v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Schedule of Investments [Line Items]  
Investments
4.
Investments
Investments consist of the following:
 
$
                        
$
                        
 
  
March 31,
2026
 
 
December 31,
2025
 
Investments of Consolidated Blackstone Funds
   
$
5,189,519
 
$
5,180,879
 
Equity Method Investments
      
Partnership Investments
   
 
6,612,536
 
   
 
6,546,190
 
Accrued Performance Allocations
   
 
13,002,955
  
   
 
12,980,356
  
Corporate Treasury Investments
   
 
167,389
 
   
 
359,657
 
Other Investments
   
 
7,775,220
 
   
 
7,145,029
 
  
 
 
     
 
 
  
  
$
32,747,619
 
   
$
32,212,111
 
  
 
 
     
 
 
  
Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $479.6 million and $472.7 million at March 31, 2026 and December 31, 2025, respectively.
Where appropriate, the accounting for Blackstone’s investments incorporates the changes in fair value of those investments as determined under GAAP. The significant inputs and assumptions required to determine the change in fair value of the Investments of Consolidated Blackstone Funds, Corporate Treasury Investments and Other Investments are discussed in more detail in Note 7. “Fair Value Measurements of Financial Instruments.”
 
 
Investments of Consolidated Blackstone Funds
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone funds and a reconciliation to Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations:
 
$
                        
 $
                        
    
Three Months Ended March 31,
  
    
2026
     
2025
  
Realized Gains
   
$
25,163
 
   
$
24,690
 
Net Change in Unrealized Gains
   
 
69,378
 
   
 
26,531
 
  
 
 
     
 
 
  
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds
   
 
94,541
 
   
 
51,221
 
Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds
   
 
5,214
 
   
 
6,354
 
  
 
 
     
 
 
  
Other Income – Net Gains from Fund Investment Activities
   
$
99,755
 
   
$
57,575
 
  
 
 
     
 
 
  
Equity Method Investments
Blackstone’s equity method investments include Partnership Investments, which represent the
pro-rata
investments, and any associated Accrued Performance Allocations, in Blackstone Funds, excluding any equity method investments for which the fair value option has been elected. Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the three months ended March 31, 2026 and 2025, no individual equity method investment held by Blackstone met the significance criteria.
Partnership Investments
Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $102.5 million and $140.5 million for the three months ended March 31, 2026 and 2025, respectively.
Accrued Performance Allocations
Accrued Performance Allocations to Blackstone were as follows:
 
$
                        
 $
                        
 $
                        
 $
                        
 $
                        
    
Real

Estate
  
Private
Equity
  
Credit &
Insurance
  
Multi-Asset

Investing
  
Total
Accrued Performance Allocations, December 31, 2025
   
$
1,762,496
 
  
$
10,389,351
 
  
$
640,587
 
  
$
187,922
 
  
$
12,980,356
 
Performance Allocations as a Result of Changes in Fund Fair Values
   
 
298,528
 
  
 
1,090,560
 
  
 
29,396
 
  
 
46,837
 
  
 
1,465,321
 
Foreign Exchange Loss
   
 
(1,400
) 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
(1,400
) 
Fund Distributions
   
 
(467,073
) 
  
 
(693,371
) 
  
 
(165,837
) 
  
 
(115,041
) 
  
 
(1,441,322
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accrued Performance Allocations, March 31, 2026
   
$
1,592,551
 
  
$
10,786,540
 
  
$
504,146
 
  
$
119,718
 
  
$
13,002,955
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
Corporate Treasury Investments
The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third-party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments:
 
$
                        
$
                        
 
  
Three Months Ended March 31,
 
 
  
2026
 
 
2025
 
Realized Gains (Losses)
   
$
1,279
 
  
$
(8,356
) 
Net Change in Unrealized Gains (Losses)
   
 
 (18,791
)
  
 
  3,049
 
  
 
 
    
 
 
  
  
$
(17,512
) 
  
$
(5,307
) 
  
 
 
    
 
 
  
Other Investments
Other Investments consist of equity method investments where Blackstone has elected the fair value option and other proprietary investment securities held by Blackstone, including equity securities carried at fair value, equity investments without readily determinable fair values, and senior secured and subordinated notes in
non-consolidated
CLO vehicles. Equity investments without a readily determinable fair value had a carrying value of $475.1 million as of March 31, 2026. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 7. “Fair Value Measurements of Financial Instruments” for additional detail. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:
 
$
                        
 $
                        
    
Three Months Ended March 31,
  
    
2026
    
2025
  
Realized Gains
   
$
3,780
 
  
$
112,648
 
Net Change in Unrealized Gains (Losses)
   
 
(314,929
) 
  
 
172,432
  
  
 
 
    
 
 
  
  
$
(311,149
) 
  
$
285,080