v3.26.1
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]          
Total Revenues $ 5,043,978 $ 3,711,900 $ 8,661,573 $ 7,001,358  
Less: Unrealized Performance Revenues [1] (587,150) (313,256) (870,505) (576,457)  
Less: Unrealized Principal Investment Income 414,821 365,391 29,819 524,104  
Total Expenses 2,375,612 1,932,603 4,637,905 3,827,035  
Total Other Income 140,086 136,330 239,841 193,905  
Total Other Income 0 0 0 0  
Total GAAP Income Before Provision for Taxes 2,808,452 1,915,627 4,263,509 3,368,228  
Less: Unrealized Performance Revenues [1] (587,150) (313,256) (870,505) (576,457)  
Less: Unrealized Principal Investment Income 414,821 365,391 29,819 524,104  
Total Assets 49,892,220   49,892,220   $ 47,708,975
Total Assets [2] (4,821,107)   (4,821,107)    
Operating Segments          
Segment Reporting Information [Line Items]          
Total Revenues [3] 3,802,071 3,074,604 7,235,444 5,838,450  
Total Expenses [4] 1,604,383 1,289,183 3,041,364 2,433,964  
Total Segment Distributable Earnings 2,197,688 1,785,421 4,194,080 3,404,486  
Total Assets 45,071,113   45,071,113    
Consolidation Adjustments and Reconciling Items          
Segment Reporting Information [Line Items]          
Less: Unrealized Performance Revenues [1] (587,150) (313,256) (870,505) (576,457)  
Less: Unrealized Principal Investment Income [5] (443,186) (294,093) (121,050) (455,350)  
Less: Interest and Dividend Revenue [6] (134,224) (100,390) (242,164) (197,810)  
Less: Other Revenue [7] (11,898) 225,083 (62,826) 298,718  
Transaction-Related and Non-Recurring Items [8] (48) (347) (94) (747)  
Less: Unrealized Performance Allocations Compensation [9] (236,129) (152,618) (325,830) (256,177)  
Less: Equity-Based Compensation [10] (353,753) (312,018) (914,970) (783,320)  
Less: Interest Expense [11] (144,830) (125,033) (274,888) (242,983)  
Impact of Consolidation [2] (24,819) (31,735) (50,410) (57,987)  
Amortization of Intangibles [12] (7,288) (7,333) (14,576) (14,666)  
Transaction-Related and Non-Recurring Items [8] (119) (10,728) (7,132) (29,952)  
Administrative Fee Adjustment [13] (4,426) (4,112) (8,994) (8,298)  
Less: Unrealized Performance Revenues [1] (587,150) (313,256) (870,505) (576,457)  
Less: Interest and Dividend Revenue [6] (134,224) (100,390) (242,164) (197,810)  
Less: Other Revenue [7] (11,898) 225,083 (62,826) 298,718  
Less: Unrealized Principal Investment Income [5] (443,186) (294,093) (121,050) (455,350)  
Plus: Unrealized Performance Allocations Compensation [9] 236,129 152,618 325,830 256,177  
Plus: Equity-Based Compensation [10] 353,753 312,018 914,970 783,320  
Plus: Interest Expense [11] 144,830 125,033 274,888 242,983  
Amortization of Intangibles [12] 7,288 7,333 14,576 14,666  
Transaction-Related and Non-Recurring Items [8] 71 10,381 7,038 29,205  
Administrative Fee Adjustment [13] 4,426 4,112 8,994 8,298  
Segment Adjustment          
Segment Reporting Information [Line Items]          
Intersegment Eliminations 135 157 259 312  
Intersegment Eliminations 135 157 259 312  
Impact of Consolidation          
Segment Reporting Information [Line Items]          
Impact of Consolidation [2] (65,536) (154,450) (129,749) (231,574)  
Impact of Consolidation [2] (140,086) (136,330) (239,841) (193,905)  
Impact of Consolidation [2] $ (180,803) $ (259,045) $ (319,180) $ (367,492)  
[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 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
[4] Total Segment Expenses is comprised of the following: Three Months Ended June 30,Six Months Ended June 30, ,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
[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 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.
[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.