filings.toolsBlackstone 10-Q 2025-09-30
Filed 2025-11-07. 8 sections, 578K characters. Original on sec.gov · Markdown · JSON
Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025 |
|---|
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
|---|
Commission File Number:
001-33551
Blackstone Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 20-8875684 | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
345 Park Avenue
New York, New York 10154
(Address of principal executive offices)(Zip Code)
(212)
583-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock | BX | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in
Rule 12b-2
of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). Yes
☐
No
☒
As of October 31, 2025, there were 738,450,871 shares of common stock of the registrant outstanding.
Table of Contents
Forward-Looking Statements
This report may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Website and Social Media Disclosure
We may use our website (www.blackstone.com), Facebook page (www.facebook.com/blackstone), X (Twitter) (www.x.com/blackstone), LinkedIn (www.linkedin.com/company/blackstonegroup), Instagram (www.instagram.com/blackstone), SoundCloud (www.soundcloud.com/blackstone-300250613), Pandora (https://www.pandora.com/artist/blackstone/ARvlPz9Plblrlmg), PodBean (www.blackstone.podbean.com), Spotify (https://spoti.fi/2LJ1tHG and https://open.spotify.com/artist/52Eom8vQxM8Lk75ZZlf2hJ), YouTube (www.youtube.com/user/blackstonegroup) and Apple Podcast (https://apple.co/31Pe1Gg) accounts as channels of distribution of company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone when you enroll your email address by visiting the “Contact Us/E-mail Alerts” section of our website at http://ir.blackstone.com. The contents of our website, any alerts and social media channels are not, however, a part of this report.
In this report, references to “Blackstone,” the “Company,” “we,” “us” or “our” refer to Blackstone Inc. and its consolidated subsidiaries.
“Series I Preferred Stockholder” refers to Blackstone Partners L.L.C., the holder of the sole outstanding share of our Series I preferred stock.
“Series II Preferred Stockholder” refers to Blackstone Group Management L.L.C., the holder of the sole outstanding share of our Series II preferred stock.
“Blackstone Holdings,” “Blackstone Holdings Partnerships” or “Holdings Partnerships” refer to Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., collectively.
“Blackstone Funds,” “our funds” and “our investment funds” refer to the funds and other vehicles that are managed by Blackstone. “Our carry funds” refers to funds managed by Blackstone that have commitment-based multi-year drawdown structures that pay carry on the realization of an investment.
“Our hedge funds” refers to our funds of hedge funds, hedge funds, certain of our real estate debt investment funds and certain other credit-focused funds which are managed by Blackstone.
We refer to our separately managed accounts as “SMAs.”
“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 collateralized loan obligation vehicles (“CLOs”), and |
|---|
| (b) | a vehicle’s available capital, if any, which represents (1) uncalled commitments made by investors and (2) available borrowing capacity under certain credit facilities. |
|---|
Uncalled commitments represent the capital we are entitled to call from investors pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods. Drawdown funds, perpetual capital vehicles, co-investment vehicles, and SMAs can each be structured with a commitment from an investor that is called over time as opposed to fully funded upon subscription.
Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit. Total Assets Under Management are reported in the segment where the assets are managed.
Our measurement of Total Assets Under Management includes commitments to, and the fair value of, invested capital in our funds from Blackstone and our personnel. Our calculation of Total Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. Our definition of Total Assets Under Management differs from the manner in which affiliated investment advisors report regulatory assets under management and may differ from the definition set forth in the agreements governing the vehicles we manage or advise.
“Fee-Earning Assets Under Management” refers to the portion of Total Assets Under Management on which we are entitled to earn management fees and/or performance revenues. The Fee-Earning Assets Under Management attributable to an individual vehicle is driven by the basis on which fees are earned and accordingly, will vary from vehicle to vehicle. Fee-Earning Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable: (a) net asset value, (b) committed capital and remaining invested capital during the investment period and post-investment period, respectively, (c) invested capital (including leverage to the extent management fee-eligible), (d) gross asset value, (e) fair value of investments, or (f) the aggregate par amount of collateral assets, including principal cash, of CLOs.
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.
“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.
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.
This report does not constitute an offer of any Blackstone Fund.
Part I. Financial Information
Item 1. Financial Statements
Blackstone Inc.
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in Thousands, Except Share Data)
| $ | $ | |||||||
|---|---|---|---|---|---|---|---|---|
| September 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Cash and Cash Equivalents | $ | 2,430,690 | $ | 1,972,140 | ||||
| Cash Held by Blackstone Funds and Other | 401,558 | 204,052 | ||||||
| Investments | 31,528,443 | 29,800,566 | ||||||
| Accounts Receivable | 543,209 | 237,930 | ||||||
| Due from Affiliates | 5,845,843 | 5,409,315 | ||||||
| Intangible Assets, Net | 140,458 | 165,243 | ||||||
| Goodwill | 1,890,202 | 1,890,202 | ||||||
| Other Assets | 900,582 | 947,859 | ||||||
| Right-of-Use Assets | 773,030 | 838,620 | ||||||
| Deferred Tax Assets | 2,100,275 | 2,003,948 | ||||||
| Total Assets | $ | 46,554,290 | $ | 43,469,875 | ||||
| Liabilities and Equity | ||||||||
| Loans Payable | $ | 12,002,650 | $ | 11,320,956 | ||||
| Due to Affiliates | 3,000,083 | 2,808,148 | ||||||
| Accrued Compensation and Benefits | 6,385,958 | 6,087,700 | ||||||
| Operating Lease Liabilities | 886,135 | 965,742 | ||||||
| Accounts Payable, Accrued Expenses and Other Liabilities | 2,918,023 | 2,792,314 | ||||||
| Total Liabilities | 25,192,849 | 23,974,860 | ||||||
| Commitments and Contingencies | ||||||||
| Redeemable Non-Controlling Interests in Consolidated Entities | 1,476,212 | 801,399 | ||||||
| Equity | ||||||||
| Stockholders’ Equity of Blackstone Inc. | ||||||||
| Common Stock, $0.00001 par value, 90 billion shares authorized, (747,812,724 shares issued and outstanding as of September 30, 2025; 731,925,965 shares issued and outstanding as of December 31, 2024) | 7 | 7 | ||||||
| Series I Preferred Stock, $ 0.00001 par value, 999,999,000 shares authorized, 1 share issued and outstanding as of September 30, 2025 and December 31, 2024) | — | — | ||||||
| Series II Preferred Stock, $ 0.00001 par value, 1,000 shares authorized, 1 share issued and outstanding as of September 30, 2025 and December 31, 2024) | — | — | ||||||
| Additional Paid-in-Capital | 8,214,078 | 7,444,561 | ||||||
| Retained Earnings | 184,040 | 808,079 | ||||||
| Accumulated Other Comprehensive Loss | (5,602 | ) | (40,326 | ) | ||||
| Total Stockholders’ Equity of Blackstone Inc. | 8,392,523 | 8,212,321 | ||||||
| Non-Controlling Interests in Consolidated Entities | 7,162,957 | 6,154,943 | ||||||
| Non-Controlling Interests in Blackstone Holdings | 4,329,749 | 4,326,352 | ||||||
| Total Equity | 19,885,229 | 18,693,616 | ||||||
| Total Liabilities and Equity | $ | 46,554,290 | $ | 43,469,875 | ||||
continued...
See notes to condensed consolidated financial statements.
Blackstone Inc.
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in Thousands)
The following presents the asset and liability portion of the consolidated balances presented in the Condensed Consolidated Statements of Financial Condition attributable to consolidated Blackstone funds which are variable interest entities. The following assets may only be used to settle obligations of these consolidated Blackstone funds and these liabilities are only the obligations of these consolidated Blackstone funds and they do not have recourse to the general credit of Blackstone.
| $ | $ | |||||||
|---|---|---|---|---|---|---|---|---|
| September 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Cash Held by Blackstone Funds and Other | $ | 401,558 | $ | 204,052 | ||||
| Investments | 5,507,078 | 3,890,732 | ||||||
| Accounts Receivable | 6,042 | 45,993 | ||||||
| Due from Affiliates | 345,279 | 19,956 | ||||||
| Other Assets | 7,281 | 9,807 | ||||||
| Total Assets | $ | 6,267,238 | $ | 4,170,540 | ||||
| Liabilities | ||||||||
| Loans Payable | $ | 328,044 | $ | 87,488 | ||||
| Due to Affiliates | 169,834 | 229,478 | ||||||
| Accounts Payable, Accrued Expenses and Other Liabilities | 63,682 | 68,763 | ||||||
| Total Liabilities | $ | 561,560 | $ | 385,729 | ||||
See notes to condensed consolidated financial statements.
Blackstone Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
| $ | $ | $ | $ | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Management and Advisory Fees, Net | $ | 2,056,248 | $ | 1,794,894 | $ | 5,996,060 | $ | 5,309,355 | ||||||||
| Incentive Fees | 200,675 | 191,794 | 587,914 | 559,434 | ||||||||||||
| Investment Income (Loss) | ||||||||||||||||
| Performance Allocations | ||||||||||||||||
| Realized | 997,296 | 414,755 | 2,389,166 | 1,598,913 | ||||||||||||
| Unrealized | (215,818 | ) | 1,154,918 | 360,666 | 1,723,090 | |||||||||||
| Principal Investments | ||||||||||||||||
| Realized | 152,652 | 95,235 | 435,365 | 247,877 | ||||||||||||
| Unrealized | (238,658 | ) | (1,864 | ) | 285,446 | 427,983 | ||||||||||
| Total Investment Income | 695,472 | 1,663,044 | 3,470,643 | 3,997,863 | ||||||||||||
| Interest and Dividend Revenue | 107,538 | 109,774 | 305,347 | 312,612 | ||||||||||||
| Other | 28,702 | (96,312 | ) | (269,971 | ) | (31,861 | ) | |||||||||
| Total Revenues | 3,088,635 | 3,663,194 | 10,089,993 | 10,147,403 | ||||||||||||
| Expenses | ||||||||||||||||
| Compensation and Benefits | ||||||||||||||||
| Compensation | 845,659 | 732,041 | 2,745,379 | 2,293,491 | ||||||||||||
| Incentive Fee Compensation | 61,882 | 73,464 | 186,274 | 224,310 | ||||||||||||
| Performance Allocations Compensation | ||||||||||||||||
| Realized | 354,765 | 169,740 | 927,846 | 689,370 | ||||||||||||
| Unrealized | (31,547 | ) | 465,099 | 224,630 | 747,679 | |||||||||||
| Total Compensation and Benefits | 1,230,759 | 1,440,344 | 4,084,129 | 3,954,850 | ||||||||||||
| General, Administrative and Other | 383,580 |
Showing the first 8K of 244K characters. Open the full section
Item 1A. Unaudited Supplemental Presentation of Statements of Financial Condition
Blackstone Inc.
Unaudited Consolidating Statements of Financial Condition
(Dollars in Thousands)
| $ | $ | $ | $ | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2025 | ||||||||||||||||
| Consolidated Operating Partnerships | Consolidated Blackstone Funds (a) | Reclasses and Eliminations | Consolidated | |||||||||||||
| Assets | ||||||||||||||||
| Cash and Cash Equivalents | $ | 2,430,690 | $ | — | $ | — | $ | 2,430,690 | ||||||||
| Cash Held by Blackstone Funds and Other | — | 401,558 | — | 401,558 | ||||||||||||
| Investments | 27,205,816 | 5,507,078 | (1,184,451 | ) | 31,528,443 | |||||||||||
| Accounts Receivable | 537,167 | 6,042 | — | 543,209 | ||||||||||||
| Due from Affiliates | 5,567,076 | 346,296 | (67,529 | ) | 5,845,843 | |||||||||||
| Intangible Assets, Net | 140,458 | — | — | 140,458 | ||||||||||||
| Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
| Other Assets | 893,301 | 7,281 | — | 900,582 | ||||||||||||
| Right-of-Use Assets | 773,030 | — | — | 773,030 | ||||||||||||
| Deferred Tax Assets | 2,100,275 | — | — | 2,100,275 | ||||||||||||
| Total Assets | $ | 41,538,015 | $ | 6,268,255 | $ | (1,251,980 | ) | $ | 46,554,290 | |||||||
| Liabilities and Equity | ||||||||||||||||
| Loans Payable | $ | 11,674,606 | $ | 328,044 | $ | — | $ | 12,002,650 | ||||||||
| Due to Affiliates | 2,833,839 | 236,034 | (69,790 | ) | 3,000,083 | |||||||||||
| Accrued Compensation and Benefits | 6,385,958 | — | — | 6,385,958 | ||||||||||||
| Operating Lease Liabilities | 886,135 | — | — | 886,135 | ||||||||||||
| Accounts Payable, Accrued Expenses and Other Liabilities | 2,854,341 | 63,682 | — | 2,918,023 | ||||||||||||
| Total Liabilities | 24,634,879 | 627,760 | (69,790 | ) | 25,192,849 | |||||||||||
| Redeemable Non-Controlling Interests in Consolidated Entities | 3 | 1,476,209 | — | 1,476,212 | ||||||||||||
| Equity | ||||||||||||||||
| Common Stock | 7 | — | — | 7 | ||||||||||||
| Series I Preferred Stock | — | — | — | — | ||||||||||||
| Series II Preferred Stock | — | — | — | — | ||||||||||||
| Additional Paid-in-Capital | 8,214,078 | 1,156,268 | (1,156,268 | ) | 8,214,078 | |||||||||||
| Retained Earnings | 184,040 | 25,922 | (25,922 | ) | 184,040 | |||||||||||
| Accumulated Other Comprehensive Income (Loss) | (51,568 | ) | 45,966 | — | (5,602 | ) | ||||||||||
| Non-Controlling Interests in Consolidated Entities | 4,226,827 | 2,936,130 | — | 7,162,957 | ||||||||||||
| Non-Controlling Interests in Blackstone Holdings | 4,329,749 | — | — | 4,329,749 | ||||||||||||
| Total Equity | 16,903,133 | 4,164,286 | (1,182,190 | ) | 19,885,229 | |||||||||||
| Total Liabilities and Equity | $ | 41,538,015 | $ | 6,268,255 | $ | (1,251,980 | ) | $ | 46,554,290 | |||||||
Blackstone Inc.
Unaudited Consolidating Statements of Financial Condition - Continued
(Dollars in Thousands)
| $ | $ | $ | $ | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2024 | ||||||||||||||||
| Consolidated Operating Partnerships | Consolidated Blackstone Funds (a) | Reclasses and Eliminations | Consolidated | |||||||||||||
| Assets | ||||||||||||||||
| Cash and Cash Equivalents | $ | 1,972,140 | $ | — | $ | — | $ | 1,972,140 | ||||||||
| Cash Held by Blackstone Funds and Other | — | 204,052 | — | 204,052 | ||||||||||||
| Investments | 26,791,383 | 3,890,732 | (881,549 | ) | 29,800,566 | |||||||||||
| Accounts Receivable | 191,937 | 45,993 | — | 237,930 | ||||||||||||
| Due from Affiliates | 5,436,866 | 21,089 | (48,640 | ) | 5,409,315 | |||||||||||
| Intangible Assets, Net | 165,243 | — | — | 165,243 | ||||||||||||
| Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
| Other Assets | 938,052 | 9,807 | — | 947,859 | ||||||||||||
| Right-of-Use Assets | 838,620 | — | — | 838,620 | ||||||||||||
| Deferred Tax Assets | 2,003,948 | — | — | 2,003,948 | ||||||||||||
| Total Assets | $ | 40,228,391 | $ | 4,171,673 | $ | (930,189 | ) | $ | 43,469,875 | |||||||
| Liabilities and Equity | ||||||||||||||||
| Loans Payable | $ | 11,233,468 | $ | 87,488 | $ | — | $ | 11,320,956 | ||||||||
| Due to Affiliates | 2,582,178 | 276,789 | (50,819 | ) | 2,808,148 | |||||||||||
| Accrued Compensation and Benefits | 6,087,700 | — | — | 6,087,700 | ||||||||||||
| Operating Lease Liabilities | 965,742 | — | — | 965,742 | ||||||||||||
| Accounts Payable, Accrued Expenses and Other Liabilities | 2,723,551 | 68,763 | — | 2,792,314 | ||||||||||||
| Total Liabilities | 23,592,639 | 433,040 | (50,819 | ) | 23,974,860 | |||||||||||
| Redeemable Non-Controlling Interests in Consolidated Entities | 1 | 801,398 | — | 801,399 | ||||||||||||
| Equity | ||||||||||||||||
| Common Stock | 7 | — | — | 7 | ||||||||||||
| Series I Preferred Stock | — | — | — | — | ||||||||||||
| Series II Preferred Stock | — | — | — | — | ||||||||||||
| Additional Paid-in-Capital | 7,444,561 | 878,014 | (878,014 | ) | 7,444,561 | |||||||||||
| Retained Earnings | 808,079 | 1,356 | (1,356 | ) | 808,079 | |||||||||||
| Accumulated Other Comprehensive Loss | (20,590 | ) | (19,736 | ) | — | (40,326 | ) | |||||||||
| Non-Controlling Interests in Consolidated Entities | 4,077,342 | 2,077,601 | — | 6,154,943 | ||||||||||||
| Non-Controlling Interests in Blackstone Holdings | 4,326,352 | — | — | 4,326,352 | ||||||||||||
| Total Equity | 16,635,751 | 2,937,235 | (879,370 | ) | 18,693,616 | |||||||||||
| Total Liabilities and Equity | $ | 40,228,391 | $ | 4,171,673 | $ | (930,189 | ) | $ | 43,469,875 | |||||||
| (a) | The Consolidated Blackstone Funds consisted of the following: |
|---|
Blackstone Annex Onshore Fund L.P.**
Blackstone Horizon Fund L.P.
BTD CP Holdings LP
Blackstone Dislocation Fund L.P.
Blackstone European Property Income Fund (Master) FCP
Blackstone European Property Income Fund SICAV
BEPIF (Aggregator) SCSp
Blackstone Infrastructure Partners Europe F (CYM) L.P.**
Blackstone Infrastructure Partners Europe Lower Fund 1 (LUX) SCSp**
Infrastructure Investments L.P.
Blackstone Infrastructure Strategies L.P.**
BXCI ECX DevCo Lender 2 LLC*
BXCI Irving Aggregator LP*
Blackstone Chengu (Shanghai) Private Fund Partnership*
Clover Credit Partners CLO III, Ltd.**
Hieroglyphs L.P.*
Private equity
side-by-side
investment vehicles
Real estate
side-by-side
investment vehicles
- Consolidated as of September 30, 2025 only
** Consolidated as of December 31, 2024 only
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with Blackstone Inc.’s 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 assets, focusing 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.
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 and (b) non-listed real estate investment trust (“REIT”) Blackstone Real Estate Income Trust, Inc. (“BREIT”) and Blackstone European Property Income (“BEPIF”) vehicles, which provide income-focused individual investors access to institutional quality real estate primarily in the Americas and Europe, respectively.
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 opportunistic 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.
Tactical Opportunities pursues a thematically driven, opportunistic 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
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Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Not applicable.
Item 6. Exhibits
| 31.1* | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a). | |
| 31.2* | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a). | |
| 32.1** | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
| 32.2** | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
| 101.INS* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
| 101.SCH* | Inline XBRL Taxonomy Extension Schema with Embedded Linkbases. | |
| 104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
| * | Filed herewith. |
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| ** | Furnished herewith. |
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| + | Management contract or compensatory plan or arrangement in which directors or executive officers are eligible to participate. |
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The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: November 7, 2025
| Blackstone Inc. | ||
| /s/ Michael S. Chae | ||
| Name: | Michael S. Chae | |
| Title: | Chief Financial Officer | |
| (Principal Financial Officer and Authorized Signatory) |