v3.26.1
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 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.
 
$
                    
$
                    
$
                    
$
                    
$
                    
$
                    
$
                    
$
                    
 
  
June 30, 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
   
$
612,050
 
   
$
129,193
 
   
$
666,331
 
   
$
98,081
 
   
$
613,740
 
   
$
123,747
 
   
$
601,000
 
   
$
97,283
 
Foreign Currency Contracts
   
 
567,468
 
   
 
10,158
 
   
 
476,754
 
   
 
8,535
 
   
 
443,001
 
   
 
7,446
 
   
 
1,030,702
 
   
 
17,310
 
Credit Default Swaps
   
 
—
 
   
 
—
 
   
 
640
 
   
 
21
 
   
 
—
 
   
 
—
 
   
 
640
 
   
 
19
 
Total Return Swaps
   
 
81,490
 
   
 
8,872
 
   
 
—
 
   
 
—
 
   
 
23,532
 
   
 
3,364
 
   
 
—
 
   
 
—
 
Equity Options
   
 
—
 
   
 
—
 
   
 
1,521,822
 
   
 
1,152,061
 
   
 
—
 
   
 
—
 
   
 
1,462,632
 
   
 
1,124,147
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
1,261,008
 
   
 
148,223
 
   
 
2,665,547
 
   
 
1,258,698
 
   
 
1,080,273
 
   
 
134,557
 
   
 
3,094,974
 
   
 
1,238,759
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments of Consolidated Blackstone Funds
                        
Interest Rate Contracts
   
 
858,527
 
   
 
10,028
 
   
 
858,527
 
   
 
10,028
 
   
 
880,390
 
   
 
12,780
 
   
 
880,390
 
   
 
12,780
 
Foreign Currency Contracts
   
 
—
 
   
 
—
 
   
 
5,835
 
   
 
26
 
   
 
—
 
   
 
—
 
   
 
—
 
   
 
—
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
858,527
 
   
 
10,028
 
   
 
864,362
 
   
 
10,054
 
   
 
880,390
 
   
 
12,780
 
   
 
880,390
 
   
 
12,780
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
2,119,535
 
   
$
158,251
 
   
$
3,529,909
 
   
$
1,268,752
 
   
$
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 June 30,
 
 
Six Months Ended June 30,
 
 
  
2026
 
 
2025
 
 
2026
 
 
2025
 
Freestanding Derivatives
  
 
 
 
Realized Gains (Losses)
  
 
 
 
Foreign Currency Contracts
   
$
5,018
 
  
$
11,776
 
  
$
(9,617
) 
  
$
(116
) 
Credit Default Swaps
   
 
1
 
  
 
5
 
  
 
1
 
  
 
5
 
Total Return Swaps
   
 
774
 
  
 
7,698
 
  
 
1,954
 
  
 
8,474
 
  
 
 
    
 
 
    
 
 
    
 
 
  
  
 
5,793
 
  
 
19,479
 
  
 
(7,662
) 
  
 
8,363
 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net Change in Unrealized Gains (Losses)
         
Interest Rate Contracts
   
 
(5,106
) 
  
 
(45,360
) 
  
 
8,295
 
  
 
(37,974
) 
Foreign Currency Contracts
   
 
(10,139
) 
  
 
(23,103
) 
  
 
11,478
 
  
 
(6,376
) 
Credit Default Swaps
   
 
(2
) 
  
 
(11
) 
  
 
(2
) 
  
 
(17
) 
Total Return Swaps
   
 
1,685
 
  
 
(4,270
) 
  
 
3,536
 
  
 
(542
) 
Equity Options
   
 
(2,806
) 
  
 
(52,469
) 
  
 
(27,914
) 
  
 
(140,549
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
  
 
(16,368
) 
  
 
(125,213
) 
  
 
(4,607
) 
  
 
(185,458
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
  
$
(10,575
) 
  
$
(105,734
) 
  
$
(12,269
) 
  
$
(177,095
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
As of June 30, 2026 and December 31, 2025, Blackstone
had
not designated any derivatives as fair value, cash flow or net investment hedges.