Name: Blackstone Inc. Segments Disclosure
Creator: Blackstone Inc.
License: https://creativecommons.org/publicdomain/mark/1.0/

19. Segment Reporting

Blackstone conducts its alternative asset management businesses through four segments:

•

Real Estate – Blackstone’s Real Estate segment primarily comprises its management of opportunistic real estate funds, Core+ real estate funds, and real estate debt strategies.

•

Private Equity – Blackstone’s Private Equity segment includes its management of flagship Corporate Private Equity funds, sector and geographically-focused Corporate Private Equity funds, core private equity funds, an opportunistic investment platform, a secondary funds business and GP Stakes, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, investment platforms offering eligible individual investors access to Blackstone’s private equity and infrastructure capabilities, a multi-asset investment program for eligible high net worth investors and a capital markets services business.

•

Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit & Insurance, which is organized into three overarching strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. In addition, the segment includes an insurer-focused platform.

•

Multi-Asset Investing – Blackstone’s Multi-Asset Investing segment is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management, and Public Real Assets.

These business segments are differentiated by their various investment strategies. E

h of the segments primarily earns its income from management fees and investment returns on assets under management. Blackstone’s chief operating decision makers are its Chief Executive Officer and

Co-Founder

and its President and Chief Operating Officer.

Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments.

Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates

non-controlling

ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and

Non-Recurring

Items. Transaction-Related and

Non-Recurring

Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and

non-recurring

gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and

non-recurring

gains, losses or other charges that affect

period-to-period

comparability and are not reflective of Blackstone’s operational performance.

For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation.

Geographic Information

Blackstone conducts its business primarily in the United States with domestically generated revenues making up 68%, 68% and 70% of total GAAP revenues for the years ended December 31, 2025, 2024 and 2023, respectively. The table below presents the percentage of total GAAP revenues generated by Blackstone by geographic region. Revenues attributed to a geographic region are generally based on the geography of investments held by Blackstone and Blackstone Funds. The geography of an investment is generally the country of domicile for an asset or where a portfolio company is headquartered.


	Year Ended December 31,
	2025			2024			2023
Americas		80	%		76	%		78	%
Europe, Middle East and Africa		13	%		16	%		15	%
Asia-Pacific		7	%		8	%		7	%

		100	%		100	%		100	%

Blackstone’s long-lived assets are comprised of

Right-of-Use

Assets and Furniture, Equipment and Leasehold Improvements, Net. As of December 31, 2025 and 2024, Blackstone held long-lived assets in the United States of $

1.0

billion and $

1.1

billion, respectively. No individual foreign country constituted more than

% of Blackstone’s total long-lived assets as of December 31, 2025 and 2024.

Major Customer Information

For the years ended December 31, 2025, 2024 and 2023, Blackstone Private Credit Fund (“BCRED”) accounted for an aggregate of $

1.2

billion, $

980.6

million and $

762.6

million of Management and Advisory Fees, Net and Incentive Fees, respectively. For the year ended December 31, 2023, BREIT accounted for $

839.9

million of Blackstone’s Management and Advisory Fees, Net. BCRED and BREIT are vehicles in Blackstone’s Credit & Insurance segment and Real Estate segment, respectively. Generally, for purposes of major customer analysis, Blackstone identifies the customer as the investors in its managed investment vehicles. For certain widely held vehicles like BCRED and BREIT, however, the investment vehicle is determined to be the customer. Blackstone evaluates the major customer disclosure in the context of its revenue streams as determined under the GAAP guidance for contracts with customers which includes Management and Advisory Fees, Net and Incentive Fees.

Segment Presentation

The following tables present the financial data for Blackstone’s

four

segments as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023.


	December 31, 2025 and the Year Then Ended
	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total Segments
Management and Advisory Fees, Net
Base Management Fees	$	2,653,294		$	2,457,981		$	1,909,147		$	528,435		$	7,548,857
Transaction, Advisory and Other Fees, Net		141,696			362,531			74,115			4,489			582,831
Management Fee Offsets		(13,066	)		(48,903	)		(53,670	)		—			(115,639	)

Total Management and Advisory Fees, Net		2,781,924			2,771,609			1,929,592			532,924			8,016,049
Fee Related Performance Revenues		489,648			547,985			787,795			—			1,825,428
Fee Related Compensation		(690,292	)		(961,448	)		(869,636	)		(169,325	)		(2,690,701	)
Other Operating Expenses		(370,001	)		(482,312	)		(450,401	)		(110,525	)		(1,413,239	)

Fee Related Earnings		2,211,279			1,875,834			1,397,350			253,074			5,737,537

Realized Performance Revenues		268,773			1,670,108			386,729			489,919			2,815,529
Realized Performance Compensation		(130,361	)		(704,938	)		(161,493	)		(93,803	)		(1,090,595	)
Realized Principal Investment Income		10,689			66,495			335,870			6,689			419,743

Total Net Realizations		149,101			1,031,665			561,106			402,805			2,144,677

Total Segment Distributable Earnings	$	2,360,380		$	2,907,499		$	1,958,456		$	655,879		$	7,882,214

Segment Assets	$	12,808,547		$	19,747,965		$	8,077,869		$	2,352,308		$	42,986,689


	December 31, 2024 and the Year Then Ended
	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total Segments
Management and Advisory Fees, Net
Base Management Fees	$	2,716,983		$	2,027,855		$	1,561,649		$	474,395		$	6,780,882
Transaction, Advisory and Other Fees, Net		175,010			176,469			44,354			3,855			399,688
Management Fee Offsets		(16,716	)		(6,044	)		(24,196	)		(80	)		(47,036	)

Total Management and Advisory Fees, Net		2,875,277			2,198,280			1,581,807			478,170			7,133,534
Fee Related Performance Revenues		203,425			1,185,428			747,092			—			2,135,945
Fee Related Compensation		(674,965	)		(1,164,237	)		(755,620	)		(144,500	)		(2,739,322	)
Other Operating Expenses		(380,321	)		(391,309	)		(371,354	)		(105,108	)		(1,248,092	)

Fee Related Earnings		2,023,416			1,828,162			1,201,925			228,562			5,282,065

Realized Performance Revenues		200,974			1,392,447			313,092			380,518			2,287,031
Realized Performance Compensation		(101,011	)		(633,491	)		(129,814	)		(86,930	)		(951,246	)
Realized Principal Investment Income (Loss)		14,522			52,356			39,855			(14,207	)		92,526

Total Net Realizations		114,485			811,312			223,133			279,381			1,428,311

Total Segment Distributable Earnings	$	2,137,901		$	2,639,474		$	1,425,058		$	507,943		$	6,710,376

Segment Assets	$	11,573,910		$	18,027,030		$	8,668,716		$	1,958,735		$	40,228,391


	Year Ended December 31, 2023
	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total Segments
Management and Advisory Fees, Net
Base Management Fees	$	2,794,232		$	1,903,972		$	1,297,406		$	470,237		$	6,465,847
Transaction, Advisory and Other Fees, Net		78,483			108,848			44,542			4,019			235,892
Management Fee Offsets		(29,357	)		(5,228	)		(3,907	)		(3	)		(38,495	)

Total Management and Advisory Fees, Net		2,843,358			2,007,592			1,338,041			474,253			6,663,244
Fee Related Performance Revenues		294,240			—			564,287			—			858,527
Fee Related Compensation		(675,880	)		(619,678	)		(628,064	)		(164,488	)		(2,088,110	)
Other Operating Expenses		(325,050	)		(329,221	)		(323,773	)		(106,289	)		(1,084,333	)

Fee Related Earnings		2,136,668			1,058,693			950,491			203,476			4,349,328

Realized Performance Revenues		244,358			1,343,865			317,620			155,259			2,061,102
Realized Performance Compensation		(123,299	)		(584,154	)		(140,210	)		(48,354	)		(896,017	)
Realized Principal Investment Income		7,628			76,220			21,752			5,332			110,932

Total Net Realizations		128,687			835,931			199,162			112,237			1,276,017

Total Segment Distributable Earnings	$	2,265,355		$	1,894,624		$	1,149,653		$	315,713		$	5,625,345

Reconciliations of Total Segment Amounts

The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the years ended December 31, 2025, 2024 and 2023 along with Total Assets as of December 31, 2025 and 2024:


	Year Ended December 31,
	2025			2024			2023
Revenues
Total GAAP Revenues	$	14,450,265		$	13,229,968		$	8,022,841
Less: Unrealized Performance Revenues (a)		(642,957	)		(371,407	)		1,691,788
Less: Unrealized Principal Investment (Income) Loss (b)		(171,440	)		(271,868	)		593,301
Less: Interest and Dividend Revenue (c)		(416,094	)		(410,980	)		(535,641	)
Less: Other Revenue (d)		271,190			(123,166	)		93,083
Impact of Consolidation (e)		(398,131	)		(444,828	)		(200,237	)
Transaction-Related and Non-Recurring Items (f)		(17,214	)		39,272			25,672
Intersegment Eliminations		1,130			2,045			2,998

Total Segment Revenue (g)	$	13,076,749		$	11,649,036		$	9,693,805


	Year Ended December 31,
	2025			2024			2023
Expenses
Total GAAP Expenses	$	7,702,607		$	6,819,326		$	4,981,130
Less: Unrealized Performance Allocations Compensation (h)		(376,962	)		(140,021	)		654,403
Less: Equity-Based Compensation (i)		(1,443,246	)		(1,159,122	)		(959,474	)
Less: Interest Expense (j)		(497,095	)		(444,417	)		(429,521	)
Impact of Consolidation (e)		(116,051	)		(81,129	)		(137,603	)
Amortization of Intangibles (k)		(29,326	)		(29,332	)		(33,457	)
Transaction-Related and Non-Recurring Items (f)		(30,185	)		(17,100	)		(309	)
Administrative Fee Adjustment (l)		(16,337	)		(11,590	)		(9,707	)
Intersegment Eliminations		1,130			2,045			2,998

Total Segment Expenses (m)	$	5,194,535		$	4,938,660		$	4,068,460


	Year Ended December 31,
	2025			2024			2023
Other Income
Total GAAP Other Income (Loss)	$	423,988		$	48,838		$	(83,997	)
Impact of Consolidation (e)		(423,988	)		(48,838	)		83,997

Total Segment Other Income	$	—		$	—		$	—


	Year Ended December 31,
	2025			2024			2023
Income Before Provision for Taxes
Total GAAP Income Before Provision for Taxes	$	7,171,646		$	6,459,480		$	2,957,714
Less: Unrealized Performance Revenues (a)		(642,957	)		(371,407	)		1,691,788
Less: Unrealized Principal Investment (Income) Loss (b)		(171,440	)		(271,868	)		593,301
Less: Interest and Dividend Revenue (c)		(416,094	)		(410,980	)		(535,641	)
Less: Other Revenue (d)		271,190			(123,166	)		93,083
Plus: Unrealized Performance Allocations Compensation (h)		376,962			140,021			(654,403	)
Plus: Equity-Based Compensation (i)		1,443,246			1,159,122			959,474
Plus: Interest Expense (j)		497,095			444,417			429,521
Impact of Consolidation (e)		(706,068	)		(412,537	)		21,363
Amortization of Intangibles (k)		29,326			29,332			33,457
Transaction-Related and Non-Recurring Items (f)		12,971			56,372			25,981
Administrative Fee Adjustment (l)		16,337			11,590			9,707

Total Segment Distributable Earnings	$	7,882,214		$	6,710,376		$	5,625,345


	As of December 31,
	2025			2024
Total Assets
Total GAAP Assets	$	47,708,975		$	43,469,875
Impact of Consolidation (e)		(4,722,286	)		(3,241,484	)

Total Segment Assets	$	42,986,689		$	40,228,391

Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related and

Non-Recurring

Items.

(a)	This adjustment removes Unrealized Performance Revenues on a segment basis.

(b)	This adjustment removes Unrealized Principal Investment (Income) Loss on a segment basis.

(c)	This adjustment removes Interest and Dividend Revenue on a segment basis.

(d)

This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2025, 2024 and 2023, Other Revenue on a GAAP basis was $

(270.9)

million, $

123.7

million and $

(92.9)

million and included $

(271.2)

million, $

122.3

million and $

(94.7)

million of foreign exchange gains (losses), respectively.

(e)

This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain

NAV-based

fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by

non-controlling

interests.

(f)

This adjustment removes Transaction-Related and

Non-Recurring

Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and

Non-Recurring

Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and

non-recurring

gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and

non-recurring

gains, losses or other charges that affect

period-to-period

comparability and are not reflective of Blackstone’s operational performance.

(g)	Total Segment Revenues is comprised of the following:


	Year Ended December 31,
	2025		2024		2023
Total Segment Management and Advisory Fees, Net	$	8,016,049	$	7,133,534	$	6,663,244
Total Segment Fee Related Performance Revenues		1,825,428		2,135,945		858,527
Total Segment Realized Performance Revenues		2,815,529		2,287,031		2,061,102
Total Segment Realized Principal Investment Income		419,743		92,526		110,932

Total Segment Revenues	$	13,076,749	$	11,649,036	$	9,693,805

(h)	This adjustment removes Unrealized Performance Allocations Compensation.

(i)	This adjustment removes Equity-Based Compensation on a segment basis.

(j)	This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.

(k)	This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.

(l)

This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

(m)	Total Segment Expenses is comprised of the following:


	Year Ended December 31,
	2025		2024		2023
Total Segment Fee Related Compensation	$	2,690,701	$	2,739,322	$	2,088,110
Total Segment Realized Performance Compensation		1,090,595		951,246		896,017
Total Segment Other Operating Expenses		1,413,239		1,248,092		1,084,333

Total Segment Expenses	$	5,194,535	$	4,938,660	$	4,068,460

Reconciliations of Total Segment Components

The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Consolidated Statement of Operations for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025			2024			2023
Management and Advisory Fees, Net
GAAP	$	8,075,601		$	7,188,936		$	6,671,260
Segment Adjustment (a)		(59,552	)		(55,402	)		(8,016	)

Total Segment	$	8,016,049		$	7,133,534		$	6,663,244


	Year Ended December 31,
	2025			2024			2023
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees	$	978,202		$	964,178		$	695,171
Investment Income — Realized Performance Allocations		3,662,243			3,457,746			2,223,841

GAAP		4,640,445			4,421,924			2,919,012
Total Segment
Less: Realized Performance Revenues		(2,815,529	)		(2,287,031	)		(2,061,102	)
Segment Adjustment (b)		512			1,052			617

Total Segment	$	1,825,428		$	2,135,945		$	858,527


	Year Ended December 31,
	2025			2024			2023
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation	$	3,671,193		$	3,048,229		$	2,785,447
Incentive Fee Compensation		274,902			373,586			281,067
Realized Performance Allocations Compensation		1,297,472			1,432,217			900,859

GAAP		5,243,567			4,854,032			3,967,373
Total Segment
Less: Realized Performance Compensation		(1,090,595	)		(951,246	)		(896,017	)
Less: Equity-Based Compensation — Fee Related Compensation		(1,412,703	)		(1,143,054	)		(946,575	)
Less: Equity-Based Compensation — Performance Compensation		(30,543	)		(16,068	)		(12,899	)
Segment Adjustment (c)		(19,025	)		(4,342	)		(23,772	)

Total Segment	$	2,690,701		$	2,739,322		$	2,088,110


	Year Ended December 31,
	2025			2024			2023
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP	$	1,524,548		$	1,361,909		$	1,117,305
Segment Adjustment (d)		(111,309	)		(113,817	)		(32,972	)

Total Segment	$	1,413,239		$	1,248,092		$	1,084,333


	Year Ended December 31,
	2025			2024			2023
Realized Performance Revenues
GAAP
Incentive Fees	$	978,202		$	964,178		$	695,171
Investment Income — Realized Performance Allocations		3,662,243			3,457,746			2,223,841

GAAP		4,640,445			4,421,924			2,919,012
Total Segment
Less: Fee Related Performance Revenues		(1,825,428	)		(2,135,945	)		(858,527	)
Segment Adjustment (b)		512			1,052			617

Total Segment	$	2,815,529		$	2,287,031		$	2,061,102


	Year Ended December 31,
	2025			2024			2023
Realized Performance Compensation
GAAP
Incentive Fee Compensation	$	274,902		$	373,586		$	281,067
Realized Performance Allocations Compensation		1,297,472			1,432,217			900,859

GAAP		1,572,374			1,805,803			1,181,926
Total Segment
Less: Fee Related Performance Compensation (e)		(451,236	)		(838,489	)		(273,010	)
Less: Equity-Based Compensation — Performance Compensation		(30,543	)		(16,068	)		(12,899	)

Total Segment	$	1,090,595		$	951,246		$	896,017


	Year Ended December 31,
	2025			2024			2023
Realized Principal Investment Income
GAAP	$	697,632		$	332,258		$	303,823
Segment Adjustment (f)		(277,889	)		(239,732	)		(192,891	)

Total Segment	$	419,743		$	92,526		$	110,932

Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and

Non-Recurring

Items.

(a)

Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain

NAV-based

fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.

(b)	Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

(c)	Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.

(d)

Represents the (1) removal of Transaction-Related and

Non-Recurring

Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain

NAV-based

fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of

Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

(e)	Fee related performance compensation may include equity-based compensation based on fee related performance revenues.

(f)

Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating

partnerships

held by

non-controlling

interests.

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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

2018	Mar 1, 2019

2017	Mar 1, 2018

2016	Feb 24, 2017

2015	Feb 26, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Blackstone Inc. Segments Disclosure

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About Segments Disclosures

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