v3.26.1
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Total Revenues $ 3,617,595 $ 3,289,458  
Less: Unrealized Performance Revenues [1] (283,355) (263,201)  
Less: Unrealized Principal Investment (Income) Loss (385,002) 158,713  
Total Expenses 2,262,293 1,894,432  
Total Other Income 99,755 57,575  
Total Other Income 0 0  
Less: Unrealized Performance Revenues [1] (283,355) (263,201)  
Total GAAP Income Before Provision for Taxes 1,455,057 1,452,601  
Less: Unrealized Principal Investment (Income) Loss (385,002) 158,713  
Total Assets 48,326,982   $ 47,708,975
Total Assets [2] (4,746,725)    
Operating Segments      
Segment Reporting Information [Line Items]      
Total Revenues [3] 3,433,373 2,763,846  
Total Expenses [4] 1,436,981 1,144,781  
Total Segment Distributable Earnings 1,996,392 1,619,065  
Total Assets 43,580,257    
Consolidation Adjustments and Reconciling Items      
Segment Reporting Information [Line Items]      
Less: Unrealized Performance Revenues [1] (283,355) (263,201)  
Less: Unrealized Principal Investment (Income) Loss [5] 322,136 (161,257)  
Less: Interest and Dividend Revenue [6] (107,940) (97,420)  
Less: Other Revenue [7] (50,928) 73,635  
Transaction-Related and Non-Recurring Items [8] (46) (400)  
Less: Unrealized Performance Allocations Compensation [9] (89,701) (103,559)  
Less: Equity-Based Compensation [10] (561,217) (471,302)  
Less: Interest Expense [11] (130,058) (117,950)  
Impact of Consolidation [2] (25,591) (26,252)  
Amortization of Intangibles [12] (7,288) (7,333)  
Transaction-Related and Non-Recurring Items [8] (7,013) (19,224)  
Administrative Fee Adjustment [13] (4,568) (4,186)  
Less: Unrealized Performance Revenues [1] (283,355) (263,201)  
Less: Unrealized Principal Investment (Income) Loss [5] 322,136 (161,257)  
Less: Interest and Dividend Revenue [6] (107,940) (97,420)  
Less: Other Revenue [7] (50,928) 73,635  
Plus: Unrealized Performance Allocations Compensation [9] 89,701 103,559  
Plus: Equity-Based Compensation [10] 561,217 471,302  
Plus: Interest Expense [11] 130,058 117,950  
Amortization of Intangibles [12] 7,288 7,333  
Transaction-Related and Non-Recurring Items [8] 6,967 18,824  
Administrative Fee Adjustment [13] 4,568 4,186  
Segment Adjustment      
Segment Reporting Information [Line Items]      
Intersegment Eliminations 124 155  
Intersegment Eliminations 124 155  
Impact of Consolidation      
Segment Reporting Information [Line Items]      
Impact of Consolidation [2] (64,213) (77,124)  
Impact of Consolidation [2] (99,755) (57,575)  
Impact of Consolidation [2] $ (138,377) $ (108,447)  
[1] This adjustment removes Unrealized Performance Revenues on a segment basis.
[2] 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.
[3] 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
[4] 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
[5] This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.
[6] This adjustment removes Interest and Dividend Revenue on a segment basis.
[7] 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.
[8] 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.
[9] This adjustment removes Unrealized Performance Allocations Compensation.
[10] This adjustment removes Equity-Based Compensation on a segment basis.
[11] This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the tax receivable agreement.
[12] This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
[13] 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.