Blackstone Inc. Leases Disclosure
Year Ended December 31, | ||||||||||||
2025 |
2024 |
2023 | ||||||||||
| Operating Lease Cost |
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| Straight-Line Lease Cost (a) |
$ | 149,490 | $ | 156,680 | $ | 160,534 | ||||||
| Variable Lease Cost (b) |
28,584 | 20,222 | 15,268 | |||||||||
| Sublease Income |
(206 | ) | (65 | ) | (63 | ) | ||||||
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| $ | 177,868 | $ | 176,837 | $ | 175,739 | |||||||
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| (a) | Straight-line lease cost includes short-term leases, which are immaterial. |
| (b) | Variable lease cost approximates variable lease cash payments. |
Year Ended December 31, | ||||||||||||
2025 |
2024 |
2023 | ||||||||||
| Operating Cash Flows for Operating Lease Liabilities |
$ | 187,012 | $ | 145,388 | $ | 127,183 | ||||||
| Non-Cash Right-of-Use |
$ | 41,689 | $ | 129,451 | $ | 117,155 | ||||||
| 2026 |
$ | 160,648 | ||
| 2027 |
156,893 | |||
| 2028 |
147,780 | |||
| 2029 |
120,754 | |||
| 2030 |
62,175 | |||
| Thereafter |
231,241 | |||
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| Total Lease Payments (a) |
879,491 | |||
| Less: Imputed Interest |
(18,470) | |||
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| Present Value of Operating Lease Liabilities |
$ | 861,021 | ||
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| (a) | Excludes signed leases that have not yet commenced. |
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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 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.