v3.26.1
Fair Value Measurements of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements of Financial Instruments
7.
Fair Value Measurements of Financial Instruments
Financial Assets and Liabilities by the Fair Value Hierarchy
The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy:
 
$
                        
$
                        
$
                        
$
                        
$
                        
 
  
March 31, 2026
 
  
Level I
  
Level II
  
Level III
  
NAV (a)
  
Total
Assets
  
  
  
  
  
Cash and Cash Equivalents
   
$
57,280
 
   
$
—
 
   
$
—
 
   
$
—
 
   
$
57,280
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments
               
Investments of Consolidated Blackstone Funds
               
Equity Securities, Partnerships and LLC Interests (b)
   
 
4,041
 
   
 
165,930
 
   
 
3,886,718
 
   
 
1,070,757
 
   
 
5,127,446
 
Debt Instruments
   
 
—
 
   
 
26,579
 
   
 
21,466
 
   
 
—
 
   
 
48,045
 
Freestanding Derivatives
   
 
—
 
   
 
14,028
 
   
 
—
 
   
 
—
 
   
 
14,028
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments of Consolidated Blackstone Funds
   
 
4,041
 
   
 
206,537
 
   
 
3,908,184
 
   
 
1,070,757
 
   
 
5,189,519
 
Corporate Treasury Investments
   
 
73,344
 
   
 
38,713
 
   
 
44,303
 
   
 
11,029
 
   
 
167,389
 
Other Investments
   
 
1,806,783
 
   
 
4,922,949
 
   
 
593,268
 
   
 
15,741
 
   
 
7,338,741
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments
   
 
1,884,168
 
   
 
5,168,199
 
   
 
4,545,755
 
   
 
1,097,527
 
   
 
12,695,649
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Receivable - Loans and Receivables
   
 
—
 
   
 
—
 
   
 
425,981
 
   
 
—
 
   
 
425,981
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Other Assets - Freestanding Derivatives
   
 
—
 
   
 
151,365
 
   
 
5,273
 
   
 
—
 
   
 
156,638
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
1,941,448
 
   
$
5,319,564
 
   
$
4,977,009
 
   
$
1,097,527
 
   
$
13,335,548
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
               
Accounts Payable, Accrued Expenses and Other Liabilities
               
Consolidated Blackstone Funds - Freestanding Derivatives
   
$
—
 
   
$
14,007
 
   
$
—
 
   
$
—
 
   
$
14,007
 
Freestanding Derivatives
   
 
—
 
   
 
99,637
 
   
 
1,149,255
 
   
 
—
 
   
 
1,248,892
 
Contingent Consideration
   
 
—
 
   
 
—
 
   
 
416
 
   
 
—
 
   
 
416
 
Corporate Treasury Commitments
   
 
—
 
   
 
—
 
   
 
2,038
 
   
 
—
 
   
 
2,038
 
Securities Sold, Not Yet Purchased
   
 
1,967
 
   
 
—
 
   
 
—
 
   
 
—
 
   
 
1,967
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
   
 
1,967
 
   
 
113,644
 
   
 
1,151,709
 
   
 
—
 
   
 
1,267,320
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
1,967
 
   
$
113,644
 
   
$
1,151,709
 
   
$
—
 
   
$
1,267,320
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
$
                        
 $
                        
 $
                        
 $
                        
 $
                        
    
December 31, 2025
    
Level I
   
Level II
   
Level III
   
NAV
   
Total
Assets
               
Cash and Cash Equivalents
   
$
182,131
 
   
$
—
 
   
$
—
 
   
$
—
 
   
$
182,131
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments
               
Investments of Consolidated Blackstone Funds
               
Equity Securities, Partnerships and LLC Interests (b)
   
 
7,616
 
   
 
197,396
 
   
 
4,103,478
 
   
 
819,419
 
   
 
5,127,909
 
Debt Instruments
   
 
—
 
   
 
19,578
 
   
 
20,612
 
   
 
—
 
   
 
40,190
 
Freestanding Derivatives
   
 
—
 
   
 
12,780
 
   
 
—
 
   
 
—
 
   
 
12,780
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments of Consolidated Blackstone Funds
   
 
7,616
 
   
 
229,754
 
   
 
4,124,090
 
   
 
819,419
 
   
 
5,180,879
 
Corporate Treasury Investments
   
 
74,930
 
   
 
42,675
 
   
 
181,052
 
   
 
61,000
 
   
 
359,657
 
Other Investments
   
 
2,207,914
 
   
 
4,313,592
 
   
 
198,393
 
   
 
15,808
 
   
 
6,735,707
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments
   
 
2,290,460
 
   
 
4,586,021
 
   
 
4,503,535
 
   
 
896,227
 
   
 
12,276,243
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Receivable - Loans and Receivables
   
 
—
 
   
 
—
 
   
 
205,158
 
   
 
—
 
   
 
205,158
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Other Assets - Freestanding Derivatives
   
 
—
 
   
 
131,193
 
   
 
3,364
 
   
 
—
 
   
 
134,557
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
2,472,591
 
   
$
4,717,214
 
   
$
4,712,057
 
   
$
896,227
 
   
$
12,798,089
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
               
Accounts Payable, Accrued Expenses and Other Liabilities
               
Consolidated Blackstone Funds - Freestanding Derivatives
   
 
—
 
   
 
12,780
 
   
 
—
 
   
 
—
 
   
 
12,780
 
Freestanding Derivatives
   
 
—
 
   
 
114,612
 
   
 
1,124,147
 
   
 
—
 
   
 
1,238,759
 
Contingent Consideration
   
 
—
 
   
 
—
 
   
 
416
 
   
 
—
 
   
 
416
 
Corporate Treasury Commitments
   
 
—
 
   
 
—
 
   
 
181
 
   
 
—
 
   
 
181
 
Securities Sold, Not Yet Purchased
   
 
1,978
 
   
 
—
 
   
 
—
 
   
 
—
 
   
 
1,978
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
   
 
1,978
 
   
 
127,392
 
   
 
1,124,744
 
   
 
—
 
   
 
1,254,114
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
1,978
 
   
$
127,392
 
   
$
1,124,744
 
   
$
—
 
   
$
1,254,114
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
LLC Limited Liability Company.
(a)
A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of March 31, 2026 is presented by strategy type below:
 
 
$
                        
 $
                        
 $
                        
 $
                        
Strategy
   
Fair

Value
     
Unfunded
Commitments
     
Redemption
Frequency
(if currently eligible)
    
Redemption
Notice Period
  
Equity
   
$
97,069
 
   
$
14,360
 
   
 
(1
) 
  
 
(1
) 
Real Estate
   
 
26,334
 
   
 
—
 
   
 
(2
) 
  
 
(2
) 
Infrastructure
   
 
967,944
 
   
 
13,578
 
   
 
(3
) 
  
 
(3
) 
Other
   
 
6,180
 
   
 
—
 
   
 
(4
) 
  
 
(4
) 
  
 
 
     
 
 
       
  
$
1,097,527
 
   
$
27,938
 
     
  
 
 
     
 
 
       
 
 
(1)
The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 51% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing 49% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.
 
(2)
The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date.
 
(3)
The Infrastructure category includes investments in funds that primarily invest in infrastructure assets and companies. All investments in this category may not be redeemed at, or within three months of, the reporting date.
 
(4)
Other is composed of the Credit Driven category. The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. All investments in these categories may not be redeemed at, or within three months of, the reporting date.
 
(b)
Equity Securities, Partnership and LLC Interest includes investments in investment funds.
Equity Securities Subject to Sale Restrictions
Within Investments of Consolidated Blackstone Funds and Other Investments, Blackstone held equity securities subject to sale restrictions with a fair value of $431.2 million as of March 31, 2026. The nature of such restrictions are contractual or legal in nature and deemed an attribute of the holder rather than the investment. Contractual restrictions include certain phased restrictions on (a) sale or transfer, (b) underwriter
lock-ups
and (c) sale or transfer restrictions applicable to certain Investments of Consolidated Blackstone Funds pledged as collateral. Restrictions will generally lapse over time or after a predetermined date and the weighted-average remaining duration of such restrictions is 1.4 years. Level III equity securities included in Investments of Consolidated Blackstone Funds are illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements. Investments within Other Investments subject to restrictions on sale or transfer as a result of pledge arrangements are discussed in Note 16. “Commitments and Contingencies — Contingencies — Strategic Ventures.”
 
 
Level III Quantitative Inputs and Assumptions
The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2026. Consistent with presentation in these notes to condensed consolidated financial statements, this table presents the Level III investments only of consolidated Blackstone funds and therefore does not reflect any other Blackstone funds.
 
$
                    
$
                    
$
                    
$
                    
$
                    
$
                    
 
  
Fair Value
  
Valuation Techniques
  
Unobservable

Inputs
  
Ranges
  
Weighted-
Average (a)
  
Impact to
Valuation
from an
Increase
in Input
Financial Assets
  
  
  
  
  
  
Investments of Consolidated Blackstone Funds
  
  
  
  
  
  
Equity Securities, Partnership and LLC Interests
   
$
 3,886,718
 
   
 
Discounted Cash Flows
 
  
 
Discount Rate
 
  
 
4.4% - 40.9%
 
   
 
10.2%
 
   
 
Lower
 
         
 
Exit Multiple - EBITDA
 
  
 
5.8x - 26.6x
 
   
 
15.6x
 
   
 
Higher
 
         
 
Exit Capitalization Rate
 
  
 
3.1% - 15.7%
 
   
 
5.1%
 
   
 
Lower
 
Debt Instruments
   
 
21,466
 
   
 
Discounted Cash Flows
 
  
 
Discount Rate
 
  
6.1% - 20.0%
 
   
 
12.7%
 
   
 
Lower
 
 
 
 
 
 
 
 
Other
 
 
 
n/a
 
 
 
 
 
 
 
 
 
 
 
  
 
  
 
 
 
                   
Total Investments of Consolidated Blackstone Funds
   
 
3,908,184
 
                   
Corporate Treasury Investments
   
 
44,303
 
   
 
Discounted Cash Flows
 
  
 
Discount Rate
 
  
 
8.6%
 
   
 
8.6%
 
   
 
Lower
 
     
 
Third-Party Pricing
 
  
 
n/a
 
          
Loans and Receivables
   
 
425,981
 
   
 
Discounted Cash Flows
 
  
 
Discount Rate
 
  
 
7.6% - 18.4%
 
   
 
8.5%
 
   
 
Lower
 
     
 
Other
 
  
 
n/a
 
          
Other Investments (b)
   
 
598,541
 
   
 
Discounted Cash Flows
 
  
 
Discount Rate
 
  
 
7.2% - 7.8%
 
   
 
7.5%
 
   
 
Lower
 
     
 
Transaction Price
 
  
 
n/a
 
          
  
 
 
 
                   
  
$
4,977,009
 
                   
  
 
 
 
                   
Financial Liabilities
                      
Freestanding Derivatives (c)
   
$
1,149,255
 
   
 
Option Pricing Model
 
  
 
Volatility
 
  
 
5.7% - 5.8%
 
   
 
5.7%
 
   
 
Higher
 
Other Liabilities (d)
   
 
2,454
 
   
 
Third-Party Pricing
 
  
 
n/a
 
        
     
 
Other
 
  
 
n/a
 
        
  
 
 
 
             
  
$
1,151,709
 
             
  
 
 
 
             
 
 
The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2025:
 
$
                    
 $
                    
 $
                    
 $
                    
 $
                    
 $
                    
    
Fair Value
   
Valuation

Techniques
   
Unobservable

Inputs
   
Ranges
   
Weighted-
Average (a)
   
Impact to
Valuation
from an
Increase
in Input
Financial Assets
                  
Investments of Consolidated Blackstone Funds
                  
Equity Securities, Partnership and LLC Interests
   
$
4,103,478
 
   
 
Discounted Cash Flows
 
   
 
Discount Rate
 
   
 
4.3% - 41.1%
 
   
 
10.2%
 
   
 
Lower
 
        
 
Exit Multiple - EBITDA
 
   
 
5.0x - 30.6x
 
   
 
16.6x
 
   
 
Higher
 
        
 
Exit Capitalization Rate
 
   
 
3.1% - 15.3%
 
   
 
5.1%
 
   
 
Lower
 
Debt Instruments
   
 
20,612
 
   
 
Discounted Cash Flows
 
   
 
Discount Rate
 
   
 
6.1% - 20.0%
 
   
 
12.2%
 
   
 
Lower
 
  
 
 
 
               
Total Investments of Consolidated Blackstone Funds
   
 
4,124,090
 
               
Corporate Treasury Investments
   
 
181,052
 
   
 
Discounted Cash Flows
 
   
 
Discount Rate
 
   
 
8.7% - 11.1%
 
   
 
9.9%
 
   
 
Lower
 
     
 
Third-Party Pricing
 
   
 
n/a
 
         
Loans and Receivables
   
 
205,158
 
   
 
Discounted Cash Flows
 
   
 
Discount Rate
 
   
 
7.4% - 18.3%
 
   
 
8.3%
 
   
 
Lower
 
     
 
Other
 
   
 
n/a
 
         
Other Investments (b)
   
 
201,757
 
   
 
Discounted Cash Flows
 
   
 
Discount Rate
 
   
 
7.2% - 7.9%
 
   
 
7.5%
 
   
 
Lower
 
     
 
Transaction Price
 
   
 
n/a
 
         
  
 
 
 
               
  
$
4,712,057
 
               
  
 
 
 
               
Financial Liabilities
                  
Freestanding Derivatives (c)
   
$
1,124,147
 
   
 
Option Pricing Model
 
   
 
Volatility
 
   
 
5.7% - 5.8%
 
   
 
5.7%
 
   
 
Higher
 
Other Liabilities (d)
   
 
597
 
   
 
Third-Party Pricing
 
   
 
n/a
 
         
     
 
Other
 
   
 
n/a
 
         
  
 
 
 
               
  
$
1,124,744
 
               
  
 
 
 
               
 
n/a
  
Not applicable.
EBITDA
  
Earnings before interest, taxes, depreciation and amortization.
Exit Multiple
  
Ranges include the last twelve months EBITDA and forward EBITDA multiples.
Third-Party

Pricing
  
Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.
Transaction Price
  
Includes recent acquisitions or transactions.
(a)    
  
Unobservable inputs were weighted based on the fair value of the investments included in the range.
(b)    
  
As of March 31, 2026 and December 31, 2025, Other Investments includes Level III Freestanding Derivatives.
(c)    
  
The volatility of the historical performance of the underlying reference entities or an appropriate proxy is used to project the expected returns relevant for the fair value of the derivatives.
(d)
  
As of March 31, 2026 and December 31, 2025, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
 
 
For the three months ended March 31, 2026, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments.
Rollforward of Level III Financial Assets and Liabilities
The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a
non-recurring
basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations.
 
$
                
$
                
$
                
$
                
$
                
$
                
$
                
$
                
 
  
Level III Financial Assets at Fair Value

Three Months Ended March 31,
 
  
2026
 
2025
 
  
Investments
of
Consolidated
Funds
 
Loans

and
Receivables
 
Other
Investments
(a)
 
Total
 
Investments
of
Consolidated
Funds
 
Loans

and
Receivables
 
Other
Investments
(a)
 
Total
Balance, Beginning of Period
   
$
4,124,090
 
   
$
205,158
 
   
$
310,196
 
   
$
4,639,444
 
   
$
3,173,442
 
  
$
100,866
 
  
$
624,412
 
  
$
3,898,720
 
Transfer Out Due to Deconsolidation
   
 
(317,078
) 
   
 
—
 
 
 
—
 
 
 
(317,078
) 
   
 
(155,572
) 
  
 
—
 
  
 
—
 
  
 
(155,572
) 
Transfer Into Level III (b)
   
 
769
 
   
 
—
 
 
 
—
 
 
 
769
 
   
 
1,362
 
  
 
—
 
  
 
—
 
  
 
1,362
 
Transfer Out of Level III (b)
   
 
(1,968
) 
   
 
—
 
 
 
(10,740
) 
 
 
(12,708
) 
   
 
(1,758
) 
  
 
—
 
  
 
—
 
  
 
(1,758
) 
Purchases
   
 
240,712
 
   
 
382,533
 
 
 
410,722
 
 
 
1,033,967
 
   
 
1,206,896
 
  
 
82,314
 
  
 
14,032
 
  
 
1,303,242
 
Sales
   
 
(128,851
) 
   
 
(159,763
) 
 
 
(116,292
) 
 
 
(404,906
) 
   
 
(108,556
) 
  
 
(67,345
) 
  
 
(503,475
) 
  
 
(679,376
) 
Issuances
   
 
—
 
   
 
—
 
 
 
—
 
 
 
—
 
   
 
—
 
  
 
3,058
 
  
 
—
 
  
 
3,058
 
Settlements (c)
   
 
—
 
   
 
(6,014
) 
 
 
(1,123
) 
 
 
(7,137
) 
   
 
—
 
  
 
(7,713
) 
  
 
(167
) 
  
 
(7,880
) 
Changes in Gains (Losses) Included in Earnings
   
 
(9,490
) 
   
 
4,067
 
 
 
(10,556
) 
 
 
(15,979
) 
   
 
136,559
 
  
 
3,875
 
  
 
10,429
 
  
 
150,863
 
  
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance, End of Period
   
$
3,908,184
 
   
$
425,981
 
 
$
582,207
 
 
$
4,916,372
 
   
$
4,252,373
 
  
$
115,055
 
  
$
145,231
 
  
$
4,512,659
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date
   
$
11,423
 
   
$
(1,262
) 
 
$
(11,486
) 
   
$
(1,325
)
   
$
69,671
 
  
$
214
 
  
$
5,026
 
  
$
74,911
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
$
                        
$
                        
$
                        
$
                        
$
                        
$
                        
 
  
Level III Financial Liabilities at Fair Value

Three Months Ended March 31,
 
  
2026
  
2025
 
  
Freestanding
Derivatives
  
Other
Liabilities
  
Total
  
Freestanding
Derivatives
  
Other
Liabilities
  
Total
Balance, Beginning of Period
   
$
1,124,147
 
   
$
597
 
   
$
1,124,744
 
   
$
938,216
 
   
$
872
 
   
$
939,088
 
Changes in Losses (Gains) Included in Earnings
   
 
25,108
 
   
 
1,857
 
   
 
26,965
 
   
 
88,081
 
   
 
436
 
   
 
88,517
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Balance, End of Period
   
$
1,149,255
 
   
$
2,454
 
   
$
1,151,709
 
   
$
1,026,297
 
   
$
1,308
 
   
$
1,027,605
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date
   
$
25,108
 
   
$
1,857
 
   
$
26,965
 
   
$
88,080
 
   
$
436
 
   
$
88,516
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Represents freestanding derivatives, corporate treasury investments and Other Investments.
(b)
Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.
(c)
For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.