EX-99.12d48505dex991.htmEX-99.1 EX-99.1
Exhibit 99.1
Blackstone Reports Third Quarter 2025 Results
New York, October 23, 2025: Blackstone (NYSE:BX) today reported its third quarter 2025 results.
Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported an exceptional third
quarter, highlighted by outstanding financial results and robust fund-raising momentum across our three major
channels—institutions, insurance and individuals. T1Inflows reached $54 billion in the quarter and $225 billion over
the last twelve months. The leading platforms we’ve established in key growth areas, such as digital and energy
infrastructure, are helping power investment performance for our clients and position us extraordinarily well for
the future.”
Blackstone issued a full detailed presentation of
its third quarter 2025 results, which can be viewed at
www.blackstone.com.
Dividend
Blackstone has declared a quarterly dividend of
$1.29 per share to record holders of common stock at the close of
business on November 3, 2025. This dividend will be paid on November 10,
2025.
Quarterly Investor Call Details
Blackstone will
host its third quarter 2025 investor conference via public webcast on October 23, 2025 at
9:00 a.m. ET. To register, please use the following
link:
https://event.webcasts.com/starthere.jsp?ei=1735590&tp_key=f891a18007. For those unable to listen to the live
Blackstone
345 Park
Avenue, New York, NY 10154
T 212 583 5000
www.blackstone.com
broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at
https://ir.blackstone.com/.
About Blackstone
Blackstone is the world’s largest
alternative asset manager. Blackstone seeks to deliver compelling returns for
institutional and individual investors by strengthening the companies in which
the firm invests. Blackstone’s over
$1.2 trillion in assets under management include global investment strategies focused on real estate, private
equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is
available at www.blackstone.com.
Follow @blackstone on LinkedIn, X
(Twitter), and Instagram.
Forward-Looking Statements
This presentation may contain
forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, which reflect our
current views with respect to, among other things, our operations, taxes, earnings and financial performance,
share
repurchases and dividends. You can identify these forward-looking statements by the use of words such as
“outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,”
“may,” “will,” “should,” “seeks,”
“approximately,” “predicts,” “intends,”
“plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,”
“forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking
statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that
could cause actual outcomes or results to differ materially from those indicated in these statements. We believe
these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in
our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on
the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included in this report and in our other periodic filings.
The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly
update or review any forward-looking statement, whether as a result of new information, future developments or
otherwise.
This presentation does not constitute an offer of any Blackstone Fund.
Investor and Media Relations Contacts
Weston Tucker
Blackstone
Tel: +1 (212) 583-5231
tucker@blackstone.com
Christine Anderson
Blackstone
Tel: +1 (212) 583-5182
christine.anderson@blackstone.com
Blackstone’s Third
Quarter 2025 Earnings
OCTOBER 23,
2025
BLACKSTONE’S THIRD QUARTER 2025 GAAP RESULTS
§
GAAP Net Income was $1.2 billion for the quarter and $4.1 billion year-to-date (“YTD”). GAAP Net Income
Attributable to Blackstone Inc. was $625 million for the quarter and $2.0 billion YTD.
($ in thousands, except per share data) (unaudited)
3Q’24
3Q’25
3Q’24 YTD
3Q’25 YTD
3Q’24 LTM
3Q’25 LTM
Revenues
Management and Advisory Fees, Net
$
1,794,894
$
2,056,248
$
5,309,355
$
5,996,060
$
6,957,487
$
7,875,641
Incentive Fees
191,794
200,675
559,434
587,914
799,851
992,658
Performance Allocations
1,569,673
781,478
3,322,003
2,749,832
2,959,529
3,256,982
Principal Investments
93,371
(86,006
)
675,860
720,811
377,311
757,800
Interest and Dividend Revenue
109,774
107,538
312,612
305,347
480,986
403,894
Other
(96,312
)
28,702
(31,861
)
(269,971
)
(142,741
)
(114,417
)
Total Revenues
$
3,663,194
$
3,088,635
$
10,147,403
$
10,089,993
$
11,432,423
$
13,172,558
Expenses
Compensation and Benefits
1,440,344
1,230,759
3,954,850
4,084,129
4,497,928
5,123,332
General, Administrative and Other
340,945
383,580
1,022,823
1,076,770
1,312,514
1,415,856
Interest Expense
111,337
126,288
328,156
380,225
436,888
495,757
Fund Expenses
3,470
10,060
13,380
36,598
13,449
42,894
Total Expenses
$
1,896,096
$
1,750,687
$
5,319,209
$
5,577,722
$
6,260,779
$
7,077,839
Other Income (Loss)
$
42,842
$
108,634
$
70,009
$
302,539
$
(118,361
)
$
281,368
Income Before Provision for
Taxes
$
1,809,940
$
1,446,582
$
4,898,203
$
4,814,810
$
5,053,283
$
6,376,087
Provision for Taxes
245,303
209,657
789,220
742,978
835,177
975,429
Net Income
$
1,564,637
$
1,236,925
$
4,108,983
$
4,071,832
$
4,218,106
$
5,400,658
Redeemable NCI in Consolidated
Entities
(22,184
)
29,008
(61,595
)
55,117
(225,524
)
55,423
Non-Redeemable NCI in Consolidated Entities
805,986
583,000
2,097,943
2,012,702
2,219,195
2,637,349
Net Income Attributable to
Blackstone Inc.
$
780,835
$
624,917
$
2,072,635
$
2,004,013
$
2,224,435
$
2,707,886
Net Income Per Share of Common Stock,
Basic
$
1.02
$
0.80
$
2.71
$
2.57
$
2.91
$
3.49
Net Income Per Share of Common
Stock, Diluted
$
1.02
$
0.80
$
2.71
$
2.57
$
2.91
$
3.49
Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38,Definitions and
Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.
Blackstone | 1
BLACKSTONE’S THIRD QUARTER 2025 HIGHLIGHTS
Financial Measures
§
Fee Related Earnings (“FRE”) of $1.5 billion ($1.20/share) in the quarter
–
FRE was $6.0 billion over the last twelve months (“LTM”) ($4.92/share)
§
Distributable Earnings (“DE”) of $1.9 billion ($1.52/share) in the quarter
–
DE was $7.0 billion over the LTM ($5.51/share)
§
T2Net Accrued Performance Revenues of $6.5 billion ($5.30/share)
Capital Metrics
§
Total Assets Under Management (“AUM”) of $1,241.7 billion
–
Fee-Earning AUM of $906.2 billion
–
Perpetual Capital AUM of $500.6 billion
§
Inflows of $54.2 billion in the quarter and $225.4 billion over the LTM
§
T3Deployment of $26.6 billion in the quarter and $137.6 billion over the LTM
§
Realizations of $30.6 billion in the quarter and $105.3 billion over the LTM
Capital Returned
to Shareholders
§
Dividend of $1.29 per common share payable on November 10, 2025
–
Dividends of $4.69 per common share over the LTM
§
Repurchased 0.2 million common shares in the quarter and 0.9 million common shares
over the
LTM
§
$T41.6 billion to be distributed to shareholders with respect to the third quarter and
$6.2 billion over the
LTM through dividends and share repurchases
Blackstone | 2
BLACKSTONE’S THIRD QUARTER 2025 SEGMENT EARNINGS
% Change
% Change
($ in thousands, except per share data)
3Q’24
3Q’25
vs. 3Q’24
3Q’24 YTD
3Q’25 YTD
vs. 3Q’24 YTD
Management and Advisory Fees, Net
$
1,786,734
$
2,041,820
14%
$
5,274,243
$
5,953,830
13%
Fee Related Performance
Revenues
264,101
453,018
72%
736,669
1,218,983
65%
Fee Related Compensation
(554,855
)
(658,091
)
19%
(1,661,845
)
(1,975,389
)
19%
Other Operating Expenses
(320,823
)
(356,070
)
11%
(902,923
)
(995,188
)
10%
Fee Related Earnings
$
1,175,157
$
1,480,677
26%
$
3,446,144
$
4,202,236
22%
Realized Performance
Revenues
342,669
744,953
117%
1,421,951
1,758,097
24%
Realized Performance Compensation
(157,570
)
(302,642
)
92%
(661,651
)
(780,190
)
18%
Realized Principal Investment
Income
40,403
62,535
55%
66,913
209,866
214%
Net Realizations
225,502
504,846
124%
827,213
1,187,773
44%
Total Segment Distributable
Earnings
$
1,400,659
$
1,985,523
42%
$
4,273,357
$
5,390,009
26%
Distributable Earnings
$
1,278,650
$
1,889,487
48%
$
3,797,249
$
4,866,055
28%
Additional Metrics:
Net Income Per Share of Common Stock, Basic
$
1.02
$
0.80
(22)%
$
2.71
$
2.57
(5)%
FRE per Share
$
0.96
$
1.20
25%
$
2.82
$
3.42
21%
DE per Common Share
$
1.01
$
1.52
50%
$
2.95
$
3.82
29%
Total Segment Revenues
$
2,433,907
$
3,302,326
36%
$
7,499,776
$
9,140,776
22%
Total Assets Under Management
$
1,107,628,362
$
1,241,731,296
12%
$
1,107,628,362
$
1,241,731,296
12%
Fee-Earning Assets Under
Management
$
820,457,203
$
906,221,028
10%
$
820,457,203
$
906,221,028
10%
Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE
Attributable
to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. YTD FRE per Share and DE
per
Common Share amounts represent the sum of the last three quarters. See pages 32-33 for the Reconciliation of GAAP
to Total Segments.
Blackstone | 3
INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES
§
Realized distributions across strategies led to lower Net Accrued Performance Revenues quarter-over-quarter of
$6.5 billion ($5.30/share).
Investment Performance
(appreciation / gross returns)
3Q’25
3Q’25 LTM
Real Estate
Opportunistic
(0.6)%
(5.2)%
Core+
0.6%
0.6%
Private Equity
Corporate Private Equity
2.5%
13.6%
Tactical Opportunities
3.2%
13.1%
Secondaries
3.4%
13.5%
Infrastructure
5.2%
19.3%
Credit & Insurance
Private Credit
2.6%
12.0%
Liquid Credit
1.6%
7.1%
Multi-Asset Investing
Absolute Return Composite
2.9%
12.5%
Net Accrued Performance Revenues
($ in millions)
Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and
Multi-Asset Investing.
Secondaries appreciation excludes GP Stakes. Private Credit net returns were 1.8% and 8.4% for 3Q’25 and 3Q’25 LTM,
respectively. Liquid Credit net returns
were 1.5% and 6.7% for 3Q’25 and 3Q’25 LTM, respectively. Absolute Return Composite net returns were 2.7%
and 11.3% for 3Q’25 and 3Q’25 LTM, respectively.
See notes on page 34 for additional details on these strategies and our investment
performance.
Blackstone | 4
CAPITAL METRICS – ADDITIONAL DETAIL
§
Inflows were $54.2 billion in the quarter, bringing LTM inflows to $225.4 billion.
§
Deployed $26.6 billion in the quarter and $137.6 billion over the LTM.
–
Committed an additional $24.2 billion that was not yet deployed in the quarter.
§
Realizations were $30.6 billion in the quarter and $105.3 billion over the LTM.
Inflows
Capital Deployed
Realizations
($ in millions)
3Q’25
3Q’25 LTM
3Q’25
3Q’25 LTM
3Q’25
3Q’25 LTM
Real Estate
$
3,819
$
25,311
$
3,612
$
22,027
$
7,349
$
22,362
Opportunistic
123
3,705
1,471
10,024
2,766
5,232
Core+
2,623
13,423
615
4,767
2,036
7,750
Debt Strategies
1,072
8,183
1,525
7,237
2,547
9,380
Private Equity
10,812
59,437
5,564
45,824
9,292
33,641
Corporate Private Equity
4,475
31,003
2,983
20,576
4,083
17,334
Tactical Opportunities
785
3,086
741
3,051
1,352
5,382
Secondaries
1,918
13,378
1,627
14,307
2,811
8,432
Infrastructure
3,634
11,971
214
7,889
1,046
2,492
Credit & Insurance
35,999
127,347
16,656
66,386
12,961
45,509
Multi-Asset Investing
3,567
13,313
718
3,378
995
3,824
Total Blackstone
$
54,196
$
225,408
$
26,551
$
137,615
$
30,598
$
105,336
Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are
managed.
Blackstone | 5
ASSETS UNDER MANAGEMENT
§
T5Total AUM increased to $1,241.7 billion, up 12% year-over-year, with $54.2 billion of inflows in the quarter
and $225.4 billion over the LTM.
§
Fee-Earning AUM of $906.2 billion was up 10% year-over-year, with $39.0 billion of inflows in the quarter
and $164.3 billion over the LTM.
§
Perpetual Capital AUM reached $500.6 billion, up 15% year-over-year.
–
Fee-Earning Perpetual Capital AUM increased to $428.5 billion, representing 47% of Fee-Earning AUM.
Multi-Asset Investing had $206 million and $286 million of Perpetual Capital AUM as of 3Q’24 and 3Q’25, respectively.
Blackstone | 6
ADDITIONAL CAPITAL DETAIL
§
Invested Performance Eligible AUM reached $611.0 billion at quarter end, up 10% year-over-year.
§
Total Dry Powder of $188.1 billion available for future investments.
Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.
Blackstone | 7
Segment Highlights
Blackstone | 8
SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION
§
3Q’25 Total Segment Distributable Earnings were $2.0 billion.
§
LTM Total Segment Distributable Earnings were $7.8 billion.
Segment Distributable Earnings
($ in millions)
Blackstone | 9
REAL ESTATE
§
Total AUM: $320.5 billion with inflows of $3.8 billion in the quarter and $25.3 billion over the LTM.
–
Inflows in the quarter included $1.1 billion in BREDS, primarily across multi-asset strategies and insurance SMAs,
and $789 million of capital raised in BREIT.
§
Capital Deployed: $3.6 billion in the quarter, including for the privatization of a U.K. warehouse company in BREP,
and $22.0 billion over the LTM.
–
Committed an additional $1.9 billion in the quarter, including acquisitions by BREP for a French logistics portfolio
and a mixed-use building in Paris.
§
Realizations: $7.3 billion in the quarter, including in India office and U.S. logistics, and $22.4 billion over the LTM.
§
Appreciation: Opportunistic funds declined (0.6)% in the quarter and (5.2)% over the LTM; Core+ funds appreciated
0.6% in the quarter and 0.6% over the LTM.
% Change
% Change
($ in thousands)
3Q’24
3Q’25
vs. 3Q’24
3Q’24 YTD
3Q’25 YTD
vs. 3Q’24 YTD
Management Fees, Net
$
695,546
$
688,799
(1)%
$
2,173,442
$
2,100,939
(3)%
Fee Related Performance Revenues
72,428
124,647
72%
202,992
252,040
24%
Fee Related Compensation
(166,567
)
(168,377
)
1%
(525,540
)
(509,111
)
(3)%
Other Operating Expenses
(100,739
)
(95,228
)
(5)%
(282,879
)
(265,557
)
(6)%
Fee Related Earnings
$
500,668
$
549,841
10%
$
1,568,015
$
1,578,311
1%
Realized Performance Revenues
78,022
132,792
70%
181,461
195,389
8%
Realized Performance Compensation
(44,761
)
(69,623
)
56%
(91,919
)
(102,532
)
12%
Realized Principal Investment Income
6,421
5,303
(17)%
15,667
8,449
(46)%
Net Realizations
39,682
68,472
73%
105,209
101,306
(4)%
Segment Distributable Earnings
$
540,350
$
618,313
14%
$
1,673,224
$
1,679,617
0%
Segment Revenues
$
852,417
$
951,541
12%
$
2,573,562
$
2,556,817
(1)%
Total AUM
$
325,075,713
$
320,490,495
(1)%
$
325,075,713
$
320,490,495
(1)%
Fee-EarningAUM
$
285,488,072
$
282,579,289
(1)%
$
285,488,072
$
282,579,289
(1)%
Blackstone | 10
PRIVATE EQUITY
§
Total AUM: Increased 15% to $395.6 billion with inflows of $10.8 billion in the quarter and $59.4 billion over the
LTM.
–
Inflows in the quarter included $3.6 billion in Infrastructure, $1.9 billion in Secondaries, $1.2 billion for the third
Corporate Private Equity Asia fund, and $1.2 billion for the sixth Life
Sciences fund.
–
$2.1 billion of capital raised for BXPE and $633 million of capital raised for BXINFRA.
§
Capital Deployed: $5.6 billion in the quarter, including AGS Health and Potomac, and $45.8 billion over the LTM.
–
Committed an additional $11.7 billion in the quarter, including Enverus, TechnoPro, and Shermco.
§
Realizations: $9.3 billion in the quarter, including a sale of an interest in the GP Stakes portfolio as well as sales of
Hotwire and Lightstone Generation, and $33.6 billion over the LTM.
§
Appreciation: Corporate Private Equity appreciated 2.5% in the quarter and 13.6% over the LTM.
–
Tactical Opportunities appreciated 3.2% in the quarter and 13.1% over the LTM; Secondaries appreciated 3.4% in
the quarter and 13.5% over the LTM; Infrastructure appreciated 5.2% in the quarter and 19.3% over the
LTM.
% Change
% Change
($ in thousands)
3Q’24
3Q’25
vs. 3Q’24
3Q’24 YTD
3Q’25 YTD
vs. 3Q’24 YTD
Management and Advisory Fees, Net
$
552,820
$
717,390
30%
$
1,568,878
$
2,045,480
30%
Fee Related Performance Revenues
5,868
126,652
n/m
14,571
379,887
n/m
Fee Related Compensation
(169,059
)
(231,915
)
37%
(489,686
)
(702,159
)
43%
Other Operating Expenses
(96,660
)
(120,743
)
25%
(274,131
)
(335,937
)
23%
Fee Related Earnings
$
292,969
$
491,384
68%
$
819,632
$
1,387,271
69%
Realized Performance Revenues
216,643
559,383
158%
1,048,314
1,318,436
26%
Realized Performance Compensation
(94,800
)
(205,967
)
117%
(495,042
)
(573,932
)
16%
Realized Principal Investment Income
9,028
26,686
196%
37,182
55,721
50%
Net Realizations
130,871
280,102
190%
590,454
800,225
36%
Segment Distributable Earnings
$
423,840
$
871,486
106%
$
1,410,086
$
2,187,496
55%
Segment Revenues
$
784,359
$
1,430,111
82%
$
2,668,945
$
3,799,524
42%
Total AUM
$
344,710,201
$
395,607,045
15%
$
344,710,201
$
395,607,045
15%
Fee-EarningAUM
$
208,681,656
$
235,003,905
13%
$
208,681,656
$
235,003,905
13%
BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE
and BXINFRA capital raised includes amounts
allocated to other strategies.
Blackstone | 11
CREDIT & INSURANCE
§
Total AUM: Increased 22% to $432.3 billion with inflows of $36.0 billion in the quarter and $127.3 billion over the
LTM.
–
Inflows in the quarter included $14.2 billion for the global direct lending strategy, inclusive of $4.9 billion for
direct lending SMAs, $3.6 billion of equity raised for BCRED, and $416 million
of equity raised for ECRED.
–
Inflows also included $11.3 billion for the infrastructure and asset based credit strategies, inclusive of $8.0 billion for insurance SMAs, $1.7 billion for a private investment grade ABF strategy,
and $1.6 billion for a
drawdown high yield ABF strategy.
–
Closed 5 new CLOs (3 U.S. and 2 European) for $2.5 billion.
§
Capital Deployed: $16.7 billion in the quarter, driven by U.S. direct lending as well as infrastructure and asset based credit strategies, including a venture with Sempra, and $66.4 billion over the
LTM.
–
Committed an additional $10.3 billion in the quarter.
§
Realizations: $13.0 billion in the quarter and $45.5 billion over the LTM.
§
Returns: Private Credit gross return of 2.6% (1.8% net) and Liquid Credit gross return of 1.6% (1.5% net) in the
quarter; gross returns over the LTM for Private Credit of 12.0% (8.4% net) and Liquid Credit of
7.1% (6.7% net).
% Change
% Change
($ in thousands)
3Q’24
3Q’25
vs. 3Q’24
3Q’24 YTD
3Q’25 YTD
vs. 3Q’24 YTD
Management Fees, Net
$
418,049
$
497,175
19%
$
1,178,064
$
1,414,846
20%
Fee Related Performance Revenues
185,805
201,719
9%
519,106
587,056
13%
Fee Related Compensation
(181,586
)
(218,425
)
20%
(532,658
)
(640,348
)
20%
Other Operating Expenses
(97,756
)
(113,120
)
16%
(270,680
)
(316,824
)
17%
Fee Related Earnings
$
324,512
$
367,349
13%
$
893,832
$
1,044,730
17%
Realized Performance Revenues
42,926
40,124
(7)%
149,293
219,114
47%
Realized Performance Compensation
(16,489
)
(21,123
)
28%
(59,548
)
(92,051
)
55%
Realized Principal Investment Income
24,239
29,855
23%
31,311
143,558
358%
Net Realizations
50,676
48,856
(4)%
121,056
270,621
124%
Segment Distributable Earnings
$
375,188
$
416,205
11%
$
1,014,888
$
1,315,351
30%
Segment Revenues
$
671,019
$
768,873
15%
$
1,877,774
$
2,364,574
26%
Total AUM
$
354,741,520
$
432,315,679
22%
$
354,741,520
$
432,315,679
22%
Fee-EarningAUM
$
251,567,431
$
305,193,225
21%
$
251,567,431
$
305,193,225
21%
Blackstone | 12
MULTI-ASSET INVESTING
§
Total AUM: Increased 12% to $93.3 billion with inflows of $3.6 billion in the quarter and $13.3 billion over the LTM.
§
Returns: Absolute Return Composite gross return of 2.9% in the quarter (2.7% net), compared to the HFRX Global
Hedge Fund Index, which was 3.2%.
–
Absolute Return benefited from positive performance across strategies, including equities, macro, quantitative,
and credit during the quarter.
–
Gross return of 12.5% over the LTM (11.3% net), compared to 5.8% return for the HFRX Global Hedge Fund Index,
with significantly less volatility than the broader markets.
% Change
% Change
($ in thousands)
3Q’24
3Q’25
vs. 3Q’24
3Q’24 YTD
3Q’25 YTD
vs. 3Q’24 YTD
Management Fees, Net
$
120,319
$
138,456
15%
$
353,859
$
392,565
11%
Fee Related Compensation
(37,643
)
(39,374
)
5%
(113,961
)
(123,771
)
9%
Other Operating Expenses
(25,668
)
(26,979
)
5%
(75,233
)
(76,870
)
2%
Fee Related Earnings
$
57,008
$
72,103
26%
$
164,665
$
191,924
17%
Realized Performance Revenues
5,078
12,654
149%
42,883
25,158
(41)%
Realized Performance Compensation
(1,520
)
(5,929
)
290%
(15,142
)
(11,675
)
(23)%
Realized Principal Investment Income (Loss)
715
691
(3)%
(17,247
)
2,138
n/m
Net Realizations
4,273
7,416
74%
10,494
15,621
49%
Segment Distributable Earnings
$
61,281
$
79,519
30%
$
175,159
$
207,545
18%
Segment Revenues
$
126,112
$
151,801
20%
$
379,495
$
419,861
11%
Total AUM
$
83,100,928
$
93,318,077
12%
$
83,100,928
$
93,318,077
12%
Fee-EarningAUM
$
74,720,044
$
83,444,609
12%
$
74,720,044
$
83,444,609
12%
Blackstone | 13
Supplemental Details
Blackstone | 14
TOTAL SEGMENTS
($ in thousands)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
3Q’24 YTD
3Q’25 YTD
Base Management Fees
$
1,710,941
$
1,773,645
$
1,807,119
$
1,876,672
$
1,919,702
$
5,007,237
$
5,603,493
Transaction, Advisory and Other
Fees, Net
82,506
117,708
111,309
165,690
156,211
281,980
433,210
Management Fee Offsets
(6,713
)
(32,062
)
(26,430
)
(22,350
)
(34,093
)
(14,974
)
(82,873
)
Total Management and Advisory Fees,
Net
1,786,734
1,859,291
1,891,998
2,020,012
2,041,820
5,274,243
5,953,830
Fee Related Performance Revenues
264,101
1,399,276
293,915
472,050
453,018
736,669
1,218,983
Fee Related Compensation
(554,855
)
(1,077,477
)
(616,982
)
(700,316
)
(658,091
)
(1,661,845
)
(1,975,389
)
Other Operating Expenses
(320,823
)
(345,169
)
(306,875
)
(332,243
)
(356,070
)
(902,923
)
(995,188
)
Fee Related Earnings
$
1,175,157
$
1,835,921
$
1,262,056
$
1,459,503
$
1,480,677
$
3,446,144
$
4,202,236
Realized Performance
Revenues
342,669
865,080
460,023
553,121
744,953
1,421,951
1,758,097
Realized Performance Compensation
(157,570
)
(289,595
)
(220,924
)
(256,624
)
(302,642
)
(661,651
)
(780,190
)
Realized Principal Investment
Income
40,403
25,613
117,910
29,421
62,535
66,913
209,866
Total Net Realizations
$
225,502
$
601,098
$
357,009
$
325,918
$
504,846
$
827,213
$
1,187,773
Total Segment Distributable
Earnings
$
1,400,659
$
2,437,019
$
1,619,065
$
1,785,421
$
1,985,523
$
4,273,357
$
5,390,009
Distributable Earnings
$
1,278,650
$
2,169,493
$
1,410,805
$
1,565,763
$
1,889,487
$
3,797,249
$
4,866,055
Additional Metrics:
Total Segment Revenues
$
2,433,907
$
4,149,260
$
2,763,846
$
3,074,604
$
3,302,326
$
7,499,776
$
9,140,776
Total Assets Under
Management
$
1,107,628,362
$
1,127,179,996
$
1,167,461,910
$
1,211,207,341
$
1,241,731,296
$
1,107,628,362
$
1,241,731,296
Fee-EarningAssets Under Management
$
820,457,203
$
830,708,603
$
860,069,950
$
887,114,205
$
906,221,028
$
820,457,203
$
906,221,028
Blackstone | 15
ASSETS UNDER MANAGEMENT - ROLLFORWARD
Total AUM Rollforward
($ in millions)
Three Months Ended September 30, 2025
Twelve Months Ended September 30, 2025
Real
Estate
Private
Equity
Credit &
Insurance
Multi-Asset
Investing
Total
Real
Estate
Private
Equity
Credit &
Insurance
Multi-Asset
Investing
Total
Beginning Balance
$
324,995
$
388,907
$
407,296
$
90,009
$
1,211,207
$
325,076
$
344,710
$
354,742
$
83,101
$
1,107,628
Inflows
3,819
10,812
35,999
3,567
54,196
25,311
59,437
127,347
13,313
225,408
Outflows
(1,611
)
(4,417
)
(2,727
)
(1,695
)
(10,449
)
(9,218
)
(12,395
)
(18,547
)
(8,470
)
(48,630
)
Net Flows
2,208
6,395
33,272
1,872
43,747
16,093
47,042
108,800
4,843
176,778
Realizations
(7,349
)
(9,292
)
(12,961
)
(995
)
(30,598
)
(22,362
)
(33,641
)
(45,509
)
(3,824
)
(105,336
)
Market Activity
637
9,597
4,709
2,431
17,374
1,684
37,496
14,283
9,198
62,661
Ending Balance
$
320,490
$
395,607
$
432,316
$
93,318
$
1,241,731
$
320,490
$
395,607
$
432,316
$
93,318
$
1,241,731
% Change
(1)%
2%
6%
4%
3%
(1)%
15%
22%
12%
12%
Fee-Earning AUM Rollforward
($ in millions)
Three Months Ended September 30, 2025
Twelve Months Ended September 30, 2025
Real
Estate
Private
Equity
Credit &
Insurance
Multi-Asset
Investing
Total
Real
Estate
Private
Equity
Credit &
Insurance
Multi-Asset
Investing
Total
Beginning Balance
$
285,827
$
232,160
$
288,931
$
80,196
$
887,114
$
285,488
$
208,682
$
251,567
$
74,720
$
820,457
Inflows
4,096
7,913
23,254
3,734
38,996
24,221
37,901
90,347
11,794
164,263
Outflows
(1,650
)
(3,570
)
(744
)
(1,649
)
(7,612
)
(7,650
)
(7,772
)
(14,696
)
(7,990
)
(38,108
)
Net Flows
2,446
4,343
22,510
2,085
31,384
16,570
30,129
75,651
3,805
126,155
Realizations
(6,102
)
(4,561
)
(9,119
)
(919
)
(20,701
)
(21,362
)
(14,455
)
(28,924
)
(3,497
)
(68,238
)
Market Activity
408
3,061
2,871
2,083
8,423
1,883
10,648
6,899
8,417
27,846
Ending Balance
$
282,579
$
235,004
$
305,193
$
83,445
$
906,221
$
282,579
$
235,004
$
305,193
$
83,445
$
906,221
% Change
(1)%
1%
6%
4%
2%
(1)%
13%
21%
12%
10%
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and
acquisitions.
Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).
Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market
Activity includes
realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the
segment where the assets are managed.
Blackstone | 16
DECONSOLIDATED BALANCE SHEET HIGHLIGHTS
§
At September 30, 2025, Blackstone had $11.1 billion in total cash, cash equivalents, corporate treasury, and other investments and $20.9 billion of cash and net investments, or $17.00 per share.
§
Blackstone has a $4.3 billion credit revolver ($3.8 billion undrawn) and maintains A+/A+ ratings.
($ in millions)
3Q’25
Cash and Cash Equivalents
$
2,431
Corporate Treasury and
Other Investments
8,644
GP/Fund Investments
3,316
Net Accrued Performance Revenues
6,511
Cash and Net Investments
$
20,901
Outstanding Debt (at par)
11,795
Cash and Net Investments
(per share)
A+ / A+
rated by S&P and Fitch
$4.3B
credit revolver with
October 2030 maturity
$11.1B
total cash, corporate
treasury and other
Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $6.9 billion as of September 30, 2025, which
was comprised of
$6.3 billion of liquid investments and $528 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.
Blackstone | 17
NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL
($ in millions, except per share data)
3Q’24
2Q’25
3Q’25
3Q’25
Per Share
Real Estate
BREP Global
$
1,331
$
721
$
547
$
0.44
BREP Europe
130
27
31
0.03
BREP Asia
97
98
91
0.07
BPP
32
45
57
0.05
BREDS
18
32
38
0.03
Real Estate
$
1,608
$
923
$
763
$
0.62
Private Equity
BCP Global
1,708
1,869
1,843
1.50
BCP Asia
260
344
309
0.25
Energy/Energy Transition
533
515
598
0.49
Core Private Equity
244
266
269
0.22
Tactical Opportunities
181
227
203
0.17
Secondaries
951
1,270
1,169
0.95
Infrastructure
568
247
347
0.28
Life Sciences
145
239
240
0.20
BTAS/BXPE
240
236
250
0.20
Private Equity
$
4,829
$
5,212
$
5,228
$
4.25
Credit & Insurance
$
450
$
369
$
372
$
0.30
Multi-Asset Investing
$
105
$
103
$
148
$
0.12
Net Accrued Performance
Revenues
$
6,992
$
6,608
$
6,511
$
5.30
3Q’25 QoQ Rollforward
($ in millions)
Net
Net
Performance
Realized
2Q’25
Revenues
Distributions
3Q’25
Real Estate
$
923
$
28
$
(188
)
$
763
Private Equity
5,212
447
(432
)
5,228
Credit &
Insurance
369
163
(159
)
372
Multi-Asset
Investing
103
51
(7
)
148
Total
$
6,608
$
689
$
(786
)
$
6,511
QoQ Change
(1)%
3Q’25 LTM Rollforward
($ in
millions)
Net
Net
Performance
Realized
3Q’24
Revenues
Distributions
3Q’25
Real Estate
$
1,608
$
(491)
$
(354
)
$
763
Private Equity
4,829
2,278
(1,879
)
5,228
Credit &
Insurance
450
681
(759
)
372
Multi-Asset
Investing
105
322
(279
)
148
Total
$
6,992
$
2,790
$
(3,271
)
$
6,511
YoY Change
(7)%
Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized
but not yet distributed
as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real
Estate and Private Equity include co-investments, as applicable. Per
Share calculations are based on end of period DE
Shares Outstanding (see page 24, Share Summary).
Blackstone | 18
INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025(a)
($/€ in thousands, except where noted)
Fund (Investment Period Beginning Date / Ending Date)
Committed
Capital
Available
Capital (b)
Unrealized Investments
Realized Investments
Total Investments
Net IRRs (d)
Value
MOIC (c)
Value
MOIC (c)
Value
MOIC (c)
Realized
Total
Real Estate
Pre-BREP - BREP IV
(Jan 1992 / Dec 2005)
$
5,441,163
$
-
$
-
n/a
$
12,219,526
2.0x
$
12,219,526
2.0x
24%
24%
BREP V (Dec 2005 / Feb 2007)
5,539,418
-
3,269
n/a
13,468,476
2.3x
13,471,745
2.3x
11%
11%
BREP VI (Feb 2007 / Aug 2011)
11,060,122
-
2,452
n/a
27,764,962
2.5x
27,767,414
2.5x
13%
13%
BREP VII (Aug 2011 / Apr 2015)
13,506,798
898,480
1,362,255
0.5x
28,940,686
2.2x
30,302,941
1.9x
18%
14%
BREP VIII (Apr 2015 / Jun 2019)
16,640,764
1,390,932
9,948,258
1.2x
23,577,119
2.3x
33,525,377
1.8x
23%
12%
BREP IX (Jun 2019 / Aug 2022)
21,356,651
3,188,803
20,573,373
1.2x
9,926,114
2.1x
30,499,487
1.4x
47%
7%
*BREP X (Aug 2022 / Feb 2028)
30,664,044
18,536,478
15,104,820
1.2x
1,232,832
1.3x
16,337,652
1.3x
12%
10%
Total Global BREP
$
104,208,960
$
24,014,693
$
46,994,427
1.2x
$
117,129,715
2.3x
$
164,124,142
1.8x
17%
14%
BREP Int’lI-II (Jan 2001 / Jun 2008) (e)
€
2,453,920
€
-
€
-
n/a
€
3,956,202
1.9x
€
3,956,202
1.9x
12%
12%
BREP Europe III (Jun 2008 / Sep 2013)
3,205,420
385,818
47,904
0.3x
5,944,538
2.1x
5,992,442
2.0x
14%
13%
BREP Europe IV (Sep 2013 / Dec 2016)
6,676,604
1,049,047
843,567
0.7x
10,319,019
1.9x
11,162,586
1.7x
16%
11%
BREP Europe V (Dec 2016 / Oct 2019)
7,998,126
742,988
4,035,063
0.7x
6,762,819
3.8x
10,797,882
1.5x
41%
6%
BREP Europe VI (Oct 2019 / Sep 2023)
9,935,741
2,903,785
6,964,955
1.0x
3,851,316
2.4x
10,816,271
1.3x
65%
6%
*BREP Europe VII (Sep 2023 / Mar 2029)
9,783,543
6,824,096
3,552,149
1.2x
54,974
1.1x
3,607,123
1.2x
n/m
15%
Total BREP Europe
€
40,053,354
€
11,905,734
€
15,443,638
0.9x
€
30,888,868
2.2x
€
46,332,506
1.5x
16%
9%
BREP Asia I (Jun 2013 / Dec 2017)
$
4,262,075
$
899,073
$
1,365,581
1.7x
$
7,598,270
2.0x
$
8,963,851
1.9x
15%
12%
BREP Asia II (Dec 2017 / Mar 2022)
7,358,270
1,235,790
5,790,104
1.2x
2,937,214
1.7x
8,727,318
1.3x
16%
4%
*BREP Asia III (Mar 2022 / Sep 2027)
8,227,110
4,487,829
4,152,125
1.1x
78,233
2.5x
4,230,358
1.1x
50%
0%
Total BREP Asia
$
19,847,455
$
6,622,692
$
11,307,810
1.2x
$
10,613,717
1.9x
$
21,921,527
1.5x
16%
8%
BREP Co-Investment (f)
7,782,339
136,233
1,116,739
1.4x
15,292,655
2.2x
16,409,394
2.1x
16%
16%
Total BREP
$
178,518,827
$
44,511,755
$
76,773,747
1.1x
$
180,757,112
2.2x
$
257,530,859
1.7x
16%
13%
*BREDS High-Yield (Various) (g)
27,609,234
9,699,347
4,925,724
1.1x
23,687,663
1.3x
28,613,387
1.3x
10%
9%
Private Equity
Corporate Private Equity
BCP I-III (Oct 1987 / Nov
2002)
$
6,187,603
$
-
$
-
n/a
$
14,239,072
2.4x
$
14,239,072
2.4x
19%
19%
BCOM (Jun 2000 / Jun 2006)
2,137,330
24,575
-
n/a
2,995,106
1.4x
2,995,106
1.4x
6%
6%
BCP IV (Nov 2002 / Dec 2005)
6,773,182
195,824
-
n/a
21,720,334
2.9x
21,720,334
2.9x
36%
36%
BCP V (Dec 2005 / Jan 2011)
21,009,112
982,018
8,105
n/a
38,862,488
1.9x
38,870,593
1.9x
8%
8%
BCP VI (Jan 2011 / May 2016)
15,195,944
1,341,727
3,265,078
2.5x
29,836,915
2.2x
33,101,993
2.2x
14%
12%
BCP VII (May 2016 / Feb 2020)
18,886,941
1,323,175
16,342,504
1.6x
22,469,779
2.7x
38,812,283
2.1x
24%
12%
BCP VIII (Feb 2020 / Apr 2024)
25,769,794
5,928,759
27,772,656
1.4x
5,978,409
2.1x
33,751,065
1.5x
30%
10%
*BCP IX (Apr 2024 / Apr 2030)
21,677,695
20,484,210
2,159,063
2.3x
-
n/a
2,159,063
2.3x
n/a
n/m
Energy I (Aug 2011 / Feb 2015)
2,441,558
174,492
386,236
2.0x
4,456,279
2.0x
4,842,515
2.0x
13%
12%
Energy II (Feb 2015 / Feb 2020)
4,938,337
790,804
3,626,389
2.1x
5,305,539
1.8x
8,931,928
1.9x
10%
8%
Energy III (Feb 2020 / Jun 2024)
4,384,818
1,866,235
5,465,243
2.3x
2,606,774
2.4x
8,072,017
2.3x
36%
26%
*Energy Transition IV (Jun 2024 / Jun 2030)
5,863,713
4,177,226
2,528,351
1.5x
-
n/a
2,528,351
1.5x
n/a
n/m
BCP Asia I (Dec 2017 / Sep 2021)
2,440,988
421,419
2,548,842
2.1x
2,886,922
3.0x
5,435,764
2.5x
43%
22%
*BCP Asia II (Sep 2021 / Sep 2027)
6,799,839
4,253,950
4,874,897
2.0x
922,184
3.7x
5,797,081
2.1x
113%
34%
BCP Asia III (TBD)
9,073,171
9,073,171
-
n/a
-
n/a
-
n/a
n/a
n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)
4,760,130
1,186,811
7,295,060
2.0x
3,553,618
5.5x
10,848,678
2.5x
50%
16%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)
8,231,063
5,062,439
5,371,675
1.5x
576,582
n/a
5,948,257
1.7x
n/a
15%
Total Corporate Private Equity
$
166,571,218
$
57,286,835
$
81,644,099
1.7x
$
156,410,001
2.3x
$
238,054,100
2.0x
16%
15%
Tactical Opportunities
*Tactical Opportunities (Various)
31,672,435
13,144,666
13,976,290
1.3x
28,880,021
1.8x
42,856,311
1.6x
15%
10%
*Tactical Opportunities Co-Investmentand Other (Various)
10,813,242
1,246,726
4,643,913
1.6x
10,763,360
1.7x
15,407,273
1.7x
18%
16%
Total Tactical Opportunities
$
42,485,677
$
14,391,392
$
18,620,203
1.3x
$
39,643,381
1.8x
$
58,263,584
1.6x
16%
12%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not
meaningful” generally due to the limited time
since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP –
Blackstone Capital Partners, BCOM – Blackstone Communications.
*
Represents funds that are currently in their investment period.
Blackstone | 19
INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025(a) –
(CONT’D)
($/€ in thousands, except
where noted)
Fund (Investment Period Beginning Date / Ending Date)
Committed
Capital
Available
Capital (b)
Unrealized Investments
Realized Investments
Total Investments
Net IRRs (d)
Value
MOIC (c)
Value
MOIC (c)
Value
MOIC (c)
Realized
Total
Private Equity (continued)
Growth
BXG I (Jul 2020 / Feb 2025)
$
4,950,166
$
575,606
$
4,298,732
1.0x
$
567,155
2.7x
$
4,865,887
1.1x
n/m
(1)%
*BXG II (Feb 2025 / Feb 2030)
4,343,044
4,340,132
21,139
n/m
2,973
n/m
24,112
n/m
n/m
n/m
Total Growth
$
9,293,210
$
4,915,738
$
4,319,871
1.0x
$
570,128
2.7x
$
4,889,999
1.1x
n/m
(1)%
Strategic Partners (Secondaries)
Strategic PartnersI-V (Various) (i)
11,035,527
9,572
2,069
n/a
16,796,758
n/a
16,798,827
1.7x
n/a
13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)
4,362,772
389,502
518,852
n/a
4,567,245
n/a
5,086,097
1.7x
n/a
13%
Strategic Partners VII (May 2016 / Mar 2019) (i)
7,489,970
1,614,768
2,584,678
n/a
8,166,524
n/a
10,751,202
1.9x
n/a
15%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)
1,749,807
527,229
1,388,563
n/a
1,287,984
n/a
2,676,547
1.9x
n/a
15%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)
10,763,600
3,468,620
7,347,452
n/a
7,910,683
n/a
15,258,135
1.8x
n/a
20%
*Strategic Partners Real Estate, SMA and Other (Various) (i)
7,055,591
1,696,662
2,514,241
n/a
2,789,504
n/a
5,303,745
1.4x
n/a
11%
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024)
(i)
3,250,100
775,031
2,667,439
n/a
647,888
n/a
3,315,327
1.6x
n/a
18%
*Strategic Partners IX (Oct 2021 / Jan 2027) (i)
19,692,625
2,411,530
15,275,469
n/a
1,107,668
n/a
16,383,137
1.5x
n/a
20%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026)
(i)
2,095,211
548,672
1,188,537
n/a
11,152
n/a
1,199,689
1.1x
n/a
(0)%
*Strategic Partners Infrastructure IV (Jul 2024 / Jun 2029) (i)
4,837,949
3,949,312
72,929
n/a
-
n/a
72,929
n/m
n/a
n/m
Total Strategic Partners (Secondaries)
$
72,333,152
$
15,390,898
$
33,560,229
n/a
$
43,285,406
n/a
$
76,845,635
1.6x
n/a
14%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)
910,000
53,548
707,236
2.1x
586,755
1.4x
1,293,991
1.7x
6%
9%
BXLS V (Jan 2020 / Mar 2025)
5,049,637
2,405,730
4,986,181
2.1x
1,122,095
1.6x
6,108,276
2.0x
10%
19%
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)
$
2,000,000
$
-
$
-
n/a
$
4,809,113
1.6x
$
4,809,113
1.6x
n/a
17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)
4,120,000
993,260
73,068
0.6x
6,678,087
1.4x
6,751,155
1.4x
n/a
9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)
6,639,133
1,075,107
1,363,156
0.9x
9,398,065
1.6x
10,761,221
1.5x
n/a
12%
Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)
5,016,771
1,333,750
4,013,047
1.2x
2,902,069
1.6x
6,915,116
1.3x
n/a
13%
*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029)
4,679,221
4,589,329
90,283
1.0x
-
n/a
90,283
1.0x
n/a
n/m
Total Mezzanine / Opportunistic
$
22,455,125
$
7,991,446
$
5,539,554
1.1x
$
23,787,334
1.5x
$
29,326,888
1.4x
n/a
13%
Stressed / Distressed I (Sep 2009 / May 2013)
3,253,143
-
-
n/a
5,777,098
1.3x
5,777,098
1.3x
n/a
9%
Stressed / Distressed II (Jun 2013 / Jun 2018)
5,125,000
547,430
68,114
0.1x
5,505,789
1.2x
5,573,903
1.1x
n/a
1%
Stressed / Distressed III (Dec 2017 / Dec 2022)
7,356,380
1,189,110
1,329,227
0.8x
5,665,789
1.6x
6,995,016
1.3x
n/a
10%
Total Stressed / Distressed
$
15,734,523
$
1,736,540
$
1,397,341
0.6x
$
16,948,676
1.3x
$
18,346,017
1.2x
n/a
7%
European Senior Debt I (Feb 2015 / Feb 2019)
€
1,964,689
€
65,697
€
171,576
0.3x
€
2,981,872
1.3x
€
3,153,448
1.1x
n/a
1%
European Senior Debt II (Jun 2019 / Jun 2023) (j)
4,088,344
917,816
2,424,198
0.9x
4,542,977
1.7x
6,967,175
1.3x
n/a
9%
Total European Senior Debt
€
6,053,033
€
983,513
€
2,595,774
0.8x
€
7,524,849
1.5x
€
10,120,623
1.2x
n/a
6%
Energy I (Nov 2015 / Nov 2018)
$
2,856,867
$
1,154,819
$
172,321
0.8x
$
3,430,854
1.6x
$
3,603,175
1.5x
n/a
10%
Energy II (Feb 2019 / Jun 2023)
3,616,081
1,464,279
540,936
1.0x
3,325,048
1.4x
3,865,984
1.3x
n/a
15%
*Energy III (May 2023 / May 2028)
6,477,000
3,273,735
4,354,427
1.1x
314,738
1.1x
4,669,165
1.1x
n/a
14%
Total Energy
$
12,949,948
$
5,892,833
$
5,067,684
1.1x
$
7,070,640
1.5x
$
12,138,324
1.3x
n/a
12%
*Senior Direct Lending I (Dec 2023 / Dec 2025) (k)
2,057,661
406,816
2,365,952
1.1x
80,770
1.1x
2,446,722
1.1x
n/a
10%
Total Credit Drawdown Funds (l)
$
60,102,916
$
17,183,263
$
17,420,564
1.0x
$
56,876,948
1.5x
$
74,297,512
1.3x
n/a
10%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not
meaningful” generally due to the limited time
since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences.
* Represents funds that are currently in their
investment period.
Blackstone | 20
INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025(a) –
(CONT’D)
Selected Perpetual Capital
Strategies(m)
($/€ in thousands, except where noted)
Investment
Total
Total Net
Strategy (Inception Year)
Strategy
AUM
Return (n)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (o)
Core+ Real Estate
$
63,109,088
4%
BREIT - Blackstone Real Estate Income Trust (2017) (p)
Core+ Real Estate
53,010,834
9%
BREIT - Class I (q)
Core+ Real Estate
9%
BXMT - Blackstone Mortgage Trust (2013) (r)
Real Estate Debt
6,017,154
6%
Private Equity
BXGP – Blackstone GP Stakes (2014) (s)
Minority GP Interests
10,707,425
13%
BIP - Blackstone Infrastructure Partners (2019) (t)
Infrastructure
55,704,659
17%
BXPE - Blackstone Private Equity Strategies Fund Program (2024)
(u)
Private Equity
14,988,879
16%
BXPE - Class I (v)
Private Equity
16%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (w)
U.S. Direct Lending
16,560,625
11%
BCRED - Blackstone Private Credit Fund (2021) (x)
U.S. Direct Lending
84,996,509
10%
BCRED - Class I (y)
U.S. Direct Lending
10%
ECRED - Blackstone European Credit Fund (2022) (z)
European Direct Lending
€
3,388,923
10%
ECRED - Class I (aa)
European Direct Lending
10%
Investment Records as of September 30, 2025 - Notes
(a)
Excludes investment vehicles where Blackstone does not earn fees.
(b)
Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.
(c)
Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and
Performance Revenues, divided by invested capital.
(d)
Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception
to September 30, 2025 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows.
Initial inception date of cash flows may differ from the Investment Period Beginning Date.
(e)
The 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment
opportunity. Overall BREP International I-II performance reflects a 10% Realized Net IRR and a 10% Total Net IRR.
(f)
BREP Co-Investment representsco-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized
value, as applicable, after management fees, expenses and Performance Revenues.
(g)
BREDS High-Yield represents the flagship real estate debt drawdown funds only.
(h)
Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile
and longer hold period than traditional private equity.
(i)
Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total
MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore
Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.
(j)
European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds
within the strategy. The total net returns were 13% and 7%, respectively, for the levered and unlevered funds of the strategy.
(k)
Senior Direct Lending I IRR represents the blended return across the commingled levered and unlevered funds
within the strategy. The total net returns were 12% and 8%, respectively, for the levered and unlevered funds of the strategy.
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not
meaningful” generally due to the limited time
since initial investment. n/a represents “not applicable”. Notes continue on page 22.
Blackstone | 21
INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025(a) –
(CONT’D)
(l)
Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR
of the credit drawdown funds presented.
(m)
Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of
(1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.
(n)
Unless otherwise indicated, Total Net Return represents the annualized inception to September 30, 2025 IRR
on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash
flows occurred during the Inception Year.
(o)
BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of September 30, 2025, these vehicles
represented $4.4 billion of Total AUM.
(p)
The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class,
reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total
Net Return is presented on an annualized basis and is from January 1, 2017.
(q)
Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance
varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on
an annualized basis and is from January 1, 2017.
(r)
The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception,
May 22, 2013, assuming reinvestment of all dividends received during the period.
(s)
Blackstone GP Stakes (“BXGP”) represents the aggregate Total AUM and Total Net Return of BSCH I and
II funds that invest as part of the Secondaries GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of September 30, 2025,
including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM is $12.7 billion.
(t)
BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of September 30, 2025, including co-investment vehicles that do not pay
fees, BIP Total AUM is $67.3 billion.
(u)
The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single
vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any
particular vehicle, investor or share class. For purposes of calculating the blended return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of September 30, 2025. Total
net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects net asset value as of
September 30, 2025. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.
(v)
Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program’s largest
share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by
the Class I shares. For purposes of calculating the blended Class I return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of September 30, 2025. Class I Total
Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.
(w)
The BXSL Total AUM and Total Net Return are presented as of June 30, 2025. BXSL Total Net Return reflects
the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an
annualized basis and are from November 20, 2018.
(x)
The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class,
reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or
share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of
September 30, 2025 was $46.7 billion.
(y)
Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance
varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on
an annualized basis and is from January 7, 2021.
(z)
The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class,
reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class.
Total Net Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. ECRED net asset value as of
September 30, 2025 was €1.7 billion.
(aa)
Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance
varies by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized
basis and is from October 3, 2022.
Blackstone | 22
SHAREHOLDER DIVIDENDS
§
Generated $1.52 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $3.82 per common share.
§
Blackstone declared a quarterly dividend of $1.29 per common share to record holders as of November 3, 2025; payable on November 10, 2025.
% Change
% Change
($ in thousands, except per share data)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
vs. 3Q’24
3Q’24 YTD
3Q’25 YTD
vs. 3Q’24 YTD
Distributable Earnings
$
1,278,650
$
2,169,493
$
1,410,805
$
1,565,763
$
1,889,487
48%
$
3,797,249
$
4,866,055
28
%
Add: Other Payables Attributable to
Common
Shareholders
73,491
185,782
138,425
142,664
26,913
(63)%
328,691
308,002
(6
)%
DE Before Certain Payables
1,352,141
2,355,275
1,549,230
1,708,427
1,916,400
42%
4,125,940
5,174,057
25
%
Percent to Common Shareholders
63%
63%
63%
64%
64%
63%
64%
DE Before Certain Payables Attributable to Common Shareholders
849,966
1,482,636
980,440
1,086,833
1,220,339
44%
2,585,886
3,287,612
27
%
Less: Other Payables Attributable to
Common
Shareholders
(73,491
)
(185,782
)
(138,425
)
(142,664
)
(26,913
)
(63)%
(328,691
)
(308,002
)
(6
)%
DE Attributable to Common Shareholders
776,475
1,296,854
842,015
944,169
1,193,426
54%
2,257,195
2,979,610
32
%
DE per Common Share
$
1.01
$
1.69
$
1.09
$
1.21
$
1.52
50%
$
2.95
$
3.82
29
%
Less: Retained Capital per Common Share
$
(0.15
)
$
(0.25
)
$
(0.16
)
$
(0.18
)
$
(0.23
)
53%
$
(0.44
)
$
(0.57
)
30
%
Actual Dividend per Common Share
$
0.86
$
1.44
$
0.93
$
1.03
$
1.29
50%
$
2.51
$
3.25
29
%
Record Date
Nov 3, 2025
Payable Date
Nov 10, 2025
A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy.
See additional notes on page 35.
Blackstone | 23
SHARE SUMMARY
§
Distributable Earnings Shares Outstanding as of quarter end of 1,229 million shares.
–
Repurchased 0.2 million common shares in the quarter and 0.9 million common shares over the LTM.
–
Available authorization remaining was $1.7 billion at September 30, 2025.
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
Participating Common Shares
767,895,244
768,722,241
773,038,934
782,567,390
782,728,403
Participating Partnership Units
453,685,697
452,448,896
448,468,715
447,574,842
446,455,699
Distributable Earnings Shares Outstanding
1,221,580,941
1,221,171,137
1,221,507,649
1,230,142,232
1,229,184,102
Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.
Blackstone | 24
Reconciliations and Disclosures
Blackstone | 25
BLACKSTONE’S THIRD QUARTER 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except per share data) (unaudited)
3Q’24
3Q’25
3Q’24 YTD
3Q’25 YTD
3Q’24 LTM
3Q’25 LTM
Revenues
Management and
Advisory Fees, Net
$
1,794,894
$
2,056,248
$
5,309,355
$
5,996,060
$
6,957,487
$
7,875,641
Incentive Fees
191,794
200,675
559,434
587,914
799,851
992,658
Investment
Income
Performance Allocations
Realized
414,755
997,296
1,598,913
2,389,166
2,220,086
4,247,999
Unrealized
1,154,918
(215,818
)
1,723,090
360,666
739,443
(991,017
)
Principal
Investments
Realized
95,235
152,652
247,877
435,365
294,494
519,746
Unrealized
(1,864
)
(238,658
)
427,983
285,446
82,817
238,054
Total Investment Income
1,663,044
695,472
3,997,863
3,470,643
3,336,840
4,014,782
Interest and
Dividend Revenue
109,774
107,538
312,612
305,347
480,986
403,894
Other
(96,312
)
28,702
(31,861
)
(269,971
)
(142,741
)
(114,417
)
Total
Revenues
$
3,663,194
$
3,088,635
$
10,147,403
$
10,089,993
$
11,432,423
$
13,172,558
Expenses
Compensation and
Benefits
Compensation
732,041
845,659
2,293,491
2,745,379
2,925,368
3,500,117
Incentive Fee
Compensation
73,464
61,882
224,310
186,274
312,437
335,550
Performance Allocations
Compensation
Realized
169,740
354,765
689,370
927,846
919,619
1,670,693
Unrealized
465,099
(31,547
)
747,679
224,630
340,504
(383,028
)
Total Compensation
and Benefits
1,440,344
1,230,759
3,954,850
4,084,129
4,497,928
5,123,332
General, Administrative and
Other
340,945
383,580
1,022,823
1,076,770
1,312,514
1,415,856
Interest
Expense
111,337
126,288
328,156
380,225
436,888
495,757
Fund Expenses
3,470
10,060
13,380
36,598
13,449
42,894
Total
Expenses
$
1,896,096
$
1,750,687
$
5,319,209
$
5,577,722
$
6,260,779
$
7,077,839
Other Income (Loss)
Change in Tax
Receivable Agreement Liability
-
-
-
-
(29,083
)
(41,246
)
Net Gains (Losses) from Fund
Investment Activities
42,842
108,634
70,009
302,539
(89,278
)
322,614
Total Other
Income (Loss)
$
42,842
$
108,634
$
70,009
$
302,539
$
(118,361)
$
281,368
Income Before
Provision for Taxes
$
1,809,940
$
1,446,582
$
4,898,203
$
4,814,810
$
5,053,283
$
6,376,087
Provision for
Taxes
245,303
209,657
789,220
742,978
835,177
975,429
Net
Income
$
1,564,637
$
1,236,925
$
4,108,983
$
4,071,832
$
4,218,106
$
5,400,658
Net Income (Loss)
Attributable to Redeemable Non-Controlling
Interests in Consolidated Entities
(22,184
)
29,008
(61,595
)
55,117
(225,524
)
55,423
Net Income Attributable toNon-Controlling
Interests in Consolidated Entities
202,929
125,890
406,339
467,273
445,473
534,760
Net Income Attributable to Non-Controlling
Interests in Blackstone Holdings
603,057
457,110
1,691,604
1,545,429
1,773,722
2,102,589
Net Income
Attributable to Blackstone Inc.
$
780,835
$
624,917
$
2,072,635
$
2,004,013
$
2,224,435
$
2,707,886
Net Income Per Share of
Common Stock, Basic
$
1.02
$
0.80
$
2.71
$
2.57
$
2.91
$
3.49
Net Income Per Share of Common Stock,
Diluted
$
1.02
$
0.80
$
2.71
$
2.57
$
2.91
$
3.49
Blackstone | 26
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
QTD
YTD
LTM
($ in thousands)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
3Q’24
3Q’25
3Q’24
3Q’25
Net Income Attributable to Blackstone Inc.
$
780,835
$
703,873
$
614,852
$
764,244
$
624,917
$
2,072,635
$
2,004,013
$
2,224,435
$
2,707,886
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings
603,057
557,160
485,475
602,844
457,110
1,691,604
1,545,429
1,773,722
2,102,589
Net Income Attributable toNon-Controlling Interests in Consolidated Entities
202,929
67,487
100,547
240,836
125,890
406,339
467,273
445,473
534,760
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities
(22,184
)
306
7,900
18,209
29,008
(61,595
)
55,117
(225,524
)
55,423
Net Income
$
1,564,637
$
1,328,826
$
1,208,774
$
1,626,133
$
1,236,925
$
4,108,983
$
4,071,832
$
4,218,106
$
5,400,658
Provision for Taxes
245,303
232,451
243,827
289,494
209,657
789,220
742,978
835,177
975,429
Income Before Provision for Taxes
$
1,809,940
$
1,561,277
$
1,452,601
$
1,915,627
$
1,446,582
$
4,898,203
$
4,814,810
$
5,053,283
$
6,376,087
Transaction-Related and Non-Recurring Items (a)
(394
)
(393
)
18,824
10,381
(9,412
)
56,765
19,793
65,647
19,400
Amortization of Intangibles (b)
7,333
7,333
7,333
7,333
7,333
21,999
21,999
29,346
29,332
Impact of Consolidation (c)
(180,745
)
(67,793
)
(108,447
)
(259,045
)
(154,898
)
(344,744
)
(522,390
)
(219,949
)
(590,183
)
Unrealized Performance Revenues (d)
(1,154,905
)
1,351,673
(263,201
)
(313,256
)
215,872
(1,723,080
)
(360,585
)
(739,438
)
991,088
Unrealized Performance Allocations Compensation
(e)
465,099
(607,658
)
103,559
152,618
(31,547
)
747,679
224,630
340,504
(383,028
)
Unrealized Principal Investment (Income) Loss (f)
90,254
42,729
(161,257
)
(294,093
)
216,084
(314,597
)
(239,266
)
45,066
(196,537
)
Other Revenues (g)
96,329
(155,207
)
73,635
225,083
(28,702
)
32,041
270,016
142,974
114,809
Equity-Based Compensation (h)
262,798
283,149
471,302
312,018
301,562
875,973
1,084,882
1,061,942
1,368,031
Administrative Fee Adjustment (i)
3,219
3,429
4,186
4,112
4,097
8,161
12,395
10,583
15,824
Taxes and Related Payables (j)
(120,278
)
(249,046
)
(187,730
)
(195,015
)
(77,484
)
(461,151
)
(460,229
)
(604,529
)
(709,275
)
Distributable Earnings
$
1,278,650
$
2,169,493
$
1,410,805
$
1,565,763
$
1,889,487
$
3,797,249
$
4,866,055
$
5,185,429
$
7,035,548
Taxes and Related Payables (j)
120,278
249,046
187,730
195,015
77,484
461,151
460,229
604,529
709,275
Net Interest and Dividend (Income) Loss
(k)
1,731
18,480
20,530
24,643
18,552
14,957
63,725
(50,271
)
82,205
Total Segment Distributable
Earnings
$
1,400,659
$
2,437,019
$
1,619,065
$
1,785,421
$
1,985,523
$
4,273,357
$
5,390,009
$
5,739,687
$
7,827,028
Realized Performance Revenues (l)
(342,669
)
(865,080
)
(460,023
)
(553,121
)
(744,953
)
(1,421,951
)
(1,758,097
)
(2,115,164
)
(2,623,177
)
Realized Performance Compensation (m)
157,570
289,595
220,924
256,624
302,642
661,651
780,190
949,279
1,069,785
Realized Principal Investment (Income) Loss
(n)
(40,403
)
(25,613
)
(117,910
)
(29,421
)
(62,535
)
(66,913
)
(209,866
)
(86,115
)
(235,479
)
Fee Related Earnings
$
1,175,157
$
1,835,921
$
1,262,056
$
1,459,503
$
1,480,677
$
3,446,144
$
4,202,236
$
4,487,687
$
6,038,157
Adjusted EBITDA Reconciliation
Distributable Earnings
$
1,278,650
$
2,169,493
$
1,410,805
$
1,565,763
$
1,889,487
$
3,797,249
$
4,866,055
$
5,185,429
$
7,035,548
Interest Expense (o)
111,326
117,027
117,950
125,033
126,090
327,390
369,073
435,558
486,100
Taxes and Related Payables (j)
120,278
249,046
187,730
195,015
77,484
461,151
460,229
604,529
709,275
Depreciation and Amortization (p)
24,685
22,682
22,226
26,642
24,015
76,074
72,883
101,325
95,565
Adjusted EBITDA
$
1,534,939
$
2,558,248
$
1,738,711
$
1,912,453
$
2,117,076
$
4,661,864
$
5,768,240
$
6,326,841
$
8,326,488
Notes on pages 28-29.
Blackstone | 27
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES
Note: See pages 36-38, Definitions and Dividend Policy.
(a)
This adjustment removes Transaction-Related andNon-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.
(b)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from
Blackstone’s segment presentation.
(c)
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 and the removal of amounts associated with the ownership of Blackstone consolidated
operating partnerships held
by non-controlling interests.
(d)
This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment
represents the add back of performance
revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
QTD
YTD
LTM
($ in thousands)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
3Q’24
3Q’25
3Q’24
3Q’25
GAAP Unrealized Performance Allocations
$
1,154,918
$
(1,351,683
)
$
263,201
$
313,283
$
(215,818
)
$
1,723,090
$
360,666
$
739,443
$
(991,017
)
Segment Adjustment
(13
)
10
-
(27
)
(54
)
(10
)
(81
)
(5
)
(71
)
Unrealized Performance Revenues
$
1,154,905
$
(1,351,673
)
$
263,201
$
313,256
$
(215,872
)
$
1,723,080
$
360,585
$
739,438
$
(991,088
)
(e) This adjustment removes Unrealized Performance Allocations Compensation.
(f) This adjustment removes Unrealized Principal Investment Income on a segment basis. The Segment Adjustment
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.
QTD
YTD
LTM
($ in thousands)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
3Q’24
3Q’25
3Q’24
3Q’25
GAAP Unrealized Principal Investment
Income (Loss)
$
(1,864
)
$
(47,392
)
$
158,713
$
365,391
$
(238,658
)
$
427,983
$
285,446
$
82,817
$
238,054
Segment Adjustment
(88,390
)
4,663
2,544
(71,298
)
22,574
(113,386
)
(46,180
)
(127,883
)
(41,517
)
Unrealized Principal Investment
Income (Loss)
$
(90,254
)
$
(42,729
)
$
161,257
$
294,093
$
(216,084
)
$
314,597
$
239,266
$
(45,066
)
$
196,537
(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the
removal of certain Transaction-Related and Non-
Recurring Items.
QTD
YTD
LTM
($ in thousands)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
3Q’24
3Q’25
3Q’24
3Q’25
GAAP Other Revenue
$
(96,312
)
$
155,554
$
(73,610
)
$
(225,063
)
$
28,702
$
(31,861
)
$
(269,971
)
$
(142,741
)
$
(114,417
)
Segment Adjustment
(17
)
(347
)
(25
)
(20
)
-
(180
)
(45
)
(233
)
(392
)
Other Revenues
$
(96,329
)
$
155,207
$
(73,635
)
$
(225,083
)
$
28,702
$
(32,041
)
$
(270,016
)
$
(142,974
)
$
(114,809
)
(h)
This adjustment removes Equity-Based Compensation on a segment basis.
(i)
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.
Blackstone | 28
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D)
(j)
Taxes represent the total GAAP tax provision adjusted to include only the current tax provision
(benefit) calculated on Income (Loss) Before Provision
(Benefit) for Taxes and adjusted for impacts of divestitures and tax contingencies. For interim periods, taxes are calculated using the preferred
annualized effective tax rate approach.
Related Payables represent tax-related payables including the amount payable to holders of the Tax Receivable
Agreements based on expected tax savings generated in the current period. Please refer to page
36 for the full definition of Taxes and Related Payables.
QTD
YTD
LTM
($ in thousands)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
3Q’24
3Q’25
3Q’24
3Q’25
Taxes
$
95,483
$
211,496
$
162,535
$
167,162
$
49,719
$
393,012
$
379,416
$
514,167
$
590,912
Related Payables
24,795
37,550
25,195
27,853
27,765
68,139
80,813
90,362
118,363
Taxes and Related Payables
$
120,278
$
249,046
$
187,730
$
195,015
$
77,484
$
461,151
$
460,229
$
604,529
$
709,275
(k) This adjustment removes Interest and Dividend Revenue less Interest Expense on
a segment basis. The Segment Adjustment represents (1) the add back of
Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest
expense
associated with the Tax Receivable Agreement.
QTD
YTD
LTM
($ in thousands)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
3Q’24
3Q’25
3Q’24
3Q’25
GAAP Interest and Dividend Revenue
$
109,774
$
98,547
$
97,420
$
100,389
$
107,538
$
312,612
$
305,347
$
480,986
$
403,894
Segment Adjustment
(179
)
-
-
1
-
(179
)
1
4,843
1
Interest and Dividend Revenue
$
109,595
$
98,547
$
97,420
$
100,390
$
107,538
$
312,433
$
305,348
$
485,829
$
403,895
GAAP Interest Expense
$
111,337
$
115,532
$
118,115
$
135,822
$
126,288
$
328,156
$
380,225
$
436,888
$
495,757
Segment Adjustment
(11
)
1,495
(165
)
(10,789
)
(198
)
(766
)
(11,152
)
(1,330
)
(9,657
)
Interest Expense
$
111,326
$
117,027
$
117,950
$
125,033
$
126,090
$
327,390
$
369,073
$
435,558
$
486,100
Net Interest and Dividend Income (Loss)
$
(1,731
)
$
(18,480
)
$
(20,530
)
$
(24,643
)
$
(18,552
)
$
(14,957
)
$
(63,725
)
$
50,271
$
(82,205
)
(l) This adjustment removes the total segment amount of Realized Performance Revenues.
(m) This adjustment removes the total segment amount of Realized Performance
Compensation.
(n) This adjustment removes the total segment amount of Realized
Principal Investment Income.
(o) This adjustment adds back Interest Expense on
a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(p) This adjustment adds back Depreciation and Amortization on a segment basis.
Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings
Shares Outstanding
QTD
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
GAAP Shares of Common Stock Outstanding
730,699,964
731,925,965
737,929,437
739,055,944
747,812,724
Unvested Participating Common Shares
37,195,280
36,796,276
35,109,497
43,511,446
34,915,679
Total Participating Common Shares
767,895,244
768,722,241
773,038,934
782,567,390
782,728,403
Participating Partnership Units
453,685,697
452,448,896
448,468,715
447,574,842
446,455,699
Distributable Earnings Shares Outstanding
1,221,580,941
1,221,171,137
1,221,507,649
1,230,142,232
1,229,184,102
Disclosure of Weighted-Average Shares Common Stock
Outstanding
QTD
YTD
LTM
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
3Q’24
3Q’25
3Q’24
3Q’25
Total GAAP Weighted-Average Shares of Common Stock Outstanding -
Basic
768,230,595
768,689,957
771,796,385
782,386,121
782,633,394
765,747,924
778,978,328
763,838,483
776,385,092
Weighted-Average Shares of Unvested Deferred
Restricted Common Stock
49,771
80,028
638,217
15,116
47,741
185,402
233,692
170,729
195,276
Total GAAP Weighted-Average Shares of Common Stock Outstanding -
Diluted
768,280,366
768,769,985
772,434,602
782,401,237
782,681,135
765,933,326
779,212,020
764,009,212
776,580,368
Blackstone | 29
BLACKSTONE’S THIRD QUARTER 2025 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
($ in thousands) (unaudited)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
Assets
Cash and Cash Equivalents
$
2,353,332
$
1,972,140
$
2,386,979
$
2,235,499
$
2,430,690
Cash Held by Blackstone Funds and Other
180,545
204,052
1,012,958
313,950
401,558
Investments
28,322,715
29,800,566
30,259,429
31,135,504
31,528,443
Accounts Receivable
300,004
237,930
221,200
357,858
543,209
Due from Affiliates
5,163,883
5,409,315
5,434,078
5,516,820
5,845,843
Intangible Assets, Net
174,265
165,243
156,269
147,294
140,458
Goodwill
1,890,202
1,890,202
1,890,202
1,890,202
1,890,202
Other Assets
933,990
947,859
929,107
877,000
900,582
Right-of-Use Assets
978,699
838,620
807,487
793,690
773,030
Deferred Tax Assets
2,277,807
2,003,948
2,157,920
2,105,277
2,100,275
Total Assets
$
42,575,442
$
43,469,875
$
45,255,629
$
45,373,094
$
46,554,290
Liabilities and Equity
Loans Payable
$
10,752,246
$
11,320,956
$
12,454,559
$
12,008,870
$
12,002,650
Due to Affiliates
2,620,530
2,808,148
3,361,900
2,802,514
3,000,083
Accrued Compensation and
Benefits
6,398,365
6,087,700
6,164,503
6,065,974
6,385,958
Operating Lease Liabilities
1,136,671
965,742
937,369
918,887
886,135
Accounts Payable, Accrued Expenses
and Other Liabilities
2,202,689
2,792,314
2,472,395
2,497,969
2,918,023
Total Liabilities
23,110,501
23,974,860
25,390,726
24,294,214
25,192,849
RedeemableNon-Controlling Interests in Consolidated Entities
892,846
801,399
1,382,374
1,487,129
1,476,212
Equity
Common Stock, $0.00001 par value
(747,812,724 shares issued and outstanding as of September 30, 2025)
7
7
7
7
7
Series I Preferred Stock, $0.00001 par value (1
share issued and outstanding as of September 30, 2025)
-
-
-
-
-
Series II Preferred Stock, $0.00001
par value (1 share issued and outstanding as of September 30, 2025)
-
-
-
-
-
Additional Paid-in-Capital
6,257,788
7,444,561
7,686,980
7,988,663
8,214,078
Retained Earnings
760,471
808,079
320,160
362,614
184,040
Accumulated Other Comprehensive Loss
(10,609
)
(40,326
)
(29,027
)
1,055
(5,602
)
Non-Controlling Interests in Consolidated Entities
6,015,967
6,154,943
6,400,585
6,847,785
7,162,957
Non-Controlling Interests in Blackstone Holdings
5,548,471
4,326,352
4,103,824
4,391,627
4,329,749
Total Equity
18,572,095
18,693,616
18,482,529
19,591,751
19,885,229
Total Liabilities and Equity
$
42,575,442
$
43,469,875
$
45,255,629
$
45,373,094
$
46,554,290
See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.
Blackstone | 30
RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES
($ in thousands)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
Investments of Consolidated Blackstone Funds
$
3,873,027
$
3,890,732
$
4,589,194
$
5,101,278
$
5,507,078
Equity Method Investments
Partnership Investments
6,295,704
6,546,728
6,740,598
6,942,526
6,936,411
Accrued Performance Allocations
12,411,485
12,397,366
12,522,848
12,054,879
11,933,738
Corporate Treasury Investments
147,642
1,147,328
106,684
229,497
262,582
Other Investments
5,594,857
5,818,412
6,300,105
6,807,324
6,888,634
Total GAAP Investments
28,322,715
29,800,566
30,259,429
31,135,504
31,528,443
Accrued Performance Allocations - GAAP
$
12,411,485
$
12,397,366
$
12,522,848
$
12,054,879
$
11,933,738
Impact of Consolidation (a)
-
-
-
-
-
Due from Affiliates - GAAP (b)
253,490
489,086
249,376
229,359
215,647
Less: Net Realized Performance Revenues (c)
(141,896
)
(1,050,026
)
(927,240
)
(456,507
)
(379,797
)
Less: Accrued Performance Compensation - GAAP (d)
(5,531,520
)
(5,555,870
)
(5,446,352
)
(5,220,188
)
(5,258,769
)
Net Accrued Performance Revenues
$
6,991,559
$
6,280,556
$
6,398,632
$
6,607,543
$
6,510,819
Corporate Treasury and Other Investments - GAAP
$
5,742,499
$
6,965,740
$
6,406,789
$
7,036,821
$
7,151,216
Impact of Consolidation (a)
580,076
622,411
857,457
965,045
932,562
Other Assets (e)
250,996
159,011
180,761
337,228
563,415
Other Liabilities (f)
(6,584
)
(4,024
)
(3,653
)
(3,190
)
(3,417
)
Corporate Treasury and Other Investments - Deconsolidated
(g)
$
6,566,987
$
7,743,138
$
7,441,354
$
8,335,904
$
8,643,776
Partnership Investments - GAAP
$
6,295,704
$
6,546,728
$
6,740,598
$
6,942,526
$
6,936,411
Impact of Consolidation (h)
(3,482,920
)
(3,482,497
)
(3,559,722
)
(3,653,037
)
(3,620,409
)
GP/Fund Investments - Deconsolidated
$
2,812,784
$
3,064,231
$
3,180,876
$
3,289,489
$
3,316,002
Loans Payable - GAAP
$
10,752,246
$
11,320,956
$
12,454,559
$
12,008,870
$
12,002,650
Impact of Consolidation (i)
(107,715
)
(87,488
)
(266,568
)
(128,335
)
(328,044
)
Outstanding Debt - Carrying Value
10,644,531
11,233,468
12,187,991
11,880,535
11,674,606
Unamortized Discount
122,418
127,281
125,209
123,255
120,174
Outstanding Debt (at par) - Deconsolidated
$
10,766,949
$
11,360,749
$
12,313,200
$
12,003,790
$
11,794,780
(a)
This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated
in consolidation.
(b)
Represents GAAP accrued performance revenue recorded within Due from Affiliates.
(c)
Represents Performance Revenues realized but not yet distributed as of the reporting date and are
included in Distributable Earnings in the period they are realized.
(d)
Represents GAAP accrued performance compensation associated with Accrued Performance Allocations
and is recorded within Accrued Compensation and Benefits and Due to Affiliates.
(e)
This adjustment adds other assets related to Treasury Operations that are recorded within Accounts
Receivable, reverse repurchase agreements and Due from Affiliates.
(f)
This adjustment adds other liabilities related to Treasury Operations that are recorded within
Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase Agreements and securities sold short, not yet purchased.
(g)
Deconsolidated Other Investments was $6.9 billion as of September 30, 2025, which was
comprised of $6.3 billion of liquid investments and $528 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to
cash and may include securities and investments subject to lock-up periods.
(h)
This adjustment removes amounts associated with the ownership of Blackstone consolidated operating
partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.
(i)
This adjustment removes amounts related to consolidated Blackstone Funds.
Blackstone | 31
RECONCILIATION OF GAAP TO TOTAL SEGMENTS
QTD
YTD
LTM
($ in thousands)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
3Q’24
3Q’25
3Q’24
3Q’25
Management and Advisory Fees, Net
GAAP
$
1,794,894
$
1,879,581
$
1,904,317
$
2,035,495
$
2,056,248
$
5,309,355
$
5,996,060
$
6,957,487
$
7,875,641
Segment Adjustment (a)
(8,160
)
(20,290
)
(12,319
)
(15,483
)
(14,428
)
(35,112
)
(42,230
)
(29,413
)
(62,520
)
Total Segment
$
1,786,734
$
1,859,291
$
1,891,998
$
2,020,012
$
2,041,820
$
5,274,243
$
5,953,830
$
6,928,074
$
7,813,121
GAAP Realized Performance Revenues to Total
Segment Fee Related Performance Revenues
GAAP
Incentive Fees
191,794
404,744
191,825
195,414
200,675
559,434
587,914
799,851
992,658
Investment Income - Realized Performance
Allocations
414,755
1,858,833
562,050
829,820
997,296
1,598,913
2,389,166
2,220,086
4,247,999
GAAP
$
606,549
$
2,263,577
$
753,875
$
1,025,234
$
1,197,971
$
2,158,347
$
2,977,080
$
3,019,937
$
5,240,657
Total Segment
Less: Realized Performance Revenues
(342,669
)
(865,080
)
(460,023
)
(553,121
)
(744,953
)
(1,421,951
)
(1,758,097
)
(2,115,164
)
(2,623,177
)
Segment Adjustment (b)
221
779
63
(63
)
-
273
-
890
779
Total Segment
$
264,101
$
1,399,276
$
293,915
$
472,050
$
453,018
$
736,669
$
1,218,983
$
905,663
$
2,618,259
GAAP Compensation to Total Segment Fee
Related Compensation
GAAP
Compensation
732,041
754,738
1,029,362
870,358
845,659
2,293,491
2,745,379
2,925,368
3,500,117
Incentive Fees Compensation
73,464
149,276
57,029
67,363
61,882
224,310
186,274
312,437
335,550
Realized Performance Allocations Compensation
169,740
742,847
241,890
331,191
354,765
689,370
927,846
919,619
1,670,693
GAAP
$
975,245
$
1,646,861
$
1,328,281
$
1,268,912
$
1,262,306
$
3,207,171
$
3,859,499
$
4,157,424
$
5,506,360
Total Segment
Less: Realized Performance Compensation
(157,570
)
(289,595
)
(220,924
)
(256,624
)
(302,642
)
(661,651
)
(780,190
)
(949,279
)
(1,069,785
)
Less: Equity-Based Compensation - Fee Related Compensation
(259,265
)
(278,849
)
(464,053
)
(306,495
)
(296,506
)
(864,205
)
(1,067,054
)
(1,046,253
)
(1,345,903
)
Less: Equity-Based Compensation - Performance
Compensation
(3,533
)
(4,300
)
(7,249
)
(5,523
)
(5,056
)
(11,768
)
(17,828
)
(15,689
)
(22,128
)
Segment Adjustment (c)
(22
)
3,360
(19,073
)
46
(11
)
(7,702
)
(19,038
)
(13,950
)
(15,678
)
Total Segment
$
554,855
$
1,077,477
$
616,982
$
700,316
$
658,091
$
1,661,845
$
1,975,389
$
2,132,253
$
3,052,866
GAAP General, Administrative and Other to
Total Segment Other Operating Expenses
GAAP
$
340,945
$
339,086
$
332,373
$
360,817
$
383,580
$
1,022,823
$
1,076,770
$
1,312,514
$
1,415,856
Segment Adjustment (d)
(20,122
)
6,083
(25,498
)
(28,574
)
(27,510
)
(119,900
)
(81,582
)
(98,717
)
(75,499
)
Total Segment
$
320,823
$
345,169
$
306,875
$
332,243
$
356,070
$
902,923
$
995,188
$
1,213,797
$
1,340,357
Realized Performance Revenues
GAAP
Incentive Fees
191,794
404,744
191,825
195,414
200,675
559,434
587,914
799,851
992,658
Investment Income - Realized Performance
Allocations
414,755
1,858,833
562,050
829,820
997,296
1,598,913
2,389,166
2,220,086
4,247,999
GAAP
$
606,549
$
2,263,577
$
753,875
$
1,025,234
$
1,197,971
$
2,158,347
$
2,977,080
$
3,019,937
$
5,240,657
Total Segment
Less: Fee Related Performance Revenues
(264,101
)
(1,399,276
)
(293,915
)
(472,050
)
(453,018
)
(736,669
)
(1,218,983
)
(905,663
)
(2,618,259
)
Segment Adjustment (b)
221
779
63
(63
)
-
273
-
890
779
Total Segment
$
342,669
$
865,080
$
460,023
$
553,121
$
744,953
$
1,421,951
$
1,758,097
$
2,115,164
$
2,623,177
Blackstone | 32
RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D)
QTD
YTD
LTM
($ in thousands)
3Q’24
4Q’24
1Q’25
2Q’25
3Q’25
3Q’24
3Q’25
3Q’24
3Q’25
Realized Performance Compensation
GAAP
Incentive Fee Compensation
$
73,464
$
149,276
$
57,029
$
67,363
$
61,882
$
224,310
$
186,274
$
312,437
$
335,550
Realized Performance Allocations
Compensation
169,740
742,847
241,890
331,191
354,765
689,370
927,846
919,619
1,670,693
GAAP
$
243,204
$
892,123
$
298,919
$
398,554
$
416,647
$
913,680
$
1,114,120
$
1,232,056
$
2,006,243
Total Segment
Less: Fee Related Performance Compensation
(e)
(82,101
)
(598,228
)
(70,746
)
(136,407
)
(108,949
)
(240,261
)
(316,102
)
(267,088
)
(914,330
)
Less: Equity-Based Compensation - Performance Compensation
(3,533
)
(4,300
)
(7,249
)
(5,523
)
(5,056
)
(11,768
)
(17,828
)
(15,689
)
(22,128
)
Total Segment
$
157,570
$
289,595
$
220,924
$
256,624
$
302,642
$
661,651
$
780,190
$
949,279
$
1,069,785
Realized Principal Investment Income
(Loss)
GAAP
$
95,235
$
84,381
$
185,542
$
97,171
$
152,652
$
247,877
$
435,365
$
294,494
$
519,746
Segment Adjustment (f)
(54,832
)
(58,768
)
(67,632
)
(67,750
)
(90,117
)
(180,964
)
(225,499
)
(208,379
)
(284,267
)
Total Segment
$
40,403
$
25,613
$
117,910
$
29,421
$
62,535
$
66,913
$
209,866
$
86,115
$
235,479
GAAP Interest and Dividend Revenue net of
Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue
109,774
98,547
97,420
100,389
107,538
312,612
305,347
480,986
403,894
Interest Expense
(111,337
)
(115,532
)
(118,115
)
(135,822
)
(126,288
)
(328,156
)
(380,225
)
(436,888
)
(495,757
)
GAAP
$
(1,563
)
$
(16,985
)
$
(20,695
)
$
(35,433
)
$
(18,750
)
$
(15,544
)
$
(74,878
)
$
44,098
$
(91,863
)
Segment Adjustment (g)
(168
)
(1,495
)
165
10,790
198
587
11,153
6,173
9,658
Total Segment
$
(1,731
)
$
(18,480
)
$
(20,530
)
$
(24,643
)
$
(18,552
)
$
(14,957
)
$
(63,725
)
$
50,271
$
(82,205
)
This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the
Consolidated Statement of Operations (page 26). 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 andNon-Recurring Items that are not recorded in the Total Segment measures.
(d)
Represents the (1) removal of Transaction-Related andNon-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.
(g)
Represents (1) the add back of Interest and Dividend Revenue earned from consolidated
Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.
Blackstone | 33
NOTES
Notes to page 4 - Investment
Performance and Net Accrued Performance Revenues
§
The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of Blackstone.
§
Core+ appreciation represents a weighted average of BREIT’s per share appreciation, BEPIF’s per share appreciation, and BPP’s appreciation for the period. The returns are weighted based on the average
of BREIT’s monthly net asset values, BEPIF’s monthly net asset values, and the average of BPP’s net asset value.
§
Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries business refer to the appreciation of the Strategic Partners funds and do not
include results for GP Stakes. Strategic Partners results are reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented
herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters.
§
Throughout this presentation, Infrastructure refers to our infrastructure-focused funds, including Blackstone Infrastructure Partners’ funds (“BIP”) and Blackstone Infrastructure Strategies
(“BXINFRA”). AUM, inflows, and related metrics for Infrastructure refer to BIP and the portion of BXINFRA assets that are managed in Infrastructure. Infrastructure appreciation represents a weighted average of BIP’s appreciation
and BXINFRA’s per share appreciation for the period. The returns are weighted based on the average of BIP’s quarterly net asset value and the average of BXINFRA’s monthly net asset values.
§
Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, andnon-investment grade infrastructure and asset-based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment
strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed
accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds
investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in
March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.
§
The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing (“BXMA”) Absolute Return Composite, which includes only BXMA-managed commingled and customized multi-manager funds
and accounts and does not include BXMA’s liquid solutions group, seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those
platforms. BXMA-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a
single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the
performance of the Absolute Return Composite does not represent the performance of an actual fund or account.
Notes to page 17 –
Deconsolidated Balance Sheet Highlights
§
GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $617 million, $1.5 billion, $1.1 billion, and
$120 million, respectively, as of September 30, 2025. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).
Blackstone | 34
NOTES – (CONT’D)
Notes to page 23 –
Shareholder Dividends
§
DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax
benefits from deductions taken by Blackstone’s corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables.
§
Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to shareholders as of the applicable record date.
§
Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share was $180 million for 3Q’25 and $445 million for
3Q’25 YTD.
Blackstone | 35
DEFINITIONS AND DIVIDEND POLICY
Blackstone discloses the following
operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America(“non-GAAP”) in this presentation:
§
Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess performance across
Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that
deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes
Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss)
Before Provision (Benefit) for Taxes.
–
Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee
Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).
–
Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income.
§
Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone
shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes
unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
–
Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds,
and interest expense associated with the Tax Receivable Agreement.
–
Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including
the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded
from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a
current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s
consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects
the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable agreement and
utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.
§
Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring
basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and
(b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
Blackstone | 36
DEFINITIONS AND DIVIDEND POLICY – (CONT’D)
–
Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and
(b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.
–
Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis, and (b) not dependent on
realization events from the underlying investments.
–
Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the Transaction-Related andNon-Recurring Items that are not recorded in the Total Segment measures, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in
Blackstone’s segment presentation, and (c) give effect 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.
–
Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through
redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemption requests are limited in quantum. Includes co-investment capital with an investor
right to convert into Perpetual Capital.
–
FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and Fee Related Performance Revenues).
§
Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or “Adjusted EBITDA”, is a supplemental measure used to assess performance derived from
Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related
Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
§
Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.
§
Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.
–
Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the
relevant performance plans previously awarded to them as a result of a compensation program that commenced in 2Q’21. The expectation is that for the full year 2025, Fee Related Compensation will be decreased by the total amount of additional
Performance Compensation awarded for the year. For 3Q’25 QTD, 3Q’25 YTD, 3Q’24 QTD and 3Q’24 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively
impacted Distributable Earnings for both the current year and prior year quarter and YTD periods. These changes typically have an impact on individual quarters but do not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings
for the full year.
§
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.
Blackstone | 37
DEFINITIONS AND DIVIDEND POLICY – (CONT’D)
Dividend Policy. Blackstone’s
intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of directors to be
necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash
requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing
is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone’s board of directors and our board of directors may change our dividend policy at any time, including, without
limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.
Blackstone | 38
FORWARD-LOOKING STATEMENTS
This presentation may contain
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other
things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,”
“plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other
comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these
statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31,
2024, as such factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not
be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we
undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
This presentation does not constitute an offer of any Blackstone Fund.
Blackstone | 39
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 2 | — | 1 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor