Co-Investment (f)
7,799,257
153,280
1,082,813
1.4x
0%
15,348,472
2.2x
16,431,285
2.1x
16%
16%
Total BREP
$ 178,508,642 $
40,374,465
$ 74,316,780
1.1x
4%
$ 186,061,197
2.2x
$ 260,377,977
1.7x
16%
13%
*BREDS High-Yield (Various) (g)
27,606,074
9,273,740
4,080,621
1.0x
-
25,624,292
1.3x
29,704,913
1.3x
10%
9%
Private Equity
Corporate Private Equity
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
-
-
n/a
-
2,995,106
1.4x
2,995,106
1.4x
6%
6%
BCP IV (Nov 2002 / Dec 2005)
6,773,182
-
-
n/a
-
21,720,334
2.9x
21,720,334
2.9x
36%
36%
BCP V (Dec 2005 / Jan 2011)
21,009,112
982,018
-
n/a
-
38,870,191
1.9x
38,870,191
1.9x
8%
8%
BCP VI (Jan 2011 / May 2016)
15,192,032
1,340,945
2,265,459
3.2x
5%
30,692,197
2.2x
32,957,656
2.2x
13%
12%
BCP VII (May 2016 / Feb 2020)
18,875,734
1,311,968
14,627,717
1.6x
21%
23,961,379
2.6x
38,589,096
2.1x
24%
12%
BCP VIII (Feb 2020 / Apr 2024)
25,833,655
6,181,123
26,085,749
1.4x
19%
9,745,826
2.4x
35,831,575
1.6x
26%
10%
*BCP IX (Apr 2024 / Apr 2030)
21,836,141
18,599,286
4,822,964
1.5x
0%
-
n/a
4,822,964
1.5x
n/a
n/m
Energy I (Aug 2011 / Feb 2015)
2,441,558
177,091
18,914
2.4x
100%
4,879,550
2.0x
4,898,464
2.0x
13%
12%
Energy II (Feb 2015 / Feb 2020)
4,928,376
780,843
3,583,498
2.6x
66%
5,925,351
1.8x
9,508,849
2.0x
8%
9%
Energy III (Feb 2020 / Jun 2024)
4,399,206
1,522,788
7,924,111
2.9x
20%
3,727,464
2.6x
11,651,575
2.8x
33%
33%
*Energy Transition IV (Jun 2024 / Jun 2030)
5,848,159
3,116,155
4,696,209
1.7x
-
157,156
1.7x
4,853,365
1.7x
n/m
86%
BCP Asia I (Dec 2017 / Sep 2021)
2,437,080
417,510
1,298,785
1.3x
35%
3,676,038
3.0x
4,974,823
2.3x
33%
19%
*BCP Asia II (Sep 2021 / Sep 2027)
6,840,616
3,613,412
5,949,120
1.8x
11%
1,027,538
3.4x
6,976,658
1.9x
93%
27%
BCP Asia III (TBD)
11,314,754
11,314,754
-
n/a
-
-
n/a
-
n/a
n/a
n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)
4,760,130
1,189,022
6,657,382
2.1x
-
4,186,003
3.7x
10,843,385
2.5x
32%
15%
*Core Private Equity II (Mar 2021 / Mar 2027) (h)
8,244,302
4,924,612
6,282,093
1.5x
-
905,815
n/a
7,187,908
1.7x
n/a
16%
Total Corporate Private Equity
$ 169,058,970 $
55,471,527
$ 84,212,001
1.7x
16%
$ 166,709,020
2.3x
$ 250,921,021
2.0x
16%
15%
Tactical Opportunities
*Tactical Opportunities (Various) 33,622,860 14,333,368 12,602,069 1.2x 2% 31,924,757 1.9x 44,526,826 1.6x 15% 10%
*Tactical Opportunities Co-Investment and Other (Various)
10,673,147
1,153,253
3,625,551
1.3x
0%
11,982,693
1.8x
15,608,244
1.7x
18%
16%
Total Tactical Opportunities
$ 44,296,007 $
15,486,621
$ 16,227,620
1.2x
1%
$ 43,907,450
1.9x
$ 60,135,070
1.6x
16%
11%
($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date)
Capital
Capital (b)
Value
MOIC (c)
% Public
Value
MOIC (c)
Value
MOIC (c)
Realized
Total
Growth
BXG I (Jul 2020 / Feb 2025)
4,959,668
342,693
5,190,952
1.2x
1%
659,239
2.4x
5,850,191
1.2x
n/m
3%
*BXG II (Feb 2025 / Feb 2030)
4,605,048
4,256,508
423,123
1.1x
-
6,108
n/m
429,231
1.1x
n/m
n/m
Total Growth
$ 9,564,716 $
4,599,201
$ 5,614,075
1.2x
0%
$ 665,347
2.4x
$ 6,279,422
1.2x
n/m
2%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)
11,035,527
9,572
2,150
n/a
-
16,796,758
n/a
16,798,908
1.7x
n/a
13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)
4,362,772
382,937
451,131
n/a
-
4,639,661
n/a
5,090,792
1.7x
n/a
13%
Strategic Partners VII (May 2016 / Mar 2019) (i)
7,489,970
1,615,589
2,400,675
n/a
-
8,436,591
n/a
10,837,266
1.9x
n/a
15%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)
1,749,807
590,513
1,343,264
n/a
-
1,347,378
n/a
2,690,642
1.9x
n/a
15%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)
10,763,600
3,461,751
6,197,536
n/a
-
8,883,127
n/a
15,080,663
1.7x
n/a
18%
*Strategic Partners Real Estate, SMA and Other (Various) (i)
7,055,591
1,229,809
3,207,166
n/a
-
2,924,013
n/a
6,131,179
1.4x
n/a
11%
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)
3,250,100
696,230
2,719,186
n/a
-
677,888
n/a
3,397,074
1.6x
n/a
15%
Strategic Partners IX (Oct 2021 / Mar 2026) (i)
19,692,625
132,783
18,783,917
n/a
-
1,307,669
n/a
20,091,586
1.5x
n/a
18%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)
2,095,211
431,631
1,269,887
n/a
-
44,343
n/a
1,314,230
1.1x
n/a
(0)%
*Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i)
4,837,949
3,589,981
94,086
n/a
-
-
n/a
94,086
n/m
n/a
n/m
*Strategic Partners X (Mar 2026 / May 2031) (i)
8,662,594
8,662,594
-
n/a
-
-
n/a
-
n/a
n/a
n/a
Total Strategic Partners (Secondaries)
$ 80,995,746
$ 20,803,390
$ 36,468,998
n/a
- $
45,057,428
n/a
$ 81,526,426
1.6x
n/a
14%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)
910,000
43,312
528,354
2.0x
-
803,210
1.6x
1,331,564
1.7x
9%
9%
BXLS V (Jan 2020 / Mar 2025)
5,019,123
2,400,809
5,026,755
2.0x
1%
1,803,300
2.0x
6,830,055
2.0x
17%
18%
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)
$ 2,000,000
$ -
$ -
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
60,174
0.5x
-
6,686,891
1.4x
6,747,065
1.4x
n/a
9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)
6,639,133
1,080,904
799,000
0.6x
-
9,924,105
1.7x
10,723,105
1.5x
n/a
11%
Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)
5,016,771
1,261,678
3,412,057
1.1x
-
3,700,554
1.6x
7,112,611
1.3x
n/a
12%
*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029)
7,630,000
6,952,528
617,184
1.0x
-
32,153
1.7x
649,337
1.0x
n/a
n/m
Total Mezzanine / Opportunistic
$ 25,405,904
$ 10,288,370
$ 4,888,415
0.9x
- $
25,152,816
1.6x
$ 30,041,231
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
-
n/a
-
5,572,345
1.1x
5,572,345
1.1x
n/a
1%
Stressed / Distressed III (Dec 2017 / Dec 2022)
7,356,380
1,000,000
1,062,330
0.7x
-
5,890,400
1.5x
6,952,730
1.3x
n/a
9%
Total Stressed / Distressed
$ 15,734,523
$ 1,547,430
$ 1,062,330
0.7x
- $
17,239,843
1.3x
$ 18,302,173
1.2x
n/a
7%
European Senior Debt I (Feb 2015 / Feb 2019)
€ 1,964,689
€ 66,629
€ 147,368
0.3x
- €
2,997,689
1.3x
€ 3,145,057
1.1x
n/a
1%
European Senior Debt II (Jun 2019 / Jun 2023) (j)
4,088,344
855,817
2,390,569
0.9x
-
4,639,359
1.7x
7,029,928
1.3x
n/a
8%
Total European Senior Debt
€ 6,053,033
€ 922,446
€ 2,537,937
0.8x
- €
7,637,048
1.5x
€ 10,174,985
1.2x
n/a
5%
Energy I (Nov 2015 / Nov 2018)
$ 2,856,867
$ 1,154,819
$ 112,297
0.8x
- $
3,513,027
1.6x
$ 3,625,324
1.5x
n/a
10%
Energy II (Feb 2019 / Jun 2023)
3,616,081
1,464,279
413,690
0.8x
-
3,538,294
1.5x
3,951,984
1.4x
n/a
16%
*Energy III (May 2023 / May 2028)
6,477,000
4,033,507
2,490,805
1.0x
-
2,960,319
1.3x
5,451,124
1.1x
n/a
15%
Total Energy
$ 12,949,948
$ 6,652,605
$ 3,016,792
1.0x
- $
10,011,640
1.4x
$ 13,028,432
1.3x
n/a
12%
Senior Direct Lending (Various) (k)
2,514,661
1,209,799
2,670,122
1.1x
-
263,476
1.1x
2,933,598
1.1x
n/a
10%
Total Credit Drawdown Funds (l)
$ 63,510,695
$ 20,761,047
$ 14,561,870
0.9x
-
$ 61,774,717
1.5x
$ 76,336,587
1.3x
n/a
10%
Selected Perpetual Capital Strategies(m)
($/€ in thousands, except where noted)
Investment
Total
Total Net
Strategy (Inception Year)
Strategy
AUM
Return (n)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (o)
Core+ Real Estate
$ 60,456,587
3%
BREIT - Blackstone Real Estate Income Trust (2017) (p)
Core+ Real Estate
54,922,211
9%
BREIT - Class I (q)
Core+ Real Estate
9%
BXMT - Blackstone Mortgage Trust (2013) (r)
Real Estate Debt
6,206,612
7%
Private Equity
BXGP - Blackstone GP Stakes (2014) (s)
Minority GP Interests
9,806,128
12%
BIP - Blackstone Infrastructure Partners (2019) (t)
Infrastructure
67,941,174
19%
BXPE - Blackstone Private Equity Strategies Fund Program (2024) (u)
Private Equity
21,419,289
17%
BXPE - Class I (v)
Private Equity
18%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (w)
U.S. Direct Lending
17,036,657
11%
BCRED - Blackstone Private Credit Fund (2021) (x)
U.S. Direct Lending
93,909,602
9%
BCRED - Class I (y)
U.S. Direct Lending
9%
ECRED - Blackstone European Credit Fund (2022) (z)
European Direct Lending
€ 4,799,679
9%
ECRED - Class I (aa)
European Direct Lending
9%
Investment Records as of March 31, 2026 - Notes
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc.
n/m Not meaningful generally due to the limited time since initial investment. n/a Not applicable.
* Represents funds that are currently in their investment period.
BREP - Blackstone Real Estate Partners, BREDS - Blackstone Real Estate Debt Strategies, BCP - Blackstone Capital Partners, BCOM - Blackstone Communications, BXG - Blackstone Growth, BXLS - Blackstone Life Sciences.
Excludes investment vehicles where Blackstone does not earn fees.
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.
Multiple of Invested Capital ("MOIC") represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.
Unless otherwise indicated, Net Internal Rate of Return ("IRR") represents the annualized inception to March 31, 2026 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.
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.
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.
BREDS High-Yield represents the flagship real estate debt drawdown funds only.
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.
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.
European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 12% and 7%, respectively, for the levered and unlevered funds of the strategy.
Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 11% and 8%, respectively, for the levered and unlevered funds of the strategy.
Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.
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.
Unless otherwise indicated, Total Net Return represents the annualized inception to March 31, 2026 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.
BPP represents the aggregate Total AUM 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 March 31, 2026, these vehicles represented $4.4 billion of Total AUM.
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.
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.
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.
Blackstone GP Stakes ("BXGP") represents the aggregate Total AUM and Total Net Return of BSCH I and 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
March 31, 2026, including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $12.9 billion.
BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of March 31, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $80.6 billion.
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, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency. 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 AUM reflects net asset value as of March 31, 2026. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.
Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program's 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 Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency. 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.
The BXSL Total AUM and Total Net Return are presented as of December 31, 2025. BXSL Total Net Return reflects the change in 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.
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 AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of March 31, 2026 was $45.0 billion.
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.
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. ECRED net asset value as of March 31, 2026 was €2.5 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.
Definitions
Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("non-GAAP") in this presentation:
Segment Distributable Earnings, or "Segment DE", is Blackstone's segment profitability measure used to make operating decisions and assess performance across Blackstone's four segments. Segment DE 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. Segment DE 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.
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).
Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income
Distributable Earnings, or "DE", is derived from Blackstone's segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss)
less Taxes and Related Payables. DE 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.
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 consolidatio 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 DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE 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 U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or 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 holders of the Tax Receivable Agreements 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 DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.
Fee Related Earnings, or "FRE", is a performance measure used to assess Blackstone's ability to generate profits from revenues that are measured and received on a recurring basi and not subject to future realization events. FRE 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. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
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 are not recorded in the Total Segment measures, (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.
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 redemption requests are limited in quantum. Includes co-investment capital with an investor right to convert into Perpetual Capital.
FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and Fee Related Performance Revenues).
Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or "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.
Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.
Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.
Performance Compensation reflects, pursuant to an ongoing compensation program, an increase 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 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. For 1Q'26 QTD and 1Q'26 LTM, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the current year quarter
and LTM period. For 1Q'25 QTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the prior year quarter. For 1Q'25 LTM, the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the prior year LTM period. The impact of this program in an individual quarter is based on the estimated amount of Realized Performance Compensation expected to be paid to such professionals for the full year. The program does not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings for the full year.
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.
Private Wealth AUM refers to the portion of assets under management attributable to the individual investor channel and comprises (a) all AUM in vehicles that are primarily targeted to the individual investor channel and (b) AUM attributable only to individual investors (including through private wealth distribution agreements) in vehicles that are not primarily targeted to the individual investor channel.
Disclaimer
Blackstone Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 11:04 UTC.