v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
17.
Segment Reporting
Blackstone conducts its alternative asset management businesses through four segments:
 
 
•
  
Real Estate – Blackstone’s Real Estate segment primarily comprises its management of opportunistic real estate funds, Core+ real estate funds, and real estate debt strategies.
 
 
•
  
Private Equity – Blackstone’s Private Equity segment includes its management of flagship Corporate Private Equity funds, sector and geographically-focused Corporate Private Equity funds, core private equity funds, an opportunistic investment platform, a secondary funds business and GP Stakes, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, investment platforms offering eligible individual investors access to Blackstone’s private equity and infrastructure capabilities, a multi-asset investment program for eligible high net worth investors and a capital markets services business.
 
 
•
  
Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit & Insurance, which is organized into three overarching strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. In addition, the segment includes an insurer-focused platform.
 
 
•
  
Multi-Asset Investing – Blackstone’s Multi-Asset Investing segment is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management, and Public Real Assets.
These business segments are differentiated by their various investment strategies. Each of the segments primarily earns its income from management fees and investment returns on assets under management. Blackstone’s chief operating decision makers are its Chief Executive Officer and
Co-Founder
and its President and Chief Operating Officer.
Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments.
Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates
non-controlling
ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and
Non-Recurring
Items. Transaction-Related and
Non-Recurring
Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and
non-recurring
gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and
non-recurring
gains, losses or other charges that affect
period-to-period
comparability and are not reflective of Blackstone’s operational performance.
For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation.
 
Segment Presentation
The following tables present the financial data for Blackstone’s four segments for the three months ended March 31, 2026 and 2025.
 
$
                        
 $
                        
 $
                        
 $
                        
 $
                        
    
March 31, 2026 and the Three Months Then Ended
    
Real

Estate
  
Private
Equity
  
Credit &
Insurance
  
Multi-Asset
Investing
  
Total
Segments
Management and Advisory Fees, Net
           
Base Management Fees
   
$
636,047
 
  
$
659,991
 
  
$
509,847
 
  
$
146,529
 
  
$
1,952,414
 
Transaction, Advisory and Other Fees, Net
   
 
51,738
 
  
 
150,938
 
  
 
10,628
 
  
 
(1,607
) 
  
 
211,697
 
Management Fee Offsets
   
 
(10,308
) 
  
 
(9,007
) 
  
 
(11,988
) 
  
 
—
 
  
 
(31,303
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
677,477
 
  
 
801,922
 
  
 
508,487
 
  
 
144,922
 
  
 
2,132,808
 
Fee Related Performance Revenues
   
 
152,998
 
  
 
170,697
 
  
 
164,403
 
  
 
—
 
  
 
488,098
 
Fee Related Compensation
   
 
(193,137
) 
  
 
(262,813
) 
  
 
(226,493
) 
  
 
(47,027
) 
  
 
(729,470
) 
Other Operating Expenses
   
 
(90,200
) 
  
 
(112,928
) 
  
 
(114,563
) 
  
 
(25,764
) 
  
 
(343,455
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
547,138
 
  
 
596,878
 
  
 
331,834
 
  
 
72,131
 
  
 
1,547,981
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
42,074
 
  
 
637,989
 
  
 
78,126
 
  
 
22,305
 
  
 
780,494
 
Realized Performance Compensation
   
 
(22,956
) 
  
 
(294,536
) 
  
 
(31,197
) 
  
 
(15,367
) 
  
 
(364,056
) 
Realized Principal Investment Income (Loss)
   
 
(8,805
) 
  
 
45,348
 
  
 
(5,705
) 
  
 
1,135
 
  
 
31,973
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
10,313
 
  
 
388,801
 
  
 
41,224
 
  
 
8,073
 
  
 
448,411
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
557,451
 
  
$
985,679
 
  
$
373,058
 
  
$
80,204
 
  
$
1,996,392
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
   
$
12,933,328
 
  
$
20,529,092
 
  
$
7,671,327
 
  
$
2,446,510
 
  
$
43,580,257
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
$
                        
 $
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended March 31, 2025
    
Real
  
Private
  
Credit &
  
Multi-Asset
  
Total
    
Estate
  
Equity
  
Insurance
  
Investing
  
Segments
Management and Advisory Fees, Net
           
Base Management Fees
   
$
664,601
 
  
$
578,444
 
  
$
443,223
 
  
$
120,851
 
  
$
1,807,119
 
Transaction, Advisory and Other Fees, Net
   
 
40,146
 
  
 
54,220
 
  
 
15,480
 
  
 
1,463
 
  
 
111,309
 
Management Fee Offsets
   
 
(3,899
) 
  
 
(10,872
) 
  
 
(11,659
) 
  
 
—
 
  
 
(26,430
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
700,848
 
  
 
621,792
 
  
 
447,044
 
  
 
122,314
 
  
 
1,891,998
 
Fee Related Performance Revenues
   
 
37,803
 
  
 
60,904
 
  
 
195,208
 
  
 
—
 
  
 
293,915
 
Fee Related Compensation
   
 
(170,525
) 
  
 
(203,319
) 
  
 
(201,618
) 
  
 
(41,520
) 
  
 
(616,982
) 
Other Operating Expenses
   
 
(83,281
) 
  
 
(102,894
) 
  
 
(96,278
) 
  
 
(24,422
) 
  
 
(306,875
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
484,845
 
  
 
376,483
 
  
 
344,356
 
  
 
56,372
 
  
 
1,262,056
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
19,010
 
  
 
350,073
 
  
 
91,597
 
  
 
(657
) 
  
 
460,023
 
Realized Performance Compensation
   
 
(8,770
) 
  
 
(171,141
) 
  
 
(40,495
) 
  
 
(518
) 
  
 
(220,924
) 
Realized Principal Investment Income
   
 
349
 
  
 
9,176
 
  
 
107,903
 
  
 
482
 
  
 
117,910
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
10,589
 
  
 
188,108
 
  
 
159,005
 
  
 
(693
) 
  
 
357,009
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
495,434
 
  
$
564,591
 
  
$
503,361
 
  
$
55,679
 
  
$
1,619,065
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Reconciliations of Total Segment Amounts
The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2026 and 2025 along with Total Assets as of March 31, 2026:
 
$
                        
 $
                        
    
Three Months Ended
March 31,
  
    
2026
    
2025
  
Revenues
     
Total GAAP Revenues
   
$
3,617,595
 
  
$
3,289,458
 
Less: Unrealized Performance Revenues (a)
   
 
(283,355
)
  
 
(263,201
) 
Less: Unrealized Principal Investment (Income) Loss (b)
   
 
322,136
 
  
 
(161,257
) 
Less: Interest and Dividend Revenue (c)
   
 
(107,940
) 
  
 
(97,420
) 
Less: Other Revenue (d)
   
 
(50,928
)
  
 
73,635
 
Impact of Consolidation (e)
   
 
(64,213
) 
  
 
(77,124
) 
Transaction-Related and
Non-Recurring
Items (f)
   
 
(46
) 
  
 
(400
) 
Intersegment Eliminations
   
 
124
 
  
 
155
 
  
 
 
    
 
 
  
Total Segment Revenue (g)
   
$
3,433,373
 
  
$
2,763,846
 
  
 
 
    
 
 
  
 
$
                        
 $
                        
    
Three Months Ended
March 31,
  
    
2026
    
2025
  
Expenses
     
Total GAAP Expenses
   
$
2,262,293
 
  
$
1,894,432
 
Less: Unrealized Performance Allocations Compensation (h)
   
 
(89,701
) 
  
 
(103,559
) 
Less: Equity-Based Compensation (i)
   
 
(561,217
) 
  
 
(471,302
) 
Less: Interest Expense (j)
   
 
(130,058
) 
  
 
(117,950
) 
Impact of Consolidation (e)
   
 
(25,591
) 
  
 
(26,252
) 
Amortization of Intangibles (k)
   
 
(7,288
) 
  
 
(7,333
) 
Transaction-Related and
Non-Recurring
Items (f)
   
 
(7,013
) 
  
 
(19,224
) 
Administrative Fee Adjustment (l)
   
 
(4,568
) 
  
 
(4,186
) 
Intersegment Eliminations
   
 
124
 
  
 
155
 
  
 
 
    
 
 
  
Total Segment Expenses (m)
   
$
1,436,981
 
  
$
1,144,781
 
  
 
 
    
 
 
  
    
    
Three Months Ended
March 31,
  
    
2026
    
2025
  
Other Income
     
Total GAAP Other Income (Loss)
   
$
99,755
 
  
$
57,575
 
Impact of Consolidation (e)
   
 
(99,755
) 
  
 
(57,575
) 
  
 
 
    
 
 
  
Total Segment Other Income
   
$
—
 
  
$
—
 
  
 
 
    
 
 
  
    
    
Three Months Ended
March 31,
  
    
2026
    
2025
  
Income Before Provision for Taxes
     
Total GAAP Income Before Provision for Taxes
   
$
1,455,057
 
  
$
1,452,601
 
Less: Unrealized Performance Revenues (a)
   
 
(283,355
)
  
 
(263,201
) 
Less: Unrealized Principal Investment (Income) Loss (b)
   
 
322,136
 
  
 
(161,257
) 
Less: Interest and Dividend Revenue (c)
   
 
(107,940
) 
  
 
(97,420
) 
Less: Other Revenue (d)
   
 
(50,928
)
  
 
73,635
 
Plus: Unrealized Performance Allocations Compensation (h)
   
 
89,701
 
  
 
103,559
 
Plus: Equity-Based Compensation (i)
   
 
561,217
 
  
 
471,302
 
Plus: Interest Expense (j)
   
 
130,058
 
  
 
117,950
 
Impact of Consolidation (e)
   
 
(138,377
) 
  
 
(108,447
) 
Amortization of Intangibles (k)
   
 
7,288
 
  
 
7,333
 
Transaction-Related and
Non-Recurring
Items (f)
   
 
6,967
 
  
 
18,824
 
Administrative Fee Adjustment (l)
   
 
4,568
 
  
 
4,186
 
  
 
 
    
 
 
  
Total Segment Distributable Earnings
   
$
1,996,392
 
  
$
1,619,065
 
  
 
 
    
 
 
  
 
$
                        
    
As of
    
March 31,
    
2026
Total Assets
   
Total GAAP Assets
   
$
48,326,982
 
Impact of Consolidation (e)
   
 
(4,746,725
) 
  
 
 
 
Total Segment Assets
   
$
43,580,257
 
  
 
 
 
 
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related and
Non-Recurring
Items.
(a)
This adjustment removes Unrealized Performance Revenues on a segment basis.
(b)
This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.
(c)
This adjustment removes Interest and Dividend Revenue on a segment basis.
(d)
This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2026 and 2025, Other Revenue on a GAAP basis was $51.0 million and $(73.6) million, and included $50.6 million and $(73.8) million of foreign exchange gains (losses), respectively.
(e)
This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain
NAV-based
fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by
non-controlling
interests.
(f)
This adjustment removes Transaction-Related and
Non-Recurring
Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and
Non-Recurring
Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and
non-recurring
gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and
non-recurring
gains, losses or other charges that affect period to period comparability and are not reflective of Blackstone’s operational performance.
(g)
Total Segment Revenues is comprised of the following:
 
$
                        
 $
                        
    
Three Months Ended
March 31,
  
    
2026
     
2025
  
Total Segment Management and Advisory Fees, Net
   
$
2,132,808
 
   
$
1,891,998
 
Total Segment Fee Related Performance Revenues
   
 
488,098
 
   
 
293,915
 
Total Segment Realized Performance Revenues
   
 
780,494
 
   
 
460,023
 
Total Segment Realized Principal Investment Income
   
 
31,973
 
   
 
117,910
 
  
 
 
     
 
 
  
Total Segment Revenues
   
$
3,433,373
 
   
$
2,763,846
 
  
 
 
     
 
 
  
 
(h)
This adjustment removes Unrealized Performance Allocations Compensation.
(i)
This adjustment removes Equity-Based Compensation on a segment basis.
(j)
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the tax receivable agreement.
(k)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
 
(l)
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(m)
Total Segment Expenses is comprised of the following:
 
$
                        
 $
                        
    
Three Months Ended
March 31,
  
    
2026
     
2025
  
Total Segment Fee Related Compensation
   
$
729,470
 
   
$
616,982
 
Total Segment Realized Performance Compensation
   
 
364,056
 
   
 
220,924
 
Total Segment Other Operating Expenses
   
 
343,455
 
   
 
306,875
 
  
 
 
     
 
 
  
Total Segment Expenses
   
$
1,436,981
 
   
$
1,144,781
 
  
 
 
     
 
 
  
Reconciliations of Total Segment Components
The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2026 and 2025:
 
$
                        
 $
                        
    
Three Months Ended
March 31,
  
    
2026
    
2025
  
Management and Advisory Fees, Net
     
GAAP
   
$
2,148,620
 
  
$
1,904,317
 
Segment Adjustment (a)
   
 
(15,812
) 
  
 
(12,319
) 
  
 
 
    
 
 
  
Total Segment
   
$
2,132,808
 
  
$
1,891,998
 
  
 
 
    
 
 
  
    
    
Three Months Ended
March 31,
  
    
2026
    
2025
  
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
     
GAAP
     
Incentive Fees
   
$
165,419
 
  
$
191,825
 
Investment Income - Realized Performance Allocations
   
 
1,103,173
 
  
 
562,050
 
  
 
 
    
 
 
  
GAAP
   
 
1,268,592
 
  
 
753,875
 
Total Segment
     
Less: Realized Performance Revenues
   
 
(780,494
) 
  
 
(460,023
) 
Segment Adjustment (b)
   
 
—
 
  
 
63
 
  
 
 
    
 
 
  
Total Segment
   
$
488,098
 
  
$
293,915
 
  
 
 
    
 
 
  
 
$
                        
 $
                        
    
Three Months Ended
March 31,
  
    
2026
    
2025
  
GAAP Compensation to Total Segment Fee Related Compensation
     
GAAP
     
Compensation
   
$
1,166,897
 
  
$
1,029,362
 
Incentive Fee Compensation
   
 
54,368
 
  
 
57,029
 
Realized Performance Allocations Compensation
   
 
433,449
 
  
 
241,890
 
  
 
 
    
 
 
  
GAAP
   
 
1,654,714
 
  
 
1,328,281
 
Total Segment
     
Less: Realized Performance Compensation
   
 
(364,056
) 
  
 
(220,924
) 
Less: Equity-Based Compensation—Fee Related Compensation
   
 
(549,703
) 
  
 
(464,053
) 
Less: Equity-Based Compensation—Performance Compensation
   
 
(11,514
) 
  
 
(7,249
) 
Segment Adjustment (c)
   
 
29
 
  
 
(19,073
) 
  
 
 
    
 
 
  
Total Segment
   
$
729,470
 
  
$
616,982
 
  
 
 
    
 
 
  
    
    
Three Months Ended
March 31,
  
    
2026
    
2025
  
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
     
GAAP
   
$
372,821
 
  
$
332,373
 
Segment Adjustment (d)
   
 
(29,366
) 
  
 
(25,498
) 
  
 
 
    
 
 
  
Total Segment
   
$
343,455
 
  
$
306,875
 
  
 
 
    
 
 
  
    
    
Three Months Ended
March 31,
  
    
2026
    
2025
  
Realized Performance Revenues
     
GAAP
     
Incentive Fees
   
$
165,419
 
  
$
191,825
 
Investment Income - Realized Performance Allocations
   
 
1,103,173
 
  
 
562,050
 
  
 
 
    
 
 
  
GAAP
   
 
1,268,592
 
  
 
753,875
 
Total Segment
     
Less: Fee Related Performance Revenues
   
 
(488,098
) 
  
 
(293,915
) 
Segment Adjustment (b)
   
 
—
 
  
 
63
 
  
 
 
    
 
 
  
Total Segment
   
$
780,494
 
  
$
460,023
 
  
 
 
    
 
 
  
 
$
                        
 $
                        
    
Three Months Ended
March 31,
    
2026
  
2025
Realized Performance Compensation
     
GAAP
     
Incentive Fee Compensation
   
$
54,368
 
  
$
57,029
 
Realized Performance Allocations Compensation
   
 
433,449
 
  
 
241,890
 
  
 
 
 
  
 
 
 
GAAP
   
 
487,817
 
  
 
298,919
 
Total Segment
     
Less: Fee Related Performance Compensation (e)
   
 
(112,247
) 
  
 
(70,746
) 
Less: Equity-Based Compensation - Performance Compensation
   
 
(11,514
) 
  
 
(7,249
) 
  
 
 
 
  
 
 
 
Total Segment
   
$
364,056
 
  
$
220,924
 
  
 
 
 
  
 
 
 
    
    
Three Months Ended
March 31,
    
2026
  
2025
Realized Principal Investment Income
     
GAAP
   
$
143,020
 
  
$
185,542
 
Segment Adjustment (f)
   
 
(111,047
) 
  
 
(67,632
) 
  
 
 
 
  
 
 
 
Total Segment
   
$
31,973
 
  
$
117,910
 
  
 
 
 
  
 
 
 
 
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and
Non-Recurring
Items.
(a)
Represents (1) the add back of net management fees earned from consolidated Blackstone funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain
NAV-based
fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.
(b)
Represents the add back of Performance Revenues earned from consolidated Blackstone funds which have been eliminated in consolidation.
(c)
Represents the removal of Transaction-Related and
Non-Recurring
Items that are not recorded in the Total Segment measures.
(d)
Represents the (1) removal of Transaction-Related and
Non-Recurring
Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain
NAV-based
fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(e)
Fee related performance compensation may include equity-based compensation based on fee related performance revenues.
(f)
Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by
non-controlling
interests.