Blackstone's Second Quarter 2026 Supplemental Financial Data
July 23, 2026
Throughout this presentation, all current period amounts are preliminary and unaudited.
($ in thousands) | 1Q'24 | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 | 1Q'26 | 2Q'26 | Year-to-Date |
2Q'25 2Q'26 |
Management and Advisory Fees, Net
Base Management Fees | $ 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 $ | 1,960,897 $ | 3,683,791 $ | 3,913,311 |
Transaction, Advisory and Other Fees, Net | 66,938 | 132,536 | 82,506 | 117,708 | 111,309 | 165,690 | 156,211 | 149,621 | 211,697 | 321,156 | 276,999 | 532,853 |
Management Fee Offsets | (4,097) | (4,164) | (6,713) | (32,062) | (26,430) | (22,350) | (34,093) | (32,766) | (31,303) | (31,757) | (48,780) | (63,060) |
Total Management and Advisory Fees, Net | 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 | 2,250,296 | 3,912,010 | 4,383,104 |
Fee Related Performance Revenues | 295,501 | 177,067 | 264,101 | 1,399,276 | 293,915 | 472,050 | 453,018 | 606,445 | 488,098 | 793,391 | 765,965 | 1,281,489 |
Fee Related Compensation | (554,077) | (552,913) | (554,855) | (1,077,477) | (616,982) | (700,316) | (658,091) | (715,312) | (729,470) | (880,129) | (1,317,298) | (1,609,599) |
Other Operating Expenses | (288,978) | (293,122) | (320,823) | (345,169) | (306,875) | (332,243) | (356,070) | (418,051) | (343,455) | (380,130) | (639,118) | (723,585) |
Fee Related Earnings | $ 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 | $ 1,783,428 | $ 2,721,559 | $ 3,331,409 |
Realized Performance Revenues | 536,393 | 542,889 | 342,669 | 865,080 | 460,023 | 553,121 | 744,953 | 1,057,432 | 780,494 | 730,885 | 1,013,144 | 1,511,379 |
Realized Performance Compensation | (253,024) | (251,057) | (157,570) | (289,595) | (220,924) | (256,624) | (302,642) | (310,405) | (364,056) | (344,124) | (477,548) | (708,180) |
Realized Principal Investment Income | 9,938 | 16,572 | 40,403 | 25,613 | 117,910 | 29,421 | 62,535 | 209,877 | 31,973 | 27,499 | 147,331 | 59,472 |
Total Net Realizations | 293,307 | 308,404 | 225,502 | 601,098 | 357,009 | 325,918 | 504,846 | 956,904 | 448,411 | 414,260 | 682,927 | 862,671 |
Total Segment Distributable Earnings | $ 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 | $ 2,197,688 | $ 3,404,486 | $ 4,194,080 |
Net Interest and Dividend Income (Loss) | (9,801) | (3,425) | (1,731) | (18,480) | (20,530) | (24,643) | (18,552) | (17,276) | (22,118) | (10,606) | (45,173) | (32,724) |
Taxes and Related Payables | (177,145) | (163,728) | (120,278) | (249,046) | (187,730) | (195,015) | (77,484) | (230,120) | (209,436) | (209,833) | (382,745) | (419,269) |
Distributable Earnings | $ 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 | $ 1,977,249 | $ 2,976,568 | $ 3,742,087 |
Additional Metrics: | ||||||||||||
Total Segment Revenues | $ 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 | $ 3,802,071 | $ 5,838,450 | $ 7,235,444 |
Total Assets Under Management | 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 | 1,346,263,835 | 1,211,207,341 | 1,346,263,835 |
Fee-Earning Assets Under Management | 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 | 961,592,654 | 887,114,205 | 961,592,654 |
Weighted-Average Fee-Earning AUM | 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 | 949,594,554 | 859,297,586 | 940,287,854 |
Inflows | 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 | 68,300,041 | 113,711,918 | 136,841,360 |
Capital Deployed | 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 | 34,175,313 | 69,491,184 | 69,736,626 |
Realizations | 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 | 31,843,265 | 48,837,986 | 67,751,576 |
($ in thousands) | 1Q'24 | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 | 1Q'26 | 2Q'26 | Year-to-Date |
2Q'25 2Q'26 |
Management and Advisory Fees, Net
Base Management Fees | $ 694,179 $ | 685,784 $ | 672,260 $ | 664,760 $ | 664,601 $ | 673,154 $ | 670,774 $ | 644,765 $ | 636,047 | $ 630,097 $ | 1,337,755 $ | 1,266,144 |
Transaction, Advisory and Other Fees, Net | 29,190 | 75,140 | 24,810 | 45,870 | 40,146 | 41,720 | 21,238 | 38,592 | 51,738 | 104,321 | 81,866 | 156,059 |
Management Fee Offsets | (2,930) | (3,467) | (1,524) | (8,795) | (3,899) | (3,582) | (3,213) | (2,372) | (10,308) | (7,337) | (7,481) | (17,645) |
Total Management and Advisory Fees, Net | 720,439 | 757,457 | 695,546 | 701,835 | 700,848 | 711,292 | 688,799 | 680,985 | 677,477 | 727,081 | 1,412,140 | 1,404,558 |
Fee Related Performance Revenues | 129,958 | 606 | 72,428 | 433 | 37,803 | 89,590 | 124,647 | 237,608 | 152,998 | 242,718 | 127,393 | 395,716 |
Fee Related Compensation | (174,569) | (184,404) | (166,567) | (149,425) | (170,525) | (170,209) | (168,377) | (181,181) | (193,137) | (262,168) | (340,734) | (455,305) |
Other Operating Expenses | (89,762) | (92,378) | (100,739) | (97,442) | (83,281) | (87,048) | (95,228) | (104,444) | (90,200) | (94,624) | (170,329) | (184,824) |
Fee Related Earnings | $ 586,066 | $ 481,281 | $ 500,668 | $ 455,401 | $ 484,845 | $ 543,625 | $ 549,841 | $ 632,968 | $ 547,138 | $ 613,007 | $ 1,028,470 | $ 1,160,145 |
Realized Performance Revenues | 49,967 | 53,472 | 78,022 | 19,513 | 19,010 | 43,587 | 132,792 | 73,384 | 42,074 | 210,868 | 62,597 | 252,942 |
Realized Performance Compensation | (21,863) | (25,295) | (44,761) | (9,092) | (8,770) | (24,139) | (69,623) | (27,829) | (22,956) | (85,259) | (32,909) | (108,215) |
Realized Principal Investment Income (Loss) | 2,193 | 7,053 | 6,421 | (1,145) | 349 | 2,797 | 5,303 | 2,240 | (8,805) | 6,660 | 3,146 | (2,145) |
Total Net Realizations | 30,297 | 35,230 | 39,682 | 9,276 | 10,589 | 22,245 | 68,472 | 47,795 | 10,313 | 132,269 | 32,834 | 142,582 |
Segment Distributable Earnings | $ 616,363 | $ 516,511 | $ 540,350 | $ 464,677 | $ 495,434 | $ 565,870 | $ 618,313 | $ 680,763 | $ 557,451 | $ 745,276 | $ 1,061,304 | $ 1,302,727 |
Additional Metrics: Segment Revenues | $ 902,557 | $ 818,588 | $ 852,417 | $ 720,636 | $ 758,010 | $ 847,266 | $ 951,541 | $ 994,217 | $ 863,744 | $ 1,187,327 | $ 1,605,276 | $ 2,051,071 |
Total Assets Under Management | 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 | 314,149,797 | 324,994,725 | 314,149,797 |
Fee-Earning Assets Under Management | 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 | 277,420,420 | 285,826,676 | 277,420,420 |
Weighted-Average Fee-Earning AUM | 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 | 277,461,553 | 282,267,367 | 278,116,752 |
Inflows | 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 | 8,192,794 | 13,398,076 | 14,969,507 |
Capital Deployed | 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 | 5,815,351 | 11,400,916 | 12,817,446 |
Realizations | 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 | 6,615,294 | 9,555,186 | 13,654,328 |
($ in thousands) | 1Q'24 | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 | 1Q'26 | 2Q'26 | Year-to-Date |
2Q'25 2Q'26 |
Management and Advisory Fees, Net
Base Management Fees | $ 474,591 $ | 468,237 | $ 511,355 $ | 573,672 $ | 578,444 | $ 605,068 $ | 628,402 | $ 646,067 | $ 659,991 $ | 681,444 | $ 1,183,512 | $ 1,341,435 |
Transaction, Advisory and Other Fees, Net | 26,891 | 46,238 | 45,592 | 57,748 | 54,220 | 108,988 | 106,903 | 92,420 | 150,938 | 124,921 | 163,208 | 275,859 |
Management Fee Offsets | (275) | 376 | (4,127) | (2,018) | (10,872) | (7,758) | (17,915) | (12,358) | (9,007) | (11,785) | (18,630) | (20,792) |
Total Management and Advisory Fees, Net | 501,207 | 514,851 | 552,820 | 629,402 | 621,792 | 706,298 | 717,390 | 726,129 | 801,922 | 794,580 | 1,328,090 | 1,596,502 |
Fee Related Performance Revenues | - | 8,703 | 5,868 | 1,170,857 | 60,904 | 192,331 | 126,652 | 168,098 | 170,697 | 391,387 | 253,235 | 562,084 |
Fee Related Compensation | (162,559) | (158,068) | (169,059) | (674,551) | (203,319) | (266,925) | (231,915) | (259,289) | (262,813) | (337,528) | (470,244) | (600,341) |
Other Operating Expenses | (90,035) | (87,436) | (96,660) | (117,178) | (102,894) | (112,300) | (120,743) | (146,375) | (112,928) | (131,515) | (215,194) | (244,443) |
Fee Related Earnings | $ 248,613 | $ 278,050 | $ 292,969 | $ 1,008,530 | $ 376,483 | $ 519,404 | $ 491,384 | $ 488,563 | $ 596,878 | $ 716,924 | $ 895,887 | $ 1,313,802 |
Realized Performance Revenues | 449,874 | 381,797 | 216,643 | 344,133 | 350,073 | 408,980 | 559,383 | 351,672 | 637,989 | 490,807 | 759,053 | 1,128,796 |
Realized Performance Compensation | (220,481) | (179,761) | (94,800) | (138,449) | (171,141) | (196,824) | (205,967) | (131,006) | (294,536) | (251,204) | (367,965) | (545,740) |
Realized Principal Investment Income | 22,429 | 5,725 | 9,028 | 15,174 | 9,176 | 19,859 | 26,686 | 10,774 | 45,348 | 24,952 | 29,035 | 70,300 |
Total Net Realizations | 251,822 | 207,761 | 130,871 | 220,858 | 188,108 | 232,015 | 380,102 | 231,440 | 388,801 | 264,555 | 420,123 | 653,356 |
Segment Distributable Earnings | $ 500,435 | $ 485,811 | $ 423,840 | $ 1,229,388 | $ 564,591 | $ 751,419 | $ 871,486 | $ 720,003 | $ 985,679 | $ 981,479 | $ 1,316,010 | $ 1,967,158 |
Additional Metrics: Segment Revenues | $ 973,510 | $ 911,076 | $ 784,359 | $ 2,159,566 | $ 1,041,945 | $ 1,327,468 | $ 1,430,111 | $ 1,256,673 | $ 1,655,956 | $ 1,701,726 | $ 2,369,413 | $ 3,357,682 |
Total Assets Under Management | 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 | 454,152,320 | 388,907,242 | 454,152,320 |
Fee-Earning Assets Under Management | 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 | 267,817,860 | 232,160,209 | 267,817,860 |
Weighted-Average Fee-Earning AUM | 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 | 261,829,317 | 223,520,833 | 254,872,564 |
Inflows | 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 | 24,519,793 | 37,007,746 | 44,872,883 |
Capital Deployed | 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 | 14,515,209 | 28,126,828 | 29,028,256 |
Realizations | 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 | 11,023,147 | 13,783,306 | 25,587,151 |
($ in thousands) | 1Q'24 | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 | 1Q'26 | 2Q'26 | Year-to-Date |
2Q'25 2Q'26 |
Management and Advisory Fees, Net
Base Management Fees | $ 360,921 $ | 380,943 $ | 407,947 $ | 411,838 | $ 443,223 | $ 467,657 | $ 483,078 | $ 515,189 | $ 509,847 | $ 493,622 | $ 910,880 | $ 1,003,469 |
Transaction, Advisory and Other Fees, Net | 9,786 | 10,250 | 11,164 | 13,154 | 15,480 | 13,980 | 27,062 | 17,593 | 10,628 | 91,769 | 29,460 | 102,397 |
Management Fee Offsets | (892) | (993) | (1,062) | (21,249) | (11,659) | (11,010) | (12,965) | (18,036) | (11,988) | (12,635) | (22,669) | (24,623) |
Total Management and Advisory Fees, Net | 369,815 | 390,200 | 418,049 | 403,743 | 447,044 | 470,627 | 497,175 | 514,746 | 508,487 | 572,756 | 917,671 | 1,081,243 |
Fee Related Performance Revenues | 165,543 | 167,758 | 185,805 | 227,986 | 195,208 | 190,129 | 201,719 | 200,739 | 164,403 | 159,286 | 385,337 | 323,689 |
Fee Related Compensation | (178,521) | (172,551) | (181,586) | (222,962) | (201,618) | (220,305) | (218,425) | (229,288) | (226,493) | (237,568) | (421,923) | (464,061) |
Other Operating Expenses | (84,576) | (88,348) | (97,756) | (100,674) | (96,278) | (107,426) | (113,120) | (133,577) | (114,563) | (124,404) | (203,704) | (238,967) |
Fee Related Earnings | $ 272,261 | $ 297,059 | $ 324,512 | $ 308,093 | $ 344,356 | $ 333,025 | $ 367,349 | $ 352,620 | $ 331,834 | $ 370,070 | $ 677,381 | $ 701,904 |
Realized Performance Revenues | 15,120 | 91,247 | 42,926 | 163,799 | 91,597 | 87,393 | 40,124 | 167,615 | 78,126 | 11,540 | 178,990 | 89,666 |
Realized Performance Compensation | (5,321) | (37,738) | (16,489) | (70,266) | (40,495) | (30,433) | (21,123) | (69,442) | (31,197) | (3,746) | (70,928) | (34,943) |
Realized Principal Investment Income (Loss) | 3,561 | 3,511 | 24,239 | 8,544 | 107,903 | 5,800 | 29,855 | 192,312 | (5,705) | (4,622) | 113,703 | (10,327) |
Total Net Realizations | 13,360 | 57,020 | 50,676 | 102,077 | 159,005 | 62,760 | 48,856 | 290,485 | 41,224 | 3,172 | 221,765 | 44,396 |
Segment Distributable Earnings | $ 285,621 | $ 354,079 | $ 375,188 | $ 410,170 | $ 503,361 | $ 395,785 | $ 416,205 | $ 643,105 | $ 373,058 | $ 373,242 | $ 899,146 | $ 746,300 |
Additional Metrics: Segment Revenues | $ 554,039 | $ 652,716 | $ 671,019 | $ 804,072 | $ 841,752 | $ 753,949 | $ 768,873 | $ 1,075,412 | $ 745,311 | $ 738,960 | $ 1,595,701 | $ 1,484,271 |
Total Assets Under Management | 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 | 469,317,440 | 407,296,172 | 469,317,440 |
Fee-Earning Assets Under Management | 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 | 318,240,694 | 288,931,236 | 318,240,694 |
Weighted-Average Fee-Earning AUM | 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 | 315,747,945 | 275,889,707 | 315,712,157 |
Inflows | 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 | 31,011,510 | 57,167,112 | 68,030,495 |
Capital Deployed | 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 | 12,733,118 | 28,096,335 | 25,768,107 |
Realizations | 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 | 13,494,781 | 23,849,608 | 27,161,677 |
Beginning 2Q'26, capital markets advisory revenues generated in connection with certain financing transactions in infrastructure and asset based credit strategies are presented in the Credit & Insurance segment. Previously, all capital markets advisory revenues were included in the Private Equity segment as part of the BXCM business.
($ in thousands) | 1Q'24 | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 | 1Q'26 | 2Q'26 | Year-to-Date |
2Q'25 2Q'26 |
Management and Advisory Fees, Net
Base Management Fees | $ 115,039 | $ 116,602 | $ 119,379 | $ 123,375 | $ 120,851 | $ 130,793 | $ 137,448 | $ 139,343 | $ 146,529 $ | 155,734 | $ 251,644 | $ 302,263 |
Transaction, Advisory and Other Fees, Net | 1,071 | 908 | 940 | 936 | 1,463 | 1,002 | 1,008 | 1,016 | (1,607) | 145 | 2,465 | (1,462) |
Management Fee Offsets | - | (80) | - | - | - | - | - | - | - | - | - | - |
Total Management and Advisory Fees, Net | 116,110 | 117,430 | 120,319 | 124,311 | 122,314 | 131,795 | 138,456 | 140,359 | 144,922 | 155,879 | 254,109 | 300,801 |
Fee Related Compensation | (38,428) | (37,890) | (37,643) | (30,539) | (41,520) | (42,877) | (39,374) | (45,554) | (47,027) | (42,865) | (84,397) | (89,892) |
Other Operating Expenses | (24,605) | (24,960) | (25,668) | (29,875) | (24,422) | (25,469) | (26,979) | (33,655) | (25,764) | (29,587) | (49,891) | (55,351) |
Fee Related Earnings | $ 53,077 | $ 54,580 | $ 57,008 | $ 63,897 | $ 56,372 | $ 63,449 | $ 72,103 | $ 61,150 | $ 72,131 $ | 83,427 | $ 119,821 | $ 155,558 |
Realized Performance Revenues | 21,432 | 16,373 | 5,078 | 337,635 | (657) | 13,161 | 12,654 | 464,761 | 22,305 | 17,670 | 12,504 | 39,975 |
Realized Performance Compensation | (5,359) | (8,263) | (1,520) | (71,788) | (518) | (5,228) | (5,929) | (82,128) | (15,367) | (3,915) | (5,746) | (19,282) |
Realized Principal Investment Income (Loss) | (18,245) | 283 | 715 | 3,040 | 482 | 965 | 691 | 4,551 | 1,135 | 509 | 1,447 | 1,644 |
Total Net Realizations | (2,172) | 8,393 | 4,273 | 268,887 | (693) | 8,898 | 7,416 | 387,184 | 8,073 | 14,264 | 8,205 | 22,337 |
Segment Distributable Earnings $ 50,905 Additional Metrics: | $ 62,973 | $ 61,281 | $ 332,784 | $ 55,679 | $ 72,347 | $ 79,519 | $ 448,334 | $ 80,204 | $ 97,691 | $ 128,026 | $ 177,895 | |
Segment Revenues $ 119,297 | $ 134,086 | $ 126,112 | $ 464,986 | $ 122,139 | $ 145,921 | $ 151,801 | $ 609,671 | $ 168,362 | $ 174,058 | $ 268,060 | $ 342,420 | |
Total Assets Under Management | 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 | 108,644,278 | 90,009,202 | 108,644,278 |
Fee-Earning Assets Under Management | 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 | 98,113,680 | 80,196,084 | 98,113,680 |
Weighted-Average Fee-Earning AUM | 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 | 94,555,739 | 77,619,679 | 91,586,381 |
Inflows | 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 | 4,575,944 | 6,138,984 | 8,968,475 |
Capital Deployed | 425,825 | 818,700 | 571,506 | 792,712 | 811,840 | 1,055,265 | 718,439 | 955,840 | 1,011,182 | 1,111,635 | 1,867,105 | 2,122,817 |
Realizations | 440,494 | 664,469 | 444,578 | 1,179,127 | 824,828 | 825,058 | 994,693 | 1,068,610 | 638,377 | 710,043 | 1,649,886 | 1,348,420 |
($ 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 and Advisory Fees, Net | ||||||||||
Base Management Fees | $ | 1,895,412 | $ | 2,462,179 | $ | 2,794,232 | $ | 2,716,983 | $ | 2,653,294 |
Transaction, Advisory 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 and Advisory 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 and Advisory Fees, Net | |||||
Base Management Fees | $ 720,131 | $ 1,185,289 | $ 1,297,406 | $ 1,561,649 | $ 1,909,147 |
Transaction, Advisory 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 and Advisory 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 and Advisory Fees, Net | |||||
Base Management Fees | $ 565,432 | $ 515,373 | $ 470,237 | $ 474,395 | $ 528,435 |
Transaction, Advisory and Other Fees, Net | 7,663 | 6,240 | 4,019 | 3,855 | 4,489 |
Management Fee Offsets | (231) | (161) | (3) | (80) | - |
Total Management and Advisory 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 |
($ in thousands) (unaudited) | 1Q'24 | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 | 1Q'26 | 2Q'26 | Year-to-Date |
2Q'25 2Q'26 |
Revenues
Management and Advisory Fees, Net | $ 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 | $ 2,266,006 | $ 3,939,812 | $ 4,414,626 |
Incentive Fees | 179,341 | 188,299 | 191,794 | 404,744 | 191,825 | 195,414 | 200,675 | 390,288 | 165,419 | 159,080 | 387,239 | 324,499 |
Investment Income | ||||||||||||
Performance Allocations | ||||||||||||
Realized | 652,517 | 531,641 | 414,755 | 1,858,833 | 562,050 | 829,820 | 997,296 | 1,273,077 | 1,103,173 | 1,365,175 | 1,391,870 | 2,468,348 |
Unrealized | 445,943 | 122,229 | 1,154,918 | (1,351,683) | 263,201 | 313,283 | (215,818) | 282,397 | 283,452 | 587,140 | 576,484 | 870,592 |
Principal Investments | ||||||||||||
Realized | 78,597 | 74,045 | 95,235 | 84,381 | 185,542 | 97,171 | 152,652 | 262,267 | 143,020 | 105,585 | 282,713 | 248,605 |
Unrealized | 461,623 | (31,776) | (1,864) | (47,392) | 158,713 | 365,391 | (238,658) | (37,142) | (385,002) | 414,821 | 524,104 | 29,819 |
Total Investment Income | 1,638,680 | 696,139 | 1,663,044 | 544,139 | 1,169,506 | 1,605,665 | 695,472 | 1,780,599 | 1,144,643 | 2,472,721 | 2,775,171 | 3,617,364 |
Interest and Dividend Revenue | 97,839 | 104,999 | 109,774 | 98,547 | 97,420 | 100,389 | 107,538 | 110,746 | 107,940 | 134,224 | 197,809 | 242,164 |
Other | 44,820 | 19,631 | (96,312) | 155,554 | (73,610) | (225,063) | 28,702 | (902) | 50,973 | 11,947 | (298,673) | 62,920 |
Total Revenues | $ 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 | $ 5,043,978 | $ 7,001,358 | $ 8,661,573 |
Expenses | ||||||||||||
Compensation and Benefits | ||||||||||||
Compensation | 794,803 | 766,647 | 732,041 | 754,738 | 1,029,362 | 870,358 | 845,659 | 925,814 | 1,166,897 | 963,026 | 1,899,720 | 2,129,923 |
Incentive Fee Compensation | 73,707 | 77,139 | 73,464 | 149,276 | 57,029 | 67,363 | 61,882 | 88,628 | 54,368 | 49,716 | 124,392 | 104,084 |
Performance Allocations Compensation | ||||||||||||
Realized | 258,894 | 260,736 | 169,740 | 742,847 | 241,890 | 331,191 | 354,765 | 369,626 | 433,449 | 565,264 | 573,081 | 998,713 |
Unrealized | 180,900 | 101,680 | 465,099 | (607,658) | 103,559 | 152,618 | (31,547) | 152,332 | 89,701 | 236,129 | 256,177 | 325,830 |
Total Compensation and Benefits | 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 | 1,814,135 | 2,853,370 | 3,558,550 |
General, Administrative and Other | 369,950 | 311,928 | 340,945 | 339,086 | 332,373 | 360,817 | 383,580 | 447,778 | 372,821 | 409,110 | 693,190 | 781,931 |
Interest Expense | 108,203 | 108,616 | 111,337 | 115,532 | 118,115 | 135,822 | 126,288 | 128,089 | 137,053 | 145,023 | 253,937 | 282,076 |
Fund Expenses | 3,950 | 5,960 | 3,470 | 6,296 | 12,104 | 14,434 | 10,060 | 12,618 | 8,004 | 7,344 | 26,538 | 15,348 |
Total Expenses | $ 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 | $ 2,375,612 | $ 3,827,035 | $ 4,637,905 |
Other Income | ||||||||||||
Change in Tax Receivable Agreement Liability | - | - | - | (41,246) | - | - | - | 6,591 | - | - | - | - |
Net Gains (Losses) from Fund Investment Activities | (17,767) | 44,934 | 42,842 | 20,075 | 57,575 | 136,330 | 108,634 | 114,858 | 99,755 | 140,086 | 193,905 | 239,841 |
Income Before Provision for Taxes | $ 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 | $ 2,808,452 | $ 3,368,228 | $ 4,263,509 |
Provision for Taxes | 283,671 | 260,246 | 245,303 | 232,451 | 243,827 | 289,494 | 209,657 | 382,045 | 197,150 | 452,386 | 533,321 | 649,536 |
Net Income | $ 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 | $ 2,356,066 | $ 2,834,907 | $ 3,613,973 |
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | (39,669) | 258 | (22,184) | 306 | 7,900 | 18,209 | 29,008 | (9,617) | 21,010 | 5,154 | 26,109 | 26,164 |
Net Income Attributable to Non-Controlling Interests in Consolidated Entities | 102,827 | 100,583 | 202,929 | 67,487 | 100,547 | 240,836 | 125,890 | 193,295 | 117,367 | 175,649 | 341,383 | 293,016 |
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings | 685,439 | 403,108 | 603,057 | 557,160 | 485,475 | 602,844 | 457,110 | 775,912 | 469,801 | 946,074 | 1,088,319 | 1,415,875 |
Net Income Attributable to Blackstone Inc. | $ 847,386 | $ 444,414 | $ 780,835 | $ 703,873 | $ 614,852 | $ 764,244 | $ 624,917 | $ 1,015,201 | $ 649,729 | $ 1,229,189 | $ 1,379,096 | $ 1,878,918 |
($ 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
($ in thousands) | 1Q'24 | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | 3Q'25 | 4Q'25 | 1Q'26 | 2Q'26 | Year-to-Date |
2Q'25 2Q'26 |
Net Income Attributable to Blackstone Inc. | $ 847,386 | $ 444,414 | $ 780,835 | $ 703,873 | $ 614,852 | $ 764,244 | $ 624,917 | $ 1,015,201 | $ 649,729 | $ 1,229,189 | $ 1,379,096 | $ 1,878,918 |
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings | 685,439 | 403,108 | 603,057 | 557,160 | 485,475 | 602,844 | 457,110 | 775,912 | 469,801 | 946,074 | 1,088,319 | 1,415,875 |
Net Income Attributable to Non-Controlling Interests in Consolidated Entities | 102,827 | 100,583 | 202,929 | 67,487 | 100,547 | 240,836 | 125,890 | 193,295 | 117,367 | 175,649 | 341,383 | 293,016 |
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities Net Income | (39,669) $ 1,595,983 | 258 $ 948,363 | (22,184) $ 1,564,637 | 306 $ 1,328,826 | 7,900 $ 1,208,774 | 18,209 $ 1,626,133 | 29,008 $ 1,236,925 | (9,617) $ 1,974,791 | 21,010 $ 1,257,907 | 5,154 $ 2,356,066 | 26,109 $ 2,834,907 | 26,164 $ 3,613,973 |
Provision for Taxes | 283,671 | 260,246 | 245,303 | 232,451 | 243,827 | 289,494 | 209,657 | 382,045 | 197,150 | 452,386 | 533,321 | 649,536 |
Income Before Provision for Taxes | $ 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 | $ 2,808,452 | $ 3,368,228 | $ 4,263,509 |
Transaction-Related and Non-Recurring Items (a) | 52,197 | 4,962 | (394) | (393) | 18,824 | 10,381 | (9,412) | (6,822) | 6,967 | 71 | 29,205 | 7,038 |
Amortization of Intangibles (b) | 7,333 | 7,333 | 7,333 | 7,333 | 7,333 | 7,333 | 7,333 | 7,327 | 7,288 | 7,288 | 14,666 | 14,576 |
Impact of Consolidation (c) | (63,158) | (100,841) | (180,745) | (67,793) | (108,447) | (259,045) | (154,898) | (183,678) | (138,377) | (180,803) | (367,492) | (319,180) |
Unrealized Performance Revenues (d) | (445,936) | (122,239) | (1,154,905) | 1,351,673 | (263,201) | (313,256) | 215,872 | (282,372) | (283,355) | (587,150) | (576,457) | (870,505) |
Unrealized Performance Allocations Compensation (e) | 180,900 | 101,680 | 465,099 | (607,658) | 103,559 | 152,618 | (31,547) | 152,332 | 89,701 | 236,129 | 256,177 | 325,830 |
Unrealized Principal Investment (Income) Loss (f) | (442,976) | 38,125 | 90,254 | 42,729 | (161,257) | (294,093) | 216,084 | 67,826 | 322,136 | (443,186) | (455,350) | (121,050) |
Other Revenues (g) | (44,747) | (19,541) | 96,329 | (155,207) | 73,635 | 225,083 | (28,702) | 1,174 | (50,928) | (11,898) | 298,718 | (62,826) |
Equity-Based Compensation (h) | 317,779 | 295,396 | 262,798 | 283,149 | 471,302 | 312,018 | 301,562 | 358,364 | 561,217 | 353,753 | 783,320 | 914,970 |
Administrative Fee Adjustment (i) | 2,477 | 2,465 | 3,219 | 3,429 | 4,186 | 4,112 | 4,097 | 3,942 | 4,568 | 4,426 | 8,298 | 8,994 |
Taxes and Related Payables (j) | (177,145) | (163,728) | (120,278) | (249,046) | (187,730) | (195,015) | (77,484) | (230,120) | (209,436) | (209,833) | (382,745) | (419,269) |
Distributable Earnings | $ 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 | $ 1,977,249 | $ 2,976,568 | $ 3,742,087 |
Taxes and Related Payables (j) | 177,145 | 163,728 | 120,278 | 249,046 | 187,730 | 195,015 | 77,484 | 230,120 | 209,436 | 209,833 | 382,745 | 419,269 |
Net Interest and Dividend (Income) Loss (k) | 9,801 | 3,425 | 1,731 | 18,480 | 20,530 | 24,643 | 18,552 | 17,276 | 22,118 | 10,606 | 45,173 | 32,724 |
Total Segment Distributable Earnings | $ 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 | $ 2,197,688 | $ 3,404,486 | $ 4,194,080 |
Realized Performance Revenues (l) | (536,393) | (542,889) | (342,669) | (865,080) | (460,023) | (553,121) | (744,953) | (1,057,432) | (780,494) | (730,885) | (1,013,144) | (1,511,379) |
Realized Performance Compensation (m) 253,024 | 251,057 | 157,570 | 289,595 | 220,924 | 256,624 | 302,642 | 310,405 | 364,056 | 344,124 | 477,548 | 708,180 |
Realized Principal Investment (Income) Loss (n) (9,938) | (16,572) | (40,403) | (25,613) | (117,910) | (29,421) | (62,535) | (209,877) | (31,973) | (27,499) | (147,331) | (59,472) |
Fee Related Earnings $ 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 | $ 1,783,428 | $ 2,721,559 | $ 3,331,409 |
Adjusted EBITDA Reconciliation
274,888
242,983
144,830
130,058
128,022
126,090
125,033
117,950
117,027
111,326
108,424
107,640
Interest Expense (o)
$ 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 $ 1,977,249 $ 2,976,568 $ 3,742,087
Distributable Earnings
Taxes and Related Payables (j) 177,145 163,728 120,278 249,046 187,730 195,015 77,484 230,120 209,436 209,833 382,745 419,269
$ 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 $ 2,357,684 $ 3,651,164 $ 4,488,154
Adjusted EBITDA
51,910
48,868
25,772
26,138
26,102
24,015
26,642
22,226
22,682
24,685
25,336
26,053
Depreciation and Amortization (p)
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.
Total AUM Rollforward
Three Months Ended June 30, 2026 | |||||
Real Estate | Private Equity | Credit & Insurance | Multi-Asset Investing | Total | |
Beginning Balance | $ 315,284 | $ 429,910 | $ 457,462 | $ 101,361 | $ 1,304,018 |
Inflows | 8,193 | 24,520 | 31,012 | 4,576 | 68,300 |
Outflows | (2,157) | (1,458) | (7,626) | (2,298) | (13,539) |
Net Flows | 6,036 | 23,062 | 23,385 | 2,278 | 54,761 |
Realizations | (6,615) | (11,023) | (13,495) | (710) | (31,843) |
Market Activity | (555) | 12,204 | 1,965 | 5,715 | 19,328 |
Ending Balance | $ 314,150 | $ 454,152 | $ 469,317 | $ 108,644 | $ 1,346,264 |
% Change | (0)% | 6% | 3% | 7% | 3% |
($ in millions)
Twelve Months Ended June 30, 2026 Real Private Credit & Multi-Asset Estate Equity Insurance Investing | Total | ||||||
$ 324,995 | $ 388,907 | $ 407,296 | $ 90,009 | $ 1,211,207 | |||
27,098 | 76,006 | 142,998 | 16,412 | 262,515 | |||
(8,986) | (9,245) | (25,448) | (8,233) | (51,912) | |||
18,112 | 66,761 | 117,550 | 8,180 | 210,603 | |||
(29,650) | (45,682) | (65,720) | (3,412) | (144,464) | |||
693 | 44,167 | 10,191 | 13,867 | 68,918 | |||
$ 314,150 | $ 454,152 | $ 469,317 | $ 108,644 | $ 1,346,264 | |||
(3)% | 17% | 15% | 21% | 11% | |||
Fee-Earning AUM Rollforward | |||||||
($ in millions) | |||||||
Twelve Months Ended June 30, 2026 | |||||||
Real Estate | Private Equity | Credit & Insurance | Multi-Asset Investing | Total | |||
$ 285,827 | $ 232,160 | $ 288,931 | $ 80,196 | $ 887,114 | |||
21,183 | 51,975 | 79,237 | 15,987 | 168,382 | |||
(6,083) | (14,934) | (19,381) | (7,612) | (48,010) | |||
15,101 | 37,041 | 59,856 | 8,375 | 120,372 | |||
(24,003) | (19,222) | (36,114) | (3,178) | (82,518) | |||
496 | 17,839 | 5,568 | 12,721 | 36,624 | |||
$ 277,420 | $ 267,818 | $ 318,241 | $ 98,114 | $ 961,593 | |||
(3)% | 15% | 10% | 22% | 8% | |||
Three Months Ended June 30, 2026 | |||||
Real Estate | Private Equity | Credit & Insurance | Multi-Asset Investing | Total | |
Beginning Balance | $ 277,503 | $ 255,841 | $ 313,255 | $ 90,998 | $ 937,596 |
Inflows | 6,090 | 15,363 | 17,225 | 4,613 | 43,291 |
Outflows | (1,106) | (4,117) | (5,256) | (2,122) | (12,601) |
Net Flows | 4,985 | 11,246 | 11,969 | 2,490 | 30,690 |
Realizations | (4,474) | (4,559) | (8,037) | (677) | (17,747) |
Market Activity | (593) | 5,289 | 1,054 | 5,303 | 11,053 |
Ending Balance | $ 277,420 | $ 267,818 | $ 318,241 | $ 98,114 | $ 961,593 |
% Change | (0)% | 5% | 2% | 8% | 3% |
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.
Total
Realized
MOIC (c)
Value
MOIC (c)
Value
% Public
MOIC (c)
Value
Unrealized Investments Realized Investments Total Investments Net IRRs (d)
Available
Capital (b)
Committed
Capital
($/€ in thousands, except where noted)
Fund (Investment Period Beginning Date / Ending Date)
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 | - | 27,765,450 | 2.5x | 27,767,198 | 2.5x | 13% | 13% | |||
BREP VII (Aug 2011 / Apr 2015) | 13,506,800 | 845,588 | 867,492 | 0.4x | 0% | 29,432,126 | 2.1x | 30,299,618 | 1.9x | 17% | 14% | |||
BREP VIII (Apr 2015 / Jun 2019) | 16,651,125 | 1,215,310 | 8,377,561 | 1.3x | 4% | 24,654,936 | 2.1x | 33,032,497 | 1.8x | 19% | 11% | |||
BREP IX (Jun 2019 / Aug 2022) | 21,374,992 | 2,812,950 | 16,292,849 | 1.0x | 2% | 12,614,323 | 1.9x | 28,907,172 | 1.3x | 30% | 4% | |||
*BREP X (Aug 2022 / Feb 2028) | 30,643,847 | 16,025,374 | 18,765,019 | 1.3x | 1% | 3,219,851 | 1.9x | 21,984,870 | 1.3x | 30% | 12% | |||
Total Global BREP | $ 104,217,467 | $ 20,899,222 | $ 44,307,000 | 1.1x | 2% | $ 123,374,688 | 2.2x | $ 167,681,688 | 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 | 86,085 | 17,071 | 0.1x | - | 5,993,336 | 2.1x | 6,010,407 | 2.0x | 14% | 13% | |||
BREP Europe IV (Sep 2013 / Dec 2016) | 6,676,611 | 598,954 | 624,365 | 0.6x | - | 10,438,878 | 1.9x | 11,063,243 | 1.7x | 16% | 11% | |||
BREP Europe V (Dec 2016 / Oct 2019) | 8,007,488 | 597,691 | 3,724,421 | 0.7x | - | 6,902,190 | 3.8x | 10,626,611 | 1.4x | 40% | 5% | |||
BREP Europe VI (Oct 2019 / Sep 2023) | 9,941,770 | 2,763,031 | 6,117,864 | 0.9x | 6% | 4,049,113 | 2.4x | 10,166,977 | 1.2x | 62% | 2% | |||
*BREP Europe VII (Sep 2023 / Mar 2029) | 9,762,262 | 5,734,678 | 4,873,649 | 1.3x | 1% | 167,092 | 1.4x | 5,040,741 | 1.3x | n/m | 13% | |||
Total BREP Europe | € 40,047,471 | € 9,780,439 | € 15,357,370 | 0.9x | 3% | € 31,506,811 | 2.2x | € 46,864,181 | 1.5x | 16% | 9% | |||
BREP Asia I (Jun 2013 / Dec 2017) | $ 4,262,075 | $ 646,265 | $ 1,209,142 | 1.7x | 51% | $ 7,685,485 | 2.0x | $ 8,894,627 | 1.9x | 15% | 12% | |||
BREP Asia II (Dec 2017 / Mar 2022) | 7,361,035 | 1,178,550 | 4,995,177 | 1.1x | 26% | 3,404,324 | 1.6x | 8,399,501 | 1.3x | 11% | 3% | |||
*BREP Asia III (Mar 2022 / Sep 2027) | 8,219,868 | 4,351,718 | 5,078,659 | 1.3x | 3% | 503,885 | 1.8x | 5,582,544 | 1.3x | 34% | 9% | |||
Total BREP Asia | $ 19,842,978 | $ 6,176,533 | $ 11,282,978 | 1.3x | 18% | $ 11,593,694 | 1.8x | $ 22,876,672 | 1.5x | 14% | 7% | |||
Real Estate
BREP Co-Investment (f) | 8,691,884 | 551,495 | 1,564,893 | 1.2x | 0% | 15,372,186 | 2.2x | 16,937,079 | 2.1x | 16% | 16% |
Total BREP | $ 179,426,235 | $ 38,798,469 | $ 74,435,691 | 1.1x | 4% | $ 188,783,012 | 2.2x | $ 263,218,703 | 1.7x | 16% | 13% |
*BREDS High-Yield (Various) (g) | 27,606,074 | 8,615,842 | 3,704,090 | 1.0x | - | 26,072,271 | 1.3x | 29,776,361 | 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) | 6,450,000 | - | - | 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 | 2,127,333 | 3.1x | 4% | 30,730,898 | 2.2x | 32,858,231 | 2.2x | 13% | 12% |
BCP VII (May 2016 / Feb 2020) | 18,873,411 | 1,309,645 | 13,928,047 | 1.5x | 33% | 24,466,786 | 2.6x | 38,394,833 | 2.1x | 24% | 12% |
BCP VIII (Feb 2020 / Apr 2024) | 25,820,052 | 5,881,691 | 25,743,798 | 1.4x | 16% | 10,795,620 | 2.4x | 36,539,418 | 1.6x | 26% | 10% |
*BCP IX (Apr 2024 / Apr 2030) | 21,829,911 | 18,396,522 | 5,316,361 | 1.5x | 1% | 293,543 | 1.5x | 5,609,904 | 1.5x | n/m | 24% |
Energy I (Aug 2011 / Feb 2015) | 2,435,007 | 170,540 | - | n/a | - | 4,897,287 | 2.0x | 4,897,287 | 2.0x | 12% | 12% |
Energy II (Feb 2015 / Feb 2020) | 4,926,378 | 778,845 | 3,236,286 | 2.6x | 72% | 6,342,126 | 1.8x | 9,578,412 | 2.0x | 9% | 9% |
Energy III (Feb 2020 / Jun 2024) | 4,398,275 | 1,815,918 | 7,255,903 | 3.0x | 26% | 5,060,366 | 3.0x | 12,316,269 | 3.0x | 33% | 33% |
Energy Transition IV (Jun 2024 / Jun 2026) | 5,880,459 | 2,763,373 | 6,518,880 | 2.0x | - | 157,155 | 1.7x | 6,676,035 | 2.0x | n/m | 94% |
*Energy Transition V (Jun 2026 / Jun 2032) | 5,671,639 | 5,671,639 | - | n/a | - | - | n/a | - | n/a | n/a | n/a |
BCP Asia I (Dec 2017 / Sep 2021) | 2,437,080 | 417,510 | 1,275,730 | 1.3x | 33% | 3,676,038 | 3.0x | 4,951,768 | 2.3x | 33% | 19% |
*BCP Asia II (Sep 2021 / Sep 2027) | 6,843,926 | 3,570,292 | 6,463,390 | 1.9x | 15% | 1,041,893 | 3.4x | 7,505,283 | 2.0x | 93% | 27% |
BCP Asia III (TBD) | 13,100,000 | 13,100,000 | - | n/a | - | - | n/a | - | n/a | n/a | n/a |
Core Private Equity I (Jan 2017 / Mar 2021) (h) | 4,760,130 | 1,193,521 | 6,588,435 | 2.1x | - | 4,220,471 | 3.7x | 10,808,906 | 2.5x | 32% | 14% |
*Core Private Equity II (Mar 2021 / Mar 2027) (h) | 8,244,519 | 6,007,302 | 5,420,354 | 1.5x | - | 2,081,525 | 4.2x | 7,501,879 | 1.8x | 38% | 16% |
Total Corporate Private Equity | $ 176,196,864 | $ 63,399,761 | $ 83,874,517 | 1.7x | 18% | $ 171,588,411 | 2.3x | $ 255,462,928 | 2.0x | 16% | 15% |
Tactical Opportunities | |||||||||||
*Tactical Opportunities (Various) | 33,780,643 | 14,441,280 | 13,027,191 | 1.2x | 2% | 32,984,254 | 1.9x | 46,011,445 | 1.6x | 15% | 10% |
*Tactical Opportunities Co-Investment and Other (Various) | 10,477,806 | 1,084,293 | 3,558,538 | 1.3x | 3% | 12,089,490 | 1.8x | 15,648,028 | 1.7x | 18% | 15% |
Total Tactical Opportunities | $ 44,258,449 | $ 15,525,573 | $ 16,585,729 | 1.2x | 2% | $ 45,073,744 | 1.9x | $ 61,659,473 | 1.6x | 16% | 11% |
Total
Realized
MOIC (c)
Value
MOIC (c)
Value
% Public
MOIC (c)
Value
Unrealized Investments Realized Investments Total Investments Net IRRs (d)
Available
Capital (b)
Committed
Capital
($/€ in thousands, except where noted)
Fund (Investment Period Beginning Date / Ending Date)
*Strategic Partners X (Mar 2026 / May 2031) (i) | 11,024,493 | 8,606,558 | - | n/a | - | - | n/a | - | n/a | n/a | n/a |
Total Strategic Partners (Secondaries) | $ 83,357,645 | $ 21,845,949 | $ 36,856,535 | n/a | - | $ 45,668,075 | n/a | $ 82,524,610 | 1.6x | n/a | 14% |
Life Sciences | |||||||||||
Growth
BXG I (Jul 2020 / Feb 2025) | 4,961,566 | 292,405 | 5,152,451 | 1.2x | 0% | 670,399 | 1.3x | 5,822,850 | 1.2x | n/m | 2% | |
*BXG II (Feb 2025 / Feb 2030) | 4,610,169 | 3,742,666 | 854,654 | 1.1x | - | 9,154 | n/m | 863,808 | 1.1x | n/m | n/m | |
Total Growth | $ 9,571,735 | $ 4,035,071 | $ 6,007,105 | 1.2x | 0% | $ 679,553 | 1.3x | $ 6,686,658 | 1.2x | n/m | 2% | |
Strategic Partners (Secondaries) | ||||||||||||
Strategic Partners I-V (Various) (i) | 11,035,527 | 9,572 | 2,126 | n/a | - | 16,796,758 | n/a | 16,798,884 | 1.7x | n/a | 13% | |
Strategic Partners VI (Apr 2014 / Apr 2016) (i) | 4,362,772 | 379,409 | 420,348 | n/a | - | 4,665,673 | n/a | 5,086,021 | 1.7x | n/a | 13% | |
Strategic Partners VII (May 2016 / Mar 2019) (i) | 7,489,970 | 1,605,255 | 2,258,612 | n/a | - | 8,553,876 | n/a | 10,812,488 | 1.9x | n/a | 15% | |
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i) | 1,749,807 | 595,603 | 1,351,477 | n/a | - | 1,397,378 | n/a | 2,748,855 | 1.9x | n/a | 15% | |
Strategic Partners VIII (Mar 2019 / Oct 2021) (i) | 10,763,600 | 3,410,713 | 5,873,822 | n/a | - | 9,027,494 | n/a | 14,901,316 | 1.7x | n/a | 17% | |
*Strategic Partners Real Estate, SMA and Other (Various) (i) | 7,055,591 | 1,224,720 | 3,165,936 | n/a | - | 2,940,627 | n/a | 6,106,563 | 1.4x | n/a | 10% | |
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i) | 3,250,100 | 666,246 | 2,626,038 | n/a | - | 884,418 | n/a | 3,510,456 | 1.6x | n/a | 15% | |
Strategic Partners IX (Oct 2021 / Mar 2026) (i) | 19,692,625 | 1,504,371 | 19,455,372 | n/a | - | 1,307,669 | n/a | 20,763,041 | 1.5x | n/a | 17% | |
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i) | 2,095,211 | 342,116 | 1,295,854 | n/a | - | 94,182 | n/a | 1,390,036 | 1.1x | n/a | (0)% | |
*Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i) | 4,837,949 | 3,501,386 | 406,950 | n/a | - | - | n/a | 406,950 | 1.9x | n/a | n/m |
Clarus IV (Jan 2018 / Jan 2020) | 910,000 | 40,291 | 517,753 | 2.0x | - | 817,615 | 1.6x | 1,335,368 | 1.7x | 10% | 9% | |
BXLS V (Jan 2020 / Mar 2025) | 5,056,620 | 2,303,560 | 5,195,969 | 2.1x | 1% | 1,854,239 | 1.8x | 7,050,208 | 2.0x | 11% | 17% | |
*BXLS VI (Mar 2025 / Mar 2031) | 6,486,870 | 6,375,163 | 437,377 | n/m | - | - | n/a | 437,377 | n/m | n/a | n/m | |
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 | 57,792 | 0.5x | - | 6,687,961 | 1.4x | 6,745,753 | 1.4x | n/a | 9% | |
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) | 6,639,133 | 1,081,586 | 787,485 | 1.2x | - | 9,939,495 | 1.5x | 10,726,980 | 1.5x | n/a | 11% | |
Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025) | 5,016,771 | 1,368,541 | 3,047,474 | 1.1x | - | 4,156,400 | 1.5x | 7,203,874 | 1.3x | n/a | 11% | |
*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029) | 7,630,000 | 6,911,455 | 693,976 | 1.1x | - | 206,964 | 1.2x | 900,940 | 1.1x | n/a | n/m | |
Total Mezzanine / Opportunistic | $ 25,405,904 | $ 10,354,842 | $ 4,586,727 | 1.1x | - | $ 25,799,933 | 1.5x | $ 30,386,660 | 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 | - | 5,564,200 | 1.1x | 5,564,200 | 1.1x | n/a | 0% | |
Stressed / Distressed III (Dec 2017 / Dec 2022) | 7,356,380 | 1,085,652 | 1,022,304 | 1.2x | - | 5,934,391 | 1.3x | 6,956,695 | 1.3x | n/a | 9% | |
Total Stressed / Distressed | $ 15,734,523 | $ 1,633,082 | $ 1,022,304 | 1.2x | - | $ 17,275,689 | 1.2x | $ 18,297,993 | 1.2x | n/a | 7% | |
European Senior Debt I (Feb 2015 / Feb 2019) | € 1,964,689 | € 67,044 | € 159,420 | 0.3x | - | € 2,999,625 | 1.3x | € 3,159,045 | 1.1x | n/a | 1% | |
European Senior Debt II (Jun 2019 / Jun 2023) (j) | 4,088,344 | 861,672 | 2,174,148 | 0.9x | - | 4,891,963 | 1.7x | 7,066,111 | 1.3x | n/a | 8% | |
Total European Senior Debt | € 6,053,033 | € 928,716 | € 2,333,568 | 0.8x | - | € 7,891,588 | 1.5x | € 10,225,156 | 1.2x | n/a | 6% | |
Energy I (Nov 2015 / Nov 2018) | $ 2,856,867 | $ 1,154,819 | $ 70,845 | 1.3x | - | $ 3,556,730 | 1.5x | $ 3,627,575 | 1.5x | n/a | 10% | |
Energy II (Feb 2019 / Jun 2023) | 3,616,081 | 1,456,014 | 423,972 | 1.3x | 19% | 3,554,034 | 1.4x | 3,978,006 | 1.4x | n/a | 16% | |
*Energy III (May 2023 / May 2028) | 6,477,000 | 4,193,381 | 2,425,168 | 1.0x | - | 3,298,003 | 1.3x | 5,723,171 | 1.2x | n/a | 15% | |
Total Energy | $ 12,949,948 | $ 6,804,214 | $ 2,919,985 | 1.0x | 3% | $ 10,408,767 | 1.4x | $ 13,328,752 | 1.3x | n/a | 12% | |
*Senior Direct Lending (Various) (k) | 2,820,243 | 1,233,828 | 2,692,761 | 1.1x | - | 341,891 | 1.2x | 3,034,652 | 1.1x | n/a | 9% |
Total Credit Drawdown Funds (l) | $ 63,816,276 | $ 21,087,768 | $ 13,889,746 | 1.0x | 1% | $ 63,217,193 | 1.4x | $ 77,106,939 | 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 | $ 57,749,790 | 2% |
BREIT - Blackstone Real Estate Income Trust (2017) (p) | Core+ Real Estate | 56,551,910 | 9% |
BREIT - Class I (q) | Core+ Real Estate | 9% | |
BXMT - Blackstone Mortgage Trust (2013) (r) | Real Estate Debt | 6,255,948 | 6% |
Private Equity | |||
BXGP - Blackstone GP Stakes (2014) (s) | Minority GP Interests | 10,017,197 | 12% |
BIP - Blackstone Infrastructure Partners (2019) (t) | Infrastructure | 74,964,704 | 18% |
BXINFRA - Blackstone Infrastructure Strategies Fund Program (2025) (u) | Infrastructure | 5,979,642 | 15% |
BXINFRA - Class I (v) | Infrastructure | 16% | |
BXPE - Blackstone Private Equity Strategies Fund Program (2024) (w) | Private Equity | 25,312,193 | 19% |
BXPE - Class I (x) | Private Equity | 20% | |
Credit | |||
BXSL - Blackstone Secured Lending Fund (2018) (y) | U.S. Direct Lending | 16,585,488 | 11% |
BCRED - Blackstone Private Credit Fund (2021) (z) | U.S. Direct Lending | 94,623,700 | 9% |
BCRED - Class I (aa) | U.S. Direct Lending | 9% | |
ECRED - Blackstone European Credit Fund (2022) (ab) | European Direct Lending | € 5,248,866 | 9% |
ECRED - Class I (ac) | European Direct Lending | 9% | |
Investment Records as of June 30, 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 June 30, 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 10% and 7%, 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 June 30, 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 June 30, 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
June 30, 2026, including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $13.1 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 June 30, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $85.6 billion.
The BXINFRA Total Net Return reflects a per share blended return, assuming the BXINFRA 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 BXINFRA. 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 that are not hedged. Total net return is from January 2, 2025 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. BXINFRA Total AUM reflects net asset value as of June 30, 2026. BXINFRA 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 BXINFRA Fund Program Class I shares, the 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 that are not hedged. The Class I Total Net Return is from January 2, 2025 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 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 that are not hedged. 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 June 30, 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 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 that are not hedged. 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 March 31, 2026. 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 June 30, 2026 was $42.8 billion.
(aa) 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.
(ab) 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 June 30, 2026 was €2.6 billion.
(ac) 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 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 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 basis 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. The program, which typically has an impact on individual quarters based on the estimated amounts for the full year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the full year. For 2Q'26 QTD, 2Q'26 YTD, 2Q'25 QTD and 2Q'25 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for both the current year and prior year quarter and YTD periods.
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 Assets Under Management in vehicles or share classes of vehicles, in each case that are primarily targeted to the individual investor channel (including parallel or related vehicles) and (b) Assets Under Management attributable only to individual investors (including through private wealth distribution agreements) in vehicles that are not primarily targeted to the individual investor channel.