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Blackstone Reports Fourth Quarter and Full Year

2025 Results

New York, January 29, 2026: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2025 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone’s extraordinary fourth-quarter

results capped a record year for the firm. We delivered again for our limited partners, leading to $71 billion of

inflows in the quarter — the highest in over three years. Our focus on investing at massive scale in the buildout of

digital and energy infrastructure continues to create significant value for our investors.”

Blackstone issued a full detailed presentation of its fourth quarter and full year 2025 results, which can be viewed

at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.49 per share to record holders of common stock at the close of

business on February 9, 2026. This dividend will be paid on February 17, 2026.

Quarterly Investor Call Details

Blackstone will host its fourth quarter and full year 2025 investor conference via public webcast on January 29,

2026 at 9:00 a.m. ET. To register, please use the following link:

https:/event.webcasts.com/starthere.jsp?ei=1748258&tp_key=b779ba06d9. For those unable to listen to the live

 

 

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

 

 

 

broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at

https://ir.blackstone.com/.

About Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for

institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s

$1.3 trillion in assets under management include global investment strategies focused on real estate, private

equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is

available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act

of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our

current views with respect to, among other things, our operations, taxes, earnings and financial performance, share

repurchases and dividends. You can identify these forward-looking statements by the use of words such as

“outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,”

“approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,”

“forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking

statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that

could cause actual outcomes or results to differ materially from those indicated in these statements. We believe

these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual

Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in

our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on

the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in

conjunction with the other cautionary statements that are included in this report and in our other periodic filings.

The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly

update or review any forward-looking statement, whether as a result of new information, future developments or

otherwise.

 
 
 

 

This presentation does not constitute an offer of any Blackstone Fund.

Investor and Media Relations Contacts

 

 Weston Tucker

 Blackstone

 Tel: +1 (212) 583-5231

 tucker@blackstone.com

   

Christine Anderson

Blackstone

Tel: +1 (212) 583-5182

christine.anderson@blackstone.com

   

                    

   
 
 
 

 

LOGO

 

Blackstone’s Fourth

Quarter and Full Year

2025 Earnings

JANUARY 29, 2026

 

 

 

 

 

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2025 GAAP RESULTS

 

 

§

   GAAP Net Income was $2.0 billion for the quarter and $6.0 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $1.0 billion for the quarter and $3.0 billion for the year.

 

 

 

   

 ($ in thousands, except per share data) (unaudited)

  

4Q’24

  

4Q’25

        

FY’24

    

FY’25

  
   

Revenues

              
   

Management and Advisory Fees, Net

  

 $

1,879,581

 

  

 $

2,079,541

 

    

 $

7,188,936

 

  

 $

8,075,601

 

   

Incentive Fees

  

 

404,744

 

  

 

390,288

 

    

 

964,178

 

  

 

978,202

 

   

Performance Allocations

  

 

507,150

 

  

 

1,555,474

 

    

 

3,829,153

 

  

 

4,305,306

 

   

Principal Investments

  

 

36,989

 

  

 

225,125

 

    

 

712,849

 

  

 

945,936

 

   

Interest and Dividend Revenue

  

 

98,547

 

  

 

110,746

 

    

 

411,159

 

  

 

416,093

 

   

Other

  

 

155,554

 

  

 

(902

) 

    

 

123,693

 

  

 

(270,873

) 

   

Total Revenues

  

 $

    3,082,565

 

  

 $

    4,360,272

 

    

 $

    13,229,968

 

  

 $

    14,450,265

 

   

Expenses

              
   

Compensation and Benefits

  

 

1,039,203

 

  

 

1,536,400

 

    

 

4,994,053

 

  

 

5,620,529

 

   

General, Administrative and Other

  

 

339,086

 

  

 

447,778

 

    

 

1,361,909

 

  

 

1,524,548

 

   

Interest Expense

  

 

115,532

 

  

 

128,089

 

    

 

443,688

 

  

 

508,314

 

   

Fund Expenses

  

 

6,296

 

  

 

12,618

 

    

 

19,676

 

  

 

49,216

 

   

Total Expenses

  

 $

1,500,117

 

  

 $

2,124,885

 

    

 $

6,819,326

 

  

 $

7,702,607

 

   

Other Income (Loss)

  

 $

(21,171

) 

  

 $

121,449

 

    

 $

48,838

 

  

 $

423,988

 

   

Income Before Provision for Taxes

  

 $

1,561,277

 

  

 $

2,356,836

 

    

 $

6,459,480

 

  

 $

7,171,646

 

   

Provision for Taxes

  

 

232,451

 

  

 

382,045

 

    

 

1,021,671

 

  

 

1,125,023

 

   

Net Income

  

 $

1,328,826

 

  

 $

1,974,791

 

    

 $

5,437,809

 

  

 $

6,046,623

 

   

Redeemable NCI in Consolidated Entities

  

 

306

 

  

 

(9,617

) 

    

 

(61,289

) 

  

 

45,500

 

   

Non-Redeemable NCI in Consolidated Entities

  

 

624,647

 

  

 

969,207

 

    

 

2,722,590

 

  

 

2,981,909

 

   

Net Income Attributable to Blackstone Inc.

  

 $

703,873

 

  

 $

1,015,201

 

    

 $

2,776,508

 

  

 $

3,019,214

 

   

Net Income Per Share of Common Stock, Basic

  

 $

0.92

 

  

 $

1.30

 

    

 $

3.62

 

  

 $

3.87

 

   

Net Income Per Share of Common Stock, Diluted

  

 $

0.92

 

  

 $

1.30

 

    

 $

3.62

 

  

 $

3.87

 

 

 

   
Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.  

 

Blackstone |  1

 

 

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2025 HIGHLIGHTS

 

 

Financial Measures   
 

 

§  Fee Related Earnings (“FRE”) of $1.5 billion ($1.25/share) in the quarter

 

–

FRE was $5.7 billion for the year ($4.67/share)

 

§  Distributable Earnings (“DE”) of $2.2 billion ($1.75/share) in the quarter

 

–

DE was $7.1 billion for the year ($5.57/share)

 

§  Net Accrued Performance Revenues of $6.7 billion ($5.49/share)

 

  
Capital Metrics   
 

 

§  Total Assets Under Management (“AUM”) of $1,274.9 billion

 

–

Fee-Earning AUM of $921.7 billion

 

–

Perpetual Capital AUM of $523.6 billion

 

§  Inflows of $71.5 billion in the quarter and $239.4 billion for the year

 

§  Deployment of $42.2 billion in the quarter and $138.2 billion for the year

 

§  Realizations of $46.1 billion in the quarter and $125.6 billion for the year

 

  

Capital Returned

to Shareholders

   
 

 

§  Dividend of $1.49 per common share payable on February 17, 2026

 

–

Dividends of $4.74 per common share for the year

 

§  Repurchased 0.2 million common shares in the quarter and 0.8 million common shares for the year

 

§  $2.0 billion to be distributed to shareholders with respect to the fourth quarter and $6.2 billion for the year through dividends and share repurchases

 

 

 
   
    

 

Blackstone |  2

 

 

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2025 SEGMENT EARNINGS

 

 

       
     

 % Change  

    

 % Change 

       

 ($ in thousands, except per share data)

4Q’24

4Q’25

 vs. 4Q’24  

FY’24

FY’25

 vs. FY’24 

       

Management and Advisory Fees, Net

$

1,859,291

$

2,062,219

 

11%

 

$

7,133,534

$

8,016,049

12%

       

Fee Related Performance Revenues

 

1,399,276

 

606,445

 

(57)%

 

 

2,135,945

 

1,825,428

(15)%

       

Fee Related Compensation

 

(1,077,477

)

 

(715,312

)

 

(34)%

 

 

(2,739,322

)

 

(2,690,701

)

(2)%

       

Other Operating Expenses

 

(345,169

)

 

(418,051

)

 

21%

 

 

(1,248,092

)

 

(1,413,239

)

13%

       

Fee Related Earnings

$

1,835,921

$

1,535,301

 

(16)%

 

$

5,282,065

$

5,737,537

9%

 
       

Realized Performance Revenues

 

865,080

 

1,057,432

 

22%

 

 

2,287,031

 

2,815,529

23%

       

Realized Performance Compensation

 

(289,595

)

 

(310,405

)

 

7%

 

 

(951,246

)

 

(1,090,595

)

15%

       

Realized Principal Investment Income

 

25,613

 

209,877

 

719%

 

 

92,526

 

419,743

   354%

       

Net Realizations

 

601,098

 

956,904

 

59%

 

 

1,428,311

 

2,144,677

50%

       

Total Segment Distributable Earnings

$

2,437,019

$

2,492,205

 

2%

 

$

6,710,376

$

7,882,214

17%

 
       

Distributable Earnings

$

2,169,493

$

2,244,809

 

3%

 

$

5,966,742

$

7,110,864

19%

 
       

Additional Metrics:
       

Net Income Per Share of Common Stock, Basic

$

0.92

$

1.30

 

41%

 

$

3.62

$

3.87

7%

       

FRE per Share

$

1.50

$

1.25

 

(17)%

 

$

4.32

$

4.67

8%

       

DE per Common Share

$

1.69

$

1.75

 

4%

 

$

4.64

$

5.57

20%

       

Total Segment Revenues

$

4,149,260

$

3,935,973

 

(5)%

 

$

11,649,036

$

13,076,749

12%

       

Total Assets Under Management

$

  1,127,179,996

$

  1,274,931,234

 

13%

 

$

  1,127,179,996

$

  1,274,931,234

13%

       

Fee-Earning Assets Under Management

$

830,708,603

$

921,674,454

 

11%

 

$

830,708,603

$

921,674,454

11%

 
   

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable

to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. Full year FRE per Share and DE per

Common Share amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segments. See page 34 for
additional detail.

  

 

 

Blackstone |  3

 

 

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

 

 

§

   Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $6.7 billion ($5.49/share).

 

 

 

Investment Performance

(appreciation / gross returns)

 

     4Q’25       FY’25        

Real Estate

         

Opportunistic

   

 

(0.3)% 

 

   

 

(0.6)%

 

   

Core+

   

 

1.5% 

 

   

 

3.0%

 

   
        

Private Equity

         

Corporate Private Equity

   

 

5.0% 

 

   

 

13.8%

 

   

Tactical Opportunities

   

 

0.7% 

 

   

 

9.9%

 

   

Secondaries

   

 

2.5% 

 

   

 

13.1%

 

   

Infrastructure

   

 

8.4% 

 

   

 

23.5%

 

   
        

Credit & Insurance

         

Private Credit

   

 

2.4% 

 

   

 

11.2%

 

   

Liquid Credit

   

 

1.3% 

 

   

 

6.0%

 

   
        

Multi-Asset Investing

         

Absolute Return Composite

      4.3%         13.2%     

Net Accrued Performance Revenues

($ in millions)

 

 

LOGO

 
 
   

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing.

Secondaries appreciation excludes GP Stakes. Private Credit net returns were 1.6% and 7.8% for 4Q’25 and FY’25, respectively. Liquid Credit net returns were

1.2% and 5.5% for 4Q’25 and FY’25, respectively. Absolute Return Composite net returns were 3.9% and 11.9% for 4Q’25 and FY’25, respectively. See notes on

page 34 for additional details on these strategies and our investment performance.

  

 

Blackstone |  4

 

 

CAPITAL METRICS – ADDITIONAL DETAIL

 

 

§

   Inflows were $71.5 billion in the quarter, bringing full year inflows to $239.4 billion.

 

§

   Deployed $42.2 billion in the quarter and $138.2 billion for the year.

 

  –   Committed an additional $23.0 billion that was not yet deployed in the quarter.

 

§

   Realizations were $46.1 billion in the quarter and $125.6 billion for the year.

 

 

 

     Inflows        Capital Deployed        Realizations
 ($ in millions)    4Q’25    FY’25        4Q’25    FY’25        4Q’25    FY’25

Real Estate

   

$

8,310

 

   

$

25,527

 

     

$

5,461

 

   

$

20,474

 

     

$

8,646

 

   

$

25,551

 

Opportunistic

   

 

543

 

   

 

2,757

 

     

 

1,523

 

   

 

6,871

 

     

 

3,103

 

   

 

7,309

 

Core+

   

 

3,121

 

   

 

13,582

 

     

 

1,103

 

   

 

5,184

 

     

 

2,223

 

   

 

7,718

 

Debt Strategies

   

 

4,646

 

   

 

9,188

 

     

 

2,835

 

   

 

8,419

 

     

 

3,320

 

   

 

10,524

 

Private Equity

   

 

20,321

 

   

 

68,141

 

     

 

12,812

 

   

 

46,503

 

     

 

10,803

 

   

 

33,878

 

Corporate Private Equity

   

 

6,640

 

   

 

31,734

 

     

 

6,519

 

   

 

23,250

 

     

 

5,276

 

   

 

16,234

 

Tactical Opportunities

   

 

1,555

 

   

 

3,524

 

     

 

462

 

   

 

2,434

 

     

 

902

 

   

 

5,321

 

Secondaries

   

 

7,963

 

   

 

19,566

 

     

 

4,056

 

   

 

14,035

 

     

 

4,059

 

   

 

9,905

 

Infrastructure

   

 

4,163

 

   

 

13,317

 

     

 

1,774

 

   

 

6,783

 

     

 

566

 

   

 

2,419

 

Credit & Insurance

   

 

38,969

 

   

 

132,135

 

     

 

22,941

 

   

 

67,693

 

     

 

25,598

 

   

 

62,408

 

                     

Multi-Asset Investing

   

 

3,877

 

   

 

13,583

 

     

 

956

 

   

 

3,541

 

     

 

1,069

 

   

 

3,713

 

                     

Total Blackstone

   

$

   71,477

 

   

$

  239,385

 

     

$

   42,170

 

   

$

  138,212

 

     

$

   46,115

 

   

$

  125,551

 

 

 

   

Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are

managed.

  

 

Blackstone |  5

 

 

ASSETS UNDER MANAGEMENT

 

 

§

   Total AUM increased to $1,274.9 billion, up 13% year-over-year, with $71.5 billion of inflows in the quarter and $239.4 billion for the year.

 

§

   Fee-Earning AUM of $921.7 billion was up 11% year-over-year, with $41.9 billion of inflows in the quarter and $167.0 billion for the year.

 

§

   Perpetual Capital AUM reached $523.6 billion, up 18% year-over-year.

 

  –   Fee-Earning Perpetual Capital AUM increased to $445.8 billion, representing 48% of Fee-Earning AUM.

 

 

 

LOGO

 
   
Multi-Asset Investing had $247 million and $582 million of Perpetual Capital AUM as of 4Q’24 and 4Q’25, respectively.  

 

Blackstone |  6

 

 

ADDITIONAL CAPITAL DETAIL

 

 

§

   Invested Performance Eligible AUM reached $624.2 billion at quarter end, up 11% year-over-year.

 

§

   Total Dry Powder of $198.3 billion available for future investments.

 

 

 

LOGO

 
   
Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.  

 

Blackstone |  7

 

 

Segment Highlights

 
    

 

Blackstone |  8

 

 

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

 

 

§

   4Q’25 Total Segment Distributable Earnings were $2.5 billion.

 

§

   Full year Total Segment Distributable Earnings were $7.9 billion.

 

 

 

Segment Distributable Earnings

 

($ in millions)

 

LOGO

  

 

LOGO

 
   
    

 

Blackstone |  9

 

 

REAL ESTATE

 

 

§

   Total AUM: Increased 1% to $319.3 billion with inflows of $8.3 billion in the quarter and $25.5 billion for the year.

 

  –   Inflows in the quarter included $4.6 billion in BREDS, inclusive of $1.5 billion for a new drawdown fund focused on real estate credit and $1.0 billion from multi-asset strategies, and $935 million of capital raised in BREIT.

 

§

   Capital Deployed: $5.5 billion in the quarter, including a mixed-use asset in Paris by BREP, and $20.5 billion for the year.

 

  –   Committed an additional $1.8 billion in the quarter, including the privatization of a diversified REIT in Hawaii by BREP.

 

§

   Realizations: $8.6 billion in the quarter, including BREP U.S. Industrial and CityCenter Las Vegas, and $25.6 billion for the year.

 

§

   Appreciation: Opportunistic funds declined (0.3)% in the quarter and (0.6)% for the year; Core+ funds appreciated 1.5% in the quarter and 3.0% for the year.

 

 

 

   
                   % Change                   % Change 
   
 ($ in thousands)    4Q'24     4Q'25       vs. 4Q'24     FY'24     FY'25       vs. FY'24 
   

Management Fees, Net

   

 $

701,835

 

  

 $

680,985

 

  

(3)%

   

 $

2,875,277

 

  

 $

2,781,924

 

  

(3)%

   

Fee Related Performance Revenues

   

 

433

 

  

 

237,608

 

  

n/m

   

 

203,425

 

  

 

489,648

 

  

141%

   

Fee Related Compensation

   

 

(149,425

) 

  

 

(181,181

) 

  

21%

   

 

(674,965

) 

  

 

(690,292

) 

  

2%

   

Other Operating Expenses

   

 

(97,442

) 

  

 

(104,444

) 

  

7%

   

 

(380,321

) 

  

 

(370,001

) 

  

(3)%

   

Fee Related Earnings

   

$

455,401

 

  

$

632,968

 

  

39%

   

$

2,023,416

 

  

$

2,211,279

 

  

9%

 

                  
   

Realized Performance Revenues

   

 

19,513

 

  

 

73,384

 

  

276%

   

 

200,974

 

  

 

268,773

 

  

34%

   

Realized Performance Compensation

   

 

(9,092

) 

  

 

(27,829

) 

  

206%

   

 

(101,011

) 

  

 

(130,361

) 

  

29%

   

Realized Principal Investment Income (Loss)

   

 

(1,145

) 

  

 

2,240

 

  

n/m

   

 

14,522

 

  

 

10,689

 

  

(26)%

   

Net Realizations

   

 

9,276

 

  

 

47,795

 

  

415%

   

 

114,485

 

  

 

149,101

 

  

30%

   

Segment Distributable Earnings

   

 $

464,677

 

  

 $

680,763

 

  

47%

   

 $

2,137,901

 

  

 $

2,360,380

 

  

10%

 

                  
   

Segment Revenues

   

 $

720,636

 

  

 $

994,217

 

  

38%

   

 $

3,294,198

 

  

 $

3,551,034

 

  

8%

   

Total AUM

   

 $

315,353,132

 

  

 $

319,342,875

 

  

1%

   

 $

315,353,132

 

  

 $

319,342,875

 

  

1%

   

Fee-Earning AUM

   

 $

 278,914,938

 

  

 $

 279,427,148

 

  

0%

   

 $

 278,914,938

 

  

 $

 279,427,148

 

  

0%

 
   
    

 

Blackstone |  10

 

 

PRIVATE EQUITY

 

 

§

   Total AUM: Increased 18% to $416.4 billion with inflows of $20.3 billion in the quarter and $68.1 billion for the year.

 

 

–

   Inflows in the quarter included $8.0 billion in Secondaries, inclusive of the tenth flagship Secondaries fund, $4.2 billion in Infrastructure, $1.6 billion in Tactical Opportunities, $1.2 billion for the third Corporate Private Equity Asia fund, and $1.0 billion for the sixth Life Sciences fund.

 

 

–

   $2.2 billion of capital raised for BXPE and $728 million of capital raised for BXINFRA.

 

§

   Capital Deployed: $12.8 billion in the quarter, including TechnoPro and Shermco, and $46.5 billion for the year.

 

 

–

   Committed an additional $9.7 billion in the quarter, including Hologic and MacLean Power Systems.

 

§

   Realizations: $10.8 billion in the quarter, including a public sale for Legence and a royalty sale in Life Sciences, and $33.9 billion for the year.

 

§

   Appreciation: Corporate Private Equity appreciated 5.0% in the quarter and 13.8% for the year.

 

 

–

   Tactical Opportunities appreciated 0.7% in the quarter and 9.9% for the year; Secondaries appreciated 2.5% in the quarter and 13.1% for the year; Infrastructure appreciated 8.4% in the quarter and 23.5% for the year.

 

 

 

   
                   % Change                   % Change 
   
 ($ in thousands)    4Q'24     4Q'25       vs. 4Q'24     FY'24     FY'25       vs. FY'24 
   

Management and Advisory Fees, Net

   

 $

629,402

 

  

 $

726,129

 

  

15%

   

 $

2,198,280

 

  

 $

2,771,609

 

  

26%

   

Fee Related Performance Revenues

   

 

1,170,857

 

  

 

168,098

 

  

(86)%

   

 

1,185,428

 

  

 

547,985

 

  

(54)%

   

Fee Related Compensation

   

 

(674,551

) 

  

 

(259,289

) 

  

(62)%

   

 

(1,164,237

) 

  

 

(961,448

) 

  

(17)%

   

Other Operating Expenses

   

 

(117,178

) 

  

 

(146,375

) 

  

25%

   

 

(391,309

) 

  

 

(482,312

) 

  

23%

   

Fee Related Earnings

   

 $

1,008,530

 

  

 $

488,563

 

  

(52)%

   

 $

1,828,162

 

  

 $

1,875,834

 

  

3%

 

                  
   

Realized Performance Revenues

   

 

344,133

 

  

 

351,672

 

  

2%

   

 

1,392,447

 

  

 

1,670,108

 

  

20%

   

Realized Performance Compensation

   

 

(138,449

) 

  

 

(131,006

) 

  

(5)%

   

 

(633,491

) 

  

 

(704,938

) 

  

11%

   

Realized Principal Investment Income

   

 

15,174

 

  

 

10,774

 

  

(29)%

   

 

52,356

 

  

 

66,495

 

  

27%

   

Net Realizations

   

 

220,858

 

  

 

231,440

 

  

5%

   

 

811,312

 

  

 

1,031,665

 

  

27%

   

Segment Distributable Earnings

   

 $

1,229,388

 

  

 $

720,003

 

  

(41)%

   

 $

2,639,474

 

  

 $

2,907,499

 

  

10%

 

                  
   

Segment Revenues

   

 $

2,159,566

 

  

 $

1,256,673

 

  

(42)%

   

 $

4,828,511

 

  

 $

5,056,197

 

  

5%

   

Total AUM

   

 $

352,168,635

 

  

 $

416,423,156

 

  

18%

   

 $

352,168,635

 

  

 $

416,423,156

 

  

18%

   

Fee-Earning AUM

   

 $

 212,182,896

 

  

 $

 240,959,058

 

  

14%

   

 $

 212,182,896

 

  

 $

 240,959,058

 

  

14%

 
   
BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised includes amounts allocated to other strategies. Secondaries appreciation excludes GP Stakes.  

 

Blackstone |  11

 

 

CREDIT & INSURANCE

 

 

§

   Total AUM: Increased 18% to $443.0 billion with inflows of $39.0 billion in the quarter and $132.1 billion for the year.

 

 

–

   Inflows in the quarter included $16.6 billion for the global direct lending strategy, inclusive of $2.4 billion for direct lending SMAs, $3.3 billion of equity raised for BCRED, and $700 million of equity raised for ECRED.

 

 

–

   Inflows also included $11.8 billion for the infrastructure and asset based credit strategies, inclusive of $8.0 billion for insurance SMAs.

 

 

–

   Closed 4 new CLOs (2 U.S. and 2 European) for $2.0 billion.

 

§

   Capital Deployed: $22.9 billion in the quarter and $67.7 billion for the year driven by U.S. direct lending as well as infrastructure and asset based credit strategies; committed an additional $11.2 billion in the quarter.

 

§

   Realizations: $25.6 billion in the quarter and $62.4 billion for the year.

 

§

   Returns: Private Credit gross return of 2.4% (1.6% net) and Liquid Credit gross return of 1.3% (1.2% net) in the quarter; gross returns for the year for Private Credit of 11.2% (7.8% net) and Liquid Credit of 6.0% (5.5% net).

 

§

   Realized Principal Investment Income in the quarter included the monetization of Blackstone’s stake in Resolution Life with respect to its sale to Nippon Life, where Blackstone will continue to be the investment manager for Resolution Life going forward.

 

 

 

   
                   % Change                   % Change  
   
 ($ in thousands)    4Q'24     4Q'25       vs. 4Q'24     FY'24     FY'25       vs. FY'24 
   

Management Fees, Net

   

 $

403,743

 

  

 $

514,746

 

  

27%

   

 $

1,581,807

 

  

 $

1,929,592

 

  

22%

   

Fee Related Performance Revenues

   

 

227,986

 

  

 

200,739

 

  

(12)%

   

 

747,092

 

  

 

787,795

 

  

5%

   

Fee Related Compensation

   

 

(222,962

) 

  

 

(229,288

) 

  

3%

   

 

(755,620

) 

  

 

(869,636

) 

  

15%

   

Other Operating Expenses

   

 

(100,674

) 

  

 

(133,577

) 

  

33%

   

 

(371,354

) 

  

 

(450,401

) 

  

21%

   

Fee Related Earnings

   

 $

308,093

 

  

 $

352,620

 

  

14%

   

 $

1,201,925

 

  

 $

1,397,350

 

  

16%

 

                  
   

Realized Performance Revenues

   

 

163,799

 

  

 

167,615

 

  

2%

   

 

313,092

 

  

 

386,729

 

  

24%

   

Realized Performance Compensation

   

 

(70,266

) 

  

 

(69,442

) 

  

(1)%

   

 

(129,814

) 

  

 

(161,493

) 

  

24%

   

Realized Principal Investment Income

   

 

8,544

 

  

 

192,312

 

  

n/m

   

 

39,855

 

  

 

335,870

 

  

743%

   

Net Realizations

   

 

102,077

 

  

 

290,485

 

  

185%

   

 

223,133

 

  

 

561,106

 

  

151%

   

Segment Distributable Earnings

   

 $

410,170

 

  

 $

643,105

 

  

57%

   

 $

1,425,058

 

  

 $

1,958,456

 

  

37%

 

                  
   

Segment Revenues

   

 $

804,072

 

  

 $

1,075,412

 

  

34%

   

 $

2,681,846

 

  

 $

3,439,986

 

  

28%

   

Total AUM

   

 $

375,507,818

 

  

 $

442,951,606

 

  

18%

   

 $

375,507,818

 

  

 $

442,951,606

 

  

18%

   

Fee-Earning AUM

   

 $

 264,617,560

 

  

 $

 315,640,583

 

  

19%

   

 $

 264,617,560

 

  

 $

 315,640,583

 

  

19%

 
   
    

 

Blackstone |  12

 

 

MULTI-ASSET INVESTING

 

 

§

   Total AUM: Increased 14% to $96.2 billion with inflows of $3.9 billion in the quarter and $13.6 billion for the year.

 

§

   Returns: Absolute Return Composite gross return of 4.3% in the quarter (3.9% net), outperforming the HFRX Global Hedge Fund Index, which was 1.4%.

 

  –   Absolute Return benefited from positive performance across strategies, including equities, quantitative, macro, and credit during the quarter.

 

  –   Gross return of 13.2% for the year (11.9% net), outperforming 7.1% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.

 

 

 

 

 

   
                   % Change                   % Change  
   
 ($ in thousands)    4Q'24     4Q'25       vs. 4Q'24     FY'24     FY'25       vs. FY'24 
   

Management Fees, Net

   

 $

124,311

 

  

 $

140,359

 

  

13%

   

 $

478,170

 

  

 $

532,924

 

  

11%

   

Fee Related Compensation

   

 

(30,539

) 

  

 

(45,554

) 

  

49%

   

 

(144,500

) 

  

 

(169,325

) 

  

17%

   

Other Operating Expenses

   

 

(29,875

) 

  

 

(33,655

) 

  

13%

   

 

(105,108

) 

  

 

(110,525

) 

  

5%

   

Fee Related Earnings

   

 $

63,897

 

  

 $

61,150

 

  

(4)%

   

 $

228,562

 

  

 $

253,074

 

  

11%

 

                  
   

Realized Performance Revenues

   

 

337,635

 

  

 

464,761

 

  

38%

   

 

380,518

 

  

 

489,919

 

  

29%

   

Realized Performance Compensation

   

 

(71,788

) 

  

 

(82,128

) 

  

14%

   

 

(86,930

) 

  

 

(93,803

) 

  

8%

   

Realized Principal Investment Income (Loss)

   

 

3,040

 

  

 

4,551

 

  

50%

   

 

(14,207

) 

  

 

6,689

 

  

n/m

   

Net Realizations

   

 

268,887

 

  

 

387,184

 

  

44%

   

 

279,381

 

  

 

402,805

 

  

44%

   

Segment Distributable Earnings

   

 $

332,784

 

  

 $

448,334

 

  

35%

   

 $

507,943

 

  

 $

655,879

 

  

29%

 

                  
   

Segment Revenues

   

 $

464,986

 

  

 $

609,671

 

  

31%

   

 $

844,481

 

  

 $

1,029,532

 

  

22%

   

Total AUM

   

 $

84,150,411

 

  

 $

96,213,597

 

  

14%

   

 $

84,150,411

 

  

 $

96,213,597

 

  

14%

   

Fee-Earning AUM

   

 $

  74,993,209

 

  

 $

  85,647,665

 

  

14%

   

 $

  74,993,209

 

  

 $

  85,647,665

 

  

14%

 
   
    

 

Blackstone |  13

 

 

Supplemental Details

 
    

 

Blackstone |  14

 

 

TOTAL SEGMENTS

 

 

   
 ($ in thousands)   4Q’24     1Q’25     2Q’25     3Q’25     4Q’25     FY’24     FY’25  
   

Base Management Fees

  

$

1,773,645

 

  

$

1,807,119

 

  

 $

1,876,672

 

  

 $

1,919,702

 

  

 $

1,945,364

 

  

 $

6,780,882

 

  

 $

7,548,857

 

   

Transaction, Advisory and Other Fees, Net

  

 

117,708

 

  

 

111,309

 

  

 

165,690

 

  

 

156,211

 

  

 

149,621

 

  

 

399,688

 

  

 

582,831

 

   

Management Fee Offsets

  

 

(32,062

) 

  

 

(26,430

) 

  

 

(22,350

) 

  

 

(34,093

) 

  

 

(32,766

) 

  

 

(47,036

) 

  

 

(115,639

) 

   

Total Management and Advisory Fees, Net

  

 

1,859,291

 

  

 

1,891,998

 

  

 

2,020,012

 

  

 

2,041,820

 

  

 

2,062,219

 

  

 

7,133,534

 

  

 

8,016,049

 

   

Fee Related Performance Revenues

  

 

1,399,276

 

  

 

293,915

 

  

 

472,050

 

  

 

453,018

 

  

 

606,445

 

  

 

2,135,945

 

  

 

1,825,428

 

   

Fee Related Compensation

  

 

(1,077,477

) 

  

 

(616,982

) 

  

 

(700,316

) 

  

 

(658,091

) 

  

 

(715,312

) 

  

 

(2,739,322

) 

  

 

(2,690,701

) 

   

Other Operating Expenses

  

 

(345,169

) 

  

 

(306,875

) 

  

 

(332,243

) 

  

 

(356,070

) 

  

 

(418,051

) 

  

 

(1,248,092

) 

  

 

(1,413,239

) 

   

Fee Related Earnings

  

$

1,835,921

 

  

$

1,262,056

 

  

 $

1,459,503

 

  

 $

1,480,677

 

  

 $

1,535,301

 

  

 $

5,282,065

 

  

 $

5,737,537

 

 

                  
   

Realized Performance Revenues

  

 

865,080

 

  

 

460,023

 

  

 

553,121

 

  

 

744,953

 

  

 

1,057,432

 

  

 

2,287,031

 

  

 

2,815,529

 

   

Realized Performance Compensation

  

 

(289,595

) 

  

 

(220,924

) 

  

 

(256,624

) 

  

 

(302,642

) 

  

 

(310,405

) 

  

 

(951,246

) 

  

 

(1,090,595

) 

   

Realized Principal Investment Income

  

 

25,613

 

  

 

117,910

 

  

 

29,421

 

  

 

62,535

 

  

 

209,877

 

  

 

92,526

 

  

 

419,743

 

             

Total Net Realizations

  

$

601,098

 

  

$

357,009

 

  

 $

325,918

 

  

 $

504,846

 

  

 $

956,904

 

  

 $

1,428,311

 

  

 $

2,144,677

 

   

Total Segment Distributable Earnings

  

$

2,437,019

 

  

$

1,619,065

 

  

 $

1,785,421

 

  

 $

1,985,523

 

  

 $

2,492,205

 

  

 $

6,710,376

 

  

 $

7,882,214

 

 

                  
   

Distributable Earnings

  

$

2,169,493

 

  

$

1,410,805

 

  

 $

1,565,763

 

  

 $

1,889,487

 

  

 $

2,244,809

 

  

 $

5,966,742

 

  

 $

7,110,864

 

 

                  
   

Additional Metrics:

                  
   

Total Segment Revenues

  

$

4,149,260

 

  

$

2,763,846

 

  

 $

3,074,604

 

  

 $

3,302,326

 

  

 $

3,935,973

 

  

 $

11,649,036

 

  

 $

13,076,749

 

   

Total Assets Under Management

  

$

 1,127,179,996

 

  

$

 1,167,461,910

 

  

 $

 1,211,207,341

 

  

 $

 1,241,731,296

 

  

 $

 1,274,931,234

 

  

 $

 1,127,179,996

 

  

 $

 1,274,931,234

 

   

Fee-Earning Assets Under Management

  

$

830,708,603

 

  

$

860,069,950

 

  

 $

887,114,205

 

  

 $

906,221,028

 

  

 $

921,674,454

 

  

 $

830,708,603

 

  

 $

921,674,454

 

 
   
    

 

Blackstone |  15

 

 

ASSETS UNDER MANAGEMENT - ROLLFORWARD

 

Total AUM Rollforward

($ in millions)

   
     Three Months Ended December 31, 2025          Twelve Months Ended December 31, 2025
                                                 
   
    

Real

 

 Estate 

  

 Private 

 

Equity

  

Credit &

 

 Insurance 

  

 Multi-Asset 

 

Investing

    Total          

Real

 

 Estate 

  

 Private 

 

Equity

  

Credit &

 

 Insurance 

  

 Multi-Asset 

 

 Investing 

   Total
   

Beginning Balance

   

$

320,490

 

  

$

395,607

 

  

$

432,316

 

  

$

93,318

 

  

 $

 1,241,731

 

     

 $

 315,353

 

  

$

352,169

 

  

$

375,508

 

  

$

84,150

 

  

$

1,127,180

 

   

Inflows

   

 

8,310

 

  

 

20,321

 

  

 

38,969

 

  

 

3,877

 

  

 

71,477

 

     

 

25,527

 

  

 

68,141

 

  

 

132,135

 

  

 

13,583

 

  

 

239,385

 

   

Outflows

   

 

(2,374

) 

  

 

(1,221

) 

  

 

(5,745

) 

  

 

(2,701

) 

  

 

(12,041

) 

     

 

(8,544

) 

  

 

(10,881

) 

  

 

(20,385

) 

  

 

(7,316

) 

  

 

(47,126

) 

   

Net Flows

   

 

5,936

 

  

 

19,100

 

  

 

33,224

 

  

 

1,175

 

  

 

59,436

 

     

 

16,983

 

  

 

57,260

 

  

 

111,750

 

  

 

6,267

 

  

 

192,259

 

   

Realizations

   

 

(8,646

) 

  

 

(10,803

) 

  

 

(25,598

) 

  

 

(1,069

) 

  

 

(46,115

) 

     

 

(25,551

) 

  

 

(33,878

) 

  

 

(62,408

) 

  

 

(3,713

) 

  

 

(125,551

) 

   

Market Activity

   

 

1,562

 

  

 

12,519

 

  

 

3,009

 

  

 

2,789

 

  

 

19,879

 

     

 

12,558

 

  

 

40,873

 

  

 

18,102

 

  

 

9,509

 

  

 

81,043

 

   

Ending Balance

   

$

 319,343

 

  

$

 416,423

 

  

$

 442,952

 

  

$

 96,214

 

  

 $

 1,274,931

 

     

 $

 319,343

 

  

$

 416,423

 

  

$

 442,952

 

  

$

 96,214

 

  

$

 1,274,931

 

   

% Change

   

 

(0)%

 

  

 

5%

 

  

 

2%

 

  

 

3%

 

  

 

3%

 

     

 

1%

 

  

 

18%

 

  

 

18%

 

  

 

14%

 

  

 

13%

 

 

 

Fee-Earning AUM Rollforward

($ in millions)

   
     Three Months Ended December 31, 2025          Twelve Months Ended December 31, 2025
                                                 
   
    

Real

 

 Estate 

  

 Private 

 

Equity

  

Credit &

 

 Insurance 

  

 Multi-Asset 

 

Investing

    Total          

Real

 

 Estate 

  

 Private 

 

Equity

  

Credit &

 

 Insurance 

  

 Multi-Asset 

 

Investing

   Total
   

Beginning Balance

   

$

282,579

 

  

$

235,004

 

  

$

305,193

 

  

$

83,445

 

  

 $

 906,221

 

     

 $

 278,915

 

  

$

212,183

 

  

$

264,618

 

  

$

74,993

 

  

$

830,709

 

   

Inflows

   

 

5,599

 

  

 

9,351

 

  

 

24,046

 

  

 

2,941

 

  

 

41,938

 

     

 

23,255

 

  

 

40,166

 

  

 

91,521

 

  

 

12,051

 

  

 

166,992

 

   

Outflows

   

 

(1,580

) 

  

 

(2,558

) 

  

 

(5,452

) 

  

 

(2,360

) 

  

 

(11,949

) 

     

 

(7,539

) 

  

 

(8,601

) 

  

 

(16,998

) 

  

 

(6,734

) 

  

 

(39,872

) 

   

Net Flows

   

 

4,020

 

  

 

6,794

 

  

 

18,594

 

  

 

582

 

  

 

29,989

 

     

 

15,716

 

  

 

31,565

 

  

 

74,522

 

  

 

5,317

 

  

 

127,120

 

   

Realizations

   

 

(8,189

) 

  

 

(5,274

) 

  

 

(9,769

) 

  

 

(969

) 

  

 

(24,201

) 

     

 

(23,513

) 

  

 

(15,938

) 

  

 

(33,745

) 

  

 

(3,364

) 

  

 

(76,560

) 

   

Market Activity

   

 

1,017

 

  

 

4,436

 

  

 

1,622

 

  

 

2,590

 

  

 

9,666

 

     

 

8,309

 

  

 

13,149

 

  

 

10,246

 

  

 

8,702

 

  

 

40,406

 

   

Ending Balance

   

$

 279,427

 

  

$

 240,959

 

  

$

 315,641

 

  

$

 85,648

 

  

$

   921,674

 

     

 $

279,427

 

  

$

 240,959

 

  

$

 315,641

 

  

$

 85,648

 

  

$

   921,674

 

   

% Change

   

 

(1)%

 

  

 

3%

 

  

 

3%

 

  

 

3%

 

  

 

2%

 

     

 

0%

 

  

 

14%

 

  

 

19%

 

  

 

14%

 

  

 

11%

 

 
   
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and
acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).
Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes
realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.		  

 

Blackstone |  16

 

 

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

 

 

§

   At December 31, 2025, Blackstone had $11.3 billion in total cash, cash equivalents, corporate treasury, and other investments and $20.9 billion of cash and net investments, or $17.05 per share.

 

§

   Blackstone has a $4.3 billion credit revolver and maintains A+/A+ ratings.
  –   On November 3, 2025, Blackstone issued $600 million of 5-year notes at a 4.30% coupon and $600 million of 10-year notes at a 4.95% coupon.

 

 

 

 

 

($ in millions)

   4Q’25  
 

Cash and Cash Equivalents

   $   2,631  
 

Corporate Treasury and
Other Investments

     8,669  
 

GP/Fund Investments

     2,907  
 

Net Accrued Performance
Revenues

     6,743  
 

Cash and Net Investments

   $   20,949  
 

Outstanding Debt (at par)

     12,447  

Cash and Net Investments

(per share)

 

 

LOGO

 

 

 

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

October 2030 maturity

$11.3B

total cash, corporate

treasury and other

 

 

 

 

 

 
   
Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $7.1 billion as of December 31, 2025, which was comprised of
$6.5 billion of liquid investments and $566 million of illiquid investments. See notes on pages 31 and 35 for additional details on non-GAAP balance sheet
measures.		  

 

Blackstone |  17

 

NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL

 

 

 

  ($ in millions, except per share data)

 

 
    4Q’24      3Q’25     4Q’25     4Q’25  
   Per Share   
 

Real Estate

           
 

BREP Global

  

$

892

 

   

$

547

 

  

$

530

 

  

$

0.43

 

 

BREP Europe

  

 

126

 

   

 

31

 

  

 

44

 

  

 

0.04

 

 

BREP Asia

  

 

98

 

   

 

91

 

  

 

94

 

  

 

0.08

 

 

BPP

  

 

42

 

   

 

57

 

  

 

75

 

  

 

0.06

 

 

BREDS

  

 

27

 

   

 

38

 

  

 

32

 

  

 

0.03

 

 

Real Estate

  

$

1,186

 

   

$

763

 

  

$

775

 

  

$

0.63

 

 

Private Equity

           
 

BCP Global

  

 

1,733

 

   

 

1,843

 

  

 

2,044

 

  

 

1.66

 

 

BCP Asia

  

 

334

 

   

 

309

 

  

 

289

 

  

 

0.24

 

 

Energy/Energy Transition

  

 

568

 

   

 

598

 

  

 

646

 

  

 

0.53

 

 

Core Private Equity

  

 

247

 

   

 

269

 

  

 

287

 

  

 

0.23

 

 

Tactical Opportunities

  

 

201

 

   

 

203

 

  

 

225

 

  

 

0.18

 

 

Secondaries

  

 

1,072

 

   

 

1,169

 

  

 

1,141

 

  

 

0.93

 

 

Infrastructure

  

 

84

 

   

 

347

 

  

 

554

 

  

 

0.45

 

 

Life Sciences

  

 

197

 

   

 

240

 

  

 

216

 

  

 

0.18

 

 

BTAS/BXPE

  

 

229

 

   

 

250

 

  

 

246

 

  

 

0.20

 

 

Private Equity

  

$

4,665

 

   

$

5,228

 

  

$

5,648

 

  

$

4.60

 

          
 

Credit & Insurance

  

$

401

 

   

$

372

 

  

$

286

 

  

$

0.23

 

          
 

Multi-Asset Investing

  

$

30

 

   

$

148

 

  

$

33

 

  

$

0.03

 

          
 

Net Accrued Performance
Revenues

  

$

  6,281

 

   

$

  6,511

 

  

$

  6,743

 

  

$

  5.49

 

4Q’25 QoQ Rollforward

($ in millions)

 

 
          Net     Net        
 
            Performance      Realized        
 
    3Q’25     Revenues       Distributions      4Q’25  
 

Real Estate

   $ 763      $ 301      $ (289 )     $ 775  
 

Private Equity

     5,228       766       (345 )      5,648  
 

Credit &
Insurance

     372       155       (241 )      286  
 

Multi-Asset
Investing

     148       268       (383 )      33  
 

Total

   $  6,511      $   1,490      $   (1,258 )     $  6,743  
 

QoQ Change

           4%  

FY’25 Rollforward

($ in millions)

 

          Net     Net         
           Performance      Realized        
    4Q’24      Revenues      Distributions      4Q’25  
 

Real Estate

   $ 1,186      $ 222      $ (633 )     $ 775  
 

Private Equity

     4,665       2,317       (1,334 )      5,648  
 

Credit &
Insurance

     401       666       (780 )      286  
 

Multi-Asset
Investing

     30       400       (396 )      33  
 

Total

   $  6,281      $ 3,605      $ (3,143 )     $  6,743  
 

YoY Change

           7%  
 

 

 

   
Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed
as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per
Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).		  

 

Blackstone |  18

 

 

INVESTMENT RECORDS AS OF DECEMBER 31, 2025 (a)

 

 

 

 ($/€ in  thousands, except where noted)

 

 Fund (Investment Period Beginning Date / Ending Date)

 

  

Committed

 

Capital

 

    

Available

 

Capital (b)

 

     Unrealized Investments   Realized Investments   Total Investments  

Net IRRs (d)

 

 

Value

    

 

MOIC (c)

  

 

Value

    

 

MOIC (c)

  

 

Value

    

 

MOIC (c)

  

 

Realized

  

 

 Total 

Real Estate

                    

Pre-BREP - BREP IV (Jan 1992 / Dec 2005)

  

$

5,441,163

 

  

$

- 

 

  

$

- 

 

  

n/a

  

$

12,219,526

 

  

2.0x

  

$

12,219,526

 

  

2.0x

  

24%

  

24%

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

  

 

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

  

 

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

  

 

1,810,148

 

  

1.4x

  

 

17,394,501

 

  

1.3x

  

13%

  

10%

Total Global BREP

  

$

104,224,871

 

  

$

23,608,888

 

  

$

44,880,820

 

  

1.1x

  

$

119,791,758

 

  

2.2x

  

$

164,672,578

 

  

1.8x

  

17%

  

14%

BREP Int’l I-II (Jan 2001 / Jun 2008) (e)

  

€

2,453,920

 

  

€

- 

 

  

€

- 

 

  

n/a

  

€

3,956,202

 

  

1.9x

  

€

3,956,202

 

  

1.9x

  

12%

  

12%

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

  

 

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

  

€

31,061,421

 

  

2.2x

  

€

46,571,258

 

  

1.5x

  

16%

  

9%

BREP Asia I (Jun 2013 / Dec 2017)

  

$

4,262,075

 

  

$

899,226

 

  

$

1,333,832

 

  

1.7x

  

$

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

  

 

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

  

 

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

  

$

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

  

$

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-III (Oct 1987 / Nov 2002)

  

$

6,187,603

 

  

$

- 

 

  

$

- 

 

  

n/a

  

$

14,239,072

 

  

2.4x

  

$

14,239,072

 

  

2.4x

  

19%

  

19%

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

  

 

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

  

 

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

  

 

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

  

 

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

  

 

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

  

 

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

  

 

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

  

 

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

  

$

  160,081,423

 

  

2.3x

  

$

  244,305,107

 

  

2.0x

  

16%

  

15%

Tactical Opportunities

                    

*Tactical Opportunities (Various)

  

 

33,171,632

 

  

 

14,054,016

 

  

 

13,677,512

 

  

1.2x

  

 

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

  

 

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

  

$

41,104,382

 

  

1.8x

  

$

61,042,622

 

  

1.6x

  

16%

  

11%

 

 

   

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time

since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP –

Blackstone Capital Partners, BCOM – Blackstone Communications.

* Represents funds that are currently in their investment period.

  

 

Blackstone |  19

 

 

INVESTMENT RECORDS AS OF DECEMBER 31, 2025 (a) - (CONT’D)

 

 

 ($/€ in  thousands, except where noted)

 

 Fund (Investment Period Beginning Date / Ending Date)

 

  

Committed

 

Capital

 

    

Available

 

Capital (b)

 

     Unrealized Investments   Realized Investments   Total Investments  

Net IRRs (d)

 

 

Value

    

 

MOIC (c)

  

 

Value

    

 

MOIC (c)

  

 

Value

    

 

MOIC (c)

  

 

Realized

  

 

 Total 

Private Equity (continued)

                    

Growth

                    

BXG I (Jul 2020 / Feb 2025)

  

$

4,963,268

 

  

$

333,002

 

  

$

4,779,253

 

  

1.1x

  

$

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

  

$

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

  

(0)%

*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

  

 

1,624,693

 

  

2.0x

  

 

6,497,325

 

  

1.9x

  

16%

  

18%

Credit

                    

Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)

  

$

2,000,000

 

  

$

- 

 

  

$

- 

 

  

n/a

  

$

4,809,113

 

  

1.6x

  

$

4,809,113

 

  

1.6x

  

n/a

  

17%

Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)

  

 

4,120,000

 

  

 

993,260

 

  

 

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

  

 

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

  

$

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

 

  

0.0x

  

 

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

  

$

60,399,072

 

  

1.5x

  

$

75,864,939

 

  

1.3x

  

n/a

  

10%

 

 

   

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time

since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences.

* Represents funds that are currently in their investment period.

   Blackstone |  20
 

 

INVESTMENT RECORDS AS OF DECEMBER 31, 2025 (a) – (CONT’D)

 

Selected Perpetual Capital Strategies(m)

 

 ($/€ in thousands, except where noted)    Investment             Total             Total Net    
 Strategy (Inception Year)    Strategy             AUM             Return (n)    

Real Estate

               

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

      Core+ Real Estate                $     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%  

 

 

 Investment Records as of December 31, 2025 - Notes

 

  (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 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International I-II performance reflects a 10% Realized Net IRR and a 10% 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.

 

 

  (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. The 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. The total net returns were 11% and 8%, respectively, for the levered and unlevered funds of the strategy.

 
 

 

 

   
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time
since initial investment. n/a represents “not applicable”. Notes continue on page 22.		   Blackstone |  21
 

 

INVESTMENT RECORDS AS OF DECEMBER 31, 2025 (a) – (CONT’D)

 

 

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

 

 

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

 

 

  (t)

BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of December 31, 2025, including co-investment vehicles that do not pay fees, BIP Total AUM 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 denominated in a foreign currency. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects net asset value as of December 31, 2025. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.

 

 

  (v)

Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program’s largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.

 

 

  (w)

The BXSL Total AUM and Total Net Return are presented as of September 30, 2025. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.

 

 

  (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 AUM 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 AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. 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.

 
 

 

   
    

 

Blackstone |  22

 

 

SHAREHOLDER DIVIDENDS

 

 

§

   Generated $1.75 of Distributable Earnings per common share during the quarter, bringing the full year amount to $5.57 per common share.

 

§

   Blackstone declared a quarterly dividend of $1.49 per common share to record holders as of February 9, 2026; payable on February 17, 2026.

 

 

 

   
                                    % Change                    % Change 
   
 ($ in thousands, except per share data)   4Q'24     1Q'25     2Q'25     3Q'25     4Q'25       vs. 4Q'24      FY'24     FY'25       vs. FY'24 
   

Distributable Earnings

    $  2,169,493      $  1,410,805      $  1,565,763      $  1,889,487        $2,244,809        3%        $  5,966,742      $  7,110,864       19%  
   

Add: Other Payables Attributable to
Common Shareholders

     185,782       138,425       142,664       26,913       167,504        (10)%         514,473       475,506       (8)%  
   

DE Before Certain Payables

     2,355,275       1,549,230       1,708,427       1,916,400       2,412,313        2%         6,481,215       7,586,370       17%  
   

Percent to Common Shareholders

     63 %      63 %      64 %      64 %      64%          63 %      64 %   
   

DE Before Certain Payables Attributable to Common Shareholders

     1,482,636       980,440       1,086,833       1,220,339       1,537,540        4%         4,068,522       4,825,152       19%  
   

Less: Other Payables Attributable to
Common Shareholders

     (185,782 )      (138,425 )      (142,664 )      (26,913 )      (167,504)       (10)%         (514,473 )      (475,506 )      (8)%  
   

DE Attributable to Common Shareholders

     1,296,854       842,015       944,169       1,193,426       1,370,036        6%         3,554,049       4,349,646       22%  
   

DE per Common Share

    $ 1.69      $ 1.09      $ 1.21      $ 1.52        $    1.75        4%        $ 4.64      $ 5.57       20%  
   

Less: Retained Capital per Common Share

    $ (0.25 )     $ (0.16 )     $ (0.18 )     $ (0.23 )       $    (0.26)       4%        $ (0.69 )     $ (0.83 )      20%  
   

Actual Dividend per Common Share

    $ 1.44      $ 0.93      $ 1.03      $ 1.29        $    1.49        3%        $ 3.95      $ 4.74       20%  
   

Record Date

             Feb 9, 2026            
   

Payable Date

             Feb 17, 2026                
 
   

 

A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy.
See additional notes on page 35.

  

 

Blackstone |  23

 

 

SHARE SUMMARY

 

 

§

   Distributable Earnings Shares Outstanding as of quarter end of 1,229 million shares.

 

  –   Repurchased 0.2 million common shares in the quarter and 0.8 million common shares for the year.

 

  –   Available authorization remaining was $1.7 billion at December 31, 2025.

 

 

 

 
    4Q’24     1Q’25     2Q’25     3Q’25     4Q’25  
 

Participating Common Shares

     768,722,241       773,038,934       782,567,390       782,728,403       783,183,010  
 

Participating Partnership Units

     452,448,896       448,468,715       447,574,842       446,455,699       445,586,312  
 

Distributable Earnings Shares Outstanding

     1,221,171,137       1,221,507,649       1,230,142,232       1,229,184,102       1,228,769,322  
 
   

 

Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.

  

 

Blackstone |  24

 

 

Reconciliations and Disclosures

 
    

 

Blackstone |  25

 

 

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

   

 ($ in thousands, except per share data) (unaudited)

  

4Q'24

    

4Q'25

        

FY'24

    

FY'25

  
   

  Revenues

              
   

  Management and Advisory Fees, Net

  

$

1,879,581

 

  

$

2,079,541

 

    

$

7,188,936

 

  

$

8,075,601

 

   

  Incentive Fees

  

 

404,744

 

  

 

390,288

 

    

 

964,178

 

  

 

978,202

 

   

  Investment Income

              
   

  Performance Allocations

              
   

  Realized

  

 

1,858,833

 

  

 

1,273,077

 

    

 

3,457,746

 

  

 

3,662,243

 

   

  Unrealized

  

 

(1,351,683

) 

  

 

282,397

 

    

 

371,407

 

  

 

643,063

 

   

  Principal Investments

              
   

  Realized

  

 

84,381

 

  

 

262,267

 

    

 

332,258

 

  

 

697,632

 

   

  Unrealized

  

 

(47,392

) 

  

 

(37,142

) 

    

 

380,591

 

  

 

248,304

 

   

  Total Investment Income

  

 

544,139

 

  

 

1,780,599

 

    

 

4,542,002

 

  

 

5,251,242

 

   

  Interest and Dividend Revenue

  

 

98,547

 

  

 

110,746

 

    

 

411,159

 

  

 

416,093

 

   

  Other

  

 

155,554

 

  

 

(902

) 

    

 

123,693

 

  

 

(270,873

) 

   

  Total Revenues

  

$

3,082,565

 

  

$

4,360,272

 

    

$

13,229,968

 

  

$

14,450,265

 

   

  Expenses

              
   

  Compensation and Benefits

              
   

  Compensation

  

 

754,738

 

  

 

925,814

 

    

 

3,048,229

 

  

 

3,671,193

 

   

  Incentive Fee Compensation

  

 

149,276

 

  

 

88,628

 

    

 

373,586

 

  

 

274,902

 

   

  Performance Allocations Compensation

              
   

  Realized

  

 

742,847

 

  

 

369,626

 

    

 

1,432,217

 

  

 

1,297,472

 

   

  Unrealized

  

 

(607,658

) 

  

 

152,332

 

    

 

140,021

 

  

 

376,962

 

   

  Total Compensation and Benefits

  

 

1,039,203

 

  

 

1,536,400

 

    

 

4,994,053

 

  

 

5,620,529

 

   

  General, Administrative and Other

  

 

339,086

 

  

 

447,778

 

    

 

1,361,909

 

  

 

1,524,548

 

   

  Interest Expense

  

 

115,532

 

  

 

128,089

 

    

 

443,688

 

  

 

508,314

 

   

  Fund Expenses

  

 

6,296

 

  

 

12,618

 

    

 

19,676

 

  

 

49,216

 

   

  Total Expenses

  

$

       1,500,117

 

  

$

       2,124,885

 

    

$

       6,819,326

 

  

$

       7,702,607

 

   

  Other Income (Loss)

              
   

  Change in Tax Receivable Agreement Liability

  

 

(41,246

) 

  

 

6,591

 

    

 

(41,246

) 

  

 

6,591

 

   

  Net Gains from Fund Investment Activities

  

 

20,075

 

  

 

114,858

 

    

 

90,084

 

  

 

417,397

 

   

  Total Other Income (Loss)

  

$

(21,171)

 

  

$

121,449

 

    

$

48,838

 

  

$

423,988

 

   

  Income Before Provision for Taxes

  

$

1,561,277

 

  

$

2,356,836

 

    

$

6,459,480

 

  

$

7,171,646

 

   

  Provision for Taxes

  

 

232,451

 

  

 

382,045

 

    

 

1,021,671

 

  

 

1,125,023

 

   

  Net Income

  

$

1,328,826

 

  

$

1,974,791

 

    

$

5,437,809

 

  

$

6,046,623

 

   

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

  

 

306

 

  

 

(9,617

) 

    

 

(61,289

) 

  

 

45,500

 

   

 Net Income Attributable to Non-Controlling
  Interests in Consolidated Entities

     67,487       193,295         473,826       660,568  
   

 Net Income Attributable to Non-Controlling
  Interests in Blackstone Holdings

  

 

557,160

 

  

 

775,912

 

    

 

2,248,764

 

  

 

2,321,341

 

   

  Net Income Attributable to Blackstone Inc.

  

$

703,873

 

  

$

1,015,201

 

    

$

2,776,508

 

  

$

3,019,214

 

   

 Net Income Per Share of Common Stock, Basic

  

$

0.92

 

  

$

1.30

 

    

$

3.62

 

  

$

3.87

 

   

 Net Income Per Share of Common Stock, Diluted

  

$

0.92

 

  

$

1.30

 

    

$

3.62

 

  

$

3.87

 

 
   
    

 

Blackstone |  26

 

 

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

 

 

     QTD          FY  
                                                 
   
 ($ in thousands)    4Q'24     1Q'25     2Q'25     3Q'25     4Q'25          FY'24     FY'25  
   

 Net Income Attributable to Blackstone Inc.

     $ 703,873      $ 614,852      $ 764,244      $ 624,917      $ 1,015,201         $ 2,776,508      $ 3,019,214  
   

Net Income Attributable to Non-Controlling
Interests in Blackstone Holdings

      557,160       485,475       602,844       457,110       775,912          2,248,764       2,321,341  
   

Net Income Attributable to Non-Controlling
Interests in Consolidated Entities

      67,487       100,547       240,836       125,890       193,295          473,826       660,568  
   

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

      306       7,900       18,209       29,008       (9,617 )         (61,289 )      45,500  
   

 Net Income

     $ 1,328,826      $ 1,208,774      $ 1,626,133      $ 1,236,925      $ 1,974,791         $ 5,437,809      $ 6,046,623  
   

Provision for Taxes

      232,451       243,827       289,494       209,657       382,045          1,021,671       1,125,023  
   

 Income Before Provision for Taxes

     $ 1,561,277      $ 1,452,601      $ 1,915,627      $ 1,446,582      $ 2,356,836         $ 6,459,480      $ 7,171,646  
   

Transaction-Related and Non-Recurring Items (a)

      (393 )      18,824       10,381       (9,412 )      (6,822 )         56,372       12,971  
   

Amortization of Intangibles (b)

      7,333       7,333       7,333       7,333       7,327          29,332       29,326  
   

Impact of Consolidation (c)

      (67,793 )      (108,447 )      (259,045 )      (154,898 )      (183,678 )         (412,537 )      (706,068 ) 
   

Unrealized Performance Revenues (d)

      1,351,673       (263,201 )      (313,256 )      215,872       (282,372 )         (371,407 )      (642,957 ) 
   

Unrealized Performance Allocations Compensation (e)

      (607,658 )      103,559       152,618       (31,547 )      152,332          140,021       376,962  
   

Unrealized Principal Investment (Income) Loss (f)

      42,729       (161,257 )      (294,093 )      216,084       67,826          (271,868 )      (171,440 ) 
   

Other Revenues (g)

      (155,207 )      73,635       225,083       (28,702 )      1,174          (123,166 )      271,190  
   

Equity-Based Compensation (h)

      283,149       471,302       312,018       301,562       358,364          1,159,122       1,443,246  
   

Administrative Fee Adjustment (i)

      3,429       4,186       4,112       4,097       3,942          11,590       16,337  
   

Taxes and Related Payables (j)

      (249,046 )      (187,730 )      (195,015 )      (77,484 )      (230,120 )         (710,197 )      (690,349 ) 
   

 Distributable Earnings

     $ 2,169,493      $ 1,410,805      $ 1,565,763      $ 1,889,487      $ 2,244,809         $ 5,966,742      $ 7,110,864  
   

Taxes and Related Payables (j)

      249,046       187,730       195,015       77,484       230,120          710,197       690,349  
   

Net Interest and Dividend (Income) Loss (k)

      18,480       20,530       24,643       18,552       17,276          33,437       81,001  
   

 Total Segment Distributable Earnings

     $ 2,437,019      $ 1,619,065      $ 1,785,421      $ 1,985,523      $ 2,492,205         $ 6,710,376      $ 7,882,214  
   

Realized Performance Revenues (l)

      (865,080 )      (460,023 )      (553,121 )      (744,953 )      (1,057,432 )         (2,287,031 )      (2,815,529 ) 
   

Realized Performance Compensation (m)

      289,595       220,924       256,624       302,642       310,405          951,246       1,090,595  
   

Realized Principal Investment (Income) Loss (n)

      (25,613 )      (117,910 )      (29,421 )      (62,535 )      (209,877 )         (92,526 )      (419,743 ) 
   

 Fee Related Earnings

     $ 1,835,921      $ 1,262,056      $ 1,459,503      $ 1,480,677      $ 1,535,301         $ 5,282,065      $ 5,737,537  
   

 Adjusted EBITDA Reconciliation

                      
   

 Distributable Earnings

     $ 2,169,493      $ 1,410,805      $ 1,565,763      $ 1,889,487      $ 2,244,809         $ 5,966,742      $ 7,110,864  
   

Interest Expense (o)

      117,027       117,950       125,033       126,090       128,022          444,417       497,095  
   

Taxes and Related Payables (j)

      249,046       187,730       195,015       77,484       230,120          710,197       690,349  
   

Depreciation and Amortization (p)

      22,682       22,226       26,642       24,015       26,102          98,756       98,985  
   

 Adjusted EBITDA

     $    2,558,248      $    1,738,711      $    1,912,453      $    2,117,076      $    2,629,053         $    7,220,112      $    8,397,293  
   
                             
 
   
Notes on pages 28-29.  

 

Blackstone |  27

 

 

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - NOTES

 

Note:  See pages 36-38, Definitions and Dividend Policy.

 

(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.

(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.

 

        QTD           FY  
($ in thousands)        4Q'24     1Q'25     2Q'25     3Q'25     4Q'25           FY'24     FY'25  

GAAP Unrealized Performance Allocations

      $  (1,351,683 )     $    263,201      $    313,283      $    (215,818 )     $  282,397              $  371,407      $  643,063  

Segment Adjustment

       10       -        (27 )      (54 )      (25 )        -        (106 ) 

Unrealized Performance Revenues

      $ (1,351,673 )     $    263,201      $   313,256      $   (215,872 )     $   282,372        $   371,407      $   642,957  

 

(e)   This adjustment removes Unrealized Performance Allocations Compensation.

(f)  This adjustment removes Unrealized Principal Investment Income 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.

 

    

   

        QTD           FY  
($ in thousands)        4Q'24     1Q'25     2Q'25     3Q'25     4Q'25           FY'24     FY'25  

GAAP Unrealized Principal Investment Income (Loss)

      $  (47,392 )     $  158,713      $  365,391      $  (238,658)      $  (37,142 )       $  380,591      $  248,304  

Segment Adjustment

        4,663       2,544       (71,298 )      22,574       (30,684 )        (108,723 )      (76,864 ) 

Unrealized Principal Investment Income (Loss)

      $ (42,729 )     $ 161,257      $ 294,093      $ (216,084 )     $ (67,826 )       $ 271,868      $ 171,440  

 

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

 

    

        QTD           FY  
($ in thousands)        4Q'24     1Q'25     2Q'25     3Q'25     4Q'25           FY'24     FY'25  

GAAP Other Revenue

      $  155,554      $  (73,610 )     $  (225,063 )     $ 28,702      $  (902 )       $  123,693      $  (270,873 ) 

Segment Adjustment

       (347 )      (25 )      (20 )      -        (272 )        (527 )      (317 ) 

Other Revenues

      $ 155,207      $ (73,635 )     $ (225,083 )     $ 28,702      $ (1,174 )       $ 123,166      $ (271,190 ) 

 

(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.

 
   
    

 

Blackstone |  28

 

 

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - NOTES (CONT’D)

 

 

(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. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable to holders of the Tax Receivable Agreements based on expected tax savings generated in the current period. Please refer to page 36 for the full definition of Taxes and Related Payables.

 

        QTD           FY  
($ in thousands)        4Q'24     1Q'25     2Q'25     3Q'25     4Q'25           FY'24     FY'25  

Taxes

      $  211,496      $  162,535      $  167,162      $  49,719      $  196,234        $  604,508      $  575,650  

Related Payables

       37,550       25,195       27,853       27,765       33,886         105,689       114,699  

Taxes and Related Payables

      $ 249,046      $ 187,730      $ 195,015      $ 77,484      $ 230,120        $ 710,197      $ 690,349  

 

(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.

 

    

        QTD           FY  
($ in thousands)        4Q'24     1Q'25     2Q'25     3Q'25     4Q'25           FY'24     FY'25  

GAAP Interest and Dividend Revenue

      $ 98,547      $ 97,420      $ 100,389      $ 107,538      $ 110,746        $ 411,159      $ 416,093  

Segment Adjustment

       -        -        1       -        -          (179 )      1  

Interest and Dividend Revenue

      $ 98,547      $ 97,420      $ 100,390      $ 107,538      $ 110,746        $ 410,980      $ 416,094  

GAAP Interest Expense

      $ 115,532      $ 118,115      $ 135,822      $ 126,288      $ 128,089        $ 443,688      $ 508,314  

Segment Adjustment

       1,495       (165 )      (10,789 )      (198 )      (67 )        729       (11,219 ) 

Interest Expense

      $ 117,027      $ 117,950      $ 125,033      $ 126,090      $ 128,022        $ 444,417      $ 497,095  

Net Interest and Dividend Income (Loss)

      $ (18,480 )     $ (20,530 )     $ (24,643 )     $ (18,552 )     $ (17,276 )       $ (33,437 )     $ (81,001 ) 

(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.

 

Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding

   

   

    

    

    

 

        QTD                    
          4Q'24     1Q'25     2Q'25     3Q'25     4Q'25                    

GAAP Shares of Common Stock Outstanding

       731,925,965       737,929,437       739,055,944       747,812,724       748,688,068              

Unvested Participating Common Shares

       36,796,276       35,109,497       43,511,446       34,915,679       34,494,942        

Total Participating Common Shares

       768,722,241       773,038,934       782,567,390       782,728,403       783,183,010        

Participating Partnership Units

       452,448,896       448,468,715       447,574,842       446,455,699       445,586,312        

Distributable Earnings Shares Outstanding

       1,221,171,137       1,221,507,649       1,230,142,232       1,229,184,102       1,228,769,322        

 

Disclosure of Weighted-Average Shares Common Stock Outstanding

 

        QTD           FY  
          4Q'24     1Q'25     2Q'25     3Q'25     4Q'25           FY'24     FY'25  

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic

       768,689,957       771,796,385       782,386,121       782,633,394       783,106,052         766,487,450       780,018,738  

Weighted-Average Shares of Unvested Deferred Restricted Common Stock

       80,028       638,217       15,116       47,741       87,397         159,058       197,118  

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted

       768,769,985       772,434,602       782,401,237       782,681,135       783,193,449         766,646,508       780,215,856  
 
   
 

 

Blackstone |  29

 

 

BLACKSTONE’S FOURTH QUARTER 2025 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 
 
 ($ in thousands) (unaudited)    4Q’24      1Q’25      2Q’25      3Q’25     4Q’25  
 

Assets

                
 

Cash and Cash Equivalents

   

$

1,972,140

 

   

 $

2,386,979

 

   

 $

2,235,499

 

   

 $

2,430,690

 

  

$

2,631,241

 

 

Cash Held by Blackstone Funds and Other

   

 

204,052

 

   

 

1,012,958

 

   

 

313,950

 

   

 

401,558

 

  

 

223,441

 

 

Investments

   

 

29,800,566

 

   

 

30,259,429

 

   

 

31,135,504

 

   

 

31,528,443

 

  

 

32,212,111

 

 

Accounts Receivable

   

 

237,930

 

   

 

221,200

 

   

 

357,858

 

   

 

543,209

 

  

 

291,758

 

 

Due from Affiliates

   

 

5,409,315

 

   

 

5,434,078

 

   

 

5,516,820

 

   

 

5,845,843

 

  

 

6,357,462

 

 

Intangible Assets, Net

   

 

165,243

 

   

 

156,269

 

   

 

147,294

 

   

 

140,458

 

  

 

131,359

 

 

Goodwill

   

 

1,890,202

 

   

 

1,890,202

 

   

 

1,890,202

 

   

 

1,890,202

 

  

 

1,890,202

 

 

Other Assets

   

 

947,859

 

   

 

929,107

 

   

 

877,000

 

   

 

900,582

 

  

 

1,157,719

 

 

Right-of-Use Assets

   

 

838,620

 

   

 

807,487

 

   

 

793,690

 

   

 

773,030

 

  

 

757,459

 

 

Deferred Tax Assets

   

 

2,003,948

 

   

 

2,157,920

 

   

 

2,105,277

 

   

 

2,100,275

 

  

 

2,056,223

 

 

Total Assets

   

$

   43,469,875

 

   

 $

   45,255,629

 

   

 $

  45,373,094

 

   

 $

   46,554,290

 

  

$

47,708,975

 

 

Liabilities and Equity

                
 

Loans Payable

   

$

11,320,956

 

   

 $

12,454,559

 

   

 $

12,008,870

 

   

 $

12,002,650

 

  

$

12,445,144

 

 

Due to Affiliates

   

 

2,808,148

 

   

 

3,361,900

 

   

 

2,802,514

 

   

 

3,000,083

 

  

 

3,224,432

 

 

Accrued Compensation and Benefits

   

 

6,087,700

 

   

 

6,164,503

 

   

 

6,065,974

 

   

 

6,385,958

 

  

 

6,411,389

 

 

Operating Lease Liabilities

   

 

965,742

 

   

 

937,369

 

   

 

918,887

 

   

 

886,135

 

  

 

861,021

 

 

Accounts Payable, Accrued Expenses and Other Liabilities

   

 

2,792,314

 

   

 

2,472,395

 

   

 

2,497,969

 

   

 

2,918,023

 

  

 

2,885,817

 

 

Total Liabilities

   

 

23,974,860

 

   

 

25,390,726

 

   

 

24,294,214

 

   

 

25,192,849

 

  

 

25,827,803

 

 

Redeemable Non-Controlling Interests in Consolidated Entities

   

 

801,399

 

   

 

1,382,374

 

   

 

1,487,129

 

   

 

1,476,212

 

  

 

1,380,503

 

 

Equity

                
 

Common Stock, $0.00001 par value (748,688,068 shares issued
and outstanding as of December 31, 2025)

   

 

7

 

   

 

7

 

   

 

7

 

   

 

7

 

  

 

7

 

 

Series I Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of December 31, 2025)

   

 

- 

 

   

 

- 

 

   

 

- 

 

   

 

- 

 

  

 

- 

 

 

Series II Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of December 31, 2025)

   

 

- 

 

   

 

- 

 

   

 

- 

 

   

 

- 

 

  

 

- 

 

 

Additional Paid-in-Capital

   

 

7,444,561

 

   

 

7,686,980

 

   

 

7,988,663

 

   

 

8,214,078

 

  

 

8,479,886

 

 

Retained Earnings

   

 

808,079

 

   

 

320,160

 

   

 

362,614

 

   

 

184,040

 

  

 

191,641

 

 

Accumulated Other Comprehensive Loss

   

 

(40,326

) 

   

 

(29,027

) 

   

 

1,055

 

   

 

(5,602

) 

  

 

(6,008

) 

 

Non-Controlling Interests in Consolidated Entities

   

 

6,154,943

 

   

 

6,400,585

 

   

 

6,847,785

 

   

 

7,162,957

 

  

 

7,224,211

 

 

Non-Controlling Interests in Blackstone Holdings

   

 

4,326,352

 

   

 

4,103,824

 

   

 

4,391,627

 

   

 

4,329,749

 

  

 

4,610,932

 

 

Total Equity

   

 

18,693,616

 

   

 

18,482,529

 

   

 

19,591,751

 

   

 

19,885,229

 

  

 

20,500,669

 

 

Total Liabilities and Equity

   

$

43,469,875

 

   

 $

45,255,629

 

   

 $

45,373,094

 

   

 $

46,554,290

 

  

$

  47,708,975

 

 
                   
 
   
See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.  

 

Blackstone |  30

 

 

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

 
 
 ($ in thousands)   4Q’24     1Q’25     2Q’25     3Q’25   4Q’25  
 

Investments of Consolidated Blackstone Funds

   $ 3,890,732      $ 4,589,194      $ 5,101,278      $ 5,507,078     $ 5,180,879  
 

Equity Method Investments

            
 

Partnership Investments

     6,546,728       6,740,598       6,942,526       6,936,411       6,546,190  
 

Accrued Performance Allocations

     12,397,366       12,522,848       12,054,879       11,933,738       12,980,356  
 

Corporate Treasury Investments

     1,147,328       106,684       229,497       262,582       359,657  
 

Other Investments

     5,818,412       6,300,105       6,807,324       6,888,634       7,145,029  
 

 Total GAAP Investments

     29,800,566       30,259,429       31,135,504       31,528,443       32,212,111  
 

 

            
 

 Accrued Performance Allocations - GAAP

   $     12,397,366      $     12,522,848      $     12,054,879      $     11,933,738     $     12,980,356  
 

Impact of Consolidation (a)

     -        -        -        -        -   
 

Due from Affiliates - GAAP (b)

     489,086       249,376       229,359       215,647       577,467  
 

Less: Net Realized Performance Revenues (c)

     (1,050,026 )      (927,240 )      (456,507 )      (379,797 )      (1,081,738 ) 
 

Less: Accrued Performance Compensation - GAAP (d)

     (5,555,870 )      (5,446,352 )      (5,220,188 )      (5,258,769 )      (5,733,563 ) 
 

 Net Accrued Performance Revenues

   $ 6,280,556      $ 6,398,632      $ 6,607,543      $ 6,510,819     $ 6,742,522  
 

 Corporate Treasury and Other Investments - GAAP

   $ 6,965,740      $ 6,406,789      $ 7,036,821      $ 7,151,216     $ 7,504,686  
 

Impact of Consolidation (a)

     622,411       857,457       965,045       932,562       758,128  
 

Other Assets (e)

     159,011       180,761       337,228       563,415       409,248  
 

Other Liabilities (f)

     (4,024 )      (3,653 )      (3,190 )      (3,417 )      (3,357 ) 
 

 Corporate Treasury and Other Investments - Deconsolidated (g)

   $ 7,743,138      $ 7,441,354      $ 8,335,904      $ 8,643,776     $ 8,668,705  
 

 Partnership Investments - GAAP

   $ 6,546,728      $ 6,740,598      $ 6,942,526      $ 6,936,411     $ 6,546,190  
 

Impact of Consolidation (h)

     (3,482,497 )      (3,559,722 )      (3,653,037 )      (3,620,409 )      (3,639,431 ) 
 

 GP/Fund Investments - Deconsolidated

   $ 3,064,231      $ 3,180,876      $ 3,289,489      $ 3,316,002     $ 2,906,759  
 

 Loans Payable - GAAP

   $ 11,320,956      $ 12,454,559      $ 12,008,870      $ 12,002,650     $ 12,445,144  
 

Impact of Consolidation (i)

     (87,488 )      (266,568 )      (128,335 )      (328,044 )      (126,420 ) 
 

Outstanding Debt - Carrying Value

     11,233,468       12,187,991       11,880,535       11,674,606       12,318,724  
 

Unamortized Discount

     127,281       125,209       123,255       120,174       128,096  
 

 Outstanding Debt (at par) - Deconsolidated

   $ 11,360,749      $ 12,313,200      $ 12,003,790      $ 11,794,780     $ 12,446,820  
 
               

 

 

 

 

(a)

This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

 

(b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

 

(c)

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.

 

(d)

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

 

(e)

This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, Other Assets and Due from Affiliates.

 

(f)

This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities.

 

(g)

Deconsolidated Other Investments was $7.1 billion as of December 31, 2025, which was comprised of $6.5 billion of liquid investments and $566 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.

 

(h)

This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

 

(i)

This adjustment removes amounts related to consolidated Blackstone Funds.

 
   
    

 

Blackstone |  31

 

 

RECONCILIATION OF GAAP TO TOTAL SEGMENTS

 

 

 

    QTD         FY
                                           
   
 ($ in thousands)   4Q’24     1Q’25     2Q’25     3Q’25   4Q’25         FY’24   FY’25  
   

 Management and Advisory Fees, Net

                    
   

 GAAP

   $ 1,879,581     $ 1,904,317     $ 2,035,495     $  2,056,248     $  2,079,541       $  7,188,936     $  8,075,601  
   

Segment Adjustment (a)

     (20,290 )      (12,319 )      (15,483 )      (14,428 )      (17,322 )        (55,402 )      (59,552 ) 
   

 Total Segment

   $     1,859,291     $     1,891,998     $     2,020,012     $     2,041,820     $     2,062,219       $     7,133,534     $     8,016,049  
   

 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

 

            
   

 GAAP

                    
   

Incentive Fees

     404,744       191,825       195,414       200,675       390,288         964,178       978,202  
   

Investment Income - Realized Performance Allocations

     1,858,833       562,050       829,820       997,296       1,273,077         3,457,746       3,662,243  
   

 GAAP

   $  2,263,577     $  753,875     $  1,025,234     $  1,197,971     $  1,663,365       $  4,421,924     $  4,640,445  
   

 Total Segment

                    
   

 Less: Realized Performance Revenues

     (865,080 )      (460,023 )      (553,121 )      (744,953 )      (1,057,432 )        (2,287,031 )      (2,815,529 ) 
   

 Segment Adjustment (b)

     779       63       (63 )      -        512         1,052       512  
   

 Total Segment

   $  1,399,276     $  293,915     $  472,050     $  453,018     $  606,445       $  2,135,945     $  1,825,428  
   

 GAAP Compensation to Total Segment Fee Related Compensation

 

            
   

 GAAP

                    
   

 Compensation

     754,738       1,029,362       870,358       845,659       925,814         3,048,229       3,671,193  
   

 Incentive Fees Compensation

     149,276       57,029       67,363       61,882       88,628         373,586       274,902  
   

 Realized Performance Allocations Compensation

     742,847       241,890       331,191       354,765       369,626         1,432,217       1,297,472  
   

 GAAP

   $  1,646,861     $  1,328,281     $  1,268,912     $  1,262,306     $  1,384,068       $  4,854,032     $  5,243,567  
   

 Total Segment

                    
   

Less: Realized Performance Compensation

     (289,595 )      (220,924 )      (256,624 )      (302,642 )      (310,405 )        (951,246 )      (1,090,595 ) 
   

Less: Equity-Based Compensation - Fee Related Compensation

     (278,849 )      (464,053 )      (306,495 )      (296,506 )      (345,649 )        (1,143,054 )      (1,412,703 ) 
   

Less: Equity-Based Compensation - Performance Compensation

     (4,300 )      (7,249 )      (5,523 )      (5,056 )      (12,715 )        (16,068 )      (30,543 ) 
   

Segment Adjustment (c)

     3,360       (19,073 )      46       (11 )      13         (4,342 )      (19,025 ) 
   

 Total Segment

   $  1,077,477     $  616,982     $  700,316     $  658,091     $  715,312       $  2,739,322     $  2,690,701  
   

 GAAP General, Administrative and Other to Total Segment Other Operating Expenses

 

            
   

 GAAP

   $  339,086     $  332,373     $  360,817     $  383,580     $  447,778       $  1,361,909     $  1,524,548  
   

Segment Adjustment (d)

     6,083       (25,498 )      (28,574 )      (27,510 )      (29,727 )        (113,817 )      (111,309 ) 
   

 Total Segment

   $  345,169     $  306,875     $  332,243     $  356,070     $  418,051       $  1,248,092     $  1,413,239  
   

 Realized Performance Revenues

 

            
   

 GAAP

                    
   

Incentive Fees

     404,744       191,825       195,414       200,675       390,288         964,178       978,202  
   

Investment Income - Realized Performance Allocations

     1,858,833       562,050       829,820       997,296       1,273,077         3,457,746       3,662,243  
   

 GAAP

   $   2,263,577     $   753,875     $   1,025,234     $   1,197,971     $   1,663,365       $   4,421,924     $   4,640,445  
   

 Total Segment

                    
   

Less: Fee Related Performance Revenues

     (1,399,276 )      (293,915 )      (472,050 )      (453,018 )      (606,445 )        (2,135,945 )      (1,825,428 ) 
   

Segment Adjustment (b)

     779       63       (63 )      -        512         1,052       512  
   

 Total Segment

   $  865,080     $  460,023     $  553,121     $  744,953     $  1,057,432       $  2,287,031     $  2,815,529  
   
                           
 
   
    

 

Blackstone |  32

 

 

RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D)

 

 

 

    QTD         FY
                                           
   
 ($ in thousands)   4Q’24     1Q’25     2Q’25     3Q’25   4Q’25         FY’24   FY’25  
   

 Realized Performance Compensation

                    
   

 GAAP

                    
   

Incentive Fee Compensation

   $ 149,276     $ 57,029     $ 67,363     $ 61,882     $ 88,628       $ 373,586     $ 274,902  
   

Realized Performance Allocations Compensation

     742,847       241,890       331,191       354,765       369,626         1,432,217       1,297,472  
   

 GAAP

   $       892,123     $        298,919     $        398,554     $        416,647     $        458,254       $     1,805,803     $     1,572,374  
   

 Total Segment

                    
   

Less: Fee Related Performance Compensation (e)

     (598,228 )      (70,746 )      (136,407 )      (108,949 )      (135,134 )        (838,489 )      (451,236 ) 
   

Less: Equity-Based Compensation - Performance Compensation

     (4,300 )      (7,249 )      (5,523 )      (5,056 )      (12,715 )        (16,068 )      (30,543 ) 
   

 Total Segment

   $ 289,595     $ 220,924     $ 256,624     $ 302,642     $ 310,405       $ 951,246     $ 1,090,595  
   

 Realized Principal Investment Income (Loss)

 

            
   

 GAAP

   $ 84,381     $ 185,542     $ 97,171     $ 152,652     $ 262,267       $ 332,258     $ 697,632  
   

Segment Adjustment (f)

     (58,768 )      (67,632 )      (67,750 )      (90,117 )      (52,390 )        (239,732 )      (277,889 ) 
   

 Total Segment

   $ 25,613     $ 117,910     $ 29,421     $ 62,535     $ 209,877       $ 92,526     $ 419,743  
   

 GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)

 

            
   

 GAAP

                    
   

Interest and Dividend Revenue

     98,547       97,420       100,389       107,538       110,746         411,159       416,093  
   

Interest Expense

     (115,532 )      (118,115 )      (135,822 )      (126,288 )      (128,089 )        (443,688 )      (508,314 ) 
   

 GAAP

   $ (16,985 )    $ (20,695 )    $ (35,433 )    $ (18,750 )    $ (17,343 )      $ (32,529 )    $ (92,221 ) 
   

Segment Adjustment (g)

     (1,495 )      165       10,790       198       67         (908 )      11,220  
   

 Total Segment

   $ (18,480 )    $ (20,530 )    $ (24,643 )    $ (18,552 )    $ (17,276 )      $ (33,437 )    $ (81,001 ) 
   
                           
 

This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.

(a)

Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.

(b)

Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

(c)

Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.

(d)

Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

(e)

Fee related performance compensation may include equity based compensation based on fee related performance revenues.

(f)

Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non- controlling interests.

(g)

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.

 
   
    

 

Blackstone |  33

 

 

NOTES

 

Notes to page 3 - Blackstone’s Fourth Quarter and Full Year 2025 Segment Earnings

 

§   BIP fee related performance revenues generally crystallize every three years. Excluding BIP’s 4Q’24 net fee related performance revenues, FRE would have been $1,237 million in 4Q’24 compared to $1,535 million in 4Q’25, resulting in year-over-year growth of 24%.

Notes to page 4 - Investment Performance and Net Accrued Performance Revenues

 

§   The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of Blackstone.

 

§   Core+ appreciation represents a weighted average of BREIT’s per share appreciation, BEPIF’s per share appreciation, and BPP’s appreciation for the period. The returns are weighted based on the average of BREIT’s monthly net asset values, BEPIF’s monthly net asset values, and the average of BPP’s net asset value.

 

§   Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries business refer to the appreciation of the Strategic Partners funds and do not include results for GP Stakes. Strategic Partners results are reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters.

 

§   Throughout this presentation, Infrastructure refers to our infrastructure-focused funds, including Blackstone Infrastructure Partners’ funds (“BIP”) and Blackstone Infrastructure Strategies (“BXINFRA”). AUM, inflows, and related metrics for Infrastructure refer to BIP and the portion of BXINFRA assets that are managed in Infrastructure. Infrastructure appreciation represents a weighted average of BIP’s appreciation and BXINFRA’s per share appreciation for the period. The returns are weighted based on the average of BIP’s quarterly net asset value and the average of BXINFRA’s monthly net asset values.

 

§   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 strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.

 

§   The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing (“BXMA”) Absolute Return Composite, which includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA’s liquid solutions group, seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account.
 
   
    

 

Blackstone |  34

 

 

NOTES – (CONT’D)

 

Notes to page 17 – Deconsolidated Balance Sheet Highlights

 

§   GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $765 million, $1.6 billion, $428 million, and $126 million, respectively, as of December 31, 2025. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

Notes to page 23 – Shareholder Dividends

 

§   DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deductions taken by Blackstone’s corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables.

 

§   Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to shareholders as of the applicable record date.

 

§   Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share was $204 million for 4Q’25 and $648 million for FY’25.
 
   
    

 

Blackstone |  35

 

 

DEFINITIONS AND DIVIDEND POLICY

 

Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”) in this presentation:

 

§   Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

 

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

 

  –   Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income.

 

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

 

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

 

  –   Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.

 

§   Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
 
   
    

 

Blackstone |  36

 

 

DEFINITIONS AND DIVIDEND POLICY - (CONT’D)

 

 

  –   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 the Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone’s segment presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

 

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

 

  –   FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and Fee Related Performance Revenues).

 

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

 

§   Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.

 

§   Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.
  –   Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. For the full year 2025, Fee Related Compensation was decreased by the total amount of additional Performance Compensation awarded for the year resulting in no impact to Distributable Earnings for the full year. In 4Q’25 both Realized Performance Compensation and Fee Related Compensation decreased which favorably impacted Distributable Earnings for the quarter. This program typically has an impact on individual quarters but does not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings for the full year.

 

§   Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.
 
   
    

 

Blackstone |  37

 

 

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

 

Dividend Policy. Blackstone’s 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 Blackstone’s board of directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone’s 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.

 
   
    

 

Blackstone |  38

 

 

FORWARD-LOOKING STATEMENTS

 

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

This presentation does not constitute an offer of any Blackstone Fund.

 
   
    

 

Blackstone |  39