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Blackstone is the world’s largest alternative asset manager. 10-K, Item 1
16 paragraphs in Risk Factors of the 10-K filed Feb 27, 2026 with nothing like them in the 10-K filed Feb 28, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 75 Financials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
investors. Relatedly, slower-than-expected interest rate decreases have adversely impacted, and may continue to adversely impact, the ability to realize value from certain investments, such as in certain real estate sectors, given the potential adverse impact on equity prices and caution on the part of potential acquirers. Conversely, in recent periods the performance of certain of our credit funds has benefited from elevated interest rates as a substantial majority of the portfolio is floating rate. Accordingly, a decline in interest rates and/or widening of credit spreads would make it more difficult for such funds to replicate such strong performance.
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The continued expansion of the number and types of investment products we offer in the individual investor channel may make it more difficult to fundraise from the institutional investor channel to the extent institutional investors have concerns regarding such expansion, including with respect to potential or perceived conflicts of interest. In addition, certain institutional investors may seek to condition a drawdown fund commitment on the imposition of limits on the ability of our individual investor channel-targeted funds to invest alongside such drawdown funds. Certain institutional investors, including sovereign wealth funds and public pension funds, have demonstrated an increased preference for alternatives to the traditional investment fund structure, such as managed accounts, smaller funds and co-investment
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Our initiatives to expand our individual investor base, including marketing, creating and maintaining the types of products and vehicles that individual investors may invest in, may not be successful. Such initiatives include the hiring of additional personnel and the implementation of new operational, technological, compliance and other systems and processes, each of which require significant time, effort and resources. Further, in light of the August 2025 Executive Order on Democratizing Access to Alternative Assets for 401(k) Investors, there may be significant future opportunity for the alternative asset management industry to increase the distribution of products to individual investors. Accordingly, we are likely to face significant competition in addressing such opportunity, which will require us to spend substantial time, effort and resources, and may not ultimately be successful in increasing distribution of our products in this channel.
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agreements. For example, legislation that would prohibit post-employment non-competition
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system under which U.S.-parented groups would be exempt from certain of the Pillar Two proposals. While the details of such “side-by-side”
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Cybersecurity, privacy and data protection have become top priorities for regulators in the United States and around the world. Many jurisdictions in which we operate have laws and regulations relating to privacy, data protection and cybersecurity, including the Gramm-Leach-Bliley Act (“GLBA”) (including recent amendments to Regulation S-P),
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In recent years, the SEC has proposed, and in some instances, adopted, a number of rules related to private funds and private fund advisors that impact our business and operations, including by increasing our operational and compliance costs to comply effectively. The SEC and other of our regulators can be expected to continue to propose rules that impact our operations, including by increasing compliance burdens and costs, enhancing the risk of regulatory action, which could adversely impact our reputation and our fundraising efforts, and imposing limitations on our operations or investing activities.
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labels regime (“SDR”) and an anti-greenwashing rule. In June 2024, BELL began reporting certain U.K.-law
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In Europe we are subject to, among others, the EU Alternative Investment Fund Managers Directive (“AIFMD”), the EU regulation on over-the-counter
(“OTC”) derivative transactions, central counterparties and trade repositories (“EMIR”), the EU Central Securities Depositories Regulation (“CSDR”) and the Markets in Financial Instruments Directive 2014 (2014/65/EU) (“MiFID II”). These regimes and regulations involve enhanced internal governance, disclosure and reporting requirements, create significant compliance and administrative burdens, and may require meaningful changes to the ways in which we conduct our business and operations. In addition, certain changes to AIFMD that comes into effect in 2026 may limit the use of leverage in certain funds, which could impact their fund returns, as well as may restrict certain alternative investment funds from marketing in specific EEA jurisdictions, which may impact our ability to raise capital from EEA investors. We additionally have regulatory capital and liquidity adequacy requirements for certain of our entities licensed under MiFID, as well as remuneration requirements of certain senior staff. Additional regulation around remuneration may make it harder for us to attract and retain talent, compared to competitors not subject to the same rules.
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laws in connection with transactions in which we participate. See “—Underwriting activities by our capital markets services business expose us to risks.” We depend to a large extent on our business relationships and our reputation for integrity and high-caliber
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anti-money laundering, trade and economic sanctions, export controls, anti-harassment,
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heightened exposure to corruption risk and/or economic sanctions risk in certain non-U.S. markets,
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To the extent our real estate or infrastructure funds acquire direct or indirect interests in undeveloped land or underdeveloped real property, including in connection with digital infrastructure investments, such land and property is often non-income producing and will therefore be particularly exposed to a number of the risks outlined above.
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Our real estate and infrastructure funds have in recent years substantially increased their exposure to digital infrastructure investments, which, in addition to being subject to many of the risks outlined above, are subject to additional risks. The increase in exposure to digital infrastructure has supported strong performance for our real estate and infrastructure funds. Such performance would be difficult to replicate if demand for digital infrastructure were substantially reduced, including as a result of economic slowdown, regulatory impediments or changes in the needs or strategies of a relatively small number of key customers on behalf of which our funds have undertaken development. Digital infrastructure demand is highly concentrated in a small number of large counterparties. Such concentration makes the value of digital infrastructure assets particularly susceptible to the risk of financial distress, consolidation or change in capital and expenditure trends of a single or small number of tenants. Digital infrastructure requires significant upfront and ongoing capital expenditure for land, power, construction and equipment, as well as access to reliable power sources, which may be constrained in key markets. An increase in the price of such inputs can increase build and operating costs and reduce the profitability of such investments. The inability to access sufficient power could constrain our ability to develop land acquired for digital infrastructure or to deliver the levels of power required by tenants, each of which could negatively impact the value of our funds’ investments. Given the long-term nature of many of the tenant leases at our funds’ digital infrastructure assets, a prolonged period of high interest rates could also negatively impact the valuation of such assets to the extent the contractual rent escalators in such leases are insufficient to offset increased costs. In addition, advancements in computing and AI Technologies, including efficiency improvements (without related increases in the adoption and development of such technologies), as well as technological changes that render existing data center designs less competitive or require significant redevelopment, could negatively impact demand for, and the valuation of, our digital infrastructure assets. The digital infrastructure sector is also highly competitive, with pressure from various data center operators and hyperscalers building their own facilities. In addition, digital infrastructure assets have recently faced and continue to face increasing opposition from local communities and organizations. These factors may make it more difficult to deploy additional capital and continue to grow our investments in the sector.
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managing director professionals and senior managing directors under the Blackstone Inc. Amended and Restated 2007 Equity Incentive Plan (“2007 Equity Incentive Plan”). We have filed and intend to file additional registration statements on Form S-8
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79 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Aug 7, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission.
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To determine which entities to consolidate, Blackstone first determines whether it has a variable interest in an entity. For entities in which it has a variable interest, Blackstone evaluates whether the entity is a variable interest entity (“VIE”) and assessed for consolidation under the VIE model or a voting interest entity and assessed for consolidation under the voting interest model.
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At the time it becomes involved with a VIE and at each subsequent reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly.
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Level I - Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price.
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Level II - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within consolidated collateralized loan obligations (“CLO”) vehicles, government and agency securities, less...
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Level III - Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include private investments in the equity of operating companies, real estate properties, distressed debt and non-investment grade residual interest...
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In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.
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Generally, the Blackstone Funds are accounted for as investment companies in accordance with the GAAP guidance on investment companies, and under the American Institute of Certified Public Accountants Audit and Accounting Guide, Investment Companies, and reflect their investments, including majority-owned and controlled investments, at fair value. Such consolidated funds’ investments are reflected in Investments on the Condensed Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price).
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Compensation and Benefits - Incentive Fee Compensation - Incentive Fee Compensation consists of compensation paid based on Incentive Fees.
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Compensation and Benefits - Performance Allocations Compensation - Performance Allocations Compensation consists of compensation paid based on Performance Allocations (which may be distributed in cash or in-kind). Such compensation expense is subject to both positive and negative adjustments. Performance Allocations Compensation is generally based on the performance of individual investments held by a fund rather than on a fund by fund basis. These amounts may also include allocations of investment income from Blackstone’s principal investments, to senior managing directors and employees participating in certain profit sharing initiatives.
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Income Taxes Provision for Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities, resulting in all pretax amounts being appropriately tax effected in the period, irrespective of which tax return year items will be reflected. Blackstone reports interest expense and tax penalties related to income tax matters in provision for income taxes.
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Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), generally comprised of U.S. and non-U.S. government and agency securities, asset backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value. Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
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Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
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In September 2026, the Financial Accounting Standards Board issued amended guidance addressing investment companies with equity securities subject to contractual sale restrictions. The guidance requires investment companies to consider a contractual restriction on the sale of an equity security when measuring the fair value of the equity security. The guidance is effective for the investment companies Blackstone manages for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. Blackstone is evaluating the potential impact on fair value measurement and disclosures, as well as the timing of adoption.
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Amortization expense associated with Blackstone’s intangible assets was $ 9.0 million and $ 27.1 million for the three and nine months ended September 30, 2026, respectively, and $ 9.0 million and $ 26.9 million for the three and nine months ended September 30, 2025, respectively.
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Amortization of Intangible Assets held at September 30, 2026 is expected to be $ 36.1 million, $ 35.1 million, $ 18.2 million, $ 17.0 million and $ 14.0 million for the years ending December 31, 2026, 2027, 2028, 2029 and 2030, respectively. Blackstone’s Intangible Assets as of September 30, 2026 are expected to amortize over a weighted-average period of 4 years.
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Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $ 985.4 million and $ 472.7 million at September 30, 2026 and December 31, 2025, respectively.
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Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata investments, and any associated Accrued Performance Allocations, in Blackstone Funds, excluding any equity method investments for which the fair value option has been elected. Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the nine months ended September 30, 2026 and 2025, no individual equity method investment held by Blackstone met the significance criteria.
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As of September 30, 2026 and December 31, 2025, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.
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$ $ $ $ Three Months Ended September 30, 2026 2025 Realized Net Change Realized Net Change
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$ $ $ $ $ $ Fair Value Valuation Techniques Unobservable Ranges Weighted- Impact to
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For the nine months ended September 30, 2026, 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.
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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 from Fund Investment Activities in the Condensed Consolidated Statements of Operations.
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Three Months Ended September 30, 2026 2025 Investments Loans Other Total Investments Loans Other Total
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VIEs include investment vehicles across all four of Blackstone’s segments, Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing. The purpose of such VIEs is to provide strategy specific investment opportunities for investors in exchange for management and performance-based fees. The investment strategies of the Blackstone Funds differ by product and segment; however, the fundamental risks of the Blackstone Funds
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are similar, including loss of invested capital and our associated loss of management fees and performance-based fees. In Blackstone’s role as general partner, collateral manager or investment adviser, it generally considers itself the sponsor of the applicable Blackstone Fund and therefore, has the power to direct the activities that most significantly impact the VIEs economic performance. For the funds and vehicles that Blackstone manages, such entities are typically limited partnerships or other similar entities. When evaluating these entities, Blackstone assesses whether the equity holders as a group have the power to direct the significant activities of the vehicle by determining whether a simple majority or lower threshold of equity holders have For vehicles that are not limited partnerships or similar entities, Blackstone evaluates whether the equity holders have power given Blackstone has been engaged as a decision maker. Where Blackstone concludes the equity holders have power, the vehicle is not a VIE. Blackstone exercises judgment in evaluating whether the equity investors have substantive voting or similar rights that allow them to limit the authority of Blackstone as decision maker and therefore direct the activities that most significantly impact the entity’s economic performance. Where Blackstone concludes that the equity holders do not have power such, those vehicles are VIEs. Pursuant to GAAP consolidation guidance, Blackstone consolidates certain VIEs for which it is the primary beneficiary either directly or indirectly, through a consolidated entity or affiliate. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. In considering its economic interests, Blackstone evaluates the nature and relative size of those interests, including interests held through consolidated and Consolidated VIEs include certain The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to Blackstone for the consolidated VIEs’ liabilities. Blackstone does not consolidate other VIEs as it is determined that Blackstone is not the primary beneficiary given its variable interests do not obligate Blackstone to absorb losses of the entity or provide Blackstone the right to receive benefits from the entity that could potentially be significant to the VIE. Blackstone’s involvement with such entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to Blackstone’s maximum exposure to loss relating to non-consolidated VIEs was as follows:
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Continuous 90 Days Repurchase Agreements Loans $ $ $ $ 311,213 $ 311,213 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 10. $ 311,213
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Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 10. $ —
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Continuous 90 Days Repurchase Agreements Loans $ $ 103,835 $ 176,196 $ 9,187 $ 289,218 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 10. $ 289,218
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The following tables present the offsetting of assets and liabilities as of September 30, 2026 and December 31, 2025:
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Instruments (a) Received Amount Assets Freestanding Derivatives $ 177,655 $ 129,154 $ 30,267 $ 18,234
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Instruments (a) Received Assets Freestanding Derivatives $ 147,337 $ 110,792 $ 26,421 $ 10,124
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On November 2, 2026, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $600.0 million aggregate principal amount of senior notes due November 3, 2031 (the “Registered 2031 Notes”), and $500.0 million aggregate principal amount of senior notes due November 3, 2033 (the “Registered 2033 Notes” and, together with the Registered 2031 Notes, the “Registered Notes”), pursuant to a Registration Statement on Form S-3. The Registered 2031 Notes have an interest rate of 5.650% per annum, and the Registered 2033 Notes have an interest rate of 5.900%. The Registered Notes accrue interest from November 2, 2026. Interest on the Registered Notes is payable semi-annually in arrears on May 3 and November 3 of each year commencing on May 3, 2027.
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$ $ $ $ September 30, 2026 December 31, 2025 Description Carrying Fair Carrying Fair
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Blackstone’s net deferred tax assets relate primarily to basis differences resulting from a step-up in tax basis of certain assets at the time of its conversion to a corporation, as well as ongoing exchanges of units for common shares by founders and partners. As of September 30, 2026, Blackstone had a valuation allowance of $ 36.1 million recorded against deferred tax assets.
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Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were
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2026 2025 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies $ 4,767,109 $ 5,047,814 Due from Certain Non-Controlling Interest Holders and Blackstone Employees 1,209,071 1,036,117 Accrual for Potential Clawback of Previously Distributed Performance Allocations 528,215 273,531 $ 6,504,395 $ 6,357,462 $ $ September 30, December 31,
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2026 2025 Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 2,075,418 $ 2,076,205 Due to Non-Consolidated Entities 188,344 237,983 Due to Certain Non-Controlling Interest Holders and Blackstone Employees 169,260 103,977 Accrual for Potential Repayment of Previously Received Performance Allocations 1,462,885 806,267 $ 3,895,907 $ 3,224,432
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Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties The Founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone billion, respectively. Their share of the Net Income Attributable to Redeemable $
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In January 2021, certain former plaintiffs in the Mayberry Action filed a separate action (“Taylor I”) against the Blackstone Defendants and other defendants in the Mayberry Action, asserting substantially similar allegations as the AG’s July 2020 action did, but styled as a direct class action. Taylor I was removed to the U.S. District Court for the Eastern District of Kentucky and stayed pending the outcome of the AG’s July 2020 action.
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In August 2021, a group of KRS members - including those that filed Taylor I - filed an action in Franklin County Circuit Court (“Taylor II”) substantially similar to Taylor I, against the Blackstone Defendants, other defendants named in the Mayberry Action, and other KRS officials. The Court denied most defendants’ motions to dismiss this action in May 2024. The Blackstone Defendants and the other fund manager defendants filed a petition for a writ of prohibition from that denial. In November 2024, the Kentucky Court of Appeals denied defendants’ writ of prohibition, and defendants appealed to the Kentucky Supreme Court. Taylor II is stayed pending review of this appeal.
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In April 2021, the AG filed an action (the “Declaratory Judgment Action”) against BLP and the other fund manager defendants from the Mayberry Action in Franklin County Circuit Court, seeking a declaration that certain provisions in the subscription agreements with KRS violate the Kentucky Constitution. In July 2026, following the June 2026 settlement described below, the AG and BLP filed a currently pending joint motion to dismiss BLP’s appeal of the grant of summary judgment to the AG.
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In June 2026, the Blackstone Defendants reached a new settlement agreement with KRS and the Commonwealth for all outstanding claims in their respective lawsuits, and, in August 2026, the Franklin Circuit Court granted dismissal of the Commonwealth’s claims against Blackstone in the July 2020 Action. As part of that agreement, in June 2026, KRS and the Commonwealth filed an action seeking a declaration that the Commonwealth and KRS have the authority to settle and release the Taylor claims, and, in July 2026, filed a motion for summary judgment in that case.
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million payment will follow if, pursuant to certain conditions and limitations, the Taylor claims are finally dismissed during the pendency of the Commonwealth’s efforts. This payment is also expected to be covered by Blackstone’s insurance. The Taylor plaintiffs have filed various objections to the settlement, which are currently pending.
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Our financial results for the quarter ended September 30, 2026 include an accrual for the estimated liability related to this matter.
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$ $ $ $ $ $ September 30, 2026 December 31, 2025 Segment Blackstone Current and Total (b) Blackstone Current and Total (b)
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(a) The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis.
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(b) Total is a component of Due to Affiliates. See Note 15. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”
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For Private Equity, Real Estate, and certain Credit & Insurance Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the condensed consolidated financial statements of Blackstone, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At September 30, 2026, $
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In the Credit & Insurance segment, payment of Performance Allocations to Blackstone by the majority of the stressed/distressed, mezzanine and credit alpha strategies funds are substantially deferred under the terms of the partnership agreements. This deferral mitigates the need to hold funds in segregated accounts in the event of a cash clawback obligation.
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If, at September 30, 2026, all of the investments held by Blackstone’s carry funds were deemed worthless, a possibility that management views as remote, the amount of Performance Allocations subject to potential clawback would be $
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Blackstone conducts its alternative asset management businesses through four segments:
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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.
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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 equi...
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Reconciliations of Total Segment Components The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025:
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million aggregate principal amount of senior notes due November 3, 2033 pursuant to a Registration Statement on Form
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BXCI is organized into three overarching credit investing strategies: private corporate credit strategies, infrastructure and asset based credit strategies and liquid corporate credit strategies. The private corporate credit and infrastructure and asset based credit strategies are each private credit strategies, where the portfolios of such strategies consist primarily of privately originated and directly negotiated illiquid or less liquid credit. The liquid corporate credit strategy is a liquid credit strategy, where the portfolio of such strategy consists primarily of traditional bank-syndicated and actively traded credit.
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Our liquid corporate credit strategies include investment grade corporate debt, high yield debt and broadly syndicated loans. These portfolios are managed through closed-ended funds, open-ended funds, systematic strategies, CLOs and SMAs.
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The U.S. economy continued to show fundamental strength in the third quarter, benefitting in particular from artificial intelligence- and energy-related capital expenditures, while higher bond yields and ongoing geopolitical turbulence contributed to equity market volatility. The ten-year U.S. Treasury yield increased 82 basis points in the third quarter to 5.28%, the highest level in nearly two decades, and subsequently declined to 4.91% as of November 2, 2026. Inflation in the U.S. remained elevated, reflecting in part higher energy prices.
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Against this backdrop, global equity market performance was positive overall in the third quarter, but with divergent performance across sectors. The total return of the S&P 500 Index was 2.3%, with the energy and information technology sectors exhibiting the largest gains of 17.2% and 7.2%, respectively. By contrast, the utilities and industrials sectors were the worst performers, declining 12.4% and 9.7%, respectively, as higher interest rates weighed on capital-intensive sectors. In credit markets, the total return of the S&P Leveraged Loan Index was 1.9% and the ICE Bank of America High Yield Bond Index declined 1.8%. High yield spreads widened by 41 basis points quarter-over-quarter.
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Overall, the U.S. economy has remained resilient, driven in part by momentum from artificial intelligence- and energy-related capital expenditures. Nevertheless, elevated interest rates and continued geopolitical uncertainty have contributed to equity market volatility and negatively impacted investor sentiment and transaction activity. A durable resolution to the ongoing geopolitical conflicts and a more favorable interest rate environment could provide a basis for stronger equity markets and improved transaction activity.
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On November 2, 2026, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $600.0 million aggregate principal amount 5.650% senior notes due November 3, 2031 (the “Registered 2031 Notes”), and $500.0 million aggregate principal amount of 5.900% senior notes due November 3, 2033 (the “Registered 2033 Notes”) and, together with the Registered 2031 Notes, (the “Registered Notes”), pursuant to a Registration Statement on Form S-3. Blackstone intends to use the net proceeds from the sale of the Registered Notes for general corporate purposes. For additional information see Note 11. “Borrowings” in the “Notes to Condensed Consolidated Financial Statements” in “ - Item 1. Financial Statements” and “ - Liquidity and Capital Resources - Sources and Uses of Liquidity.”
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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date.
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(u) For BCRED and ECRED, Total Assets Under Management reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED’s and ECRED’s net asset values as of September 30, 2026 were $41.1 billion and €2.6 billion, respectively.
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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
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Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
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Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Read in the 10-Q ↗
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Read in the 10-Q ↗
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Read in the 10-Q ↗
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Read in the 10-Q ↗
Three Months Ended September 30, 2026 Compared to Three Months Ended September 30, 2025
Read in the 10-Q ↗
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Read in the 10-Q ↗
On November 2, 2026, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $600.0 million aggregate principal amount 5.650% senior notes due November 3, 2031 (the “Registered 2031 Notes”), and $500.0 million aggregate principal amount of 5.900% senior notes due November 3, 2033 (the “Registered 2032 Notes”) and, together with the Registered 2031 Notes, (the “Registered Notes”), pursuant to a Registration Statement on Form S-3. For additional information see Note 11. “Borrowings” in the “Notes to Condensed Consolidated Financial Statements” in “ - Item 1. Financial Statements” of this filing and “ - Notable Transactions.”
Read in the 10-Q ↗
(a) Distributable Earnings Attributable to Common Stockholders represents Blackstone Inc.’s share of Distributable Earnings for purposes of the dividend policy. See “—Non-GAAP Financial Measures” for a reconciliation of Distributable Earnings to Net Income.
Read in the 10-Q ↗
Incentive Fees - When determining whether an incentive arrangement is in accounted for under the equity method or pursuant to revenue recognition rules, Blackstone considers the nature and legal form of the incentive arrangement including whether the incentive arrangement is an attribute of a financial instrument held by Blackstone or a separate contractual agreement. For example, where incentive arrangements with a fund are contractually separate from any interest Blackstone holds in the fund, and Blackstone has the ability to dispose of its investment while retaining the ability to earn the incentive, Blackstone would conclude such arrangement is a contractual fee in scope of ASC 606. Where an incentive arrangement is not an attribute of a financial instrument, it is accounted for in accordance with revenues from contracts with customers guidance. As a form of variable consideration, Blackstone makes judgments regarding the likelihood and magnitude of a potential reversal in the amount of cumulative revenue recognized.
Read in the 10-Q ↗
Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 27, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our subsequently filed reports, all of which are accessible on the United States Securities and Exchange Commission’s website at www.sec.gov.
Work on BX in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/BX/export.csv") into a cell.
