Blackstone Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 27, 2026
BX$119.50-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-28.
0001193125-25-042469
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-27.
0001193125-26-082531
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 350 previous paragraphs and 339 current paragraphs.
231 unchanged; 52 reworded; 53 added; 66 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 213 previous and 210 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (53)
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This section of this
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Form 10-K
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10-K
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for the year ended December 31, 2024, which specific discussion is incorporated herein by reference.
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Most major equity markets appreciated in the fourth quarter of 2025, driven by positive economic data and accommodative central bank actions. The total return of the S&P 500 Index was 2.7% in the fourth quarter, led by the healthcare and telecommunications sectors, which gained 11.7% and 7.3%, respectively. The real estate and utilities sectors underperformed, declining 2.9% and 1.4%, respectively. Equity market volatility decreased, with the CBOE Volatility Index (VIX) declining 8.2% at the end of the fourth quarter compared to the third quarter. In credit markets, the S&P Leveraged Loan Index generated a total return of 1.2% and the ICE Bank of America High Yield Bond Index returned 1.3%. At the beginning of 2026, however, concerns regarding impact of artificial intelligence-driven disruption weighed on equity capital markets. By
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mid-February 2026,
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the Dow Jones and S&P 500 Index had experienced declines for four out of five weeks, while the Nasdaq recorded its fifth straight negative week.
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Capital markets activity levels in the U.S. expanded considerably in 2025, with U.S. initial public offering volumes and announced merger and acquisition volumes up approximately 73% and 60%, respectively, compared to 2024. In particular, the fourth quarter saw a
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two-and-a-half
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year-over-year increase in merger and acquisition and initial public offerings activity. High-yield spreads tightened by 21 basis points in 2025, while issuance increased 16.8% year-over-year.
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While the U.S. economy exhibited steady growth through most of 2025, the Bureau of Economic Analysis’ advance estimate of U.S. real GDP annualized growth was 1.4% in the fourth quarter. This was well below estimates, and the Bureau estimated, among other factors, that the U.S. government shutdown subtracted about 1.0% from such expected GDP growth. The labor market remained largely in balance, with an unemployment rate of 4.4% at year end, up moderately from 4.1% at year-end 2024. Inflation decreased over the course of 2025, with headline CPI of 2.7% in December 2025 compared to 3.0% in January 2025. The Federal Reserve decreased the federal funds target range three times in 2025 to
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by year end and held rates steady in January 2026, based on its view that inflation has remained above the target rate of 2%.
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Outside of the U.S., most major central banks reduced interest rates in 2025 as inflation around the world continued to show signs of moderation. Inflation in the U.K. increased slightly to 3.4% in December 2025 compared to 3.0% in January 2025, but remained well below prior year peaks, and The Bank of England lowered its rate by 100 points over four reductions in 2025, ending the year at 3.75%. The European Central Bank lowered its deposit facility by 100 basis points during the year, with inflation in the Eurozone falling to 1.9% in December 2025 compared to 2.5% in January 2025. In China, the People’s Bank also lowered the required reserve ratio by 50 basis points in 2025 to 9%, continuing a rate-cutting cycle that began in 2021. By contrast, the Bank of Japan further increased its policy rate twice in 2025 to 0.75% by year end, the highest level since 1995.
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An overall resilient economic backdrop, alongside moderating interest rates in several major economies, supported a gradual improvement in capital markets and transaction activity in the latter part of 2025. Uncertainty regarding the trajectory of inflation and interest rates in the U.S., continued geopolitical turbulence and concerns regarding the potential impact of artificial intelligence-related disruptions across a number of industries, however, have more recently adversely impacted investor sentiment and the market environment.
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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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On October 16, 2025, Blackstone entered into an amended and restated $4.325 billion revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility amends and restates Blackstone’s existing revolving credit facility to, among other things, extend the maturity date from December 15, 2028 to October 16, 2030 and increase the aggregate required minimum amount of fee generating assets under management. For additional information see Note 12. “Borrowings” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data.”
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S-3.
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Recent Tax Developments
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On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA provides for significant U.S. tax law changes including making permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. Prior to the enactment of the OBBBA, these provisions were set to sunset on December 31, 2025. Blackstone does not believe the extension of these provisions, or other provisions contained in the OBBBA, will materially impact its financial statements. For further discussion of potential consequences of changes in tax regulations, please see “Part I. Item 1A. Risk Factors — Risks Related to Our Business — Changes in U.S. and foreign taxation of businesses and other tax laws, regulations or treaties or an adverse interpretation of these items by tax authorities could adversely affect us, including by adversely impacting our effective tax rate and tax liability.”
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On July 29, 2025, the U.S. Internal Revenue Service (“IRS”) issued guidance which provides for a simplified approach to the calculation of the corporate alternative minimum tax (“CAMT”). Based on the available guidance, Blackstone does not believe CAMT will materially impact its Provision for Taxes.
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Management and Advisory Fees, Net were $8.1 billion for the year ended December 31, 2025, an increase of $886.7 million, compared to $7.2 billion for the year ended December 31, 2024. The increase in Management and Advisory Fees, Net was primarily attributable to increases in our Private Equity and Credit & Insurance segments of $573.3 million and $347.8 million, respectively. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to fee holiday expirations of BCP IX and BETP IV, an increase in
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Assets Under Management in BXPE and BIP, and increased deal activity in BXCM. The increase in our Credit & Insurance segment was primarily attributable to an increase in Base Management Fees due to increased
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Assets Under Management in private credit strategies.
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Interests in Consolidated Entities and the deferred tax impact of Blackstone’s investment in its operating partnerships.
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Select Perpetual Capital Strategies (m)
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denominated in a foreign currency. Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total Assets Under Management reflects net asset value as of December 31, 2025. BXPE Total Assets Under Management, to the extent managed by a different business, is reported in such business for the purposes of segment Assets Under Management reporting.
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Given the gradual pace of the real estate recovery over the course of 2025, the funds in our Real Estate segment saw limited appreciation in aggregate, notwithstanding strong performance in BREIT. Continued and significant strength in digital infrastructure investments supported performance in the year, which was partially offset by more challenging fundamentals in life sciences office, student housing and select logistics holdings. We believe there are a number of positive signs that should support values in our Real Estate portfolio, including favorable capital markets and declining new supply. Continued improvement in the cost and availability of debt also contributes to an environment that is more conducive to increased transaction volume.
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Fee Related Earnings were $2.2 billion for the year ended December 31, 2025, an increase of $187.9 million, compared to $2.0 billion for the year ended December 31, 2024. The increase in Fee Related Earnings was primarily attributable to an increase of $286.2 million in Fee Related Performance Revenues, partially offset by a decrease of $93.4 million in Management Fees, Net.
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Fee Related Performance Revenues were $489.6 million for the year ended December 31, 2025, an increase of $286.2 million, compared to $203.4 million for the year ended December 31, 2024. The increase was primarily attributable to higher Fee Related Performance Revenues in BREIT.
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Assets Under Management in BREDS, which included the transfer of the residential debt business to our Credit & Insurance segment. Transaction and Other Fees, Net decreased $33.3 million primarily attributable to a decrease in acquisition advisory fees paid to the advisor of our BREP funds.
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Net Realizations were $149.1 million for the year ended December 31, 2025, an increase of $34.6 million, compared to $114.5 million for the year ended December 31, 2024. The increase in Net Realizations was primarily attributable to an increase of $67.8 million in Realized Performance Revenues, partially offset by an increase of $29.4 million in Realized Performance Compensation.
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Segment Distributable Earnings were $2.9 billion for the year ended December 31, 2025, an increase of $268.0 million, compared to $2.6 billion for the year ended December 31, 2024. The increase in Segment Distributable Earnings was attributable to an increase of $47.7 million in Fee Related Earnings, and an increase of $220.4 million in Net Realizations.
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Our Private Equity segment generated strong performance across all strategies in 2025, with particular strength in Infrastructure. In Corporate Private Equity, our operating companies exhibited solid revenue growth and resilient margins. A more favorable capital markets environment supported an acceleration in transaction activity, particularly initial public offerings, in our Private Equity segment funds in the second half of 2025. A continuation of a favorable capital markets environment should contribute to a further increase in transaction activity, including realizations, in our Private Equity segment. Despite an overall strong capital markets environment, the potential for artificial intelligence-driven disruption has recently weighed on equity capital markets and equity values of companies in certain sectors, such as software. We believe the ultimate impact of such disruption will vary significantly across companies based on multiple factors, with a number of companies well-positioned to be protected or benefit from such disruption. We believe such factors, which include large company size, depth of resources and high customer switching costs, are generally evident across our portfolio.
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Fee Related Earnings were $1.9 billion for the year ended December 31, 2025, an increase of $47.7 million, compared to $1.8 billion for the year ended December 31, 2024. The increase in Fee Related Earnings was primarily attributable to an increase of $573.3 million in Management and Advisory Fees, Net and a decrease of $202.8 million in Fee Related Compensation, partially offset by a decrease of $637.4 million in Fee Related Performance Revenues.
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Fee Related Performance Revenues were $548.0 million for the year ended December 31, 2025, a decrease of $637.4 million, compared to the year ended December 31, 2024. The decrease was primarily attributable to the crystallization of prior year performance revenues for BIP, partially offset by increased performance fee crystallizations for BXPE.
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Fee Related Compensation was $961.4 million for the year ended December 31, 2025, a decrease of $202.8 million, compared to $1.2 billion for the year ended December 31, 2024. The decrease was primarily attributable to a decrease in Fee Related Performance Revenues, which impacts Fee Related Compensation.
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Net Realizations were $1.0 billion for the year ended December 31, 2025, an increase of $220.4 million, compared to $811.3 million for the year ended December 31, 2024. The increase in Net Realizations was primarily attributable to an increase of $277.7 million in Realized Performance Revenues, partially offset by an increase of $71.4 million in Realized Performance Compensation.
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Segment Distributable Earnings were $2.0 billion for the year ended December 31, 2025, an increase of $533.4 million, compared to $1.4 billion for the year ended December 31, 2024. The increase in Segment Distributable Earnings was attributable to increases of $195.4 million in Fee Related Earnings and $338.0 million in Net Realizations.
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Our Credit & Insurance segment demonstrated strong performance in 2025. While lower interest rates will likely reduce returns in our floating rate strategies, we believe we will continue to generate excess returns relative to liquid markets in our private credit strategies. We also continue to see long-term structural shifts toward private credit in the credit market. This has contributed to robust momentum in our
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grade and investment grade private credit strategies. Opportunities for corporate and bank partnerships should also support momentum in investment grade private credit strategies. While we would expect defaults to rise from a historically low level as the credit cycle progresses, our Credit & Insurance segment funds’ holdings are predominantly in senior secured credit with significant equity subordination from institutional borrowers. We believe this should position our Credit & Insurance segment well. A favorable capital markets environment has supported, and should continue to support, overall transaction activity in our Credit & Insurance segment. Nevertheless, despite an overall strong capital markets environment, the potential for artificial intelligence-driven disruption has recently weighed on the equity capital markets and on equity values of companies in certain sectors, such as software. We believe the ultimate impact of such disruption will vary significantly across companies based on multiple factors, and that companies that are larger, have depth of resources and whose customers face high switching costs, are well-positioned to be protected or benefit from such disruption. Notwithstanding the potential for artificial-intelligence disruption, we believe our overall portfolio is relatively well-protected given the extent of our equity cushion and the prevalence of such factors at companies in our portfolio.
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Form 8-K
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filed on November 25, 2024.
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Global markets experienced volatility in 2024, due to significant movement in Treasury yields, a strong U.S. Dollar, global geopolitical instability and macroeconomic uncertainty. The
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10-year
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Treasury yield increased 86 basis points from the beginning of 2024 to an intraday high of 4.74% in April, declined 114 basis points to an intraday low of 3.6% in September, and subsequently rose again to end the year at 4.57%. Short-term rates decreased in 2024 with three-month SOFR down 103 basis points to 4.31%. The U.S. Dollar appreciated against major currencies in the fourth quarter and full year, including the Pound Sterling, Euro, Canadian Dollar, and Indian Rupee.
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Most major equity markets appreciated in the fourth quarter of 2024. The S&P 500 delivered a total return of 2.0% in the fourth quarter and 25.0% for the full year. All sectors gained during the year, led by the telecom sector, which rose 40.2%. In credit markets, the S&P leveraged loan index increased 9.0% in 2024 while the Credit Suisse high yield bond index rose 7.9%. High yield spreads tightened 57 basis points in 2024, while issuance increased 64% year-over-year. Base rates were volatile during the year. Equity market volatility increased, with the CBOE Volatility Index up 39% year-over-year. Oil prices were largely unchanged, with the price of West Texas Intermediate crude oil up 0.1% in 2024 to $71.72 per barrel. The Henry Hub Natural Gas spot price increased 45% year-over-year to $3.63.
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The U.S. economy exhibited steady growth in 2024, underpinned by a healthy labor market and consumer spending. The advance estimate of U.S. real GDP for 2024 indicated growth of 2.8% year-over-year, in line with 2.9% growth recorded in 2023. Inflation decreased moderately over the course of 2024, with headline CPI decreasing from 3.1% year-over-year growth in January 2024 to 2.9% in December 2024, and Core CPI decreasing from 3.9% year-over-year growth in January 2024 to 3.2% year-over-year in December 2024. The Federal Reserve decreased the federal funds target range three times in 2024 to
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by year end. The Federal Reserve held rates steady in January 2025, indicating its expectations for a slower pace of rate cuts moving forward. The U.S. unemployment rate was 4.1% in December 2024, but further decreased below forecasts to 4.0% in January 2025, suggesting a tightening labor market. Average hourly earnings increasing 4.1% year-over-year and 0.5% month-over-month in January 2025. Meanwhile, shelter cost inflation has decreased since the end of 2023, declining to 4.6% in December 2024 as compared to 6.2% the prior year. In manufacturing, the Institute for Supply Management Purchasing Managers’ Index increased to 49.2 in December 2024 compared to 46.9 in 2023.
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Outside the U.S., several major economies demonstrated slower GDP growth and began loosening monetary policy after an extended period of tightening due to decreasing inflation. Eurozone real GDP declined to 2.4% annual growth in December 2024 from 2.9% in December 2023. Inflation in the Eurozone fell from 2.8% year-over-year growth in January 2024 to 2.4% at year end despite the European Central Bank lowering its deposit facility by 100 basis points during the year and an additional 25 basis points in February 2025. In China, real GDP grew 5.0% year-over-year in 2024, down from 5.4% in 2023 and below the average of the preceding ten years. In Japan, the advance estimate of real GDP indicated a contraction of 0.2% year-over-year in 2024, down from 1.5% growth in 2023.
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Capital markets activity expanded moderately, with global initial public offering volumes up 4% and global announced merger and acquisition volumes up 12% compared to 2023; however, both metrics remain below prior peak levels.
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During 2024, the U.S. made meaningful progress on inflation and maintained a healthy economy, which helped improve investor sentiment. Nonetheless, continued geopolitical turbulence, the potential for slower-than-anticipated interest rate decreases, and U.S. trade, immigration and other policy and regulatory changes are contributing to economic outlook uncertainty, including a potential economic slowdown.
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Form S-3
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(the “Registered 2034 Notes”).
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The $3.0 billion increase in Unrealized Investment Income was primarily attributable to net unrealized appreciation of investments in the year ended December 31, 2024, compared to the year ended December 31, 2023. Principal drivers were:
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Interests in Consolidated Entities and a decrease in Blackstone’s state tax provisions for the jurisdictions in which it operates.
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Blackstone had a corporate alternative minimum tax (“CAMT”) liability for the year ended December 31, 2024 as calculated pursuant to the Inflation Reduction Act. Blackstone will continue to assess the overall impact to its Provision for Income Tax upon the issuance of applicable additional guidance by the U.S. Treasury Department related to interpretations of CAMT. For the year ended December 31, 2024 there is no meaningful CAMT impact reflected in the Provision for Income Taxes given current year tax payments made under CAMT are permitted to be carried forward and used as credits in future years resulting in a deferred tax benefit.
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Interests in Consolidated Entities
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Effective during the third quarter of 2024, the residential debt business was transferred from Real Estate to Credit & Insurance to align with a change in Blackstone’s management of those businesses. This organizational change resulted in a decrease (reflected as an outflow) for the year ended December 31, 2024 to Real Estate Total and
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Assets Under Management and an increase (reflected as a contra-outflow) to Credit & Insurance Total and
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Assets Under Management (the “Residential Debt Transfer”). These changes do not impact Blackstone’s Total or
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Assets Under Management or outflows in total.
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“— Non-GAAP
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Select Perpetual Capital Strategies (l)
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Segment Distributable Earnings were $2.1 billion for the year ended December 31, 2024, a decrease of $127.5 million, compared to $2.3 billion for the year ended December 31, 2023. The decrease in Segment Distributable Earnings was attributable to decreases of $113.3 million in Fee Related Earnings and $14.2 million in Net Realizations.
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The performance of funds in our Real Estate segment in 2024 was negatively impacted by volatility in the
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10-year
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Treasury yield, including a sharp increase in the fourth quarter, and a strong U.S. dollar. However, we believe a commercial real estate recovery is underway. Although the pace of such recovery is uncertain, the underpinnings are firmly in place, including a healthy economic backdrop that supports cash flow growth, meaningful improvements in the cost and availability of capital and a material decrease in construction starts. Subject to inflation subsiding, this should set the stage for a multi-year recovery. The constraints on future new supply, including in certain sectors in which our global opportunistic and Core+ real estate portfolios are concentrated, such as logistics and rental housing, should also support real estate values over time.
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We additionally continue to believe that, despite recent speculation about data center demand, there will continue to be significant demand for digital infrastructure as artificial intelligence and other technological innovation is increasingly adopted and developed. Our Real Estate segment is well positioned to benefit from this trend. In certain markets and sectors with elevated near-term supply, including U.S. logistics and multifamily, however, growth has slowed and may moderate further. Life science office and traditional office valuations have also been negatively impacted by challenging sector dynamics and capital markets. While our NYSE-listed REIT, Blackstone Mortgage Trust (“BXMT”), is mostly focused in sectors with strong long-term fundamentals, its office exposure is higher than in our real estate equity business. Although this has posed challenges for the vehicle, its office exposure has been meaningfully reduced through loan resolutions and repayments. Given our conviction that a recovery is underway, our Real Estate funds deployed $25.3 billion in 2024, a nearly 70% increase year over year. While we expect our real estate realization activity to remain muted as commercial real estate continues to recover, we believe the market for realizations will strengthen over time. In BREIT, improving investor sentiment throughout 2024 has contributed to favorable trends in net flows, with a 97% decline in net repurchase requests in December 2024 relative to their peak in January 2023.
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Fee Related Performance Revenues were $203.4 million for the year ended December 31, 2024, a decrease of $90.8 million, compared to $294.2 million for the year ended December 31, 2023. The decrease was primarily due to lower Fee Related Performance Revenues in BPP and
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and BXMT.
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Other Operating Expenses were $380.3 million for the year ended December 31, 2024, an increase of $55.3 million, compared to $325.1 million for the year ended December 31, 2023. The increase was primarily due to higher
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sub-servicing
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fees and professional fees.
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Assets Under Management in BREIT.
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Net Realizations were $114.5 million for the year ended December 31, 2024, a decrease of $14.2 million, compared to $128.7 million for the year ended December 31, 2023. The decrease in Net Realizations was primarily attributable to a decrease of $43.4 million in Realized Performance Revenues, partially offset by a decrease of $22.3 million in Realized Performance Compensation.
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Realized Performance Revenues were $201.0 million for the year ended December 31, 2024, a decrease of $43.4 million, compared to $244.4 million for the year ended December 31, 2023. The decrease was primarily due to lower Realized Performance Revenues in BREP.
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Realized Performance Compensation was $101.0 million for the year ended December 31, 2024, a decrease of $22.3 million, compared to $123.3 million for the year ended December 31, 2023. The decrease was primarily due to the decrease in Realized Performance Revenues.
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Segment Distributable Earnings were $2.6 billion for the year ended December 31, 2024, an increase of $744.9 million, compared to $1.9 billion for the year ended December 31, 2023. The increase in Segment Distributable Earnings was attributable to an increase of $769.5 million in Fee Related Earnings, partially offset by a decrease of $24.6 million in Net Realizations.
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Our Private Equity segment demonstrated resilience across all strategies in 2024. In addition to particular strength in Corporate Private Equity and Life Sciences, our Infrastructure business was a notable driver of Fee Related Performance Revenues in the fourth quarter due to a significant scheduled crystallization event. We continue to believe our Infrastructure business is well positioned to benefit from the expected increase in demand for investment in infrastructure, including digital infrastructure, over time. In Corporate Private Equity, our operating companies saw stable revenue growth and margin expansion during the year. Realization activity in the segment meaningfully increased toward the end of 2024, concentrated in Corporate Private Equity, and we see a more constructive environment for realizations in the segment through the course of 2025. Improved market sentiment has created positive momentum for deployment in the segment, which nearly doubled year-over-year, and for fundraising, including in our perpetual capital strategies.
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Fee Related Earnings were $1.8 billion for the year ended December 31, 2024, an increase of $769.5 million, compared to $1.1 billion for the year ended December 31, 2023. The increase in Fee Related Earnings was primarily attributable to increases of $1.2 billion in Fee Related Performance Revenues and $190.7 million in Management and Advisory Fees, Net, partially offset by an increase of $544.6 million in Fee Related Compensation.
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For a discussion of our results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022, see “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of Exhibit 99.1 of Blackstone’s Current Report on
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generally discusses 2025 and 2024 items and year to year comparisons between 2025 and 2024. For the discussion of 2024 compared to 2023, see “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of Blackstone’s Annual Report on Form
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We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio companies, and from capital markets services. We also invest in the funds we manage and we are entitled to a
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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
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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 structures, we receive a contractual incentive fee from an investment vehicle 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 businesses in which we operate. Net investment gains and investment income generated by the Blackstone Funds are driven by the performance of the underlying investments as well as overall market conditions. Fair values are affected by changes in the fundamentals of our portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.
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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.
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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.
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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.
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On December 6, 2024, Blackstone, through its indirect subsidiary Blackstone Reg Finance Co. L.L.C., issued $750 million aggregate principal amount of 5.000% senior notes due December 6, 2034 pursuant to a Registration Statement on
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On November 3, 2025, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $600 million aggregate principal amount of 4.300% senior notes due November 3, 2030 (the “Registered 2030 Notes”), and $600 million aggregate principal amount of 4.950% senior notes due February 15, 2036 (the “Registered 2036 Notes”) and, together with the Registered 2030 Notes, (the “Registered Notes”), pursuant to a Registration Statement on Form
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For additional information see Note 12. “Borrowings” in the “Notes to Consolidated Financial Statements” in “— Item 8. Financial Statements and Supplementary Data” and “— Liquidity and Capital Resources —Sources and Uses of Liquidity.”
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Blackstone intends to use the net proceeds from the sale of the Registered Notes for general corporate purposes. For additional information, see Note 12. “Borrowings” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data” and “—Liquidity and Capital Resources — Sources and Uses of Liquidity.”
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Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s Consolidated Statements of Operations under GAAP, excluding the impact of divestitures and accrued tax contingencies and refunds which are reflected when paid or received. 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.
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Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s Consolidated Statements of Operations under GAAP, excluding the impact of divestitures and accrued tax contingency-related liabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that parties to the Tax Receivable Agreement are entitled to receive in future periods. Management believes that including the amount payable under the Tax Receivable Agreement and utilizing the current income tax provision adjusted as described above when calculating Distributable Earnings is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to stockholders.
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Realized Performance Compensation reflects 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. In the year ended December 31, 2024, Realized Performance Compensation increased by an aggregate of $83.1 million and Fee Related Compensation decreased by a corresponding amount. In the year ended December 31, 2023, Realized Performance Compensation increased by an aggregate of $65.0 million and Fee Related Compensation decreased by a corresponding amount. These changes to Realized Performance Compensation and Fee Related Compensation reduced Net Realizations, increased Fee Related Earnings and had a neutral impact to Income Before Provision (Benefit) for Taxes and Distributable Earnings in the years ended December 31, 2024 and December 31, 2023.
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Realized Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. For the year ended December 31, 2025, Realized Performance Compensation increased by an aggregate of $76.6 million and Fee Related Compensation decreased by a corresponding amount. For the year ended December 31, 2024, Realized Performance Compensation increased by an aggregate of $83.1 million and Fee
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ownership interests in Blackstone’s consolidated operating partnerships and removes the amortization of intangibles assets and Transaction-Related and
Current wording
ownership interests in Blackstone’s consolidated operating partnerships and removes the amortization of intangible assets and Transaction-Related and
Previous wording
Revenues were $13.2 billion for the year ended December 31, 2024, an increase of $5.2 billion, compared to $8.0 billion for the year ended December 31, 2023. The increase in Revenues was primarily attributable to an increase of $4.3 billion in Investment Income, which was composed of increases of $3.0 billion in Unrealized Investment Income and $1.3 billion in Realized Investment Income.
Current wording
Revenues were $14.5 billion for the year ended December 31, 2025, an increase of $1.2 billion, compared to $13.2 billion for the year ended December 31, 2024. The increase in Revenues was primarily attributable to increases of $886.7 million in Management and Advisory Fees, Net and $709.2 million in Investment Income (Loss).
Previous wording
The $1.3 billion increase in Realized Investment Income was primarily attributable to higher realized gains in our Private Equity segment.
Current wording
Investment Income (Loss) was $5.3 billion for the year ended December 31, 2025, an increase of $709.2 million, compared to $4.5 billion for the year ended December 31, 2024. The increase in Investment Income (Loss) was primarily attributable to an increase of $569.9 million in Realized Investment Income. The increase in Realized Investment Income was primarily attributable to higher realized gains during the year ended December 31, 2025 compared to the year ended December 31, 2024. The principal driver of this increase was an increase of $406.7 million in our Credit & Insurance segment which was primarily attributable to the sale of Bistro, a portfolio visualization software platform developed by Blackstone, and the monetization of Blackstone’s stake in Resolution Life.
Previous wording
Expenses were $6.8 billion for the year ended December 31, 2024, an increase of $1.8 billion, compared to $5.0 billion for the year ended December 31, 2023. The increase was primarily attributable to an increase of $1.7 billion in Total Compensation and Benefits, of which $1.3 billion was an increase in Performance Allocations Compensation. The increase in Performance Allocations Compensation was primarily due to the increase in Investment Income, on which a portion of compensation is based.
Current wording
Expenses were $7.7 billion for the year ended December 31, 2025, an increase of $883.3 million, compared to $6.8 billion for the year ended December 31, 2024. The increase was primarily attributable to an increase of $626.5 million in Total Compensation and Benefits, of which $623.0 million was an increase in Compensation. The increase in Compensation was primarily attributable to the increase in Management and Advisory Fees, Net, on which a portion of Compensation is based.
Previous wording
Other Income (Loss) was $48.8 million for the year ended December 31, 2024, an increase of $132.8 million, compared to $(84.0) million for the year ended December 31, 2023. The increase in Other Income (Loss) was principally due to an increase of $146.9 million in Net Gains (Losses) from Fund Investment Activities.
Current wording
Other Income was $424.0 million for the year ended December 31, 2025, an increase of $375.2 million, compared to $48.8 million for the year ended December 31, 2024. The increase in Other Income was primarily attributable to an increase of $327.3 million in Net Gains from Fund Investment Activities.
Previous wording
The increase in Net Gains (Losses) from Fund Investment Activities was driven by an increase of $169.7 million in our Real Estate segment, partially offset by a decrease of $41.0 million in our Private Equity segment. The increase in our Real Estate segment was primarily driven by lower unrealized depreciation of investments and lower realized losses on investments in our consolidated funds. The decrease in our Private Equity segment was primarily due to the deconsolidation of a fund, partially offset by higher unrealized appreciation of investments in our consolidated funds.
Current wording
The increase in Net Gains from Fund Investment Activities was primarily attributable to increases of $172.8 million in our Real Estate segment and $123.9 million in our Private Equity segment. The increase in our Real Estate segment was primarily attributable to net unrealized appreciation of investments in our consolidated funds in the year ended December 31, 2025 compared to net unrealized depreciation of investments in the year ended December 31, 2024. The increase in our Private Equity segment was primarily attributable to higher net unrealized appreciation of investments in our consolidated funds in the year ended December 31, 2025 compared to the year ended December 31, 2024.
Previous wording
Blackstone’s Provision for Taxes for the year ended December 31, 2024 was $1.0 billion, an increase of $508.2 million, compared to $513.5 million for the year ended December 31, 2023. This resulted in an effective tax rate of 15.8% and 17.4% based on our Income Before Provision for Taxes of $6.5 billion and $3.0 billion for the years ended December 31, 2024 and 2023, respectively.
Current wording
Blackstone’s Provision for Taxes for the year ended December 31, 2025 was $1.1 billion, an increase of $103.4 million, compared to $1.0 billion for the year ended December 31, 2024. This resulted in an effective tax rate of 15.7% and 15.8%, based on our Income Before Provision for Taxes of $7.2 billion and $6.5 billion for the years ended December 31, 2025 and 2024, respectively.
Previous wording
The Net Loss Attributable to Redeemable
Current wording
The Net Income Attributable to Redeemable
Previous wording
For the years ended December 31, 2024 and 2023, the Net Income Before Taxes allocated to Blackstone personnel and others who are limited partners of Blackstone Holdings was 38.5% and 39.2%, respectively. The decrease of 0.7% was primarily due to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.
Current wording
For the years ended December 31, 2025 and 2024, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.6% and 38.5%, respectively. The decrease of 0.9% was primarily attributable to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.
Previous wording
Total Assets Under Management were $1,127.2 billion at December 31, 2024, an increase of $87.0 billion compared to $1,040.2 billion at December 31, 2023. The net increase was due to:
Current wording
Total Assets Under Management were $1,274.9 billion at December 31, 2025, an increase of $147.8 billion compared to $1,127.2 billion at December 31, 2024. The net increase was due to:
Previous wording
Assets Under Management were $830.7 billion at December 31, 2024, an increase of $68.1 billion compared to $762.6 billion at December 31, 2023. The net increase was due to:
Current wording
Assets Under Management were $921.7 billion at December 31, 2025, an increase of $91.0 billion compared to $830.7 billion at December 31, 2024. The net increase was due to:
Previous wording
For the year ended December 31, 2024, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $3.1 billion, partially offset by net realized distributions of $2.7 billion.
Current wording
For the year ended December 31, 2025, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $3.6 billion, partially offset by net realized distributions of $3.1 billion.
Previous wording
Perpetual Capital Total Assets Under Management were $444.8 billion as of December 31, 2024, an increase of $48.5 billion, compared to $396.3 billion as of December 31, 2023. Perpetual Capital Total Assets Under Management in our Credit & Insurance and Private Equity segments increased $42.8 billion and $22.9 billion, respectively, partially offset by a decrease in our Real Estate segment of $17.5 billion. Principal drivers of this net increase were:
Current wording
Perpetual Capital Total Assets Under Management were $523.6 billion as of December 31, 2025, an increase of $78.8 billion, compared to $444.8 billion as of December 31, 2024. Perpetual Capital Total Assets Under Management in our Credit & Insurance and Private Equity segments increased by $43.7 billion and $29.4 billion, respectively. Principal drivers of the increases were:
Previous wording
Fee Related Earnings were $2.0 billion for the year ended December 31, 2024, a decrease of $113.3 million, compared to $2.1 billion for the year ended December 31, 2023. The decrease in Fee Related Earnings was primarily attributable to a decrease of $90.8 million in Fee Related Performance Revenues and an increase of $55.3 million in Other Operating Expenses, partially offset by an increase of $31.9 million in Management Fees, Net.
Current wording
Segment Distributable Earnings were $2.4 billion for the year ended December 31, 2025, an increase of $222.5 million, compared to $2.1 billion for the year ended December 31, 2024. The increase in Segment Distributable Earnings was attributable to an increase of $187.9 million in Fee Related Earnings and an increase of $34.6 million in Net Realizations.
Previous wording
Management Fees, Net were $2.9 billion for the year ended December 31, 2024, an increase of $31.9 million, compared to $2.8 billion for the year ended December 31, 2023, primarily driven by an increase in Transaction and Other Fees, Net, partially offset by a decrease in Base Management Fees. Transaction and Other Fees, Net increased $96.5 million primarily due to an increase in acquisition fees paid to the advisor of our BREP funds. Base Management Fees decreased $77.2 million primarily due to a decrease in
Current wording
Management Fees, Net were $2.8 billion for the year ended December 31, 2025, a decrease of $93.4 million, compared to $2.9 billion for the year ended December 31, 2024, primarily attributable to decreases in Base Management Fees and Transaction and Other Fees, Net. Base Management Fees decreased $63.7 million primarily attributable to a decrease in
Previous wording
Realized Performance Revenues were $380.5 million for the year ended December 31, 2024, an increase of $225.3 million, compared to $155.3 million for the year ended December 31, 2023. The increase was primarily due to higher Realized Performance Revenues in Absolute Return.
Current wording
Realized Performance Revenues were $268.8 million for the year ended December 31, 2025, an increase of $67.8 million, compared to $201.0 million for the year ended December 31, 2024. The increase was primarily attributable to higher Realized Performance Revenues in BREP.
Previous wording
Realized Performance Compensation was $86.9 million for the year ended December 31, 2024, an increase of $38.6 million, compared to $48.4 million for the year ended December 31, 2023. The increase was primarily due to the increase in Realized Performance Revenues.
Current wording
Realized Performance Compensation was $130.4 million for the year ended December 31, 2025, an increase of $29.4 million, compared to $101.0 million for the year ended December 31, 2024. The increase was primarily attributable to the increase in Realized Performance Revenues.
Previous wording
The Real Estate segment has thirteen funds with closed investment periods as of December 31, 2024: BREP IX, BREP VIII, BREP VII, BREP VI, BREP V, BREP Europe VI, BREP Europe V, BREP Europe IV, BREP Europe III, BREP Asia II, BREP Asia I, BREDS IV and BREDS III. As of December 31, 2024, BREP VII, BREP VI, BREP V, BREP Europe VI, 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 IX, BREP VIII, BREP Europe V, BREDS IV and BREDS III were above their carried interest thresholds as of December 31, 2024, and BREP Asia II was below its carried interest threshold. 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.
Current wording
The Real Estate segment has thirteen funds with closed investment periods as of December 31, 2025: BREP IX, BREP VIII, BREP VII, BREP VI, BREP V, BREP Europe VI, BREP Europe V, BREP Europe IV, BREP Europe III, BREP Asia II, BREP Asia I, BREDS IV and BREDS III. As of December 31, 2025, BREP VII, BREP VI, BREP V, BREP Europe IV, BREP Europe III and BREP Asia I were above their carried interest thresholds (i.e., the preferred return payable to its limited partners before the general partner is eligible to receive carried interest) and would have been above their carried interest thresholds even if all remaining investments were valued at zero. BREP VIII, BREDS IV and BREDS III were above their carried interest thresholds as of December 31, 2025, while BREP IX, BREP Asia II, BREP Europe VI, and BREP Europe V were below their carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.
Previous wording
Management and Advisory Fees, Net were $2.2 billion for the year ended December 31, 2024, an increase of $190.7 million, compared to $2.0 billion for the year ended December 31, 2023, primarily driven by increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $123.9 million primarily due to an increase in
Current wording
Management and Advisory Fees, Net were $2.8 billion for the year ended December 31, 2025, an increase of $573.3 million, compared to $2.2 billion for the year ended December 31, 2024, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $430.1 million primarily attributable to fee holiday expirations in BCP IX and BETP IV, as well as increased
Previous wording
Assets Under Management in BIP and BXPE, as well as the investment period commencement and subsequent fee holiday expirations of BCP IX and BETP IV. Transaction, Advisory and Other Fees, Net increased $67.6 million primarily due to increased volume of deal activity in BXCM.
Current wording
Assets Under Management in BXPE and BIP. Transaction, Advisory and Other Fees, Net increased $186.1 million primarily attributable to increased volume of deal activity in BXCM.
Previous wording
Realized Performance Revenues were $1.4 billion for the year ended December 31, 2024, an increase of $48.6 million, compared to $1.3 billion for the year ended December 31, 2023. The increase was primarily due to increases in Realized Performance Revenues in Tactical Opportunities and Corporate Private Equity, partially offset by decreases in Secondaries.
Current wording
Realized Performance Revenues were $1.7 billion for the year ended December 31, 2025, an increase of $277.7 million, compared to $1.4 billion for the year ended December 31, 2024. The increase was primarily attributable to increases in Realized Performance Revenues in Secondaries, related to the sale of an interest in the GP Stakes portfolio, BXLS and Tactical Opportunities, partially offset by decreases in Corporate Private Equity.
Previous wording
Realized Performance Compensation was $633.5 million for the year ended December 31, 2024, an increase of $49.3 million, compared to $584.2 million for the year ended December 31, 2023. The increase was primarily due to increases in Realized Performance Compensation in Corporate Private Equity and Tactical Opportunities, partially offset by decreases in Secondaries.
Current wording
Realized Performance Compensation were $704.9 million for the year ended December 31, 2025, an increase of $71.4 million, compared to $633.5 million for the year ended December 31, 2024. The increase was primarily attributable to increases in Realized Performance Revenues.
Previous wording
The Corporate Private Equity funds have eleven funds with closed investment periods: BCP IV, BCP V, BCP VI, BCP VII, BCP VIII, BCOM, BEP I, BEP II, BEP III, BCEP I and BCP Asia I. As of December 31, 2024, BCP IV was above its carried interest threshold (i.e., the preferred return payable to its limited partners before the general partner is eligible to receive carried interest) and would still be above its carried interest threshold even if all remaining investments were valued at zero. BCP V is comprised of two fund classes, the BCP V “main fund” and
Current wording
Corporate Private Equity has nine funds with closed investment periods: BCP V, BCP VI, BCP VII, BCP VIII, BEP I, BEP II, BEP III, BCEP I and BCP Asia I. BCP V is comprised of two fund classes, the BCP V “main fund” and
Previous wording
fund. Within these fund classes, the general partner is subject to equalization such that (a) the general partner accrues carried interest when the respective carried interest for either fund class is positive and (b) the general partner realizes carried interest so long as clawback obligations, if any, for either of the respective fund classes are fully satisfied. BCP V, BCP VI, BCP VII, BCP VIII, BCOM, BEP I, BEP II, BEP III, BCEP I and BCP Asia I were above their respective carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.
Current wording
fund. Within these fund classes, the general partner is subject to equalization such that (a) the general partner accrues carried interest when the respective carried interest for either fund class is positive and (b) the general partner realizes carried interest so long as clawback obligations, if any, for either of the respective fund classes are fully satisfied. BCP V, BCP VI, BCP VII, BCP VIII, BEP I, BEP II, BEP III, BCEP I and BCP Asia I were above their respective carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.
Previous wording
which are each above their carried interest thresholds based on aggregate fund position. Blackstone Growth funds have no funds with closed investment periods. Secondaries funds have various funds with closed investment periods, including but not limited to: Strategic Partners Infrastructure III, Strategic Partners VIII, Strategic Partners Real Estate VII and BSCH I which are above their respective carried interest thresholds based on aggregate fund position. Blackstone Life Sciences funds have one fund with a closed investment period: Clarus IV, which was above its carried interest threshold.
Current wording
Tactical Opportunities has various funds with closed investment periods, which are each above their carried interest thresholds based on aggregate fund position. Blackstone Growth has one fund with a closed investment period, BXG I, which is not above its carried interest threshold. Secondaries has various funds with closed investment periods, including but not limited to: Strategic Partners Infrastructure III, Strategic Partners VIII, Strategic Partners Real Estate VII and BSCH I which are above their respective carried interest thresholds based on aggregate fund position. Blackstone Life Sciences has funds with a closed investment period: Clarus IV, BXLS V and BXLS Yield, which are each above their carried interest thresholds.
Previous wording
Segment Distributable Earnings were $1.4 billion for the year ended December 31, 2024, an increase of $275.4 million, compared to $1.1 billion for the year ended December 31, 2023. The increase in Segment Distributable Earnings was attributable to increases of $251.4 million in Fee Related Earnings and $24.0 million in Net Realizations.
Current wording
Fee Related Earnings were $1.4 billion for the year ended December 31, 2025, an increase of $195.4 million, compared to $1.2 billion for the year ended December 31, 2024. The increase in Fee Related Earnings was primarily attributable to increases of $347.8 million in Management Fees, Net and $40.7 million in Fee Related Performance Revenues, partially offset by increases of $114.0 million in Fee Related Compensation and of $79.0 million in Other Operating Expenses.
Previous wording
Management Fees, Net were $1.6 billion for the year ended December 31, 2024, an increase of $243.8 million, compared to $1.3 billion for the year ended December 31, 2023, primarily driven by an increase in Base Management Fees. Base Management Fees increased $264.2 million primarily due to an increase in
Current wording
Management Fees, Net were $1.9 billion for the year ended December 31, 2025, an increase of $347.8 million, compared to $1.6 billion for the year ended December 31, 2024, primarily attributable to an increase in Base Management Fees. Base Management Fees increased $347.5 million primarily attributable to an increase in
Previous wording
Fee Related Performance Revenues were $747.1 million for the year ended December 31, 2024, an increase of $182.8 million, compared to $564.3 million for the year ended December 31, 2023. The increase was primarily due to higher net investment income and
Current wording
Fee Related Performance Revenues were $787.8 million for the year ended December 31, 2025, an increase of $40.7 million, compared to $747.1 million for the year ended December 31, 2024. The increase was primarily attributable to higher net investment income and
Previous wording
Fee Related Compensation was $755.6 million for the year ended December 31, 2024, an increase of $127.6 million, compared to $628.1 million for the year ended December 31, 2023. The increase was primarily due to increases in Management Fees, Net and Fee Related Performance Revenues, both of which impact Fee Related Compensation.
Current wording
Fee Related Compensation was $869.6 million for the year ended December 31, 2025, an increase of $114.0 million, compared to $755.6 million for the year ended December 31, 2024. The increase was primarily attributable to increases in Management Fees, Net and Fee Related Performance Revenues, both of which impact Fee Related Compensation.
Previous wording
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:
Current wording
The following table is a reconciliation of Net Income (Loss) Attributable to Blackstone Inc. to Distributable Earnings, Total Segment Distributable Earnings, Fee Related Earnings and Adjusted EBITDA:
Previous wording
Total Assets were $43.5 billion as of December 31, 2024, an increase of $3.2 billion from December 31, 2023. The increase in Total Assets was principally due to an increase of $3.8 billion in total assets attributable to consolidated operating partnerships, partially offset by a decrease of $485.7 million in total assets attributable to consolidated Blackstone funds.
Current wording
Total Assets were $47.7 billion as of December 31, 2025, an increase of $4.2 billion from December 31, 2024. The increase in Total Assets was primarily attributable to increases of $2.8 billion in total assets attributable to consolidated operating partnerships and $1.6 billion in total assets attributable to consolidated Blackstone funds.
Previous wording
Total Liabilities were $24.0 billion as of December 31, 2024, an increase of $1.8 billion from December 31, 2023. The increase in Total Liabilities was principally due to an increase of $2.6 billion in total liabilities attributable to consolidated operating partnerships, partially offset by a decrease of $866.0 million in total liabilities attributable to consolidated Blackstone funds.
Current wording
Total Liabilities were $25.8 billion as of December 31, 2025, an increase of $1.9 billion from December 31, 2024. The increase in Total Liabilities was primarily attributable to an increase of $1.9 billion in total liabilities attributable to consolidated operating partnerships.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Related Compensation decreased by a corresponding amount. These changes to Realized Performance Compensation and Fee Related Compensation reduced Net Realizations, increased Fee Related Earnings and had a neutral impact to Income Before Provision (Benefit) for Taxes and Distributable Earnings for the years ended December 31, 2025 and 2024.
Current report — wording carried from elsewhere
Assets Under Management in Absolute Return.
Current report — wording carried from elsewhere
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.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Tactical Opportunities funds have various funds with closed investment periods, including but not limited to: