10-K 0001193125-26-082531 (2026-02-27) vs 10-K 0001193125-25-042469 (2025-02-28)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 36,305 |
22.0% |
| MD&A | Item 7 | 21,045 |
19.2% |
| Legal Proceedings | Item 3, via Note 18 – Commitments and Contingencies | 1,951 |
26.3% |
| Accounting Policies | Item 8, Note 2 – Summary of Significant Accounting Policies | 8,217 |
13.7% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 242 words changed in this paragraph; it is 51% similar to last year's version.
In recent years, the U.S. government has taken substantial actions with respect to international trade policy, including seeking to renegotiate certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the countries. The U.S. government has also imposed, and may in the future further increase, impose further, tariffs on certain foreign goods, including from China, such as steel and aluminum. aluminum, from various countries, including China, Canada and Mexico. Some foreign governments, including China, Canada, and Mexico, have threatened or instituted retaliatory tariffs on certain U.S. goods. Most recently, In February 2026, the current U.S. Supreme Court ruled that many of the tariffs recently imposed by the U.S. government exceeded its authority, thereby invalidating many, but not all, of such tariffs. Subsequent to the U.S. Supreme Court’s ruling, the U.S. Presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. While the U.S. has reached an agreement with each of Canada and Mexico to delay the imposition of such tariffs until early March 2025, raised potential alternative means through which the administration has indicated intent to reinstate them. Tariffs could impose tariffs and subsequently imposed a global tariff under a different law. The outlook on goods imported from China took effect in February 2025, further trade policy actions, including trade agreements and the administration has stated plans to increase such potential retaliatory tariffs further. Tariffs is unclear. Increased tariffs on goods imported from China, Canada, Mexico and to the extent reinstated, from Canada and Mexico other countries could further increase increase, costs, decrease margins, margins and reduce the competitiveness of products and services offered by current and future our portfolio companies. This has and could materially further adversely affect impact the revenues and profitability of select companies that have substantial sales of physical goods in the U.S. or whose businesses rely on goods imported from countries that are subject to significant tariffs. Further governmental actions related to the imposition of tariffs or other trade barriers or changes to international trade agreements or policies in respect of other jurisdictions could also have a similar adverse impact.
Source: Item 1A, 10-K 0001193125-26-082531 vs Item 1A, 10-K 0001193125-25-042469
Accounting Policies 127 words changed in this paragraph; it is 42% similar to last year's version.
Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Consolidated Statements of Financial Condition and notes payable within Loans Payable for the amounts due to unaffiliated third parties. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses.
Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001193125-26-082531 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001193125-25-042469
Legal Proceedings 114 words changed in this paragraph; it is 34% similar to last year's version.
claims, and barred all claims against the Blackstone Defendants in Taylor I and Taylor II without any admission of wrongdoing. The settlement included an $82.5 million cash settlement divided among several defendants, of which our portion is would have been expected to be covered by insurance. On In January 8, 2025, the settling parties moved for court approval of the settlement. Taylor II plaintiffs objected and requested, in part, objected. In May 2025, the Court declined to enter an approval order, holding that the court refer Court’s approval is unnecessary and stating that the parties may settle as they see fit. Because an approval order was a condition to the settlement, the settlement agreement was terminated. While the parties are continuing their matter to mediation. On February 14, 2025, the court ordered the Taylor II parties to conduct discussions, they have not reached a mediation in new settlement.
Source: Item 3, via Note 18 – Commitments and Contingencies, 10-K 0001193125-26-082531 vs Item 3, via Note 18 – Commitments and Contingencies, 10-K 0001193125-25-042469
MD&A 107 words changed in this paragraph; it is 49% similar to last year's version.
The While the U.S. economy exhibited steady growth in 2024, underpinned by a healthy labor market and consumer spending. The through most of 2025, the Bureau of Economic Analysis’ advance estimate of U.S. real GDP for 2024 indicated annualized growth was 1.4% in the fourth quarter. This was well below estimates, and the Bureau estimated, among other factors, that the U.S. government shutdown subtracted about 1.0% from such expected GDP growth. The labor market remained largely in balance, with an unemployment rate of 2.8% year-over-year, in line with 2.9% growth recorded in 2023. 4.4% at year end, up moderately from 4.1% at year-end 2024. Inflation decreased moderately over the course of 2024, 2025, with headline CPI decreasing from 3.1% year-over-year growth of 2.7% in December 2025 compared to 3.0% in January 2024 to 2.9% in December 2024, and Core CPI decreasing from 3.9% year-over-year growth in January 2024 to 3.2% year-over-year in December 2024. 2025. The Federal Reserve decreased the federal funds target range three times in 2024 2025 to 4.25%-4.50% 3.50-3.75%
Source: Item 7, 10-K 0001193125-26-082531 vs Item 7, 10-K 0001193125-25-042469
Every change, by type
Sentences and paragraphs of BX's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-28.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
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.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
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
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
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.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
agreements. For example, legislation that would prohibit post-employment non-competition
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AddedRisk Factors
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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AddedRisk Factors
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),
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
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.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
labels regime (“SDR”) and an anti-greenwashing rule. In June 2024, BELL began reporting certain U.K.-law
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AddedRisk Factors
In Europe we are subject to, among others, the EU Alternative Investment Fund Managers Directive (“AIFMD”), the EU regulation on over-the-counter
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AddedRisk Factors
(“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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AddedRisk Factors
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
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
anti-money laundering, trade and economic sanctions, export controls, anti-harassment,
Read it in 10-K 2026-02-27 at sec.gov ↗
RemovedRisk Factors
investors, have been adversely impacted by elevated interest rates and a high cost of capital. A slower-than-expected
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
pandemic, may occur from time to time, and could directly and indirectly impact us in material respects that we are unable to predict or control, including by threatening our employees’ well-being
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
and morale and interrupting business activities. In addition, related factors may materially and adversely affect us, including the effectiveness of governmental responses, the extension, amendment or withdrawal of any government programs or initiatives and the timing and speed of economic recovery. Actions taken in response may contribute to significant volatility in the financial markets, resulting in increased volatility in equity prices, material interest rate changes, supply chain disruptions, such as simultaneous supply and demand shock to global, regional and national economies, and an increase in inflationary pressures.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
In addition to the factors described above, other market, economic and geopolitical factors described herein that may adversely affect our business include, without limitation:
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
changes in interest rates and/or a lack of availability of credit in the U.S. and internationally and
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
changes in law and/or regulation, and uncertainty regarding government and regulatory policy.
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RemovedRisk Factors
supply, such as life sciences office and U.S. multifamily, has negatively impacted and may continue to negatively impact the valuations of assets in such sectors in the near-term.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
A sustained high interest rate environment could increase the likelihood of an economic slowdown.
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RemovedRisk Factors
In addition, in recent years elevated inflation globally contributed to heightened costs of labor, energy and materials, which put profit margin pressure on certain of our funds’ portfolio companies and negatively impacted the performance of certain of such companies. While inflation decelerated over 2024, profit margins may be pressured if inflation re-accelerates,
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
particularly for companies that lack pricing power. In addition, as the governing agreements of our funds contain only limited requirements, if any, regarding diversification of fund investments (by, for example, sector or geographic region), during periods of economic slowdown in certain sectors or regions, the impact on our funds may be exacerbated by concentration of investments in such sectors or regions. Such concentration may increase the risk that events affecting specific sectors, geographic regions or asset types could have an adverse or disparate impact on such funds, as compared to funds that invest more broadly. As a result, our ability to raise new funds, as well as our operating results and cash flows, could be adversely affected.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
Moreover, during periods of weakness, our funds’ portfolio companies may also have difficulty expanding their businesses and operations or meeting their debt service obligations or other expenses as they become due, including expenses payable to us. Furthermore, negative market conditions could potentially result in a portfolio company entering bankruptcy proceedings. This could result in a complete loss of the fund’s investment in such portfolio company and a significant negative impact to the fund’s performance and consequently to our operating results and cash flow, as well as to our reputation. In addition, negative market conditions would also increase the risk of default with respect to investments held by our funds that have significant debt investments, such as our credit-focused
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedRisk Factors
decrease, or a further increase in, interest rates would continue to present a challenge for the valuations of such assets, as well as for fundraising in certain of our strategies targeting high-net-worth
Read it in 10-K 2025-02-28 at sec.gov ↗
RewordedRisk Factors
The due diligence investigation that we will carry out with respect to any investment opportunity may not reveal or highlight all relevant facts (including fraud) or risks that may be necessary or helpful in evaluating such investment opportunity and In addition, we may not identify or foresee future developments that could have a material adverse effect on an investment, including, for example, potential factors, such as rapidly changing fundamentals in a certain sector, geography or asset class, or technological disruption of a specific company or asset, or an entire industry. industry, including as a result of the rapid development and implementation of AI Technologies.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
(a) labor disputes, shortages of material and skilled labor, or work stoppages, (b) slower than projected delays in construction progress and the unavailability caused by adverse weather conditions, materials delays, insufficient power sources or late delivery of necessary equipment, equipment failure, (c) less than optimal coordination with public utilities in the relocation of their facilities, facilities and (d) adverse weather conditions and unexpected construction conditions, (e) accidents or the breakdown or failure of construction equipment or processes, and (f) catastrophic events such as explosions, fires, fires or terrorist attacks and other similar events. attacks.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
If anything were to happen which would cause Blackstone Inc. to be deemed to be an investment company under the 1940 Act, requirements imposed by the 1940 Act, including limitations on our capital structure, ability to transact business with affiliates (including us) and ability to compensate key employees, This could make it impractical for us to continue our business as currently conducted, impair the agreements and arrangements between and among Blackstone Inc., Blackstone Holdings and our senior managing directors, or any combination thereof, and materially adversely affect our business, financial condition and results of operations.
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RewordedRisk Factors
Furthermore, Blackstone Inc. does not have any material assets other than its equity interests in certain wholly owned subsidiaries, which in turn will have no material assets (other than intercompany debt) other than general partner interests in the Blackstone Holdings Partnerships. Partnerships and its equity interests in certain wholly owned subsidiaries (which in turn have no material assets other than intercompany debt).
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RewordedRisk Factors
(a) cash we received in connection with our prior bond offerings and other borrowings, (b) management fees, (c) realized incentive fees and fees, (d) realized performance allocations, which is the sum allocations and (e) $4.325 billion revolving credit facility with a final maturity date of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. October 16, 2030 (the “Revolving Credit Facility”).
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RewordedRisk Factors
The due diligence investigation that we will carry out with respect to any investment opportunity may not reveal or highlight all relevant facts (including fraud) or risks that may be necessary or helpful in evaluating such investment opportunity and we may not identify or foresee future developments that could have a material adverse effect on an investment, including, for example, potential factors, such as technological disruption of a specific company or asset, or an entire industry. opportunity.
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RewordedRisk Factors
Many of the investment products and strategies we originate or develop for, or other assets or investments we include in, insurance company portfolios will be rated and a ratings downgrade or any other negative action by a rating agency or the NAIC’s Securities Valuation Office (“SVO”), as applicable, with respect to such products, assets or investments could make them less attractive and limit our ability to offer such products to, or invest or deploy capital on behalf of, insurers.
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RewordedRisk Factors
It may be impossible or costly for hedge funds to liquidate positions rapidly in order to meet margin calls, calls or withdrawal requests or otherwise, requests, particularly if there are other market participants are seeking to dispose of similar assets at the same time or assets, the relevant market is otherwise moving against a position or in the event of a trading halts halt or daily price movement limits on the market or otherwise. limit is imposed by an exchange.
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RewordedRisk Factors
For example, we have seen an increasing focus toward rent Such regulation as a means to address residential affordability caused by undersupply of housing in certain markets in the U.S. and Europe, which may contribute has contributed to adverse operating performance in certain parts of our residential real estate portfolio, including by moderating rent growth in certain geographies and markets.
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RewordedRisk Factors
Hedge funds are exposed to the risk counterparty risk, including that a counterparty will may dispute and not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem or otherwise, conditions, thus causing the fund to suffer a loss.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Such In addition, such terms could also restrict our ability to raise investment funds with investment objectives or strategies that compete with existing funds, add additional expenses and obligations for us in managing the fund or increase our potential liabilities, all of which could ultimately reduce adversely impact our revenues. ability to expand our assets under management.
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RewordedRisk Factors
For example, In real estate, we have seen an increasing increased focus toward rent regulation as a means to address residential affordability caused by undersupply of housing in certain markets in the U.S. and Europe, which may contribute to adverse operating performance in certain parts of our residential real estate portfolio, including by moderating rent growth in certain geographies and markets. Europe.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
Accordingly, significant uncertainty remains regarding the timing and extent of future interest rate decreases.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
In addition, government authorities of certain U.S. states have requested information from and scrutinized certain asset managers with respect to whether such managers have adopted sustainability policies that would restrict consider non-pecuniary
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
A fund may be subject to substantial losses if a security lender demands return of the lent securities and an alternative lending source cannot be found or if the fund is otherwise unable to borrow securities that are necessary to hedge or cover its positions.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
Blackstone Securities Partners L.P. may act acts as an underwriter, syndicator or placement agent in securities offerings and, through affiliated entities, loan syndications.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
In addition, we have agreed to indemnify the Series II Preferred Stockholder and our former general partner and its controlling affiliates and any current or former officer or director of any of Blackstone or its subsidiaries, the Series II Preferred Stockholder or former general partner and certain other specified persons (collectively, the “Indemnitees”), to the fullest extent permitted by law, against any and all losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts incurred by any an Indemnitee.
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Quiet changesRisk Factors
All of the The foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of our board of directors, and may change at any time, including, without limitation, to reduce such quarterly dividends or to eliminate such dividends entirely.
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AddedMD&A
for the year ended December 31, 2024, which specific discussion is incorporated herein by reference.
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AddedMD&A
Most major equity markets appreciated in the fourth quarter of 2025, driven by positive economic data and accommodative central bank actions. The total return of the S&P 500 Index was 2.7% in the fourth quarter, led by the healthcare and telecommunications sectors, which gained 11.7% and 7.3%, respectively. The real estate and utilities sectors underperformed, declining 2.9% and 1.4%, respectively. Equity market volatility decreased, with the CBOE Volatility Index (VIX) declining 8.2% at the end of the fourth quarter compared to the third quarter. In credit markets, the S&P Leveraged Loan Index generated a total return of 1.2% and the ICE Bank of America High Yield Bond Index returned 1.3%. At the beginning of 2026, however, concerns regarding impact of artificial intelligence-driven disruption weighed on equity capital markets. By mid-February 2026,
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
the Dow Jones and S&P 500 Index had experienced declines for four out of five weeks, while the Nasdaq recorded its fifth straight negative week.
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AddedMD&A
year-over-year increase in merger and acquisition and initial public offerings activity. High-yield spreads tightened by 21 basis points in 2025, while issuance increased 16.8% year-over-year.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
by year end and held rates steady in January 2026, based on its view that inflation has remained above the target rate of 2%.
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AddedMD&A
Outside of the U.S., most major central banks reduced interest rates in 2025 as inflation around the world continued to show signs of moderation. Inflation in the U.K. increased slightly to 3.4% in December 2025 compared to 3.0% in January 2025, but remained well below prior year peaks, and The Bank of England lowered its rate by 100 points over four reductions in 2025, ending the year at 3.75%. The European Central Bank lowered its deposit facility by 100 basis points during the year, with inflation in the Eurozone falling to 1.9% in December 2025 compared to 2.5% in January 2025. In China, the People’s Bank also lowered the required reserve ratio by 50 basis points in 2025 to 9%, continuing a rate-cutting cycle that began in 2021. By contrast, the Bank of Japan further increased its policy rate twice in 2025 to 0.75% by year end, the highest level since 1995.
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AddedMD&A
An overall resilient economic backdrop, alongside moderating interest rates in several major economies, supported a gradual improvement in capital markets and transaction activity in the latter part of 2025. Uncertainty regarding the trajectory of inflation and interest rates in the U.S., continued geopolitical turbulence and concerns regarding the potential impact of artificial intelligence-related disruptions across a number of industries, however, have more recently adversely impacted investor sentiment and the market environment.
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AddedMD&A
For additional information on the potential impact on each of our business segments of the conditions described above see “—Segment Analysis.”
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AddedMD&A
On October 16, 2025, Blackstone entered into an amended and restated $4.325 billion revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility amends and restates Blackstone’s existing revolving credit facility to, among other things, extend the maturity date from December 15, 2028 to October 16, 2030 and increase the aggregate required minimum amount of fee generating assets under management. For additional information see Note 12. “Borrowings” in the “Notes to Consolidated Financial Statements” in “—Item 8. Financial Statements and Supplementary Data.”
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AddedMD&A
equivalent to, its most directly comparable GAAP measure of Investments. See “—Non-GAAP
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AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA provides for significant U.S. tax law changes including making permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. Prior to the enactment of the OBBBA, these provisions were set to sunset on December 31, 2025. Blackstone does not believe the extension of these provisions, or other provisions contained in the OBBBA, will materially impact its financial statements. For further discussion of potential consequences of changes in tax regulations, please see “Part I. Item 1A. Risk Factors — Risks Related to Our Business — Changes in U.S. and foreign taxation of businesses and other tax laws, regulations or treaties or an adverse interpretation of these items by tax authorities could adversely affect us, including by adversely impacting our effective tax rate and tax liability.”
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AddedMD&A
On July 29, 2025, the U.S. Internal Revenue Service (“IRS”) issued guidance which provides for a simplified approach to the calculation of the corporate alternative minimum tax (“CAMT”). Based on the available guidance, Blackstone does not believe CAMT will materially impact its Provision for Taxes.
Read it in 10-K 2026-02-27 at sec.gov ↗
RemovedMD&A
Global markets experienced volatility in 2024, due to significant movement in Treasury yields, a strong U.S. Dollar, global geopolitical instability and macroeconomic uncertainty. The 10-year
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
Treasury yield increased 86 basis points from the beginning of 2024 to an intraday high of 4.74% in April, declined 114 basis points to an intraday low of 3.6% in September, and subsequently rose again to end the year at 4.57%. Short-term rates decreased in 2024 with three-month SOFR down 103 basis points to 4.31%. The U.S. Dollar appreciated against major currencies in the fourth quarter and full year, including the Pound Sterling, Euro, Canadian Dollar, and Indian Rupee.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
Most major equity markets appreciated in the fourth quarter of 2024. The S&P 500 delivered a total return of 2.0% in the fourth quarter and 25.0% for the full year. All sectors gained during the year, led by the telecom sector, which rose 40.2%. In credit markets, the S&P leveraged loan index increased 9.0% in 2024 while the Credit Suisse high yield bond index rose 7.9%. High yield spreads tightened 57 basis points in 2024, while issuance increased 64% year-over-year. Base rates were volatile during the year. Equity market volatility increased, with the CBOE Volatility Index up 39% year-over-year. Oil prices were largely unchanged, with the price of West Texas Intermediate crude oil up 0.1% in 2024 to $71.72 per barrel. The Henry Hub Natural Gas spot price increased 45% year-over-year to $3.63.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
by year end. The Federal Reserve held rates steady in January 2025, indicating its expectations for a slower pace of rate cuts moving forward. The U.S. unemployment rate was 4.1% in December 2024, but further decreased below forecasts to 4.0% in January 2025, suggesting a tightening labor market. Average hourly earnings increasing 4.1% year-over-year and 0.5% month-over-month in January 2025. Meanwhile, shelter cost inflation has decreased since the end of 2023, declining to 4.6% in December 2024 as compared to 6.2% the prior year. In manufacturing, the Institute for Supply Management Purchasing Managers’ Index increased to 49.2 in December 2024 compared to 46.9 in 2023.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
Outside the U.S., several major economies demonstrated slower GDP growth and began loosening monetary policy after an extended period of tightening due to decreasing inflation. Eurozone real GDP declined to 2.4% annual growth in December 2024 from 2.9% in December 2023. Inflation in the Eurozone fell from 2.8% year-over-year growth in January 2024 to 2.4% at year end despite the European Central Bank lowering its deposit facility by 100 basis points during the year and an additional 25 basis points in February 2025. In China, real GDP grew 5.0% year-over-year in 2024, down from 5.4% in 2023 and below the average of the preceding ten years. In Japan, the advance estimate of real GDP indicated a contraction of 0.2% year-over-year in 2024, down from 1.5% growth in 2023.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
During 2024, the U.S. made meaningful progress on inflation and maintained a healthy economy, which helped improve investor sentiment. Nonetheless, continued geopolitical turbulence, the potential for slower-than-anticipated interest rate decreases, and U.S. trade, immigration and other policy and regulatory changes are contributing to economic outlook uncertainty, including a potential economic slowdown.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
Blackstone had a corporate alternative minimum tax (“CAMT”) liability for the year ended December 31, 2024 as calculated pursuant to the Inflation Reduction Act. Blackstone will continue to assess the overall impact to its Provision for Income Tax upon the issuance of applicable additional guidance by the U.S. Treasury Department related to interpretations of CAMT. For the year ended December 31, 2024 there is no meaningful CAMT impact reflected in the Provision for Income Taxes given current year tax payments made under CAMT are permitted to be carried forward and used as credits in future years resulting in a deferred tax benefit.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
Effective during the third quarter of 2024, the residential debt business was transferred from Real Estate to Credit & Insurance to align with a change in Blackstone’s management of those businesses. This organizational change resulted in a decrease (reflected as an outflow) for the year ended December 31, 2024 to Real Estate Total and Fee-Earning
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
Assets Under Management (the “Residential Debt Transfer”). These changes do not impact Blackstone’s Total or Fee-Earning
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
o Outflows were driven by $7.7 billion from liquid corporate credit, $6.1 billion from direct lending (including $4.0 billion as a result of an update to the methodology to exclude leverage that contributes to performance revenues but does not earn management fees), $1.8 billion from mezzanine funds and $1.7 billion from the insurance platform, partially offset by $(12.1) billion due to the Residential Debt Transfer.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
In our Real Estate segment, the decrease of $17.5 billion was primarily due to the decreases of $6.8 billion in BREIT and $6.0 billion in BREDS, primarily reflecting the perpetual capital portion of the Residential Debt Transfer.
Read it in 10-K 2025-02-28 at sec.gov ↗
RemovedMD&A
The performance of funds in our Real Estate segment in 2024 was negatively impacted by volatility in the 10-year
Read it in 10-K 2025-02-28 at sec.gov ↗
RewordedMD&A
Contractual Obligations 2025 2026-2027 2028-2029 2026 2027-2028 2029-2030 Thereafter Total (Dollars in Thousands) Operating Lease Obligations (a) $ 180,493 206,159 $ 367,948 392,982 $ 380,512 889,097 $ 919,296 1,700,232 $ 1,848,249 3,188,470 Purchase Obligations 126,174 148,459 19,991 976 295,600 133,562 134,066 9,355 — 276,983 Blackstone Operating Borrowings (b) 318,843 1,538,876 1,285,330 8,217,700 11,360,749 704,760 1,550,000 1,804,760 8,387,300 12,446,820 Interest on Blackstone Operating Borrowings (c) 422,762 825,184 714,130 3,368,535 5,330,611 498,610 951,443 868,639 3,228,187 5,546,879 Borrowings of Consolidated Blackstone Funds — — 129,767 — 99,419 99,419 129,767 Interest on Borrowings of Consolidated Blackstone Funds — 15,662 15,662 14,032 45,356 17,497 9,851 — 27,348 Blackstone Funds Capital Commitments to Investee Funds (d) 127,215 797,420 — — — 127,215 797,420 Due to Certain 43,954 205,716 252,970 1,342,197 1,844,837 59,400 278,321 401,654 1,336,830 2,076,205 Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (e) Unrecognized Tax Benefits, Including Interest and Penalties (f) — — — — — Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g) 6,379,912 6,481,447 — — — 6,379,912 6,481,447 Consolidated Contractual Obligations 7,599,353 3,101,845 2,668,595 13,962,155 27,331,948 8,881,358 3,324,309 4,113,123 14,652,549 30,971,339 Borrowings of Consolidated Blackstone Funds — — (129,767) — (99,419) (99,419) (129,767) Interest on Borrowings of Consolidated Blackstone Funds — (15,662) (15,662) (14,032) (45,356) (17,497) (9,851) — (27,348) Blackstone Funds Capital Commitments to Investee Funds (d) (127,215) (797,420) — — — (127,215) (797,420) Blackstone Operating Entities Contractual Obligations $ 7,472,138 8,083,938 $ 3,086,183 3,306,812 $ 2,652,933 3,973,505 $ 13,848,704 14,652,549 $ 27,059,958 30,016,804
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Strategy (Inception Year) (a) Investment Strategy Total Assets Total Net Under Return (m) (n) Management (Dollars in Thousands, Except Where Noted) Real Estate BPP—Blackstone Property Partners Platform (2013) (n) (o) Core+ Real Estate $ 61,401,469 5% 62,170,019 3% BREIT—Blackstone Real Estate Income Trust (2017) (o) (p) Core+ Real Estate 53,966,819 54,287,711 9% BREIT—Class I (p) (q) Core+ Real Estate 9% BXMT—Blackstone Mortgage Trust (2013) (q) (r) Real Estate Debt 5,814,824 6% 6,147,847 7% Private Equity BSCH—Blackstone Strategic Capital Holdings (2014) (r) Secondaries - BXGP—Blackstone GP Stakes 10,999,962 (2014) (s) Minority GP Interests 10,309,849 13% BIP—Blackstone Infrastructure Partners (2019) (s) (t) Infrastructure 43,370,836 17% 62,494,036 18% BXPE—Blackstone Private Equity Strategies Fund Program (2024) (t) Private Equity 7,329,314 13% BXPE—Class I (u) Private Equity 14% 18,022,298 17% BXPE—Class I (v) Private Equity 17% Credit BXSL—Blackstone Secured Lending Fund (2018) (v) (w) U.S.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
December 31, 2025 2024 2023 (Dollars in Millions) Real Estate BREP Global $ 873 530 $ 1,323 892 BREP Europe 44 126 109 BREP Asia 94 98 92 BPP 75 42 129 BREDS 32 27 32 BTAS 19 2 Total Real Estate (a) 775 1,186 1,687 Private Equity BCP Global 2,044 1,733 1,562 BCP Asia 289 334 182 Energy/Energy Transition 646 568 306 Core Private Equity 287 247 234 Tactical Opportunities 225 201 229 Secondaries 1,141 1,072 731 Infrastructure 554 84 333 Life Sciences 216 197 82 BTAS/BXPE 246 229 185 Total Private Equity (a) 5,648 4,665 3,844 Credit & Insurance 286 401 286 Multi-Asset Investing 33 30 17 Total Blackstone Net Accrued Performance Revenues $ 6,743 $ 6,281 $ 5,835
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Management and Advisory Fees, Net were $2.2 $2.8 billion for the year ended December 31, 2025, a decrease of $93.4 million, compared to $2.9 billion for the year ended December 31, 2024, an increase of $190.7 million, compared primarily attributable to $2.0 billion for the year ended December 31, 2023, primarily driven by increases decreases in Base Management Fees and Transaction, Advisory Transaction and Other Fees, Net.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
The increase in Fee Related Earnings was primarily attributable to increases an increase of $243.8 $573.3 million in Management and Advisory Fees, Net and $182.8 a decrease of $202.8 million in Fee Related Compensation, partially offset by a decrease of $637.4 million in Fee Related Performance Revenues, partially offset by an increase of $127.6 million in Fee Related Compensation. Revenues.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Management and Advisory Fees, Net were $2.8 billion for the year ended December 31, 2025, an increase of $573.3 million, compared to $2.2 billion for the year ended December 31, 2024, an increase of $190.7 million, compared primarily attributable to $2.0 billion for the year ended December 31, 2023, primarily driven by increases in Base Management Fees and Transaction, Advisory and Other Fees, Net.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Management Fees, Net were $1.9 billion for the year ended December 31, 2025, an increase of $347.8 million, compared to $1.6 billion for the year ended December 31, 2024, an increase of $243.8 million, compared primarily attributable to $1.3 billion for the year ended December 31, 2023, primarily driven by an increase in Base Management Fees.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
(b) Private Credit returns include mezzanine lending the Flagship commingled funds and across the opportunistic lending, global middle market direct lending funds (including BXSL BXSL, BCRED, and BCRED), ECRED strategies), stressed/distressed strategies (including stressed/distressed funds strategies, and credit alpha strategies) non-investment grade infrastructure and energy strategies. asset based credit.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Blackstone and Senior Managing Directors General Partner (a) and Certain Other Professionals (b) Fund Original Remaining Original Remaining Commitment Commitment Commitment Commitment (Dollars in Thousands) Multi-Asset Investing Strategic Alliance II 50,000 1,482 — — Strategic Alliance III 22,000 23,617 24,263 — — Strategic Alliance IV 15,000 10,712 9,802 — — Dislocation 20,000 12,322 12,296 — — Other (c) 4,775 2,240 5,947 2,221 — — Total Multi-Asset Investing 111,775 50,373 62,947 48,582 — — Other Treasury (d) 2,758,552 2,563,381 2,991,878 2,541,659 — — $ 13,491,809 14,073,831 $ 6,379,912 6,481,447 $ 4,554,166 4,735,807 $ 1,944,432 1,896,672
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
(a) Perpetual Capital Total Assets Under Management for the Multi-Asset Investing segment was zero for the years ended December 31, 2022 and 2023, and $247.1 million for year ended December 31, 2024. 2023, $247.1 million for the year ended December 31, 2024, and $582.2 million for the year ended December 31, 2025.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Capital markets activity levels in the U.S. expanded moderately, considerably in 2025, with global U.S. initial public offering offering volumes up 4% and global announced merger and acquisition volumes up 12% approximately 73% and 60%, respectively, compared to 2023; however, both metrics remain below prior peak levels. 2024.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
The decrease increase in our Private Equity segment was primarily due attributable to the deconsolidation of a fund, partially offset by higher net unrealized appreciation of investments in our consolidated funds. funds in the year ended December 31, 2025 compared to the year ended December 31, 2024.
Read it in 10-K 2026-02-27 at sec.gov ↗
