Blackstone Inc 8-K/A, filed Oct 23, 2025

Blackstone Inc. (BX)

8-K/A 2025-10-23 For: 2025-10-23

View Original

Added on April 10, 2026

About this 8-K/A

Blackstone Inc filed this 8-K/A on October 23, 2025.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Exhibit No.		Description

99.1		Press release of Blackstone Inc. dated October 23, 2025.

104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


Name:		Michael S. Chae
Title:		Chief Financial Officer



($ 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


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) § Net 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 § Deployment 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 § $1.6 billion to be distributed to shareholders with respect to the third quarter and $6.2 billion over the LTM through dividends and share repurchases



							% 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%



	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%



	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



							% 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-Earning AUM	$	285,488,072		$	282,579,289		(1)%	$	285,488,072		$	282,579,289		(1)%



($ 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-Earning Assets Under Management	$	820,457,203		$	830,708,603		$	860,069,950		$	887,114,205		$	906,221,028		$	820,457,203		$	906,221,028



	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%



($ 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



			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)%



($/€ 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)
	Committed Capital		Available Capital (b)		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’l I-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-Investment and 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%



Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.		Blackstone \| 24



	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 to Non-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



By:		/s/ Michael S. Chae



($ 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

Redeemable Non-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