Fair Value Measurements of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Financial Assets and Liabilities at Fair Value

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:

	$		$		$		$		$
	June 30, 2026
	Level I		Level II		Level III		NAV (a)		Total
Assets
Cash and Cash Equivalents	$	280,120	$	—	$	—	$	—	$	280,120

Investments
Investments of Consolidated Blackstone Funds
Equity Securities, Partnerships and LLC Interests (b)		2,916		192,078		3,962,213		1,020,481		5,177,688
Debt Instruments		—		22,871		23,228		—		46,099
Freestanding Derivatives		—		10,028		—		—		10,028

Total Investments of Consolidated Blackstone Funds		2,916		224,977		3,985,441		1,020,481		5,233,815
Corporate Treasury Investments		270,455		34,750		37,141		59,119		401,465
Other Investments		1,992,894		5,838,664		204,844		24,281		8,060,683

Total Investments		2,266,265		6,098,391		4,227,426		1,103,881		13,695,963

Accounts Receivable - Loans and Receivables		—		—		394,761		—		394,761

Other Assets - Freestanding Derivatives		—		139,351		8,872		—		148,223

	$	2,546,385	$	6,237,742	$	4,631,059	$	1,103,881	$	14,519,067

Liabilities
Accounts Payable, Accrued Expenses and Other Liabilities
Consolidated Blackstone Funds - Freestanding Derivatives	$	—	$	10,054	$	—	$	—	$	10,054
Freestanding Derivatives		—		106,637		1,152,061		—		1,258,698
Contingent Consideration		—		—		152		—		152
Corporate Treasury Commitments		—		—		1,599		—		1,599
Securities Sold, Not Yet Purchased		1,953		—		—		—		1,953

Total Accounts Payable, Accrued Expenses and Other Liabilities		1,953		116,691		1,153,812		—		1,272,456

	$	1,953	$	116,691	$	1,153,812	$	—	$	1,272,456

	$		$		$		$		$
	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.

Summary of Fair Value by Strategy Type Along side Consolidated Funds of Hedge Funds Remaining Unfunded Commitments and Ability to Redeem Such Investments

(a)	A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of June 30, 2026 is presented by strategy type below:

	$		$		$			$
Strategy	Fair Value		Unfunded Commitments		Redemption Frequency (if currently eligible)			Redemption Notice Period
Equity	$	118,359	$	12,362		(1	)		(1	)
Real Estate		24,222		—		(2	)		(2	)
Infrastructure		954,187		70,066		(3	)		(3	)
Other		7,113		—		(4	)		(4	)

	$	1,103,881	$	82,428

(1)

The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 61% of fair value of the investments in this category are redeemable as of the reporting date. Investments representing 39% of 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 this category 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.

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy

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 June 30, 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

3,962,213

Discounted Cash Flows

Discount Rate

4.4% - 41.2%

10.2%

Lower

Exit Multiple - EBITDA

5.8x

- 30.0x

15.5x

Higher

Exit Capitalization Rate

3.1% - 15.6%

5.2%

Lower

Debt Instruments

23,228

Discounted Cash Flows

Discount Rate

6.0% - 20.2%

14.1%

Lower

Other

N/A

Total Investments of Consolidated Blackstone Funds

3,985,441

Corporate Treasury Investments

37,141

Discounted Cash Flows

Discount Rate

8.8%

Lower

Third-Party Pricing

N/A

Loans and Receivables

394,761

Discounted Cash Flows

Discount Rate

7.7% - 19.7%

8.9%

Lower

Transaction Price

N/A

Other Investments (b)

213,716

Discounted Cash Flows

Discount Rate

7.2% - 7.9%

7.5%

Lower

Transaction Price

N/A

4,631,059

Financial Liabilities

Freestanding Derivatives (c)

1,152,061

Option Pricing Model

Volatility

5.6% - 5.7%

5.6%

Higher

Other Liabilities (d)

1,751

Third-Party Pricing

N/A

Other

N/A

1,153,812

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 June 30, 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 June 30, 2026 and December 31, 2025, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.

Summary of Changes in Financial Assets and Liabilities Measured at Fair Value for Which Level III Inputs Were Used

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 June 30,

	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	$	3,908,184		$	425,981		$	582,207		$	4,916,372		$	4,252,373		$	115,055		$	145,231		$	4,512,659
Transfer Into Level III (b)		2,618			—			—			2,618			84			—			—			84
Transfer Out of Level III (b)		(37,081	)		—			(408,745	)		(445,826	)		(281	)		—			—			(281	)
Purchases		99,544			377,990			4,574			482,108			415,915			396,922			184,242			997,079
Sales		(53,299	)		(407,062	)		(10,422	)		(470,783	)		(135,862	)		(245,034	)		(62,956	)		(443,852	)
Issuances		—			—			—			—			—			765			—			765
Settlements (c)		—			(13,478	)		1,141			(12,337	)		—			(3,685	)		(11,430	)		(15,115	)
Changes in Gains (Losses) Included in Earnings		65,475			11,330			(7,333	)		69,472			219,368			4,000			14,432			237,800

Balance, End of Period	$	3,985,441		$	394,761		$	161,422		$	4,541,624		$	4,751,597		$	268,023		$	269,519		$	5,289,139

Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date	$	80,080		$	(1,977	)	$	(7,618	)	$	70,485		$	92,144		$	(629	)	$	7,763		$	99,278

	$			$			$			$			$			$			$			$
	Level III Financial Assets at Fair Value Six Months Ended June 30,
	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 In Due to Consolidation and Acquisition		—			—			—			—			—			—			—			—
Transfer Out Due to Deconsolidation		(317,078	)		—			—			(317,078	)		(155,572	)		—			—			(155,572	)
Transfer Into Level III (b)		3,387			—			—			3,387			1,446			—			—			1,446
Transfer Out of Level III (b)		(39,049	)		—			(419,485	)		(458,534	)		(2,039	)		—			—			(2,039	)
Purchases		340,256			760,523			415,296			1,516,075			1,622,810			479,236			198,275			2,300,321
Sales		(182,150	)		(566,825	)		(126,714	)		(875,689	)		(244,417	)		(312,379	)		(566,432	)		(1,123,228	)
Issuances		—			—			—			—			—			3,823			—			3,823
Settlements (c)		—			(19,492	)		18			(19,474	)		—			(11,398	)		(11,597	)		(22,995	)
Changes in Gains (Losses) Included in Earnings		55,985			15,397			(17,889	)		53,493			355,927			7,875			24,861			388,663

Balance, End of Period	$	3,985,441		$	394,761		$	161,422		$	4,541,624		$	4,751,597		$	268,023		$	269,519		$	5,289,139

Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date	$	81,832		$	(3,238	)	$	(19,865	)	$	58,729		$	161,815		$	(415	)	$	13,220		$	174,620

	$		$			$		$		$			$
	Level III Financial Liabilities at Fair Value Three Months Ended June 30,
	2026							2025
	Freestanding Derivatives		Other Liabilities			Total		Freestanding Derivatives		Other Liabilities			Total
Balance, Beginning of Period	$	1,149,255	$	2,454		$	1,151,709	$	1,026,297	$	1,308		$	1,027,605
Changes in Losses (Gains) Included in Earnings		2,806		(703	)		2,103		52,469		(512	)		51,957

Balance, End of Period	$	1,152,061	$	1,751		$	1,153,812	$	1,078,766	$	796		$	1,079,562

Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date	$	2,806	$	(703	)	$	2,103	$	52,469	$	(512	)	$	51,957

	$		$		$		$		$			$
	Level III Financial Liabilities at Fair Value Six Months Ended June 30,
	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		27,914		1,154		29,068		140,550		(76	)		140,474

Balance, End of Period	$	1,152,061	$	1,751	$	1,153,812	$	1,078,766	$	796		$	1,079,562

Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date	$	27,914	$	1,154	$	29,068	$	140,550	$	(76	)	$	140,474

(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.