v3.26.1
Investments
 6 Months Ended
Jun. 30, 2026
Schedule of Investments [Line Items]  
Investments
4.
Investments
Investments consist of the following:
 
$
                        
 $
                        
    
June 30,
2026
     
December 31,
2025
  
Investments of Consolidated Blackstone Funds
   
$
5,233,815
 
   
$
5,180,879
 
Equity Method Investments
      
Partnership Investments
   
 
6,535,521
 
   
 
6,546,190
 
Accrued Performance Allocations
   
 
13,906,754
 
   
 
12,980,356
 
Corporate Treasury Investments
   
 
401,465
 
   
 
359,657
 
Other Investments
   
 
8,510,174
 
   
 
7,145,029
 
  
 
 
     
 
 
  
  
$
34,587,729
 
   
$
32,212,111
 
 
 
  
 
 
     
 
 
  
Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $457.1 million and $472.7 million at June 30, 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 June 30,
 
  
Six Months Ended June 30,
 
 
  
2026
 
  
2025
 
  
2026
 
  
2025
 
Realized Gains
   
$
28,341
 
   
$
22,908
 
   
$
53,504
 
   
$
47,598
 
Net Change in Unrealized Gains
   
 
105,467
 
   
 
86,053
 
   
 
174,845
 
   
 
112,584
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds
   
 
133,808
 
   
 
108,961
 
   
 
228,349
 
   
 
160,182
 
Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds
   
 
6,278
 
   
 
27,369
 
   
 
11,492
 
   
 
33,723
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Other Income – Net Gains from Fund Investment Activities
   
$
140,086
 
   
$
136,330
 
   
$
239,841
 
   
$
193,905
 
  
 
 
     
 
 
     
 
 
     
 
 
  
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 six months ended June 30, 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 $122.9 million and $279.4 million for the three months ended June 30, 2026 and 2025, respectively. Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $225.4 million and $420.0 million for the six months ended June 30, 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
   
 
842,925
 
  
 
2,414,695
 
  
 
50,954
 
  
 
287,167
 
  
 
3,595,741
 
Foreign Exchange Loss
   
 
(2,127
) 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
(2,127
) 
Fund Distributions
   
 
(687,692
) 
  
 
(1,622,832
) 
  
 
(224,206
) 
  
 
(132,486
) 
  
 
(2,667,216
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accrued Performance Allocations, June 30, 2026
   
$
1,915,602
 
  
$
11,181,214
 
  
$
467,335
 
  
$
342,603
 
  
$
13,906,754
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
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 June 30,
     
Six Months Ended June 30,
  
    
2026
    
2025
     
2026
    
2025
  
Realized Gains (Losses)
   
$
(47
) 
  
$
171
 
   
$
1,232
 
  
$
(8,185
) 
Net Change in Unrealized Gains (Losses)
   
 
17,975
 
  
 
11,497
 
   
 
(816
) 
  
 
14,546
 
  
 
 
    
 
 
     
 
 
    
 
 
  
  
$
17,928
 
  
$
11,668
 
   
$
416
 
  
$
6,361
 
  
 
 
    
 
 
     
 
 
    
 
 
  
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 $517.2 million as of June 30, 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 June 30,
     
Six Months Ended June 30,
  
    
2026
    
2025
     
2026
    
2025
  
Realized Gains (Losses)
   
$
(8,275
) 
  
$
8,622
 
   
$
(4,495
) 
  
$
121,270
 
Net Change in Unrealized Gains
   
 
385,185
 
  
 
215,750
 
   
 
70,256
 
  
 
388,182
 
  
 
 
    
 
 
     
 
 
    
 
 
  
  
$
376,910
 
  
$
224,372
 
   
$
65,761
 
  
$
509,452