v3.26.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
5.
Derivative Financial Instruments
Blackstone and the consolidated Blackstone funds enter into derivative contracts in the normal course of business to achieve certain risk management objectives and for general investment and business purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its
non-U.S.
dollar denominated currency net investments. As a result of the use of derivative contracts, Blackstone and the consolidated Blackstone funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, Blackstone and the consolidated Blackstone funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.
Freestanding Derivatives
Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts.
 
 
The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts.
 
$
                    
 $
                    
 $
                    
 $
                    
 $
                    
 $
                    
 $
                    
 $
                    
    
March 31, 2026
   
December 31, 2025
    
Assets
   
Liabilities
   
Assets
   
Liabilities
    
Notional
   
Fair

Value
   
Notional
   
Fair

Value
   
Notional
   
Fair

Value
   
Notional
   
Fair

Value
Freestanding Derivatives
                        
Blackstone
                        
Interest Rate Contracts
   
$
613,550
 
   
$
130,405
 
   
$
601,000
 
   
$
90,392
 
   
$
613,740
 
   
$
123,747
 
   
$
601,000
 
   
$
97,283
 
Foreign Currency Contracts
   
 
715,018
 
   
 
20,960
 
   
 
473,997
 
   
 
9,227
 
   
 
443,001
 
   
 
7,446
 
   
 
1,030,702
 
   
 
17,310
 
Credit Default Swaps
   
 
—
 
   
 
—
 
   
 
640
 
   
 
18
 
   
 
—
 
   
 
—
 
   
 
640
 
   
 
19
 
Total Return Swaps
   
 
44,060
 
   
 
5,273
 
   
 
—
 
   
 
—
 
   
 
23,532
 
   
 
3,364
 
   
 
—
 
   
 
—
 
Equity Options
   
 
—
 
   
 
—
 
   
 
1,484,840
 
   
 
1,149,255
 
   
 
—
 
   
 
—
 
   
 
1,462,632
 
   
 
1,124,147
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
1,372,628
 
   
 
156,638
 
   
 
2,560,477
 
   
 
1,248,892
 
   
 
1,080,273
 
   
 
134,557
 
   
 
3,094,974
 
   
 
1,238,759
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments of Consolidated Blackstone Funds
                        
Interest Rate Contracts
   
 
865,519
 
   
 
14,007
 
   
 
865,519
 
   
 
14,007
 
   
 
880,390
 
   
 
12,780
 
   
 
880,390
 
   
 
12,780
 
Foreign Currency Contracts
   
 
5,820
 
   
 
21
 
   
 
—
 
   
 
—
 
   
 
—
 
   
 
—
 
   
 
—
 
   
 
—
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
871,339
 
   
 
14,028
 
   
 
865,519
 
   
 
14,007
 
   
 
880,390
 
   
 
12,780
 
   
 
880,390
 
   
 
12,780
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
2,243,967
 
   
$
170,666
 
   
$
3,425,996
 
   
$
1,262,899
 
   
$
1,960,663
 
   
$
147,337
 
   
$
3,975,364
 
   
$
1,251,539
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments:
 
$
                        
 $
                        
    
Three Months Ended March 31,
  
    
2026
    
2025
  
Freestanding Derivatives
 
Realized Losses
     
Foreign Currency Contracts
   
$
(14,635
) 
  
$
(11,892
) 
Total Return Swaps
   
 
1,180
 
  
 
776
 
  
 
 
    
 
 
  
  
 
(13,455
) 
  
 
(11,116
) 
  
 
 
    
 
 
  
Net Change in Unrealized Gains (Losses)
     
Interest Rate Contracts
   
 
13,401
 
  
 
7,386
 
Foreign Currency Contracts
   
 
21,617
 
  
 
16,727
 
Credit Default Swaps
   
 
—
 
  
 
(6
) 
Total Return Swaps
   
 
1,851
 
  
 
3,728
 
Equity Options
   
 
(25,108
) 
  
 
(88,080
) 
  
 
 
    
 
 
  
  
 
11,761
 
  
 
(60,245
) 
  
 
 
    
 
 
  
  
$
(1,694
) 
  
$
(71,361
) 
  
 
 
    
 
 
  
As of March 31, 2026 and December 31, 2025, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.