v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Financial Data of Segments
Segment Presentation
The following tables present the financial data for Blackstone’s four segments for the three months ended June 30, 2026 and 2025:
 
$
                        
$
                        
$
                        
$
                        
$
                        
 
  
Three Months Ended June 30, 2026
 
  
Real

Estate
 
Private
Equity
 
Credit &
Insurance
 
Multi-Asset
Investing
 
Total
Segments
Management and Advisory Fees, Net
  
 
 
 
 
Base Management Fees
   
$
630,097
 
  
$
681,444
 
  
$
493,622
 
  
$
155,734
 
  
$
1,960,897
 
Transaction, Advisory and Other Fees, Net
   
 
104,321
 
  
 
124,921
 
  
 
91,769
 
  
 
145
 
  
 
321,156
 
Management Fee Offsets
   
 
(7,337
) 
  
 
(11,785
) 
  
 
(12,635
) 
  
 
—
 
  
 
(31,757
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
727,081
 
  
 
794,580
 
  
 
572,756
 
  
 
155,879
 
  
 
2,250,296
 
Fee Related Performance Revenues
   
 
242,718
 
  
 
391,387
 
  
 
159,286
 
  
 
—
 
  
 
793,391
 
Fee Related Compensation
   
 
(262,168
) 
  
 
(337,528
) 
  
 
(237,568
) 
  
 
(42,865
) 
  
 
(880,129
) 
Other Operating Expenses
   
 
(94,624
) 
  
 
(131,515
) 
  
 
(124,404
) 
  
 
(29,587
) 
  
 
(380,130
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
613,007
 
  
 
716,924
 
  
 
370,070
 
  
 
83,427
 
  
 
1,783,428
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
210,868
 
  
 
490,807
 
  
 
11,540
 
  
 
17,670
 
  
 
730,885
 
Realized Performance Compensation
   
 
(85,259
) 
  
 
(251,204
) 
  
 
(3,746
) 
  
 
(3,915
) 
  
 
(344,124
) 
Realized Principal Investment Income (Loss)
   
 
6,660
 
  
 
24,952
 
  
 
(4,622
) 
  
 
509
 
  
 
27,499
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
132,269
 
  
 
264,555
 
  
 
3,172
 
  
 
14,264
 
  
 
414,260
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
745,276
 
  
$
981,479
 
  
$
373,242
 
  
$
97,691
 
  
$
2,197,688
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
   
$
13,882,665
 
  
$
20,653,736
 
  
$
7,825,978
 
  
$
2,708,734
 
  
$
45,071,113
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
$
                        
$
                        
$
                        
$
                        
$
                        
 
  
Three Months Ended June 30, 2025
 
  
Real
 
Private
 
Credit &
 
Multi-Asset
 
Total
 
  
Estate
 
Equity
 
Insurance
 
Investing
 
Segments
Management and Advisory Fees, Net
  
 
 
 
 
Base Management Fees
   
$
673,154
 
  
$
605,068
 
  
$
467,657
 
  
$
130,793
 
  
$
1,876,672
 
Transaction, Advisory and Other Fees, Net
   
 
41,720
 
  
 
108,988
 
  
 
13,980
 
  
 
1,002
 
  
 
165,690
 
Management Fee Offsets
   
 
(3,582
) 
  
 
(7,758
) 
  
 
(11,010
) 
  
 
—
 
  
 
(22,350
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
711,292
 
  
 
706,298
 
  
 
470,627
 
  
 
131,795
 
  
 
2,020,012
 
Fee Related Performance Revenues
   
 
89,590
 
  
 
192,331
 
  
 
190,129
 
  
 
—
 
  
 
472,050
 
Fee Related Compensation
   
 
(170,209
) 
  
 
(266,925
) 
  
 
(220,305
) 
  
 
(42,877
) 
  
 
(700,316
) 
Other Operating Expenses
   
 
(87,048
) 
  
 
(112,300
) 
  
 
(107,426
) 
  
 
(25,469
) 
  
 
(332,243
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
543,625
 
  
 
519,404
 
  
 
333,025
 
  
 
63,449
 
  
 
1,459,503
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
43,587
 
  
 
408,980
 
  
 
87,393
 
  
 
13,161
 
  
 
553,121
 
Realized Performance Compensation
   
 
(24,139
) 
  
 
(196,824
) 
  
 
(30,433
) 
  
 
(5,228
) 
  
 
(256,624
) 
Realized Principal Investment Income
   
 
2,797
 
  
 
19,859
 
  
 
5,800
 
  
 
965
 
  
 
29,421
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
22,245
 
  
 
232,015
 
  
 
62,760
 
  
 
8,898
 
  
 
325,918
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
565,870
 
  
$
751,419
 
  
$
395,785
 
  
$
72,347
 
  
$
1,785,421
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
The following tables present the financial data for Blackstone’s four segments as of June 30, 2026 and for the six months ended June 30, 2026 and 2025:
 
$
                        
$
                        
$
                        
$
                        
$
                        
 
  
June 30, 2026 and the Six Months Then Ended
 
  
Real
 
Private
 
Credit &
 
Multi-Asset
 
Total
 
  
Estate
 
Equity
 
Insurance
 
Investing
 
Segments
Management and Advisory Fees, Net
  
 
 
 
 
Base Management Fees
   
$
1,266,144
 
  
$
1,341,435
 
  
$
1,003,469
 
  
$
302,263
 
  
$
3,913,311
 
Transaction, Advisory and Other Fees, Net
   
 
156,059
 
  
 
275,859
 
  
 
102,397
 
  
 
(1,462
) 
  
 
532,853
 
Management Fee Offsets
   
 
(17,645
) 
  
 
(20,792
) 
  
 
(24,623
) 
  
 
—
 
  
 
(63,060
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
1,404,558
 
  
 
1,596,502
 
  
 
1,081,243
 
  
 
300,801
 
  
 
4,383,104
 
Fee Related Performance Revenues
   
 
395,716
 
  
 
562,084
 
  
 
323,689
 
  
 
—
 
  
 
1,281,489
 
Fee Related Compensation
   
 
(455,305
) 
  
 
(600,341
) 
  
 
(464,061
) 
  
 
(89,892
) 
  
 
(1,609,599
) 
Other Operating Expenses
   
 
(184,824
) 
  
 
(244,443
) 
  
 
(238,967
) 
  
 
(55,351
) 
  
 
(723,585
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
1,160,145
 
  
 
1,313,802
 
  
 
701,904
 
  
 
155,558
 
  
 
3,331,409
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
252,942
 
  
 
1,128,796
 
  
 
89,666
 
  
 
39,975
 
  
 
1,511,379
 
Realized Performance Compensation
   
 
(108,215
) 
  
 
(545,740
) 
  
 
(34,943
) 
  
 
(19,282
) 
  
 
(708,180
) 
Realized Principal Investment Income (Loss)
   
 
(2,145
) 
  
 
70,300
 
  
 
(10,327
) 
  
 
1,644
 
  
 
59,472
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
142,582
 
  
 
653,356
 
  
 
44,396
 
  
 
22,337
 
  
 
862,671
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
1,302,727
 
  
$
1,967,158
 
  
$
746,300
 
  
$
177,895
 
  
$
4,194,080
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
   
$
13,882,665
 
  
$
20,653,736
 
  
$
7,825,978
 
  
$
2,708,734
 
  
$
45,071,113
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
$
                        
$
                        
$
                        
$
                        
$
                        
 
  
Six Months Ended June 30, 2025
 
  
Real
 
Private
 
Credit &
 
Multi-Asset
 
Total
 
  
Estate
 
Equity
 
Insurance
 
Investing
 
Segments
Management and Advisory Fees, Net
  
 
 
 
 
Base Management Fees
   
$
1,337,755
 
  
$
1,183,512
 
  
$
910,880
 
  
$
251,644
 
  
$
3,683,791
 
Transaction, Advisory and Other Fees, Net
   
 
81,866
 
  
 
163,208
 
  
 
29,460
 
  
 
2,465
 
  
 
276,999
 
Management Fee Offsets
   
 
(7,481
) 
  
 
(18,630
) 
  
 
(22,669
) 
  
 
—
 
  
 
(48,780
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
1,412,140
 
  
 
1,328,090
 
  
 
917,671
 
  
 
254,109
 
  
 
3,912,010
 
Fee Related Performance Revenues
   
 
127,393
 
  
 
253,235
 
  
 
385,337
 
  
 
—
 
  
 
765,965
 
Fee Related Compensation
   
 
(340,734
) 
  
 
(470,244
) 
  
 
(421,923
) 
  
 
(84,397
) 
  
 
(1,317,298
) 
Other Operating Expenses
   
 
(170,329
) 
  
 
(215,194
) 
  
 
(203,704
) 
  
 
(49,891
) 
  
 
(639,118
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
1,028,470
 
  
 
895,887
 
  
 
677,381
 
  
 
119,821
 
  
 
2,721,559
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
62,597
 
  
 
759,053
 
  
 
178,990
 
  
 
12,504
 
  
 
1,013,144
 
Realized Performance Compensation
   
 
(32,909
) 
  
 
(367,965
) 
  
 
(70,928
) 
  
 
(5,746
) 
  
 
(477,548
) 
Realized Principal Investment Income
   
 
3,146
 
  
 
29,035
 
  
 
113,703
 
  
 
1,447
 
  
 
147,331
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
32,834
 
  
 
420,123
 
  
 
221,765
 
  
 
8,205
 
  
 
682,927
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
1,061,304
 
  
$
1,316,010
 
  
$
899,146
 
  
$
128,026
 
  
$
3,404,486
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes
The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three and six months ended June 30, 2026 and 2025 along with Total Assets as of June 30, 2026:
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
    
2026
    
2025
    
2026
    
2025
  
Revenues
         
Total GAAP Revenues
   
$
5,043,978
 
  
$
3,711,900
 
  
$
8,661,573
 
  
$
7,001,358
 
Less: Unrealized Performance Revenues (a)
   
 
(587,150
) 
  
 
(313,256
) 
  
 
(870,505
) 
  
 
(576,457
) 
Less: Unrealized Principal Investment Income (b)
   
 
(443,186
) 
  
 
(294,093
) 
  
 
(121,050
) 
  
 
(455,350
) 
Less: Interest and Dividend Revenue (c)
   
 
(134,224
) 
  
 
(100,390
) 
  
 
(242,164
) 
  
 
(197,810
) 
Less: Other Revenue (d)
   
 
(11,898
) 
  
 
225,083
 
  
 
(62,826
) 
  
 
298,718
 
Impact of Consolidation (e)
   
 
(65,536
) 
  
 
(154,450
) 
  
 
(129,749
) 
  
 
(231,574
) 
Transaction-Related and
Non-Recurring
Items (f)
   
 
(48
) 
  
 
(347
) 
  
 
(94
) 
  
 
(747
) 
Intersegment Eliminations
   
 
135
 
  
 
157
 
  
 
259
 
  
 
312
 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment Revenue (g)
   
$
3,802,071
 
  
$
3,074,604
 
  
$
7,235,444
 
  
$
5,838,450
 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
    
2026
    
2025
    
2026
    
2025
  
Expenses
         
Total GAAP Expenses
   
$
2,375,612
 
  
$
1,932,603
 
  
$
4,637,905
 
  
$
3,827,035
 
Less: Unrealized Performance Allocations Compensation (h)
   
 
(236,129
) 
  
 
(152,618
) 
  
 
(325,830
) 
  
 
(256,177
) 
Less: Equity-Based Compensation (i)
   
 
(353,753
) 
  
 
(312,018
) 
  
 
(914,970
) 
  
 
(783,320
) 
Less: Interest Expense (j)
   
 
(144,830
) 
  
 
(125,033
) 
  
 
(274,888
) 
  
 
(242,983
) 
Impact of Consolidation (e)
   
 
(24,819
) 
  
 
(31,735
) 
  
 
(50,410
) 
  
 
(57,987
) 
Amortization of Intangibles (k)
   
 
(7,288
) 
  
 
(7,333
) 
  
 
(14,576
) 
  
 
(14,666
) 
Transaction-Related and
Non-Recurring
Items (f)
   
 
(119
) 
  
 
(10,728
) 
  
 
(7,132
) 
  
 
(29,952
) 
Administrative Fee Adjustment (l)
   
 
(4,426
) 
  
 
(4,112
) 
  
 
(8,994
) 
  
 
(8,298
) 
Intersegment Eliminations
   
 
135
 
  
 
157
 
  
 
259
 
  
 
312
 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment Expenses (m)
   
$
1,604,383
 
  
$
1,289,183
 
  
$
3,041,364
 
  
$
2,433,964
 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
    
2026
    
2025
    
 2026 
    
  2025  
  
Other Income
         
Total GAAP Other Income (Loss)
   
$
140,086
 
  
$
136,330
 
  
$
239,841
 
  
$
193,905
 
Impact of Consolidation (e)
   
 
(140,086
) 
  
 
(136,330
) 
  
 
(239,841
) 
  
 
(193,905
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment Other Income
   
$
—
 
  
$
—
 
  
$
—
 
  
$
—
 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
    
2026
    
2025
    
2026
    
2025
  
Income Before Provision for Taxes
         
Total GAAP Income Before Provision for Taxes
   
$
2,808,452
 
  
$
1,915,627
 
  
$
4,263,509
 
  
$
3,368,228
 
Less: Unrealized Performance Revenues (a)
   
 
(587,150
) 
  
 
(313,256
) 
  
 
(870,505
) 
  
 
(576,457
) 
Less: Unrealized Principal Investment Income (b)
   
 
(443,186
) 
  
 
(294,093
) 
  
 
(121,050
) 
  
 
(455,350
) 
Less: Interest and Dividend Revenue (c)
   
 
(134,224
) 
  
 
(100,390
) 
  
 
(242,164
) 
  
 
(197,810
) 
Less: Other Revenue (d)
   
 
(11,898
) 
  
 
225,083
 
  
 
(62,826
) 
  
 
298,718
 
Plus: Unrealized Performance Allocations Compensation (h)
   
 
236,129
 
  
 
152,618
 
  
 
325,830
 
  
 
256,177
 
Plus: Equity-Based Compensation (i)
   
 
353,753
 
  
 
312,018
 
  
 
914,970
 
  
 
783,320
 
Plus: Interest Expense (j)
   
 
144,830
 
  
 
125,033
 
  
 
274,888
 
  
 
242,983
 
Impact of Consolidation (e)
   
 
(180,803
) 
  
 
(259,045
) 
  
 
(319,180
) 
  
 
(367,492
) 
Amortization of Intangibles (k)
   
 
7,288
 
  
 
7,333
 
  
 
14,576
 
  
 
14,666
 
Transaction-Related and
Non-Recurring
Items (f)
   
 
71
 
  
 
10,381
 
  
 
7,038
 
  
 
29,205
 
Administrative Fee Adjustment (l)
   
 
4,426
 
  
 
4,112
 
  
 
8,994
 
  
 
8,298
 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment Distributable Earnings
   
$
2,197,688
 
  
$
1,785,421
 
  
$
4,194,080
 
  
$
3,404,486
 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
$
                        
    
As of
    
June 30,
    
2026
Total Assets
   
Total GAAP Assets
   
$
49,892,220
 
Impact of Consolidation (e)
   
 
(4,821,107
) 
  
 
 
 
Total Segment Assets
   
$
45,071,113
 
  
 
 
 
 
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 June 30, 2026 and 2025, Other Revenue on a GAAP basis was $11.9 million and $(225.1) million, and included $11.8 million and $(225.5) million of foreign exchange gains (losses), respectively. For the six months ended June 30, 2026 and 2025, Other Revenue on a GAAP basis was $62.9 million and $(298.7) million, and included $62.5 million and $(299.3) 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
June 30,
     
Six Months Ended
June 30,
  
    
2026
     
2025
     
2026
     
2025
  
Total Segment Management and Advisory Fees, Net
   
$
2,250,296
 
   
$
2,020,012
 
   
$
4,383,104
 
   
$
3,912,010
 
Total Segment Fee Related Performance Revenues
   
 
793,391
 
   
 
472,050
 
   
 
1,281,489
 
   
 
765,965
 
Total Segment Realized Performance Revenues
   
 
730,885
 
   
 
553,121
 
   
 
1,511,379
 
   
 
1,013,144
 
Total Segment Realized Principal Investment Income
   
 
27,499
 
   
 
29,421
 
   
 
59,472
 
   
 
147,331
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Segment Revenues
   
$
3,802,071
 
   
$
3,074,604
 
   
$
7,235,444
 
   
$
5,838,450
 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(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
June 30,
     
Six Months Ended
June 30,
  
    
2026
     
2025
     
2026
     
2025
  
Total Segment Fee Related Compensation
   
$
880,129
 
   
$
700,316
 
   
$
1,609,599
 
   
$
1,317,298
 
Total Segment Realized Performance Compensation
   
 
344,124
 
   
 
256,624
 
   
 
708,180
 
   
 
477,548
 
Total Segment Other Operating Expenses
   
 
380,130
 
   
 
332,243
 
   
 
723,585
 
   
 
639,118
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total Segment Expenses
   
$
1,604,383
 
   
$
1,289,183
 
   
$
3,041,364
 
   
$
2,433,964
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations
The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
    
2026
    
2025
    
2026
    
2025
  
Management and Advisory Fees, Net
         
GAAP
   
$
2,266,006
 
  
$
2,035,495
 
  
$
4,414,626
 
  
$
3,939,812
 
Segment Adjustment (a)
   
 
(15,710
) 
  
 
(15,483
) 
  
 
(31,522
)
 
 
  
 
(27,802
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment
   
$
2,250,296
 
  
$
2,020,012
 
  
$
4,383,104
 
  
$
3,912,010
 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
    
2026
    
2025
    
2026
    
2025
  
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
         
GAAP
         
Incentive Fees
   
$
159,080
 
  
$
195,414
 
  
$
324,499
 
  
$
387,239
 
Investment Income - Realized Performance Allocations
   
 
1,365,175
 
  
 
829,820
 
  
 
2,468,348
 
  
 
1,391,870
 
  
 
 
    
 
 
    
 
 
    
 
 
  
GAAP
   
 
1,524,255
 
  
 
1,025,234
 
  
 
2,792,847
 
  
 
1,779,109
 
Total Segment
         
Less: Realized Performance Revenues
   
 
(730,885
) 
  
 
(553,121
) 
  
 
(1,511,379
) 
  
 
(1,013,144
) 
Segment Adjustment (b)
   
 
21
 
  
 
(63
) 
  
 
21
 
  
 
—
 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment
   
$
793,391
 
  
$
472,050
 
  
$
1,281,489
 
  
$
765,965
 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
    
2026
    
2025
    
2026
    
2025
  
GAAP Compensation to Total Segment Fee Related Compensation
         
GAAP
         
Compensation
   
$
963,026
 
  
$
870,358
 
  
$
2,129,923
 
  
$
1,899,720
 
Incentive Fee Compensation
   
 
49,716
 
  
 
67,363
 
  
 
104,084
 
  
 
124,392
 
Realized Performance Allocations Compensation
   
 
565,264
 
  
 
331,191
 
  
 
998,713
 
  
 
573,081
 
  
 
 
    
 
 
    
 
 
    
 
 
  
GAAP
   
 
1,578,006
 
  
 
1,268,912
 
  
 
3,232,720
 
  
 
2,597,193
 
Total Segment
         
Less: Realized Performance Compensation
   
 
(344,124
) 
  
 
(256,624
) 
  
 
(708,180
) 
  
 
(477,548
) 
Less: Equity-Based Compensation - Fee Related Compensation
   
 
(345,343
) 
  
 
(306,495
) 
  
 
(895,046
) 
  
 
(770,548
) 
Less: Equity-Based Compensation - Performance Compensation
   
 
(8,410
) 
  
 
(5,523
) 
  
 
(19,924
) 
  
 
(12,772
) 
Segment Adjustment (c)
   
 
—
 
  
 
46
 
  
 
29
 
  
 
(19,027
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment
   
$
880,129
 
  
$
700,316
 
  
$
1,609,599
 
  
$
1,317,298
 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months
Ended June 30,
    
Six Months Ended
June 30,
  
    
2026
    
2025
    
2026
    
2025
  
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
         
GAAP
   
$
409,110
 
  
$
360,817
 
  
$
781,931
 
  
$
693,190
 
Segment Adjustment (d)
   
 
(28,980
) 
  
 
(28,574
) 
  
 
(58,346
)
 
 
  
 
(54,072
) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment
   
$
380,130
 
  
$
332,243
 
  
$
723,585
 
  
$
639,118
 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
    
2026
    
2025
    
2026
    
2025
  
Realized Performance Revenues
         
GAAP
         
Incentive Fees
   
$
159,080
 
  
$
195,414
 
  
$
324,499
 
  
$
387,239
 
Investment Income - Realized Performance Allocations
   
 
1,365,175
 
  
 
829,820
 
  
 
2,468,348
 
  
 
1,391,870
 
  
 
 
    
 
 
    
 
 
    
 
 
  
GAAP
   
 
1,524,255
 
  
 
1,025,234
 
  
 
2,792,847
 
  
 
1,779,109
 
Total Segment
         
Less: Fee Related Performance Revenues
   
 
(793,391
) 
  
 
(472,050
) 
  
 
(1,281,489
) 
  
 
(765,965
) 
Segment Adjustment (b)
   
 
21
 
  
 
(63
) 
  
 
21
 
  
 
—
 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total Segment
   
$
730,885
 
  
$
553,121
 
  
$
1,511,379
 
  
$
1,013,144
 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended
June 30,
  
Six Months Ended
June 30,
    
2026
  
2025
  
2026
  
2025
Realized Performance Compensation
         
GAAP
         
Incentive Fee Compensation
   
$
49,716
 
  
$
67,363
 
  
$
104,084
 
  
$
124,392
 
Realized Performance Allocation Compensation
   
 
565,264
 
  
 
331,191
 
  
 
998,713
 
  
 
573,081
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
 
614,980
 
  
 
398,554
 
  
 
1,102,797
 
  
 
697,473
 
Total Segment
         
Less: Fee Related Performance Compensation (e)
   
 
(262,446
) 
  
 
(136,407
) 
  
 
(374,693
) 
  
 
(207,153
) 
Less: Equity-Based Compensation - Performance Compensation
   
 
(8,410
) 
  
 
(5,523
) 
  
 
(19,924
) 
  
 
(12,772
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
344,124
 
  
$
256,624
 
  
$
708,180
 
  
$
477,548
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
$
                        
 $
                        
 $
                        
 $
                        
    
Three Months Ended
June 30,
  
Six Months Ended
June 30,
    
2026
  
2025
  
2026
  
2025
Realized Principal Investment Income
         
GAAP
   
$
105,585
 
  
$
97,171
 
  
$
248,605
 
  
$
282,713
 
Segment Adjustment (f)
   
 
(78,086
) 
  
 
(67,750
) 
  
 
(189,133
) 
  
 
(135,382
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
27,499
 
  
$
29,421
 
  
$
59,472
 
  
$
147,331
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
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.