$BX

Blackstone Group L.P.

CIK:0001393818|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Performance Allocations
Realized	$ 1,365,175	$ 829,820	$ 2,468,348	$ 1,391,870
Unrealized	587,140	313,283	870,592	576,484
Principal Investments
Realized	105,585	97,171	248,605	282,713
Unrealized	414,821	365,391	29,819	524,104
Total Investment Income	2,472,721	1,605,665	3,617,364	2,775,171
Interest and Dividend Revenue	134,224	100,389	242,164	197,809
Other	11,947	(225,063)	62,920	(298,673)
Total Revenues	5,043,978	3,711,900	8,661,573	7,001,358
Expenses
Compensation	963,026	870,358	2,129,923	1,899,720
Incentive Fee Compensation	49,716	67,363	104,084	124,392
Performance Allocations Compensation
Realized	565,264	331,191	998,713	573,081
Unrealized	236,129	152,618	325,830	256,177
Total Compensation and Benefits	1,814,135	1,421,530	3,558,550	2,853,370
General, Administrative and Other	409,110	360,817	781,931	693,190
Interest Expense	145,023	135,822	282,076	253,937
Fund Expenses	7,344	14,434	15,348	26,538
Total Expenses	2,375,612	1,932,603	4,637,905	3,827,035
Other Income
Net Gains from Fund Investment Activities	140,086	136,330	239,841	193,905
Total Other Income	140,086	136,330	239,841	193,905
Income Before Provision for Taxes	2,808,452	1,915,627	4,263,509	3,368,228
Provision for Taxes	452,386	289,494	649,536	533,321
Net Income	2,356,066	1,626,133	3,613,973	2,834,907
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	5,154	18,209	26,164	26,109
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	175,649	240,836	293,016	341,383
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	946,074	602,844	1,415,875	1,088,319
Net Income Attributable to Blackstone Inc.	$ 1,229,189	$ 764,244	$ 1,878,918	$ 1,379,096
Net Income Per Share of Common Stock
Basic	$ 1.54	$ 0.98	$ 2.37	$ 1.77
Diluted	$ 1.54	$ 0.98	$ 2.37	$ 1.77
Weighted-Average Shares of Common Stock Outstanding
Basic	799,882,459	782,386,121	792,647,549	777,120,501
Diluted	799,897,435	782,401,237	793,137,073	777,447,168
Management and Advisory Fees, Net
Revenues
Revenues	$ 2,266,006	$ 2,035,495	$ 4,414,626	$ 3,939,812
Incentive Fees
Revenues
Revenues	$ 159,080	$ 195,414	$ 324,499	$ 387,239

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 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	0
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
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

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 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
Liabilities and Equity
Loans Payable	13,194,730	12,445,144
Due to Affiliates	3,484,356	3,224,432
Accrued Compensation and Benefits	6,844,156	6,411,389
Operating Lease Liabilities	832,586	861,021
Accounts Payable, Accrued Expenses and Other Liabilities	3,103,164	2,885,817
Total Liabilities	27,458,992	25,827,803
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	1,371,083	1,380,503
Stockholders' Equity of Blackstone Inc.
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
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.	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
Series I Preferred Stock
Stockholders' Equity of Blackstone Inc.
Preferred Stock, Value, Issued	0	0
Series II Preferred Stock
Stockholders' Equity of Blackstone Inc.
Preferred Stock, Value, Issued	$ 0	$ 0