Blackstone Inc. (BX)

CIK: 0001393818. SIC: 6282 Investment Advice. Latest 10-K as of: 2026-02-27.

SIC breadcrumb: Finance, Insurance, And Real Estate > Security And Commodity Brokers, Dealers, Exchanges, And Services > SIC 6282 Investment Advice

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1393818. Latest filing source: 0001193125-26-082531.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001393818.json. Derived margins are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Missing metrics are omitted rather than fabricated.

Financial Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance

Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high. Filing date: 2026-02-27. Report date: 2025-12-31.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with Blackstone Inc.’s consolidated financial statements and the related notes included within this Annual Report on
Form 10-K.

This section of this
Form 10-K
generally discusses 2025 and 2024 items and year to year comparisons between 2025 and 2024. For the discussion of 2024 compared to 2023, see “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of Blackstone’s Annual Report on Form
10-K
for the year ended December 31, 2024, which specific discussion is incorporated herein by reference.

Our Business

Blackstone is the world’s largest alternative asset manager. Our business is organized into four segments: Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing. For more information about our business segments, see “Part I. Item 1. Business — Business Segments.”

We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio companies (including management, transaction and monitoring fees), and from capital markets services. We also invest in the funds we manage and we are entitled to a
pro-rata
share of the income of the fund (a
“pro-rata
allocation”). In addition to a
pro-rata
allocation, and assuming certain investment returns are achieved, we are entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). In certain investment fund structures, we receive a contractual incentive fee from the fund based on achieving certain investment returns (an “Incentive Fee,” and together with Performance Allocations, “Performance Revenues”). The composition of our revenues will vary based on market conditions and the cyclicality of the different business units we operate. Net investment gains and investment income generated by Blackstone Funds are driven by the performance of underlying investments in such funds as well as overall market conditions. Fair values are affected by changes in the fundamentals of our funds’ portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.

Business Environment

Blackstone’s businesses are materially affected by conditions in the financial markets and economic conditions in the U.S., Europe, Asia and, to a lesser extent, elsewhere in the world.

Most major equity markets appreciated in the fourth quarter of 2025, driven by positive economic data and accommodative central bank actions. The total return of the S&P 500 Index was 2.7% in the fourth quarter, led by the healthcare and telecommunications sectors, which gained 11.7% and 7.3%, respectively. The real estate and utilities sectors underperformed, declining 2.9% and 1.4%, respectively. Equity market volatility decreased, with the CBOE Volatility Index (VIX) declining 8.2% at the end of the fourth quarter compared to the third quarter. In credit markets, the S&P Leveraged Loan Index generated a total return of 1.2% and the ICE Bank of America High Yield Bond Index returned 1.3%. At the beginning of 2026, however, concerns regarding impact of artificial intelligence-driven disruption weighed on equity capital markets. By
mid-February 2026,
the Dow Jones and S&P 500 Index had experienced declines for four out of five weeks, while the Nasdaq recorded its fifth straight negative week.

Capital markets activity levels in the U.S. expanded considerably in 2025, with U.S. initial public offering volumes and announced merger and acquisition volumes up approximately 73% and 60%, respectively, compared to 2024. In particular, the fourth quarter saw a

two-and-a-half

year-over-year increase in merger and acquisition and initial public offerings activity. High-yield spreads tightened by 21 basis points in 2025, while issuance increased 16.8% year-over-year.

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While the U.S. economy exhibited steady growth through most of 2025, the Bureau of Economic Analysis’ advance estimate of U.S. real GDP annualized growth was 1.4% in the fourth quarter. This was well below estimates, and the Bureau estimated, among other factors, that the U.S. government shutdown subtracted about 1.0% from such expected GDP growth. The labor market remained largely in balance, with an unemployment rate of 4.4% at year end, up moderately from 4.1% at year-end 2024. Inflation decreased over the course of 2025, with headline CPI of 2.7% in December 2025 compared to 3.0% in January 2025. The Federal Reserve decreased the federal funds target range three times in 2025 to
3.50-3.75%
by year end and held rates steady in January 2026, based on its view that inflation has remained above the target rate of 2%.

Outside of the U.S., most major central banks reduced interest rates in 2025 as inflation around the world continued to show signs of moderation. Inflation in the U.K. increased slightly to 3.4% in December 2025 compared to 3.0% in January 2025, but remained well below prior year peaks, and The Bank of England lowered its rate by 100 points over four reductions in 2025, ending the year at 3.75%. The European Central Bank lowered its deposit facility by 100 basis points during the year, with inflation in the Eurozone falling to 1.9% in December 2025 compared to 2.5% in January 2025. In China, the People’s Bank also lowered the required reserve ratio by 50 basis points in 2025 to 9%, continuing a rate-cutting cycle that began in 2021. By contrast, the Bank of Japan further increased its policy rate twice in 2025 to 0.75% by year end, the highest level since 1995.

An overall resilient economic backdrop, alongside moderating interest rates in several major economies, supported a gradual improvement in capital markets and transaction activity in the latter part of 2025. Uncertainty regarding the trajectory of inflation and interest rates in the U.S., continued geopolitical turbulence and concerns regarding the potential impact of artificial intelligence-related disruptions across a number of industries, however, have more recently adversely impacted investor sentiment and the market environment.

For additional information on the potential impact on each of our business segments of the conditions described above see “—Segment Analysis.”

Notable Transactions

On October 16, 2025, Blackstone entered into an amended and restated $4.325 billion revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility amends and restates Blackstone’s existing revolving credit facility to, among other things, extend the maturity date from December 15, 2028 to October 16, 2030 and increase the aggregate required minimum amount of fee generating assets under management. For additional information see Note 12. “Borrowings” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data.”

On November 3, 2025, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $600 million aggregate principal amount of 4.300% senior notes due November 3, 2030 (the “Registered 2030 Notes”), and $600 million aggregate principal amount of 4.950% senior notes due February 15, 2036 (the “Registered 2036 Notes”) and, together with the Registered 2030 Notes, (the “Registered Notes”), pursuant to a Registration Statement on Form
S-3.
Blackstone intends to use the net proceeds from the sale of the Registered Notes for general corporate purposes. For additional information, see Note 12. “Borrowings” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” and “—Liquidity and Capital Resources — Sources and Uses of Liquidity.”

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Organizational Structure

The simplified diagram below depicts our current organizational structure. The diagram does not depict all of our subsidiaries, including intermediate holding companies through which certain of the subsidiaries depicted are held.

Key Financial Measures and Indicators

We manage our business using certain financial measures and key operating metrics since we believe these metrics measure the productivity of our investment activities. We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See “—Item 8. Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 2. Summary of Significant Accounting Policies” and “—Critical Accounting Policies.” Our key
non-GAAP
financial measures and operating indicators and metrics are discussed below.

Distributable Earnings

Distributable Earnings is derived from Blackstone’s segment reported results. Distributable Earnings is used to assess performance and amounts available for dividends to Blackstone stockholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Distributable Earnings is the sum of Segment Distributable Earnings plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. Distributable Earnings excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See
“—Non-GAAP
Financial Measures” for our reconciliation of Distributable Earnings.

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Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement.

Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and Distributable Earnings reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment Distributable Earnings and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and
Non-Recurring
Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s Consolidated Statements of Operations under GAAP, excluding the impact of divestitures and accrued tax 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 parties to the Tax Receivable Agreement are entitled to receive in future periods. Management believes that including the amount payable under the Tax Receivable Agreement and utilizing the current income tax provision adjusted as described above when calculating Distributable Earnings is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to stockholders.

Segment Distributable Earnings

Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Blackstone believes it is useful to stockholders to review the measure that management uses in assessing segment performance. Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates
non-controlling
ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and
Non-Recurring
Items. Transaction-Related and
Non-Recurring
Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and
non-recurring
gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and
non-recurring
gains, losses or other charges that affect

period-to-period

comparability and are not reflective of Blackstone’s operational performance. Segment Distributable Earnings excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See
“—Non-GAAP
Financial Measures” for our reconciliation of Segment Distributable Earnings.

Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).

Realized Performance Compensation reflects, 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. For the year ended December 31, 2025, Realized Performance Compensation increased by an aggregate of $76.6 million and Fee Related Compensation decreased by a corresponding amount. For the year ended December 31, 2024, Realized Performance Compensation increased by an aggregate of $83.1 million and Fee

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Related Compensation decreased by a corresponding amount. These changes to Realized Performance Compensation and Fee Related Compensation reduced Net Realizations, increased Fee Related Earnings and had a neutral impact to Income Before Provision (Benefit) for Taxes and Distributable Earnings for the years ended December 31, 2025 and 2024.

Fee Related Earnings

Fee Related Earnings is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Blackstone believes Fee Related Earnings is useful to stockholders as it provides insight into the profitability of the portion of Blackstone’s business that is not dependent on realization activity. Fee Related Earnings equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis and (b) Other Operating Expenses. Fee Related Earnings is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See
“—Non-GAAP
Financial Measures” for our reconciliation of Fee Related Earnings.

Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.

Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis and (b) not dependent on realization events from the underlying investments.

Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove transaction-related and
non-recurring
items that arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and
non-recurring
gains, losses or other charges, if any, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone’s segment presentation and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization

Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (“Adjusted EBITDA”), is a supplemental measure used to assess performance derived from Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See
“—Non-GAAP
Financial Measures” for our reconciliation of Adjusted EBITDA.

Net Accrued Performance Revenues

Net Accrued Performance Revenues is a
non-GAAP
financial measure Blackstone believes is useful to stockholders as an indicator of potential future realized performance revenues based on the current investment portfolio of the funds and vehicles we manage. Net Accrued Performance Revenues represents the accrued performance revenues receivable by Blackstone, net of the related accrued performance compensation payable by Blackstone, excluding performance revenues that have been realized but not yet distributed as of the reporting date and clawback amounts, if any. Net Accrued Performance Revenues is derived from and reconciled to, but not

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equivalent to, its most directly comparable GAAP measure of Investments. See
“—Non-GAAP
Financial Measures” for our reconciliation of Net Accrued Performance Revenues and Note 2. “Summary of Significant Accounting Policies — Equity Method Investments” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” for additional information on the calculation of Investments — Accrued Performance Allocations.

Operating Metrics

The alternative asset management business is primarily based on managing third-party capital and does not require substantial capital investment to support rapid growth. Since our inception, we have developed and used various key operating metrics to assess and monitor the operating performance of our various alternative asset management businesses in order to monitor the effectiveness of our value-creating strategies.

Total and
Fee-Earning
Assets Under Management

“Total Assets Under Management” refers to the invested and available capital in Blackstone-managed or advised vehicles (including, without limitation, investment funds and SMAs). The Total Assets Under Management attributable to an individual vehicle is dependent on the structure and investment strategy of such vehicle and accordingly, will vary from vehicle to vehicle. Total Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable:

(a)

a vehicle’s invested capital at fair value which, as applicable, is measured as (1) total investments measured at fair value, or gross asset values, each of which may include the fair value of investments purchased with leverage under certain credit facilities, (2) net asset value, or (3) amount of debt and equity outstanding or aggregate par amount of assets, including principal cash for CLOs, and

(b)

a vehicle’s available capital, if any, which represents (1) uncalled commitments made by investors and (2) available borrowing capacity under certain credit facilities.

Uncalled commitments represent the capital we are entitled to call from investors pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods. Drawdown funds, perpetual capital vehicles,
co-investment
vehicles, and SMAs can each be structured with a commitment from an investor that is called over time as opposed to fully funded upon subscription.

Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit. Total Assets Under Management are reported in the segment where the assets are managed.

Our measurement of Total Assets Under Management includes commitments to, and the fair value of, invested capital in our funds from Blackstone and our personnel. Our calculation of Total Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. Our definition of Total Assets Under Management differs from the manner in which affiliated investment advisors report regulatory assets under management and may differ from the definition set forth in the agreements governing the vehicles we manage or advise.

“Fee-Earning
Assets Under Management” refers to the portion of Total Assets Under Management on which we are entitled to earn management fees and/or performance revenues. The
Fee-Earning
Assets Under Management attributable to an individual vehicle is driven by the basis on which fees are earned and accordingly, will vary from vehicle to vehicle.
Fee-Earning
Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable: (a) net asset value, (b) committed capital and remaining invested capital during the investment period and post-investment period, respectively, (c) invested capital (including leverage to the extent management
fee-eligible),
(d) gross asset value, (e) fair value of investments, or (f) the aggregate par amount of collateral assets, including principal cash, of CLOs.

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Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit.
Fee-Earning
Assets Under Management are reported in the segment where the Total Assets Under Management are reported to the extent
fee-paying
to Blackstone.

While
Fee-Earning
Assets Under Management generally reflects Total Assets Under Management on which we are entitled to earn management fees,
Fee-Earning
Assets Under Management may also include Total Assets Under Management on which we are entitled to earn only performance revenues. Our calculation of
Fee-Earning
Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. Our definition of
Fee-Earning
Assets Under Management may differ from the definition set forth in the agreements governing the vehicles that we manage or advise.

Commitment-based drawdown structured funds generally do not permit investors to redeem their interests at their election. Certain of our open-ended vehicles generally afford an investor the right to withdraw or redeem their interests on a periodic basis (for example, annually, quarterly or monthly), typically with 2 to 95 days’ notice, depending on the fund and the liquidity profile of the underlying assets. In our perpetual capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles. Investment advisory agreements related to certain SMAs in our Credit & Insurance and Multi-Asset Investing segments, excluding SMAs in our insurance platform, may generally be terminated by an investor on 15 to 95 days’ notice. SMAs in our insurance platform can generally only be terminated for long-term underperformance, cause and certain other limited circumstances, in each case subject to Blackstone’s right to cure.

Perpetual Capital

“Perpetual Capital” refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemptions are limited in quantum. Perpetual Capital includes
co-investment
capital with an investor right to convert into Perpetual Capital.

In our Perpetual Capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles. Perpetual Capital includes
co-investment
capital with an investor right to convert into Perpetual Capital. We believe this measure is useful to stockholders as it represents capital we manage that has a longer duration and the ability to generate recurring revenues in a different manner than traditional fund structures.

Dry Powder

Dry Powder represents the amount of capital available for investment or reinvestment, including general partner and employee capital, and is an indicator of the capital we have available for future investments. We believe this measure is useful to stockholders as it provides insight into the extent to which capital is available for Blackstone to deploy capital into investment opportunities as they arise.

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Invested Performance Eligible Assets Under Management

Invested Performance Eligible Assets Under Management represents invested capital at fair value on which performance revenues could be earned if certain hurdles are met. We believe Invested Performance Eligible Assets Under Management is useful to stockholders as it provides insight into the capital deployed that has the potential to generate performance revenues.

Recent Tax Developments

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA provides for significant U.S. tax law changes including making permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. Prior to the enactment of the OBBBA, these provisions were set to sunset on December 31, 2025. Blackstone does not believe the extension of these provisions, or other provisions contained in the OBBBA, will materially impact its financial statements. For further discussion of potential consequences of changes in tax regulations, please see “Part I. Item 1A. Risk Factors — Risks Related to Our Business — Changes in U.S. and foreign taxation of businesses and other tax laws, regulations or treaties or an adverse interpretation of these items by tax authorities could adversely affect us, including by adversely impacting our effective tax rate and tax liability.”

On July 29, 2025, the U.S. Internal Revenue Service (“IRS”) issued guidance which provides for a simplified approach to the calculation of the corporate alternative minimum tax (“CAMT”). Based on the available guidance, Blackstone does not believe CAMT will materially impact its Provision for Taxes.

Consolidated Results of Operations

Following is a discussion of our consolidated results of operations. For a more detailed discussion of the factors that affected the results of our four business segments (which are presented on a basis that deconsolidates the investment funds, eliminates
non-controlling
ownership interests in Blackstone’s consolidated operating partnerships and removes the amortization of intangible assets and Transaction-Related and
Non-Recurring
Items) in these periods, see “—Segment Analysis” below.

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The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the years ended December 31, 2025, 2024 and 2023:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

$

%

$

%

(Dollars in Thousands)

Revenues

Management and Advisory Fees, Net

$

8,075,601

$

7,188,936

$

6,671,260

$

886,665

12%

$

517,676

8%

Incentive Fees

978,202

964,178

695,171

14,024

1%

269,007

39%

Investment Income (Loss)

Performance Allocations

Realized

3,662,243

3,457,746

2,223,841

204,497

6%

1,233,905

55%

Unrealized

643,063

371,407

(1,691,668

) 

271,656

73%

2,063,075

n/m

Principal Investments

Realized

697,632

332,258

303,823

365,374

110%

28,435

9%

Unrealized

248,304

380,591

(603,154

) 

(132,287

) 

-35%

983,745

n/m

Total Investment Income

5,251,242

4,542,002

232,842

709,240

16%

4,309,160

n/m

Interest and Dividend Revenue

416,093

411,159

516,497

4,934

1%

(105,338

) 

-20%

Other

(270,873

) 

123,693

(92,929

) 

(394,566

) 

n/m

216,622

n/m

Total Revenues

14,450,265

13,229,968

8,022,841

1,220,297

9%

5,207,127

65%

Expenses

Compensation and Benefits

Compensation

3,671,193

3,048,229

2,785,447

622,964

20%

262,782

9%

Incentive Fee Compensation

274,902

373,586

281,067

(98,684

) 

-26%

92,519

33%

Performance Allocations Compensation

Realized

1,297,472

1,432,217

900,859

(134,745

) 

-9%

531,358

59%

Unrealized

376,962

140,021

(654,403

) 

236,941

169%

794,424

n/m

Total Compensation and Benefits

5,620,529

4,994,053

3,312,970

626,476

13%

1,681,083

51%

General, Administrative and Other

1,524,548

1,361,909

1,117,305

162,639

12%

244,604

22%

Interest Expense

508,314

443,688

431,868

64,626

15%

11,820

3%

Fund Expenses

49,216

19,676

118,987

29,540

150%

(99,311

) 

-83%

Total Expenses

7,702,607

6,819,326

4,981,130

883,281

13%

1,838,196

37%

Other Income (Loss)

Change in Tax Receivable Agreement Liability

6,591

(41,246

) 

(27,196

) 

47,837

n/m

(14,050

) 

52%

Net Gains (Losses) from Fund Investment Activities

417,397

90,084

(56,801

) 

327,313

363%

146,885

n/m

Total Other Income (Loss)

423,988

48,838

(83,997

) 

375,150

768%

132,835

n/m

Income Before Provision for Taxes

7,171,646

6,459,480

2,957,714

712,166

11%

3,501,766

118%

Provision for Taxes

1,125,023

1,021,671

513,461

103,352

10%

508,210

99%

Net Income

6,046,623

5,437,809

2,444,253

608,814

11%

2,993,556

122%

Net Income (Loss) Attributable to Redeemable
Non-Controlling
Interests in Consolidated Entities

45,500

(61,289

) 

(245,518

) 

106,789

n/m

184,229

-75%

Net Income Attributable to Non-Controlling Interests in Consolidated Entities

660,568

473,826

224,155

186,742

39%

249,671

111%

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings

2,321,341

2,248,764

1,074,736

72,577

3%

1,174,028

109%

Net Income Attributable to Blackstone Inc.

$

3,019,214

$

2,776,508

$

1,390,880

$

242,706

9%

$

1,385,628

100%

n/m Not meaningful.

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Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

Revenues

Revenues were $14.5 billion for the year ended December 31, 2025, an increase of $1.2 billion, compared to $13.2 billion for the year ended December 31, 2024. The increase in Revenues was primarily attributable to increases of $886.7 million in Management and Advisory Fees, Net and $709.2 million in Investment Income (Loss).

Management and Advisory Fees, Net were $8.1 billion for the year ended December 31, 2025, an increase of $886.7 million, compared to $7.2 billion for the year ended December 31, 2024. The increase in Management and Advisory Fees, Net was primarily attributable to increases in our Private Equity and Credit & Insurance segments of $573.3 million and $347.8 million, respectively. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to fee holiday expirations of BCP IX and BETP IV, an increase in
Fee-Earning
Assets Under Management in BXPE and BIP, and increased deal activity in BXCM. The increase in our Credit & Insurance segment was primarily attributable to an increase in Base Management Fees due to increased
Fee-Earning
Assets Under Management in private credit strategies.

Investment Income (Loss) was $5.3 billion for the year ended December 31, 2025, an increase of $709.2 million, compared to $4.5 billion for the year ended December 31, 2024. The increase in Investment Income (Loss) was primarily attributable to an increase of $569.9 million in Realized Investment Income. The increase in Realized Investment Income was primarily attributable to higher realized gains during the year ended December 31, 2025 compared to the year ended December 31, 2024. The principal driver of this increase was an increase of $406.7 million in our Credit & Insurance segment which was primarily attributable to the sale of Bistro, a portfolio visualization software platform developed by Blackstone, and the monetization of Blackstone’s stake in Resolution Life.

Expenses

Expenses were $7.7 billion for the year ended December 31, 2025, an increase of $883.3 million, compared to $6.8 billion for the year ended December 31, 2024. The increase was primarily attributable to an increase of $626.5 million in Total Compensation and Benefits, of which $623.0 million was an increase in Compensation. The increase in Compensation was primarily attributable to the increase in Management and Advisory Fees, Net, on which a portion of Compensation is based.

Other Income (Loss)

Other Income was $424.0 million for the year ended December 31, 2025, an increase of $375.2 million, compared to $48.8 million for the year ended December 31, 2024. The increase in Other Income was primarily attributable to an increase of $327.3 million in Net Gains from Fund Investment Activities.

The increase in Net Gains from Fund Investment Activities was primarily attributable to increases of $172.8 million in our Real Estate segment and $123.9 million in our Private Equity segment. The increase in our Real Estate segment was primarily attributable to net unrealized appreciation of investments in our consolidated funds in the year ended December 31, 2025 compared to net unrealized depreciation of investments in the year ended December 31, 2024. The increase in our Private Equity segment was primarily attributable to higher net unrealized appreciation of investments in our consolidated funds in the year ended December 31, 2025 compared to the year ended December 31, 2024.

Provision for Taxes

Blackstone’s Provision for Taxes for the year ended December 31, 2025 was $1.1 billion, an increase of $103.4 million, compared to $1.0 billion for the year ended December 31, 2024. This resulted in an effective tax rate of 15.7% and 15.8%, based on our Income Before Provision for Taxes of $7.2 billion and $6.5 billion for the years ended December 31, 2025 and 2024, respectively.

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The decrease in Blackstone’s effective tax rate for the year ended December 31, 2025 compared to the year ended December 31, 2024 relates primarily to the impact of
Non-Controlling
Interests in Consolidated Entities and the deferred tax impact of Blackstone’s investment in its operating partnerships.

Additional information regarding our income taxes can be found in “—Item 8. Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 14. Income Taxes” of this filing.

Non-Controlling
Interests in Consolidated Entities

The Net Income Attributable to Redeemable
Non-Controlling
Interests in Consolidated Entities and Net Income Attributable to
Non-Controlling
Interests in Consolidated Entities is attributable to the consolidated Blackstone Funds. The amounts of these items vary directly with the performance of the consolidated Blackstone funds and largely eliminate the amount of Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities from the Net Income Attributable to Blackstone Inc.

Net Income Attributable to
Non-Controlling
Interests in Blackstone Holdings is derived from the Income Before Provision for Taxes at the Blackstone Holdings level, excluding the Net Gains (Losses) from Fund Investment Activities and the percentage allocation of the income between Blackstone personnel and others who are limited partners of Blackstone Holdings and Blackstone after considering any contractual arrangements that govern the allocation of income such as fees allocable to Blackstone.

For the years ended December 31, 2025 and 2024, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.6% and 38.5%, respectively. The decrease of 0.9% was primarily attributable to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.

The Other Income (Loss) — Change in Tax Receivable Agreement Liability was entirely allocated to Blackstone Inc.

Operating Metrics

Total and
Fee-Earning
Assets Under Management

The following graphs and tables summarize the Total Assets Under Management by Segment and
Fee-Earning
Assets Under Management by Segment, followed by a rollforward of activity for the years ended December 31, 2025, 2024 and 2023. For a description of how Total Assets Under Management and
Fee-Earning
Assets Under Management are determined, please see “—Key Financial Measures and Indicators — Operating Metrics — Total and
Fee-Earning
Assets Under Management.”

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Note: Totals may not add due to rounding.

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Year Ended December 31,

2025

2024

Real Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Real Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

(Dollars in Thousands)

Total Assets Under Management

Balance, Beginning of Period

$

315,353,132

$

352,168,635

$

375,507,818

$

84,150,411

$

1,127,179,996

$

336,940,096

$

314,391,397

$

312,674,037

$

76,186,917

$

1,040,192,447

Inflows (a)

25,526,691

68,140,673

132,134,874

13,582,909

239,385,147

27,941,070

41,285,126

91,200,162

11,032,279

171,458,637

Outflows (b)

(8,543,827

) 

(10,881,149

) 

(20,385,059

) 

(7,316,009

) 

(47,126,044

) 

(24,543,453

) 

(7,225,733

) 

(6,347,592

) 

(9,687,779

) 

(47,804,557

) 

Net Inflows

16,982,864

57,259,524

111,749,815

6,266,900

192,259,103

3,397,617

34,059,393

84,852,570

1,344,500

123,654,080

Realizations (c)

(25,550,971

) 

(33,878,269

) 

(62,408,320

) 

(3,713,189

) 

(125,550,749

) 

(22,164,223

) 

(28,930,508

) 

(33,319,081

) 

(2,728,668

) 

(87,142,480

) 

Market Activity (d)(g)

12,557,850

40,873,266

18,102,293

9,509,475

81,042,884

(2,820,358

) 

32,648,353

11,300,292

9,347,662

50,475,949

Balance, End of Period (e)

$

319,342,875

$

416,423,156

$

442,951,606

$

96,213,597

$

1,274,931,234

$

315,353,132

$

352,168,635

$

375,507,818

$

84,150,411

$

1,127,179,996

Increase (Decrease)

$

3,989,743

$

64,254,521

$

67,443,788

$

12,063,186

$

147,751,238

$

(21,586,964

) 

$

37,777,238

$

62,833,781

$

7,963,494

$

86,987,549

Increase (Decrease)

1%

18%

18%

14%

13%

-6%

12%

20%

10%

8%

Year Ended December 31,

2023

Real Estate

Private Equity

Credit &

Insurance

Multi-Asset

Investing

Total

(Dollars in Thousands)

Total Assets Under Management

Balance, Beginning of Period

$

326,146,904

$

299,850,659

$

273,746,559

$

74,928,955

$

974,673,077

Inflows (a)

53,922,506

23,986,567

62,132,619

8,476,721

148,518,413

Outflows (b)

(15,642,086

) 

(3,085,261

) 

(16,132,113

) 

(10,858,518

) 

(45,717,978

) 

Net Inflows (Outflows)

38,280,420

20,901,306

46,000,506

(2,381,797

) 

102,800,435

Realizations (c)

(18,744,078

) 

(24,426,644

) 

(20,080,725

) 

(2,439,392

) 

(65,690,839

) 

Market Activity (d)(g)

(8,743,150

) 

18,066,076

13,007,697

6,079,151

28,409,774

Balance, End of Period (e)

$

336,940,096

$

314,391,397

$

312,674,037

$

76,186,917

$

1,040,192,447

Increase

$

10,793,192

$

14,540,738

$

38,927,478

$

1,257,962

$

65,519,370

Increase

3%

5%

14%

2%

7%

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Year Ended December 31,

2025

2024

Real Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Real Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

(Dollars in Thousands)

Fee-Earning
Assets Under Management

Balance, Beginning of Period

$

278,914,938

$

212,182,896

$

264,617,560

$

74,993,209

$

830,708,603

$

298,889,475

$

176,997,265

$

218,188,936

$

68,532,226

$

762,607,902

Inflows (a)

23,254,718

40,165,992

91,520,537

12,050,975

166,992,222

28,674,456

46,270,186

71,529,783

8,957,656

155,432,081

Outflows (b)

(7,538,536

) 

(8,600,986

) 

(16,998,063

) 

(6,734,396

) 

(39,871,981

) 

(23,207,214

) 

(7,997,715

) 

(6,391,518

) 

(8,768,766

) 

(46,365,213

) 

Net Inflows

15,716,182

31,565,006

74,522,474

5,316,579

127,120,241

5,467,242

38,272,471

65,138,265

188,890

109,066,868

Realizations (c)

(23,513,152

) 

(15,938,130

) 

(33,745,202

) 

(3,363,748

) 

(76,560,232

) 

(23,409,231

) 

(9,408,638

) 

(23,840,463

) 

(2,505,119

) 

(59,163,451

) 

Market Activity (d)(h)

8,309,180

13,149,286

10,245,751

8,701,625

40,405,842

(2,032,548

) 

6,321,798

5,130,822

8,777,212

18,197,284

Balance, End of Period (e)

$

279,427,148

$

240,959,058

$

315,640,583

$

85,647,665

$

921,674,454

$

278,914,938

$

212,182,896

$

264,617,560

$

74,993,209

$

830,708,603

Increase (Decrease)

$

512,210

$

28,776,162

$

51,023,023

$

10,654,456

$

90,965,851

$

(19,974,537

) 

$

35,185,631

$

46,428,624

$

6,460,983

$

68,100,701

Increase (Decrease)

—

14%

19%

14%

11%

-7%

20%

21%

9%

9%

Annualized Base Management Fee Rate (f)

0.94%

1.07%

0.66%

0.66%

0.86%

0.93%

1.04%

0.65%

0.66%

0.85%

Year Ended December 31,

2023

Real Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

(Dollars in Thousands)

Fee-Earning
Assets Under Management

Balance, Beginning of Period

$

281,967,153

$

175,990,967

$

192,535,693

$

67,893,075

$

718,386,888

Inflows (a)

60,404,380

8,501,835

42,750,955

7,694,930

119,352,100

Outflows (b)

(18,176,929

) 

(737,831

) 

(12,485,948

) 

(10,461,779

) 

(41,862,487

) 

Net Inflows (Outflows)

42,227,451

7,764,004

30,265,007

(2,766,849

) 

77,489,613

Realizations (c)

(20,266,342

) 

(9,767,895

) 

(13,242,327

) 

(2,324,408

) 

(45,600,972

) 

Market Activity (d)(h)

(5,038,787

) 

3,010,189

8,630,563

5,730,408

12,332,373

Balance, End of Period (e)

$

298,889,475

$

176,997,265

$

218,188,936

$

68,532,226

$

762,607,902

Increase

$

16,922,322

$

1,006,298

$

25,653,243

$

639,151

$

44,221,014

Increase

6%

1%

13%

1%

6%

Annualized Base Management Fee Rate (f)

0.97%

1.09%

0.64%

0.69%

0.88%

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Table of Contents

(a)

Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased

side-by-side

commitments), purchases, inter-segment allocations and acquisitions.

(b)

Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased

side-by-side

commitments).

(c)

Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs.

(d)

Market activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations.

(e)

Total and
Fee-Earning
Assets Under Management are reported in the segment where the assets are managed.

(f)

Annualized Base Management Fee Rate represents annualized year to date Base Management Fee divided by the average of the beginning of year and each quarter end’s
Fee-Earning
Assets Under Management in the reporting period.

(g)

For the year ended December 31, 2025, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $7.8 billion, $3.2 billion, $2.9 billion, $182.6 million, and $14.1 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the year ended December 31, 2024, the impact was $(4.7) billion, $(1.3) billion, $(1.2) billion, $(652.0) million, and $(7.8) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the year ended December 31, 2023, the impact was $2.2 billion, $1.1 billion, $1.1 billion, $232.1 million and $4.6 billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively.

(h)

For the year ended December 31, 2025, the impact to
Fee-Earning
Assets Under Management due to foreign exchange rate fluctuations was $6.1 billion, $586.9 million, $2.9 billion, $178.3 million, and $9.7 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the year ended December 31, 2024, the impact was $(3.0) billion, $(278.0) million, $(1.1) billion, $(651.2) million, and $(5.1) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the year ended December 31, 2023, the impact was $1.6 billion, $110.2 million, $1.0 billion, $223.5 million and $3.0 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.

Total Assets Under Management and
Fee-Earning
Assets Under Management may have differences in the measurement and timing of certain activities that affect each of inflows, outflows, realizations and market activity. These differences include, but are not limited to:

•

For commitment-based drawdown funds, Total Assets Under Management inflows are generally reported at each fund closing whereas
Fee-Earning
Assets Under Management inflows are generally reported when a fund’s investment period commences. Fund closings and the investment period commencement generally occur in different periods and as such,
Fee-Earning
Assets Under Management inflows in such funds may exceed Total Assets Under Management inflows in the period when the investment period commences. This is most prevalent in our Real Estate and Private Equity segments.

•

For commitment-based drawdown funds, Total Assets Under Management realizations generally represents the total proceeds whereas
Fee-Earning
Assets Under Management generally represents only the invested capital. As such, Total Assets Under Management realizations typically exceeds
Fee-Earning
Assets Under Management realizations. This is most prevalent in our Real Estate and Private Equity segments.

•

For commitment-based drawdown funds, Total Assets Under Management is reported based on invested capital at fair value and available capital whereas
Fee-Earning
Assets Under Management is reported based on committed or remaining invested capital. As such, Total Assets Under Management market activity generally exceeds
Fee-Earning
Assets Under Management market activity. This is most prevalent in our Real Estate and Private Equity segments.

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Table of Contents

•

For certain credit funds, Total Assets Under Management are based on gross asset value while
Fee-Earning
Assets Under Management are based on net asset value. As such, Total Assets Under Management inflows, outflows, realizations and market activity for the period generally exceed the
Fee-Earning
Assets Under Management inflows, outflows, realizations and market activity for the period.

Total Assets Under Management

Total Assets Under Management were $1,274.9 billion at December 31, 2025, an increase of $147.8 billion compared to $1,127.2 billion at December 31, 2024. The net increase was due to:

•

In our Real Estate segment, an increase of $4.0 billion from $315.4 billion at December 31, 2024 to $319.3 billion at December 31, 2025. The net increase was due to inflows of $25.5 billion and market appreciation of $12.6 billion, offset by realizations of $25.6 billion and outflows of $8.5 billion.

o

Inflows were driven by $9.2 billion from BREDS, $7.2 billion from BREIT, $3.6 billion from BPP and
co-investment
and $2.8 billion from BREP.

o

Market appreciation was driven by appreciation of $4.3 billion from BREDS (which reflected $179.2 million of foreign exchange appreciation), $4.0 billion from BREIT (which reflected $270.6 million of foreign exchange appreciation) and $3.1 billion from BREP (which reflected $3.6 billion of foreign exchange appreciation).

o

Realizations were driven by $10.5 billion from BREDS, $7.3 billion from BREP and $4.7 billion from BREIT.

o

Outflows were driven by $6.2 billion from BREIT.

•

In our Private Equity segment, an increase of $64.3 billion from $352.2 billion at December 31, 2024 to $416.4 billion at December 31, 2025. The net increase was due to inflows of $68.1 billion and market appreciation of $40.9 billion, offset by realizations of $33.9 billion and outflows of $10.9 billion.

o

Inflows were driven by $19.6 billion from Secondaries, $18.6 billion from Corporate Private Equity, $13.3 billion from Infrastructure and $8.2 billion from BXPE.

o

Market appreciation was driven by appreciation of $15.8 billion from Corporate Private Equity (which reflected $1.7 billion of foreign exchange appreciation), $12.1 billion from Infrastructure (which reflected $1.0 billion of foreign exchange appreciation) and $6.9 billion from Secondaries (which reflected $52.0 million of foreign exchange depreciation).

o

Realizations were driven by $13.8 billion from Corporate Private Equity, $9.9 billion from Secondaries and $5.3 billion from Tactical Opportunities.

o

Outflows were driven by $4.5 billion from Secondaries, $2.6 billion from Corporate Private Equity and $1.1 billion from Infrastructure.

•

In our Credit & Insurance segment, an increase of $67.4 billion from $375.5 billion at December 31, 2024 to $443.0 billion at December 31, 2025. The net increase was due to inflows of $132.1 billion and market appreciation of $18.1 billion, offset by realizations of $62.4 billion and outflows of $20.4 billion.

o

Inflows were driven by $62.1 billion from private corporate credit, $36.0 billion from infrastructure and asset based credit and $22.4 billion from liquid corporate credit.

o

Market appreciation was driven by appreciation of $7.4 billion from private corporate credit (which reflected $979.3 million of foreign exchange appreciation), $4.2 billion from liquid corporate credit (which reflected $2.0 billion of foreign exchange appreciation) and $3.6 billion from infrastructure and asset based credit (which reflected $13.5 million of foreign exchange appreciation).

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Table of Contents

o

Realizations were driven by $29.2 billion from private corporate credit, $14.7 billion from infrastructure and asset based credit and $11.5 billion from our insurance platform.

o

Outflows were driven by $10.0 billion from private corporate credit and $9.9 billion from liquid corporate credit.

•

In our Multi-Asset Investing segment, an increase of $12.1 billion from $84.2 billion at December 31, 2024 to $96.2 billion at December 31, 2025. The net increase was due to inflows of $13.6 billion and market appreciation of $9.5 billion, offset by outflows of $7.3 billion and realizations of $3.7 billion.

o

Inflows were driven by $8.9 billion from Absolute Return, $2.1 billion from Multi-Strategy and $1.9 billion from Total Portfolio Management.

o

Market appreciation was driven by $6.5 billion from Absolute Return (which reflected $267.0 million of foreign exchange appreciation).

o

Outflows were driven by $6.0 billion from Absolute Return.

o

Realizations were driven by $1.6 billion from Multi-Strategy and $1.2 billion from Absolute Return.

Fee-Earning
Assets Under Management

Fee-Earning
Assets Under Management were $921.7 billion at December 31, 2025, an increase of $91.0 billion compared to $830.7 billion at December 31, 2024. The net increase was due to:

•

In our Real Estate segment, an increase of $512.2 million from $278.9 billion at December 31, 2024 to $279.4 billion at December 31, 2025. The net increase was due to inflows of $23.3 billion and market appreciation of $8.3 billion, offset by realizations of $23.5 billion and outflows of $7.5 billion.

o

Inflows were driven by $8.1 billion from BREDS, $7.2 billion from BREIT, $2.7 billion from BPP and
co-investment
and $2.5 billion from BREP.

o

Market appreciation was driven by appreciation of $4.0 billion from BREIT (which reflected $270.6 million of foreign exchange appreciation), $2.0 billion from BREP (which reflected $2.0 billion of foreign exchange appreciation) and $1.1 billion from BREDS (which reflected $136.9 million of foreign exchange appreciation).

o

Realizations were driven by $12.1 billion from BREDS, $4.7 billion from BREIT, $3.8 billion from BREP and $2.5 billion from BPP and
co-investment.

o

Outflows were driven by $6.2 billion from BREIT.

•

In our Private Equity segment, an increase of $28.8 billion from $212.2 billion at December 31, 2024 to $241.0 billion at December 31, 2025. The net increase was due to inflows of $40.2 billion and market appreciation of $13.1 billion, offset by realizations of $15.9 billion and outflows of $8.6 billion.

o

Inflows were driven by $10.6 billion from Infrastructure, $8.0 billion from BXPE, $7.1 billion from Corporate Private Equity, $5.2 billion from BXLS, $4.2 billion from BXG and $3.4 billion from Secondaries.

o

Market appreciation was driven by appreciation of $9.5 billion from Infrastructure (which reflected $586.4 million of foreign exchange appreciation), $2.4 billion from BXPE and $1.2 billion from Secondaries.

o

Realizations were driven by $6.3 billion from Corporate Private Equity, $4.2 billion from Secondaries, $2.4 billion from Tactical Opportunities and $1.8 billion from Infrastructure.

o

Outflows were driven by $3.0 billion from Secondaries, $1.6 billion from BXLS and $1.5 billion from Tactical Opportunities.

96

Table of Contents

•

In our Credit & Insurance segment, an increase of $51.0 billion from $264.6 billion at December 31, 2024 to $315.6 billion at December 31, 2025. The net increase was due to inflows of $91.5 billion and market appreciation of $10.2 billion, offset by realizations of $33.7 billion and outflows of $17.0 billion.

o

Inflows were driven by $31.6 billion from private corporate credit, $24.6 billion from infrastructure and asset based credit and $23.8 billion from liquid corporate credit.

o

Market appreciation was driven by appreciation of $5.0 billion from private corporate credit (which reflected $950.0 million of foreign exchange appreciation), $3.8 billion from liquid corporate credit (which reflected $1.9 billion of foreign exchange appreciation) and $1.2 billion from infrastructure and asset based credit (which reflected $35.5 million of foreign exchange appreciation).

o

Realizations were driven by $13.6 billion from infrastructure and asset based credit, $12.9 billion from private corporate credit and $7.0 billion from liquid corporate credit.

o

Outflows were driven by $9.3 billion from liquid corporate credit and $7.9 billion from private corporate credit.

•

In our Multi-Asset Investing segment, an increase of $10.7 billion from $75.0 billion at December 31, 2024 to $85.6 billion at December 31, 2025. The net increase was due to inflows of $12.1 billion and market appreciation of $8.7 billion, offset by outflows of $6.7 billion and realizations of $3.4 billion.

o

Inflows were driven by $8.1 billion from Absolute Return, $2.3 billion from Multi-Strategy and $1.0 billion from Total Portfolio Management.

o

Market appreciation was driven by $6.1 billion from Absolute Return (which reflected $267.0 million of foreign exchange appreciation).

o

Outflows were driven by $5.7 billion from Absolute Return.

o

Realizations were driven by $1.6 billion from Multi-Strategy and $1.1 billion from Absolute Return.

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Table of Contents

Dry Powder

The following presents our Dry Powder as of December 31 of each year:

Note:  Totals may not add due to rounding.

(a)

Represents illiquid drawdown funds, a component of Perpetual Capital and
fee-paying

co-investments;
includes
fee-paying
third-party capital as well as general partner and employee capital that does not earn fees. Amounts are reduced by outstanding capital commitments, for which capital has not yet been invested.

Net Accrued Performance Revenues

The following table presents the Accrued Performance Revenues, net of performance compensation, of the Blackstone Funds as of December 31, 2025 and 2024. Net Accrued Performance Revenues presented do not include clawback amounts, if any, which are disclosed in Note 18. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” of this filing. See
“—Non-GAAP
Financial Measures” for our reconciliation of Net Accrued Performance Revenues.

98

Table of Contents

December 31,

2025

2024

(Dollars in Millions)

Real Estate

BREP Global

$

530

$

892

BREP Europe

44

126

BREP Asia

94

98

BPP

75

42

BREDS

32

27

Total Real Estate (a)

775

1,186

Private Equity

BCP Global

2,044

1,733

BCP Asia

289

334

Energy/Energy Transition

646

568

Core Private Equity

287

247

Tactical Opportunities

225

201

Secondaries

1,141

1,072

Infrastructure

554

84

Life Sciences

216

197

BTAS/BXPE

246

229

Total Private Equity (a)

5,648

4,665

Credit & Insurance

286

401

Multi-Asset Investing

33

30

Total Blackstone Net Accrued Performance Revenues

$

6,743

$

6,281

Note:  Totals may not add due to rounding.

(a)

Real Estate and Private Equity include
co-investments,
as applicable.

For the year ended December 31, 2025, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $3.6 billion, partially offset by net realized distributions of $3.1 billion.

99

Table of Contents

Invested Performance Eligible Assets Under Management

The following presents our Invested Performance Eligible Assets Under Management as of December 31 of each year:

Note:  Totals may not add due to rounding.

100

Table of Contents

Perpetual Capital

The following presents our Perpetual Capital Total Assets Under Management as of December 31 of each year:

Note:  Totals may not add due to rounding.

(a)

Perpetual Capital Total Assets Under Management for the Multi-Asset Investing segment was zero for the year ended December 31, 2023, $247.1 million for the year ended December 31, 2024, and $582.2 million for the year ended December 31, 2025.

Perpetual Capital Total Assets Under Management were $523.6 billion as of December 31, 2025, an increase of $78.8 billion, compared to $444.8 billion as of December 31, 2024. Perpetual Capital Total Assets Under Management in our Credit & Insurance and Private Equity segments increased by $43.7 billion and $29.4 billion, respectively. Principal drivers of the increases were:

•

In our Credit & Insurance segment, growth in insurance capital managed in the segment and BCRED resulted in increases of $21.7 billion and $13.3 billion, respectively.

•

In our Private Equity segment, growth in Infrastructure and BXPE resulted in increases of $21.8 billion and $12.7 billion, respectively.

101

Table of Contents

Investment Records

Fund returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.

The following tables present the investment record of our significant and formerly significant carry/drawdown funds and select perpetual capital strategies from inception through December 31, 2025:

102

Table of Contents

Carry/Drawdown Funds

Fund (Investment Period

Committed

Available

Unrealized Investments

Realized Investments

Total Investments

Net IRRs (d)

 Beginning Date / Ending Date) (a)

Capital

Capital (b)

Value

MOIC (c)

% Public

Value

MOIC (c)

Value

MOIC (c)

Realized

Total

(Dollars/Euros in Thousands, Except Where Noted)

Real Estate

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

—

1,747

n/a

—

27,764,962

2.5x

27,766,709

2.5x

13

% 

13

% 

BREP VII (Aug 2011 / Apr 2015)

13,506,816

896,934

1,324,159

0.5x

—

29,057,157

2.2x

30,381,316

1.9x

17

% 

14

% 

BREP VIII (Apr 2015 / Jun 2019)

16,644,918

1,311,808

9,393,336

1.2x

4

% 

23,891,973

2.3x

33,285,309

1.8x

23

% 

11

% 

BREP IX (Jun 2019 / Aug 2022)

21,365,328

3,013,563

18,574,894

1.1x

1

% 

11,579,516

2.0x

30,154,410

1.4x

35

% 

6

% 

*BREP X (Aug 2022 / Feb 2028)

30,667,106

18,386,583

15,584,353

1.3x

1

% 

1,810,148

1.4x

17,394,501

1.3x

13

% 

10

% 

Total Global BREP

$

104,224,871

$

23,608,888

$

44,880,820

1.1x

2

% 

$

119,791,758

2.2x

$

164,672,578

1.8x

17

% 

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

385,712

8,469

0.1x

—

5,980,277

2.1x

5,988,746

2.0x

14

% 

13

% 

BREP Europe IV (Sep 2013 / Dec 2016)

6,676,604

1,045,677

812,529

0.7x

—

10,336,480

1.9x

11,149,009

1.7x

16

% 

11

% 

BREP Europe V (Dec 2016 / Oct 2019)

7,997,175

763,392

3,942,707

0.7x

—

6,762,819

3.8x

10,705,526

1.5x

41

% 

5

% 

BREP Europe VI (Oct 2019 / Sep 2023)

9,940,863

2,765,196

6,697,970

1.0x

5

% 

3,970,669

2.4x

10,668,639

1.3x

62

% 

4

% 

*BREP Europe VII (Sep 2023 / Mar 2029)

9,783,505

6,226,849

4,048,162

1.2x

—

54,974

1.1x

4,103,136

1.2x

n/

m 

13

% 

Total BREP Europe

€

40,057,487

€

11,186,826

€

15,509,837

0.9x

2

% 

€

31,061,421

2.2x

€

46,571,258

1.5x

16

% 

9

% 

continued...

103

Table of Contents

Carry/Drawdown Funds continued

Fund (Investment Period

Committed

Available

Unrealized Investments

Realized Investments

Total Investments

Net IRRs (d)

 Beginning Date / Ending Date)

(a)

Capital

Capital (b)

Value

MOIC (c)

% Public

Value

MOIC (c)

Value

MOIC (c)

Realized

Total

(Dollars/Euros in Thousands, Except Where Noted)

Real Estate (continued)

BREP Asia I (Jun 2013 / Dec 2017)

$

4,262,075

$

899,226

$

1,333,832

1.7x

53

% 

$

7,636,566

2.0x

$

8,970,398

1.9x

15%

12%

BREP Asia II (Dec 2017 / Mar 2022)

7,359,503

1,208,240

5,663,414

1.2x

26

% 

3,040,279

1.6x

8,703,693

1.3x

12%

4%

*BREP Asia III (Mar 2022 / Sep 2027)

8,227,683

4,424,359

4,506,438

1.2x

3

% 

161,351

1.7x

4,667,789

1.2x

41%

4%

Total BREP Asia

19,849,261

6,531,825

11,503,684

1.3x

20

% 

10,838,196

1.8x

22,341,880

1.5x

15%

8%

BREP
Co-Investment
(f)

7,789,658

143,551

1,097,386

1.4x

—

15,314,021

2.2x

16,411,407

2.1x

16%

16%

Total BREP

$

178,548,617

$

43,424,309

$

74,923,772

1.1x

5

% 

$

183,872,026

2.2x

$

258,795,798

1.7x

16%

13%

*BREDS High-Yield (Various) (g)

$

27,606,102

$

9,596,082

$

4,313,482

1.1x

—

$

24,866,679

1.3x

$

29,180,161

1.3x

11%

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)

15,195,162

1,340,945

3,008,679

3.1x

23

% 

30,023,272

2.2x

33,031,951

2.2x

13%

12%

BCP VII (May 2016 / Feb 2020)

18,878,473

1,314,707

15,920,703

1.6x

24

% 

22,962,054

2.6x

38,882,757

2.1x

23%

12%

BCP VIII (Feb 2020 / Apr 2024)

25,891,216

5,827,331

29,175,489

1.5x

24

% 

6,978,010

2.2x

36,153,499

1.6x

27%

11%

*BCP IX (Apr 2024 / Apr 2030)

21,679,699

20,438,631

2,495,883

2.7x

—

—

n/a

2,495,883

2.7x

n/a

n/m

Energy I (Aug 2011 / Feb 2015)

2,441,558

177,091

373,586

2.1x

100

% 

4,473,204

2.0x

4,846,790

2.0x

13%

12%

Energy II (Feb 2015 / Feb 2020)

4,928,860

781,327

3,220,608

1.9x

68

% 

5,376,212

1.8x

8,596,820

1.8x

9%

8%

Energy III (Feb 2020 / Jun 2024)

4,393,256

1,804,027

5,491,714

2.2x

22

% 

3,606,324

2.6x

9,098,038

2.4x

34%

27%

*Energy Transition IV (Jun 2024 / Jun 2030)

5,835,515

3,115,433

4,435,071

1.6x

—

2,519

n/a

4,437,590

1.6x

n/a

n/m

BCP Asia I (Dec 2017 / Sep 2021)

2,437,080

417,510

2,310,979

2.0x

60

% 

2,958,668

3.0x

5,269,647

2.4x

42%

21%

*BCP Asia II (Sep 2021 / Sep 2027)

6,793,697

3,820,598

5,299,447

1.9x

15

% 

961,374

3.6x

6,260,821

2.0x

116%

30%

BCP Asia III (TBD)

10,283,637

10,283,637

—

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

6,857,365

2.1x

—

4,163,377

3.6x

11,020,742

2.5x

32%

15%

*Core Private Equity II (Mar 2021 / Mar 2026) (h)

8,231,063

5,197,659

5,634,160

1.6x

—

751,706

n/a

6,385,866

1.8x

n/a

16%

Total Corporate Private Equity

$

167,856,573

$

56,689,936

$

84,223,684

1.7x

21

% 

$

160,081,423

2.3x

$

244,305,107

2.0x

 16%

 15%

continued...

104

Table of Contents

Carry/Drawdown Funds continued

Fund (Investment Period

Committed

Available

Unrealized Investments

Realized Investments

Total Investments

Net IRRs (d)

 Beginning Date / Ending Date) (a)

Capital

Capital (b)

Value

MOIC (c)

% Public

Value

MOIC (c)

Value

MOIC (c)

Realized

Total

(Dollars/Euros in Thousands, Except Where Noted)

Private Equity (continued)

Tactical Opportunities

*Tactical Opportunities (Various)

$

33,171,632

$

14,054,016

$

13,677,512

1.2x

3

% 

$

29,518,254

1.8x

$

43,195,766

1.6x

15%

10%

*Tactical Opportunities
Co-Investment
and Other (Various)

10,719,217

1,225,389

6,260,728

1.3x

2

% 

11,586,128

1.8x

17,846,856

1.6x

18%

16%

Total Tactical Opportunities

$

43,890,849

$

15,279,405

$

19,938,240

1.3x

3

% 

$

41,104,382

1.8x

$

61,042,622

1.6x

16%

11%

Growth

BXG I (Jul 2020 / Feb 2025)

$

4,963,268

$

333,002

$

4,779,253

1.1x

1

% 

$

655,662

2.4x

$

5,434,915

1.2x

n/m

1%

*BXG II (Feb 2025 / Feb 2030)

4,589,980

4,589,980

96,903

n/m

—

7,369

n/m

104,272

n/m

n/m

n/m

Total Growth

$

9,553,248

$

4,922,982

$

4,876,156

1.1x

1

% 

$

663,031

2.4x

$

5,539,187

1.2x

n/m

1%

Strategic Partners (Secondaries)

Strategic Partners
I-V
(Various) (i)

$

11,035,527

$

9,572

$

2,154

n/a

—

$

16,796,758

n/a

$

16,798,912

1.7x

n/a

13%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)

4,362,772

384,275

495,135

n/a

—

4,593,629

n/a

5,088,764

1.7x

n/a

13%

Strategic Partners VII (May 2016 / Mar 2019) (i)

7,489,970

1,613,449

2,550,415

n/a

—

8,313,341

n/a

10,863,756

1.9x

n/a

15%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)

1,749,807

522,909

1,396,595

n/a

—

1,287,984

n/a

2,684,579

1.9x

n/a

15%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)

10,763,600

3,459,321

7,260,437

n/a

—

8,078,676

n/a

15,339,113

1.8x

n/a

19%

*Strategic Partners Real Estate, SMA and Other (Various) (i)

7,055,591

1,199,023

2,575,807

n/a

—

2,797,785

n/a

5,373,592

1.4x

n/a

10%

Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)

3,250,100

770,107

2,688,722

n/a

—

677,888

n/a

3,366,610

1.6x

n/a

17%

*Strategic Partners IX (Oct 2021 / Jan 2027) (i)

19,692,625

1,854,423

16,644,858

n/a

—

1,307,669

n/a

17,952,527

1.5x

n/a

19%

*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)

2,095,211

485,189

1,204,116

n/a

—

27,124

n/a

1,231,240

1.1x

n/a

—

*Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i)

4,837,949

3,959,714

114,527

n/a

—

—

n/a

114,527

n/m

n/a

n/m

Total Strategic Partners (Secondaries)

$

72,333,152

$

14,257,982

$

34,932,766

n/a

—

$

43,880,854

n/a

$

78,813,620

1.6x

n/a

14%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)

$

910,000

$

45,070

$

620,911

2.1x

—

$

691,143

1.5x

$

1,312,054

1.7x

8%

9%

BXLS V (Jan 2020 / Mar 2025)

5,035,495

2,415,358

4,872,632

1.9x

1

% 

1,624,693

2.0x

6,497,325

1.9x

16%

18%

continued...

105

Table of Contents

Carry/Drawdown Funds continued

Fund (Investment Period

Committed

Available

Unrealized Investments

Realized Investments

Total Investments

Net IRRs (d)

 Beginning Date / Ending Date) (a)

Capital

Capital (b)

Value

MOIC (c)

% Public

Value

MOIC (c)

Value

MOIC (c)

Realized

Total

(Dollars/Euros in Thousands, Except Where Noted)

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

65,047

0.6x

—

6,686,891

1.4x

6,751,938

1.4x

n/a

9%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)

6,639,133

1,079,116

1,014,069

0.7x

21

% 

9,703,429

1.7x

10,717,498

1.5x

n/a

11%

Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)

5,016,771

1,268,274

3,494,143

1.2x

—

3,594,812

1.5x

7,088,955

1.3x

n/a

13%

*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029)

5,930,213

5,361,992

574,609

1.0x

—

12,870

1.1x

587,479

1.0x

n/a

n/m

Total Mezzanine / Opportunistic

23,706,117

8,702,642

5,147,868

1.0x

4

% 

24,807,115

1.6x

29,954,983

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

15,431

—

—

5,554,145

1.2x

5,569,576

1.1x

n/a

1%

Stressed / Distressed III (Dec 2017 / Dec 2022)

7,356,380

1,071,090

1,231,450

0.7x

—

5,750,768

1.6x

6,982,218

1.3x

n/a

10%

Total Stressed / Distressed

15,734,523

1,618,520

1,246,881

0.6x

—

17,082,011

1.3x

18,328,892

1.2x

n/a

7%

European Senior Debt I (Feb 2015 / Feb 2019)

€

1,964,689

€

65,688

€

151,535

0.3x

—

€

2,997,688

1.3x

€

3,149,223

1.1x

n/a

1%

European Senior Debt II (Jun 2019 / Jun 2023) (j)

4,088,344

861,645

2,389,870

0.9x

—

4,594,698

1.7x

6,984,568

1.3x

n/a

8%

Total European Senior Debt

€

6,053,033

€

927,333

€

2,541,405

0.8x

—

€

7,592,386

1.5x

€

10,133,791

1.2x

n/a

6%

Energy I (Nov 2015 / Nov 2018)

$

2,856,867

$

1,154,819

$

177,527

0.9x

—

$

3,436,589

1.6x

$

3,614,116

1.5x

n/a

10%

Energy II (Feb 2019 / Jun 2023)

3,616,081

1,464,279

550,116

1.0x

—

3,341,419

1.4x

3,891,535

1.3x

n/a

15%

*Energy III (May 2023 / May 2028)

6,477,000

4,158,379

2,673,920

1.1x

—

2,538,948

1.1x

5,212,868

1.1x

n/a

14%

Total Energy

12,949,948

6,777,477

3,401,563

1.1x

—

9,316,956

1.4x

12,718,519

1.3x

n/a

12%

Senior Direct Lending I (Dec 2023 / Dec 2025) (k)

2,057,661

395,774

2,684,803

1.1x

—

134,936

1.1x

2,819,739

1.1x

n/a

10%

Total Credit Drawdown Funds (l)

$

61,353,908

$

18,583,518

$

15,465,867

0.9x

1

% 

$

60,399,072

1.5x

$

75,864,939

1.3x

n/a

10%

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Table of Contents

Select Perpetual Capital Strategies (m)

Strategy (Inception Year) (a)

Investment Strategy

Total Assets

Under

Management

Total Net

Return (n)

(Dollars in Thousands, Except Where Noted)

Real Estate

BPP—Blackstone Property Partners Platform (2013) (o)

Core+ Real Estate

$

62,170,019

3

% 

BREIT—Blackstone Real Estate Income Trust (2017) (p)

Core+ Real Estate

54,287,711

9

% 

BREIT—Class I (q)

Core+ Real Estate

9

% 

BXMT—Blackstone Mortgage Trust (2013) (r)

Real Estate Debt

6,147,847

7

% 

Private Equity

BXGP—Blackstone GP Stakes (2014) (s)

Minority GP Interests

10,309,849

13

% 

BIP—Blackstone Infrastructure Partners (2019) (t)

Infrastructure

62,494,036

18

% 

BXPE—Blackstone Private Equity Strategies Fund Program (2024) (u)

Private Equity

18,022,298

17

% 

BXPE—Class I (v)

Private Equity

17

% 

Credit

BXSL—Blackstone Secured Lending Fund (2018) (w)

U.S. Direct Lending

16,591,137

11

% 

BCRED—Blackstone Private Credit Fund (2021) (x)

U.S. Direct Lending

89,600,114

10

% 

BCRED—Class I (y)

U.S. Direct Lending

10

% 

ECRED—Blackstone European Credit Fund (2022) (z)

European Direct Lending

€

4,213,467

9

% 

ECRED—Class I (aa)

European Direct Lending

10

% 

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.

n/m

Not meaningful generally due to the limited time since initial investment.

n/a

Not applicable.

SMA

Separately managed account.

*

For the carry/drawdown funds only, represents funds that are in their investment period as of December 31, 2025.

(a)

Excludes investment vehicles where Blackstone does not earn fees.

(b)

Available Capital represents total investable capital commitments, including

side-by-side,

adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.

(c)

Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.

(d)

Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to December 31, 2025 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

(e)

The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR.

(f)

BREP
Co-Investment
represents
co-investment
capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each
co-investment’s
realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(g)

BREDS High-Yield represents the flagship real estate debt drawdown funds only.

(h)

Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

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Table of Contents

(i)

Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.

(j)

European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within the strategy. Total net returns were 12% and 7%, respectively, for the levered and unlevered funds of the strategy.

(k)

Senior Direct Lending I IRR represents the blended return across the commingled levered and unlevered funds within the strategy. Total net returns were 11% and 8%, respectively, for the levered and unlevered funds of the strategy.

(l)

Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.

(m)

Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.

(n)

Unless otherwise indicated, Total Net Return represents the annualized inception to December 31, 2025 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year.

(o)

BPP represents the aggregate Total Assets Under Management and Total Net Return of the BPP Platform, which comprises over 30 fund,
co-investment
and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of December 31, 2025, these vehicles represented $4.4 billion of Total Assets Under Management.

(p)

The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017.

(q)

Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from January 1, 2017.

(r)

The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during the period.

(s)

Blackstone GP Stakes (“BXGP”) represents the aggregate Total Assets Under Management and Total Net Return of BSCH I and BSCH II funds that invest as part of the Secondaries—GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of December 31, 2025, including vehicles that are not classified as Perpetual Capital and
co-investment
vehicles that do not pay fees, BXGP Total Assets Under Management was $13.2 billion.

(t)

BIP represents the aggregate Total Assets Under Management 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 December 31, 2025, including
co-investment
vehicles that do not pay fees, BIP Total Assets Under Management was $74.5 billion.

(u)

The BXPE Total Net Return reflects a per share blended return, assuming the BXPE fund program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are

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Table of Contents

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 Assets Under Management reflects net asset value as of December 31, 2025. BXPE Total Assets Under Management, to the extent managed by a different business, is reported in such business for the purposes of segment Assets Under Management reporting.

(v)

Represents the blended Total Net Return for the BXPE fund program’s Class I shares, its largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended 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.

(w)

The BXSL Total Assets Under Management and Total Net Return are presented as of September 30, 2025. Refer to BXSL public filings for current quarter results. BXSL Total Net Return reflects the change in Net Asset Value (“NAV”) per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.

(x)

The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total Assets Under Management reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of December 31, 2025 was $47.6 billion.

(y)

Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021.

(z)

The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from October 3, 2022. Total Assets Under Management reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities as of December 31, 2025. ECRED net asset value as of December 31, 2025 was
€
2.3 billion.

(aa)

Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance varies by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis and is from October 3, 2022.

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Table of Contents

Segment Analysis

Discussed below is our Segment Distributable Earnings for each of our segments. This information is reflected in the manner utilized by our senior management to make operating decisions, assess performance and allocate resources. References to “our” sectors or investments may also refer to portfolio companies and investments of the underlying funds that we manage.

Real Estate

The following table presents the results of operations for our Real Estate segment:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

$

%

$

%

(Dollars in Thousands)

Management Fees, Net

Base Management Fees

$

2,653,294

$

2,716,983

$

2,794,232

$

(63,689

) 

-2

% 

$

(77,249

) 

-3

% 

Transaction and Other Fees, Net

141,696

175,010

78,483

(33,314

) 

-19

% 

96,527

123

% 

Management Fee Offsets

(13,066

) 

(16,716

) 

(29,357

) 

3,650

-22

% 

12,641

-43

% 

Total Management Fees, Net

2,781,924

2,875,277

2,843,358

(93,353

) 

-3

% 

31,919

1

% 

Fee Related Performance Revenues

489,648

203,425

294,240

286,223

141

% 

(90,815

) 

-31

% 

Fee Related Compensation

(690,292

) 

(674,965

) 

(675,880

) 

(15,327

) 

2

% 

915

—

Other Operating Expenses

(370,001

) 

(380,321

) 

(325,050

) 

10,320

-3

% 

(55,271

) 

17

% 

Fee Related Earnings

2,211,279

2,023,416

2,136,668

187,863

9

% 

(113,252

) 

-5

% 

Realized Performance Revenues

268,773

200,974

244,358

67,799

34

% 

(43,384

) 

-18

% 

Realized Performance Compensation

(130,361

) 

(101,011

) 

(123,299

) 

(29,350

) 

29

% 

22,288

-18

% 

Realized Principal Investment Income

10,689

14,522

7,628

(3,833

) 

-26

% 

6,894

90

% 

Net Realizations

149,101

114,485

128,687

34,616

30

% 

(14,202

) 

-11

% 

Segment Distributable Earnings

$

2,360,380

$

2,137,901

$

2,265,355

$

222,479

10

% 

$

(127,454

) 

-6

% 

n/m

Not meaningful.

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

Segment Distributable Earnings were $2.4 billion for the year ended December 31, 2025, an increase of $222.5 million, compared to $2.1 billion for the year ended December 31, 2024. The increase in Segment Distributable Earnings was attributable to an increase of $187.9 million in Fee Related Earnings and an increase of $34.6 million in Net Realizations.

Given the gradual pace of the real estate recovery over the course of 2025, the funds in our Real Estate segment saw limited appreciation in aggregate, notwithstanding strong performance in BREIT. Continued and significant strength in digital infrastructure investments supported performance in the year, which was partially offset by more challenging fundamentals in life sciences office, student housing and select logistics holdings. We believe there are a number of positive signs that should support values in our Real Estate portfolio, including favorable capital markets and declining new supply. Continued improvement in the cost and availability of debt also contributes to an environment that is more conducive to increased transaction volume.

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Table of Contents

Fee Related Earnings

Fee Related Earnings were $2.2 billion for the year ended December 31, 2025, an increase of $187.9 million, compared to $2.0 billion for the year ended December 31, 2024. The increase in Fee Related Earnings was primarily attributable to an increase of $286.2 million in Fee Related Performance Revenues, partially offset by a decrease of $93.4 million in Management Fees, Net.

Fee Related Performance Revenues were $489.6 million for the year ended December 31, 2025, an increase of $286.2 million, compared to $203.4 million for the year ended December 31, 2024. The increase was primarily attributable to higher Fee Related Performance Revenues in BREIT.

Management Fees, Net were $2.8 billion for the year ended December 31, 2025, a decrease of $93.4 million, compared to $2.9 billion for the year ended December 31, 2024, primarily attributable to decreases in Base Management Fees and Transaction and Other Fees, Net. Base Management Fees decreased $63.7 million primarily attributable to a decrease in
Fee-Earning
Assets Under Management in BREDS, which included the transfer of the residential debt business to our Credit & Insurance segment. Transaction and Other Fees, Net decreased $33.3 million primarily attributable to a decrease in acquisition advisory fees paid to the advisor of our BREP funds.

Net Realizations

Net Realizations were $149.1 million for the year ended December 31, 2025, an increase of $34.6 million, compared to $114.5 million for the year ended December 31, 2024. The increase in Net Realizations was primarily attributable to an increase of $67.8 million in Realized Performance Revenues, partially offset by an increase of $29.4 million in Realized Performance Compensation.

Realized Performance Revenues were $268.8 million for the year ended December 31, 2025, an increase of $67.8 million, compared to $201.0 million for the year ended December 31, 2024. The increase was primarily attributable to higher Realized Performance Revenues in BREP.

Realized Performance Compensation was $130.4 million for the year ended December 31, 2025, an increase of $29.4 million, compared to $101.0 million for the year ended December 31, 2024. The increase was primarily attributable to the increase in Realized Performance Revenues.

Fund Returns

Fund return information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.

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Table of Contents

The following table presents the internal rates of return, except where noted, of our significant real estate funds:

Year Ended December 31,

December 31, 2025

Inception to Date

2025

2024

2023

Realized

Total

Fund (a)

Gross

Net

Gross

Net

Gross

Net

Gross

Net

Gross

Net

BREP VIII

-6%

-6%

-11%

-11%

-10%

-9%

30%

23%

17%

11%

BREP IX

-8%

-6%

-8%

-8%

-6%

-6%

53%

35%

10%

6%

BREP X

20%

11%

27%

15%

n/m

n/m

25%

13%

23%

10%

BREP Europe V (b)

-7%

-7%

-13%

-12%

-14%

-13%

50%

41%

10%

5%

BREP Europe VI (b)

-18%

-15%

3%

1%

10%

6%

87%

62%

10%

4%

BREP Europe VII (b)

18%

10%

n/m

n/m

n/m

n/m

n/m

n/m

31%

13%

BREP Asia II

4%

3%

-2%

-3%

-2%

-1%

19%

12%

7%

4%

BREP Asia III

28%

23%

6%

-7%

-4%

-19%

83%

41%

14%

4%

BREP
Co-Investment
(c)

—

-1%

-8%

-10%

1%

1%

18%

16%

18%

16%

BPP (d)

-3%

-4%

-2%

-3%

-8%

-8%

n/a

n/a

5%

3%

BREIT (e)

n/a

8%

n/a

2%

n/a

-1%

n/a

n/a

n/a

9%

BREIT - Class I (f)

n/a

8%

n/a

2%

n/a

-1%

n/a

n/a

n/a

9%

BREDS High-Yield (g)

15%

11%

17%

12%

12%

8%

14%

11%

14%

9%

BXMT (h)

n/a

21%

n/a

-8%

n/a

13%

n/a

n/a

n/a

7%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.

n/m

Not meaningful generally due to the limited time since initial investment.

n/a

Not applicable.

(a)

Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. Excludes investment vehicles where Blackstone does not earn fees.

(b)

Reflects an internal rate of return for euro-denominated investors in these funds.

(c)

BREP
Co-Investment
represents
co-investment
capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each
co-investment’s
realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(d)

The BPP platform, which comprises over 30 fund,
co-investment
and separately managed account vehicles, represents the Core+ real estate funds that invest with a more modest risk profile and lower leverage.

(e)

Reflects a per share blended return for each respective period, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date returns are presented on an annualized basis and are from January 1, 2017.

(f)

Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Inception to date return is from January 1, 2017.

(g)

BREDS High-Yield represents the flagship real estate debt drawdown funds only. Inception to date returns are from July 1, 2009.

(h)

Reflects the annualized return of a shareholder invested in BXMT as of the beginning of each period presented, assuming reinvestment of all dividends received during the period, and net of all fees and expenses incurred by BXMT. Return incorporates the closing NYSE stock price as of each period end. Inception to date returns are from May 22, 2013.

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Table of Contents

Funds with Closed Investment Periods as of December 31, 2025

The Real Estate segment has thirteen funds with closed investment periods as of December 31, 2025: BREP IX, BREP VIII, BREP VII, BREP VI, BREP V, BREP Europe VI, BREP Europe V, BREP Europe IV, BREP Europe III, BREP Asia II, BREP Asia I, BREDS IV and BREDS III. As of December 31, 2025, BREP VII, BREP VI, BREP V, BREP Europe IV, BREP Europe III and BREP Asia I were above their carried interest thresholds (i.e., the preferred return payable to its limited partners before the general partner is eligible to receive carried interest) and would have been above their carried interest thresholds even if all remaining investments were valued at zero. BREP VIII, BREDS IV and BREDS III were above their carried interest thresholds as of December 31, 2025, while BREP IX, BREP Asia II, BREP Europe VI, and BREP Europe V were below their carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.

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Private Equity

The following table presents the results of operations for our Private Equity segment:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

$

%

$

%

(Dollars in Thousands)

Management and Advisory Fees, Net

Base Management Fees

$

 2,457,981

$

 2,027,855

$

 1,903,972

$

430,126

21

% 

$

123,883

7%

Transaction, Advisory and Other Fees, Net

362,531

176,469

108,848

186,062

105

% 

67,621

62%

Management Fee Offsets

(48,903

) 

(6,044

) 

(5,228

) 

(42,859

) 

709

% 

(816

) 

16%

Total Management and Advisory Fees, Net

2,771,609

2,198,280

2,007,592

573,329

26

% 

190,688

9%

Fee Related Performance Revenues

547,985

1,185,428

—

(637,443

) 

-54

% 

1,185,428

n/m

Fee Related Compensation

(961,448

) 

(1,164,237

) 

(619,678

) 

202,789

-17

% 

(544,559

) 

88%

Other Operating Expenses

(482,312

) 

(391,309

) 

(329,221

) 

(91,003

) 

23

% 

(62,088

) 

19%

Fee Related Earnings

1,875,834

1,828,162

1,058,693

47,672

3

% 

769,469

73%

Realized Performance Revenues

1,670,108

1,392,447

1,343,865

277,661

20

% 

48,582

4%

Realized Performance Compensation

(704,938

) 

(633,491

) 

(584,154

) 

(71,447)

11

% 

(49,337

) 

8%

Realized Principal Investment Income

66,495

52,356

76,220

14,139

27

% 

(23,864

) 

-31%

Net Realizations

1,031,665

811,312

835,931

220,353

27

% 

(24,619

) 

-3%

Segment Distributable Earnings

$

2,907,499

$

2,639,474

$

1,894,624

$

268,025

10

% 

$

744,850

39%

n/m

Not meaningful.

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

Segment Distributable Earnings were $2.9 billion for the year ended December 31, 2025, an increase of $268.0 million, compared to $2.6 billion for the year ended December 31, 2024. The increase in Segment Distributable Earnings was attributable to an increase of $47.7 million in Fee Related Earnings, and an increase of $220.4 million in Net Realizations.

Our Private Equity segment generated strong performance across all strategies in 2025, with particular strength in Infrastructure. In Corporate Private Equity, our operating companies exhibited solid revenue growth and resilient margins. A more favorable capital markets environment supported an acceleration in transaction activity, particularly initial public offerings, in our Private Equity segment funds in the second half of 2025. A continuation of a favorable capital markets environment should contribute to a further increase in transaction activity, including realizations, in our Private Equity segment. Despite an overall strong capital markets environment, the potential for artificial intelligence-driven disruption has recently weighed on equity capital markets and equity values of companies in certain sectors, such as software. We believe the ultimate impact of such disruption will vary significantly across companies based on multiple factors, with a number of companies well-positioned to be protected or benefit from such disruption. We believe such factors, which include large company size, depth of resources and high customer switching costs, are generally evident across our portfolio.

Fee Related Earnings

Fee Related Earnings were $1.9 billion for the year ended December 31, 2025, an increase of $47.7 million, compared to $1.8 billion for the year ended December 31, 2024. The increase in Fee Related Earnings was primarily attributable to an increase of $573.3 million in Management and Advisory Fees, Net and a decrease of $202.8 million in Fee Related Compensation, partially offset by a decrease of $637.4 million in Fee Related Performance Revenues.

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Management and Advisory Fees, Net were $2.8 billion for the year ended December 31, 2025, an increase of $573.3 million, compared to $2.2 billion for the year ended December 31, 2024, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $430.1 million primarily attributable to fee holiday expirations in BCP IX and BETP IV, as well as increased
Fee-Earning
Assets Under Management in BXPE and BIP. Transaction, Advisory and Other Fees, Net increased $186.1 million primarily attributable to increased volume of deal activity in BXCM.

Fee Related Performance Revenues were $548.0 million for the year ended December 31, 2025, a decrease of $637.4 million, compared to the year ended December 31, 2024. The decrease was primarily attributable to the crystallization of prior year performance revenues for BIP, partially offset by increased performance fee crystallizations for BXPE.

Fee Related Compensation was $961.4 million for the year ended December 31, 2025, a decrease of $202.8 million, compared to $1.2 billion for the year ended December 31, 2024. The decrease was primarily attributable to a decrease in Fee Related Performance Revenues, which impacts Fee Related Compensation.

Net Realizations

Net Realizations were $1.0 billion for the year ended December 31, 2025, an increase of $220.4 million, compared to $811.3 million for the year ended December 31, 2024. The increase in Net Realizations was primarily attributable to an increase of $277.7 million in Realized Performance Revenues, partially offset by an increase of $71.4 million in Realized Performance Compensation.

Realized Performance Revenues were $1.7 billion for the year ended December 31, 2025, an increase of $277.7 million, compared to $1.4 billion for the year ended December 31, 2024. The increase was primarily attributable to increases in Realized Performance Revenues in Secondaries, related to the sale of an interest in the GP Stakes portfolio, BXLS and Tactical Opportunities, partially offset by decreases in Corporate Private Equity.

Realized Performance Compensation were $704.9 million for the year ended December 31, 2025, an increase of $71.4 million, compared to $633.5 million for the year ended December 31, 2024. The increase was primarily attributable to increases in Realized Performance Revenues.

Fund Returns

Fund returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.

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The following table presents the internal rates of return of our significant private equity funds:

Year Ended December 31,

December 31, 2025

Inception to Date

2025

2024

2023

Realized

Total

Fund (a)

Gross

Net

Gross

Net

Gross

Net

Gross

Net

Gross

Net

BCP VI

-2%

-3%

7%

6%

7%

6%

17%

13%

17%

12%

BCP VII

9%

7%

13%

10%

13%

10%

32%

23%

17%

12%

BCP VIII

17%

12%

14%

9%

12%

6%

38%

27%

18%

11%

BCP Asia I

-9%

-9%

14%

12%

16%

13%

61%

42%

31%

21%

BCP Asia II

10%

4%

91%

76%

62%

23%

179%

116%

51%

30%

BEP II

-16%

-14%

40%

23%

12%

8%

14%

9%

12%

8%

BEP III

29%

23%

20%

15%

28%

20%

47%

34%

39%

27%

BCEP I

6%

5%

10%

8%

2%

2%

36%

32%

18%

15%

BCEP II

28%

24%

14%

10%

31%

24%

n/a

n/a

21%

16%

Tactical Opportunities

10%

6%

13%

9%

9%

5%

18%

15%

15%

10%

Tactical Opportunities
Co-Investment
and Other

15%

12%

13%

11%

7%

7%

20%

18%

18%

16%

Clarus IV

1%

—

22%

17%

-3%

-4%

12%

8%

14%

9%

BXLS V

21%

16%

42%

31%

43%

27%

22%

16%

29%

18%

BXG I

13%

9%

2%

-2%

-2%

-5%

n/m

n/m

5%

1%

BXPE (e)

n/a

18%

n/a

13%

n/a

n/a

n/a

n/a

20%

17%

BXPE - Class I (f)

n/a

19%

n/a

14%

n/a

n/a

n/a

n/a

20%

17%

BIP (d)

27%

22%

24%

20%

13%

10%

n/a

n/a

23%

18%

Strategic Partners VII (b)

6%

4%

-1%

-2%

1%

—

n/a

n/a

20%

15%

Strategic Partners Real Assets II (b)

14%

12%

13%

11%

19%

16%

n/a

n/a

18%

15%

Strategic Partners VIII (b)

4%

2%

1%

—

-1%

-3%

n/a

n/a

26%

19%

Strategic Partners Real Estate, SMA and Other (b)

3%

1%

-1%

-6%

-6%

-7%

n/a

n/a

12%

10%

Strategic Partners Infrastructure III (b)

12%

9%

13%

10%

15%

11%

n/a

n/a

23%

17%

Strategic Partners IX (b)

25%

20%

25%

19%

15%

7%

n/a

n/a

27%

19%

Strategic Partners GP Solutions (b)

7%

5%

—

-3%

-16%

-11%

n/a

n/a

3%

—

BXGP (c)

15%

11%

35%

25%

8%

5%

n/a

n/a

20%

13%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.

n/m

Not meaningful generally due to the limited time since initial investment.

n/a

Not applicable.

SMA

Separately managed account.

(a)

Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. Excludes investment vehicles where Blackstone does not earn fees.

(b)

Gross and net returns are reported on a three-month lag, reflect Strategic Partners’ fund financial performance as of the prior quarter and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore inception to date realized returns are not applicable.

(c)

Blackstone GP Stakes (“BXGP”) gross and net returns represent BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy. Returns include performance of investments in four public-market general partner stakes acquired in BSCH I, prior to a shift in BXGP’s strategy in 2017 to focus exclusively on private-markets general partners.

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(d)

Gross and net returns reflect infrastructure-focused funds for institutional investors.

(e)

Reflects a per share blended return for each respective period, assuming the BXPE had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. These returns are not representative of the returns experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are in a foreign currency. Inception to date returns are presented on an annualized basis and are from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.

(f)

Represents the blended returns for BXPE’s Class I shares, its largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended 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.

Funds With Closed Investment Periods as of December 31, 2025

Corporate Private Equity has nine funds with closed investment periods: BCP V, BCP VI, BCP VII, BCP VIII, BEP I, BEP II, BEP III, BCEP I and BCP Asia I. BCP V is comprised of two fund classes, the BCP V “main fund” and
BCP V-AC
fund. Within these fund classes, the general partner is subject to equalization such that (a) the general partner accrues carried interest when the respective carried interest for either fund class is positive and (b) the general partner realizes carried interest so long as clawback obligations, if any, for either of the respective fund classes are fully satisfied. BCP V, BCP VI, BCP VII, BCP VIII, BEP I, BEP II, BEP III, BCEP I and BCP Asia I were above their respective carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.

Tactical Opportunities has various funds with closed investment periods, which are each above their carried interest thresholds based on aggregate fund position. Blackstone Growth has one fund with a closed investment period, BXG I, which is not above its carried interest threshold. Secondaries has various funds with closed investment periods, including but not limited to: Strategic Partners Infrastructure III, Strategic Partners VIII, Strategic Partners Real Estate VII and BSCH I which are above their respective carried interest thresholds based on aggregate fund position. Blackstone Life Sciences has funds with a closed investment period: Clarus IV, BXLS V and BXLS Yield, which are each above their carried interest thresholds.

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Credit & Insurance

The following table presents the results of operations for our Credit & Insurance segment:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

$

%

$

%

(Dollars in Thousands)

Management Fees, Net

Base Management Fees

$

 1,909,147

$

 1,561,649

$

 1,297,406

$

 347,498

22

% 

$

 264,243

20%

Transaction and Other Fees, Net

74,115

44,354

44,542

29,761

67

% 

(188

) 

—

Management Fee Offsets

(53,670

) 

(24,196

) 

(3,907

) 

(29,474

) 

122

% 

(20,289

) 

519%

Total Management Fees, Net

1,929,592

1,581,807

1,338,041

347,785

22

% 

243,766

18%

Fee Related Performance Revenues

787,795

747,092

564,287

40,703

5

% 

182,805

32%

Fee Related Compensation

(869,636

) 

(755,620

) 

(628,064

) 

(114,016

) 

15

% 

(127,556

) 

20%

Other Operating Expenses

(450,401

) 

(371,354

) 

(323,773

) 

(79,047

) 

21

% 

(47,581

) 

15%

Fee Related Earnings

1,397,350

1,201,925

950,491

195,425

16

% 

251,434

26%

Realized Performance Revenues

386,729

313,092

317,620

73,637

24

% 

(4,528

) 

-1%

Realized Performance Compensation

(161,493

) 

(129,814

) 

(140,210

) 

(31,679

) 

24

% 

10,396

-7%

Realized Principal Investment Income

335,870

39,855

21,752

296,015

743

% 

18,103

83%

Net Realizations

561,106

223,133

199,162

337,973

151

% 

23,971

12%

Segment Distributable Earnings

$

1,958,456

$

1,425,058

$

1,149,653

$

533,398

37

% 

$

275,405

24%

n/m

Not meaningful.

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

Segment Distributable Earnings were $2.0 billion for the year ended December 31, 2025, an increase of $533.4 million, compared to $1.4 billion for the year ended December 31, 2024. The increase in Segment Distributable Earnings was attributable to increases of $195.4 million in Fee Related Earnings and $338.0 million in Net Realizations.

Our Credit & Insurance segment demonstrated strong performance in 2025. While lower interest rates will likely reduce returns in our floating rate strategies, we believe we will continue to generate excess returns relative to liquid markets in our private credit strategies. We also continue to see long-term structural shifts toward private credit in the credit market. This has contributed to robust momentum in our
non-investment
grade and investment grade private credit strategies. Opportunities for corporate and bank partnerships should also support momentum in investment grade private credit strategies. While we would expect defaults to rise from a historically low level as the credit cycle progresses, our Credit & Insurance segment funds’ holdings are predominantly in senior secured credit with significant equity subordination from institutional borrowers. We believe this should position our Credit & Insurance segment well. A favorable capital markets environment has supported, and should continue to support, overall transaction activity in our Credit & Insurance segment. Nevertheless, despite an overall strong capital markets environment, the potential for artificial intelligence-driven disruption has recently weighed on the equity capital markets and on equity values of companies in certain sectors, such as software. We believe the ultimate impact of such disruption will vary significantly across companies based on multiple factors, and that companies that are larger, have depth of resources and whose customers face high switching costs, are well-positioned to be protected or benefit from such disruption. Notwithstanding the potential for artificial-intelligence disruption, we believe our overall portfolio is relatively well-protected given the extent of our equity cushion and the prevalence of such factors at companies in our portfolio.

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In our perpetual capital strategies, BCRED maintained healthy demand with over $14 billion raised in 2025. While heightened market attention around private credit has and could continue to adversely affect net flows, we believe that strong investment performance should drive flows over the long-term.

Fee Related Earnings

Fee Related Earnings were $1.4 billion for the year ended December 31, 2025, an increase of $195.4 million, compared to $1.2 billion for the year ended December 31, 2024. The increase in Fee Related Earnings was primarily attributable to increases of $347.8 million in Management Fees, Net and $40.7 million in Fee Related Performance Revenues, partially offset by increases of $114.0 million in Fee Related Compensation and of $79.0 million in Other Operating Expenses.

Management Fees, Net were $1.9 billion for the year ended December 31, 2025, an increase of $347.8 million, compared to $1.6 billion for the year ended December 31, 2024, primarily attributable to an increase in Base Management Fees. Base Management Fees increased $347.5 million primarily attributable to an increase in
Fee-Earning
Assets Under Management in private credit strategies.

Fee Related Performance Revenues were $787.8 million for the year ended December 31, 2025, an increase of $40.7 million, compared to $747.1 million for the year ended December 31, 2024. The increase was primarily attributable to higher net investment income and
Fee-Earning
Assets Under Management in BCRED.

Fee Related Compensation was $869.6 million for the year ended December 31, 2025, an increase of $114.0 million, compared to $755.6 million for the year ended December 31, 2024. The increase was primarily attributable to increases in Management Fees, Net and Fee Related Performance Revenues, both of which impact Fee Related Compensation.

Other Operating Expenses was $450.4 million for the year ended December 31, 2025, an increase of $79.0 million, compared to $371.4 million for the year ended December 31, 2024. The increase was primarily attributable to an increase in professional fees.

Net Realizations

Net Realizations were $561.1 million for the year ended December 31, 2025, an increase of $338.0 million, compared to $223.1 million for the year ended December 31, 2024. The increase in Net Realizations was primarily attributable to an increase of $296.0 million in Realized Principal Investment Income.

Realized Principal Investment Income was $335.9 million for the year ended December 31, 2025, an increase of $296.0 million, compared to $39.9 million for the year ended December 31, 2024. The increase was primarily attributable to the sale of Bistro, a portfolio visualization software platform developed by Blackstone, and the monetization of Blackstone’s stake in Resolution Life.

Composite Returns

Composite returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The composite returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future results of any particular fund or composite. An investment in Blackstone is not an investment in any of our funds or composites. There can be no assurance that any of our funds or composites or our other existing and future funds or composites will achieve similar returns.

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The following table presents the return information for the Private Credit and Liquid Credit composites:

Year Ended December 31,

Inception to

December 31, 2025

2025

2024

2023

Total

Composite (a)

Gross

Net

Gross

Net

Gross

Net

Gross

Net

Private Credit (b)

11

% 

8

% 

16

% 

12

% 

16

% 

12

% 

15

% 

10

% 

Liquid Credit (b)

6

% 

5

% 

10

% 

9

% 

13

% 

12

% 

5

% 

5

% 

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.

(a)

Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Allocations, net of tax advances.

(b)

Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and
non-investment
grade infrastructure and asset based credit. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only
fee-earning
funds exceeding $100 million of fair value at the beginning of each respective
quarter-end
are included. Funds in liquidation and funds investing primarily in investment grade corporate credit or asset based finance are excluded. Blackstone Funds that were contributed to BXCI as part of Blackstone’s acquisition of GSO in March 2008 and the
pre-acquisition
date performance for funds and vehicles acquired by BXCI subsequent to March 2008, are also excluded.

Operating Metrics

The following table presents information regarding our Invested Performance Eligible Assets Under Management:

Invested Performance

Eligible Assets Under

Management

Estimated % Above

High Water

Mark/Hurdle (a)

December 31,

December 31,

2025

2024

2023

2025

2024

2023

(Dollars in Thousands)

Credit & Insurance (b)

$

 125,846,018

$

 110,519,827

$

 89,500,575

99

% 

99

% 

97

% 

(a)

Estimated % Above High Water Mark/Hurdle represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Credit & Insurance managed fund has positive investment performance relative to a hurdle, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a hurdle return, thereby resulting in an increase in Estimated % Above High Water Mark/Hurdle.

(b)

For the Credit & Insurance managed funds, at December 31, 2025, the incremental appreciation needed for the 1% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles to reach their respective High Water Marks/Hurdles was $2.5 billion, an increase of $347.8 million, compared to $2.2 billion at December 31, 2024. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles as of December 31, 2025, 27% were within 5% of reaching their respective High Water Mark.

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Multi-Asset Investing

The following table presents the results of operations for our Multi-Asset Investing segment:

Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

2025

2024

2023

$

%

$

%

(Dollars in Thousands)

Management Fees, Net

Base Management Fees

$

528,435

$

474,395

$

470,237

$

54,040

11%

$

4,158

1%

Transaction and Other Fees, Net

4,489

3,855

4,019

634

16%

(164

) 

-4%

Management Fee Offsets

—

(80

) 

(3

) 

80

-100%

(77

) 

n/m

Total Management Fees, Net

532,924

478,170

474,253

54,754

11%

3,917

1%

Fee Related Compensation

(169,325

) 

(144,500

) 

(164,488

) 

(24,825

) 

17%

19,988

-12%

Other Operating Expenses

(110,525

) 

(105,108

) 

(106,289

) 

(5,417

) 

5%

1,181

-1%

Fee Related Earnings

253,074

228,562

203,476

24,512

11%

25,086

12%

Realized Performance Revenues

489,919

380,518

155,259

109,401

29%

225,259

145%

Realized Performance Compensation

(93,803

) 

(86,930

) 

(48,354

) 

(6,873)

8%

(38,576

) 

80%

Realized Principal Investment Income (Loss)

6,689

(14,207

) 

5,332

20,896

n/m

(19,539

) 

n/m

Net Realizations

402,805

279,381

112,237

123,424

44%

167,144

149%

Segment Distributable Earnings

$

 655,879

$

 507,943

$

 315,713

$

 147,936

29%

$

 192,230

61%

n/m

Not meaningful.

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

Segment Distributable Earnings were $655.9 million for the year ended December 31, 2025, an increase of $147.9 million, compared to $507.9 million for the year ended December 31, 2024. The increase in Segment Distributable Earnings was attributable to increases of $24.5 million in Fee Related Earnings and $123.4 million in Net Realizations.

All the strategies in our Multi-Asset Investing segment exhibited positive performance in 2025. In particular, the Absolute Return Composite had its twenty-third consecutive quarter of positive performance, including across our quantitative, equities, macro, and credit strategies. Continued strong performance in the segment contributed to favorable fundraising dynamics, with net inflows in the segment of over $6 billion for the year.

Fee Related Earnings

Fee Related Earnings were $253.1 million for the year ended December 31, 2025, an increase of $24.5 million, compared to $228.6 million for the year ended December 31, 2024. The increase in Fee Related Earnings was primarily attributable to an increase of $54.8 million in Management Fees, Net, partially offset by an increase of $24.8 million in Fee Related Compensation.

Management Fees, Net were $532.9 million for the year ended December 31, 2025, an increase of $54.8 million, compared to $478.2 million for the year ended December 31, 2024, primarily attributable to an increase in Base Management Fees. Base Management Fees increased $54.0 million, primarily attributable to an increase in
Fee-Earning
Assets Under Management in Absolute Return.

Fee Related Compensation was $169.3 million for the year ended December 31, 2025, an increase of $24.8 million, compared to $144.5 million for the year ended December 31, 2024, primarily attributable to an increase in Management Fees, Net, on which a portion of Fee Related Compensation is based.

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Net Realizations

Net Realizations were $402.8 million for the year ended December 31, 2025, an increase of $123.4 million, compared to $279.4 million for the year ended December 31, 2024. The increase in Net Realizations was primarily attributable to an increase of $109.4 million in Realized Performance Revenues.

Realized Performance Revenues were $489.9 million for the year ended December 31, 2025, an increase of $109.4 million, compared to $380.5 million for the year ended December 31, 2024. The increase was primarily attributable to Absolute Return, Total Portfolio Management and Multi-Strategy.

Composite Returns

Composite returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The composite returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future results of any particular fund or composite. An investment in Blackstone is not an investment in any of our funds or composites. There can be no assurance that any of our funds or composites or our other existing and future funds or composites will achieve similar returns.

The following table presents the return information of the Absolute Return Composite:

Average Annual Returns (a)

Periods Ended December 31, 2025

One Year

Three Year

Five Year

Historical

Composite

Gross

Net

Gross

Net

Gross

Net

Gross

Net

Absolute Return Composite (b)

13

% 

12

% 

11

% 

10

% 

9

% 

8

% 

7

% 

6

% 

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.

(a)

Composite returns present a summarized asset-weighted return measure to evaluate the overall performance of the applicable class of Blackstone Funds.

(b)

Absolute Return Composite covers the period from January 2000 to present, although BXMA’s inception date is September 1990. The Absolute Return Composite includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA’s liquid solutions, seeding, Multi-Strategy, Total Portfolio Management and Public Real Assets
(non-discretionary)
platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns,

non-fee-paying

assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account. The historical return is from January 1, 2000.

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Operating Metrics

The following table presents information regarding our Invested Performance Eligible Assets Under Management:

Invested Performance

Eligible Assets Under

Management

Estimated % Above

High Water

Mark/Benchmark (a)

December 31,

December 31,

2025

2024

2023

2025

2024

2023

(Dollars in Thousands)

(Dollars in Thousands)

Multi-Asset Investing Managed Funds (b)

$

 54,530,128

$

 51,630,740

$

 45,631,127

99

% 

98

% 

95

% 

(a)

Estimated % Above High Water Mark/Benchmark represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Multi-Asset Investing managed fund has positive investment performance relative to a benchmark, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a benchmark return, thereby resulting in an increase in Estimated % Above High Water Mark/Benchmark.

(b)

For the Multi-Asset Investing managed funds, at December 31, 2025, the incremental appreciation needed for the 1% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks to reach their respective High Water Marks/Benchmarks was $78.3 million, a decrease of $37.8 million, compared to $116.0 million at December 31, 2024. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks as of December 31, 2025, 17% were within 5% of reaching their respective High Water Mark.

Non-GAAP
Financial Measures

These
non-GAAP
financial measures are presented without the consolidation of any Blackstone Funds that are consolidated into the consolidated financial statements. Consequently, all
non-GAAP
financial measures exclude the assets, liabilities and operating results related to the Blackstone Funds. See “— Key Financial Measures and Indicators” for our definitions of Distributable Earnings, Segment Distributable Earnings, Fee Related Earnings and Adjusted EBITDA.

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The following table is a reconciliation of Net Income (Loss) Attributable to Blackstone Inc. to Distributable Earnings, Total Segment Distributable Earnings, Fee Related Earnings and Adjusted EBITDA:

Year Ended December 31,

2025

2024

2023

(Dollars in Thousands)

Net Income Attributable to Blackstone Inc.

$

3,019,214

$

2,776,508

$

1,390,880

Net Income Attributable to
Non-Controlling
Interests in Blackstone Holdings

2,321,341

2,248,764

1,074,736

Net Income Attributable to
Non-Controlling
Interests in Consolidated Entities

660,568

473,826

224,155

Net Income (Loss) Attributable to Redeemable
Non-Controlling
Interests in Consolidated Entities

45,500

(61,289

) 

(245,518

) 

Net Income

6,046,623

5,437,809

2,444,253

Provision for Taxes

1,125,023

1,021,671

513,461

Net Income Before Provision for Taxes

7,171,646

6,459,480

2,957,714

Transaction-Related and
Non-Recurring
Items (a)

12,971

56,372

25,981

Amortization of Intangibles (b)

29,326

29,332

33,457

Impact of Consolidation (c)

(706,068

) 

(412,537

) 

21,363

Unrealized Performance Revenues (d)

(642,957

) 

(371,407

) 

1,691,788

Unrealized Performance Allocations Compensation (e)

376,962

140,021

(654,403

) 

Unrealized Principal Investment (Income) Loss (f)

(171,440

) 

(271,868

) 

593,301

Other Revenues (g)

271,190

(123,166

) 

93,083

Equity-Based Compensation (h)

1,443,246

1,159,122

959,474

Administrative Fee Adjustment (i)

16,337

11,590

9,707

Taxes and Related Payables (j)

(690,349

) 

(710,197

) 

(670,510

) 

Distributable Earnings

7,110,864

5,966,742

5,060,955

Taxes and Related Payables (j)

690,349

710,197

670,510

Net Interest and Dividend (Income) Loss (k)

81,001

33,437

(106,120

) 

Total Segment Distributable Earnings

7,882,214

6,710,376

5,625,345

Realized Performance Revenues (l)

(2,815,529

) 

(2,287,031

) 

(2,061,102

) 

Realized Performance Compensation (m)

1,090,595

951,246

896,017

Realized Principal Investment Income (n)

(419,743

) 

(92,526

) 

(110,932

) 

Fee Related Earnings

$

5,737,537

$

5,282,065

$

4,349,328

Adjusted EBITDA Reconciliation

Distributable Earnings

$

7,110,864

$

5,966,742

$

5,060,955

Interest Expense (o)

497,095

444,417

429,521

Taxes and Related Payables (j)

690,349

710,197

670,510

Depreciation and Amortization (p)

98,985

98,756

94,124

Adjusted EBITDA

$

8,397,293

$

7,220,112

$

6,255,110

(a)

This adjustment removes Transaction-Related and
Non-Recurring
Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and
Non-Recurring
Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and
non-recurring
gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect

period-to-period

comparability and are not reflective of Blackstone’s operational performance.

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(b)

This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.

(c)

This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by
non-controlling
interests.

(d)

This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

Year Ended December 31,

2025

2024

2023

(Dollars in Thousands)

GAAP Unrealized Performance Allocations

$

643,063

$

371,407

$

(1,691,668

) 

Segment Adjustment

(106

) 

—

(120

) 

Unrealized Performance Revenues

$

642,957

$

371,407

$

(1,691,788

) 

(e)

This adjustment removes Unrealized Performance Allocations Compensation.

(f)

This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by
non-controlling
interests.

Year Ended December 31,

2025

2024

2023

(Dollars in Thousands)

GAAP Unrealized Principal Investment Income (Loss)

$

248,304

$

380,591

$

(603,154

) 

Segment Adjustment

(76,864

) 

(108,723

) 

9,853

Unrealized Principal Investment Income (Loss)

$

171,440

$

271,868

$

(593,301

) 

(g)

This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and
Non-Recurring
Items.

Year Ended December 31,

2025

2024

2023

(Dollars in Thousands)

GAAP Other Revenue

$

(270,873

) 

$

123,693

$

(92,929

) 

Segment Adjustment

(317

) 

(527

) 

(154

) 

Other Revenues

$

(271,190

) 

$

123,166

$

(93,083

) 

(h)

This adjustment removes Equity-Based Compensation on a segment basis.

(i)

This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

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(j)

Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted for impacts of divestitures and tax contingencies. Related Payables represent
tax-related
payables including the amount payable to the holders of the tax receivable agreements based on expected tax savings generated in the respective period. See “—Key Financial Measures and Indicators — Distributable Earnings” for the full definition of Taxes and Related Payables.

Year Ended December 31,

2025

2024

2023

(Dollars in Thousands)

Taxes

$

575,650 

$

604,508 

$

580,925 

Related Payables

114,699 

105,689 

89,585 

Taxes and Related Payables

$

690,349 

$

710,197 

$

670,510 

(k)

This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

Year Ended December 31,

2025

2024

2023

(Dollars in Thousands)

GAAP Interest and Dividend Revenue

$

416,093

$

411,159

$

516,497

Segment Adjustment

1

(179

) 

19,144

Interest and Dividend Revenue

416,094

410,980

535,641

GAAP Interest Expense

508,314

443,688

431,868

Segment Adjustment

(11,219

) 

729

(2,347

) 

Interest Expense

497,095

444,417

429,521

Net Interest and Dividend Income (Loss)

$

(81,001

) 

$

(33,437

) 

$

106,120

(l)

This adjustment removes the total segment amount of Realized Performance Revenues.

(m)

This adjustment removes the total segment amount of Realized Performance Compensation.

(n)

This adjustment removes the total segment amount of Realized Principal Investment Income.

(o)

This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.

(p)

This adjustment adds back Depreciation and Amortization on a segment basis.

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The following tables are a reconciliation of Total GAAP Investments to Net Accrued Performance Revenues. Total GAAP Investments and Net Accrued Performance Revenues consist of the following:

December 31,

2025

2024

(Dollars in Thousands)

Investments of Consolidated Blackstone Funds

$

5,180,879

$

3,890,732

Equity Method Investments

Partnership Investments

6,546,190

6,546,728

Accrued Performance Allocations

12,980,356

12,397,366

Corporate Treasury Investments

359,657

1,147,328

Other Investments

7,145,029

5,818,412

Total GAAP Investments

$

32,212,111

$

29,800,566

Accrued Performance Allocations - GAAP

$

12,980,356

$

12,397,366

Due from Affiliates - GAAP (a)

577,467

489,086

Less: Net Realized Performance Revenues (b)

(1,081,738

) 

(1,050,026

) 

Less: Accrued Performance Compensation - GAAP (c)

(5,733,563

) 

(5,555,870

) 

Net Accrued Performance Revenues

$

6,742,522

$

6,280,556

(a)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(b)

Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.

(c)

Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.

Liquidity and Capital Resources

General

Blackstone’s business model derives revenue primarily from third-party Assets Under Management. Blackstone is not a capital or balance sheet intensive business and targets operating expense levels such that total management and advisory fees exceed total operating expenses each period. As a result, we require limited capital resources to support the working capital or operating needs of our businesses. We draw primarily on the long-term committed or invested capital of investors in our investment vehicles to fund the investment requirements of the Blackstone Funds and use our own realizations and cash flows to invest in growth initiatives, make commitments to our own funds, where our minimum general partner commitments are generally less than 5% of the limited partner commitments of a fund, and pay dividends to stockholders and distributions to holders of Holdings Units.

Fluctuations in our statement of financial condition result primarily from activities of the Blackstone Funds that are consolidated as well as business transactions, such as the issuance of senior notes. The majority economic ownership interests of such consolidated Blackstone Funds are reflected as Redeemable
Non-Controlling
Interests in Consolidated Entities, and
Non-Controlling
Interests in Consolidated Entities in the consolidated financial statements. The consolidation of these Blackstone Funds has no net effect on Blackstone’s Net Income or Equity. Additionally, fluctuations in our statement of financial condition also include appreciation or depreciation in Blackstone investments in the
non-consolidated
Blackstone Funds, additional investments and redemptions of such interests in the
non-consolidated
Blackstone Funds and the collection of receivables related to management and advisory fees.

Total Assets were $47.7 billion as of December 31, 2025, an increase of $4.2 billion from December 31, 2024. The increase in Total Assets was primarily attributable to increases of $2.8 billion in total assets attributable to consolidated operating partnerships and $1.6 billion in total assets attributable to consolidated Blackstone funds.

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•

The increase in total assets attributable to consolidated operating partnerships was primarily attributable to increases of $1.3 billion in Investments, $659.1 million in Cash and Cash Equivalents and $618.2 million in Due from Affiliates.

o

The increase in Investments was primarily attributable to appreciation in our Private Equity segment.

o

The increase in Cash and Cash Equivalents was primarily attributable to the issuance of senior notes during the quarter ended December 31, 2025 and ongoing operating activities, partially offset by the paydown of senior notes that matured.

o

The increase in Due from Affiliates was primarily attributable to an increase in management fees, performance revenues, reimbursable expenses and other receivables from
non-consolidated
entities and portfolio companies.

•

The increase in total assets attributable to consolidated Blackstone funds was primarily attributable to an increase of $1.3 billion in Investments.

o

The increase in Investments was primarily attributable to purchases made by consolidated fund entities.

Total Liabilities were $25.8 billion as of December 31, 2025, an increase of $1.9 billion from December 31, 2024. The increase in Total Liabilities was primarily attributable to an increase of $1.9 billion in total liabilities attributable to consolidated operating partnerships.

•

The increase in total liabilities attributable to consolidated operating partnerships was primarily attributable to an increase of $1.1 billion in Loans Payable.

o

The increase in Loans Payable was primarily attributable to the issuance of senior notes during the quarter ended December 31, 2025, partially offset by the paydown of senior notes that matured.

Sources and Uses of Liquidity

We have multiple sources of liquidity to meet our capital needs, including annual cash flows, accumulated earnings in our businesses, the proceeds from our issuances of senior notes and other borrowings, liquid investments we hold on our Consolidated Statement of Financial Condition and access to our $4.325 billion committed revolving credit facility (the “Revolving Credit Facility”). As of December 31, 2025, Blackstone had $2.6 billion in Cash and Cash Equivalents, $359.7 million invested in Corporate Treasury Investments and $7.1 billion in Other Investments (which included $6.5 billion of liquid investments), against $12.4 billion in borrowings from our bond issuances. As of December 31, 2025, we had no borrowings outstanding under the Revolving Credit Facility. In February 2026, we drew $900.0 million under the Revolving Credit Facility.

On November 3, 2025, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $600 million aggregate principal amount of 4.300% senior notes due November 3, 2030 (the “Registered 2030 Notes”), and $600 million aggregate principal amount of 4.950% senior notes due February 15, 2036 (the “Registered 2036 Notes” and, together with the Registered 2030 Notes, the “Registered Notes”), pursuant to a Registration Statement on Form
S-3.
Blackstone intends to use the net proceeds from the sale of the Registered Notes for general corporate purposes. For additional information see Note 12. “Borrowings” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” of this filing and “—Notable Transactions”.

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In addition to the cash we receive from our notes offerings and availability under the Revolving Credit Facility and other borrowings, we expect to receive (a) cash generated from operating activities, (b) Performance Revenue realizations, and (c) realizations on the fund investments that we make. The amounts and timing of cash received from sources in particular may vary substantially from year to year and quarter to quarter depending on the frequency and size of realization events, timing of settlement, the form in which we elect to receive payment (including
in-kind)
and net returns experienced by our investment funds. Our available capital could be adversely affected if there are prolonged periods of few substantial realizations from our investment funds accompanied by substantial capital calls for new investments from those investment funds. Therefore, Blackstone’s commitments to our funds are taken into consideration when managing our overall liquidity and cash position.

We expect that our primary liquidity needs will be cash to (a) provide capital to facilitate the growth of our existing businesses, which includes, without limitation, funding our general partner and
co-investment
commitments to our funds and warehousing investments for our funds, (b) provide capital for business expansion, (c) pay operating expenses, including cash compensation to our employees, and other obligations as they arise, including servicing debts, (d) pay income taxes and (e) pay dividends to our stockholders, make distributions to the holders of Blackstone Holdings Partnership Units and make repurchases under our share repurchase program. For a tabular presentation of Blackstone’s contractual obligations and the expected timing of such see “—Contractual Obligations.”

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Capital Commitments

Our own capital commitments to our funds, the funds we invest in and our investment strategies as of December 31, 2025 consisted of the following:

Blackstone and

General Partner (a)

Senior Managing Directors

and Certain Other

Professionals (b)

Fund

Original

Commitment

Remaining

Commitment

Original

Commitment

Remaining

Commitment

(Dollars in Thousands)

Real Estate

BREP VII

$

300,000

$

20,038

$

100,000

$

6,679

BREP VIII

300,000

24,552

100,000

8,184

BREP IX

300,000

41,946

100,000

13,982

BREP X

300,000

181,905

100,000

60,635

BREP Europe III

100,000

11,257

35,000

3,752

BREP Europe IV

130,000

19,034

43,333

6,345

BREP Europe V

150,000

15,959

43,333

4,610

BREP Europe VI

130,000

38,437

43,333

12,812

BREP Europe VII

130,000

81,735

43,333

27,245

BREP Asia I

50,392

10,342

16,797

3,447

BREP Asia II

70,707

11,872

23,569

3,957

BREP Asia III

81,078

42,974

27,026

14,325

BREDS III

50,000

11,358

16,667

3,786

BREDS IV

50,000

15,613

49,113

15,336

BREDS V

50,000

38,740

48,070

37,245

BPP

251,234

28,679

—

—

Other (c)

53,677

31,568

—

—

Total Real Estate

2,497,088

626,009

789,574

222,340

Private Equity

BCP V

629,356

29,573

—

—

BCP VI

719,718

81,400

250,000

28,275

BCP VII

500,000

25,739

225,000

11,582

BCP VIII

500,000

97,349

225,000

43,807

BCP IX

500,000

475,308

225,000

213,889

BEP I

50,000

4,728

—

—

BEP II

80,000

10,498

26,667

3,499

BEP III

80,000

32,539

26,667

10,846

BETP IV

80,000

40,839

26,667

13,613

BCP Asia I

40,000

5,869

13,333

1,956

BCP Asia II

100,000

57,360

33,333

19,120

BCP Asia III

195,673

195,673

65,224

65,224

continued...

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Table of Contents

Blackstone and

General Partner (a)

Senior Managing Directors

and Certain Other

Professionals (b)

Fund

Original

Commitment

Remaining

Commitment

Original

Commitment

Remaining

Commitment

(Dollars in Thousands)

Private Equity (continued)

Core Private Equity I

$

117,747

$

27,016

$

18,992

$

4,358

Core Private Equity II

160,000

103,974

32,640

21,211

Tactical Opportunities

520,906

216,241

173,635

72,080

Strategic Partners (Secondaries)

1,566,751

643,574

1,225,756

527,706

BIP

551,277

142,112

—

—

Life Sciences

225,570

149,811

37,353

20,507

Growth

165,094

95,104

54,697

31,683

Other (c)

90,209

21,119

—

—

Total Private Equity

6,872,301

2,455,826

2,659,964

1,089,356

Credit & Insurance

Mezzanine / Opportunistic II

120,000

29,059

110,101

26,661

Mezzanine / Opportunistic III

130,783

33,723

98,118

25,300

Mezzanine / Opportunistic IV

122,000

51,059

116,171

48,619

Mezzanine / Opportunistic V

116,279

116,279

38,760

38,760

Stressed / Distressed II

125,000

51,612

119,878

49,497

Stressed / Distressed III

151,000

34,949

146,432

33,892

European Senior Debt I

63,000

2,873

56,882

2,594

European Senior Debt II

93,182

32,483

90,915

31,739

European Senior Debt III

23,870

12,345

19,807

10,243

Energy I

80,000

36,700

75,445

34,611

Energy II

150,000

102,832

149,036

102,171

Energy III

127,000

108,093

120,518

102,576

Energy SMAs

52,829

25,386

4,944

3,259

Credit Alpha Fund

52,102

19,752

50,670

19,209

Credit Alpha Fund II

25,500

12,550

24,385

12,001

Direct Lending SMAs

98,413

52,183

43,670

24,293

European Senior Direct Lending Fund

18,166

18,166

6,055

6,055

Blackstone Asset Based Finance Partners LP

38,268

38,268

12,756

12,756

Other (c)

62,225

31,059

1,726

740

Total Credit & Insurance

1,649,617

809,371

1,286,269

584,976

continued...

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Blackstone and

General Partner (a)

Senior Managing Directors

and Certain Other

Professionals (b)

Fund

Original

Commitment

Remaining

Commitment

Original

Commitment

Remaining

Commitment

(Dollars in Thousands)

Multi-Asset Investing

Strategic Alliance III

22,000

24,263

—

—

Strategic Alliance IV

15,000

9,802

—

—

Dislocation

20,000

12,296

—

—

Other (c)

5,947

2,221

—

—

Total Multi-Asset Investing

62,947

48,582

—

—

Other

Treasury (d)

2,991,878

2,541,659

—

—

$

14,073,831

$

6,481,447

$

4,735,807

$

1,896,672

(a)

We expect our commitments to be drawn down over time and to be funded by available cash and cash generated from operations and realizations. Taking into account prevailing market conditions and both the liquidity and cash or liquid investment balances, we believe that the sources of liquidity described above will be more than sufficient to fund our working capital requirements. Additionally, for some of the general partner commitments shown in the table above, we require our senior managing directors and certain other professionals to fund a portion of the commitment even though the ultimate obligation to fund the aggregate commitment is ours pursuant to the governing agreements of the respective funds. The amounts of the aggregate applicable general partner original and remaining commitment are shown in the table above. Remaining commitment may exceed original commitment due to recallable capital.

(b)

Includes the full portion of our commitments (1) required to be funded by senior managing directors and certain other professionals and (2) that are elected by such individuals to be funded for the life of a fund, where such fund permits such election. Excludes amounts that are elected by such individuals to be funded on an annual basis and certain de minimis commitments funded by such individuals in certain carry funds.

(c)

Represents capital commitments in each respective segment to a number of other funds.

(d)

Represents loan origination commitments, revolver commitments and capital market commitments.

For a tabular presentation of the timing of Blackstone’s remaining capital commitments to our funds, the funds we invest in and our investment strategies see “— Contractual Obligations”.

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Borrowings

As of December 31, 2025, Blackstone Holdings Finance Co. L.L.C. and Blackstone Reg Finance Co. L.L.C. (each an “Issuer” and together the “Issuers”), both indirect subsidiaries of Blackstone, had issued and outstanding the following senior notes (collectively the “Notes”):

Senior Notes (a)

Aggregate

Principal

Amount

(Dollars/Euros

in Thousands)

1.000%, Due 10/5/2026

€

600,000

3.150%, Due 10/2/2027

$

300,000

5.900%, Due 11/3/2027

$

600,000

1.625%, Due 8/5/2028

$

650,000

1.500%, Due 4/10/2029

€

600,000

2.500%, Due 1/10/2030

$

500,000

4.300%, Due 11/3/2030 (b)

$

600,000

1.600%, Due 3/30/2031

$

500,000

2.000%, Due 1/30/2032

$

800,000

2.550%, Due 3/30/2032

$

500,000

6.200%, Due 4/22/2033

$

900,000

3.500%, Due 6/1/2034

€

500,000

5.000%, Due 12/6/2034 (b)

$

750,000

4.950%, Due 2/15/2036 (b)

$

600,000

6.250%, Due 8/15/2042

$

250,000

5.000%, Due 6/15/2044

$

500,000

4.450%, Due 7/15/2045

$

350,000

4.000%, Due 10/2/2047

$

300,000

3.500%, Due 9/10/2049

$

400,000

2.800%, Due 9/30/2050

$

400,000

2.850%, Due 8/5/2051

$

550,000

3.200%, Due 1/30/2052

$

1,000,000

$

12,446,820

(a)

The Notes are unsecured and unsubordinated obligations of the Issuers, as applicable, and are fully and unconditionally guaranteed, jointly and severally, by Blackstone Inc. and each of the Blackstone Holdings Partnerships (the “Guarantors”). The Notes contain customary covenants and financial restrictions that, among other things, limit the Issuers and the Guarantors’ ability, subject to certain exceptions, to incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The Notes also contain customary events of default. All or a portion of the Notes may be redeemed at our option, in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the Notes are subject to repurchase at the repurchase price as set forth in the Notes.

(b)

The Registered 2030, 2034 and 2036 Notes’ Guarantors and Issuer, Blackstone Reg Finance Co. L.L.C. (collectively, the “Obligor Group”) do not have material assets, liabilities and results of operations, with the exception of certain amounts already disclosed in our consolidated financial statements (specifically, goodwill, the majority of our deferred tax assets, the Tax Receivable Agreement liability and the Registered 2030, 2034 and 2036 Notes). Therefore, we have excluded the summarized financial information for the Obligor Group due to management’s belief that such summarized financial information would be repetitive and would not provide material information to investors. For additional information see “— Notable Transactions” and Note 12. “Borrowings” in the “Notes to Consolidated Financial Statements” in “— Item 8. Financial Statements and Supplementary Data” of this filing.

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Blackstone, through Blackstone Holdings Finance Co. L.L.C., has a $4.325 billion unsecured Revolving Credit Facility with Citibank, N.A., as administrative agent with a maturity date of October 16, 2030. As of December 31, 2025, Blackstone had no borrowings outstanding under the Revolving Credit Facility. In February 2026, we drew $900.0 million under the Revolving Credit Facility. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain
sub-limits.
The Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of
fee-earning
assets under management, each tested quarterly.

For a tabular presentation of the payment timing of principal and interest due on Blackstone’s issued notes and the Revolving Credit Facility see “— Contractual Obligations”.

Contractual Obligations

The following table sets forth information relating to our contractual obligations as of December 31, 2025 on a consolidated basis and on a basis deconsolidating the Blackstone Funds:

Contractual Obligations

2026

2027-2028

2029-2030

Thereafter

Total

(Dollars in Thousands)

Operating Lease Obligations (a)

$

206,159

$

392,982

$

889,097

$

1,700,232

$

3,188,470

Purchase Obligations

133,562

134,066

9,355

—

276,983

Blackstone Operating Borrowings (b)

704,760

1,550,000

1,804,760

8,387,300

12,446,820

Interest on Blackstone Operating Borrowings (c)

498,610

951,443

868,639

3,228,187

5,546,879

Borrowings of Consolidated Blackstone Funds

—

—

129,767

—

129,767

Interest on Borrowings of Consolidated Blackstone Funds

—

17,497

9,851

—

27,348

Blackstone Funds Capital Commitments to Investee Funds (d)

797,420

—

—

—

797,420

Due to Certain
Non-Controlling
Interest Holders in Connection with Tax Receivable Agreements (e)

59,400

278,321

401,654

1,336,830

2,076,205

Unrecognized Tax Benefits, Including Interest and Penalties (f)

—

—

—

—

—

Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g)

6,481,447

—

—

—

6,481,447

Consolidated Contractual Obligations

8,881,358

3,324,309

4,113,123

14,652,549

30,971,339

Borrowings of Consolidated Blackstone Funds

—

—

(129,767

) 

—

(129,767

) 

Interest on Borrowings of Consolidated Blackstone Funds

—

(17,497

) 

(9,851

) 

—

(27,348

) 

Blackstone Funds Capital Commitments to Investee Funds (d)

(797,420

) 

—

—

—

(797,420

) 

Blackstone Operating Entities Contractual Obligations

$

8,083,938

$

3,306,812

$

3,973,505

$

14,652,549

$

30,016,804

(a)

We lease our primary office space and certain office equipment under agreements that expire through 2043. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable they are included in the table above. The table above includes operating leases that are recognized as Operating Lease Liabilities, short-term leases that are not recorded as Operating Lease Liabilities and leases that have been signed but not yet commenced which are not recorded as Operating Lease Liabilities. The amounts in this table are presented net of contractual sublease commitments.

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(b)

Represents the principal amounts due on our senior notes and secured borrowings. For our senior notes, we assume no
pre-payments
and the borrowings are held until their final maturity. For our secured borrowings we project prepayments based on the performance of the underlying assets and principal may be paid down in full prior to their stated maturity. As of December 31, 2025, we had no borrowings outstanding under the Revolving Credit Facility. In February 2026, we drew $900.0 million under the Revolving Credit Facility.

(c)

Represents interest to be paid over the maturity of our senior notes and secured borrowings. For our senior notes, we assume no
pre-payments
and the borrowings are held until their final maturity. For our secured borrowings, we project
pre-payments
based on the performance of the underlying assets with interest payments based on the estimated principal outstanding, inclusive of projected
pre-payments.
These amounts include commitment fees for unutilized borrowings under the Revolving Credit Facility.

(d)

These obligations represent commitments of the consolidated Blackstone Funds to make capital contributions to investee funds and portfolio companies. These amounts are generally due on demand and are therefore presented in the less than one year category.

(e)

Represents obligations by Blackstone to make payments under the Tax Receivable Agreements to certain
non-controlling
interest holders for the tax savings realized from the taxable purchases of their interests in connection with the reorganization at the time of Blackstone’s initial public offering (“IPO”) in 2007 and subsequent purchases. The obligation represents the amount of the payments currently expected to be made, which are dependent on the tax savings expected to be realized as determined annually without discounting for the timing of the payments. As required by GAAP, the amount of the obligation included in the consolidated financial statements and shown in Note 17. “Related Party Transactions” (see “—Item 8. Financial Statements and Supplementary Data”) differs to reflect the net present value of the payments due to certain
non-controlling
interest holders.

(f)

Blackstone is not able to make a reasonably reliable estimate of the timing of payments in individual years in connection with gross unrecognized benefits of $320.4 million and interest of $121.1 million as of December 31, 2025; therefore, such amounts are not included in the above contractual obligations table.

(g)

These obligations represent commitments by us to provide general partner capital funding to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments. These amounts are generally due on demand and are therefore presented in the less than one year category; however, a substantial amount of the capital commitments are expected to be called over the next three years. We expect to continue to make these general partner capital commitments as we raise additional amounts for our investment funds over time.

Guarantees

Blackstone and certain of its consolidated funds provide financial guarantees. The amounts and nature of these guarantees are described in Note 18. “Commitments and Contingencies — Contingencies — Guarantees” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” of this filing.

Indemnifications

In many of its service contracts, Blackstone agrees to indemnify the third-party service provider under certain circumstances. The terms of the indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined and has not been included in the above contractual obligations table or recorded in our consolidated financial statements as of December 31, 2025.

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Clawback Obligations

Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceed the amount due to Blackstone based on cumulative results of that fund. The amounts and nature of Blackstone’s clawback obligations are described in Note 18. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” of this filing.

Share Repurchase Program

On July 16, 2024, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.

During the year ended December 31, 2025, Blackstone repurchased 0.8 million shares of common stock at a total cost of $122.6 million. As of December 31, 2025, the amount remaining available for repurchases under the program was $1.7 billion.

Dividends

Our intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by our board of directors to be necessary or appropriate to provide for the conduct of our business, to make appropriate investments in our business and funds, to comply with applicable law, any of our debt instruments or other agreements, or to provide for future cash requirements such as
tax-related
payments, clawback obligations and dividends to stockholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter.

For Blackstone’s definition of Distributable Earnings, see “—Key Financial Measures and Indicators.”

All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of our board of directors, and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.

Because the publicly traded entity and/or its wholly owned subsidiaries must pay taxes and make payments under the tax receivable agreements, the amounts ultimately paid as dividends by Blackstone to common stockholders in respect of each fiscal year are generally expected to be less, on a per share or per unit basis, than the amounts distributed by the Blackstone Holdings Partnerships to the Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships in respect of their Blackstone Holdings Partnership Units.

Dividends are treated as qualified dividends to the extent of Blackstone’s current and accumulated earnings and profits, with any excess dividends treated as a return of capital to the extent of the stockholder’s basis.

The following graph shows fiscal quarterly and annual per common stockholder dividends for 2025, 2024 and 2023. Dividends are declared and paid in the quarter subsequent to the quarter in which they are earned.

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With respect to fiscal year 2025, we paid to stockholders of our common stock a dividend of $0.93, $1.03, $1.29 and $1.49 per share in respect of the first, second, third and fourth quarters, respectively, aggregating to $4.74 per share of common stock. With respect to fiscal years 2024 and 2023, we paid stockholders of our common stock aggregate dividends of $3.95 per share and $3.35 per share, respectively.

Leverage

We may, under certain circumstances, use leverage opportunistically and over time to create the most efficient capital structure for Blackstone and our stockholders. In addition to the borrowings from our notes issuances and our revolving credit facility, we may use asset based financing arrangements, including but not limited to margin loans, reverse repurchase agreements, repurchase agreements and securities sold, not yet purchased. Reverse repurchase agreements are entered into primarily to take advantage of opportunistic yields otherwise absent in the overnight markets and also to use the collateral received to cover securities sold, not yet purchased. Repurchase agreements are entered into primarily to opportunistically yield higher spreads on purchased securities. The balances held in these financial instruments fluctuate based on Blackstone’s liquidity needs, market conditions and investment risk profiles.

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The following table presents information regarding financial instruments which are included in Accounts Payable, Accrued Expenses and Other Liabilities in our Consolidated Statements of Financial Condition:

Repurchase

Agreements

(Dollars in Millions)

Balance, December 31, 2025

$

289.2

Balance, December 31, 2024

$

6.8

Year Ended December 31, 2025

Average Daily Balance

$

141.2

Maximum Daily Balance

$

388.8

Critical Accounting Policies

We prepare our consolidated financial statements in accordance with GAAP. In applying many of these accounting principles, we need to make assumptions, estimates and/or judgments that affect the reported amounts of assets, liabilities, revenues and expenses in our consolidated financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable under the circumstances. These assumptions, estimates and/or judgments, however, are often subjective. Actual results may be affected negatively based on changing circumstances. If actual amounts are ultimately different from our estimates, the revisions are included in our results of operations for the period in which the actual amounts become known. We believe the following critical accounting policies could potentially produce materially different results if we were to change underlying assumptions, estimates and/or judgments. For a description of our accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” of this filing.

Principles of Consolidation

For a description of our accounting policy on consolidation, see Note 2. “Summary of Significant Accounting Policies—Consolidation” and Note 8. “Variable Interest Entities” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” for detailed information on Blackstone’s involvement with VIEs. The following discussion is intended to provide supplemental information about how the application of consolidation principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.

The determination that Blackstone holds a controlling financial interest in a Blackstone Fund or investment vehicle significantly changes the presentation of our consolidated financial statements. In our Consolidated Statements of Financial Position included in this filing, we present 100% of the assets and liabilities of consolidated VIEs along with a
non-controlling
interest which represents the portion of the consolidated vehicle’s interests held by third parties. However, assets of our consolidated VIEs can only be used to settle obligations of the consolidated VIE and are not available for general use by Blackstone. Further, the liabilities of our consolidated VIEs do not have recourse to the general credit of Blackstone. In the Consolidated Statements of Operations, we eliminate any management fees, Incentive Fees, or Performance Allocations received or accrued from consolidated VIEs as they are considered intercompany transactions. We recognize 100% of the consolidated VIE’s investment income (loss) and allocate the portion of that income (loss) attributable to third-party ownership to
non-controlling
interests in arriving at Net Income Attributable to Blackstone Inc.

The assessment of whether we consolidate a Blackstone Fund or investment vehicle we manage requires the application of significant judgment. These judgments are applied both at the time we become involved with the VIE and on an ongoing basis and include, but are not limited to:

•

Determining whether our management fees, Incentive Fees or Performance Allocations represent variable interests – We make judgments as to whether the fees we earn are commensurate with the level of effort required for those fees and at market rates. In making this judgment, we consider, among other things, the extent of third-party investment in the entity and the terms of any other interests we hold in the VIE.

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•

Determining whether
kick-out
rights are substantive – We make judgments as to whether the third-party investors in a partnership entity have the ability to remove the general partner, the investment manager or its equivalent, or to dissolve (liquidate) the partnership entity, through a simple majority vote. This includes an evaluation of whether barriers to exercise these rights exist.

•

Concluding whether Blackstone has an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE – As there is no explicit threshold in GAAP to define “potentially significant,” management must apply judgment and evaluate both quantitative and qualitative factors to conclude whether this threshold is met.

Revenue Recognition

For a description of our accounting policy on revenue recognition, see Note 2. “Summary of Significant Accounting Policies—Revenue Recognition” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data.” For an additional description of the nature of our revenue arrangements, including how management fees, Incentive Fees, and Performance Allocations are generated, please refer to “Part I. Item 1. Business — Fee Structure/Incentive Arrangements.” The following discussion is intended to provide supplemental information about how the application of revenue recognition principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.

Management and Advisory Fees, Net

— Blackstone earns base management fees from its customers at a fixed percentage of a calculation base. The range of management fee rates and the calculation base from which they are earned, generally, are as follows:

For vehicles within the Real Estate segment:

•

0.35% to 1.50% of committed capital or invested capital during the investment period, invested capital subsequent to the investment period, or gross asset value for certain drawdown vehicles and
co-investment
vehicles,

•

0.40% to 1.25% of net asset value for certain separately managed accounts, perpetual capital vehicles, drawdown vehicles, and
co-investment
vehicles, and

•

1.50% of BXMT’s net proceeds received from equity offerings and accumulated “distributable earnings” (which is generally equal to its GAAP net income excluding certain
non-cash
and other items), subject to certain adjustments.

For vehicles within the Private Equity segment:

•

0.50% to 1.75% of committed capital during the investment period or invested capital or gross investment value subsequent to the investment period for drawdown vehicles and certain
co-investment
vehicles,

•

0.50% to 1.75% of invested capital for certain separately managed accounts and
co-investment
vehicles, and

•

0.75% to 1.25% of net asset value for perpetual capital vehicles.

For vehicles within the Credit & Insurance segment:

•

0.20% to 1.25% of net asset value or fair value of investments for certain separately managed accounts and open-ended vehicles,

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•

0.35% to 1.25% of net asset value or gross asset value of our BDCs and certain registered investment companies,

•

0.30% to 0.50% of the aggregate par amount of collateral assets, including principal cash, for CLO vehicles, and

•

0.20% to 1.50% of invested capital for drawdown vehicles and certain separately managed accounts.

For vehicles within the Multi-Asset Investing segment:

•

0.20% to 1.50% of net asset value for all vehicles.

Management fee calculations based on committed capital or invested capital are mechanical in nature and therefore do not require the use of significant estimates or judgments. Management fee calculations based on net asset value, gross asset value, or investment fair value depend on the fair value of the underlying investments within the funds. Estimates and assumptions are made when determining the fair value of the underlying investments within the funds and could vary depending on the valuation methodology that is used as well as economic conditions. See “—Fair Value” below for further discussion of the judgment required for determining the fair value of the underlying investments.

Investment Income (Loss)

— Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. Blackstone has concluded that investments made alongside its limited partners in a partnership which entitle Blackstone to a Performance Allocation represent equity method investments that are not in the scope of the GAAP guidance on accounting for revenues from contracts with customers. Blackstone accounts for these arrangements under the equity method of accounting. Under the equity method, Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period Blackstone calculates the accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results.

The change in the fair value of the investments held by certain Blackstone Funds is a significant input into the accrued Performance Allocation calculation and accrual for potential repayment of previously received Performance Allocations. Estimates and assumptions are made when determining the fair value of the underlying investments within the funds. See “—Fair Value” below for further discussion related to significant estimates and assumptions used for determining fair value of the underlying investments.

Fair Value

Blackstone uses fair value throughout the reporting process. For a description of our accounting policies related to valuation, see Note 2. “Summary of Significant Accounting Policies—Fair Value of Financial Instruments” and “Summary of Significant Accounting Policies—Investments, at Fair Value” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” of this filing. The following discussion is intended to provide supplemental information about how the application of fair value principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.

The fair value of the investments held by Blackstone Funds is the primary input to the calculation of certain of our management fees, Incentive Fees, Performance Allocations and the related Compensation we recognize. Generally, Blackstone Funds are accounted for in accordance with the GAAP guidance on investment companies, and under the American Institute of Certified Public Accountants Audit and Accounting Guide,

Investment

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Companies

, and reflect their investments, including majority-owned and controlled investments, at fair value. In the absence of observable market prices, we utilize valuation methodologies applied on a consistent basis and assumptions that we believe market participants would use to determine the fair value of the investments. For investments where little market activity exists management’s determination of fair value is based on the best information available in the circumstances, which may incorporate management’s own assumptions and involves a significant degree of judgment, and the consideration of a combination of internal and external factors, including the appropriate risk adjustments for
non-performance
and liquidity risks.

Blackstone has also elected the fair value option for certain instruments it owns directly, including loans and receivables, investments in private debt securities and other proprietary investments. Blackstone is required to measure certain financial instruments at fair value, including debt instruments, equity securities and freestanding derivatives.

Fair Value of Investments or Instruments that are Publicly Traded

Securities that are publicly traded and for which a quoted market exists will be valued at the closing price of such securities in the principal market in which the security trades, or in the absence of a principal market, in the most advantageous market on the valuation date. When a quoted price in an active market exists, no block discounts or control premiums are permitted regardless of the size of the public security held. In some cases, securities will include legal and contractual restrictions limiting their purchase and sale for a period of time. A discount to the publicly traded price may be appropriate in instances where a legal restriction is a characteristic of the security, such as may be required under SEC Rule 144. The amount of the discount, if taken, shall be determined based on the time period that must pass before the restricted security becomes unrestricted or otherwise available for sale.

Fair Value of Investments or Instruments that are not Publicly Traded

Investments for which market prices are not observable include private investments in the equity or debt of operating companies or real estate properties. Our primary methodology for determining the fair values of such investments is generally the income approach which provides an indication of fair value based on the present value of cash flows that a business, security, or property is expected to generate in the future. The most widely used methodology under the income approach is the discounted cash flow method which includes significant assumptions about the underlying investment’s projected net earnings or cash flows, discount rate, capitalization rate and exit multiple. Our secondary methodology, generally used to corroborate the results of the income approach, is typically the market approach. The most widely used methodology under the market approach relies upon valuations for comparable public companies, transactions, or assets, and includes making judgments about which companies, transactions, or assets are comparable. Depending on the facts and circumstances associated with the investment, different primary and secondary methodologies may be used including option value, contingent claims or scenario analysis, yield analysis, projected cash flow through maturity or expiration, discount to sale, probability weighted methods or recent round of financing.

In certain cases debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments.

Management Process on Fair Value

Due to the importance of fair value throughout the consolidated financial statements and the significant judgment required to be applied in arriving at those fair values, we have developed a process around valuation that incorporates several levels of approval and review from both internal and external sources. Investments held

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by Blackstone Funds and investment vehicles are valued on at least a quarterly basis by our internal valuation or asset management teams, which are independent from our investment teams. For investments held by vehicles managed by more than one business unit, Blackstone has developed a process designed to facilitate coordination and alignment, as appropriate, of the fair value of
in-scope
investments across business units.

For investments valued utilizing the income method and where Blackstone has information rights, we generally have a direct line of communication with each of the companies’ and underlying assets’ finance teams and collect financial data used to support projections used in a discounted cash flow analysis. The valuation team then analyzes the data received and updates the valuation models reflecting any changes in the underlying cash flow projections, weighted-average cost of capital, exit multiple or capitalization rate, and any other valuation input relevant to economic conditions.

The results of all valuations of investments held by Blackstone Funds and investment vehicles are reviewed by the relevant business unit’s valuation
sub-committee,
which is comprised of key personnel from the business unit, typically the chief investment officer, chief operating officer, chief financial officer, head of finance, chief compliance officer (or their respective equivalents where applicable) and other senior managing directors in the business or support functions. To further corroborate results, each business unit also generally obtains either a positive assurance opinion or a range of value from an independent valuation party, at least annually for internally prepared valuations for investments that have been held by Blackstone Funds and investment vehicles for greater than a year and quarterly for certain investments. Our firmwide valuation committee, chaired by our Chief Financial Officer and comprised of senior members of our businesses and representatives from corporate functions, including legal and finance, reviews the valuation process for investments held by us and our investment vehicles, including the application of appropriate valuation standards on a consistent basis. Each quarter, the valuation process is also reviewed by the audit committee of our board of directors, which is comprised of our
non-employee
directors.

Income Tax

For a description of our accounting policy on taxes and additional information on taxes see Note 2. “Summary of Significant Accounting Policies” and Note 14. “Income Taxes,” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” of this filing.

Our provision for income taxes is comprised of current and deferred taxes. Current income taxes approximate taxes to be paid or refunded for the current period. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the applicable enacted tax rates and laws that will be in effect when such differences are expected to reverse.

Additionally, significant judgment is required in estimating the provision for (benefit from) income taxes, current and deferred tax balances (including any valuation allowance), accrued interest or penalties and uncertain tax positions. In evaluating these judgments, we consider, among other items, projections of taxable income (including the character of such income), beginning with historic results and incorporating assumptions of the amount of future pretax operating income. These assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that Blackstone uses to manage its business. To the extent any portion of the deferred tax assets are not considered to be more likely than not to be realized, a valuation allowance is recorded.

Revisions in estimates and/or actual costs of a tax assessment may ultimately be materially different from the recorded accruals and unrecognized tax benefits, if any.

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Recent Accounting Developments

Information regarding recent accounting developments and their impact on Blackstone, if any, can be found in Note 2. “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” of this filing.