Blackstone Inc.

Listed Company

BXCIK 0001393818NYSELarge AcceleratedInvestment AdviceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$14.45B

Net Income

$3.02B

Total Assets

$47.71B

Equity

$8.67B

Shares Out

742.18M

Op. Cash Flow

$4.66B

+ 13F Filer+ Insider

Business

Blackstone Inc. is a global alternative asset manager that seeks to deliver returns for institutional and individual investors by investing across asset classes and strengthening portfolio companies and assets. It offers investment products and services including real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, hedge funds, REITs, CLOs, BDCs, registered funds and separately managed accounts. Its business is organized into four primary segments: Real Estate, Private Equity, Credit & Insurance and Multi‑Asset Investing. Blackstone distributes products globally through institutional channels and private wealth distribution platforms across the U.S., Europe, Asia and other regions.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Realized	3,662	3,458	2,224	5,382	5,653
Unrealized	643	371	−1,692	−3,435	8,675
Realized	698	332	304	850	1,004
Unrealized	248	381	−603	−1,564	1,456
Total Investment Income	5,251	4,542	233	1,233	16,789
Interest and Dividend Revenue	416	411	516	272	161
Other	−271	124	−93	185	203
Total Revenues	14,450	13,230	8,023	8,518	22,577
Compensation	3,671	3,048	2,785	2,570	2,162
Incentive Fee Compensation	275	374	281	208	98
Realized	1,297	1,432	901	2,225	2,312
Unrealized	377	140	−654	−1,471	3,778
Total Compensation and Benefits	5,621	4,994	3,313	3,532	8,350
General, Administrative and Other	1,525	1,362	1,117	1,093	918
Interest Expense	508	444	432	317	198
Fund Expenses	49	20	119	31	10
Total Expenses	7,703	6,819	4,981	4,973	9,477
Change in Tax Receivable Agreement Liability	7	−41	−27	22	−3
Net Gains (Losses) from Fund Investment Activities	417	90	−57	−105	462
Total Other Income (Loss)	424	49	−84	−83	459
Income Before Provision for Taxes	7,172	6,459	2,958	3,462	13,559
Provision for Taxes	1,125	1,022	513	473	1,184
Net Income	6,047	5,438	2,444	2,989	12,375
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	46	−61	−246	−143	6
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	661	474	224	108	1,625
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	2,321	2,249	1,075	1,276	4,887
Net Income Attributable to Blackstone Inc.	3,019	2,777	1,391	1,748	5,857
Basic (per share)	3.87	3.62	1.84	2.36	8.14
Diluted (per share)	3.87	3.62	1.84	2.36	8.13
Basic (shares)	780	766	755	741	720
Diluted (shares)	780	767	755	741	720

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and Cash Equivalents	2,631	1,972	2,956	4,252	2,120
Cash Held by Blackstone Funds and Other	223	204	316	242	80
Investments	32,212	29,801	26,147	27,553	28,665
Accounts Receivable	292	238	193	463	637
Due from Affiliates	6,357	5,409	4,467	4,147	—
Intangible Assets, Net	131	165	201	217	284
Goodwill	1,900	1,900	1,900	1,900	1,900
Other Assets	1,158	948	945	800	493
Right-of-Use Assets	757	839	841	897	789
Deferred Tax Assets	2,056	2,004	2,331	2,063	1,582
Total Assets	47,709	43,470	40,288	42,524	41,196
Loans Payable	12,445	11,321	11,304	12,350	7,748
Due to Affiliates	3,224	2,808	2,393	2,118	—
Accrued Compensation and Benefits	6,411	6,088	5,248	6,102	7,905
Operating Lease Liabilities	861	966	990	1,021	908
Accounts Payable, Accrued Expenses and Other Liabilities	2,886	2,792	2,277	1,252	937
Total Liabilities	25,828	23,975	22,212	22,843	19,490
Commitments and Contingencies	—	—	—	—	—
Redeemable Non-Controlling Interests in Consolidated Entities	1,381	801	1,179	1,715	68
Common Stock, $0.00001 par value, 90 billion shares authorized, (748,688,068 shares issued and outstanding as of December 31, 2025; 731,925,965 shares issued and outstanding as of December 31, 2024)	7,000	7,000	7,000	7,000	7,000
Additional Paid-in-Capital	8,480	7,445	6,175	5,935	5,795
Retained Earnings	192	808	661	1,748	3,648
Accumulated Other Comprehensive Loss	−6	−40	−19	−27	−20
Total Stockholders' Equity of Blackstone Inc.	8,666	8,212	6,817	7,656	9,423
Non-Controlling Interests in Consolidated Entities	7,224	6,155	5,177	5,056	5,601
Non-Controlling Interests in Blackstone Holdings	4,611	4,326	4,902	5,254	6,614
Total Equity	20,501	18,694	16,896	17,966	21,638
Total Liabilities and Equity	47,709	43,470	40,288	42,524	41,196

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net Realized Gains on Investments	−4,820	−4,173	−2,990	−6,474	−6,950
Changes in Unrealized (Gains) Losses on Investments	−488	−487	684	1,828	−1,749
Non-Cash Performance Allocations	−643	−371	1,692	3,435	−8,675
Non-Cash Performance Allocations and Incentive Fee Compensation	1,949	1,942	473	931	6,160
Equity-Based Compensation Expense	1,400	1,200	988	846	637
Amortization of Intangibles	36	36	40	67	75
Other Non-Cash Amounts Included in Net Income	4	−445	−835	−1,341	−78
Cash Acquired with Consolidation of Fund Entities	0	40	0	32	—
Cash Relinquished with Deconsolidation of Fund Entities	−69	−113	−114	0	0
Accounts Receivable	−212	−78	238	178	288
Due from Affiliates	−186	−387	332	654	−1,125
Other Assets	−166	−560,000	−47	−27	−5
Accrued Compensation and Benefits	−1,494	−1,212	−1,072	−2,197	−1,693
Accounts Payable, Accrued Expenses and Other Liabilities	514	195	−40	158	111
Due to Affiliates	−124	17	86	117	82
Investments Purchased	−3,807	−2,430	−5,010	−5,229	−7,440
Cash Proceeds from Sale of Investments	6,679	4,343	7,189	10,368	11,971
Net Cash Provided by Operating Activities	4,663	3,482	4,057	6,336	3,986
Purchase of Furniture, Equipment and Leasehold Improvements	−116	−61	−224	−235	−64
Net Cash Paid for Acquisitions, Net of Cash Acquired	0	0	−5	0	0
Net Cash Used in Investing Activities	−116	−61	−230	−235	−64
Distributions to Non-Controlling Interest Holders in Consolidated Entities	−1,035	−874	−1,004	−1,272	−1,348
Contributions from Non-Controlling Interest Holders in Consolidated Entities	2,525	907	708	1,268	1,275
Payments Under Tax Receivable Agreement	−44	−88	−65	−47	−51
Net Settlement of Vested Common Stock and Repurchase of Common Stock	−312	−661	−418	−466	−1,273
Proceeds from Loans Payable	2,814	741	495	3,522	2,223
Repayment and Repurchase of Loans Payable	−1,813	−103	−502	−281	0
Dividends/Distributions to Stockholders and Unitholders	−6,013	−4,424	−4,268	−6,519	−4,603
Net Cash Used in Financing Activities	−3,879	−4,502	−5,054	−3,794	−3,777
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	10	−15	5	−12	−10
Net Increase (Decrease)	678	−1,096	−1,222	2,294	135
Payments for Interest	464	407	400	262	194
Payments for Income Taxes	563	647	569	683	701
Non-Cash Contributions from Non-Controlling Interest Holders	16	101	22	34	12
Non-Cash Distributions to Non-Controlling Interest Holders	−16	−2	−105	0	0
Notes Issuance Costs	10	6	0	30	17
Transfer of Interests to Non-Controlling Interest Holders	−499,000	−9	−8	−11	−3
Net Settlement of Vested Common Stock	1,402	972	681	387	220
Deferred Tax Asset Increase (Decrease) from Equity Transactions	490	−26	−117	—	—
Due to Affiliates Increase Related to the Impact of Conversions on Tax Receivable Agreements	279	209	115	—	—

Filings

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Insiders

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Holdings (13F)

Portfolio as of 2026-01-14 · 260 positions

Reported AUM

$39.40B

Holdings

260

Top sector

$39.40B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$39.40B	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
CHENIERE ENERGY PARTNERS LP	—	203.50M	$11.47B	29.1%
GATES INDL CORP PLC	—	162.06M	$2.44B	6.2%
FIRSTENERGY CORP	—	28.83M	$1.32B	3.4%
CHANGE HEALTHCARE INC	—	59.05M	$1.29B	3.3%
ENERGY TRANSFER L P	—	102.37M	$1.15B	2.9%
CHESAPEAKE ENERGY CORP	—	13.02M	$1.13B	2.9%
DIAMONDBACK ENERGY INC	—	7.93M	$1.09B	2.8%
CHENIERE ENERGY INC	—	7.35M	$1.02B	2.6%
MPLX LP	—	30.32M	$1.01B	2.5%
MPLX LP	—	28.25M	$937.17M	2.4%

Insider Activity

Person — Blackstone Inc.

CIK: 0001393818
Insider filer: Yes

Positions

Company	Ticker	Role	Title	Tenure
Medline Inc.	MDLN	ten_percent	—	2026-06-01
Blackstone Private Real Estate Credit & Income Fund	NONE	ten_percent	—	2025-04-15 → 2026-02-24
Loar Holdings Inc.	LOAR	ten_percent	—	2025-06-11
TaskUs, Inc.	TASK	ten_percent	—	2021-06-11 → 2025-05-28
Blackstone Private Multi-Asset Credit & Income Fund	BMACX	ten_percent	—	2025-03-10
Kinetik Holdings Inc.	KNTK	ten_percent	—	2022-03-04 → 2024-10-28
Hamilton Insurance Group, Ltd.	HG	ten_percent	—	2023-11-27
PATTERSON UTI ENERGY INC	PTEN	ten_percent	—	2023-08-17 → 2023-09-12
APi Group Corp	APG	other	—	2023-08-16
Viper Energy Partners LP	VNOM	ten_percent	—	2022-01-11 → 2023-04-20
Cheniere Energy Partners, L.P.	CQP	ten_percent	—	2020-03-18 → 2023-04-04
Bumble Inc.	BMBL	ten_percent	—	2021-02-18 → 2023-03-08
Sitio Royalties Corp.	STR	ten_percent	—	2022-12-29
Change Healthcare Inc.	CHNG	ten_percent	—	2022-10-05
CHESAPEAKE ENERGY CORP	CHK	ten_percent	—	2022-04-20
Apria, Inc.	APR	ten_percent	—	2021-02-11 → 2022-03-29
Custom Truck One Source, Inc.	CTOS	other	—	2022-02-18
Praxis Precision Medicines, Inc.	PRAX	ten_percent	—	2021-10-05
Cryoport, Inc.	CYRX	ten_percent	—	2020-10-13 → 2021-08-26
Gates Industrial Corp plc	GTES	ten_percent	—	2019-08-26 → 2021-08-18
Imago BioSciences, Inc.	IMGO	ten_percent	—	2021-07-15 → 2021-07-20
Alight Group, Inc.	ALIT	ten_percent	—	2021-07-12
Ellington Residential Mortgage REIT	EARN	ten_percent	—	2018-11-15 → 2021-06-21
Tradeweb Markets Inc.	TW	ten_percent	—	2021-02-02
Blackstone Real Estate Income Fund II	—	ten_percent	—	2014-04-03 → 2021-01-26
Blackstone Real Estate Income Fund	—	other	—	2021-01-26
FGL Holdings	FG	ten_percent	—	2018-04-05 → 2020-06-03
Vivint Smart Home, Inc.	VVNT	ten_percent	—	2020-01-27
Tallgrass Energy, LP	TGE	ten_percent	—	2019-03-18 → 2019-06-12
Forty Seven, Inc.	FTSV	ten_percent	—	2019-01-15
Westlake Chemical Partners LP	WLKP	ten_percent	—	2017-10-26
C&J Energy Services, Inc.	CJES	ten_percent	—	2017-04-14
Park Hotels & Resorts Inc.	PK	ten_percent	—	2017-03-17
Hilton Grand Vacations Inc.	HGV	ten_percent	—	2017-03-17
Sanchez Energy Corp	SN	ten_percent	—	2017-03-13
CVR PARTNERS, LP	UAN	ten_percent	—	2016-12-13 → 2017-01-31
Hudson Pacific Properties, Inc.	HPP	ten_percent	—	2016-07-21 → 2016-11-30
ESH Hospitality, Inc.	NONE	ten_percent	—	2016-10-06
Catalent, Inc.	CTLT	ten_percent	—	2015-06-11 → 2016-09-13
ZIMMER BIOMET HOLDINGS, INC.	ZBH	ten_percent	—	2015-06-26 → 2016-02-12
NCR CORP	NCR	ten_percent	—	2016-01-05
Performance Food Group Co	PFGC	ten_percent	—	2015-10-01
La Quinta Holdings Inc.	LQ	ten_percent	—	2015-04-07
Summit Materials, Inc.	SUM	ten_percent	—	2015-03-12
Pinnacle Foods Inc.	PF	ten_percent	—	2014-11-25
Hilton Worldwide Holdings Inc.	HLT	ten_percent	—	2014-11-10
Extended Stay America, Inc.	STAY	ten_percent	—	2014-08-13
PBF Energy Inc.	PBF	ten_percent	—	2014-06-18
CROSSTEX ENERGY INC	XTXI	ten_percent	—	2014-03-18
Nielsen Holdings N.V.	NLSN	ten_percent	—	2014-03-12
EASTMAN KODAK CO	EK	ten_percent	—	2013-10-03
KNIGHT CAPITAL GROUP, INC.	KCG	ten_percent	—	2012-08-21
CHENIERE ENERGY INC	LNG	ten_percent	—	2011-07-20
CROSSTEX ENERGY LP	XTEX	ten_percent	—	2010-06-03 → 2010-11-19
TRW AUTOMOTIVE HOLDINGS CORP	TRW	ten_percent	—	2010-09-13
Vitamin Shoppe, Inc.	VSI	ten_percent	—	2010-05-26