AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Evidence
“Our carry funds” refers to funds managed by Blackstone that have commitment-based multi-year drawdown structures that pay carry on the realization of an investment.
2025 Form 10-K, filed 2026-02-27; carry-fund definition · Filed 27/02/2026
Third-party investors in some of our partnership funds have the right to remove the general partner of the fund or to accelerate the termination of the fund without cause by a majority or supermajority vote.
2025 Form 10-K; partnership-fund removal rights · Filed 27/02/2026
In addition, the governing agreements of many of our partnership funds provide that in the event certain “key persons” in our partnership funds do not meet specified time commitments with regard to managing the fund, then (a) investors in such funds have the
12
Table of Contents
right to vote to terminate the investment period by a specified percentage (including, in certain cases a simple majority) vote in accordance with specified procedures, or accelerate the withdrawal of their capital on an
investor-by-investor
basis, or (b) the fund’s investment period will automatically terminate and a specified percentage (including, in certain cases a simple majority) in accordance with specified procedures is required to restart it.
2025 Form 10-K; key-person termination provisions · Filed 27/02/2026
In addition, competition for fundraising in the private wealth and insurance channels is also driven by the willingness of certain of our competitors to charge lower fees or pay higher or different types of distributors fees.
2025 Form 10-K; private wealth and insurance fundraising competition · Filed 27/02/2026
While the extent of this shift going forward is uncertain, the costs associated with the distribution of certain of our private wealth perpetual products have increased and there may be further increases in distribution costs for these and future products.
2025 Form 10-K; realized increase in product distribution costs · Filed 27/02/2026
In our perpetual capital strategies, BCRED maintained healthy demand with over $14 billion raised in 2025.
2025 Form 10-K; BCRED fundraising during 2025 · Filed 27/02/2026
In our perpetual capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles.
June 2026 Form 10-Q, filed 2026-08-07; perpetual-vehicle redemption conditions · Filed 07/08/2026
Investment advisory agreements related to certain SMAs in our Credit & Insurance and Multi-Asset Investing segments, excluding SMAs in our insurance platform, may generally be terminated by an investor on 15 to 95 days’ notice.
June 2026 Form 10-Q; termination notice for certain non-insurance SMAs · Filed 07/08/2026
SMAs in our insurance platform can generally only be terminated for long-term underperformance, cause and certain other limited circumstances, in each case subject to Blackstone’s right to cure.
June 2026 Form 10-Q; insurance-platform SMA termination protections · Filed 07/08/2026
Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically net asset value, gross asset value, total fair value of investments, committed capital, total invested capital or remaining invested capital.
June 2026 Form 10-Q; base management fee calculation · Filed 07/08/2026
Investment advisory agreements may require that the investment adviser reduce the amount of management fees payable by the investors to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone.
June 2026 Form 10-Q; contractual management fee reductions · Filed 07/08/2026
Incentive Fees are earned based on performance of the vehicle during the period, subject to the achievement of minimum return levels, or high water marks, in accordance with the respective terms set out in each vehicle’s governing agreements.
June 2026 Form 10-Q; incentive-fee hurdles and high-water marks · Filed 07/08/2026
The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid.
June 2026 Form 10-Q; management-fee payment and clawback treatment · Filed 07/08/2026
For the three and six months ended June 30, 2026, Realized Performance Compensation increased by $39.9 million and $68.2 million, respectively, and Fee Related Compensation decreased by $17.5 million and $35.0 million, respectively, which reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision (Benefits) for Taxes and Distributable Earnings in the three and six months ended June 30, 2026.
June 2026 Form 10-Q; compensation allocation effects on six-month and quarterly earnings · Filed 07/08/2026
2Q’25 YTD
Management and Advisory Fees, Net
$
2,020,012
$
2,250,296
11%
$
3,912,010
$
4,383,104
12%
Fee Related Performance
Revenues
472,050
793,391
68%
765,965
1,281,489
67%
Fee Related Compensation
(700,316
)
(880,129
)
26%
(1,317,298
)
(1,609,599
)
22%
Other Operating Expenses
(332,243
)
(380,130
)
14%
(639,118
)
(723,585
)
13%
Fee Related Earnings
$
1,459,503
$
1,783,428
22%
$
2,721,559
$
3,331,409
22%
Realized Performance
Revenues
553,121
730,885
32%
1,013,144
1,511,379
49%
Realized Performance Compensation
(256,624
)
(344,124
)
34%
(477,548
)
(708,180
)
48%
Realized Principal Investment
Income
29,421
27,499
(7)%
147,331
59,472
(60)%
Net Realizations
325,918
414,260
27%
Second-quarter 2026 results, filed 2026-07-23; segment earnings, quarterly and YTD comparison; dollars in thousands in preceding table heading · Filed 23/07/2026
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
Second-quarter 2026 results; Fee Related Compensation definition and equity-compensation exclusion · Filed 23/07/2026
($
in thousands, except per share data) (unaudited)
2Q’25
2Q’26
2Q’25 YTD
2Q’26 YTD
2Q’25 LTM
2Q’26 LTM
Revenues
Management and Advisory Fees, Net
$
2,035,495
$
2,266,006
$
3,939,812
$
4,414,626
$
7,614,287
$
8,550,415
Incentive Fees
195,414
159,080
387,239
324,499
983,777
915,462
Performance Allocations
1,143,103
1,952,315
1,968,354
3,338,940
4,045,177
5,675,892
Principal Investments
462,562
520,406
806,817
278,424
937,177
417,543
Interest and Dividend Revenue
100,389
134,224
197,809
242,164
406,130
460,448
Other
(225,063
)
11,947
(298,673
)
62,920
(239,431
)
90,720
Total Revenues
$
3,711,900
$
5,043,978
$
7,001,358
$
8,661,573
$
13,747,117
$
16,110,480
Expenses
Compensation and Benefits
1,421,530
1,814,135
2,853,370
3,558,550
5,332,917
6,325,709
General, Administrative and Other
360,817
409,110
693,190
781,931
1,373,221
1,613,289
Interest Expense
135,822
145,023
253,937
282,076
480,806
536,453
Fund Expenses
14,434
7,344
26,538
15,348
36,304
38,026
Total Expenses
$
1,932,603
$
2,375,612
$
3,827,035
$
4,637,905
$
7,223,248
$
8,513,477
Other Income
$
136,330
$
140,086
$
193,905
$
239,841
$
215,576
$
469,924
Income Before Provision for
Taxes
$
1,915,627
$
2,808,452
$
3,368,228
$
4,263,509
$
6,739,445
$
8,066,927
Provision for Taxes
289,494
452,386
533,321
649,536
1,011,075
Second-quarter 2026 results; GAAP consolidated operations, dollars in thousands, quarterly, YTD and LTM comparisons · Filed 23/07/2026
1,346,264
% Change
(0)%
6%
3%
7%
3%
(3)%
17%
15%
21%
11%
Fee-Earning AUM Rollforward
($ in millions)
Three Months Ended June 30, 2026
Twelve Months Ended June 30, 2026
Real
Estate
Private
Equity
Credit &
Insurance
Multi-Asset
Investing
Total
Real
Estate
Private
Equity
Credit &
Insurance
Multi-Asset
Investing
Total
Beginning Balance
$
277,503
$
255,841
$
313,255
$
90,998
$
937,596
$
285,827
$
232,160
$
288,931
$
80,196
$
887,114
Inflows
6,090
15,363
17,225
4,613
43,291
21,183
51,975
79,237
15,987
168,382
Outflows
(1,106
)
(4,117
)
(5,256
)
(2,122
)
(12,601
)
(6,083
)
(14,934
)
(19,381
)
(7,612
)
(48,010
)
Net Flows
4,985
11,246
11,969
2,490
30,690
15,101
37,041
59,856
8,375
120,372
Realizations
(4,474
)
(4,559
)
(8,037
)
(677
)
(17,747
)
(24,003
)
(19,222
)
(36,114
)
(3,178
)
(82,518
)
Market Activity
(593
)
5,289
1,054
5,303
11,053
496
17,839
5,568
12,721
36,624
Ending Balance
$
277,420
$
267,818
$
318,241
$
98,114
$
961,593
$
277,420
$
267,818
$
318,241
$
98,114
$
961,593
% Change
(0)%
5%
2%
8%
3%
(3)%
15%
10%
22%
8%
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments),
Second-quarter 2026 results; fee-earning AUM rollforward for three and twelve months ended June 30, 2026, dollars in millions; inflow definition begins · Filed 23/07/2026
purchases, inter-segment allocations and acquisitions.
Second-quarter 2026 results; continuation of inflow definition · Filed 23/07/2026
Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).
Second-quarter 2026 results; outflow definition · Filed 23/07/2026
Condensed Consolidated Statements of Cash Flows (Unaudited) (Dollars in Thousands) $ $ Six Months Ended June 30, 2026 2025 Operating Activities Net Income $ 3,613,973 $ 2,834,907 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Net Realized Gains on Investments (2,937,722 ) (1,905,804 ) Changes in Unrealized Gains on Investments (207,451 ) (632,886 ) Non-Cash Performance Allocations (870,592 ) (576,484 ) Non-Cash Performance Allocations and Incentive Fee Compensation 1,428,628 953,235 Equity-Based Compensation Expense 915,468 783,445 Amortization of Intangibles 18,072 17,949 Other Non-Cash Amounts Included in Net Income (263,024 ) 136,035 Cash Flows Due to Changes in Operating Assets and Liabilities Cash Acquired with Consolidation of Fund Entities 830 — Cash Relinquished with Deconsolidation of Fund Entities (12,946 ) (65,803 ) Accounts Receivable (402,662 ) (117,317 ) Due from Affiliates 476,083 241,640 Other Assets 194,767 118,683 Accrued Compensation and Benefits (953,907 ) (705,817 ) Accounts Payable, Accrued Expenses and Other Liabilities 166,094 (23,200 ) Due to Affiliates 10,999 (150,153 ) Investments Purchased (1,417,701 ) (2,351,387 ) Cash Proceeds from Sale of Investments 3,173,541 3,440,678 Net Cash Provided by Operating Activities 2,932,450 1,997,721 Investing Activities Purchase of Furniture, Equipment and Leasehold Improvements (65,372 ) (69,424 ) Net Cash Used in Investing Activities (65,372 ) (69,424 ) Financing Activities Distributions to Non-Controlling Interest Holders in Consolidated Entities (839,320 ) (481,852 ) Contributions from Non-Controlling Interest Holders in Consolidated Entities 733,252 1,845,102 Payments Under Tax Receivable Agreement (63,820 ) (43,954 ) Net Settlement of Vested Common Stock and Repurchase of Common Stock (108,558 ) (135,363 ) Proceeds from Loans Payable 1,637,859 1,024,556 continued… See notes to condensed consolidated financial statements.
June 2026 Form 10-Q; consolidated cash flows for six months ended June 30, 2026 and 2025, dollars in thousands · Filed 07/08/2026
Condensed Consolidated Statements of Cash Flows (Unaudited) (Dollars in Thousands) $ $ Six Months Ended June 30, 2026 2025 Financing Activities (Continued) Repayment and Repurchase of Loans Payable $ (851,318 ) $ (706,362 ) Dividends/Distributions to Stockholders and Unitholders (3,446,832 ) (3,074,008 ) Net Cash Used in Financing Activities (2,938,737 ) (1,571,881 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other (9,720 ) 16,841 Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other Net Increase (Decrease) (81,379 ) 373,257 Beginning of Period 2,854,682 2,176,192 End of Period $ 2,773,303 $ 2,549,449 Supplemental Disclosure of Cash Flows Information Payments for Interest $ 261,314 $ 248,437 Payments for Income Taxes $ 141,294 $ 296,994 Supplemental Disclosure of Non-Cash Investing and Financing Activities Non-Cash Contributions from Non-Controlling Interest Holders $ 8,994 $ 8,299 Non-Cash Distributions to Non-Controlling Interest Holders $ (9,241 ) $ (9,551 ) Transfer of Interests to Non-Controlling Interest Holders $ (42,613 ) $ 1,626 Net Settlement of Vested Common Stock $ 601,407 $ 580,665 Deferred Tax Asset Increase from Equity Transactions $ 77,800 $ 255,309 Due to Affiliates Increase Related to the Impact of Conversions on Tax Receivable Agreements $ 56,796 $ 199,908 The following table provides a reconciliation of Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other reported within the Condensed Consolidated Statements of Financial Condition: $ $ June 30, 2026 December 31, 2025 Cash and Cash Equivalents $ 2,507,073 $ 2,631,241 Cash Held by Blackstone Funds and Other 266,230 223,441 $ 2,773,303 $ 2,854,682 See notes to condensed consolidated financial statements.
June 2026 Form 10-Q; consolidated cash-flow continuation, distributions, debt repayments and cash reconciliation, dollars in thousands · Filed 07/08/2026
Most of our current senior managing directors and other senior personnel have equity interests in our business that entitle such personnel to cash distributions.
2025 Form 10-K; actual senior-personnel equity interests · Filed 27/02/2026
Baratta was granted 51,216 shares of deferred restricted common stock with a grant date fair value of $8,019,401, reflecting 100% of his annual bonus payment mandatorily deferred into deferred restricted common stock pursuant to the Bonus Deferral Plan.
2025 Form 10-K; executed Baratta annual-bonus stock deferral · Filed 27/02/2026
The ultimate bonus payments that are made are fully discretionary as further discussed below under “—Determination of Incentive Compensation.”
2025 Form 10-K; discretion over ultimate bonus payments · Filed 27/02/2026
Additionally, for some of the general partner commitments shown in the table above, we require our senior managing directors and certain other professionals to fund a portion of the commitment even though the ultimate obligation to fund the aggregate commitment is ours pursuant to the governing agreements of the respective funds.
June 2026 Form 10-Q; professional funding obligations and Blackstone’s ultimate GP commitment responsibility · Filed 07/08/2026
Because the publicly traded entity and/or its wholly owned subsidiaries must pay taxes and make payments under the tax receivable agreements, the amounts ultimately paid as dividends by Blackstone to common stockholders in respect of each fiscal year are generally expected to be less, on a per share or per unit basis, than the amounts distributed by the Blackstone Holdings Partnerships to the Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships in respect of their Blackstone Holdings Partnership Units.
June 2026 Form 10-Q; common-stockholder versus partnership-unit distribution economics · Filed 07/08/2026
To further corroborate results, each business unit also generally obtains either a positive assurance opinion or a range of value from an independent valuation party, at least annually for internally prepared valuations for investments that have been held by Blackstone Funds and investment vehicles for greater than a year and quarterly for certain investments.
June 2026 Form 10-Q; independent corroboration of internally prepared valuations · Filed 07/08/2026
Each quarter, the valuation process is also reviewed by the audit committee of our board of directors, which is comprised of our non-employee directors.
June 2026 Form 10-Q; quarterly audit-committee valuation review · Filed 07/08/2026
The significant voting power of holders of our Series I preferred stock and Series II preferred stock may limit the ability of holders of our common stock to influence our business.
2025 Form 10-K; preferred-stock voting power and common-holder influence · Filed 27/02/2026
Regulated Entities
Certain U.S. and
non-U.S.
2025 Form 10-K; regulated-entity scope introduction · Filed 27/02/2026
entities are subject to various investment adviser and other financial regulatory rules and requirements that may include minimum net capital requirements.
2025 Form 10-K; applicable financial regulatory and minimum net-capital requirements · Filed 27/02/2026
These entities have continuously operated in excess of these requirements.
2025 Form 10-K; reported continuous operation above applicable requirements · Filed 27/02/2026
These regulatory capital requirements may restrict Blackstone’s ability to withdraw capital from its entities.
2025 Form 10-K; restrictions on withdrawing regulated-entity capital · Filed 27/02/2026
At December 31
, 2025
, $
116.2
million of net assets of consolidated entities may be restricted as to the payment of cash dividends and advances to Blackstone.
2025 Form 10-K; December 31, 2025 restricted net assets, dollars in millions · Filed 27/02/2026
(Dollars in Thousands, Except Share Data)
$
$
June 30,
2026
December 31,
2025
Assets
Cash and Cash Equivalents
$
2,507,073
$
2,631,241
Cash Held by Blackstone Funds and Other
266,230
223,441
Investments
34,587,729
32,212,111
Accounts Receivable
692,055
291,758
Due from Affiliates
6,218,066
6,357,462
Intangible Assets, Net
113,288
131,359
Goodwill
1,890,202
1,890,202
Other Assets
996,506
1,157,719
Right-of-Use
Assets
743,127
757,459
Deferred Tax Assets
1,877,944
2,056,223
Total Assets
$
49,892,220
$
47,708,975
June 2026 Form 10-Q; consolidated financial-condition table heading, dates and dollar units · Filed 07/08/2026
Common Stock, $0.00001 par value, 90 billion shares authorized, (752,601,287 shares issued and outstanding as of June 30, 2026; 748,688,068 shares issued and outstanding as of December 31, 2025)
7
7
Series I Preferred Stock, $0.00001 par value, 999,999,000 shares authorized, 1 share issued and outstanding as of June 30, 2026 and December 31, 2025)
—
—
Series II Preferred Stock, $0.00001 par value, 1,000 shares authorized, 1 share issued and outstanding as of June 30, 2026 and December 31, 2025)
—
—
Additional
Paid-in-Capital
9,051,771
8,479,886
Retained Earnings (Deficit)
(18,646
)
191,641
Accumulated Other Comprehensive Loss
(18,589
)
(6,008
)
Total Stockholders’ Equity of Blackstone Inc.
June 2026 Form 10-Q; consolidated financial-condition continuation, issued shares and issuer-equity heading · Filed 07/08/2026
9,014,543
8,665,526
Non-Controlling
Interests in Consolidated Entities
7,104,291
7,224,211
Non-Controlling
Interests in Blackstone Holdings
4,943,311
4,610,932
Total Equity
21,062,145
20,500,669
Total Liabilities and Equity
$
49,892,220
$
47,708,975
June 2026 Form 10-Q; issuer stockholders’ equity and consolidated total equity, June 30, 2026 versus December 31, 2025 · Filed 07/08/2026
$
$
$
$
June 30, 2026
Consolidated
Operating
Partnerships
Consolidated
Blackstone
Funds (a)
Reclasses and
Eliminations
Consolidated
Assets
Cash and Cash Equivalents
$
2,507,073
$
—
$
—
$
2,507,073
Cash Held by Blackstone Funds and Other
—
266,230
—
266,230
Investments
30,308,780
5,233,815
(954,866
)
34,587,729
Accounts Receivable
689,778
2,277
—
692,055
Due from Affiliates
5,948,781
336,435
(67,150
)
6,218,066
Intangible Assets, Net
113,288
—
—
113,288
Goodwill
1,890,202
—
—
1,890,202
Other Assets
992,140
4,366
—
996,506
Right-of-Use
Assets
743,127
—
—
743,127
Deferred Tax Assets
1,877,944
—
—
1,877,944
Total Assets
$
45,071,113
$
5,843,123
$
(1,022,016
)
$
49,892,220
Liabilities and Equity
Loans Payable
$
13,070,834
$
123,896
$
—
$
13,194,730
Due to Affiliates
3,339,203
214,676
(69,523
)
3,484,356
Accrued Compensation and Benefits
6,844,156
—
—
6,844,156
Operating Lease Liabilities
832,586
—
—
832,586
Accounts Payable, Accrued Expenses and Other Liabilities
3,036,983
66,181
—
3,103,164
Total Liabilities
27,123,762
404,753
(69,523
)
27,458,992
Redeemable
Non-Controlling
Interests in Consolidated Entities
7
1,371,076
—
1,371,083
Equity
Common Stock
7
—
—
7
Series I Preferred Stock
—
—
—
—
Series II Preferred Stock
—
—
—
—
Additional
Paid-in-Capital
9,051,771
926,548
(926,548
)
9,051,771
Retained Earnings (Deficit)
(18,646
)
25,945
(25,945
)
(18,646
)
Accumulated Other Comprehensive Income (Loss)
(51,511
)
32,922
—
(18,589
)
Non-Controlling
Interests in Consolidated Entities
4,022,412
3,081,879
—
7,104,291
Non-Controlling
Interests in Blackstone Holdings
4,943,311
—
—
4,943,311
June 2026 Form 10-Q; supplemental June 30, 2026 balance sheet separating operating partnerships, Blackstone Funds and eliminations · Filed 07/08/2026
Senior Managing Directors
and Certain Other
Professionals (b)
Fund
Original
Commitment
Remaining
Commitment
Original
Commitment
Remaining
Commitment
(Dollars in Thousands)
Multi-Asset Investing
Strategic Alliance III
$
22,000
$
24,263
$
—
$
—
Strategic Alliance IV
15,000
9,287
—
—
Dislocation
20,000
12,156
—
—
Other (c)
4,746
1,847
—
—
Total Multi-Asset Investing
61,746
47,553
—
—
Other
Treasury (d)
1,889,212
1,597,241
—
—
$
13,592,897
$
5,904,553
$
5,229,121
$
2,279,326
(a)
We expect our commitments to be drawn down over time and to be funded by available cash and cash generated from operations and realizations.
June 2026 Form 10-Q; commitment-table totals and funding footnote, dollars in thousands · Filed 07/08/2026
(d)
Represents loan origination commitments, revolver commitments and capital market commitments.
June 2026 Form 10-Q; Treasury commitment definition · Filed 07/08/2026
L.L.C. (each an “Issuer” and together the “Issuers”), both indirect subsidiaries of Blackstone, had issued and outstanding the following senior notes (collectively the “Notes”):
$
Senior Notes (a)
Aggregate
Principal
Amount
(Dollars/Euros
in Thousands)
1.000%, Due 10/5/2026
€
600,000
3.150%, Due 10/2/2027
$
300,000
5.900%, Due 11/3/2027
$
600,000
1.625%, Due 8/5/2028
$
650,000
1.500%, Due 4/10/2029
€
600,000
2.500%, Due 1/10/2030
$
500,000
4.300%, Due 11/3/2030 (b)
$
600,000
1.600%, Due 3/30/2031
$
500,000
2.000%, Due 1/30/2032
$
800,000
2.550%, Due 3/30/2032
$
500,000
6.200%, Due 4/22/2033
$
900,000
3.500%, Due 6/1/2034
€
500,000
5.000%, Due 12/6/2034 (b)
$
750,000
4.950%, Due 2/15/2036 (b)
$
600,000
6.250%, Due 8/15/2042
$
250,000
5.000%, Due 6/15/2044
$
500,000
4.450%, Due 7/15/2045
$
350,000
4.000%, Due 10/2/2047
$
300,000
3.500%, Due 9/10/2049
$
400,000
2.800%, Due 9/30/2050
$
400,000
2.850%, Due 8/5/2051
$
550,000
3.200%, Due 1/30/2052
$
1,000,000
$
12,391,740
(a)
The Notes are unsecured and unsubordinated obligations of the Issuers, as applicable, and are fully and unconditionally guaranteed, jointly and severally, by Blackstone Inc.
June 2026 Form 10-Q; senior-note principal, currencies, coupons, maturities and guarantee footnote · Filed 07/08/2026
and each of the Blackstone Holdings Partnerships (the “Guarantors”).
June 2026 Form 10-Q; continuation identifying senior-note guarantors · Filed 07/08/2026
L.L.C., has a $4.325 billion unsecured Revolving Credit Facility with Citibank, N.A., as administrative agent with a maturity date of October 16, 2030.
June 2026 Form 10-Q; revolving facility size and October 16, 2030 maturity · Filed 07/08/2026
As of June 30, 2026, Blackstone had $800.0 million of outstanding borrowings under the Revolving Credit Facility.
June 2026 Form 10-Q; June 30, 2026 revolving borrowings · Filed 07/08/2026
Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly.
June 2026 Form 10-Q; quarterly leverage and fee-earning AUM covenants · Filed 07/08/2026
For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for
non-performance
and liquidity risks.
June 2026 Form 10-Q; valuation judgment, non-performance and liquidity risks · Filed 07/08/2026
The
Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone Europe LLP.
2025 Form 10-K; operating-partnership employee-loan guarantees · Filed 27/02/2026
The amount guaranteed as of December 31
, 2025
was $
82.0
million.
2025 Form 10-K; December 31, 2025 employee-loan guarantee amount · Filed 27/02/2026
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
For each such arrangement, an asset or liability is recognized b
ase
d on fair value with the maximum potential future obligation in respect of the target return capped at the fair value of the assets pledged by Blackstone in connection with the respective arrangement.
2025 Form 10-K; strategic-venture fair-value accounting and pledged-asset obligation cap · Filed 27/02/2026
As of December 31, 2025, across both arrangements, the fair value of the total assets pledged was $1.5 billion and the total liability recognized was $1.1 billion.
2025 Form 10-K; December 31, 2025 strategic-venture pledged assets and recognized liability · Filed 27/02/2026
We draw primarily on the long-term committed or invested capital of investors in our investment vehicles to fund the investment requirements of the Blackstone Funds and use our own realizations and cash flows to invest in growth initiatives, make commitments to our own funds, where our minimum general partner commitments are generally less than 5% of the limited partner commitments of a fund, and pay dividends to stockholders and distributions to holders of Holdings Units.
June 2026 Form 10-Q; client-funded investments, corporate cash uses and minimum GP commitments · Filed 07/08/2026
During the three and six months ended June 30, 2026, Blackstone repurchased 0.2 million and 0.4 million shares of common stock, pursuant to its repurchase program, at a total cost of $24.0 million and $48.4 million, respectively.
June 2026 Form 10-Q; actual quarterly and six-month common-share repurchases · Filed 07/08/2026
§
Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders.
Second-quarter 2026 results; pro-rata retained-capital treatment · Filed 23/07/2026
Common shareholders’ share was $184 million for 2Q’26 and $341 million for
2Q’26 YTD.
Second-quarter 2026 results; actual common-shareholder retained capital for quarter and YTD · Filed 23/07/2026
