7.	Fair Value Measurements of Financial Instruments

Financial Assets and Liabilities by the Fair Value Hierarchy

The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy:


	December 31, 2025
	Level I		Level II		Level III		NAV (a)		Total
Assets
Cash and Cash Equivalents	$	182,131	$	—	$	—	$	—	$	182,131

Investments
Investments of Consolidated Blackstone Funds
Equity Securities, Partnerships and LLC Interests (b)		7,616		197,396		4,103,478		819,419		5,127,909
Debt Instruments		—		19,578		20,612		—		40,190
Freestanding Derivatives		—		12,780		—		—		12,780

Total Investments of Consolidated Blackstone Funds		7,616		229,754		4,124,090		819,419		5,180,879
Corporate Treasury Investments		74,930		42,675		181,052		61,000		359,657
Other Investments		2,207,914		4,313,592		198,393		15,808		6,735,707

Total Investments		2,290,460		4,586,021		4,503,535		896,227		12,276,243

Accounts Receivable — Loans and Receivables		—		—		205,158		—		205,158

Other Assets — Freestanding Derivatives		—		131,193		3,364		—		134,557

	$	2,472,591	$	4,717,214	$	4,712,057	$	896,227	$	12,798,089

Liabilities
Accounts Payable, Accrued Expenses and Other Liabilities
Consolidated Blackstone Funds — Freestanding Derivatives		—		12,780		—		—		12,780
Freestanding Derivatives		—		114,612		1,124,147		—		1,238,759
Contingent Consideration		—		—		416		—		416
Corporate Treasury Commitments		—		—		181		—		181
Securities Sold, Not Yet Purchased		1,978		—		—		—		1,978

Total Accounts Payable, Accrued Expenses and Other Liabilities		1,978		127,392		1,124,744		—		1,254,114

	$	1,978	$	127,392	$	1,124,744	$	—	$	1,254,114


	December 31, 2024
	Level I		Level II		Level III		NAV		Total
Assets
Cash and Cash Equivalents	$	60,799	$	—	$	—	$	—	$	60,799

Investments
Investments of Consolidated Blackstone Funds
Equity Securities, Partnerships and LLC Interests (b)		12,076		155,316		3,158,254		473,496		3,799,142
Debt Instruments		—		63,159		15,188		—		78,347
Freestanding Derivatives		—		13,243		—		—		13,243

Total Investments of Consolidated Blackstone Funds		12,076		231,718		3,173,442		473,496		3,890,732
Corporate Treasury Investments		67,729		565,968		450,345		63,286		1,147,328
Other Investments		2,089,838		3,182,353		179,522		6,289		5,458,002

Total Investments		2,169,643		3,980,039		3,803,309		543,071		10,496,062

Accounts Receivable — Loans and Receivables		—		—		100,866		—		100,866

Other Assets — Freestanding Derivatives		—		170,156		10,153		—		180,309

	$	2,230,442	$	4,150,195	$	3,914,328	$	543,071	$	10,838,036

Liabilities
Loans Payable — CLO Notes Payable	$	—	$	87,488	$	—	$	—	$	87,488

Accounts Payable, Accrued Expenses and Other Liabilities
Consolidated Blackstone Funds — Freestanding Derivatives		—		15,918		—		—		15,918
Freestanding Derivatives		—		121,633		938,216		—		1,059,849
Contingent Consideration		—		—		504		—		504
Corporate Treasury Commitments		—		—		368		—		368
Securities Sold, Not Yet Purchased		1,916		—		—		—		1,916

Total Accounts Payable, Accrued Expenses and Other Liabilities		1,916		137,551		939,088		—		1,078,555

	$	1,916	$	225,039	$	939,088	$	—	$	1,166,043

LLC Limited Liability Company.

(a)	A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of December 31, 2025 is presented by strategy type below:


Strategy	Fair Value		Unfunded Commitments		Redemption Frequency (if currently eligible)	Redemption Notice Period
Equity	$	44,357	$	—	(1)	(1)
Real Estate		27,352		—	(2)	(2)
Infrastructure		818,372		71,987	(3)	(3)
Credit Driven		6,146		—	(4)	(4)

	$	896,227	$	71,987

(1)

The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 99% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 1% of fair value of the investments in this category are in liquidation.

(2)

The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date.

(3)

The Infrastructure category includes investments in funds that primarily invest in infrastructure assets and companies. All investments in this category may not be redeemed at, or within three months of, the reporting date.

(4)

The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. All investments in these categories may not be redeemed at, or within three months of, the reporting date.

(b)	Equity Securities, Partnership and LLC Interest includes investments in investment funds.

Equity Securities Subject to Sale Restrictions

Within

Investments of Consolidated Blackstone Funds and Other Investments, Blackstone held equity securities subject to sale restrictions with a fair value of $

559.1

million as of December 31, 2025. The nature of such restrictions are contractual or legal in nature and deemed an attribute of the holder rather than the investment. Contractual restrictions include (a) certain phased restrictions on sale or transfer, (b) underwriter

lock-ups and (c) sale or transfer restrictions applicable to certain Investments of Consolidated Blackstone Funds pledged as collateral. Restrictions will generally lapse over time or after a predetermined date and the weighted-average remaining duration of such restrictions is

1.7

years. Level III equity securities included in Investments of Consolidated Blackstone Funds are illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements. Investments within Other Investments subject to restrictions on sale or transfer as a result of pledge arrangements are discussed in Note 18. “Commitments and Contingencies — Contingencies — Strategic Ventures.”

Level III Quantitative Inputs and Assumptions

The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2025. Consistent with presentation in these Notes to Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds.

Fair Value

Valuation

Techniques

Unobservable

Inputs

Ranges

Weighted-
Average (a)

Impact to
Valuation
from an
Increase
in Input

Financial Assets

Investments of Consolidated Blackstone Funds

Equity Securities, Partnership and LLC Interests

4,103,478

Discounted Cash Flows

Discount Rate

4.3

% -

41.1

10.2

Lower

Exit Multiple - EBITDA

5.0

x -

30.6

16.6

Higher

Exit Capitalization Rate

3.1

% -

15.3

5.1

Lower

Debt Instruments

20,612

Discounted Cash Flows

Discount Rate

6.1

% -

20.0

12.2

Lower

Total Investments of Consolidated Blackstone Funds

4,124,090

Corporate Treasury Investments

181,052

Discounted Cash Flows

Discount Rate

8.7

% -

11.1

9.9

Lower

Third-Party Pricing

n/a

Loans and Receivables

205,158

Discounted Cash Flows

Discount Rate

7.4

% -

18.3

8.3

Lower

Other

n/a

Other Investments (b)

201,757

Discounted Cash Flows

Discount Rate

7.2

% -

7.9

7.5

Lower

Transaction Price

n/a

4,712,057

Financial Liabilities

Freestanding Derivatives (c)

1,124,147

Option Pricing Model

Volatility

5.7

% -

5.8

5.7

Higher

Other Liabilities (d)

597

Third-Party Pricing

n/a

Other

n/a

1,124,744

The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2024:

Fair Value

Valuation

Techniques

Unobservable

Inputs

Ranges

Weighted-
Average (a)

Impact to
Valuation
from an
Increase
in Input

Financial Assets

Investments of Consolidated Blackstone Funds

Equity Securities, Partnership and LLC Interests

3,158,254

Discounted Cash Flows

Discount Rate

4.2

% -

39.1

10.4

Lower

Exit Multiple - EBITDA

4.0

x -

30.6

15.4

Higher

Exit Capitalization Rate

3.1

% -

15.0

5.2%

Lower

Debt Instruments

15,188

Third-Party Pricing

n/a

Total Investments of Consolidated Blackstone Funds

3,173,442

Corporate Treasury Investments

450,345

Third-Party Pricing

n/a

Transaction Price

n/a

Loans and Receivables

100,866

Discounted Cash Flows

Discount Rate

8.4

% -

11.2

9.3

Lower

Other Investments (b)

189,675

Discounted Cash Flows

Discount Rate

7.1

% -

7.7

7.4

Lower

Third-Party Pricing

n/a

3,914,328

Financial Liabilities

Freestanding Derivatives (c)

938,216

Option Pricing Model

Volatility

6.0

n/a

Higher

Other Liabilities (d)

872

Third-Party Pricing

n/a

Other

n/a

939,088

n/a		Not applicable.
EBITDA		Earnings before interest, taxes, depreciation and amortization.
Exit Multiple		Ranges include the last twelve months EBITDA and forward EBITDA multiples.
Third-Party Pricing		Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.
Transaction Price		Includes recent acquisitions or transactions.
(a)		Unobservable inputs were weighted based on the fair value of the investments included in the range.
(b)		As of December 31, 2025 and 2024, Other Investments includes Level III Freestanding Derivatives.
(c)		The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative.
(d)		As of December 31, 2025 and 2024, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.

During the year ended December 31, 2025, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments.

Rollforward of Level III Financial Assets and Liabilities

The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a

non-recurring

basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations.


	Level III Financial Assets at Fair Value Year Ended December 31,
	2025												2024
	Investments of Consolidated Funds			Loans and Receivables			Other Investments (a)			Total			Investments of Consolidated Funds			Loans and Receivables			Other Investments (a)			Total
Balance, Beginning of Period	$	3,173,442		$	100,866		$	624,412		$	3,898,720		$	2,683,631		$	60,738		$	373,024		$	3,117,393
Transfer In Due to Consolidation and Acquisition		—			—			—			—			85,540			—			—			85,540
Transfer Out Due to Deconsolidation		(753,196	)		—			—			(753,196	)		(14,237	)		—			—			(14,237	)
Transfer Into Level III (b)		1,858			—			—			1,858			35,547			—			109,347			144,894
Transfer Out of Level III (b)		(582,225	)		—			—			(582,225	)		(35,373	)		—			(58	)		(35,431	)
Purchases		2,378,212			963,845			298,688			3,640,745			694,710			857,245			465,775			2,017,730
Sales		(484,081	)		(860,552	)		(639,466	)		(1,984,099	)		(214,743	)		(784,457	)		(307,926	)		(1,307,126	)
Issuances		—			4,573			—			4,573			—			30,028			—			30,028
Settlements (c)		—			(26,481	)		(18,888	)		(45,369	)		—			(74,742	)		(21,261	)		(96,003	)
Changes in Gains (Losses) Included in Earnings		390,080			22,907			45,450			458,437			(61,633	)		12,054			5,511			(44,068	)

Balance, End of Period	$	4,124,090		$	205,158		$	310,196		$	4,639,444		$	3,173,442		$	100,866		$	624,412		$	3,898,720

Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date	$	177,821		$	(1,225	)	$	14,885		$	191,481		$	(9,279	)	$	(1,297	)	$	(1,368	)	$	(11,944	)


	Level III Financial Liabilities at Fair Value Year Ended December 31,
	2025							2024
	Freestanding Derivatives		Other Liabilities			Total		Freestanding Derivatives		Other Liabilities			Total
Balance, Beginning of Period	$	938,216	$	872		$	939,088	$	563,986	$	1,651		$	565,637
Changes in Losses (Gains) Included in Earnings		185,931		(275	)		185,656		374,230		(779	)		373,451

Balance, End of Period	$	1,124,147	$	597		$	1,124,744	$	938,216	$	872		$	939,088

Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date	$	185,931	$	(275	)	$	185,656	$	374,230	$	(779	)	$	373,451

(a)	Represents freestanding derivatives, corporate treasury investments and Other Investments.

(b)	Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.

(c)	For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.

Historical Timeline

Fiscal Year	Filed
2025	Feb 27, 2026	Showing above
2024	Feb 28, 2025

2023	Feb 23, 2024

2022	Feb 24, 2023

2021	Feb 25, 2022

2020	Feb 26, 2021

2019	Feb 28, 2020

2018	Mar 1, 2019

2017	Mar 1, 2018

2016	Feb 24, 2017

2015	Feb 26, 2016

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

Blackstone Inc. Fair Value Disclosure

Historical Timeline

About Fair Value Disclosures

Other Available Disclosures