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The following discussion and analysis should be read in conjunction with Blackstone Inc.’s condensed consolidated financial statements and the related notes included within this Quarterly Report on Form 10-Q.
In this report, references to “Blackstone,” the “Company,” “we,” “us” or “our” refer to Blackstone Inc. and its consolidated subsidiaries.
Our Business
Blackstone is the world’s largest alternative asset manager. We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio companies (including management, transaction and monitoring fees), and from capital markets services. We also invest in the funds we manage and we are entitled to a pro-rata share of the income of the fund (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, we are entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). In certain investment fund structures, we receive a contractual incentive fee from the fund based on achieving certain investment returns (an “Incentive Fee,” and together with Performance Allocations, “Performance Revenues”). The composition of our revenues will vary based on market conditions and the cyclicality of the different business units we operate. Net investment gains and investment income generated by Blackstone Funds are driven by the performance of underlying investments in such funds as well as overall market conditions. Fair values are affected by changes in the fundamentals of our funds’ portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.
Our business is organized into four segments:
Real Estate
Our Real Estate business is a global leader in real estate investing and operates as one globally integrated business with investments across the globe, including in the Americas, Europe and Asia. Our real estate investment teams seek to utilize our global expertise and presence to generate attractive risk-adjusted returns for our investors.
Our Blackstone Real Estate Partners (“BREP”) business is geographically diversified and targets a broad range of opportunistic real estate and real estate-related investments. The BREP platform includes global funds as well as funds focused specifically on Europe or Asia investments. BREP seeks to invest thematically in high-quality, well-located assets where we see outsized growth potential driven by global economic and demographic trends. BREP has made significant investments in logistics, data centers, rental housing, hospitality, office and retail properties around the world, as well as in a variety of real estate operating companies.
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Our Core+ real estate strategy invests in substantially stabilized real estate globally, primarily through perpetual capital vehicles. The strategy includes our (a) Blackstone Property Partners (“BPP”) funds, which are focused on high-quality assets in the Americas, Europe and Asia, (b) a non-listed real estate investment trust (“REIT”), Blackstone Real Estate Income Trust, Inc. (“BREIT”) and Blackstone European Property Income Fund (“BEPIF”) vehicles, which provide income-focused individual investors access to institutional quality real estate primarily in the Americas and Europe, respectively, and (c) a NYSE-listed REIT focused on acquiring and owning data centers, Blackstone Digital Infrastructure Trust (“BXDC”).
Our Blackstone Real Estate Debt Strategies (“BREDS”) platform primarily targets real estate-related debt investment opportunities. BREDS invests in both public and private markets, primarily in the U.S. and Europe. BREDS’ scale and investment mandates enable it to provide a variety of lending options for our borrowers and investment options for our investors, including commercial real estate mortgage loans and liquid real estate-related debt securities. The BREDS platform includes high-yield real estate debt funds, liquid real estate debt funds, capital managed on behalf of our Credit & Insurance segment, and Blackstone Mortgage Trust, Inc. (“BXMT”), a NYSE-listed mortgage REIT.
Private Equity
Our Private Equity segment includes: (a) Private Equity Strategies (described below), (b) Infrastructure, which includes (1) our infrastructure-focused funds for institutional investors with a primary focus on the U.S. and Europe (Blackstone Infrastructure Partners or “BIP”) and (2) a private wealth-focused platform offering eligible individual investors access to our infrastructure capabilities (Blackstone Infrastructure Strategies or “BXINFRA”), (c) our secondaries business (“Secondaries”), which includes Strategic Partners Fund Solutions (“Strategic Partners”) and our GP Stakes business (“Blackstone GP Stakes” or “BXGP”), (d) our capital markets services business (Blackstone Capital Markets or “BXCM”) and (e) a private wealth-focused platform offering eligible individuals exposure to certain of Blackstone’s key illiquid investment strategies through a single commitment (Blackstone Total Alternatives Solution or “BTAS”).
Our Private Equity Strategies include: (a) our Corporate Private Equity business (described below), (b) our hybrid capital investment platform that invests flexibly across asset classes, industries and geographies (Blackstone Tactical Opportunities or “Tactical Opportunities”), (c) our life sciences investment platform (Blackstone Life Sciences or “BXLS”), (d) our growth equity investment platform (Blackstone Growth or “BXG”) and (e) a private wealth-focused platform offering eligible individual investors access to Blackstone’s private equity capabilities (Blackstone Private Equity Strategies Fund or “BXPE”).
Our Corporate Private Equity business consists of: (a) our global private equity funds (Blackstone Capital Partners or “BCP”), (b) our Asia-focused private equity funds (Blackstone Capital Partners Asia or “BCP Asia”), (c) our sector-focused funds, including our energy- and energy transition-focused funds (Blackstone Energy Transition Partners or “BETP”) and (d) our core private equity funds (Blackstone Core Equity Partners or “BCEP”).
We are a global leader in private equity investing. Our Corporate Private Equity business pursues transactions across industries on a global basis. It strives to create value by investing in great businesses where our capital, strategic insight, global relationships and operational support can drive transformation. Corporate Private Equity’s investment strategies and core themes continually evolve in anticipation of, or in response to, changes in the global economy, local markets, regulation, capital flows and geopolitical trends. We seek to construct a differentiated portfolio of investments with a well-defined, post-acquisition value creation strategy. Similarly, we seek investments that can generate strong unlevered returns regardless of entry or exit cycle timing. BCEP pursues control-oriented investments in high-quality companies with durable businesses and seeks to offer a lower level of risk and a longer hold period than traditional private equity.
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Tactical Opportunities pursues a thematically driven, hybrid capital investment strategy. Our flexible, global mandate enables us to find differentiated opportunities across asset classes, industries and geographies and invest behind them with the frequent use of structure to generate attractive risk-adjusted returns. Tactical Opportunities’ ability to dynamically shift focus to the most compelling opportunities in any market environment, combined with the business’ expertise in structuring complex transactions, enables Tactical Opportunities to invest in attractive market areas, often with securities that provide downside protection and maintain upside return.
BXLS invests across the life cycle of companies and products within the life sciences sector. BXLS primarily focuses on investments in life sciences products in late-stage clinical development within the pharmaceutical, biotechnology and medical technology sectors.
BXG seeks to deliver attractive risk-adjusted returns by investing in dynamic, growth-stage businesses, with a focus on the consumer, consumer technology, enterprise solutions, financial services and healthcare sectors.
BXPE invests primarily in privately negotiated, equity-oriented investments, leveraging Blackstone’s private equity talent and investment capabilities to create an attractive portfolio of alternative investments diversified across geographies and sectors.
BIP targets a diversified mix of core+, core and public-private partnership investments across all infrastructure sectors, including energy infrastructure, transportation, digital infrastructure and water and waste. BIP applies a disciplined, operationally intensive investment approach to investments, seeking to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. BXINFRA invests primarily in infrastructure equity, secondaries and credit strategies, leveraging Blackstone’s infrastructure talent and investment capabilities to create an attractive portfolio of alternative infrastructure investments.
Strategic Partners is a total fund solutions provider. As a secondary investor, it acquires interests in high-quality private funds from original holders seeking liquidity. Strategic Partners focuses on a range of opportunities in underlying funds such as private equity, real estate, infrastructure, venture and growth capital, credit and other types of funds, as well as general partner-led transactions and primary investments and co-investments with financial sponsors. Strategic Partners also provides investment advisory services to separately managed account clients investing in primary and secondary investments in private funds and co-investments. Blackstone GP Stakes targets minority investments in the general partners of private equity and other private market alternative asset management firms globally, with a focus on delivering a combination of recurring annual cash flow yield and long-term capital appreciation.
Credit & Insurance
Our Credit & Insurance segment (“BXCI”) offers its clients and borrowers a comprehensive solution across corporate and asset based credit, including investment grade and non-investment grade debt. BXCI is one of the largest credit managers and CLO managers in the world. The investment portfolios BXCI’s credit platform manages or sub-advises consist primarily of loans and securities of non-investment and investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity.
BXCI is organized into three overarching credit investing strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. The private corporate credit strategies include mezzanine and direct lending funds, stressed/distressed strategies and SMAs. The direct lending funds include Blackstone Private Credit Fund (“BCRED”), Blackstone Secured Lending Fund (“BXSL”), both of which are business development companies (“BDCs”), as well as Blackstone European Private Credit Fund (“ECRED”).
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The liquid corporate credit strategies consist of CLOs, closed-ended funds, open-ended funds, systematic strategies and SMAs. The infrastructure and asset based credit strategies include private placement strategies, energy strategies (including our sustainable resources platform) and asset based finance strategies focused on privately originated, income-oriented credit assets secured by physical, financial or residential real estate collateral.
Our insurance platform focuses on providing investment management services for insurance and reinsurance accounts, seeking to deliver customized and diversified portfolios consisting primarily of investment grade credit, including through Blackstone’s private credit origination capabilities. Through this platform, we provide our clients tailored portfolio construction, strategic asset allocation and specialized analytical tools. While focusing on policyholder protection, we seek to achieve risk-managed, liability-matched and capital-efficient returns, as well as diversification and capital preservation. We also provide similar services to clients through SMAs or by sub-managing assets for certain insurance-dedicated funds and special purpose vehicles.
Multi-Asset Investing
Our Multi-Asset Investing segment (“BXMA”) is the world’s largest discretionary allocator to hedge funds and is a leader in building multi-asset portfolios. BXMA invests across asset classes in both public and private markets aiming to generate compelling risk-adjusted returns.
BXMA is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management and Public Real Assets. Absolute Return manages a broad range of commingled and customized portfolios and aims to generate consistent returns across market environments. Multi-Strategy aims to generate strong risk-adjusted returns through opportunistic, asset-class agnostic investing. Total Portfolio Management manages large-scale total portfolios across asset classes in both public and private markets. The Public Real Assets platform is managed by Harvest Fund Advisors LLC (“Harvest”), which primarily invests in publicly traded energy infrastructure, renewables and master limited partnerships holding midstream energy assets in North America.
Business Environment
Blackstone’s businesses are materially affected by conditions in the financial markets and economic conditions in the U.S., Europe, Asia and, to a lesser extent, elsewhere in the world.
Most major equity markets appreciated significantly in the second quarter of 2026, driven by resilient economic growth and underpinned by continued large-scale capex investments in the artificial intelligence-related ecosystem. The total return of the S&P 500 Index was 15.2%, with the information technology and industrial sectors exhibiting the largest gains of 31.8% and 14.9%, respectively. The energy sector was an outlier, decreasing 13.4% amid lower oil prices as supply disruption concerns eased. The price of West Texas Intermediate crude oil decreased 31.4% to $69.50 per barrel. In credit markets, the total return of the S&P Leveraged Loan Index was 1.9% and the ICE Bank of America High Yield Bond Index was 2.5%. High yield spreads tightened 32 basis points.
U.S. capital markets activity levels expanded considerably following an active first quarter. Initial public offering volumes increased 628% year-over-year, buoyed by the $75 billion initial public offering of SpaceX, the largest IPO in history. U.S. announced merger and acquisition deal volumes also rose sharply, up 99% year-over-year.
Inflation in the U.S. has moderated significantly from the post-Covid peak; however, inflation remains above the Federal Reserve’s long-term target of 2.0%, largely reflecting the impact of elevated energy prices in the first half of 2026. CPI increased 3.5% year-over-year in June, as compared to 3.3% growth in March 2026. The Federal Reserve has held the federal funds target range steady at 3.50-3.75% since December 2025. The ten-year U.S. Treasury yield increased 15 basis points in the second quarter of 2026 to 4.47% and has since risen to 4.72% as of July 31, 2026. Three-month SOFR was unchanged quarter-over-quarter at 3.68%.
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Despite slowing growth, the U.S. economy continued to demonstrate resilience in the second quarter. The Bureau of Economic Analysis’ advance estimate of U.S. real GDP indicated annualized growth of 1.5% quarter-over-quarter, compared to 2.1% in the first quarter. Wages rose 3.5% year-over-year in June 2026. Demand for retail and food services also remained strong, with sales increasing 6.7% year-over-year. The labor market remained in balance, with the unemployment rate at 4.2% as of June 2026 compared to 4.3% in March 2026.
Outside of the U.S., central banks have pursued a variety of policy approaches in response to regional economic conditions. The Bank of England left its bank rate unchanged at 3.75% through the second quarter. Inflation in the U.K. decreased to 2.6% year-over-year in June from 3.3% in March 2026. The European Central Bank increased its deposit facility rate by 25 basis points to 2.25% in June amid inflationary pressures associated with higher energy prices. The Bank of Japan increased its policy rate to 1.0% in June from 0.75%, as policymakers balanced inflation concerns against economic growth considerations. The People’s Bank of China left its rate unchanged at 3.0% for its one-year prime loan.
Despite ongoing uncertainty relating to geopolitical conditions and the path of interest rates and artificial intelligence disruption in certain sectors, the U.S. economy has demonstrated continued strength. This strength has been meaningfully aided by artificial intelligence-related spending. The vitality of the economy has positively impacted market sentiment and driven initial public offering and merger and acquisition activity. A durable resolution to the ongoing conflict in the Middle East should provide a basis for further improvements in market conditions and transaction activity.
For additional information on the potential impact on each of our business segments of the conditions described above see “—Segment Analysis”.
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Organizational Structure
The simplified diagram below depicts our current organizational structure. The diagram does not depict all of our subsidiaries, including intermediate holding companies through which certain of the subsidiaries depicted are held.
Key Financial Measures and Indicators
We manage our business using certain financial measures and key operating metrics since we believe these metrics measure the productivity of our investment activities. We prepare our condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See “—Item 1. Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2. Summary of Significant Accounting Policies” and “—Critical Accounting Policies.” Our key non-GAAP financial measures and operating indicators and metrics are discussed below.
Distributable Earnings
Distributable Earnings is derived from Blackstone’s segment reported results. Distributable Earnings is used to assess performance and amounts available for dividends to Blackstone stockholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Distributable Earnings is the sum of Segment Distributable Earnings plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. Distributable Earnings excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Distributable Earnings.
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Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement.
Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and Distributable Earnings reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment Distributable Earnings and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s Condensed Consolidated Statements of Operations under GAAP, excluding the impact of divestitures and accrued tax contingency-related liabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that parties to the Tax Receivable Agreement are entitled to receive in future periods. Management believes that including the amount payable under the Tax Receivable Agreement and utilizing the current income tax provision adjusted as described above when calculating Distributable Earnings is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to stockholders.
Segment Distributable Earnings
Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Blackstone believes it is useful to stockholders to review the measure that management uses in assessing segment performance. Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance. Segment Distributable Earnings excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Segment Distributable Earnings.
Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).
Realized Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year in respect of this compensation program. The program, which typically has an impact on individual quarters based on the estimated amounts for the full
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year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the full year. For the three and six months ended June 30, 2026, Realized Performance Compensation increased by $39.9 million and $68.2 million, respectively, and Fee Related Compensation decreased by $17.5 million and $35.0 million, respectively, which reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision (Benefits) for Taxes and Distributable Earnings in the three and six months ended June 30, 2026. These changes had an impact on individual quarters but did not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the year ended December 31, 2025.
Fee Related Earnings
Fee Related Earnings is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Blackstone believes Fee Related Earnings is useful to stockholders as it provides insight into the profitability of the portion of Blackstone’s business that is not dependent on realization activity. Fee Related Earnings equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis and (b) Other Operating Expenses. Fee Related Earnings is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Fee Related Earnings.
Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.
Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis and (b) not dependent on realization events from the underlying investments.
Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove transaction-related and non-recurring items that arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses or other charges, if any, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone’s segment presentation and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization
Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (“Adjusted EBITDA”), is a supplemental measure used to assess performance derived from Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Adjusted EBITDA.
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Net Accrued Performance Revenues
Net Accrued Performance Revenues is a non-GAAP financial measure Blackstone believes is useful to stockholders as an indicator of potential future realized performance revenues based on the current investment portfolio of the funds and vehicles we manage. Net Accrued Performance Revenues represents the accrued performance revenues receivable by Blackstone, net of the related accrued performance compensation payable by Blackstone, excluding performance revenues that have been realized but not yet distributed as of the reporting date and clawback amounts, if any. Net Accrued Performance Revenues is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Investments. See “—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues and Note 2. “Summary of Significant Accounting Policies — Equity Method Investments” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” for additional information on the calculation of Investments — Accrued Performance Allocations.
Operating Metrics
The alternative asset management business is primarily based on managing third-party capital and does not require substantial capital investment to support rapid growth. Since our inception, we have developed and used various key operating metrics to assess and monitor the operating performance of our various alternative asset management businesses in order to monitor the effectiveness of our value-creating strategies.
Total and Fee-Earning Assets Under Management
“Total Assets Under Management” refers to the invested and available capital in Blackstone-managed or advised vehicles (including, without limitation, investment funds and SMAs). The Total Assets Under Management attributable to an individual vehicle is dependent on the structure and investment strategy of such vehicle and accordingly, will vary from vehicle to vehicle. Total Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable:
(a) a vehicle’s invested capital at fair value which, as applicable, is measured as (1) total investments measured at fair value, or gross asset values, each of which may include the fair value of investments purchased with leverage under certain credit facilities, (2) net asset value, or (3) amount of debt and equity outstanding or aggregate par amount of assets, including principal cash for CLOs, and
(b) a vehicle’s available capital, if any, which represents (1) uncalled commitments made by investors and (2) available borrowing capacity under certain credit facilities.
Uncalled commitments represent the capital we are entitled to call from investors pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods. Drawdown funds, perpetual capital vehicles, co-investment vehicles, and SMAs can each be structured with a commitment from an investor that is called over time as opposed to fully funded upon subscription.
Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit. Total Assets Under Management are reported in the segment where the assets are managed.
Our measurement of Total Assets Under Management includes commitments to, and the fair value of, invested capital in our funds from Blackstone and our personnel. Our calculation of Total Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. Our definition of Total Assets Under Management differs from the manner in which affiliated investment advisors report regulatory assets under management and may differ from the definition set forth in the agreements governing the vehicles we manage or advise.
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“Fee-Earning Assets Under Management” refers to the portion of Total Assets Under Management on which we are entitled to earn management fees and/or performance revenues. The Fee-Earning Assets Under Management attributable to an individual vehicle is driven by the basis on which fees are earned and accordingly, will vary from vehicle to vehicle. Fee-Earning Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable: (a) net asset value, (b) committed capital and remaining invested capital during the investment period and post-investment period, respectively, (c) invested capital (including leverage to the extent management fee-eligible), (d) gross asset value, (e) fair value of investments, or (f) the aggregate par amount of collateral assets, including principal cash, of CLOs.
Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit. Fee-Earning Assets Under Management are reported in the segment where the Total Assets Under Management are reported to the extent fee-paying to Blackstone.
While Fee-Earning Assets Under Management generally reflects Total Assets Under Management on which we are entitled to earn management fees, Fee-Earning Assets Under Management may also include Total Assets Under Management on which we are entitled to earn only performance revenues. Our calculation of Fee-Earning Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. Our definition of Fee-Earning Assets Under Management may differ from the definition set forth in the agreements governing the vehicles that we manage or advise.
Commitment-based drawdown structured funds generally do not permit investors to redeem their interests at their election. Certain of our open-ended vehicles generally afford an investor the right to withdraw or redeem their interests on a periodic basis (for example, annually, quarterly or monthly), typically with 2 to 95 days’ notice, depending on the fund and the liquidity profile of the underlying assets. In our perpetual capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles. Investment advisory agreements related to certain SMAs in our Credit & Insurance and Multi-Asset Investing segments, excluding SMAs in our insurance platform, may generally be terminated by an investor on 15 to 95 days’ notice. SMAs in our insurance platform can generally only be terminated for long-term underperformance, cause and certain other limited circumstances, in each case subject to Blackstone’s right to cure.
Perpetual Capital
“Perpetual Capital” refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemptions are limited in quantum. Perpetual Capital includes co-investment capital with an investor right to convert into Perpetual Capital.
In our Perpetual Capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles. Perpetual Capital includes co-investment capital with an investor right to convert into Perpetual Capital. We believe this measure is useful to stockholders as it represents capital we manage that has a longer duration and the ability to generate recurring revenues in a different manner than traditional fund structures.
Dry Powder
Dry Powder represents the amount of capital available for investment or reinvestment, including general partner and employee capital, and is an indicator of the capital we have available for future investments. We believe this measure is useful to stockholders as it provides insight into the extent to which capital is available for Blackstone to deploy capital into investment opportunities as they arise.
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Invested Performance Eligible Assets Under Management
Invested Performance Eligible Assets Under Management represents invested capital at fair value on which performance revenues could be earned if certain hurdles are met. We believe Invested Performance Eligible Assets Under Management is useful to stockholders as it provides insight into the capital deployed that has the potential to generate performance revenues.
Private Wealth Assets Under Management
“Private Wealth Assets Under Management” refers to the portion of assets under management attributable to the individual investor channel and comprises (a) all Assets Under Management in vehicles or share classes of vehicles, in each case that are primarily targeted to the individual investor channel (including parallel or related vehicles) and (b) Assets Under Management attributable only to individual investors (including through private wealth distribution agreements) in vehicles that are not primarily targeted to the individual investor channel.
Recent Tax Developments
On February 18, 2026, the U.S. Internal Revenue Service (“IRS”) issued guidance which provides for additional adjustments to the calculation of the corporate alternative minimum tax (“CAMT”). Based on the available guidance, Blackstone does not believe such adjustments to the CAMT calculation will materially impact its Provision for Taxes.
Consolidated Results of Operations
Following is a discussion of our consolidated results of operations. For a more detailed discussion of the factors that affected the results of our four business segments (which are presented on a basis that deconsolidates the investment funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships and removes the amortization of intangible assets and Transaction-Related and Non-Recurring Items) in these periods, see “—Segment Analysis” below.
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The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the three and six months ended June 30, 2026 and 2025:
$ $ $ $ $ $ $ $
Three Months Ended Six Months Ended
June 30, 2026 vs. 2025 June 30, 2026 vs. 2025
2026 2025 $ % 2026 2025 $ %
(Dollars in Thousands)
Revenues
Management and Advisory Fees, Net $ 2,266,006 $ 2,035,495 $ 230,511 11% $ 4,414,626 $ 3,939,812 $ 474,814 12%
Incentive Fees 159,080 195,414 (36,334 ) -19% 324,499 387,239 (62,740 ) -16%
Investment Income
Performance Allocations
Realized 1,365,175 829,820 535,355 65% 2,468,348 1,391,870 1,076,478 77%
Unrealized 587,140 313,283 273,857 87% 870,592 576,484 294,108 51%
Principal Investments
Realized 105,585 97,171 8,414 9% 248,605 282,713 (34,108 ) -12%
Unrealized 414,821 365,391 49,430 14% 29,819 524,104 (494,285 ) -94%
Total Investment Income (Loss) 2,472,721 1,605,665 867,056 54% 3,617,364 2,775,171 842,193 30%
Interest and Dividend Revenue 134,224 100,389 33,835 34% 242,164 197,809 44,355 22%
Other 11,947 (225,063 ) 237,010 n/m 62,920 (298,673 ) 361,593 n/m
Total Revenues 5,043,978 3,711,900 1,332,078 36% 8,661,573 7,001,358 1,660,215 24%
Expenses
Compensation and Benefits
Compensation 963,026 870,358 92,668 11% 2,129,923 1,899,720 230,203 12%
Incentive Fee Compensation 49,716 67,363 (17,647 ) -26% 104,084 124,392 (20,308 ) -16%
Performance Allocations Compensation
Realized 565,264 331,191 234,073 71% 998,713 573,081 425,632 74%
Unrealized 236,129 152,618 83,511 55% 325,830 256,177 69,653 27%
Total Compensation and Benefits 1,814,135 1,421,530 392,605 28% 3,558,550 2,853,370 705,180 25%
General, Administrative and Other 409,110 360,817 48,293 13% 781,931 693,190 88,741 13%
Interest Expense 145,023 135,822 9,201 7% 282,076 253,937 28,139 11%
Fund Expenses 7,344 14,434 (7,090 ) -49% 15,348 26,538 (11,190 ) -42%
Total Expenses 2,375,612 1,932,603 443,009 23% 4,637,905 3,827,035 810,870 21%
Other Income
Net Gains from Fund Investment Activities 140,086 136,330 3,756 3% 239,841 193,905 45,936 24%
Total Other Income 140,086 136,330 3,756 3% 239,841 193,905 45,936 24%
Income Before Provision for Taxes 2,808,452 1,915,627 892,825 47% 4,263,509 3,368,228 895,281 27%
Provision for Taxes 452,386 289,494 162,892 56% 649,536 533,321 116,215 22%
Net Income 2,356,066 1,626,133 729,933 45% 3,613,973 2,834,907 779,066 27%
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 5,154 18,209 (13,055 ) -72% 26,164 26,109 55 —
Net Income Attributable to Non-Controlling Interests in Consolidated Entities 175,649 240,836 (65,187 ) -27% 293,016 341,383 (48,367 ) -14%
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 946,074 602,844 343,230 57% 1,415,875 1,088,319 327,556 30%
Net Income Attributable to Blackstone Inc. $ 1,229,189 $ 764,244 $ 464,945 61% $ 1,878,918 $ 1,379,096 $ 499,822 36%
n/m Not meaningful.
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Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Revenues
Revenues were $5.0 billion for the three months ended June 30, 2026, an increase of $1.3 billion compared to $3.7 billion for the three months ended June 30, 2025. The increase in Revenues was primarily attributable to increases of $867.1 million in Investment Income, $237.0 million in Other Revenue and $230.5 million in Management and Advisory Fees, Net.
Investment Income was $2.5 billion for the three months ended June 30, 2026, an increase of $867.1 million, compared to $1.6 billion for the three months ended June 30, 2025. The increase in Investment Income was attributable to increases of $543.8 million in Realized Investment Income and of $323.3 million in Unrealized Investment Income.
The $543.8 million increase in Realized Investment Income was primarily attributable to higher realized gains in the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The principal driver was:
• An increase of $324.7 million in our Real Estate segment primarily attributable to higher realized gains in BREP and Core+ real estate funds in the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
The $323.3 million increase in Unrealized Investment Income was primarily attributable to lower unrealized depreciation in the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The principal driver was:
• An increase of $450.4 million in our Real Estate segment primarily attributable to unrealized appreciation of investments in certain BREP and Core+ real estate funds in the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Other Revenue was $11.9 million for the three months ended June 30, 2026, an increase of $237.0 million, compared to $(225.1) million for the three months ended June 30, 2025. The increase in Other Revenue was primarily attributable to foreign exchange gains arising on transactions denominated in currencies other than U.S. dollars.
Management and Advisory Fees, Net were $2.3 billion for the three months ended June 30, 2026, an increase of $230.5 million, compared to $2.0 billion for the three months ended June 30, 2025. The increase in Management and Advisory Fees, Net was primarily attributable to increases in our Credit & Insurance segment of $102.1 million and in our Private Equity segment of $88.3 million. The increase in our Credit & Insurance segment was primarily attributable to increased Transaction, Advisory and Other Fees, Net due to capital markets advisory revenues. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to increased Fee-Earning Assets Under Management in BXPE, BIP and BXINFRA.
Expenses
Expenses were $2.4 billion for the three months ended June 30, 2026, an increase of $443.0 million, compared to $1.9 billion for the three months ended June 30, 2025. The increase was primarily attributable to an increase of $392.6 million in Total Compensation and Benefits, of which $317.6 million was an increase in Performance Allocations Compensation. The increase in Performance Allocations Compensation was primarily attributable to an increase in Performance Allocations, on which a portion of Performance Allocations Compensation is based.
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Other Income
Other Income was $140.1 million for the three months ended June 30, 2026, an increase of $3.8 million, compared to $136.3 million for the three months ended June 30, 2025. The increase in Other Income was attributable to an increase of $3.8 million in Net Gains from Fund Investment Activities. The increase in Net Gains from Fund Investment Activities was primarily attributable to an increase of $50.8 million in our Private Equity segment, partially offset by decreases of $21.6 million in our Real Estate segment and $14.1 million in our Multi-Asset Investing segment.
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Revenues
Revenues were $8.7 billion for the six months ended June 30, 2026, an increase of $1.7 billion, compared to $7.0 billion for the six months ended June 30, 2025. The increase in Revenues was primarily attributable to increases of $842.2 million in Investment Income and of $474.8 million in Management and Advisory Fees, Net.
Investment Income was $3.6 billion for the six months ended June 30, 2026, an increase of $842.2 million compared to $2.8 billion for the six months ended June 30, 2025. The increase in Investment Income was primarily attributable to an increase of $1.0 billion in Realized Investment Income, partially offset by a decrease of $200.2 million in Unrealized Investment Income.
The $1.0 billion increase in Realized Investment Income was primarily attributable to higher realized gains in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The principal drivers were:
• An increase of $719.9 million in our Private Equity segment primarily attributable to realizations in Corporate Private Equity, as well as higher performance revenues in BXPE.
The $200.2 million decrease in Unrealized Investment Income was primarily attributable to lower unrealized gains in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The principal drivers were:
• A decrease of $507.8 million in our Credit & Insurance segment primarily attributable to lower unrealized appreciation of Corebridge common stock in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
• A decrease of $206.2 million in our Private Equity segment primarily attributable to lower unrealized appreciation of investments in Strategic Partners and lower unrealized performance revenues in Tactical Opportunities as a result of increased realized performance revenues, partially offset by unrealized appreciation of investments in BIP.
• Partially offset by an increase of $529.1 million in our Real Estate segment primarily attributable to unrealized appreciation of investments in certain BREP and Core+ real estate funds in the six months ended June 30, 2026 compared to unrealized depreciation of investments in six months ended June 30, 2025.
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The $474.8 million increase in Management and Advisory Fees, Net was primarily attributable to an increase in our Private Equity segment of $268.4 million. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to increased Fee-Earning Assets Under Management in BXPE and BIP, as well as an increase in Transaction, Advisory and Other Fees, Net due to increased volume of deal activity in BXCM.
Expenses
Expenses were $4.6 billion for the six months ended June 30, 2026, an increase of $810.9 million, compared to $3.8 billion for the six months ended June 30, 2025. The increase was primarily attributable to an increase of $705.2 million in Total Compensation and Benefits, of which $495.3 million was an increase in Performance Allocations Compensation. The increase in Performance Allocations Compensation was primarily attributable to an increase in Performance Allocations, on which a portion of Performance Allocations Compensation is based.
Other Income
Other Income was $239.8 million for the six months ended June 30, 2026, an increase of $45.9 million, compared to $193.9 million for the six months ended June 30, 2025. The increase in Other Income was attributable to an increase of $45.9 million in Net Gains from Fund Investment Activities. The increase in Net Gains from Fund Investment Activities was primarily attributable to an increase of $111.1 million in our Private Equity segment, partially offset by decreases of $34.4 million in our Multi-Asset Investing segment and $19.1 million in our Real Estate segment.
Provision for Taxes
Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Blackstone’s Provision for Taxes for the three months ended June 30, 2026 was $452.4 million, an increase of $162.9 million, compared to $289.5 million for the three months ended June 30, 2025. This resulted in an effective tax rate of 16.1% and 15.1%, based on our Income Before Provision for Taxes of $2.8 billion and $1.9 billion for the three months ended June 30, 2026 and 2025, respectively.
The increase in Blackstone’s effective tax rate for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities.
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Blackstone’s Provision for Taxes for the six months ended June 30, 2026 was $649.5 million, an increase of $116.2 million, compared to $533.3 million for the six months ended June 30, 2025. This resulted in an effective tax rate of 15.2% and 15.8%, based on our Income Before Provision for Taxes of $4.3 billion and $3.4 billion for the six months ended June 30, 2026 and 2025, respectively.
The decrease in Blackstone’s effective tax rate for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, relates primarily to Blackstone’s state tax provisions for the jurisdictions in which it operates, partially offset by the impact of Non-Controlling interests in Consolidated Entities.
Additional information regarding our income taxes can be found in Note 12. “Income Taxes” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.
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Non-Controlling Interests in Consolidated Entities
The Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities and Net Income Attributable to Non-Controlling Interests in Consolidated Entities is attributable to the consolidated Blackstone Funds. The amounts of these items vary directly with the performance of the consolidated Blackstone funds and largely eliminate the amount of Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities from the Net Income Attributable to Blackstone Inc.
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings is derived from the Income Before Provision for Taxes at the Blackstone Holdings level, excluding the Net Gains (Losses) from Fund Investment Activities and is based on the percentage allocation of the income between Blackstone personnel and others who are limited partners of Blackstone Holdings and Blackstone after considering any contractual arrangements that govern the allocation of income such as fees allocable to Blackstone.
For the three months ended June 30, 2026 and 2025, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.1% and 37.7%, respectively. For the six months ended June 30, 2026 and 2025, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.2% and 37.9%, respectively. The respective decreases of 0.6% and 0.7% were primarily attributable to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.
Operating Metrics
Total and Fee-Earning Assets Under Management
The following graphs and tables summarize the Total Assets Under Management by Segment and Fee-Earning Assets Under Management by Segment, followed by a rollforward of activity for the three and six months ended June 30, 2026 and 2025. For a description of how Assets Under Management and Fee-Earning Assets Under Management are determined, please see “—Key Financial Measures and Indicators — Operating Metrics — Total and Fee-Earning Assets Under Management.”
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Note: Totals may not add due to rounding.
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$ $ $ $ $ $ $ $ $ $
Three Months Ended
June 30, 2026 June 30, 2025
Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total
(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period $ 315,284,316 $ 429,909,808 $ 457,462,151 $ 101,361,359 $ 1,304,017,634 $ 319,988,734 $ 370,989,871 $ 388,720,401 $ 87,762,904 $ 1,167,461,910
Inflows (a) 8,192,794 24,519,793 31,011,510 4,575,944 68,300,041 7,222,446 15,323,222 26,818,000 2,713,566 52,077,234
Outflows (b) (2,156,644 ) (1,457,761 ) (7,626,498 ) (2,297,780 ) (13,538,683 ) (1,883,281 ) (1,804,870 ) (5,287,139 ) (1,796,301 ) (10,771,591 )
Net Inflows 6,036,150 23,062,032 23,385,012 2,278,164 54,761,358 5,339,165 13,518,352 21,530,861 917,265 41,305,643
Realizations (c) (6,615,294 ) (11,023,147 ) (13,494,781 ) (710,043 ) (31,843,265 ) (5,249,171 ) (7,316,081 ) (9,962,065 ) (825,058 ) (23,352,375 )
Market Activity (d)(g) (555,375 ) 12,203,627 1,965,058 5,714,798 19,328,108 4,915,997 11,715,100 7,006,975 2,154,091 25,792,163
Balance, End of Period (e) $ 314,149,797 $ 454,152,320 $ 469,317,440 $ 108,644,278 $ 1,346,263,835 $ 324,994,725 $ 388,907,242 $ 407,296,172 $ 90,009,202 $ 1,211,207,341
Increase (Decrease) $ (1,134,519 ) $ 24,242,512 $ 11,855,289 $ 7,282,919 $ 42,246,201 $ 5,005,991 $ 17,917,371 $ 18,575,771 $ 2,246,298 $ 43,745,431
Increase (Decrease) 0 % 6 % 3 % 7 % 3 % 2 % 5 % 5 % 3 % 4 %
$ $ $ $ $ $ $ $ $ $
Six Months Ended
June 30, 2026 June 30, 2025
Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total
(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period $ 319,342,875 $ 416,423,156 $ 442,951,606 $ 96,213,597 $ 1,274,931,234 $ 315,353,132 $ 352,168,635 $ 375,507,818 $ 84,150,411 $ 1,127,179,996
Inflows (a) 14,969,507 44,872,883 68,030,495 8,968,475 136,841,360 13,398,076 37,007,746 57,167,112 6,138,984 113,711,918
Outflows (b) (5,001,796 ) (3,606,942 ) (16,976,185 ) (3,836,412 ) (29,421,335 ) (4,559,583 ) (5,242,894 ) (11,913,342 ) (2,919,861 ) (24,635,680 )
Net Inflows 9,967,711 41,265,941 51,054,310 5,132,063 107,420,025 8,838,493 31,764,852 45,253,770 3,219,123 89,076,238
Realizations (c) (13,654,328 ) (25,587,151 ) (27,161,677 ) (1,348,420 ) (67,751,576 ) (9,555,186 ) (13,783,306 ) (23,849,608 ) (1,649,886 ) (48,837,986 )
Market Activity (d)(h) (1,506,461 ) 22,050,374 2,473,201 8,647,038 31,664,152 10,358,286 18,757,061 10,384,192 4,289,554 43,789,093
Balance, End of Period (e) $ 314,149,797 $ 454,152,320 $ 469,317,440 $ 108,644,278 $ 1,346,263,835 $ 324,994,725 $ 388,907,242 $ 407,296,172 $ 90,009,202 $ 1,211,207,341
Increase (Decrease) $ (5,193,078 ) $ 37,729,164 $ 26,365,834 $ 12,430,681 $ 71,332,601 $ 9,641,593 $ 36,738,607 $ 31,788,354 $ 5,858,791 $ 84,027,345
Increase (Decrease) -2 % 9 % 6 % 13 % 6 % 3 % 10 % 8 % 7 % 7 %
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$ $ $ $ $ $ $ $ $ $
Three Months Ended
June 30, 2026 June 30, 2025
Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total
(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period $ 277,502,688 $ 255,840,774 $ 313,255,195 $ 90,997,797 $ 937,596,454 $ 282,060,486 $ 226,219,392 $ 274,120,326 $ 77,669,746 $ 860,069,950
Inflows (a) 6,090,322 15,363,029 17,225,406 4,612,628 43,291,385 7,587,147 7,550,495 23,817,071 2,944,815 41,899,528
Outflows (b) (1,105,766 ) (4,116,572 ) (5,256,355 ) (2,122,321 ) (12,601,014 ) (1,712,885 ) (804,533 ) (5,872,807 ) (1,689,485 ) (10,079,710 )
Net Inflows 4,984,556 11,246,457 11,969,051 2,490,307 30,690,371 5,874,262 6,745,962 17,944,264 1,255,330 31,819,818
Realizations (c) (4,473,568 ) (4,558,846 ) (8,037,385 ) (677,049 ) (17,746,848 ) (5,405,545 ) (3,288,907 ) (7,006,088 ) (782,279 ) (16,482,819 )
Market Activity (d)(i) (593,256 ) 5,289,475 1,053,833 5,302,625 11,052,677 3,297,473 2,483,762 3,872,734 2,053,287 11,707,256
Balance, End of Period (e) $ 277,420,420 $ 267,817,860 $ 318,240,694 $ 98,113,680 $ 961,592,654 $ 285,826,676 $ 232,160,209 $ 288,931,236 $ 80,196,084 $ 887,114,205
Increase (Decrease) $ (82,268 ) $ 11,977,086 $ 4,985,499 $ 7,115,883 $ 23,996,200 $ 3,766,190 $ 5,940,817 $ 14,810,910 $ 2,526,338 $ 27,044,255
Increase (Decrease) 0 % 5 % 2 % 8 % 3 % 1 % 3 % 5 % 3 % 3 %
$ $ $ $ $ $ $ $ $ $
Six Months Ended
June 30, 2026 June 30, 2025
Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total
(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period $ 279,427,148 $ 240,959,058 $ 315,640,583 $ 85,647,665 $ 921,674,454 $ 278,914,938 $ 212,182,896 $ 264,617,560 $ 74,993,209 $ 830,708,603
Inflows (a) 11,488,305 34,710,962 31,937,151 9,311,602 87,448,020 13,559,679 22,902,066 44,220,903 5,375,389 86,058,037
Outflows (b) (2,853,179 ) (8,806,792 ) (13,185,260 ) (3,603,794 ) (28,449,025 ) (4,309,189 ) (2,473,791 ) (10,802,441 ) (2,725,809 ) (20,311,230 )
Net Inflows 8,635,126 25,904,170 18,751,891 5,707,808 58,998,995 9,250,490 20,428,275 33,418,462 2,649,580 65,746,807
Realizations (c) (9,712,277 ) (9,387,367 ) (17,226,285 ) (1,289,669 ) (37,615,598 ) (9,222,193 ) (6,103,494 ) (14,857,276 ) (1,475,344 ) (31,658,307 )
Market Activity (d)(j) (929,577 ) 10,341,999 1,074,505 8,047,876 18,534,803 6,883,441 5,652,532 5,752,490 4,028,639 22,317,102
Balance, End of Period (e) $ 277,420,420 $ 267,817,860 $ 318,240,694 $ 98,113,680 $ 961,592,654 $ 285,826,676 $ 232,160,209 $ 288,931,236 $ 80,196,084 $ 887,114,205
Increase (Decrease) $ (2,006,728 ) $ 26,858,802 $ 2,600,111 $ 12,466,015 $ 39,918,200 $ 6,911,738 $ 19,977,313 $ 24,313,676 $ 5,202,875 $ 56,405,602
Increase (Decrease) -1 % 11 % 1 % 15 % 4 % 2 % 9 % 9 % 7 % 7 %
Annualized Base Management Fee Rate (f) 0.91 % 1.05 % 0.64 % 0.66 % 0.83 % 0.95 % 1.06 % 0.66 % 0.65 % 0.86 %
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(a) Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions.
(b) Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).
(c) Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs.
(d) Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations.
(e) Total and Fee-Earning Assets Under Management are reported in the segment where the assets are managed.
(f) Annualized Base Management Fee Rate represents annualized year to date Base Management Fee divided by the average of the beginning of year and each quarter end’s Fee-Earning Assets Under Management in the reporting period.
(g) For the three months ended June 30, 2026, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(637.6) million, $(191.8) million, $(326.5) million, $(153.7) million and $(1.3) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the three months ended June 30, 2025, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $6.0 billion, $2.4 billion, $2.4 billion, $132.0 million and $11.0 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.
(h) For the six months ended June 30, 2026, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(1.9) billion, $(868.7) million, $(273.1) million, $(58.4) million and $(3.1) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the six months ended June 30, 2025, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $8.9 billion, $3.7 billion, $2.7 billion, $287.7 million and $15.6 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.
(i) For the three months ended June 30, 2026, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(460.4) million, $(56.8) million, $(278.9) million, $(153.4) million and $(949.5) million for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the three months ended June 30, 2025, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $4.4 billion, $422.9 million, $2.3 billion, $134.5 million and $7.3 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.
(j) For the six months ended June 30, 2026, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(1.3) billion, $(127.3) million, $(223.9) million, $(58.4) million and $(1.7) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the six months ended June 30, 2025, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $6.4 billion, $590.1 million, $2.7 billion, $288.7 million and $10.0 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.
Total Assets Under Management and Fee-Earning Assets Under Management may have differences in the measurement and timing of certain activities that affect each of inflows, outflows, realizations and market activity. These differences include, but are not limited to:
• For commitment-based drawdown funds, Total Assets Under Management inflows are generally reported at each fund closing whereas Fee-Earning Assets Under Management inflows are generally reported when a fund’s investment period commences. Fund closings and the investment period commencement generally occur in different periods and as such, Fee-Earning Assets Under Management inflows in such funds may exceed Total Assets Under Management inflows in the period when the investment period commences. Upon expiration of the investment period, Fee-Earning
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Assets Under Management outflows may exceed Total Assets Under Management outflows due to Fee-Earning Assets Under Management generally including invested capital subsequent to the investment period compared to committed capital during the investment period. This is most prevalent in our Real Estate and Private Equity segments.
• For commitment-based drawdown funds, Total Assets Under Management realizations generally represents the total proceeds whereas Fee-Earning Assets Under Management generally represents only the invested capital. As such, Total Assets Under Management realizations typically exceeds Fee-Earning Assets Under Management realizations. This is most prevalent in our Real Estate and Private Equity segments.
• For commitment-based drawdown funds, Total Assets Under Management is reported based on invested capital at fair value and available capital whereas Fee-Earning Assets Under Management is generally reported based on committed or remaining invested capital. As such, Total Assets Under Management market activity generally exceeds Fee-Earning Assets Under Management market activity. This is most prevalent in our Real Estate and Private Equity segments.
• For certain credit funds, Total Assets Under Management are based on gross asset value while Fee-Earning Assets Under Management are based on net asset value. As such, Total Assets Under Management inflows, outflows, realizations and market activity for the period generally exceed the Fee-Earning Assets Under Management inflows, outflows, realizations and market activity for the period.
Total Assets Under Management
Total Assets Under Management were $1,346.3 billion at June 30, 2026, an increase of $42.2 billion compared to $1,304.0 billion at March 31, 2026. The net increase was due to:
• In our Real Estate segment, a decrease of $1.1 billion from $315.3 billion at March 31, 2026 to $314.1 billion at June 30, 2026. The net decrease was due to realizations of $6.6 billion, outflows of $2.2 billion and market depreciation of $555.4 million, partially offset by inflows of $8.2 billion.
○ Realizations were driven by $2.7 billion from BREP, $1.9 billion from BREDS and $1.4 billion from BREIT.
○ Outflows were driven by $853.8 million from BREIT and $818.4 million from BREDS.
○ Market depreciation was driven by $2.3 billion from BPP and co-investment, partially offset by market appreciation of $1.7 billion from BREIT.
○ Inflows were driven by $2.3 billion from BREIT, $2.1 billion from BREDS, $2.0 billion from BXDC and $1.3 billion from BREP.
• In our Private Equity segment, an increase of $24.2 billion from $429.9 billion at March 31, 2026 to $454.2 billion at June 30, 2026. The net increase was due to inflows of $24.5 billion and market appreciation of $12.2 billion, partially offset by realizations of $11.0 billion and outflows of $1.5 billion.
○ Inflows were driven by $11.0 billion from Corporate Private Equity, $5.7 billion from Secondaries, $4.0 billion from BXPE, $2.8 billion from Infrastructure and $890.8 million from Tactical Opportunities.
○ Market appreciation was driven by $4.7 billion from Infrastructure, $3.4 billion from Corporate Private Equity, $1.8 billion from BXPE and $1.2 billion from Secondaries.
○ Realizations were driven by $5.2 billion from Corporate Private Equity, $2.6 billion from Secondaries, $1.4 billion from Infrastructure and $1.2 billion from Tactical Opportunities.
○ Outflows were driven by $359.4 million from Secondaries and $240.0 million from BXPE.
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• In our Credit & Insurance segment, an increase of $11.9 billion from $457.5 billion at March 31, 2026 to $469.3 billion at June 30, 2026. The net increase was due to inflows of $31.0 billion and market appreciation of $2.0 billion, partially offset by realizations of $13.5 billion and outflows of $7.6 billion.
○ Inflows were driven by $14.7 billion from private corporate credit, $9.9 billion from infrastructure and asset based credit, $3.5 billion from the insurance platform and $2.9 billion from liquid corporate credit.
○ Market appreciation was driven by $786.7 million from liquid corporate credit and $719.8 million from infrastructure and asset based credit.
○ Realizations were driven by $7.7 billion from private corporate credit and $4.8 billion from infrastructure and asset based credit.
○ Outflows were driven by $5.3 billion from private corporate credit and $1.7 billion from liquid corporate credit.
• In our Multi-Asset Investing segment, an increase of $7.3 billion from $101.4 billion at March 31, 2026 to $108.6 billion at June 30, 2026. The net increase was due to market appreciation of $5.7 billion and inflows of $4.6 billion, offset by outflows of $2.3 billion and realizations of $710.0 million.
○ Market appreciation was driven by $3.4 billion from Absolute Return and $1.3 billion from Total Portfolio Management.
○ Inflows were driven by $2.3 billion from Total Portfolio Management and $1.5 billion from Absolute Return.
○ Outflows were driven by $1.8 billion from Absolute Return.
○ Realizations were driven by $341.5 million from Multi-Strategy.
Total Assets Under Management were $1,346.3 billion at June 30, 2026, an increase of $71.3 billion compared to $1,274.9 billion at December 31, 2025. The net increase was due to:
• In our Real Estate segment, a decrease of $5.2 billion from $319.3 billion at December 31, 2025 to $314.1 billion at June 30, 2026. The net decrease was due to realizations of $13.7 billion, outflows of $5.0 billion and market depreciation of $1.5 billion, partially offset by inflows of $15.0 billion.
○ Realizations were driven by $4.9 billion from BREP, $4.7 billion from BREDS, $2.8 billion from BREIT and $1.1 billion from BPP and co-investment.
○ Outflows were driven by $2.1 billion from BREIT and $1.3 billion from BREP.
○ Market depreciation was driven by $3.4 billion from BPP and co-investment and $1.2 billion from BREP (which included $1.0 billion of foreign exchange depreciation), partially offset by market appreciation of $2.7 billion from BREIT.
○ Inflows were driven by $5.5 billion from BREDS, $4.6 billion from BREIT, $2.0 billion from BXDC and $1.7 billion from BREP.
• In our Private Equity segment, an increase of $37.7 billion from $416.4 billion at December 31, 2025 to $454.2 billion at June 30, 2026. The net increase was due to inflows of $44.9 billion and market appreciation of $22.1 billion, partially offset by realizations of $25.6 billion and outflows of $3.6 billion.
○ Inflows were driven by $14.4 billion from Corporate Private Equity, $14.1 billion from Secondaries, $6.6 billion from BXPE, $5.5 billion from Infrastructure, $2.3 billion from BXLS and $1.5 billion from Tactical Opportunities.
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○ Market appreciation was driven by $9.4 billion from Infrastructure, $5.7 billion from Corporate Private Equity, $2.8 billion from BXPE, $1.7 billion from Secondaries and $1.3 billion from Tactical Opportunities.
○ Realizations were driven by $13.7 billion from Corporate Private Equity, $4.7 billion from Secondaries, $4.1 billion from Tactical Opportunities and $1.9 billion from Infrastructure.
○ Outflows were driven by $1.1 billion from Corporate Private Equity and $898.0 million from Secondaries.
• In our Credit & Insurance segment, an increase of $26.4 billion from $443.0 billion at December 31, 2025 to $469.3 billion at June 30, 2026. The net increase was due to inflows of $68.0 billion and market appreciation of $2.5 billion, partially offset by realizations of $27.2 billion and outflows of $17.0 billion.
○ Inflows were driven by $36.2 billion from private corporate credit, $20.8 billion from infrastructure and asset based credit and $9.7 billion from liquid corporate credit.
○ Market appreciation was driven by $1.8 billion from infrastructure and asset based credit.
○ Realizations were driven by $14.9 billion from private corporate credit, $9.7 billion from infrastructure and asset based credit and $2.4 billion from liquid corporate credit.
○ Outflows were driven by $11.0 billion from private corporate credit and $4.8 billion from liquid corporate credit.
• In our Multi-Asset Investing segment, an increase of $12.4 billion from $96.2 billion at December 31, 2025 to $108.6 billion at June 30, 2026. The net increase was due to inflows of $9.0 billion and market appreciation of $8.6 billion, offset by outflows of $3.8 billion and realizations of $1.3 billion.
○ Inflows were driven by $4.2 billion from Absolute Return, $3.0 billion from Total Portfolio Management and $1.6 billion from Multi-Strategy.
○ Market appreciation was driven by $4.3 billion from Absolute Return, $1.7 billion from Public Real Assets, $1.6 billion from Total Portfolio Management and $1.1 billion from Multi-Strategy.
○ Outflows were driven by $2.9 billion from Absolute Return.
○ Realizations were driven by $744.3 million from Multi-Strategy.
Fee-Earning Assets Under Management
Fee-Earning Assets Under Management were $961.6 billion at June 30, 2026, an increase of $24.0 billion compared to $937.6 billion at March 31, 2026. The net increase was due to:
• In our Real Estate segment, a decrease of $82.3 million from $277.5 billion at March 31, 2026 to $277.4 billion at June 30, 2026. The net decrease was due to realizations of $4.5 billion, outflows of $1.1 billion and market depreciation of $593.3 million, partially offset by inflows of $6.1 billion.
○ Realizations were driven by $1.8 billion from BREDS, $1.4 billion from BREIT and $675.0 million from BREP.
○ Outflows were driven by $853.8 million from BREIT and $184.0 million from BPP and co-investment.
○ Market depreciation was driven by $2.3 billion from BPP and co-investment, partially offset by market appreciation of $1.7 billion from BREIT.
○ Inflows were driven by $2.2 billion from BREIT, $2.0 billion from BXDC and $609.8 million from BPP and co-investment.
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• In our Private Equity segment, an increase of $12.0 billion from $255.8 billion at March 31, 2026 to $267.8 billion at June 30, 2026. The net increase was due to inflows of $15.4 billion and market appreciation of $5.3 billion, partially offset by realizations of $4.6 billion and outflows of $4.1 billion.
○ Inflows were driven by $6.1 billion from Corporate Private Equity, $4.0 billion from BXPE, $2.5 billion from Infrastructure and $2.3 billion from Secondaries.
○ Market appreciation was driven by $3.7 billion from Infrastructure and $1.8 billion from BXPE.
○ Realizations were driven by $1.4 billion from Corporate Private Equity, $1.2 billion from Infrastructure and $803.4 million from Secondaries.
○ Outflows were driven by $3.2 billion from Corporate Private Equity.
• In our Credit & Insurance segment, an increase of $5.0 billion from $313.3 billion at March 31, 2026 to $318.2 billion at June 30, 2026. The net increase was due to inflows of $17.2 billion and market appreciation of $1.1 billion, partially offset by realizations of $8.0 billion and outflows of $5.3 billion.
○ Inflows were driven by $6.2 billion from infrastructure and asset based credit, $4.1 billion from private corporate credit, $4.1 billion from the insurance platform and $2.7 billion from liquid corporate credit.
○ Market appreciation was driven by $542.2 million from infrastructure and asset based credit.
○ Realizations were driven by $4.4 billion from infrastructure and asset based credit and $2.7 billion from private corporate credit.
○ Outflows were driven by $3.1 billion from private corporate credit and $1.6 billion from liquid corporate credit.
• In our Multi-Asset Investing segment, an increase of $7.1 billion from $91.0 billion at March 31, 2026 to $98.1 billion at June 30, 2026. The net increase was due to market appreciation of $5.3 billion and inflows of $4.6 billion, offset by outflows of $2.1 billion and realizations of $677.1 million.
○ Market appreciation was driven by $3.2 billion from Absolute Return, $1.1 billion from Total Portfolio Management and $850.0 million from Multi-Strategy.
○ Inflows were driven by $2.3 billion from Total Portfolio Management, $1.4 billion from Absolute Return and $857.1 million from Multi-Strategy.
○ Outflows were driven by $1.7 billion from Absolute Return.
○ Realizations were driven by $337.8 million from Multi-Strategy.
Fee-Earning Assets Under Management were $961.6 billion at June 30, 2026, an increase of $39.9 billion compared to $921.7 billion at December 31, 2025. The net increase was due to:
• In our Real Estate segment, a decrease of $2.0 billion from $279.4 billion at December 31, 2025 to $277.4 billion at June 30, 2026. The net decrease was due to realizations of $9.7 billion, outflows of $2.9 billion and market depreciation of $929.6 million, partially offset by inflows of $11.5 billion.
○ Realizations were driven by $2.9 billion from BREDS, $2.8 billion from BREIT and $2.7 billion from BREP.
○ Outflows were driven by $2.1 billion from BREIT and $591.7 million from BPP and co-investment.
○ Market depreciation was driven by $3.4 billion from BPP and co-investment, partially offset by market appreciation of $2.7 billion from BREIT.
○ Inflows were driven by $4.5 billion from BREIT, $2.7 billion from BREDS and $2.0 billion from BXDC.
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• In our Private Equity segment, an increase of $26.9 billion from $241.0 billion at December 31, 2025 to $267.8 billion at June 30, 2026. The net increase was due to inflows of $34.7 billion and market appreciation of $10.3 billion, partially offset by realizations of $9.4 billion and outflows of $8.8 billion.
○ Inflows were driven by $10.6 billion from Secondaries, $8.9 billion from Corporate Private Equity, $6.6 billion from BXPE, $4.1 billion from Infrastructure, $2.3 billion from BXLS and $1.9 billion from Tactical Opportunities.
○ Market appreciation was driven by $7.8 billion from Infrastructure and $2.8 billion from BXPE.
○ Realizations were driven by $3.8 billion from Corporate Private Equity, $1.6 billion from Infrastructure, $1.5 billion from Secondaries and $1.4 billion from Tactical Opportunities.
○ Outflows were driven by $6.4 billion from Corporate Private Equity.
• In our Credit & Insurance segment, an increase of $2.6 billion from $315.6 billion at December 31, 2025 to $318.2 billion at June 30, 2026. The net increase was due to inflows of $31.9 billion and market appreciation of $1.1 billion, partially offset by realizations of $17.2 billion and outflows of $13.2 billion.
○ Inflows were driven by $12.1 billion from infrastructure and asset based credit, $9.2 billion from private corporate credit and $8.8 billion from liquid corporate credit.
○ Market appreciation was driven by $1.4 billion from infrastructure and asset based credit, partially offset by market depreciation of $365.0 million from liquid corporate credit.
○ Realizations were driven by $9.0 billion from infrastructure and asset based credit, $5.7 billion from private corporate credit and $2.4 billion from liquid corporate credit.
○ Outflows were driven by $7.0 billion from private corporate credit and $4.6 billion from liquid corporate credit.
• In our Multi-Asset Investing segment, an increase of $12.5 billion from $85.6 billion at December 31, 2025 to $98.1 billion at June 30, 2026. The net increase was due to inflows of $9.3 billion and market appreciation of $8.0 billion, offset by outflows of $3.6 billion and realizations of $1.3 billion.
○ Inflows were driven by $4.5 billion from Absolute Return, $3.0 billion from Total Portfolio Management and $1.7 billion from Multi-Strategy.
○ Market appreciation was driven by $4.0 billion from Absolute Return, $1.5 billion from Public Real Assets, $1.5 billion from Total Portfolio Management and $1.0 billion from Multi-Strategy.
○ Outflows were driven by $2.8 billion from Absolute Return.
○ Realizations were driven by $727.2 million from Multi-Strategy.
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Dry Powder
The following presents our Dry Powder as of quarter end of each period:
Note: Totals may not add due to rounding.
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Net Accrued Performance Revenues
The following table presents the Accrued Performance Revenues, net of performance compensation, of the Blackstone Funds as of June 30, 2026 and 2025. Net Accrued Performance Revenues presented do not include clawback amounts, if any, which are disclosed in Note 16. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Condensed Consolidated Financial Statements” in
“—Item 1. Financial Statements” of this filing. See “—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues.
$ $
June 30,
2026 2025
(Dollars in Millions)
Real Estate
BREP Global $ 553 $ 721
BREP Europe 81 27
BREP Asia 114 98
BPP 114 45
BREDS 30 32
Total Real Estate (a) 891 923
Private Equity
BCP Global 1,764 1,869
BCP Asia 262 344
Energy/Energy Transition 1,052 515
Core Private Equity 256 266
Tactical Opportunities 150 227
Secondaries 1,148 1,270
Infrastructure 936 247
Life Sciences 253 239
BTAS/BXPE 262 236
Total Private Equity (a) 6,081 5,212
Credit & Insurance 252 369
Multi-Asset Investing 243 103
Total Blackstone Net Accrued Performance Revenues $ 7,468 $ 6,608
Note: Totals may not add due to rounding.
(a) Real Estate and Private Equity include co-investments, as applicable.
For the twelve months ended June 30, 2026, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $4.6 billion, partially offset by net realized distributions of $3.8 billion.
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Invested Performance Eligible Assets Under Management
The following presents our Invested Performance Eligible Assets Under Management as of quarter end for each period:
Note: Totals may not add due to rounding.
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Perpetual Capital
The following presents our Perpetual Capital Total Assets Under Management as of quarter end for each period:
Note: Totals may not add due to rounding.
(a) Perpetual Capital Total Assets Under Management for the Multi-Asset Investing segment was $582.2 million, $658.8 million and $724.3 million as of December 31, 2025, March 31, 2026 and June 30, 2026, respectively.
Perpetual Capital Total Assets Under Management was $555.6 billion as of June 30, 2026, an increase of $15.9 billion, compared to $539.7 billion as of March 31, 2026. Perpetual Capital Total Assets Under Management in our Private Equity and Credit & Insurance segments increased $11.4 billion and $4.1 billion, respectively.
Perpetual Capital Total Assets Under Management was $555.6 billion as of June 30, 2026, an increase of $31.9 billion, compared to $523.6 billion as of December 31, 2025. Perpetual Capital Total Assets Under Management in our Private Equity and Credit & Insurance segments increased $21.0 billion and $9.4 billion, respectively.
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Investment Records
Fund returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
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The following tables present the investment record of our significant and formerly significant carry/drawdown funds and select perpetual capital strategies from inception through June 30, 2026:
Carry/Drawdown Funds
$ $ $ $ $ $ $ $ $ $ $
Unrealized Investments Realized Investments Total Investments
Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date) (a) Committed Capital Available Capital (b) Value MOIC (c) % Public Value MOIC (c) Value MOIC (c) Realized Total
(Dollars/Euros in Thousands, Except Where Noted)
Real Estate
Pre-BREP $ 140,714 $ — $ — n/a — $ 345,190 2.5x $ 345,190 2.5x 33% 33%
BREP I (Sep 1994 / Oct 1996) 380,708 — — n/a — 1,327,708 2.8x 1,327,708 2.8x 40% 40%
BREP II (Oct 1996 / Mar 1999) 1,198,339 — — n/a — 2,531,614 2.1x 2,531,614 2.1x 19% 19%
BREP III (Apr 1999 / Apr 2003) 1,522,708 — — n/a — 3,330,406 2.4x 3,330,406 2.4x 21% 21%
BREP IV (Apr 2003 / Dec 2005) 2,198,694 — — n/a — 4,684,608 1.7x 4,684,608 1.7x 12% 12%
BREP V (Dec 2005 / Feb 2007) 5,539,418 — 2,331 n/a — 13,468,476 2.3x 13,470,807 2.3x 11% 11%
BREP VI (Feb 2007 / Aug 2011) 11,060,122 — 1,748 n/a — 27,765,450 2.5x 27,767,198 2.5x 13% 13%
BREP VII (Aug 2011 / Apr 2015) 13,506,800 845,588 867,492 0.4x — 29,432,126 2.1x 30,299,618 1.9x 17% 14%
BREP VIII (Apr 2015 / Jun 2019) 16,651,125 1,215,310 8,377,561 1.3x 4% 24,654,936 2.1x 33,032,497 1.8x 19% 11%
BREP IX (Jun 2019 / Aug 2022) 21,374,992 2,812,950 16,292,849 1.0x 2% 12,614,323 1.9x 28,907,172 1.3x 30% 4%
*BREP X (Aug 2022 / Feb 2028) 30,643,847 16,025,374 18,765,019 1.3x 1% 3,219,851 1.9x 21,984,870 1.3x 30% 12%
Total Global BREP $ 104,217,467 $ 20,899,222 $ 44,307,000 1.1x 2% $ 123,374,688 2.2x $ 167,681,688 1.7x 16% 14%
BREP Int’l (Jan 2001 / Sep 2005) € 824,172 € — € — n/a — € 1,373,170 2.1x € 1,373,170 2.1x 23% 23%
BREP Int’l II (Sep 2005 / Jun 2008) (e) 1,629,748 — — n/a — 2,583,032 1.8x 2,583,032 1.8x 8% 8%
BREP Europe III (Jun 2008 / Sep 2013) 3,205,420 86,085 17,071 0.1x — 5,993,336 2.1x 6,010,407 2.0x 14% 13%
BREP Europe IV (Sep 2013 / Dec 2016) 6,676,611 598,954 624,365 0.6x — 10,438,878 1.9x 11,063,243 1.7x 16% 11%
BREP Europe V (Dec 2016 / Oct 2019) 8,007,488 597,691 3,724,421 0.7x — 6,902,190 3.8x 10,626,611 1.4x 40% 5%
BREP Europe VI (Oct 2019 / Sep 2023) 9,941,770 2,763,031 6,117,864 0.9x 6% 4,049,113 2.4x 10,166,977 1.2x 62% 2%
*BREP Europe VII (Sep 2023 / Mar 2029) 9,762,262 5,734,678 4,873,649 1.3x 1% 167,092 1.4x 5,040,741 1.3x n/m 13%
Total BREP Europe € 40,047,471 € 9,780,439 € 15,357,370 0.9x 3% € 31,506,811 2.2x € 46,864,181 1.5x 16% 9%
continued...
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Carry/Drawdown Funds continued
$ $ $ $ $ $ $ $ $ $ $
Unrealized Investments Realized Investments Total Investments
Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date) (a) Committed Capital Available Capital (b) Value MOIC (c) % Public Value MOIC (c) Value MOIC (c) Realized Total
(Dollars/Euros in Thousands, Except Where Noted)
Real Estate (continued)
BREP Asia I (Jun 2013 / Dec 2017) $ 4,262,075 $ 646,265 $ 1,209,142 1.7x 51% $ 7,685,485 2.0x $ 8,894,627 1.9x 15% 12%
BREP Asia II (Dec 2017 / Mar 2022) 7,361,035 1,178,550 4,995,177 1.1x 26% 3,404,324 1.6x 8,399,501 1.3x 11% 3%
*BREP Asia III (Mar 2022 / Sep 2027) 8,219,868 4,351,718 5,078,659 1.3x 3% 503,885 1.8x 5,582,544 1.3x 34% 9%
Total BREP Asia 19,842,978 6,176,533 11,282,978 1.3x 18% 11,593,694 1.8x 22,876,672 1.5x 14% 7%
BREP Co-Investment (f) 8,691,884 551,495 1,564,893 1.2x — 15,372,186 2.2x 16,937,079 2.1x 16% 16%
Total BREP $ 179,426,235 $ 38,798,469 $ 74,435,691 1.1x 4% $ 188,783,012 2.2x $ 263,218,703 1.7x 16% 13%
*BREDS High-Yield (Various) (g) $ 27,606,074 $ 8,615,842 $ 3,704,090 1.0x — $ 26,072,271 1.3x $ 29,776,361 1.3x 10% 9%
Private Equity
Corporate Private Equity
BCP I (Oct 1987 / Oct 1993) $ 859,081 $ — $ — n/a — $ 1,741,738 2.6x $ 1,741,738 2.6x 19% 19%
BCP II (Oct 1993 / Aug 1997) 1,361,100 — — n/a — 3,268,627 2.5x 3,268,627 2.5x 32% 32%
BCP III (Aug 1997 / Nov 2002) 3,967,422 — — n/a — 9,228,707 2.3x 9,228,707 2.3x 14% 14%
BCOM (Jun 2000 / Jun 2006) 2,137,330 — — n/a — 2,995,106 1.4x 2,995,106 1.4x 6% 6%
BCP IV (Nov 2002 / Dec 2005) 6,450,000 — — n/a — 21,720,334 2.9x 21,720,334 2.9x 36% 36%
BCP V (Dec 2005 / Jan 2011) 21,009,112 982,018 — n/a — 38,870,191 1.9x 38,870,191 1.9x 8% 8%
BCP VI (Jan 2011 / May 2016) 15,192,032 1,340,945 2,127,333 3.1x 4% 30,730,898 2.2x 32,858,231 2.2x 13% 12%
BCP VII (May 2016 / Feb 2020) 18,873,411 1,309,645 13,928,047 1.5x 33% 24,466,786 2.6x 38,394,833 2.1x 24% 12%
BCP VIII (Feb 2020 / Apr 2024) 25,820,052 5,881,691 25,743,798 1.4x 16% 10,795,620 2.4x 36,539,418 1.6x 26% 10%
*BCP IX (Apr 2024 / Apr 2030) 21,829,911 18,396,522 5,316,361 1.5x 1% 293,543 1.5x 5,609,904 1.5x n/m 24%
Energy I (Aug 2011 / Feb 2015) 2,435,007 170,540 — n/a — 4,897,287 2.0x 4,897,287 2.0x 12% 12%
Energy II (Feb 2015 / Feb 2020) 4,926,378 778,845 3,236,286 2.6x 72% 6,342,126 1.8x 9,578,412 2.0x 9% 9%
Energy III (Feb 2020 / Jun 2024) 4,398,275 1,815,918 7,255,903 3.0x 26% 5,060,366 3.0x 12,316,269 3.0x 33% 33%
Energy Transition IV (Jun 2024 / Jun 2026) 5,880,459 2,763,373 6,518,880 2.0x — 157,155 1.7x 6,676,035 2.0x n/m 94%
*Energy Transition V (Jun 2026 / Jun 2032) 5,671,639 5,671,639 — n/a — — n/a — n/a n/a n/a
BCP Asia I (Dec 2017 / Sep 2021) 2,437,080 417,510 1,275,730 1.3x 33% 3,676,038 3.0x 4,951,768 2.3x 33% 19%
*BCP Asia II (Sep 2021 / Sep 2027) 6,843,926 3,570,292 6,463,390 1.9x 15% 1,041,893 3.4x 7,505,283 2.0x 93% 27%
BCP Asia III (TBD) 13,100,000 13,100,000 — n/a — — n/a — n/a n/a n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h) 4,760,130 1,193,521 6,588,435 2.1x — 4,220,471 3.7x 10,808,906 2.5x 32% 14%
*Core Private Equity II (Mar 2021 / Mar 2027) (h) 8,244,519 6,007,302 5,420,354 1.5x — 2,081,525 4.2x 7,501,879 1.8x 38% 16%
Total Corporate Private Equity $ 176,196,864 $ 63,399,761 $ 83,874,517 1.7x 18% $ 171,588,411 2.3x $ 255,462,928 2.0x 16% 15%
continued...
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Carry/Drawdown Funds continued
$ $ $ $ $ $ $ $ $ $ $
Unrealized Investments Realized Investments Total Investments
Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date) (a) Committed Capital Available Capital (b) Value MOIC (c) % Public Value MOIC (c) Value MOIC (c) Realized Total
(Dollars/Euros in Thousands, Except Where Noted)
Private Equity (continued)
Tactical Opportunities
*Tactical Opportunities (Various) $ 33,780,643 $ 14,441,280 $ 13,027,191 1.2x 2% $ 32,984,254 1.9x $ 46,011,445 1.6x 15% 10%
*Tactical Opportunities Co-Investment and Other (Various) 10,477,806 1,084,293 3,558,538 1.3x 3% 12,089,490 1.8x 15,648,028 1.7x 18% 15%
Total Tactical Opportunities $ 44,258,449 $ 15,525,573 $ 16,585,729 1.2x 2% $ 45,073,744 1.9x $ 61,659,473 1.6x 16% 11%
Growth
BXG I (Jul 2020 / Feb 2025) $ 4,961,566 $ 292,405 $ 5,152,451 1.2x — $ 670,399 1.3x $ 5,822,850 1.2x n/m 2%
*BXG II (Feb 2025 / Feb 2030) 4,610,169 3,742,666 854,654 1.1x — 9,154 n/m 863,808 1.1x n/m n/m
Total Growth $ 9,571,735 $ 4,035,071 $ 6,007,105 1.2x — $ 679,553 1.3x $ 6,686,658 1.2x n/m 2%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i) $ 11,035,527 $ 9,572 $ 2,126 n/a — $ 16,796,758 n/a $ 16,798,884 1.7x n/a 13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i) 4,362,772 379,409 420,348 n/a — 4,665,673 n/a 5,086,021 1.7x n/a 13%
Strategic Partners VII (May 2016 / Mar 2019) (i) 7,489,970 1,605,255 2,258,612 n/a — 8,553,876 n/a 10,812,488 1.9x n/a 15%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i) 1,749,807 595,603 1,351,477 n/a — 1,397,378 n/a 2,748,855 1.9x n/a 15%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i) 10,763,600 3,410,713 5,873,822 n/a — 9,027,494 n/a 14,901,316 1.7x n/a 17%
*Strategic Partners Real Estate, SMA and Other (Various) (i) 7,055,591 1,224,720 3,165,936 n/a — 2,940,627 n/a 6,106,563 1.4x n/a 10%
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i) 3,250,100 666,246 2,626,038 n/a — 884,418 n/a 3,510,456 1.6x n/a 15%
Strategic Partners IX (Oct 2021 / Mar 2026) (i) 19,692,625 1,504,371 19,455,372 n/a — 1,307,669 n/a 20,763,041 1.5x n/a 17%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i) 2,095,211 342,116 1,295,854 n/a — 94,182 n/a 1,390,036 1.1x n/a —
*Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i) 4,837,949 3,501,386 406,950 n/a — — n/a 406,950 1.9x n/a n/m
*Strategic Partners X (Mar 2026 / May 2031) 11,024,493 8,606,558 — n/a — — n/a — n/a n/a n/a
Total Strategic Partners (Secondaries) $ 83,357,645 $ 21,845,949 $ 36,856,535 n/a — $ 45,668,075 n/a $ 82,524,610 1.6x n/a 14%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020) $ 910,000 $ 40,291 $ 517,753 2.0x — $ 817,615 1.6x $ 1,335,368 1.7x 10% 9%
BXLS V (Jan 2020 / Mar 2025) 5,056,620 2,303,560 5,195,969 2.1x 1% 1,854,239 1.8x 7,050,208 2.0x 11% 17%
*BXLS VI (Mar 2025 / Mar 2031) 6,486,870 6,375,163 437,377 n/m — — n/a 437,377 n/m n/a n/m
continued...
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Carry/Drawdown Funds continued
$ $ $ $ $ $ $ $ $ $ $
Unrealized Investments Realized Investments Total Investments
Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date) (a) Committed Capital Available Capital (b) Value MOIC (c) % Public Value MOIC (c) Value MOIC (c) Realized Total
(Dollars/Euros in Thousands, Except Where Noted)
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) $ 2,000,000 $ — $ — n/a — $ 4,809,113 1.6x $ 4,809,113 1.6x n/a 17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016) 4,120,000 993,260 57,792 0.5x — 6,687,961 1.4x 6,745,753 1.4x n/a 9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) 6,639,133 1,081,586 787,485 1.2x — 9,939,495 1.5x 10,726,980 1.5x n/a 11%
Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025) 5,016,771 1,368,541 3,047,474 1.1x — 4,156,400 1.5x 7,203,874 1.3x n/a 11%
*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029) 7,630,000 6,911,455 693,976 1.1x — 206,964 1.2x 900,940 1.1x n/a n/m
Total Mezzanine / Opportunistic 25,405,904 10,354,842 4,586,727 1.1x — 25,799,933 1.5x 30,386,660 1.4x n/a 13%
Stressed / Distressed I (Sep 2009 / May 2013) 3,253,143 — — n/a — 5,777,098 1.3x 5,777,098 1.3x n/a 9%
Stressed / Distressed II (Jun 2013 / Jun 2018) 5,125,000 547,430 — n/a — 5,564,200 1.1x 5,564,200 1.1x n/a —
Stressed / Distressed III (Dec 2017 / Dec 2022) 7,356,380 1,085,652 1,022,304 1.2x — 5,934,391 1.3x 6,956,695 1.3x n/a 9%
Total Stressed / Distressed 15,734,523 1,633,082 1,022,304 1.2x — 17,275,689 1.2x 18,297,993 1.2x n/a 7%
European Senior Debt I (Feb 2015 / Feb 2019) € 1,964,689 € 67,044 € 159,420 0.3x — € 2,999,625 1.3x € 3,159,045 1.1x n/a 1%
European Senior Debt II (Jun 2019 / Jun 2023) (j) 4,088,344 861,672 2,174,148 0.9x — 4,891,963 1.7x 7,066,111 1.3x n/a 8%
Total European Senior Debt € 6,053,033 € 928,716 € 2,333,568 0.8x — € 7,891,588 1.5x € 10,225,156 1.2x n/a 6%
Energy I (Nov 2015 / Nov 2018) $ 2,856,867 $ 1,154,819 $ 70,845 1.3x — $ 3,556,730 1.5x $ 3,627,575 1.5x n/a 10%
Energy II (Feb 2019 / Jun 2023) 3,616,081 1,456,014 423,972 1.3x 19% 3,554,034 1.4x 3,978,006 1.4x n/a 16%
*Energy III (May 2023 / May 2028) 6,477,000 4,193,381 2,425,168 1.0x — 3,298,003 1.3x 5,723,171 1.2x n/a 15%
Total Energy 12,949,948 6,804,214 2,919,985 1.0x 3% 10,408,767 1.4x 13,328,752 1.3x n/a 12%
Senior Direct Lending (Various) (k) 2,820,243 1,233,828 2,692,761 1.1x — 341,891 1.2x 3,034,652 1.1x n/a 9%
Total Credit Drawdown Funds (l) $ 63,816,276 $ 21,087,768 $ 13,889,746 1.0x 1% $ 63,217,193 1.4x $ 77,106,939 1.3x n/a 10%
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Select Perpetual Capital Strategies (m)
$ $
Strategy (Inception Year) (a) Investment Strategy Total Assets Under Management Total Net Return (n)
(Dollars in Thousands, Except Where Noted)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (o) Core+ Real Estate $ 57,749,790 2%
BREIT - Blackstone Real Estate Income Trust (2017) (p) Core+ Real Estate 56,551,910 9%
BREIT - Class I (q) Core+ Real Estate 9%
BXMT - Blackstone Mortgage Trust (2013) (r) Real Estate Debt 6,255,948 6%
Private Equity
BXGP - Blackstone GP Stakes (2014) (s) Minority GP Interests 10,017,197 12%
BIP - Blackstone Infrastructure Partners (2019) (t) Infrastructure 74,964,704 18%
BXINFRA - Blackstone Infrastructure Strategies Fund Program (2025) (u) Infrastructure 5,979,642 15%
BXINFRA - Class I (v) Infrastructure 16%
BXPE - Blackstone Private Equity Strategies Fund Program (2024) (w) Private Equity 25,312,193 19%
BXPE - Class I (x) Private Equity 20%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (y) U.S. Direct Lending 16,585,488 11%
BCRED - Blackstone Private Credit Fund (2021) (z) U.S. Direct Lending 94,623,700 9%
BCRED - Class I (aa) U.S. Direct Lending 9%
ECRED - Blackstone European Credit Fund (2022) (bb) European Direct Lending € 5,248,866 9%
ECRED - Class I (cc) European Direct Lending 9%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
n/m Not meaningful generally due to the limited time since initial investment.
n/a Not applicable.
SMA Separately managed account.
* For the carry/drawdown funds only, represents funds that are in their investment period as of June 30, 2026.
(a) Excludes investment vehicles where Blackstone does not earn fees.
(b) Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.
(c) Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.
(d) Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to June 30, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.
(e) The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR.
(f) BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.
(g) BREDS High-Yield represents the flagship real estate debt drawdown funds only.
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(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. Total net returns were 12% and 7%, respectively, for the levered and unlevered funds of the strategy.
(k) Senior Direct Lending I IRR represents the blended return across the commingled levered and unlevered funds within the strategy. Total net returns were 10% and 7%, respectively, for the levered and unlevered funds of the strategy.
(l) Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.
(m) Represents the performance for select perpetual capital strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.
(n) Unless otherwise indicated, Total Net Return represents the annualized inception to June 30, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year.
(o) BPP represents the aggregate Total Assets Under Management and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of June 30, 2026, these vehicles represented $4.4 billion of Total Assets Under Management.
(p) The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017.
(q) Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from January 1, 2017.
(r) The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during the period.
(s) Blackstone GP Stakes (“BXGP”) represents the aggregate Total Assets Under Management and Total Net Return of BSCH I and BSCH II funds that invest as part of the Secondaries - GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of June 30, 2026, including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total Assets Under Management was $13.1 billion.
(t) BIP represents the aggregate Total Assets Under Management and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of June 30, 2026, including co-investment vehicles that do not pay fees, BIP Total Assets Under Management was $85.6 billion.
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(u) The BXINFRA Total Net Return reflects a per share blended return, assuming the BXINFRA fund program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXINFRA. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Total Net Return is from January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXINFRA Total Assets Under Management reflects net asset value as of June 30, 2026. BXINFRA Total Assets Under Management, to the extent managed by a different business, is reported in such business for the purposes of segment Assets Under Management reporting.
(v) Represents the blended Total Net Return for the BXINFRA fund program’s Class I shares, its largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Class I Total Net Return is from January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.
(w) The BXPE Total Net Return reflects a per share blended return, assuming the BXPE fund program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total Assets Under Management reflects net asset value as of June 30, 2026. BXPE Total Assets Under Management, to the extent managed by a different business, is reported in such business for the purposes of segment Assets Under Management reporting.
(x) Represents the blended Total Net Return for the BXPE fund program’s Class I shares, its largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.
(y) The BXSL Total Assets Under Management and Total Net Return are presented as of March 31, 2026. Refer to BXSL public filings for current quarter results. BXSL Total Net Return reflects the change in Net Asset Value (“NAV”) per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.
(z) The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total Assets Under Management reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of June 30, 2026 was $42.8 billion.
(aa) Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021.
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(bb) The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from October 3, 2022. Total Assets Under Management reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities as of June 30, 2026. ECRED net asset value as of June 30, 2026 was €2.6 billion.
(cc) Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance varies by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis and is from October 3, 2022.
Segment Analysis
Discussed below is our Segment Distributable Earnings for each of our segments. This information is reflected in the manner utilized by our senior management to make operating decisions, assess performance and allocate resources. References to “our” sectors or investments may also refer to portfolio companies and investments of the underlying funds that we manage.
Real Estate
The following table presents the results of operations for our Real Estate segment:
$ $ $ $ $ $ $ $
Three Months Ended June 30, 2026 vs. 2025 Six Months Ended June 30, 2026 vs. 2025
2026 2025 $ % 2026 2025 $ %
(Dollars in Thousands)
Management and Advisory Fees, Net
Base Management Fees $ 630,097 $ 673,154 $ (43,057 ) -6% $ 1,266,144 $ 1,337,755 $ (71,611 ) -5%
Transaction, Advisory and Other Fees, Net 104,321 41,720 62,601 150% 156,059 81,866 74,193 91%
Management Fee Offsets (7,337 ) (3,582 ) (3,755 ) 105% (17,645 ) (7,481 ) (10,164 ) 136%
Total Management and Advisory Fees, Net 727,081 711,292 15,789 2% 1,404,558 1,412,140 (7,582 ) -1%
Fee Related Performance Revenues 242,718 89,590 153,128 171% 395,716 127,393 268,323 211%
Fee Related Compensation (262,168 ) (170,209 ) (91,959 ) 54% (455,305 ) (340,734 ) (114,571 ) 34%
Other Operating Expenses (94,624 ) (87,048 ) (7,576 ) 9% (184,824 ) (170,329 ) (14,495 ) 9%
Fee Related Earnings 613,007 543,625 69,382 13% 1,160,145 1,028,470 131,675 13%
Realized Performance Revenues 210,868 43,587 167,281 384% 252,942 62,597 190,345 304%
Realized Performance Compensation (85,259 ) (24,139 ) (61,120 ) 253% (108,215 ) (32,909 ) (75,306 ) 229%
Realized Principal Investment Income (Loss) 6,660 2,797 3,863 138% (2,145 ) 3,146 (5,291 ) n/m
Net Realizations 132,269 22,245 110,024 495% 142,582 32,834 109,748 334%
Segment Distributable Earnings $ 745,276 $ 565,870 $ 179,406 32% $ 1,302,727 $ 1,061,304 $ 241,423 23%
n/m Not meaningful.
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Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Segment Distributable Earnings were $745.3 million for the three months ended June 30, 2026, an increase of $179.4 million, compared to $565.9 million for the three months ended June 30, 2025. The increase in Segment Distributable Earnings was attributable to increases of $110.0 million in Net Realizations and of $69.4 million in Fee Related Earnings.
Overall values in our real estate segment appreciated modestly in the second quarter of 2026, led by strength in digital infrastructure and partly offset by declines in life science office and certain other areas. Despite elevated base rates and volatility from the ongoing conflict in the Middle East continuing to weigh on transaction activity, debt capital markets continued to exhibit strength in the quarter. While the overall recovery in commercial real estate has also been impacted by the increase in base rates, we believe there are a number of positive factors that should support values in our Real Estate portfolio over time. In addition to favorable debt capital markets, these factors include strong fundamentals in digital infrastructure, a meaningful re-acceleration of U.S. leasing activity in our logistics portfolio and declining new supply, including in rental housing. These three sectors represent a substantial portion of our overall real estate equity portfolio.
Fee Related Earnings
Fee Related Earnings were $613.0 million for the three months ended June 30, 2026, an increase of $69.4 million, compared to $543.6 million for the three months ended June 30, 2025. The increase in Fee Related Earnings was attributable to an increase of $153.1 million in Fee Related Performance Revenues, partially offset by an increase of $92.0 million in Fee Related Compensation.
Fee Related Performance Revenues were $242.7 million for the three months ended June 30, 2026, an increase of $153.1 million, compared to $89.6 million for the three months ended June 30, 2025. The increase was attributable to higher Fee Related Performance Revenues in BREIT.
Fee Related Compensation was $262.2 million for the three months ended June 30, 2026, an increase of $92.0 million, compared to $170.2 million for the three months ended June 30, 2025. The increase was primarily attributable to the increase in Fee Related Performance Revenues, on which a portion of Fee Related Compensation is based.
Net Realizations
Net Realizations were $132.3 million for the three months ended June 30, 2026, an increase of $110.0 million, compared to $22.2 million for the three months ended June 30, 2025. The increase in Net Realizations was primarily attributable to an increase of $167.3 million in Realized Performance Revenues, partially offset by an increase of $61.1 million in Realized Performance Compensation.
Realized Performance Revenues were $210.9 million for the three months ended June 30, 2026, an increase of $167.3 million, compared to $43.6 million for the three months ended June 30, 2025. The increase was primarily attributable to higher Realized Performance Revenues in BREP.
Realized Performance Compensation was $85.3 million for three months ended June 30, 2026, an increase of $61.1 million, compared to $24.1 million for the three months ended June 30, 2025. The increase was primarily attributable to the increase in Realized Performance Revenues.
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Segment Distributable Earnings were $1.3 billion for the six months ended June 30, 2026, an increase of $241.4 million, compared to $1.1 billion for the six months ended June 30, 2025. The increase in Segment Distributable Earnings was attributable to increases of $131.7 million in Fee Related Earnings and of $109.7 million in Net Realizations.
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Fee Related Earnings
Fee Related Earnings were $1.2 billion for the six months ended June 30, 2026, an increase of $131.7 million, compared to $1.0 billion for the six months ended June 30, 2025. The increase in Fee Related Earnings was attributable to an increase of $268.3 million in Fee Related Performance Revenues, partially offset by an increase of $114.6 million in Fee Related Compensation.
Fee Related Performance Revenues were $395.7 million for the six months ended June 30, 2026, an increase of $268.3 million, compared to $127.4 million for the six months ended June 30, 2025. The increase was attributable to higher Fee Related Performance Revenues in BREIT.
Fee Related Compensation were $455.3 million for the six months ended June 30, 2026, an increase of $114.6 million, compared to $340.7 million for the six months ended June 30, 2025. The increase was primarily attributable to the increase in Fee Related Performance Revenues, on which a portion of Fee Related Compensation is based.
Net Realizations
Net Realizations were $142.6 million for the six months ended June 30, 2026, an increase of $109.7 million, compared to $32.8 million for the six months ended June 30, 2025. The increase in Net Realizations was attributable to an increase of $190.3 million in Realized Performance Revenues, partially offset by an increase of $75.3 million in Realized Performance Compensation.
Realized Performance Revenues were $252.9 million for the six months ended June 30, 2026, an increase of $190.3 million, compared to $62.6 million for the six months ended June 30, 2025. The increase was primarily attributable to higher Realized Performance Revenues in BREP.
Realized Performance Compensation was $108.2 million for the six months ended June 30, 2026, an increase of $75.3 million, compared to $32.9 million for the six months ended June 30, 2025. The increase was primarily attributable to the increase in Realized Performance Revenues.
Fund Returns
Fund return information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
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The following table presents the internal rates of return, except where noted, of our significant real estate funds:
$ $ $ $ $ $ $ $ $ $ $ $
Three Months Ended Six Months Ended June 30, 2026
June 30, June 30, Inception to Date
2026 2025 2026 2025 Realized Total
Fund (a) Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net
BREP VIII -2% -2% -1% -1% -4% -4% -2% -2% 26% 19% 16% 11%
BREP IX -4% -4% -2% 0% -8% -8% -3% -2% 46% 30% 8% 4%
BREP X 8% 6% 4% 2% 12% 8% 11% 7% 45% 30% 24% 12%
BREP Europe V (b) -7% -5% -2% -2% -7% -6% -1% -2% 49% 40% 9% 5%
BREP Europe VI (b) -3% -3% -3% -2% -8% -8% -8% -7% 87% 62% 7% 2%
BREP Europe VII (b) 4% 2% 4% 4% 10% 6% 8% 4% n/m n/m 27% 13%
BREP Asia II -1% -2% 1% 1% -6% -6% 3% 2% 17% 11% 6% 3%
BREP Asia III 4% 2% 6% 5% 15% 11% 15% 12% 65% 34% 17% 9%
BREP Co-Investment (c) 1% 1% -1% -1% 3% 1% 0% 0% 18% 16% 18% 16%
BPP (d) -3% -4% -2% -3% -4% -5% -2% -3% n/a n/a 4% 2%
BREIT (e) n/a 3% n/a 1% n/a 5% n/a 3% n/a n/a n/a 9%
BREIT - Class I (f) n/a 3% n/a 1% n/a 5% n/a 3% n/a n/a n/a 9%
BREDS High-Yield (g) 2% 1% 3% 2% 4% 3% 7% 5% 14% 10% 14% 9%
BXMT (h) n/a -9% n/a -1% n/a -7% n/a 16% n/a n/a n/a 6%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
n/m Not meaningful generally due to the limited time since initial investment.
n/a Not applicable.
(a) Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. Excludes investment vehicles where Blackstone does not earn fees.
(b) Reflects an internal rate of return for euro-denominated investors in these funds.
(c) BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.
(d) The BPP platform, which comprises over 30 fund, co-investment and separately managed account vehicles, represents the Core+ real estate funds that invest with a more modest risk profile and lower leverage.
(e) Reflects a per share blended return for each respective period, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date returns are presented on an annualized basis and are from January 1, 2017.
(f) Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Inception to date return is from January 1, 2017.
(g) BREDS High-Yield represents the flagship real estate debt drawdown funds only. Inception to date returns are from July 1, 2009.
(h) Reflects the annualized return of a shareholder invested in BXMT as of the beginning of each period presented, assuming reinvestment of all dividends received during the period, and net of all fees and expenses incurred by BXMT. Return incorporates the closing NYSE stock price as of each period end. Inception to date returns are from May 22, 2013.
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Funds With Closed Investment Periods as of June 30, 2026
The Real Estate segment has thirteen funds with closed investment periods as of June 30, 2026: BREP IX, BREP VIII, BREP VII, BREP VI, BREP V, BREP Europe VI, BREP Europe V, BREP Europe IV, BREP Europe III, BREP Asia II, BREP Asia I, BREDS IV and BREDS III. As of June 30, 2026, BREP VII, BREP VI, BREP V, BREP Europe IV, BREP Europe III and BREP Asia I were above their carried interest thresholds (i.e., the preferred return payable to its limited partners before the general partner is eligible to receive carried interest) and would have been above their carried interest thresholds even if all remaining investments were valued at zero. BREP VIII, BREDS IV and BREDS III were above their carried interest thresholds as of June 30, 2026, while BREP IX, BREP Asia II, BREP Europe VI, and BREP Europe V were below their carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.
Private Equity
The following table presents the results of operations for our Private Equity segment:
$ $ $ $ $ $ $ $
Three Months Ended June 30, 2026 vs. 2025 Six Months Ended June 30, 2026 vs. 2025
2026 2025 $ % 2026 2025 $ %
(Dollars in Thousands)
Management and Advisory Fees, Net
Base Management Fees $ 681,444 $ 605,068 $ 76,376 13% $ 1,341,435 $ 1,183,512 $ 157,923 13%
Transaction, Advisory and Other Fees, Net 124,921 108,988 15,933 15% 275,859 163,208 112,651 69%
Management Fee Offsets (11,785 ) (7,758 ) (4,027 ) 52% (20,792 ) (18,630 ) (2,162 ) 12%
Total Management and Advisory Fees, Net 794,580 706,298 88,282 12% 1,596,502 1,328,090 268,412 20%
Fee Related Performance Revenues 391,387 192,331 199,056 103% 562,084 253,235 308,849 122%
Fee Related Compensation (337,528 ) (266,925 ) (70,603 ) 26% (600,341 ) (470,244 ) (130,097 ) 28%
Other Operating Expenses (131,515 ) (112,300 ) (19,215 ) 17% (244,443 ) (215,194 ) (29,249 ) 14%
Fee Related Earnings 716,924 519,404 197,520 38% 1,313,802 895,887 417,915 47%
Realized Performance Revenues 490,807 408,980 81,827 20% 1,128,796 759,053 369,743 49%
Realized Performance Compensation (251,204 ) (196,824 ) (54,380 ) 28% (545,740 ) (367,965 ) (177,775 ) 48%
Realized Principal Investment Income 24,952 19,859 5,093 26% 70,300 29,035 41,265 142%
Net Realizations 264,555 232,015 32,540 14% 653,356 420,123 233,233 56%
Segment Distributable Earnings $ 981,479 $ 751,419 $ 230,060 31% $ 1,967,158 $ 1,316,010 $ 651,148 49%
n/m Not meaningful.
Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Segment Distributable Earnings were $981.5 million for the three months ended June 30, 2026, an increase of $230.1 million, compared to $751.4 million for the three months ended June 30, 2025. The increase in Segment Distributable Earnings was attributable to increases of $197.5 million in Fee Related Earnings and of $32.5 million in Net Realizations.
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Our Private Equity segment generated strong performance across strategies in the second quarter of 2026, led by the performance of digital infrastructure investments and the energy portfolio. Fundraising in our drawdown and perpetual vehicles was strong across multiple strategies, underpinned by broad-based demand from institutional clients and in the private wealth channel.
In Corporate Private Equity, our operating companies exhibited solid revenue growth and healthy margins. The ongoing conflict in the Middle East has had the effect of slowing overall realization activity in the near term. Nevertheless, we have continued to take advantage of the initial public offerings market, which has strengthened considerably and should provide the foundation for greater realizations over time, particularly with improvement in geopolitical conditions.
The potential for artificial intelligence-driven disruption has recently weighed on equity capital markets and valuations of companies in certain sectors, such as software. We believe the ultimate impact of such disruption will vary significantly across companies based on multiple factors, with a number of companies well-positioned to be protected or benefit from such disruption. Nonetheless, valuations of select software companies have been and may be negatively impacted going forward.
Fee Related Earnings
Fee Related Earnings were $716.9 million for the three months ended June 30, 2026, an increase of $197.5 million, compared to $519.4 million for the three months ended June 30, 2025. The increase in Fee Related Earnings was primarily attributable to increases of $199.1 million in Fee Related Performance Revenues and $88.3 million in Management and Advisory Fees, Net, partially offset by an increase of $70.6 million in Fee Related Compensation.
Fee Related Performance Revenues were $391.4 million for the three months ended June 30, 2026, an increase of $199.1 million, compared to $192.3 million for the three months ended June 30, 2025. The increase was primarily attributable to higher performance revenues in BXPE and crystallization of performance revenues in BXINFRA.
Management and Advisory Fees, Net were $794.6 million for the three months ended June 30, 2026, an increase of $88.3 million, compared to $706.3 million for the three months ended June 30, 2025, primarily attributable to an increase in Base Management Fees. Base Management Fees increased $76.4 million, primarily attributable to increased Fee-Earning Assets Under Management in BXPE, BIP and BXINFRA.
Fee Related Compensation was $337.5 million for the three months ended June 30, 2026, an increase of $70.6 million, compared to $266.9 million for the three months ended June 30, 2025. The increase was primarily attributable to increases in Fee Related Performance Revenues and Management and Advisory Fees, Net, on which a portion of Fee Related Compensation is based.
Net Realizations
Net Realizations were $264.6 million for the three months ended June 30, 2026, an increase of $32.5 million, compared to $232.0 million for the three months ended June 30, 2025. The increase in Net Realizations was primarily attributable to an increase of $81.8 million in Realized Performance Revenues, partially offset by an increase of $54.4 million in Realized Performance Compensation.
Realized Performance Revenues were $490.8 million for the three months ended June 30, 2026, an increase of $81.8 million, compared to $409.0 million for the three months ended June 30, 2025. The increase was primarily attributable to increases in Realized Performance Revenues in Corporate Private Equity.
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Realized Performance Compensation was $251.2 million for the three months ended June 30, 2026, an increase of $54.4 million, compared to $196.8 million for the three months ended June 30, 2025. The increase was primarily attributable to increases in Realized Performance Revenues.
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Segment Distributable Earnings were $2.0 billion for the six months ended June 30, 2026, an increase of $651.1 million, compared to $1.3 billion for the six months ended June 30, 2025. The increase in Segment Distributable Earnings was attributable to an increase of $417.9 million in Fee Related Earnings and an increase of $233.2 million in Net Realizations.
Fee Related Earnings
Fee Related Earnings were $1.3 billion for the six months ended June 30, 2026, an increase of $417.9 million, compared to $895.9 million for the six months ended June 30, 2025. The increase in Fee Related Earnings was primarily attributable to increases of $308.8 million in Fee Related Performance Revenues and $268.4 million in Management and Advisory Fees, Net, partially offset by an increase of $130.1 million in Fee Related Compensation.
Fee Related Performance Revenues were $562.1 million for the six months ended June 30, 2026, an increase of $308.8 million compared to $253.2 million for the six months ended June 30, 2025. The increase was primarily attributable to higher performance revenues in BXPE and crystallization of performance revenues in BXINFRA.
Management and Advisory Fees, Net were $1.6 billion for the six months ended June 30, 2026, an increase of $268.4 million compared to $1.3 billion for the six months ended June 30, 2025, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $157.9 million primarily attributable to increased Fee-Earning Assets Under Management in BXPE and BIP. Transaction, Advisory and Other Fees, Net increased $112.7 million, primarily attributable to increased volume of deal activity in BXCM.
Fee Related Compensation was $600.3 million for the six months ended June 30, 2026, an increase of $130.1 million, compared to $470.2 million for the six months ended June 30, 2025. The increase was primarily attributable to increases in Fee Related Performance Revenues and Management and Advisory Fees, Net, both of which impact Fee Related Compensation.
Net Realizations
Net Realizations were $653.4 million for the six months ended June 30, 2026, an increase of $233.2 million, compared to $420.1 million for the six months ended June 30, 2025. The increase in Net Realizations was primarily attributable to an increase of $369.7 million in Realized Performance Revenues, partially offset by an increase of $177.8 million in Realized Performance Compensation.
Realized Performance Revenues were $1.1 billion for the six months ended June 30, 2026, an increase of $369.7 million, compared to $759.1 million for the six months ended June 30, 2025. The increase was primarily attributable to increases in Realized Performance Revenues in Corporate Private Equity and Tactical Opportunities.
Realized Performance Compensation was $545.7 million for the six months ended June 30, 2026, an increase of $177.8 million, compared to $368.0 million for the six months ended June 30, 2025. The increase was primarily attributable to the increase in Realized Performance Revenues.
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Fund Returns
Fund returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
The following table presents the internal rates of return of our significant private equity funds:
Three Months Ended June 30, Six Months Ended June 30, June 30, 2026 Inception to Date
2026 2025 2026 2025 Realized Total
Fund (a) Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net
BCP VI -4% -4% 2% 2% -7% -5% 3% 2% 17% 13% 16% 12%
BCP VII -1% -1% 6% 5% -3% -3% 9% 7% 30% 24% 17% 12%
BCP VIII 2% 1% 5% 4% 0% 0% 7% 4% 35% 26% 16% 10%
BCP IX 6% 3% 19% 5% 10% 2% 19% 5% n/m n/m 101% 24%
BCP Asia I -2% -2% 12% 10% -17% -15% 3% 3% 47% 33% 29% 19%
BCP Asia II 9% 7% 17% 14% 11% 8% 10% 6% 141% 93% 46% 27%
BEP II 2% 2% -7% -6% 35% 28% -9% -9% 13% 9% 13% 9%
BEP III 9% 8% 3% 2% 55% 47% 3% 2% 46% 33% 46% 33%
BETP IV 26% 22% 10% 6% 38% 31% 49% 33% n/m n/m 142% 94%
BCEP I -1% -1% 1% 1% -3% -3% 1% 1% 36% 32% 17% 14%
BCEP II 6% 4% 5% 5% 8% 6% 10% 8% 42% 38% 21% 16%
Tactical Opportunities 5% 3% 4% 2% 10% 6% 7% 4% 18% 15% 15% 10%
Tactical Opportunities Co-Investment and Other 1% 0% 6% 5% 2% 2% 12% 8% 20% 18% 18% 15%
Clarus IV 0% 0% -1% -1% 4% 3% -1% -2% 14% 10% 14% 9%
BXLS V 2% 2% 10% 8% 8% 6% 15% 12% 19% 11% 27% 17%
BXG I -1% -2% 1% 0% 7% 6% 5% 2% n/m n/m 6% 2%
BXPE (b) n/a 8% n/a 6% n/a 13% n/a 10% n/a n/a n/a 19%
BXPE - Class I (c) n/a 8% n/a 6% n/a 13% n/a 10% n/a n/a n/a 20%
BIP (d) 7% 6% 3% 2% 19% 14% 11% 10% n/a n/a 23% 18%
BXINFRA (e) n/a 6% n/a 2% n/a 10% n/a 5% n/a n/a n/a 15%
BXINFRA - Class I (f) n/a 6% n/a 2% n/a 11% n/a 5% n/a n/a n/a 16%
Strategic Partners VII (g) -1% -1% 1% 0% -2% -2% 0% -1% n/a n/a 19% 15%
Strategic Partners Real Assets II (g) 4% 4% 9% 8% 4% 3% 11% 10% n/a n/a 18% 15%
Strategic Partners VIII (g) -3% -3% 2% 1% -6% -7% 1% 0% n/a n/a 23% 17%
Strategic Partners Real Estate, SMA and Other (g) -1% -1% -1% -1% 5% 5% 2% 1% n/a n/a 12% 10%
Strategic Partners Infrastructure III (g) 1% 1% 4% 4% 2% 2% 5% 4% n/a n/a 20% 15%
Strategic Partners IX (g) 4% 3% 14% 12% 6% 5% 15% 13% n/a n/a 24% 17%
Strategic Partners GP Solutions (g) 0% 0% 4% 4% 1% 0% 1% 0% n/a n/a 3% 0%
BXGP (h) 4% 3% 3% 2% 0% -1% 10% 8% n/a n/a 19% 12%
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The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
n/m Not meaningful generally due to the limited time since initial investment.
n/a Not applicable.
SMA Separately managed account.
(a) Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. Excludes investment vehicles where Blackstone does not earn fees.
(b) Reflects a per share blended return for each respective period, assuming BXPE had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. These returns are not representative of the returns experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Inception to date returns are presented on an annualized basis and are from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.
(c) Represents the blended returns for BXPE’s Class I shares, its largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. The 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.
(d) Gross and net returns reflect infrastructure-focused funds for institutional investors.
(e) Represents a per share blended return for each respective period, assuming BXINFRA had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXINFRA. These returns are not representative of the returns experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Inception to date returns are presented on an annualized basis and are from January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.
(f) Represents the blended returns for BXINFRA Class I shares, its largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. The Class I Total Net Return is from January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.
(g) Gross and net returns are reported on a three-month lag, reflect Strategic Partners’ fund financial performance as of the prior quarter and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore inception to date realized returns are not applicable.
(h) Blackstone GP Stakes (“BXGP”) gross and net returns represent BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy. Returns include performance of investments in four public-market general partner stakes acquired in BSCH I, prior to a shift in BXGP’s strategy in 2017 to focus exclusively on private-markets general partners.
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Funds With Closed Investment Periods as of June 30, 2026
Corporate Private Equity has eleven funds with closed investment periods: BCP IV, BCP V, BCP VI, BCP VII, BCP VIII, BEP I, BEP II, BEP III, BETP IV, BCEP I and BCP Asia I. BCP V is comprised of two fund classes, the BCP V “main fund” and BCP V-AC fund. Within these fund classes, the general partner is subject to equalization such that (a) the general partner accrues carried interest when the respective carried interest for either fund class is positive and (b) the general partner realizes carried interest so long as clawback obligations, if any, for either of the respective fund classes are fully satisfied. Each of the above-mentioned funds were above their respective carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.
Tactical Opportunities has various funds with closed investment periods, which are each above their carried interest thresholds based on aggregate fund position. Blackstone Growth has one fund with a closed investment period, BXG I, which is not above its carried interest threshold. Secondaries has various funds with closed investment periods, including but not limited to: Strategic Partners Infrastructure III, Strategic Partners IX, Strategic Partners Real Estate VII and BSCH I which are above their respective carried interest thresholds based on aggregate fund position. Blackstone Life Sciences has funds with a closed investment period: Clarus IV, BXLS V and BXLS Yield, which are each above their carried interest thresholds.
Credit & Insurance
The following table presents the results of operations for our Credit & Insurance segment:
$ $ $ $ $ $ $ $
Three Months Ended June 30, 2026 vs. 2025 Six Months Ended June 30, 2026 vs. 2025
2026 2025 $ % 2026 2025 $ %
(Dollars in Thousands)
Management and Advisory Fees, Net
Base Management Fees $ 493,622 $ 467,657 $ 25,965 6% $ 1,003,469 $ 910,880 $ 92,589 10%
Transaction, Advisory and Other Fees, Net 91,769 13,980 77,789 556% 102,397 29,460 72,937 248%
Management Fee Offsets (12,635 ) (11,010 ) (1,625 ) 15% (24,623 ) (22,669 ) (1,954 ) 9%
Total Management and Advisory Fees, Net 572,756 470,627 102,129 22% 1,081,243 917,671 163,572 18%
Fee Related Performance Revenues 159,286 190,129 (30,843 ) -16% 323,689 385,337 (61,648 ) -16%
Fee Related Compensation (237,568 ) (220,305 ) (17,263 ) 8% (464,061 ) (421,923 ) (42,138 ) 10%
Other Operating Expenses (124,404 ) (107,426 ) (16,978 ) 16% (238,967 ) (203,704 ) (35,263 ) 17%
Fee Related Earnings 370,070 333,025 37,045 11% 701,904 677,381 24,523 4%
Realized Performance Revenues 11,540 87,393 (75,853 ) -87% 89,666 178,990 (89,324 ) -50%
Realized Performance Compensation (3,746 ) (30,433 ) 26,687 -88% (34,943 ) (70,928 ) 35,985 -51%
Realized Principal Investment Income (Loss) (4,622 ) 5,800 (10,422 ) n/m (10,327 ) 113,703 (124,030 ) n/m
Net Realizations 3,172 62,760 (59,588 ) -95% 44,396 221,765 (177,369 ) -80%
Segment Distributable Earnings $ 373,242 $ 395,785 $ (22,543 ) -6% $ 746,300 $ 899,146 $ (152,846 ) -17%
n/m Not meaningful.
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Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Segment Distributable Earnings were $373.2 million for the three months ended June 30, 2026, a decrease of $22.5 million, compared to $395.8 million for the three months ended June 30, 2025. The decrease in Segment Distributable Earnings was attributable to a decrease of $59.6 million in Net Realizations, partially offset by an increase of $37.0 million in Fee Related Earnings.
Our Credit & Insurance segment demonstrated stability and increasing diversification in the second quarter of 2026 amid a volatile market environment. Overall increased levels of financing and investment activity contributed to strong transaction and advisory fees and overall growth in fee revenues. Our non-investment grade private credit strategies generated modest returns, reflecting strong interest income and stable underlying credit performance across the majority of our holdings but offset by markdowns in select underperforming credits.
Fundraising in our Credit & Insurance segment was strong in the second quarter of 2026, benefitting from strong engagement with institutions across our non-investment grade strategies and long-term structural shifts in investment grade private credit. Opportunities for corporate and bank partnerships should also support momentum in investment grade private credit strategies.
In our perpetual private wealth strategies, redemption requests in BCRED remain elevated due, in large part, to heightened press and market attention around private credit, as well as concerns about decelerating performance. Concurrently, subscriptions to BCRED, albeit solid, decelerated from the prior quarter, resulting in net outflows in the second quarter of 2026. While net flows are likely to continue to be negatively impacted in light of the current market environment, so far in the third quarter redemption requests are significantly lower relative to the same time in the second quarter.
While defaults in direct lending have risen and we expect will continue to rise from a historically low level, our Credit & Insurance segment funds’ holdings are predominantly in senior secured credit with significant equity subordination from institutional borrowers. We believe this should position our Credit & Insurance segment well. The potential for artificial intelligence-driven disruption has also recently weighed on the capital markets and on valuations of companies in certain sectors, such as software. We believe the ultimate impact of such disruption will vary significantly across companies based on multiple factors, with a number of companies well-positioned to be protected or benefit from such disruption. Although the extent of our equity cushion in many of our software holdings provides a level of protection, valuations of select software holdings have been and may be negatively impacted going forward.
Fee Related Earnings
Fee Related Earnings were $370.1 million for the three months ended June 30, 2026, an increase of $37.0 million, compared to $333.0 million for the three months ended June 30, 2025. The increase in Fee Related Earnings was attributable to an increase of $102.1 million in Management and Advisory Fees, Net, partially offset by a decrease of $30.8 million in Fee Related Performance Revenues and an increase of $17.3 million in Fee Related Compensation.
Management and Advisory Fees, Net were $572.8 million for the three months ended June 30, 2026, an increase of $102.1 million, compared to $470.6 million for the three months ended June 30, 2025, primarily attributable to increases in Transaction, Advisory and Other Fees, Net and Base Management Fees. Transaction, Advisory and Other Fees, Net increased $77.8 million, primarily attributable to capital markets advisory revenues. Beginning in the three months ended June 30, 2026, capital markets advisory revenues generated in connection with certain financing transactions in infrastructure and asset based credit strategies are presented in the Credit & Insurance segment. Previously, all capital markets advisory revenues were included in the Private Equity segment as part of the BXCM business. Base Management Fees increased $26.0 million, primarily attributable to an increase in Fee-Earning Assets Under Management in our insurance platform.
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Fee Related Performance Revenues were $159.3 million for the three months ended June 30, 2026, a decrease of $30.8 million, compared to $190.1 million for the three months ended June 30, 2025. The decrease was primarily attributable to lower Fee Related Performance Revenues in BXSL.
Fee Related Compensation was $237.6 million for the three months ended June 30, 2026, an increase of $17.3 million, compared to $220.3 million for the three months ended June 30, 2025. The increase was primarily attributable to an increase in Management and Advisory Fees, Net, on which a portion of Fee Related Compensation is based.
Net Realizations
Net Realizations were $3.2 million for the three months ended June 30, 2026, a decrease of $59.6 million, compared to $62.8 million for the three months ended June 30, 2025. The decrease in Net Realizations was attributable to a decrease of $75.9 million in Realized Performance Revenues, partially offset by a decrease of $26.7 million in Realized Performance Compensation.
Realized Performance Revenues were $11.5 million for the three months ended June 30, 2026, a decrease of $75.9 million, compared to $87.4 million for the three months ended June 30, 2025. The decrease was primarily attributable to decreases in Realized Performance Revenues in private corporate credit funds.
Realized Performance Compensation was $3.7 million for the three months ended June 30, 2026, a decrease of $26.7 million, compared to $30.4 million for the three months ended June 30, 2025. The decrease was primarily attributable to the decrease in Realized Performance Revenues.
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Segment Distributable Earnings were $746.3 million for the six months ended June 30, 2026, a decrease of $152.8 million, compared to $899.1 million for the six months ended June 30, 2025. The decrease in Segment Distributable Earnings was attributable to a decrease of $177.4 million in Net Realizations, partially offset by an increase of $24.5 million in Fee Related Earnings.
Fee Related Earnings
Fee Related Earnings were $701.9 million for the six months ended June 30, 2026, an increase of $24.5 million, compared to $677.4 million for the six months ended June 30, 2025. The increase in Fee Related Earnings was primarily attributable to an increase of $163.6 million in Management and Advisory Fees, Net, partially offset by a decrease of $61.6 million in Fee Related Performance Revenues and an increase of $42.1 million in Fee Related Compensation.
Management and Advisory Fees, Net were $1.1 billion for the six months ended June 30, 2026, an increase of $163.6 million, compared to $917.7 million for the six months ended June 30, 2025, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $92.6 million, primarily attributable to an increase in Fee-Earning Assets Under Management in private corporate credit. Transaction, Advisory and Other Fees, Net increased $72.9 million, primarily attributable to capital markets advisory revenues in infrastructure and asset based credit.
Fee Related Performance Revenues were $323.7 million for the six months ended June 30, 2026, a decrease of $61.6 million, compared to $385.3 million for the six months ended June 30, 2025. The decrease was primarily attributable to lower Fee Related Performance Revenues in BXSL.
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Fee Related Compensation was $464.1 million for the six months ended June 30, 2026, an increase of $42.1 million, compared to $421.9 million for the six months ended June 30, 2025. The increase was primarily attributable to an increase in Management and Advisory Fees, Net, on which a portion of Fee Related Compensation is based.
Net Realizations
Net Realizations were $44.4 million for the six months ended June 30, 2026, a decrease of $177.4 million, compared to $221.8 million for the six months ended June 30, 2025. The decrease in Net Realizations was primarily attributable to decreases of $124.0 million in Realized Principal Investment Income (Loss) and of $89.3 million in Realized Performance Revenues, partially offset by a decrease of $36.0 million in Realized Performance Compensation.
Realized Principal Investment Income (Loss) was $(10.3) million for the six months ended June 30, 2026, a decrease of $124.0 million, compared to $113.7 million for the six months ended June 30, 2025. The decrease was primarily attributable to the sale of Bistro, Blackstone’s internally developed portfolio visualization software platform, in the first quarter of 2025.
Realized Performance Revenues was $89.7 million for the six months ended June 30, 2026, a decrease of $89.3 million, compared to $179.0 million for the six months ended June 30, 2025. The decrease was primarily attributable to lower Realized Performance Revenues in our private corporate credit funds.
Realized Performance Compensation was $34.9 million for the six months ended June 30, 2026, a decrease of $36.0 million, compared to $70.9 million for the six months ended June 30, 2025. The decrease was primarily attributable to a decrease in Realized Performance Revenues.
Composite Returns
Composite returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The composite returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future results of any particular fund or composite. An investment in Blackstone is not an investment in any of our funds or composites. There can be no assurance that any of our funds or composites or our other existing and future funds or composites will achieve similar returns.
The following table presents the return information for the Private Credit and Liquid Credit composites:
$ $ $ $ $ $ $ $ $ $
Three Months Ended June 30, Six Months Ended June 30, June 30, 2026 Inception to Date
2026 2025 2026 2025
Composite (a) Gross Net Gross Net Gross Net Gross Net Gross Net
Private Credit (b) 1% 0% 3% 2% 2% 0% 6% 4% 14% 9%
Liquid Credit (b) 2% 2% 2% 2% 1% 1% 3% 3% 5% 5%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
(a) Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Allocations, net of tax advances.
(b) Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and non-investment grade infrastructure and asset based credit. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered
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funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation and funds investing primarily in investment grade corporate credit or asset based finance are excluded. Blackstone Funds that were contributed to BXCI as part of Blackstone’s acquisition of GSO in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by BXCI subsequent to March 2008, are also excluded.
Operating Metrics
The following table presents information regarding our Invested Performance Eligible Assets Under Management:
$ $ $ $
Invested Performance Eligible Assets Under Management Estimated % Above High Water Mark/ Hurdle (a)
As of June 30, As of June 30,
2026 2025 2026 2025
(Dollars in Thousands)
Credit & Insurance (b) $ 121,054,193 $ 115,155,531 99% 99%
(a) Estimated % Above High Water Mark/Hurdle represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Credit & Insurance managed fund has positive investment performance relative to a hurdle, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a hurdle return, thereby resulting in an increase in Estimated % Above High Water Mark/Hurdle.
(b) For the Credit & Insurance managed funds, at June 30, 2026, the incremental appreciation needed for the 1% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles to reach their respective High Water Marks/Hurdles was $2.6 billion, an increase of $213.9 million, compared to $2.4 billion at June 30, 2025. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles as of June 30, 2026, 36% were within 5% of reaching their respective High Water Mark.
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Multi-Asset Investing
The following table presents the results of operations for our Multi-Asset Investing segment:
$ $ $ $ $ $ $ $
Three Months Ended June 30, 2026 vs. 2025 Six Months Ended June 30, 2026 vs. 2025
2026 2025 $ % 2026 2025 $ %
(Dollars in Thousands)
Management and Advisory Fees, Net
Base Management Fees $ 155,734 $ 130,793 $ 24,941 19% $ 302,263 $ 251,644 $ 50,619 20%
Transaction, Advisory and Other Fees, Net 145 1,002 (857 ) -86% (1,462 ) 2,465 (3,927 ) n/m
Total Management and Advisory Fees, Net 155,879 131,795 24,084 18% 300,801 254,109 46,692 18%
Fee Related Compensation (42,865 ) (42,877 ) 12 — (89,892 ) (84,397 ) (5,495 ) 7%
Other Operating Expenses (29,587 ) (25,469 ) (4,118 ) 16% (55,351 ) (49,891 ) (5,460 ) 11%
Fee Related Earnings 83,427 63,449 19,978 31% 155,558 119,821 35,737 30%
Realized Performance Revenues 17,670 13,161 4,509 34% 39,975 12,504 27,471 220%
Realized Performance Compensation (3,915 ) (5,228 ) 1,313 -25% (19,282 ) (5,746 ) (13,536 ) 236%
Realized Principal Investment Income 509 965 (456 ) -47% 1,644 1,447 197 14%
Net Realizations 14,264 8,898 5,366 60% 22,337 8,205 14,132 172%
Segment Distributable Earnings $ 97,691 $ 72,347 $ 25,344 35% $ 177,895 $ 128,026 $ 49,869 39%
n/m Not meaningful.
Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Segment Distributable Earnings were $97.7 million for the three months ended June 30, 2026, an increase of $25.3 million, compared to $72.3 million for the three months ended June 30, 2025. The increase in Segment Distributable Earnings was attributable to increases of $20.0 million in Fee Related Earnings and $5.4 million in Net Realizations.
All the strategies in our Multi-Asset Investing segment exhibited positive performance in the second quarter of 2026, driven by strong performance of investments in the artificial-intelligence sector. In particular, the Absolute Return Composite had its twenty-fifth consecutive quarter of positive performance, including across our equities, quantitative, macro and credit strategies. Continued strong performance in the segment has and is contributing to favorable fundraising dynamics, including its best single month of fundraising with $4.8 billion of inflows subsequent to quarter end.
Fee Related Earnings
Fee Related Earnings were $83.4 million for the three months ended June 30, 2026, an increase of $20.0 million, compared to $63.4 million for the three months ended June 30, 2025. The increase in Fee Related Earnings was primarily attributable to an increase of $24.1 million in Management and Advisory Fees, Net.
Management and Advisory Fees, Net were $155.9 million for the three months ended June 30, 2026, an increase of $24.1 million, compared to $131.8 million for the three months ended June 30, 2025, primarily attributable to an increase in Base Management Fees. Base Management Fees increased $24.9 million, primarily attributable to an increase in Fee-Earning Assets Under Management in Absolute Return.
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Net Realizations
Net Realizations were $14.3 million for the three months ended June 30, 2026, an increase of $5.4 million, compared to $8.9 million for the three months ended June 30, 2025. The increase in Net Realizations was primarily attributable to an increase of $4.5 million in Realized Performance Revenues.
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Segment Distributable Earnings were $177.9 million for the six months ended June 30, 2026, an increase of $49.9 million, compared to $128.0 million for the six months ended June 30, 2025. The increase in Segment Distributable Earnings was attributable to increases of $35.7 million in Fee Related Earnings and $14.1 million in Net Realizations.
Fee Related Earnings
Fee Related Earnings were $155.6 million for the six months ended June 30, 2026, an increase of $35.7 million, compared to $119.8 million for the six months ended June 30, 2025. The increase in Fee Related Earnings was primarily attributable to an increase of $46.7 million in Management and Advisory Fees, Net, partially offset by an increase of $5.5 million in Fee Related Compensation.
Management and Advisory Fees, Net were $300.8 million for the six months ended June 30, 2026, an increase of $46.7 million, compared to $254.1 million for the six months ended June 30, 2025, primarily attributable to an increase in Base Management Fees. Base Management Fees increased $50.6 million, primarily attributable to an increase in Fee-Earning Assets Under Management in Absolute Return.
Fee Related Compensation was $89.9 million for the six months ended June 30, 2026, an increase of $5.5 million, compared to $84.4 million for the six months ended June 30, 2025, primarily attributable to an increase in Management and Advisory Fees, Net, on which a portion of Fee Related Compensation is based.
Net Realizations
Net Realizations were $22.3 million for the six months ended June 30, 2026, an increase of $14.1 million, compared to $8.2 million for the six months ended June 30, 2025. The increase in Net Realizations was attributable to an increase of $27.5 million in Realized Performance Revenues, partially offset by an increase of $13.5 million in Realized Performance Compensation.
Composite Returns
Composite returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The composite returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future results of any particular fund or composite. An investment in Blackstone is not an investment in any of our funds or composites. There can be no assurance that any of our funds or composites or our other existing and future funds or composites will achieve similar returns.
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The following table presents the return information of the Absolute Return Composite:
Three Months Ended June 30, Six Months Ended June 30, Average Annual Returns (a)
Periods Ended June 30, 2026
2026 2025 2026 2025 One Year Three Year Five Year Historical
Composite Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net
Absolute Return Composite (b) 6% 5% 3% 3% 8% 7% 5% 5% 15% 14% 13% 12% 10% 9% 8% 7%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
(a) Composite returns present a summarized asset-weighted return measure to evaluate the overall performance of the applicable class of Blackstone Funds.
(b) Absolute Return Composite covers the period from January 2000 to present, although BXMA’s inception date is September 1990. The Absolute Return Composite includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA’s liquid solutions, seeding, Multi-Strategy, Total Portfolio Management and Public Real Assets (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns, non-fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account. The historical return is from January 1, 2000.
Operating Metrics
The following table presents information regarding our Invested Performance Eligible Assets Under Management:
$ $ $ $
Invested Performance Eligible Assets Under Management Estimated % Above High Water Mark/ Benchmark (a)
As of June 30, As of June 30,
2026 2025 2026 2025
(Dollars in Thousands)
Multi-Asset Investing Managed Funds (b) $ 64,017,666 $ 52,523,386 100% 97%
(a) Estimated % Above High Water Mark/Benchmark represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Multi-Asset Investing managed fund has positive investment performance relative to a benchmark, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a benchmark return, thereby resulting in an increase in Estimated % Above High Water Mark/Benchmark.
(b) For the Multi-Asset Investing managed funds, at June 30, 2026, the incremental appreciation needed for the less than 1% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks to reach their respective High Water Marks/Benchmarks was $67.6 million, a decrease of $104.7 million, compared to $172.3 million at June 30, 2025. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks as of June 30, 2026, 48% were within 5% of reaching their respective High Water Mark.
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Non-GAAP Financial Measures
These non-GAAP financial measures are presented without the consolidation of any Blackstone Funds that are consolidated into the condensed consolidated financial statements. Consequently, all non-GAAP financial measures exclude the assets, liabilities and operating results related to the Blackstone Funds. See “—Key Financial Measures and Indicators” for our definitions of Distributable Earnings, Segment Distributable Earnings, Fee Related Earnings and Adjusted EBITDA.
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The following table is a reconciliation of Net Income Attributable to Blackstone Inc. to Distributable Earnings, Total Segment Distributable Earnings, Fee Related Earnings and Adjusted EBITDA:
$ $ $ $
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
(Dollars in Thousands)
Net Income Attributable to Blackstone Inc. $ 1,229,189 $ 764,244 $ 1,878,918 $ 1,379,096
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 946,074 602,844 1,415,875 1,088,319
Net Income Attributable to Non-Controlling Interests in Consolidated Entities 175,649 240,836 293,016 341,383
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 5,154 18,209 26,164 26,109
Net Income 2,356,066 1,626,133 3,613,973 2,834,907
Provision for Taxes 452,386 289,494 649,536 533,321
Net Income Before Provision for Taxes 2,808,452 1,915,627 4,263,509 3,368,228
Transaction-Related and Non-Recurring Items (a) 71 10,381 7,038 29,205
Amortization of Intangibles (b) 7,288 7,333 14,576 14,666
Impact of Consolidation (c) (180,803 ) (259,045 ) (319,180 ) (367,492 )
Unrealized Performance Revenues (d) (587,150 ) (313,256 ) (870,505 ) (576,457 )
Unrealized Performance Allocations Compensation (e) 236,129 152,618 325,830 256,177
Unrealized Principal Investment Income (f) (443,186 ) (294,093 ) (121,050 ) (455,350 )
Other Revenues (g) (11,898 ) 225,083 (62,826 ) 298,718
Equity-Based Compensation (h) 353,753 312,018 914,970 783,320
Administrative Fee Adjustment (i) 4,426 4,112 8,994 8,298
Taxes and Related Payables (j) (209,833 ) (195,015 ) (419,269 ) (382,745 )
Distributable Earnings 1,977,249 1,565,763 3,742,087 2,976,568
Taxes and Related Payables (j) 209,833 195,015 419,269 382,745
Net Interest and Dividend Loss (k) 10,606 24,643 32,724 45,173
Total Segment Distributable Earnings 2,197,688 1,785,421 4,194,080 3,404,486
Realized Performance Revenues (l) (730,885 ) (553,121 ) (1,511,379 ) (1,013,144 )
Realized Performance Compensation (m) 344,124 256,624 708,180 477,548
Realized Principal Investment Income (n) (27,499 ) (29,421 ) (59,472 ) (147,331 )
Fee Related Earnings $ 1,783,428 $ 1,459,503 $ 3,331,409 $ 2,721,559
Adjusted EBITDA Reconciliation
Distributable Earnings $ 1,977,249 $ 1,565,763 $ 3,742,087 $ 2,976,568
Interest Expense (o) 144,830 125,033 274,888 242,983
Taxes and Related Payables (j) 209,833 195,015 419,269 382,745
Depreciation and Amortization (p) 25,772 26,642 51,910 48,868
Adjusted EBITDA $ 2,357,684 $ 1,912,453 $ 4,488,154 $ 3,651,164
(a) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.
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(b) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
(c) This adjustment reverses the effect of consolidating Blackstone funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
(d) This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone funds which have been eliminated in consolidation.
$ $ $ $
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
(Dollars in Thousands)
GAAP Unrealized Performance Allocations $ 587,140 $ 313,283 $ 870,592 $ 576,484
Segment Adjustment 10 (27 ) (87 ) (27 )
Unrealized Performance Revenues $ 587,150 $ 313,256 $ 870,505 $ 576,457
(e) This adjustment removes Unrealized Performance Allocations Compensation.
(f) This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
$ $ $ $
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
(Dollars in Thousands)
GAAP Unrealized Principal Investment Income $ 414,821 $ 365,391 $ 29,819 $ 524,104
Segment Adjustment 28,365 (71,298 ) 91,231 (68,754 )
Unrealized Principal Investment Income $ 443,186 $ 294,093 $ 121,050 $ 455,350
(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non-Recurring Items.
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$ $ $ $
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
(Dollars in Thousands)
GAAP Other Revenue $ 11,947 $ (225,063 ) $ 62,920 $ (298,673 )
Segment Adjustment (49 ) (20 ) (94 ) (45 )
Other Revenues $ 11,898 $ (225,083 ) $ 62,826 $ (298,718 )
(h) This adjustment removes Equity-Based Compensation on a segment basis.
(i) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted 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 the holders of the tax receivable agreements based on expected tax savings generated in the respective period. See “—Key Financial Measures and Indicators — Distributable Earnings” for the full definition of Taxes and Related Payables.
$ $ $ $
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
(Dollars in Thousands)
Taxes $ 179,996 $ 167,162 $ 358,753 $ 329,697
Related Payables 29,837 27,853 60,516 53,048
Taxes and Related Payables $ 209,833 $ 195,015 $ 419,269 $ 382,745
(k) This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.
$ $ $ $
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
(Dollars in Thousands)
GAAP Interest and Dividend Revenue $ 134,224 $ 100,389 $ 242,164 $ 197,809
Segment Adjustment — 1 — 1
Interest and Dividend Revenue 134,224 100,390 242,164 197,810
GAAP Interest Expense 145,023 135,822 282,076 253,937
Segment Adjustment (193 ) (10,789 ) (7,188 ) (10,954 )
Interest Expense 144,830 125,033 274,888 242,983
Net Interest and Dividend Loss $ (10,606 ) $ (24,643 ) $ (32,724 ) $ (45,173 )
(l) This adjustment removes the total segment amount of Realized Performance Revenues.
(m) This adjustment removes the total segment amount of Realized Performance Compensation.
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(n) This adjustment removes the total segment amount of Realized Principal Investment Income.
(o) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(p) This adjustment adds back Depreciation and Amortization on a segment basis.
The following tables are a reconciliation of Total GAAP Investments to Net Accrued Performance Revenues. Total GAAP Investments and Net Accrued Performance Revenues consist of the following:
$ $
June 30,
2026 2025
(Dollars in Thousands)
Investments of Consolidated Blackstone Funds $ 5,233,815 $ 5,101,278
Equity Method Investments
Partnership Investments 6,535,521 6,942,526
Accrued Performance Allocations 13,906,754 12,054,879
Corporate Treasury Investments 401,465 229,497
Other Investments 8,510,174 6,807,324
Total GAAP Investments $ 34,587,729 $ 31,135,504
Accrued Performance Allocations - GAAP $ 13,906,754 $ 12,054,879
Due from Affiliates - GAAP (a) 169,131 229,359
Less: Net Realized Performance Revenues (b) (591,552 ) (456,507 )
Less: Accrued Performance Compensation - GAAP (c) (6,016,432 ) (5,220,188 )
Net Accrued Performance Revenues $ 7,467,901 $ 6,607,543
(a) Represents GAAP accrued performance revenue recorded within Due from Affiliates.
(b) Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.
(c) Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.
Liquidity and Capital Resources
General
Blackstone’s business model derives revenue primarily from third-party Assets Under Management. Blackstone is not a capital or balance sheet intensive business and targets operating expense levels such that total management and advisory fees exceed total operating expenses each period. As a result, we require limited capital resources to support the working capital or operating needs of our businesses. We draw primarily on the long-term committed or invested capital of investors in our investment vehicles to fund the investment requirements of the Blackstone Funds and use our own realizations and cash flows to invest in growth initiatives, make commitments to our own funds, where our minimum general partner commitments are generally less than 5% of the limited partner commitments of a fund, and pay dividends to stockholders and distributions to holders of Holdings Units.
Fluctuations in our statement of financial condition result primarily from activities of the Blackstone Funds that are consolidated as well as business transactions, such as the issuance of senior notes. The majority economic ownership interests of such consolidated Blackstone funds are reflected as Redeemable Non-Controlling Interests in Consolidated Entities, and Non-Controlling Interests in Consolidated Entities in the Consolidated Financial Statements. The consolidation of these Blackstone funds has no net effect on Blackstone’s Net Income or Equity.
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Additionally, fluctuations in our statement of financial condition also include appreciation or depreciation in Blackstone investments in the non-consolidated Blackstone funds, additional investments and redemptions of such interests in the non-consolidated Blackstone funds and the collection of receivables related to management and advisory fees.
Total Assets were $49.9 billion as of June 30, 2026, an increase of $2.2 billion from December 31, 2025. The increase in Total Assets was primarily attributable to an increase of $2.1 billion in total assets attributable to consolidated operating partnerships.
• The increase in total assets attributable to consolidated operating partnerships was primarily attributable to an increase of $2.3 billion in Investments. The increase in Investments was primarily attributable to appreciation in our Private Equity segment.
Total Liabilities were $27.5 billion as of June 30, 2026, an increase of $1.6 billion from December 31, 2025. The increase in Total Liabilities was primarily attributable to an increase of $1.7 billion in total liabilities attributable to consolidated operating partnerships.
• The increase in total liabilities attributable to consolidated operating partnerships was primarily attributable to increases of $752.1 million in Loans Payable and of $432.8 million in Accrued Compensation and Benefits.
○ The increase in Loans Payable was primarily attributable to a draw of our revolving credit facility (the “Revolving Credit Facility”) during the quarter ended March 31, 2026.
○ The increase in Accrued Compensation and Benefits was primarily attributable to an increase in compensation-related accruals.
Sources and Uses of Liquidity
We have multiple sources of liquidity to meet our capital needs, including annual cash flows, accumulated earnings in our businesses, the proceeds from our issuances of senior notes and other borrowings, liquid investments we hold on our Condensed Consolidated Statement of Financial Condition and access to our $4.325 billion committed Revolving Credit Facility. As of June 30, 2026, Blackstone had $2.5 billion in Cash and Cash Equivalents, $401.5 million invested in Corporate Treasury Investments and $8.5 billion in Other Investments (which included $7.8 billion of liquid investments), against $13.2 billion in borrowings, which included our bond issuances and $800.0 million of outstanding borrowings under the Revolving Credit Facility.
In addition to the cash we receive from our notes offerings and availability under the Revolving Credit Facility and other borrowings, we expect to receive (a) cash generated from operating activities, (b) Performance Revenue realizations, and (c) realizations on the fund investments that we make. The amounts and timing of cash received from sources in particular may vary substantially from year to year and quarter to quarter depending on the frequency and size of realization events, timing of settlement, the form in which we elect to receive payment (including in-kind) and net returns experienced by our investment funds. Our available capital could be adversely affected if there are prolonged periods of few substantial realizations from our investment funds accompanied by substantial capital calls for new investments from those investment funds. Therefore, Blackstone’s commitments to our funds are taken into consideration when managing our overall liquidity and cash position.
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We expect that our primary liquidity needs will be cash to (a) provide capital to facilitate the growth of our existing businesses, which includes, without limitation, funding our general partner and co-investment commitments to our funds and warehousing investments for our funds, (b) provide capital for business expansion, (c) pay operating expenses, including cash compensation to our employees, and other obligations as they arise, including servicing debts, (d) pay income taxes and (e) pay dividends to our stockholders, make distributions to the holders of Blackstone Holdings Partnership Units and make repurchases under our share repurchase program. For a tabular presentation of Blackstone’s contractual obligations and the expected timing of such see “—Contractual Obligations.”
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Capital Commitments
Our own capital commitments to our funds, the funds we invest in and our investment strategies as of June 30, 2026 consisted of the following:
$ $ $ $
Blackstone and General Partner (a) Senior Managing Directors and Certain Other Professionals (b)
Fund Original Commitment Remaining Commitment Original Commitment Remaining Commitment
(Dollars in Thousands)
Real Estate
BREP VII $ 300,000 $ 18,989 $ 100,000 $ 6,330
BREP VIII 300,000 22,744 100,000 7,581
BREP IX 300,000 39,056 100,000 13,019
BREP X 300,000 158,750 100,000 52,917
BREP Europe III 100,000 2,493 35,000 831
BREP Europe IV 130,000 10,641 43,333 3,547
BREP Europe V 150,000 12,476 43,333 3,604
BREP Europe VI 130,000 38,004 43,333 12,668
BREP Europe VII 130,000 75,128 43,333 25,043
BREP Asia I 50,000 7,151 16,667 2,384
BREP Asia II 70,707 11,579 23,569 3,860
BREP Asia III 81,078 41,994 27,026 13,998
BREDS III 50,000 11,358 16,667 3,786
BREDS IV 50,000 10,613 49,113 10,425
BREDS V 50,000 37,965 48,070 36,499
BPP 250,934 24,473 — —
Other (c) 63,220 38,868 — —
Total Real Estate 2,505,939 562,282 789,444 196,492
Private Equity
BCP V 593,356 29,573 — —
BCP VI 719,718 81,400 250,000 28,275
BCP VII 500,000 25,739 225,000 11,582
BCP VIII 500,000 91,308 225,000 41,089
BCP IX 500,000 415,389 225,000 186,925
BEP I 50,000 4,728 — —
BEP II 80,000 10,498 26,667 3,499
BEP III 80,000 32,162 26,667 10,721
BETP IV 80,000 36,224 26,667 12,075
BETP V 111,814 111,814 37,271 37,271
BCP Asia I 40,000 5,869 13,333 1,956
BCP Asia II 100,000 47,306 33,333 15,769
BCP Asia III 200,000 200,000 66,667 66,667
continued...
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Capital Commitments continued
$ $ $ $
Blackstone and General Partner (a) Senior Managing Directors and Certain Other Professionals (b)
Fund Original Commitment Remaining Commitment Original Commitment Remaining Commitment
(Dollars in Thousands)
Private Equity (continued)
Core Private Equity I $ 117,747 $ 27,016 $ 18,992 $ 4,358
Core Private Equity II 160,000 118,070 32,640 24,086
Tactical Opportunities 558,492 222,313 186,164 74,104
Strategic Partners (Secondaries) 1,910,861 935,245 1,541,281 831,632
BIP 568,934 141,405 — —
Life Sciences 239,856 157,547 37,353 18,674
Growth 170,221 93,191 56,405 31,041
Other (c) 90,209 21,057 — —
Total Private Equity 7,371,208 2,807,854 3,028,440 1,399,724
Credit & Insurance
Mezzanine / Opportunistic II 120,000 29,059 110,101 26,661
Mezzanine / Opportunistic III 130,783 33,617 98,118 25,221
Mezzanine / Opportunistic IV 122,000 50,984 116,146 48,537
Mezzanine / Opportunistic V 130,000 121,420 122,140 114,079
Stressed / Distressed II 125,000 51,612 119,878 49,497
Stressed / Distressed III 151,000 20,422 146,432 19,804
European Senior Debt I 63,000 2,873 56,882 2,594
European Senior Debt II 92,982 32,426 90,915 31,751
European Senior Debt III 23,870 10,326 19,807 8,568
Energy I 80,000 36,700 75,445 34,611
Energy II 150,000 102,832 149,011 102,154
Energy III 127,000 110,741 120,493 105,067
Energy SMAs 52,829 25,370 4,944 3,281
Credit Alpha Fund 52,102 19,752 50,670 19,209
Credit Alpha Fund II 25,500 12,550 24,360 11,988
Direct Lending SMAs 103,485 63,391 53,849 33,403
European Senior Direct Lending Fund 32,106 25,544 21,241 16,899
Blackstone Asset Based Finance Partners LP 57,068 57,068 29,077 29,077
Other (c) 126,067 82,936 1,728 709
Total Credit & Insurance 1,764,792 889,623 1,411,237 683,110
continued...
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Capital Commitments continued
$ $ $ $
Blackstone and General Partner (a) Senior Managing Directors and Certain Other Professionals (b)
Fund Original Commitment Remaining Commitment Original Commitment Remaining Commitment
(Dollars in Thousands)
Multi-Asset Investing
Strategic Alliance III $ 22,000 $ 24,263 $ — $ —
Strategic Alliance IV 15,000 9,287 — —
Dislocation 20,000 12,156 — —
Other (c) 4,746 1,847 — —
Total Multi-Asset Investing 61,746 47,553 — —
Other
Treasury (d) 1,889,212 1,597,241 — —
$ 13,592,897 $ 5,904,553 $ 5,229,121 $ 2,279,326
(a) We expect our commitments to be drawn down over time and to be funded by available cash and cash generated from operations and realizations. Taking into account prevailing market conditions and both the liquidity and cash or liquid investment balances, we believe that the sources of liquidity described above will be more than sufficient to fund our working capital requirements. Additionally, for some of the general partner commitments shown in the table above, we require our senior managing directors and certain other professionals to fund a portion of the commitment even though the ultimate obligation to fund the aggregate commitment is ours pursuant to the governing agreements of the respective funds. The amounts of the aggregate applicable general partner original and remaining commitment are shown in the table above. Remaining commitment may exceed original commitment due to recallable capital.
(b) Includes the full portion of our commitments (1) required to be funded by senior managing directors and certain other professionals and (2) that are elected by such individuals to be funded for the life of a fund, where such fund permits such election. Excludes amounts that are elected by such individuals to be funded on an annual basis and certain de minimis commitments funded by such individuals in certain carry funds.
(c) Represents capital commitments in each respective segment to a number of other funds.
(d) Represents loan origination commitments, revolver commitments and capital market commitments.
For a tabular presentation of the timing of Blackstone’s remaining capital commitments to our funds, the funds we invest in and our investment strategies see “—Contractual Obligations.”
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Borrowings
As of June 30, 2026, Blackstone Holdings Finance Co. L.L.C. and Blackstone Reg Finance Co. L.L.C. (each an “Issuer” and together the “Issuers”), both indirect subsidiaries of Blackstone, had issued and outstanding the following senior notes (collectively the “Notes”):
$
Senior Notes (a) Aggregate Principal Amount (Dollars/Euros in Thousands)
1.000%, Due 10/5/2026 € 600,000
3.150%, Due 10/2/2027 $ 300,000
5.900%, Due 11/3/2027 $ 600,000
1.625%, Due 8/5/2028 $ 650,000
1.500%, Due 4/10/2029 € 600,000
2.500%, Due 1/10/2030 $ 500,000
4.300%, Due 11/3/2030 (b) $ 600,000
1.600%, Due 3/30/2031 $ 500,000
2.000%, Due 1/30/2032 $ 800,000
2.550%, Due 3/30/2032 $ 500,000
6.200%, Due 4/22/2033 $ 900,000
3.500%, Due 6/1/2034 € 500,000
5.000%, Due 12/6/2034 (b) $ 750,000
4.950%, Due 2/15/2036 (b) $ 600,000
6.250%, Due 8/15/2042 $ 250,000
5.000%, Due 6/15/2044 $ 500,000
4.450%, Due 7/15/2045 $ 350,000
4.000%, Due 10/2/2047 $ 300,000
3.500%, Due 9/10/2049 $ 400,000
2.800%, Due 9/30/2050 $ 400,000
2.850%, Due 8/5/2051 $ 550,000
3.200%, Due 1/30/2052 $ 1,000,000
$ 12,391,740
(a) The Notes are unsecured and unsubordinated obligations of the Issuers, as applicable, and are fully and unconditionally guaranteed, jointly and severally, by Blackstone Inc. and each of the Blackstone Holdings Partnerships (the “Guarantors”). The Notes contain customary covenants and financial restrictions that, among other things, limit the Issuers and the guarantors’ ability, subject to certain exceptions, to incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The Notes also contain customary events of default. All or a portion of the Notes may be redeemed at our option, in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the Notes are subject to repurchase at the repurchase price as set forth in the Notes.
(b) The Registered 2030, 2034 and 2036 Notes’ Guarantors and Issuer, Blackstone Reg Finance Co. L.L.C. (collectively, the “Obligor Group”) do not have material assets, liabilities and results of operations, with the exception of certain amounts already disclosed in our condensed consolidated financial statements (specifically, goodwill, the majority of our deferred tax assets, the Tax Receivable Agreement liability and the
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Registered 2030, 2034 and 2036 Notes). Therefore, we have excluded the summarized financial information for the Obligor Group due to management’s belief that such summarized financial information would be repetitive and would not provide material information to investors. For additional information see Note 11. “Borrowings” in the “Notes to Condensed Consolidated Financial Statements” in “— Item 1. Financial Statements” of this filing.
Blackstone, through Blackstone Holdings Finance Co. L.L.C., has a $4.325 billion unsecured Revolving Credit Facility with Citibank, N.A., as administrative agent with a maturity date of October 16, 2030. As of June 30, 2026, Blackstone had $800.0 million of outstanding borrowings under the Revolving Credit Facility. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly.
For a tabular presentation of the payment timing of principal and interest due on Blackstone’s issued notes and the Revolving Credit Facility see “—Contractual Obligations.”
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Contractual Obligations
The following table sets forth information relating to our contractual obligations as of June 30, 2026 on a consolidated basis and on a basis deconsolidating the Blackstone Funds:
$ $ $ $ $
Contractual Obligations July 1, 2026 to December 31, 2026 2027-2028 2029-2030 Thereafter Total
(Dollars in Thousands)
Operating Lease Obligations (a) $ 116,542 $ 415,225 $ 288,011 $ 760,436 $ 1,580,214
Purchase Obligations 93,106 163,684 7,260 44 264,094
Blackstone Operating Borrowings (b) 685,320 1,550,000 2,585,320 8,371,100 13,191,740
Interest on Blackstone Operating Borrowings (c) 275,050 1,019,016 929,086 3,221,059 5,444,211
Borrowings of Consolidated Blackstone Funds — — 126,896 — 126,896
Interest on Borrowings of Consolidated Blackstone Funds 4,400 16,421 2,021 — 22,842
Blackstone Funds Capital Commitments to Investee Funds (d) 891,114 — — — 891,114
Due to Certain Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (e) — 243,837 413,287 1,409,979 2,067,103
Unrecognized Tax Benefits, Including Interest and Penalties (f) — — — — —
Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g) 5,904,553 — — — 5,904,553
Consolidated Contractual Obligations 7,970,085 3,408,183 4,351,881 13,762,618 29,492,767
Borrowings of Consolidated Blackstone Funds — — (126,896 ) — (126,896 )
Interest on Borrowings of Consolidated Blackstone Funds (4,400 ) (16,421 ) (2,021 ) — (22,842 )
Blackstone Funds Capital Commitments to Investee Funds (d) (891,114 ) — — — (891,114 )
Blackstone Operating Entities Contractual Obligations $ 7,074,571 $ 3,391,762 $ 4,222,964 $ 13,762,618 $ 28,451,915
(a) We lease our primary office space and certain office equipment under agreements that expire through 2043. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable they are included in the table above. The table above includes operating leases that are recognized as Operating Lease Liabilities, short-term leases that are not recorded as Operating Lease Liabilities and leases that have been signed but not yet commenced which are not recorded as Operating Lease Liabilities. The amounts in this table are presented net of contractual sublease commitments.
(b) Represents the principal amounts due on our senior notes. For our senior notes, we assume no pre-payments and the borrowings are held until their final maturity. As of June 30, 2026, we had $800.0 million of outstanding borrowings under our Revolving Credit Facility, which are presented as due in 2030, the contractual maturity date of the Revolving Credit Facility.
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(c) Represents interest to be paid over the maturity of our senior notes. For our senior notes, we assume no pre-payments and the borrowings are held until their final maturity. These amounts include commitment fees for unutilized borrowings under the Revolving Credit Facility.
(d) These obligations represent commitments of the consolidated Blackstone funds to make capital contributions to investee funds and portfolio companies. These amounts are generally due on demand and are therefore presented in the less than one year category.
(e) Represents obligations by Blackstone to make payments under the tax receivable agreements to certain non-controlling interest holders for the tax savings realized from the taxable purchases of their interests in connection with the reorganization at the time of Blackstone’s initial public offering (“IPO”) in 2007 and subsequent purchases. The obligation represents the amount of the payments currently expected to be made, which are dependent on the tax savings expected to be realized as determined annually without discounting for the timing of the payments. As required by GAAP, the amount of the obligation included in the condensed consolidated financial statements and shown in Note 15. “Related Party Transactions” (see “—Item 1. Financial Statements”) differs to reflect the net present value of the payments due to certain non-controlling interest holders.
(f) Blackstone is not able to make a reasonably reliable estimate of the timing of payments in individual years in connection with gross unrecognized benefits of $340.0 million and interest of $137.1 million as of June 30, 2026; therefore, such amounts are not included in the above contractual obligations table.
(g) These obligations represent commitments by us to provide general partner capital funding to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments. These amounts are generally due on demand and are therefore presented in the less than one year category; however, a substantial amount of the capital commitments are expected to be called over the next three years. We expect to continue to make these general partner capital commitments as we raise additional amounts for our investment funds over time.
Guarantees
Blackstone and certain of its consolidated funds provide financial guarantees. The amounts and nature of these guarantees are described in Note 16. “Commitments and Contingencies — Contingencies — Guarantees” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.
Indemnifications
In many of its service contracts, Blackstone agrees to indemnify the third-party service provider under certain circumstances. The terms of the indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined and has not been included in the above contractual obligations table or recorded in our condensed consolidated financial statements as of June 30, 2026.
Clawback Obligations
Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceed the amount due to Blackstone based on cumulative results of that fund. The amounts and nature of Blackstone’s clawback obligations are described in Note 16. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.
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Share Repurchase Program
On July 16, 2024, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.
During the three and six months ended June 30, 2026, Blackstone repurchased 0.2 million and 0.4 million shares of common stock, pursuant to its repurchase program, at a total cost of $24.0 million and $48.4 million, respectively. As of June 30, 2026, the amount remaining available for repurchases under the program was $1.6 billion.
Dividends
Our intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by our board of directors to be necessary or appropriate to provide for the conduct of our business, to make appropriate investments in our business and funds, to comply with applicable law, any of our debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to stockholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter.
For Blackstone’s definition of Distributable Earnings, see “—Key Financial Measures and Indicators.”
All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of our board of directors, and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.
Because the publicly traded entity and/or its wholly owned subsidiaries must pay taxes and make payments under the tax receivable agreements, the amounts ultimately paid as dividends by Blackstone to common stockholders in respect of each fiscal year are generally expected to be less, on a per share or per unit basis, than the amounts distributed by the Blackstone Holdings Partnerships to the Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships in respect of their Blackstone Holdings Partnership Units.
Dividends are treated as qualified dividends to the extent of Blackstone’s current and accumulated earnings and profits, with any excess dividends treated as a return of capital to the extent of the stockholder’s basis.
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The following graph shows fiscal quarterly and annual per common stockholder dividends for 2026 and 2025. Dividends are declared and paid in the quarter subsequent to the quarter in which they are earned.
With respect to the second quarter of fiscal year 2026, we paid to stockholders of our common stock a dividend of $1.29 per share, aggregating to $2.45 per share of common stock in respect of the two fiscal quarters ended June 30, 2026. With respect to fiscal year 2025, we paid stockholders aggregate dividends of $4.74 per share.
Leverage
We may, under certain circumstances, use leverage opportunistically and over time to create the most efficient capital structure for Blackstone and our stockholders. In addition to the borrowings from our notes issuances and our Revolving Credit Facility, we may use asset based financing arrangements, including but not limited to margin loans, reverse repurchase agreements, repurchase agreements and securities sold, not yet purchased. Reverse repurchase agreements are entered into primarily to take advantage of opportunistic yields otherwise absent in the overnight markets and also to use the collateral received to cover securities sold, not yet purchased. Repurchase agreements are entered into primarily to opportunistically yield higher spreads on purchased securities. The balances held in these financial instruments fluctuate based on Blackstone’s liquidity needs, market conditions and investment risk profiles.
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The following table presents information regarding financial instruments which are included in Accounts Payable, Accrued Expenses and Other Liabilities in our Condensed Consolidated Statements of Financial Condition:
$
Repurchase Agreements
(Dollars in Millions)
Balance, June 30, 2026 $ 338.5
Balance, December 31, 2025 $ 289.2
Six Months Ended June 30, 2026
Average Daily Balance $ 394.8
Maximum Daily Balance $ 605.9
Critical Accounting Policies
We prepare our condensed consolidated financial statements in accordance with GAAP. In applying many of these accounting principles, we need to make assumptions, estimates and/or judgments that affect the reported amounts of assets, liabilities, revenues and expenses in our condensed consolidated financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable under the circumstances. These assumptions, estimates and/or judgments, however, are often subjective. Actual results may be affected negatively based on changing circumstances. If actual amounts are ultimately different from our estimates, the revisions are included in our results of operations for the period in which the actual amounts become known. We believe the following critical accounting policies could potentially produce materially different results if we were to change underlying assumptions, estimates and/or judgments. For a description of our accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.
Principles of Consolidation
For a description of our accounting policy on consolidation, see Note 2. “Summary of Significant Accounting Policies — Consolidation” and Note 8. “Variable Interest Entities” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” for detailed information on Blackstone’s involvement with VIEs. The following discussion is intended to provide supplemental information about how the application of consolidation principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.
The determination that Blackstone holds a controlling financial interest in a Blackstone Fund or investment vehicle significantly changes the presentation of our condensed consolidated financial statements. In our Condensed Consolidated Statements of Financial Position included in this filing, we present 100% of the assets and liabilities of consolidated VIEs along with a non-controlling interest which represents the portion of the consolidated vehicle’s interests held by third parties. However, assets of our consolidated VIEs can only be used to settle obligations of the consolidated VIE and are not available for general use by Blackstone. Further, the liabilities of our consolidated VIEs do not have recourse to the general credit of Blackstone. In the Condensed Consolidated Statements of Operations, we eliminate any management fees, Incentive Fees, or Performance Allocations received or accrued from consolidated VIEs as they are considered intercompany transactions. We recognize 100% of the consolidated VIE’s investment income (loss) and allocate the portion of that income (loss) attributable to third-party ownership to non-controlling interests in arriving at Net Income Attributable to Blackstone Inc.
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The assessment of whether we consolidate a Blackstone Fund or investment vehicle we manage requires the application of significant judgment. These judgments are applied both at the time we become involved with the VIE and on an ongoing basis and include, but are not limited to:
• Determining whether our management fees, Incentive Fees or Performance Allocations represent variable interests – We make judgments as to whether the fees we earn are commensurate with the level of effort required for those fees and at market rates. In making this judgment, we consider, among other things, the extent of third-party investment in the entity and the terms of any other interests we hold in the VIE.
• Determining whether kick-out rights are substantive – We make judgments as to whether the third-party investors in a partnership entity have the ability to remove the general partner, the investment manager or its equivalent, or to dissolve (liquidate) the partnership entity, through a simple majority vote. This includes an evaluation of whether barriers to exercise these rights exist.
• Concluding whether Blackstone has an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE – As there is no explicit threshold in GAAP to define “potentially significant,” management must apply judgment and evaluate both quantitative and qualitative factors to conclude whether this threshold is met.
Revenue Recognition
For a description of our accounting policy on revenue recognition, see Note 2. “Summary of Significant Accounting Policies — Revenue Recognition” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements.” For an additional description of the nature of our revenue arrangements, including how management fees, Incentive Fees, and Performance Allocations are generated, please refer to “Part I. Item 1. Business — Fee Structure/Incentive Arrangements” in our Annual Report on Form 10-K for the year ended December 31, 2025. The following discussion is intended to provide supplemental information about how the application of revenue recognition principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.
Management and Advisory Fees, Net — Blackstone earns base management fees from its customers at a fixed percentage of a calculation base. The range of management fee rates and the calculation base from which they are earned, generally, are as follows:
For vehicles within the Real Estate segment:
• 0.35% to 1.50% of committed capital or invested capital during the investment period, invested capital subsequent to the investment period, or gross asset value for certain drawdown vehicles and co-investment vehicles,
• 0.40% to 1.25% of net asset value for certain separately managed accounts, perpetual capital vehicles, drawdown vehicles, and co-investment vehicles, and
• 1.50% of BXMT’s net proceeds received from equity offerings and accumulated “distributable earnings” (which is generally equal to its GAAP net income excluding certain non-cash and other items), subject to certain adjustments.
For vehicles within the Private Equity segment:
• 0.50% to 1.75% of committed capital during the investment period or invested capital or gross investment value subsequent to the investment period for drawdown vehicles and certain co-investment vehicles,
• 0.50% to 1.75% of invested capital for certain separately managed accounts and co-investment vehicles, and
• 0.75% to 1.25% of net asset value for perpetual capital vehicles.
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For vehicles within the Credit & Insurance segment:
• 0.20% to 1.25% of net asset value or fair value of investments for certain separately managed accounts and open-ended vehicles,
• 0.35% to 1.25% of net asset value or gross asset value of our BDCs and certain registered investment companies,
• 0.30% to 0.50% of the aggregate par amount of collateral assets, including principal cash, for CLO vehicles, and
• 0.20% to 1.50% of invested capital for drawdown vehicles and certain separately managed accounts.
For vehicles within the Multi-Asset Investing segment:
• 0.20% to 1.50% of net asset value for all vehicles.
Management fee calculations based on committed capital or invested capital are mechanical in nature and therefore do not require the use of significant estimates or judgments. Management fee calculations based on net asset value, gross asset value, or investment fair value depend on the fair value of the underlying investments within the funds. Estimates and assumptions are made when determining the fair value of the underlying investments within the funds and could vary depending on the valuation methodology that is used as well as economic conditions. See “—Fair Value” below for further discussion of the judgment required for determining the fair value of the underlying investments.
Investment Income (Loss) — Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. Blackstone has concluded that investments made alongside its limited partners in a partnership which entitle Blackstone to a Performance Allocation represent equity method investments that are not in the scope of the GAAP guidance on accounting for revenues from contracts with customers. Blackstone accounts for these arrangements under the equity method of accounting. Under the equity method, Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period Blackstone calculates the accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results.
The change in the fair value of the investments held by certain Blackstone Funds is a significant input into the accrued Performance Allocation calculation and accrual for potential repayment of previously received Performance Allocations. Estimates and assumptions are made when determining the fair value of the underlying investments within the funds. See “—Fair Value” below for further discussion related to significant estimates and assumptions used for determining fair value of the underlying investments.
Fair Value
Blackstone uses fair value throughout the reporting process. For a description of our accounting policies related to valuation, see Note 2. “Summary of Significant Accounting Policies — Fair Value of Financial Instruments” and “Summary of Significant Accounting Policies — Investments, at Fair Value” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing. The following discussion is intended to provide supplemental information about how the application of fair value principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.
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The fair value of the investments held by Blackstone Funds is the primary input to the calculation of certain of our management fees, Incentive Fees, Performance Allocations and the related Compensation we recognize. Generally, Blackstone Funds are accounted for in accordance with the GAAP guidance on investment companies, and under the American Institute of Certified Public Accountants Audit and Accounting Guide, Investment Companies, and reflect their investments, including majority-owned and controlled investments, at fair value. In the absence of observable market prices, we utilize valuation methodologies applied on a consistent basis and assumptions that we believe market participants would use to determine the fair value of the investments. For investments where little market activity exists management’s determination of fair value is based on the best information available in the circumstances, which may incorporate management’s own assumptions and involves a significant degree of judgment, and the consideration of a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks.
Blackstone has also elected the fair value option for certain instruments it owns directly, including loans and receivables, investments in private debt securities and other proprietary investments. Blackstone is required to measure certain financial instruments at fair value, including debt instruments, equity securities and freestanding derivatives.
Fair Value of Investments or Instruments That Are Publicly Traded
Securities that are publicly traded and for which a quoted market exists will be valued at the closing price of such securities in the principal market in which the security trades, or in the absence of a principal market, in the most advantageous market on the valuation date. When a quoted price in an active market exists, no block discounts or control premiums are permitted regardless of the size of the public security held. In some cases, securities will include legal and contractual restrictions limiting their purchase and sale for a period of time. A discount to the publicly traded price may be appropriate in instances where a legal restriction is a characteristic of the security, such as may be required under SEC Rule 144. The amount of the discount, if taken, shall be determined based on the time period that must pass before the restricted security becomes unrestricted or otherwise available for sale.
Fair Value of Investments or Instruments That Are Not Publicly Traded
Investments for which market prices are not observable include private investments in the equity or debt of operating companies or real estate properties. Our primary methodology for determining the fair values of such investments is generally the income approach which provides an indication of fair value based on the present value of cash flows that a business, security, or property is expected to generate in the future. The most widely used methodology under the income approach is the discounted cash flow method which includes significant assumptions about the underlying investment’s projected net earnings or cash flows, discount rate, capitalization rate and exit multiple. Our secondary methodology, generally used to corroborate the results of the income approach, is typically the market approach. The most widely used methodology under the market approach relies upon valuations for comparable public companies, transactions, or assets, and includes making judgments about which companies, transactions, or assets are comparable. Depending on the facts and circumstances associated with the investment, different primary and secondary methodologies may be used including option value, contingent claims or scenario analysis, yield analysis, projected cash flow through maturity or expiration, discount to sale, probability weighted methods or recent round of financing.
In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments.
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Management Process on Fair Value
Due to the importance of fair value throughout the condensed consolidated financial statements and the significant judgment required to be applied in arriving at those fair values, we have developed a process around valuation that incorporates several levels of approval and review from both internal and external sources. Investments held by Blackstone Funds and investment vehicles are valued on at least a quarterly basis by our internal valuation or asset management teams, which are independent from our investment teams. For investments held by vehicles managed by more than one business unit, Blackstone has developed a process designed to facilitate coordination and alignment, as appropriate, of the fair value of in-scope investments across business units.
For investments valued utilizing the income method and where Blackstone has information rights, we generally have a direct line of communication with each of the Companies’ and underlying assets’ finance teams and collect financial data used to support projections used in a discounted cash flow analysis. The valuation team then analyzes the data received and updates the valuation models reflecting any changes in the underlying cash flow projections, weighted-average cost of capital, exit multiple or capitalization rate, and any other valuation input relevant to economic conditions.
The results of all valuations of investments held by Blackstone Funds and investment vehicles are reviewed by the relevant business unit’s valuation sub-committee, which is comprised of key personnel from the business unit, typically the chief investment officer, chief operating officer, chief financial officer, head of finance, chief compliance officer (or their respective equivalents where applicable) and other senior managing directors in the business or support functions. To further corroborate results, each business unit also generally obtains either a positive assurance opinion or a range of value from an independent valuation party, at least annually for internally prepared valuations for investments that have been held by Blackstone Funds and investment vehicles for greater than a year and quarterly for certain investments. Our firmwide valuation committee, chaired by our Chief Financial Officer and comprised of senior members of our businesses and representatives from corporate functions, including legal and finance, reviews the valuation process for investments held by us and our investment vehicles, including the application of appropriate valuation standards on a consistent basis. Each quarter, the valuation process is also reviewed by the audit committee of our board of directors, which is comprised of our non-employee directors.
Income Tax
For a description of our accounting policy on taxes and additional information on taxes see Note 2. “Summary of Significant Accounting Policies” and Note 12. “Income Taxes” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.
Our provision for income taxes is comprised of current and deferred taxes. Current income taxes approximate taxes to be paid or refunded for the current period. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the applicable enacted tax rates and laws that will be in effect when such differences are expected to reverse.
Additionally, significant judgment is required in estimating the provision for (benefit from) income taxes, current and deferred tax balances (including any valuation allowance), accrued interest or penalties and uncertain tax positions. In evaluating these judgments, we consider, among other items, projections of taxable income (including the character of such income), beginning with historic results and incorporating assumptions of the amount of future pretax operating income. These assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that Blackstone uses to manage its business. To the extent any portion of the deferred tax assets are not considered to be more likely than not to be realized, a valuation allowance is recorded.
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Revisions in estimates and/or actual costs of a tax assessment may ultimately be materially different from the recorded accruals and unrecognized tax benefits, if any.
Recent Accounting Developments
Information regarding recent accounting developments and their impact on Blackstone, if any, can be found in Note 2. “Summary of Significant Accounting Policies” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing.