Blackstone (BX) 10-K 28 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Trading Symbol	BX
Entity Registrant Name	Blackstone Inc.
Entity Central Index Key	0001393818
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Transition Report	false
Document Annual Report	true
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Shell Company	false
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity File Number	001-33551
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8875684
Entity Address, Address Line One	345 Park Avenue
Local Phone Number	583-5000
Entity Address, State or Province	NY
Entity Address, City or Town	New York
City Area Code	212
Entity Address, Postal Zip Code	10154
Entity Public Float			$ 88.2
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		729,415,925
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	New York
Document Financial Statement Error Correction [Flag]	false

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and Cash Equivalents	$ 1,972,140	$ 2,955,866
Cash Held by Blackstone Funds and Other	204,052	316,197
Investments	29,800,566	26,146,622
Accounts Receivable	237,930	193,365
Due from Affiliates	$ 5,409,315	$ 4,466,521
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Intangible Assets, Net	$ 165,243	$ 201,208
Goodwill	1,890,202	1,890,202
Other Assets	947,859	944,848
Right-of-Use Assets	838,620	841,307
Deferred Tax Assets	2,003,948	2,331,394
Total Assets	43,469,875	40,287,530
Liabilities and Equity
Loans Payable	11,320,956	11,304,059
Due to Affiliates	2,808,148	2,393,410
Accrued Compensation and Benefits	6,087,700	5,247,766
Operating Lease Liabilities	965,742	989,823
Accounts Payable, Accrued Expenses and Other Liabilities	2,792,314	2,277,258
Total Liabilities	23,974,860	22,212,316
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	801,399	1,179,073
Stockholders' Equity of Blackstone Inc.
Common Stock, $0.00001 par value, 90 billion shares authorized, (731,925,965 shares issued and outstanding as of December 31, 2024; 719,358,114 shares issued and outstanding as of December 31, 2023)	7	7
Additional Paid-in-Capital	7,444,561	6,175,190
Retained Earnings	808,079	660,734
Accumulated Other Comprehensive Loss	(40,326)	(19,133)
Total Stockholders' Equity of Blackstone Inc.	8,212,321	6,816,798
Non-Controlling Interests in Consolidated Entities	6,154,943	5,177,255
Non-Controlling Interests in Blackstone Holdings	4,326,352	4,902,088
Total Equity	18,693,616	16,896,141
Total Liabilities and Equity	43,469,875	40,287,530
Series I Preferred Stock
Stockholders' Equity of Blackstone Inc.
Preferred Stock, Value, Issued	0	0
Series II Preferred Stock
Stockholders' Equity of Blackstone Inc.
Preferred Stock, Value, Issued	$ 0	$ 0

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets	$ 43,469,875	$ 40,287,530
Liabilities	$ 23,974,860	$ 22,212,316
Common stock par value	$ 0.00001	$ 0.00001
Common shares authorized	90,000,000,000	90,000,000,000
Common shares issued	731,925,965	719,358,114
Common shares outstanding	731,925,965	719,358,114
Preferred shares par value	$ 0.00001
Preferred shares authorized	10,000,000,000
Series I Preferred Stock
Preferred shares par value	$ 0.00001	$ 0.00001
Preferred shares authorized	999,999,000	999,999,000
Preferred shares issued	1	1
Preferred shares outstanding	1	1
Series II Preferred Stock
Preferred shares par value	$ 0.00001	$ 0.00001
Preferred shares authorized	1,000	1,000
Preferred shares issued	1	1
Preferred shares outstanding	1	1
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	$ 4,170,540	$ 4,656,207
Liabilities	385,729	1,202,203
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities	87,488	687,122
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	3,890,732	4,319,483
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	45,993	6,995
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	204,052	316,197
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	19,956	12,762
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	9,807	770
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	229,478	123,909
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	$ 68,763	$ 391,172

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Performance Allocations
Realized	$ 3,457,746	$ 2,223,841	$ 5,381,640
Unrealized	371,407	(1,691,668)	(3,435,056)
Principal Investments
Realized	332,258	303,823	850,327
Unrealized	380,591	(603,154)	(1,563,849)
Total Investment Income	4,542,002	232,842	1,233,062
Interest and Dividend Revenue	411,159	516,497	271,612
Other	123,693	(92,929)	184,557
Total Revenues	13,229,968	8,022,841	8,517,673
Expenses
Compensation	3,048,229	2,785,447	2,569,780
Incentive Fee Compensation	373,586	281,067	207,998
Performance Allocations Compensation
Realized	1,432,217	900,859	2,225,264
Unrealized	140,021	(654,403)	(1,470,588)
Total Compensation and Benefits	4,994,053	3,312,970	3,532,454
General, Administrative and Other	1,361,909	1,117,305	1,092,671
Interest Expense	443,688	431,868	317,225
Fund Expenses	19,676	118,987	30,675
Total Expenses	6,819,326	4,981,130	4,973,025
Other Income (Loss)
Change in Tax Receivable Agreement Liability	(41,246)	(27,196)	22,283
Net Gains (Losses) from Fund Investment Activities	90,084	(56,801)	(105,142)
Total Other Income (Loss)	48,838	(83,997)	(82,859)
Income Before Provision for Taxes	6,459,480	2,957,714	3,461,789
Provision for Taxes	1,021,671	513,461	472,880
Net Income	5,437,809	2,444,253	2,988,909
Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(61,289)	(245,518)	(142,890)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	473,826	224,155	107,766
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	2,248,764	1,074,736	1,276,402
Net Income Attributable to Blackstone Inc.	$ 2,776,508	$ 1,390,880	$ 1,747,631
Net Income Per Share of Common Stock
Basic	$ 3.62	$ 1.84	$ 2.36
Diluted	$ 3.62	$ 1.84	$ 2.36
Weighted-Average Shares of Common Stock Outstanding
Basic	766,487,450	755,204,556	740,664,038
Diluted	766,646,508	755,419,936	740,942,399
Management and Advisory Fees, Net
Revenues
Revenues	$ 7,188,936	$ 6,671,260	$ 6,303,315
Incentive Fees
Revenues
Revenues	$ 964,178	$ 695,171	$ 525,127

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Income	$ 5,437,809	$ 2,444,253	$ 2,988,909
Other Comprehensive Income (Loss) - Currency Translation Adjustment	(76,662)	59,698	(32,523)
Comprehensive Income	5,361,147	2,503,951	2,956,386
Comprehensive Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(95,256)	(199,998)	(163,263)
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	473,826	224,155	107,766
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	2,227,262	1,080,572	1,272,101
Comprehensive Income Attributable to Non-Controlling Interests	2,605,832	1,104,729	1,216,604
Comprehensive Income Attributable to Blackstone Inc.	$ 2,755,315	$ 1,399,222	$ 1,739,782

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands		Total	Common Units	Common Stock		Additional Paid-in Capital	[1]	Retained Earnings (Deficit)	[1]	Accumulated Other Comprehensive Income (Loss)	[1]	Parent	[1]	Noncontrolling Interest Consolidated Entities	Noncontrolling Interest Blackstone Holdings
Beginning Balance at Dec. 31, 2021		$ 21,638,018		$ 7		$ 5,794,727		$ 3,647,785		$ (19,626)		$ 9,422,893		$ 5,600,653	$ 6,614,472
Beginning Balance, Units at Dec. 31, 2021	[1]		704,339,774
Beginning Balance at Dec. 31, 2021		68,028
Transfer In Due to Consolidation of Fund Entities		1,146,410
Net Income (Loss)		3,131,799						1,747,631				1,747,631		107,766	1,276,402
Net Income (Loss)		(142,890)
Currency Translation Adjustment		(12,150)								(7,849)		(7,849)			(4,301)
Currency Translation Adjustment		(20,373)
Capital Contributions		555,693
Capital Contributions		749,528												739,660	9,868
Capital Distributions		(7,620,451)						(3,647,310)				(3,647,310)		(1,091,798)	(2,881,343)
Capital Distributions		(180,200)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		(299,801)												(299,801)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		288,338
Deferred Tax Effects on Equity Transaction		6,690				6,690						6,690
Equity-Based Compensation		838,383				504,738						504,738			333,645
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(73,987)				(73,987)						(73,987)			0
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]		5,407,340
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(391,968)				(391,968)						(391,968)
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units	[1]		(3,850,000)
Change in Blackstone Inc.'s Ownership Interest						36,824						36,824			(36,824)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock						58,249						58,249			(58,249)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]		4,379,809
Ending Balance at Dec. 31, 2022		17,966,061		7	[1]	5,935,273		1,748,106		(27,475)		7,655,911		5,056,480	5,253,670
Ending Balance, Units at Dec. 31, 2022	[1]		710,276,923
Ending Balance at Dec. 31, 2022		1,715,006
Transfer In Due to Consolidation of Fund Entities		(53,713)
Net Income (Loss)		2,689,771						1,390,880				1,390,880		224,155	1,074,736
Net Income (Loss)		(245,518)
Currency Translation Adjustment		14,178								8,342		8,342			5,836
Currency Translation Adjustment		45,520
Capital Contributions		150,533
Capital Contributions		581,265												571,559	9,706
Capital Distributions		(4,944,821)						(2,478,252)				(2,478,252)		(666,668)	(1,799,901)
Capital Distributions		(432,755)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		(8,231)				40						40		(8,271)
Deferred Tax Effects on Equity Transaction		2,467				2,467						2,467
Equity-Based Compensation		1,013,475				614,645						614,645			398,830
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(66,762)				(66,762)						(66,762)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]		7,745,355
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(351,262)				(351,262)						(351,262)
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units	[1]		(3,718,169)
Change in Blackstone Inc.'s Ownership Interest						(15,047)						(15,047)			15,047
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock						55,836						55,836			(55,836)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]		5,054,005
Ending Balance at Dec. 31, 2023		16,896,141		7	[1]	6,175,190		660,734		(19,133)		6,816,798		5,177,255	4,902,088
Ending Balance, Units at Dec. 31, 2023	[1]		719,358,114
Ending Balance at Dec. 31, 2023		1,179,073
Transfer In Due to Consolidation of Fund Entities		87,643												87,643
Transfer In Due to Consolidation of Fund Entities		1,065
Net Income (Loss)		5,499,098						2,776,508				2,776,508		473,826	2,248,764
Net Income (Loss)		(61,289)
Currency Translation Adjustment		(42,695)								(21,193)		(21,193)			(21,502)
Currency Translation Adjustment		(33,967)
Capital Contributions		70,483
Capital Contributions		947,805												936,217	11,588
Capital Distributions		(5,015,402)						(2,629,163)				(2,629,163)		(579,631)	(1,806,608)
Capital Distributions		(284,875)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		59,499				(134)						(134)		59,633
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		(69,091)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		(196,172)				(196,172)						(196,172)
Equity-Based Compensation		1,118,764				686,218						686,218			432,546
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(140,636)				(140,636)						(140,636)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]		10,565,137
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(520,429)				(520,429)						(520,429)
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units	[1]		(3,964,353)
Change in Blackstone Inc.'s Ownership Interest						1,382,158						1,382,158			(1,382,158)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock						58,366						58,366			(58,366)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]		5,967,067
Ending Balance at Dec. 31, 2024		18,693,616		$ 7	[1]	$ 7,444,561		$ 808,079		$ (40,326)		$ 8,212,321		$ 6,154,943	$ 4,326,352
Ending Balance, Units at Dec. 31, 2024	[1]		731,925,965
Ending Balance at Dec. 31, 2024		$ 801,399
[1]During the period presented, Blackstone also had one share outstanding of each of series I and Series II preferred stock, with par value of each less than one cent.

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Series I Preferred Stock [Member]
Conversion of stocks	one share outstanding	one share outstanding	one share outstanding
Series II Preferred Stock [Member]
Conversion of stocks	one share outstanding	one share outstanding	one share outstanding

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Activities
Net Income	$ 5,437,809	$ 2,444,253	$ 2,988,909
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Net Realized Gains on Investments	(4,172,938)	(2,989,636)	(6,474,051)
Changes in Unrealized (Gains) Losses on Investments	(487,013)	683,715	1,828,364
Non-Cash Performance Allocations	(371,407)	1,691,668	3,435,055
Non-Cash Performance Allocations and Incentive Fee Compensation	1,941,899	473,364	931,288
Equity-Based Compensation Expense	1,168,435	987,549	846,349
Amortization of Intangibles	35,965	40,075	67,097
Other Non-Cash Amounts Included in Net Income	(444,772)	(835,230)	(1,341,059)
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Acquired With Consolidation Of Fund Entity	39,729	0	31,791
Cash Relinquished with Deconsolidation of Fund Entities	(113,224)	(113,589)	0
Accounts Receivable	(78,284)	237,623	177,832
Due from Affiliates	(386,755)	331,623	654,290
Other Assets	(560)	(47,299)	(26,853)
Accrued Compensation and Benefits	(1,211,545)	(1,071,559)	(2,197,446)
Accounts Payable, Accrued Expenses and Other Liabilities	194,581	(40,283)	158,019
Due to Affiliates	16,930	85,733	117,219
Investments Purchased	(2,429,824)	(5,010,341)	(5,228,723)
Cash Proceeds from Sale of Investments	4,342,636	7,189,240	10,368,172
Net Cash Provided by Operating Activities	3,481,662	4,056,906	6,336,253
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(61,409)	(224,231)	(235,497)
Net Cash Paid for Acquisitions, Net of Cash Acquired		(5,420)	0
Net Cash Used in Investing Activities	(61,409)	(229,651)	(235,497)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(874,024)	(1,003,715)	(1,271,907)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	907,267	708,410	1,268,297
Payments Under Tax Receivable Agreement	(87,508)	(64,634)	(46,880)
Net Settlement of Vested Common Stock and Repurchase of Common Stock	(661,065)	(418,024)	(465,956)
Proceeds from Loans Payable	741,173	494,975	3,521,544
Repayment and Repurchase of Loans Payable	(103,221)	(502,460)	(280,768)
Dividends/Distributions to Stockholders and Unitholders	(4,424,183)	(4,268,447)	(6,518,785)
Net Cash Used in Financing Activities	(4,501,561)	(5,053,895)	(3,794,455)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	(14,563)	4,988	(12,318)
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Increase (Decrease)	(1,095,871)	(1,221,652)	2,293,983
Beginning of Period	3,272,063	4,493,715	2,199,732
End of Period	2,176,192	3,272,063	4,493,715
Supplemental Disclosure of Cash Flows Information
Payments for Interest	407,333	400,333	261,886
Payments for Income Taxes	646,872	569,381	683,171
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	101,429	22,049	34,286
Non-Cash Distributions to Non-Controlling Interest Holders	(2,070)	(105,414)	0
Notes Issuance Costs	6,082	0	30,240
Transfer of Interests to Non-Controlling Interest Holders	(9,458)	(8,231)	(11,463)
Net Settlement of Vested Common Stock	972,398	681,004	387,332
Deferred Tax Asset Effects from Equity Transactions	(26,035)	(117,459)	(120,167)
Change in Due to Affiliates Related to the Impact of Conversions on Tax Receivable Agreements	$ 208,676	$ 114,992	$ 113,477

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents	$ 1,972,140	$ 2,955,866
Cash Held by Blackstone Funds and Other	204,052	316,197
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	$ 2,176,192	$ 3,272,063	$ 4,493,715	$ 2,199,732

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,776,508	$ 1,390,880	$ 1,747,631

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy Blackstone maintains a comprehensive cybersecurity program, including policies and procedures designed to protect our systems, operations and the data entrusted to us by our investors, employees, portfolio companies and business partners from anticipated threats or hazards. Blackstone utilizes a variety of protective measures as a part of its cybersecurity program. These measures include, where appropriate, physical and digital access controls, patch management, identity verification and mobile device management software, new hire and annual employee cybersecurity awareness and best practices training programs, security baselines and tools to report anomalous activity, and monitoring of data usage, hardware and software. We test our cybersecurity defenses regularly through automated and manual vulnerability scanning, to identify and remediate critical vulnerabilities. In addition, we conduct annual “white hat” penetration tests to validate our security posture. We examine our cybersecurity program every two to three years with third parties, evaluating its effectiveness in part by considering industry standards and established frameworks, such as the National Institute of Standards and Technology and Center for Internet Security, as guidelines. Further, we engage in cybersecurity incident tabletop exercises and scenario planning exercises involving hypothetical cybersecurity incidents to test our cybersecurity incident response processes. Our Chief Security Officer (the “CSO”) and members of senior management, Legal and Compliance, Technology and Innovations (“BXTI”) and Global Corporate Affairs participate in these exercises. Learnings from these tabletop exercises and any cybersecurity events we experience are reviewed, discussed and incorporated into our cybersecurity incident response processes, as appropriate. In addition to our internal exercises to test aspects of our cybersecurity program, we periodically engage independent third parties to analyze data on the interactions of users of our information technology resources, including employees, and conduct penetration tests and scanning exercises to assess the performance of our cybersecurity systems and processes. We have a comprehensive Security Incident Response Plan (the “IRP”) designed to inform the proper escalation of non-routine Blackstone maintains a formal cybersecurity risk management process and cybersecurity risk register, designed to identify, track and treat cybersecurity risks at the firm, and integrates these processes into the firm’s overall risk management practices described above. Our CSO periodically discusses and reviews cybersecurity risks and related mitigants with our enterprise risk committee and incorporates relevant cybersecurity risk updates and metrics in the semi-annual enterprise-wide risk management report. Blackstone has a process designed to assess the cybersecurity risks associated with the engagement of third-party 81 In addition, where appropriate, Blackstone seeks to include in its contractual arrangements with certain of its third-party vendors provisions addressing its requirements and industry best practices with respect to data and cybersecurity, as well as the right to assess, monitor, audit and test such vendors’ cybersecurity programs and practices. Blackstone also utilizes a number of digital controls, which are reviewed at least annually, to monitor and manage third-party access to its internal systems and data. For a discussion of how risks from cybersecurity threats affect our business, see “—Item 1A. Risk Factors — Risk Related to our Business — Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.” in this Annual Report on Form 10-K. Cybersecurity Governance Blackstone has a dedicated cybersecurity team, led by our CSO, who works closely with our senior management, including our Chief Technology Officer (“CTO”), to develop and advance the firm’s cybersecurity program and strategy. Our CSO and CTO have extensive experience in cybersecurity and technology, respectively. Our CSO is a Senior Managing Director in BXTI and is responsible for all aspects of cyber and physical security across Blackstone. He has over 25 years of information security, technology and engineering experience, including having previously led the international security organization at a large credit bureau. Our CTO is a Senior Managing Director and the head of BXTI. Our CTO has over 23 years of information security, technology and engineering experience, including having previously served as the Chief Technology and Chief Innovation Officer at a large financial institution. Our CTO is responsible for all aspects of technology across Blackstone, advises our investment teams and acts as a resource to portfolio companies on technology-related matters. BXTI conducts periodic cybersecurity risk assessments, including assessments or audits of third-party vendors, and assists with the management and mitigation of identified cybersecurity risks. The CSO and CTO are responsible for the review of Blackstone’s cybersecurity framework annually as well as on an event-driven basis as necessary. The CSO and CTO also review the scope of our cybersecurity measures periodically, including in the event of a change in business practices that may implicate the security or integrity of our information and systems. Blackstone’s board of directors is responsible for understanding the primary risks to our business. The audit committee
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Blackstone maintains a formal cybersecurity risk management process and cybersecurity risk register, designed to identify, track and treat cybersecurity risks at the firm, and integrates these processes into the firm’s overall risk management practices described above. Our CSO periodically discusses and reviews cybersecurity risks and related mitigants with our enterprise risk committee and incorporates relevant cybersecurity risk updates and metrics in the semi-annual enterprise-wide risk management report.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	For a discussion of how risks from cybersecurity threats affect our business, see “—Item 1A. Risk Factors — Risk Related to our Business — Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.” in this Annual Report on Form 10-K.
Cybersecurity Risk Role of Management [Text Block]	The audit committee
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The audit committee
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CSO and CTO have extensive experience in cybersecurity and technology, respectively. Our CSO is a Senior Managing Director in BXTI and is responsible for all aspects of cyber and physical security across Blackstone. He has over 25 years of information security, technology and engineering experience, including having previously led the international security organization at a large credit bureau. Our CTO is a Senior Managing Director and the head of BXTI. Our CTO has over 23 years of information security, technology and engineering experience, including having previously served as the Chief Technology and Chief Innovation Officer at a large financial institution. Our CTO is responsible for all aspects of technology across Blackstone, advises our investment teams and acts as a resource to portfolio companies on technology-related matters.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Blackstone’s board of directors is responsible for understanding the primary risks to our business.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization	1. Organization Blackstone Inc., together with its consolidated subsidiaries (“Blackstone” or the “Company”), is the world’s largest alternative asset manager. Blackstone’s asset management business includes global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. “Blackstone Funds” refers to the funds and other vehicles that are managed by Blackstone. Blackstone’s business is organized into four segments: Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing. Blackstone Inc. was initially formed as The Blackstone Group L.P., a Delaware limited partnership, on March 12, 2007. Prior to its conversion on July 1, 2019 to a Delaware corporation, Blackstone Inc. was managed and operated by Blackstone Group Management L.L.C., which is wholly owned by Blackstone’s senior managing directors and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”). The activities of Blackstone are conducted through its holding partnerships: Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, “Blackstone Holdings,” “Blackstone Holdings Partnerships” or the “Holding Partnerships”). Blackstone, through its wholly owned subsidiaries, is the sole general partner of each of the Holding Partnerships. Generally, holders of the limited partner interests in the Holding Partnerships may, four times each year, exchange their limited partnership interests (“Partnership Units”) for Blackstone common stock, on a one-to-one basis, exchanging one Partnership Unit from each of the Holding Partnerships for one share of Blackstone common stock.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of deferred tax balances (including any valuation allowances) and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material. Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out rights or participating rights that would overcome the control held by Blackstone. Accordingly, Blackstone consolidates Blackstone Holdings and records non-controlling interests to reflect the economic interests of the limited partners of Blackstone Holdings. In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. 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. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 8. “Variable Interest Entities.” Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 19. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically net asset value, gross asset value, total fair value of investments, committed capital, total invested capital or remaining invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally the customer is identified as the investors in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees are principally fees charged to the investors of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the investors to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the investors of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the investors of the Blackstone Funds, which are based on the amount such investors reimburse the Blackstone Funds or Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the investors of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the investors of the funds recorded as Management and Advisory Fees, Net. In cases where the investors of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Consolidated Statements of Operations. In cases where the Blackstone Funds are determined to be the customer in the arrangement, placement fees are generally expensed as incurred. Blackstone may also pay ongoing investor servicing fees to certain distributors of its products. Where Blackstone is the principal in those arrangements, ongoing investor servicing fees are expensed as incurred and are recorded within General, Administrative and Other expense. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Due from Affiliates in the Consolidated Statements of Financial Condition. Incentive Fees — Investment Income (Loss) In carry fund structures and certain open-ended structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata share of the results of the fund vehicle (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). Performance Allocations are made to the general partner based either on cumulative fund performance to date, subject to a preferred return to limited partners or based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Consolidated Statements of Financial Condition. Performance Allocations in carry fund structures are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest and Dividend Revenue Other Revenue Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: • 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. • 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 liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Notes issued by consolidated CLO vehicles are classified within Level II of the fair value hierarchy. • 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 interests in securitizations, investments in non-consolidated CLOs and certain over-the-counter derivatives where the fair value is based on unobservable inputs. For certain investments where the fair value is not readily determinable, net asset value (“NAV”) is applied as a practical expedient. 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. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: • Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants including those provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. • Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. • Notes issued by consolidated CLO vehicles are measured based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties and investments in non-consolidated CLO vehicles. Real Estate Investments Private Equity Investments Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring. Investments, at Fair Value 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 Certain principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate and credit-focused investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. 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. Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market, quoted prices that are published on a regular basis and are the basis for current transactions or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 6. “Fair Value Option.” Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election. Certain investments of Blackstone and the consolidated Blackstone funds are valued at NAV per share pursuant to the practical expedient. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. Security and loan transactions are recorded on a trade date basis. Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which generally include both a proportionate and disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Consolidated Statements of Financial Condition. Strategic Partners’ results presented in Blackstone’s consolidated financial statements are reported on a three-month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods. Cash and Cash Equivalents Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations. Cash Held by Blackstone Funds and Other Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone. Accounts Receivable and Due from Affiliates Accounts Receivable and Due from Affiliates is comprised of management and incentive fees receivable from limited partners, receivables from managed investment vehicles and portfolio companies, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to affiliates and to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectability. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations. Intangibles and Goodwill Blackstone’s intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Performance Allocations. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from three Goodwill comprises goodwill arising from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to its initial public offering (“IPO”) and the acquisitions of GSO Capital Partners LP in 2008, Strategic Partners in 2013, Harvest Fund Advisors LLC in 2017, Clarus Ventures LLC in 2018 and DCI LLC in 2020. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less than their respective carrying values. The operating segments are considered the reporting units for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, an impairment loss is recognized to the extent by which the carrying value exceeds the fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements, furniture and fittings and other fixed assets were the lesser of the lease term or the life of the asset, the lesser of seven years or the lease term, or three Foreign Currency In the normal course of business, Blackstone may enter into transactions denominated in currencies other than United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, Blackstone consolidates a number of entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rate on the dates that they were recorded. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are recorded in Other Comprehensive Income and allocated to Non-Controlling Interests in Consolidated Entities and Non-Controlling Interests in Blackstone Holdings, as applicable. Comprehensive Income Comprehensive Income consists of Net Income and Other Comprehensive Income. Blackstone’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments. Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind). Non-Control

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets	3. Goodwill and Intangible Assets The carrying value of Goodwill was $1.9 billion as of December 31, 2024 and 2023. At December 31, 2024 and 2023, Blackstone determined there was no evidence of Goodwill impairment. At December 31, 2024 and 2023, Goodwill has been allocated to each of Blackstone’s four segments as follows: Real Estate ($421.7 million), Private Equity ($870.0 million), Credit & Insurance ($366.7 million) and Multi-Asset Investing ($231.8 million). Intangible Assets, Net consists of the following: December 31, 2024 2023 Finite-Lived Intangible Assets/Contractual Rights $ 1,769,372 $ 1,769,372 Accumulated Amortization (1,604,129 ) (1,568,164 ) Intangible Assets, Net $ 165,243 $ 201,208 Changes in Blackstone’s Intangible Assets, Net consists of the following: Year Ended December 31, 2024 2023 2022 Balance, Beginning of Year $ 201,208 $ 217,287 $ 284,384 Amortization Expense (35,965 ) (40,075 ) (67,097 ) Acquisitions — 23,996 — Balance, End of Year $  165,243 $  201,208 $  217,287 Amortization of Intangible Assets held at December 31, 2024 is expected to be $35.9 million, $35.7 million, $34.6 million, $17.8 million and $16.6 million for each of the years ending December 31, 2025, 2026, 2027, 2028 and 2029, respectively. Blackstone’s Intangible Assets as of December 31, 2024 are expected to amortize over a weighted-average period of 5.3 years.

Investments

Investments	12 Months Ended
	Dec. 31, 2024
Investments	4. Investments Investments consist of the following: December 31, 2024 2023 Investments of Consolidated Blackstone Funds $ 3,890,732 $ 4,319,483 Equity Method Investments Partnership Investments 6,546,728 5,924,275 Accrued Performance Allocations 12,397,366 10,775,355 Corporate Treasury Investments 1,147,328 803,870 Other Investments 5,818,412 4,323,639 $ 29,800,566 $ 26,146,622 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $439.7 million and $1.0 billion at December 31, 2024 and December 31, 2023, respectively. Where appropriate, the accounting for Blackstone’s investments incorporates the changes in fair value of those investments as determined under GAAP. The significant inputs and assumptions required to determine the change in fair value of the investments of Consolidated Blackstone Funds, Corporate Treasury Investments and Other Investments are discussed in more detail in Note 7. “Fair Value Measurements of Financial Instruments.” Investments of Consolidated Blackstone Funds The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations: Year Ended December 31, 2024 2023 2022 Realized Gains (Losses) $ (19,139 ) $ (42,756 ) $ 99,457 Net Change in Unrealized Gains (Losses) 92,834 (80,416 ) (264,204 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 73,695 (123,172 ) (164,747 ) Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds 16,389 66,371 59,605 Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities $ 90,084 $ (56,801 ) $ (105,142 ) Equity Method Investments 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 years ended December 31, 2024, 2023 and 2022, no individual equity method investment held by Blackstone met the significance criteria. Partnership Investments Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $605.4 million, $245.8 million and $292.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. The summarized financial information of Blackstone’s equity method investments for December 31, 2024 are as follows: December 31, 2024 and the Year Then Ended Real Private Credit & Multi-Asset Investing Total Statement of Financial Condition Assets Investments $ 270,306,524 $ 226,288,905 $ 120,658,563 $ 33,758,058 $ 651,012,050 Other Assets 14,990,868 7,948,890 6,511,331 2,409,862 31,860,951 Total Assets $ 285,297,392 $ 234,237,795 $ 127,169,894 $ 36,167,920 $ 682,873,001 Liabilities and Equity Debt $ 112,085,824 $ 27,581,552 $ 49,403,806 $ 266,931 $ 189,338,113 Other Liabilities 6,752,800 3,773,648 4,680,341 645,001 15,851,790 Total Liabilities 118,838,624 31,355,200 54,084,147 911,932 205,189,903 Equity 166,458,768 202,882,595 73,085,747 35,255,988 477,683,098 Total Liabilities and Equity $ 285,297,392 $ 234,237,795 $ 127,169,894 $ 36,167,920 $ 682,873,001 Statement of Operations Interest Income $ 4,539,867 $ 697,624 $ 9,567,357 $ 204,281 $ 15,009,129 Other Income 10,702,305 2,618,913 1,151,506 10,959 14,483,683 Interest Expense (7,581,761 ) (1,718,896 ) (2,913,721 ) (10,922 ) (12,225,300 ) Other Expenses (11,570,892 ) (2,223,931 ) (2,020,440 ) (153,459 ) (15,968,722 ) Net Realized and Unrealized Gain (Loss) from Investments (4,805,753 ) 23,076,302 2,056,892 3,621,672 23,949,113 Net Income (Loss) $ (8,716,234 ) $ 22,450,012 $ 7,841,594 $ 3,672,531 $ 25,247,903 The summarized financial information of Blackstone’s equity method investments for December 31, 2023 are as follows: December 31, 2023 and the Year Then Ended Real Private Credit & Multi-Asset Investing Total Statement of Financial Condition Assets Investments $ 283,919,193 $ 196,798,070 $ 91,574,839 $ 30,667,406 $ 602,959,508 Other Assets 12,496,703 5,514,318 4,995,562 4,354,754 27,361,337 Total Assets $ 296,415,896 $ 202,312,388 $ 96,570,401 $ 35,022,160 $ 630,320,845 Liabilities and Equity Debt $ 113,462,431 $ 22,205,324 $ 37,327,026 $ 179,610 $ 173,174,391 Other Liabilities 7,365,824 2,791,378 4,008,215 3,145,046 17,310,463 Total Liabilities 120,828,255 24,996,702 41,335,241 3,324,656 190,484,854 Equity 175,587,641 177,315,686 55,235,160 31,697,504 439,835,991 Total Liabilities and Equity $ 296,415,896 $ 202,312,388 $ 96,570,401 $ 35,022,160 $ 630,320,845 Statement of Operations Interest Income $ 4,673,775 $ 1,779,971 $ 8,890,426 $ 20,995 $ 15,365,167 Other Income 10,786,480 1,130,841 324,061 382,840 12,624,222 Interest Expense (6,614,272 ) (1,340,522 ) (2,583,654 ) (5,872 ) (10,544,320 ) Other Expenses (11,705,874 ) (2,631,916 ) (1,691,066 ) (273,193 ) (16,302,049 ) Net Realized and Unrealized Gain (Loss) from Investments (7,330,220 ) 12,955,425 1,124,916 2,579,602 9,329,723 Net Income (Loss) $ (10,190,111 ) $ 11,893,799 $ 6,064,683 $ 2,704,372 $ 10,472,743 The summarized financial information of Blackstone’s equity method investments for December 31, 2022 are as follows: December 31, 2022 and the Year Then Ended Real Private Credit & Multi-Asset Investing Total Statement of Financial Condition Assets Investments $ 295,985,447 $ 190,972,309 $ 87,362,311 $ 29,969,945 $ 604,290,012 Other Assets 13,601,083 3,529,890 6,345,260 3,743,263 27,219,496 Total Assets $ 309,586,530 $ 194,502,199 $ 93,707,571 $ 33,713,208 $ 631,509,508 Liabilities and Equity Debt $ 118,075,949 $ 23,197,140 $ 39,049,599 $ 244,796 $ 180,567,484 Other Liabilities 7,735,780 2,187,967 5,644,625 1,215,788 16,784,160 Total Liabilities 125,811,729 25,385,107 44,694,224 1,460,584 197,351,644 Equity 183,774,801 169,117,092 49,013,347 32,252,624 434,157,864 Total Liabilities and Equity $ 309,586,530 $ 194,502,199 $ 93,707,571 $ 33,713,208 $ 631,509,508 Statement of Operations Interest Income $ 2,917,115 $ 2,017,933 $ 5,764,150 $ 11,052 $ 10,710,250 Other Income 9,432,802 1,047,067 690,193 64,156 11,234,218 Interest Expense (3,644,118 ) (761,405 ) (1,450,447 ) (2,743 ) (5,858,713 ) Other Expenses (11,089,520 ) (2,246,183 ) (1,303,902 ) (141,596 ) (14,781,201 ) Net Realized and Unrealized Gain (Loss) from Investments 7,807,056 2,252,738 (1,330,895 ) 377,489 9,106,388 Net Income $ 5,423,335 $ 2,310,150 $ 2,369,099 $ 308,358 $ 10,410,942 Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows: Real Estate Private Equity Credit & Multi-Asset Investing Total Accrued Performance Allocations, December 31, 2023 $ 2,990,602 $ 7,093,920 $ 599,779 $ 91,054 $ 10,775,355 Performance Allocations as a Result of Changes in Fund Fair Values (490,902 ) 3,801,294 471,043 222,708 4,004,143 Foreign Exchange Gain 5,124 — — — 5,124 Fund Distributions (518,807 ) (1,433,278 ) (268,973 ) (166,198 ) (2,387,256 ) Accrued Performance Allocations, December 31, 2024 $   1,986,017 $   9,461,936 $   801,849 $    147,564 $  12,397,366 Corporate Treasury Investments The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third-party advisors . The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Year Ended December 31, 2024 2023 2022 Realized Gains (Losses) $ (3,234 ) $ (4,881 ) $ (21,511 ) Net Change in Unrealized Gains 17,269 17,392 (57,426 ) $   14,035 $ 12,511 $ (78,937 ) Other Investments Other Investments consist of equity method investments where Blackstone has elected the fair value option and other proprietary investment securities held by Blackstone, including equity securities carried at fair value, equity investments without readily determinable fair values, and senior secured and subordinated notes in non-consolidated CLO vehicles. Equity investments without a readily determinable fair value had a carrying value of $356.3 million as of December 31, 2024. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 7. “Fair Value Measurements of Financial Instruments” for additional detail. Upward and downward adjustments related to such investments held as of December 31, 2024 were $20.4 million and $7.6 million, respectively, during the year ended December 31, 2024, and $211.3 million and $12.4 million on a cumulative basis since the inception of the investments, respectively. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Year Ended December 31, 2024 2023 2022 Realized Gains (Losses) $ 6,570 $ (19,346 ) $ 203,327 Net Change in Unrealized Gains (Losses) 436,061 (47,017 ) (1,128,244 ) $ 442,631 $ (66,363 ) $ (924,917 )

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Financial Instruments	5. Derivative Financial Instruments Blackstone and the consolidated Blackstone Funds enter into derivative contracts in the normal course of business to achieve certain risk management objectives and for general investment and business purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its non-U.S. dollar denominated currency net investments. As a result of the use of derivative contracts, Blackstone and the consolidated Blackstone Funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, Blackstone and the consolidated Blackstone Funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments. Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. December 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Value Notional Fair Notional Fair Freestanding Derivatives Blackstone Interest Rate Contracts $ 624,740 $ 166,126 $ 600,000 $ 107,425 $ 634,840 $ 145,798 $ 607,000 $ 86,589 Foreign Currency Contracts 239,365 4,030 479,383 14,198 387,102 11,442 334,228 3,538 Credit Default Swaps — — 640 10 3,108 479 3,748 508 Total Return Swaps 58,263 10,153 — — 63,158 13,171 — — Equity Options — — 1,139,400 938,216 — — 1,110,490 563,986 922,368 180,309 2,219,423 1,059,849 1,088,208 170,890 2,055,466 654,621 Investments of Consolidated Blackstone Funds Interest Rate Contracts 785,790 13,243 915,215 15,918 855,683 19,189 — — 785,790 13,243 915,215 15,918 855,683 19,189 — — $ 1,708,158 $ 193,552 $ 3,134,638 $ 1,075,767 $ 1,943,891 $ 190,079 $ 2,055,466 $ 654,621 The table below summarizes the impact to the Consolidated Statements of Operations from derivative financial instruments: Year Ended December 31, 2024 2023 2022 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 1,051 $ 24,291 $ 15,319 Foreign Currency Contracts 9,193 443 (8,520 ) Credit Default Swaps 75 (413 ) (231 ) Total Return Swaps 21,080 15,775 1,654 31,399 40,096 8,222 Net Change in Unrealized Gains (Losses) Interest Rate Contracts 10,291 (87,177 ) 167,706 Foreign Currency Contracts (17,954 ) 3,288 9,666 Credit Default Swaps (55 ) 363 73 Total Return Swaps (2,837 ) 6,381 5,290 Equity Options (374,230 ) (515,405 ) (48,581 ) (384,785 ) (592,550 ) 134,154 $ (353,386 ) $ (552,454 ) $ 142,376 As of December 31, 2024, 2023 and 2022, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.

Fair Value Option

Fair Value Option	12 Months Ended
	Dec. 31, 2024
Fair Value Option	6. Fair Value Option The following table summarizes the financial instruments for which the fair value option has been elected: December 31, 2024 2023 Assets Loans and Receivables $ 100,866 $ 60,738 Equity and Preferred Securities 4,498,617 2,894,302 Debt Securities 63,671 63,486 Assets of Consolidated CLO Vehicles Corporate Loans 62,426 938,801 $ 4,725,580 $ 3,957,327 Liabilities CLO Notes Payable $ 87,488 $ 687,122 Corporate Treasury Commitments 368 1,264 $ 87,856 $ 688,386 18 6 The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Year Ended December 31, 2024 2023 2022 Net Change Net Change Net Change Realized in Unrealized Realized in Unrealized Realized in Unrealized Gains Gains Gains Gains Gains Gains (Losses) (Losses) (Losses) (Losses) (Losses) (Losses) Assets Loans and Receivables $ (4,849 ) $ 12 $ (8,053 ) $ 4,886 $ (10,733 ) $ (464 ) Equity and Preferred Securities 9,431 (48,209 ) (1,439 ) (122,605 ) 22,285 (91,338 ) Debt Securities — (2,694 ) — (3,884 ) (22,240 ) (19,490 ) Assets of Consolidated CLO Vehicles Corporate Loans (3,828 ) 2,889 (6,063 ) 8,728 — — $ 754 $ (48,002 ) $ (15,555 ) $ (112,875 ) $ (10,688 ) $ (111,292 ) Liabilities CLO Notes Payable $ — $ 2,178 $ — $ 282 $ — $ — Corporate Treasury Commitments — 896 — 6,880 — (7,508 ) $ — $ 3,074 $ — $ 7,162 $ — $ (7,508 ) The following table presents information for those financial instruments for which the fair value option was elected: December 31, 2024 December 31, 2023 For Financial Assets Past Due (a) For Financial Assets Past Due (a) Excess Excess Excess Excess (Deficiency) (Deficiency) (Deficiency) (Deficiency) of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ 2,769 $ — $ — $ 675 $ — $ — Debt Securities (55,890 ) — — (52,577 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (2,478 ) 1,359   —   (8,751 ) 1,345   —   $ (55,599 ) $ 1,359 $ — $ (60,653 ) $ 1,345 $ — (a) Assets are classified as past due if contractual payments are more than 90 days past due. As of December 31, 2024 and 2023, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual status. As of December 31, 2024 and 2023, there were two Corporate Loans included within the Assets of Consolidated CLO Vehicles for which the fair value option was elected that were past due but was not in non-accrual status.

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements of Financial Instruments	7. Fair Value Measurements of Financial Instruments Financial Assets and Liabilities by the Fair Value Hierarchy The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: December 31, 2024 Level I Level II Level III NAV (a) Total Assets Cash and Cash Equivalents $ 60,799 $ — $ — $ — $ 60,799 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (b) 12,076 155,316 3,158,254 473,496 3,799,142 Debt Instruments — 63,159 15,188 — 78,347 Freestanding Derivatives — 13,243 — — 13,243 Total Investments of Consolidated Blackstone Funds 12,076 231,718 3,173,442 473,496 3,890,732 Corporate Treasury Investments 67,729 565,968 450,345 63,286 1,147,328 Other Investments 2,089,838 3,182,353 179,522 6,289 5,458,002 Total Investments 2,169,643 3,980,039 3,803,309 543,071 10,496,062 Accounts Receivable — Loans and Receivables — — 100,866 — 100,866 Other Assets — Freestanding Derivatives — 170,156 10,153 — 180,309 $ 2,230,442 $ 4,150,195 $ 3,914,328 $ 543,071 $ 10,838,036 Liabilities Loans Payable — $ — $ 87,488 $ — $ — $ 87,488 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds — — 15,918 — — 15,918 Freestanding Derivatives — 121,633 938,216 — 1,059,849 Contingent Consideration — — 504 — 504 Corporate Treasury Commitments — — 368 — 368 Securities Sold, Not Yet Purchased 1,916 — — — 1,916 Total Accounts Payable, Accrued Expenses and Other Liabilities 1,916 137,551 939,088 — 1,078,555 $ 1,916 $ 225,039 $ 939,088 $ — $ 1,166,043 December 31, 2023 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 263,574 $ — $ — $ — $ 263,574 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (b) 11,118 123,022 2,653,246 558,259 3,345,645 Debt Instruments — 924,264 30,385 — 954,649 Freestanding Derivatives — 19,189 — — 19,189 Total Investments of Consolidated Blackstone Funds 11,118 1,066,475 2,683,631 558,259 4,319,483 Corporate Treasury Investments 72,071 435,430 296,369 — 803,870 Other Investments 1,564,112 2,355,423 223,441 7,275 4,150,251 Total Investments 1,647,301 3,857,328 3,203,441 565,534 9,273,604 Accounts Receivable — — — 60,738 — 60,738 Other Assets — Freestanding Derivatives 90 157,629 13,171 — 170,890 $ 1,910,965 $ 4,014,957 $ 3,277,350 $ 565,534 $ 9,768,806 Liabilities Loans Payable — $ — $ 687,122 $ — $ — $ 687,122 Accounts Payable, Accrued Expenses and Other Liabilities Freestanding Derivatives 436 90,199 563,986 — 654,621 Contingent Consideration — — 387 — 387 Corporate Treasury Commitments — — 1,264 — 1,264 Securities Sold, Not Yet Purchased 3,886 — — — 3,886 Total Accounts Payable, Accrued Expenses and Other Liabilities 4,322 90,199 565,637 — 660,158 $ 4,322 $ 777,321 $ 565,637 $ — $ 1,347,280 LLC Limited Liability Company. (a) A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of December 31, 2024 is presented by strategy type below: Strategy Fair Value Unfunded Redemption Redemption Equity $ 421,052 $ — (1) (1) Real Estate 52,444 — (2) (2) Private Equity 63,286 50,400 (3) (3) Other 6,289 — (4) (4) $ 543,071 $ 50,400 (1) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 69% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 31% of the fair value of the investments in this category are redeemable as of the reporting date. (2) The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date. (3) The Private Equity category includes investments in funds that primarily invest in infrastructure. All investments in these categories may not be redeemed at, or within three months of, the reporting date. (4) Other is composed of the Credit Driven category, the Commodities category and the Diversified Instruments category. The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. The Diversified Instruments category includes investments in funds that invest across multiple strategies. All investments in these categories may not be redeemed at, or within three months of, the reporting date. (b) Equity Securities, Partnership and LLC Interest includes investments in investment funds. Equity Securities Subject to Sale Restrictions Within Investments of Consolidated Blackstone Funds and Other Investments, Blackstone held equity securities subject to sale restrictions with a fair value of $630.9 million as of December 31, 2024. The nature of such restrictions are contractual or legal in nature and deemed an attribute of the holder rather than the investment. Contractual restrictions include certain phased restrictions on sale or transfer, underwriter lock-ups and sale or transfer restrictions applicable to certain Investments of Consolidated Blackstone Funds pledged as collateral. Restrictions will generally lapse over time or after a predetermined date and the weighted-average remaining duration of such restrictions is 2.2 years. Level III equity securities included in Investments of Consolidated Blackstone Funds are illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements. Investments within Other Investments subject to restrictions on sale or transfer as a result of pledge arrangements are discussed in Note 18. “Commitments and Contingencies — Contingencies — Strategic Ventures.” Level III Quantitative Inputs and Assumptions The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2024. Consistent with presentation in these Notes to Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds. Impact to Valuation from an Valuation Unobservable Weighted- Increase Fair Value Techniques Inputs Ranges Average (a) in Input Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 3,158,254 Discounted Cash Flows Discount Rate 4.2% - 39.1% 10.4% Lower Exit Multiple - EBITDA 4.0x - 30.6x 15.4x Higher Exit Capitalization Rate 3.1% - 15.0% 5.2% Lower Debt Instruments 15,188 Third-Party Pricing n/a Total Investments of Consolidated Blackstone Funds 3,173,442 Corporate Treasury Investments 450,345 Third-Party Pricing n/a Transaction Price n/a Loans and Receivables 100,866 Discounted Cash Flows Discount Rate 8.4% - 11.2% 9.3% Lower Other Investments (b) 189,675 Discounted Cash Flows Discount Rate 7.1% - 7.7% 7.4% Lower Third-Party Pricing n/a $ 3,914,328 Financial Liabilities Freestanding Derivatives (c) $ 938,216 Option Pricing Model Volatility 6.0% n/a Higher Other Liabilities (d) 872 Third-Party Pricing n/a Other n/a $ 939,088 The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2023: Impact to Valuation from an Valuation Unobservable Weighted- Increase Fair Value Techniques Inputs Ranges Average (a) in Input Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 2,653,246 Discounted Cash Flows Discount Rate 3.3% - 38.0% 9.7% Lower Exit Multiple - 4.0x - 30.6x 15.0x Higher Exit Capitalization Rate 3.1% - 12.8% 5.1% Lower Debt Instruments 30,385 Third-Party Pricing n/a Total Investments of Consolidated Blackstone Funds 2,683,631 Corporate Treasury Investments 296,369 Discounted Cash Flows Discount Rate 11.2% - 22.4% 17.1% Lower Transaction Price n/a Loans and Receivables 60,738 Discounted Cash Flows Discount Rate 8.8% - 14.9% 10.3% Lower Other Investments (b) 236,612 Third-Party Pricing n/a Transaction Price n/a $ 3,277,350 Financial Liabilities Freestanding Derivatives (c) $ 563,986 Option Pricing Model Volatility 6.3% n/a Higher Other Liabilities (d) 1,651 Third-Party Pricing n/a Other n/a $ 565,637 n/a Not applicable. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA and forward EBITDA multiples. Third-Party Pricing Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services. Transaction Price Includes recent acquisitions or transactions. (a) Unobservable inputs were weighted based on the fair value of the investments included in the range. (b) As of December 31, 2024 and 2023, Other Investments includes Level III Freestanding Derivatives. (c) The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative. (d) As of December 31, 2024 and 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments. During the year ended December 31, 2024, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments. Rollforward of Level III Financial Assets and Liabilities The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations. Level III Financial Assets at Fair Value Year Ended December 31, 2024 2023 Investments of Loans and Receivables Other Total Investments of Loans and Receivables Other Total Balance, Beginning of Period $ 2,683,631 $ 60,738 $ 373,024 $ 3,117,393 $ 4,249,832 $ 315,039 $ 30,971 $ 4,595,842 Transfer In Due to Consolidation and Acquisition 85,540 — — 85,540 — — — — Transfer Out Due to Deconsolidation (14,237 ) — — (14,237 ) (1,453,837 ) — — (1,453,837 ) Transfer Into Level III (b) 35,547 — 109,347 144,894 28,190 — 898 29,088 Transfer Out of Level III (b) (35,373 ) — (58 ) (35,431 ) (18,197 ) — (3,374 ) (21,571 ) Purchases 694,710 857,245 465,775 2,017,730 294,789 284,002 354,202 932,993 Sales (214,743 ) (784,457 ) (307,926 ) (1,307,126 ) (289,721 ) (563,732 ) (14,542 ) (867,995 ) Issuances — 30,028 — 30,028 — 68,450 — 68,450 Settlements (c) — (74,742 ) (21,261 ) (96,003 ) — (70,419 ) (8,252 ) (78,671 ) Changes in Gains (Losses) Included in Earnings (61,633 ) 12,054 5,511 (44,068 ) (127,425 ) 27,398 13,121 (86,906 ) Balance, End of Period $ 3,173,442 $ 100,866 $ 624,412 $ 3,898,720 $ 2,683,631 $ 60,738 $ 373,024 $ 3,117,393 Changes in Unrealized Gains (Losses) Included $ (9,279 ) $ (1,297 ) $ (1,368 ) $ (11,944 ) $ (94,828 ) $ 2,227 $ 7,725 $ (84,876 ) Level III Financial Liabilities at Fair Value Year Ended December 31, 2024 2023 Freestanding Other Total Freestanding Other Total Balance, Beginning of Period $ 563,986 $ 1,651 $ 565,637 $ 48,581 $ 8,144 $ 56,725 Transfer In (Out) Due to Consolidation and Acquisition — — — — 800 800 Sales — — — — (413 ) (413 ) Changes in Losses (Gains) Included in Earnings 374,230 (779 ) 373,451 515,405 (6,880 ) 508,525 Balance, End of Period $ 938,216 $ 872 $ 939,088 $ 563,986 $ 1,651 $ 565,637 Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date $ 374,230 $ (779 ) $ 373,451 $ 515,405 $ (6,880 ) $ 508,525 (a) Represents freestanding derivatives, corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. (c) For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Variable Interest Entities	8. Variable Interest Entities 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. VIEs include certain private equity, real estate, credit-focused or funds of hedge funds entities and CLO vehicles. 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; however, the fundamental risks of the Blackstone Funds are similar, including loss of invested capital and 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. Blackstone does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs other than its own capital commitments. 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 holds variable interests in certain VIEs which are not consolidated as it is determined that Blackstone is not the primary beneficiary. 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 non-consolidated VIEs and any clawback obligation relating to previously distributed Performance Allocations. Blackstone’s maximum exposure to loss relating to non-consolidated VIEs was December 31, December 31, Investments $ 4,537,481 $ 3,751,591 Due from Affiliates 242,109 203,187 Potential Clawback Obligation 41,908 72,119 Maximum Exposure to Loss $ 4,821,498 $ 4,026,897 Amounts Due to Non-Consolidated VIEs $ 855 $ 223

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2024
Repurchase Agreements	9. Repurchase Agreements As of December 31, 2024, Blackstone pledged securities with a carrying value of $6.8 million. As of December 31, 2023, Blackstone had no Repurchase Agreements and hence no pledged securities. The following table provides information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged as of December 31, 2024. December 31, 2024 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Days Greater than Total Repurchase Agreements Loans $ — $ 6,758 $ — $ — $ 6,758 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 6,758 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2024
Other Assets	10. Other Assets Other Assets consists of the following: December 31, 2024 2023 Furniture, Equipment and Leasehold Improvements $ 989,518 $ 937,355 Less: Accumulated Depreciation (483,200 ) (394,602 ) Furniture, Equipment and Leasehold Improvements, Net 506,318 542,753 Prepaid Expenses 192,777 207,886 Freestanding Derivatives 180,309 170,890 Other 68,455 23,319 $ 947,859 $ 944,848 Depreciation expense of $98.8 million, $94.1 million and $69.2 million related to furniture, equipment and leasehold improvements for the years ended December 31, 2024, 2023 and 2022, respectively, is included in General, Administrative and Other in the Consolidated Statements of Operations.

Offsetting of Assets And Liabil

Offsetting of Assets And Liabilities	12 Months Ended
	Dec. 31, 2024
Offsetting of Assets and Liabilities	11. Offsetting of Assets and Liabilities The following tables present the offsetting of assets and liabilities as of December 31, 2024 and 2023: December 31, 2024 Gross and Net Amounts of Assets Gross Amounts Not Offset in the Statement of Financial Condition Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 193,552 $ 122,391 $ 54,388 $    16,773 December 31, 2024 Gross and Net Financial Condition Gross Amounts Not Offset in the Statement of Financial Condition Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 137,551 $ 125,056 $ 10 $ 12,485 Repurchase Agreements 6,758 6,758 — — $ 144,309 $ 131,814 $     10 $     12,485 December 31, 2023 Gross and Net Gross Amounts Not Offset in the Statement of Financial Condition Financial Cash Collateral Net Amount Assets Freestanding Derivatives $   190,079 $  107,330 $  49,532 $    33,217 December 31, 2023 Gross and Net Financial Condition Gross Amounts Not Offset in the Statement of Financial Condition Net Amount Financial Cash Collateral Liabilities Freestanding Derivatives $  90,635 $  87,777 $    625 $     2,233 (a) Amounts presented are inclusive of both legally enforceable master netting agreements and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure. Repurchase Agreements and Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Consolidated Statements of Financial Condition. See Note 10. “Other Assets” for the components of Other Assets. Notional Pooling Arrangements Blackstone has notional cash pooling arrangements with financial institutions for cash management purposes. These arrangements allow for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of December 31, 2024, the aggregate cash balance on deposit relating to the cash pooling arrangements was $981.9 million, which was offset and reported net of the accompanying overdraft of $981.8 million.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2024
Borrowings	12. Borrowings On December 6, 2024, Blackstone, through its indirect subsidiary Blackstone Reg Finance Co. L.L.C., issued $ 750 million aggregate principal amount of senior notes due December 6, 2034 pursuant to a Registration Statement on Form S-3 (the “Registered 2034 Notes”). The Registered 2034 Notes have an interest rate of 5.000 % per annum, accruing from December 6, 2024. Interest on the Registered 2034 Notes is payable semi-annually in arrears on June 6 and December 6 of each year commencing on June 6, 2025. All of Blackstone’s outstanding senior notes as of December 31, 2024 are unsecured and unsubordinated obligations of Blackstone Holdings Finance Co. L.L.C. or Blackstone Reg Finance Co. L.L.C. (together, the “Issuers”), as applicable, both indirect subsidiaries of Blackstone, that are fully and unconditionally guaranteed by Blackstone Inc. and its indirect subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to senior note issuances have been capitalized and are amortized over the life of each respective note. Blackstone borrows and enters into credit agreements for its general operating and investment purposes and certain Blackstone Funds borrow to meet financing needs of their operating and investing activities. Borrowing facilities have been established for the benefit of selected Blackstone Funds. When a Blackstone Fund borrows from the facility in which it participates, the proceeds from the borrowing are strictly limited for its intended use by the borrowing fund and not available for other Blackstone purposes. Blackstone’s credit facilities consist of the following: December 31, 2024 2023 Credit Borrowing Effective Credit Borrowing Effective Revolving Credit Facility (a) $ 4,325,000 $ — - $ 4,325,000 $ — — Blackstone Issued Senior Notes (b) 2.000%, Due 5/19/2025 310,620 310,620 2.10 % 331,170 331,170 2.16 % 1.000%, Due 10/5/2026 621,240 621,240 1.13 % 662,340 662,340 1.16 % 3.150%, Due 10/2/2027 300,000 300,000 3.30 % 300,000 300,000 3.30 % 5.900%, Due 11/3/2027 600,000 600,000 6.13 % 600,000 600,000 6.13 % 1.625%, Due 8/5/2028 650,000 650,000 1.79 % 650,000 650,000 1.79 % 1.500%, Due 4/10/2029 621,240 621,240 1.56 % 662,340 662,340 1.60 % 2.500%, Due 1/10/2030 500,000 500,000 2.73 % 500,000 500,000 2.73 % 1.600%, Due 3/30/2031 500,000 500,000 1.71 % 500,000 500,000 1.71 % 2.000%, Due 1/30/2032 800,000 800,000 2.18 % 800,000 800,000 2.18 % 2.550%, Due 3/30/2032 500,000 500,000 2.67 % 500,000 500,000 2.67 % 6.200%, Due 4/22/2033 900,000 900,000 6.33 % 900,000 900,000 6.33 % 3.500%, Due 6/1/2034 517,700 517,700 3.79 % 551,950 551,950 3.90 % 5.000%, Due 12/6/2034 750,000 750,000 5.23 % — — — 6.250%, Due 8/15/2042 250,000 250,000 6.65 % 250,000 250,000 6.65 % 5.000%, Due 6/15/2044 500,000 500,000 5.16 % 500,000 500,000 5.16 % 4.450%, Due 7/15/2045 350,000 350,000 4.56 % 350,000 350,000 4.56 % 4.000%, Due 10/2/2047 300,000 300,000 4.20 % 300,000 300,000 4.20 % 3.500%, Due 9/10/2049 400,000 400,000 3.61 % 400,000 400,000 3.61 % 2.800%, Due 9/30/2050 400,000 400,000 2.88 % 400,000 400,000 2.88 % 2.850%, Due 8/5/2051 550,000 550,000 2.91 % 550,000 550,000 2.91 % 3.200%, Due 1/30/2052 1,000,000 1,000,000 3.27 % 1,000,000 1,000,000 3.27 % 15,645,800 11,320,800 15,032,800 10,707,800 Other (c) Secured Borrowing, Due 10/27/2033 19,949 19,949 6.94 % 19,949 19,949 7.69 % Secured Borrowing, Due 1/29/2035 20,000 20,000 6.94 % 20,000 20,000 3.72 % 15,685,749 11,360,749 15,072,749 10,747,749 Borrowings of Consolidated Blackstone Funds CLO Notes Payable (d) 99,419 99,419 8.72 % 858,133 858,133 7.57 % 99,419 99,419 858,133 858,133 $ 15,785,168 $ 11,460,168 $ 15,930,882 $ 11,605,882 (a) Represents the Revolving Credit Facility of Blackstone, through Blackstone Holdings Finance Co. L.L.C. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75% plus an additional credit spread adjustment of 0.10% to account for the difference between London Interbank Offered Rate (“LIBOR”) and SOFR. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. As of December 31, 2024 and 2023, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $ 38.9 million and $ 40.3 million, respectively. The amount Blackstone can draw from the Credit Facility is reduced by the undrawn letters of credit, however the Credit Available presented herein is not reduced by the undrawn letters of credit. In February 2025, Blackstone drew $900.0 million under the Revolving Credit Facility. (b) The Issuers have issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuers. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, the Guarantors and the Issuers. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuers’ and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25 % in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuers’ option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuers to repurchase the Notes at a repurchase price in cash equal to 101 % of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. (c) Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of December 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $ 49.6 million. (d) CLO Notes Payable have maturity dates ranging from June 2025 to January 2037. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles. The following table presents the general characteristics of each of Blackstone’s borrowings as of December 31, 2024 and 2023, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone Holdings Finance Co. L.L.C. or Blackstone Reg Finance Co. L.L.C., as applicable, both indirect subsidiaries of Blackstone. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis. December 31, 2024 2023 Description Carrying Value Fair Value Carrying Value Fair Value Blackstone Operating Borrowings Senior Notes (a) 2.000%, Due 5/19/2025 $ 315,860 $ 309,502 $ 336,005 $ 324,778 1.000%, Due 10/5/2026 624,078 601,801 664,085 620,864 3.150%, Due 10/2/2027 298,864 287,007 298,476 283,059 5.900%, Due 11/3/2027 596,505 617,550 595,411 625,158 1.625%, Due 8/5/2028 646,374 579,189 645,406 566,508 1.500%, Due 4/10/2029 626,043 584,295 666,655 601,272 2.500%, Due 1/10/2030 494,568 444,970 493,573 431,005 1.600%, Due 3/30/2031 496,911 403,415 496,447 391,955 2.000%, Due 1/30/2032 790,508 644,816 789,283 633,153 2.550%, Due 3/30/2032 496,146 417,830 495,670 410,755 6.200%, Due 4/22/2033 892,561 946,818 891,899 962,037 3.500%, Due 6/1/2034 489,624 522,877 521,549 536,319 5.000%, Due 12/6/2034 741,218 726,023 — — 6.250%, Due 8/15/2042 239,756 254,095 239,457 263,270 5.000%, Due 6/15/2044 490,261 457,335 489,975 464,560 4.450%, Due 7/15/2045 344,840 290,836 344,691 297,486 4.000%, Due 10/2/2047 291,372 230,337 291,149 233,685 3.500%, Due 9/10/2049 392,618 277,496 392,436 294,608 2.800%, Due 9/30/2050 394,252 238,256 394,103 252,008 2.850%, Due 8/5/2051 543,478 329,791 543,317 352,457 3.200%, Due 1/30/2052 987,682 652,770 987,401 696,740 11,193,519 9,817,009 10,576,988 9,241,677 Other Secured Borrowing, Due 10/27/2033 19,949 19,949 19,949 19,949 Secured Borrowing, Due 1/29/2035 20,000 20,000 20,000 20,000 11,233,468 9,856,958 10,616,937 9,281,626 Borrowings of Consolidated Blackstone Funds CLO Notes Payable 87,488 87,488 687,122 687,122 87,488 87,488 687,122 687,122 $ 11,320,956 $ 9,944,446 $ 11,304,059 $ 9,968,748 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. Scheduled principal payments for borrowings at December 31, 2024 were as follows: Blackstone Borrowings of Total 2025 $ 318,843 $ — $ 318,843 2026 627,287 — 627,287 2027 911,589 — 911,589 2028 660,131 — 660,131 2029 625,199 — 625,199 Thereafter 8,217,700 99,419 8,317,119 $ 11,360,749 $ 99,419 $ 11,460,168

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases	13. Leases Blackstone enters into non-cancelable lease and sublease agreements primarily for office space, which expire on various dates through 2043. In addition to contractual rent payments, which are generally subject to escalation provisions, occupancy lease agreements may include payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these costs are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability and are included in Straight-Line Lease Cost. At December 31, 2024 and 2023, Blackstone maintained irrevocable standby letters of credit and cash deposits as security for the leases of $14.1 million and $14.7 million, respectively. As of December 31, 2024, the weighted-average remaining lease term was 8.1 years, and the weighted-average discount rate was 3.4%. The components of lease expense were as follows: Year Ended December 31, 2024 2023 2022 Operating Lease Cost Straight-Line Lease Cost (a) $ 156,680 $ 160,534 $ 139,740 Variable Lease Cost (b) 20,222 15,268 12,072 Sublease Income (65 ) (63 ) (888 ) $  176,837 $  175,739 $  150,924 (a) Straight-line lease cost includes short-term leases, which are immaterial. (b) Variable lease cost approximates variable lease cash payments. Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2024 2023 2022 Operating Cash Flows for Operating Lease Liabilities $  145,388 $  127,183 $  107,249 Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities $ 129,451 $ 117,155 $ 278,010 The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2024: 2025 $ 178,730 2026 176,178 2027 173,142 2028 167,033 2029 106,720 Thereafter 281,538 Total Lease Payments (a) 1,083,341 Less: Imputed Interest (117,599 ) Present Value of Operating Lease Liabilities $ 965,742 (a) Excludes signed leases that have not yet commenced.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Taxes	14. Income Taxes The Income Before Provision for Taxes consists of the following: Year Ended December 31, 2024 2023 2022 Income Before Provision (Benefit) for Taxes U.S. Domestic Income $ 6,029,702 $ 2,577,184 $ 3,023,588 Foreign Income 429,778 380,530 438,201 $  6,459,480 $  2,957,714 $  3,461,789 The Provision for Taxes consists of the following: Year Ended December 31, 2024 2023 2022 Current Federal Income Tax $ 424,659 $ 362,144 $ 503,075 Foreign Income Tax 128,757 112,861 75,859 State and Local Income Tax 120,454 186,851 255,421 673,870 661,856 834,355 Deferred Federal Income Tax 265,749 (94,732 ) (312,961 ) Foreign Income Tax (471 ) (7,020 ) (3,048 ) State and Local Income Tax 82,523 (46,643 ) (45,466 ) 347,801 (148,395 ) (361,475 ) Provision for Taxes $  1,021,671 $    513,461 $    472,880 The following table summarizes Blackstone’s tax position: Year Ended December 31, 2024 2023 2022 Income Before Provision for Taxes $ 6,459,480 $ 2,957,714 $ 3,461,789 Provision for Taxes $ 1,021,671 $ 513,461 $ 472,880 Effective Income Tax Rate 15.8 % 17.4 % 13.7 % The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate: 2024 2023 Year Ended December 31, vs. vs. 2024 2023 2022 2023 2022 Statutory U.S. Federal Income Tax Rate 21.0 % 21.0 % 21.0 % — — Income Passed Through to Non-Controlling -9.0 % -8.2 % -8.1 % -0.8 % -0.1 % State and Local Income Taxes 2.9 % 4.3 % 6.0 % -1.4 % -1.7 % Basis Adjustment (a) — — -4.6 % — 4.6 % Other 0.9 % 0.3 % -0.6 % 0.6 % 0.9 % Effective Income Tax Rate 15.8 % 17.4 % 13.7 % -1.6 % 3.7 % (a) Represents the impact of the out-of-period adjustment made during the year ended December 31, 2022 to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision. Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. A summary of the tax effects of the temporary differences is as follows: December 31, 2024 2023 Deferred Tax Assets Investment Basis Differences/Net Unrealized Gains and Losses $ 1,737,508 $ 2,210,974 Other 287,639 120,420 Total Deferred Tax Assets Before Valuation Allowance 2,025,147 2,331,394 Valuation Allowance (21,199 ) — Total Deferred Tax Assets 2,003,948 2,331,394 Deferred Tax Liabilities Investment Basis Differences/Net Unrealized Gains and Losses 12,282 18,333 Other 1,953 2,163 Total Deferred Tax Liabilities 14,235 20,496 Net Deferred Tax Assets $ 1,989,713 $ 2,310,898 The decrease in the Net Deferred Tax Assets for the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily due to an out-of-period adjustment Blackstone recorded to correct the allocation of book equity between Additional Paid-In-Capital and Non-Controlling Interests in Blackstone Holdings related to change in ownership transactions, including repurchases, which had a corresponding impact to the investment basis used to calculate deferred taxes. The cumulative impact of the correction related to prior years resulted in a decrease of $317.1 million in Deferred Tax Assets as of December 31, 2024, with a corresponding increase to Additional Paid-in-Capital as of December 31, 2024. Realization of deferred tax assets depends on the expectation and character of future taxable income. Blackstone has no significant net operating losses carryforward as of December 31, 2024. See Note 15. “Earnings Per Share and Stockholders’ Equity — Share Repurchase Program” for further information on the out-of-period adjustment. Blackstone has determined that deferred tax assets recorded during the period related to certain state and local tax credits are not more likely than not to be realized and therefore has established a valuation allowance of $21.2 million as of December 31, 2024. In evaluating the ability to realize deferred tax assets, Blackstone among other things, considers projections of taxable income (including character of such income), beginning with historic results and incorporating assumptions of the amount of future pretax operating income. These assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that Blackstone uses to manage its business. To the extent any portion of the deferred tax assets are not considered to be more likely than not to be realized, valuation allowances are recorded. Currently, Blackstone does not believe it meets the indefinite reversal criteria that would preclude Blackstone from recognizing a deferred tax liability with respect to its foreign subsidiaries. Therefore, if applicable Blackstone recorded a deferred tax liability for any outside basis difference of an investment in a foreign subsidiary. Blackstone files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, Blackstone is subject to examination by federal and certain state, local and foreign tax authorities. As of December 31, 2024, the most material jurisdictions where Blackstone entities are under active examination are New York State and City. The following are the major filing jurisdictions and their respective earliest open period subject to examination: Jurisdiction Year Federal 2021 New York City 2009 New York State 2016 United Kingdom 2011 Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were: December 31, 2024 2023 2022 Unrecognized Tax Benefits — January 1 $ 210,778 $ 153,624 $ 47,501 Additions Based on Tax Positions Related to Current Year 46,572 19,807 — Reductions for Tax Positions of Current Year — (19,737 ) — Additions for Tax Positions of Prior Years — 57,081 106,059 Reductions for Tax Positions of Prior Years (6,111 ) — — Exchange Rate Fluctuations 218 3 64 Unrecognized Tax Benefits — December 31 $ 251,457 $ 210,778 $ 153,624 If recognized, the above tax benefits would reduce the annual effective rate. Blackstone believes the liability established for unrecognized tax benefits is adequate in relation to the potential for additional assessments. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur during the twelve months subsequent to December 31, 2024; however, it is not possible to estimate the expected change to the total unrecognized tax benefits and its impact on Blackstone’s effective tax rate during the twelve months subsequent to December 31, 2024. The unrecognized tax benefits are recorded in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. During the years ended December 31, 2024, 2023 and 2022, Blackstone accrued no penalties and accrued interest expense related to unrecognized tax benefits of $29.1 million, $22.8 million, and $32.6 million, respectively. Other Income — Change in Tax Receivable Agreement Liability In 2024 and 2023, the $(41.2) million and $(27.2) million, respectively, Change in Tax Receivable Agreement Liability was primarily attributable to a change in Blackstone’s state tax apportionment.

Earnings Per Share and Stockhol

Earnings Per Share and Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
Earnings Per Share and Stockholders' Equity	15. Earnings Per Share and Stockholders’ Equity Earnings Per Share Basic and diluted net income per share of common stock for the years ended December 31, 2024, 2023 and 2022 was calculated as follows: Year Ended December 31, 2024 2023 2022 Net Income for Per Share of Common Stock Calculations Net Income Attributable to Blackstone Inc., Basic and Diluted $ 2,776,508 $ 1,390,880 $ 1,747,631 Shares/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 766,487,450 755,204,556 740,664,038 Weighted-Average Shares of Unvested Deferred Restricted Common Stock (a) 159,058 215,380 278,361 Weighted-Average Shares of Common Stock Outstanding, Diluted 766,646,508 755,419,936 740,942,399 Net Income Per Share of Common Stock Basic $ 3.62 $ 1.84 $ 2.36 Diluted $ 3.62 $ 1.84 $ 2.36 Dividends Declared Per Share of Common Stock (b) $ 3.45 $ 3.32 $ 4.94 (a) For the years ended December 31, 2024 and 2023, this includes shares to be issued under the contingently issuable share model for an acquisition-related compensation arrangement. (b) Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year. In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of non-controlling interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the Blackstone Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion. The following table summarizes the anti-dilutive securities for the periods indicated: Year Ended December 31, 2024 2023 2022 Weighted-Average Blackstone Holdings Partnership Units   455,306,643   460,897,953   466,083,269 Stockholders’ Equity As of December 31, 2024, Blackstone had 10 billion shares of preferred stock authorized with a par value of $0.00001 per share, of which (a) 999,999,000 shares are designated as Series I preferred stock and (b) 1,000 shares are designated as Series II preferred stock. The remaining nine billion shares may be designated from time to time in accordance with Blackstone’s certificate of incorporation. There was one share of Series I preferred stock and one share of Series II preferred stock issued and outstanding as of December 31, 2024. Under Blackstone’s certificate of incorporation and Delaware law, holders of Blackstone’s common stock are entitled to vote, together with holders of Blackstone’s Series I preferred stock, voting as a single class, on a number of significant matters, including certain sales, exchanges or other dispositions of all or substantially all of Blackstone’s assets, a merger, consolidation or other business combination, the removal of the Series II Preferred Stockholder and forced transfer by the Series II Preferred Stockholder of its shares of Series II preferred stock and the designation of a successor Series II Preferred Stockholder. The Series II Preferred Stockholder elects Blackstone’s directors. Holders of Blackstone’s Series I preferred stock and Series II preferred stock are not entitled to dividends from Blackstone, or receipt of any of Blackstone’s assets in the event of any dissolution, liquidation or winding up. Blackstone Partners L.L.C. is the sole holder of the Series I preferred stock and Blackstone Group Management L.L.C. is the sole holder of the Series II preferred stock. Share Repurchase Program On July 16, 2024, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. This authorization replaced Blackstone’s prior $2.0 billion repurchase authorization. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. During the year ended December 31, 2022, Blackstone repurchased 3.9 million shares of common stock at a total cost of $392.0 million. During the year ended December 31, 2023, Blackstone repurchased 3.7 million shares of common stock at a total cost of $351.3 million. During the year ended December 31, 2024, Blackstone repurchased 4.0 million shares of common stock at a total cost of $520.4 million. As of December 31, 2024, the amount remaining available for repurchases under the program was $1.8 billion. Change in Blackstone Inc. Ownership Interest During the year ended December 31, 2024, Blackstone recorded an out-of-period adjustment to correct the allocation of book equity between Additional Paid-In-Capital and Non-Controlling Interests in Blackstone Holdings related to change in ownership transactions, including repurchases, and the corresponding impact to the investment basis used to calculate deferred taxes. The cumulative impact of the correction related to prior years resulted in a decrease of $1.1 billion in Non-Controlling Interests in Blackstone Holdings as of December 31, 2024, a decrease of $317.1 million in Deferred Tax Assets as of December 31, 2024, and a net increase of $781.6 million in Additional Paid-In-Capital as of December 31, 2024. The impact of the out-of-period adjustment is reflected in Change in Blackstone Inc.’s Ownership Interest and Deferred Tax Effects Resulting from Change in Blackstone Inc.’s Ownership Interest within the Consolidated Statement of Changes in Equity. Blackstone concluded the out-of-period adjustment was not material to the current or prior periods. Shares Eligible for Dividends and Distributions As of December 31, 2024, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows: Shares/Units Common Stock Outstanding 731,925,965 Unvested Participating Common Stock 36,796,276 Total Participating Common Stock 768,722,241 Participating Blackstone Holdings Partnership Units 452,448,896 1,221,171,137

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2024
Equity-Based Compensation	16. Equity-Based Compensation Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner professionals, non-professionals and selected external advisers under Blackstone’s Amended and Restated 2007 Equity Incentive Plan (the “Equity Plan”). The Equity Plan allows for the granting of options, share appreciation rights or other share-based awards (shares, restricted shares, restricted shares of common stock, deferred restricted shares of common stock, phantom restricted shares of common stock or other share-based awards based in whole or in part on the fair value of shares of common stock or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January 1, 2024, Blackstone had the ability to grant 173,443,452 shares under the Equity Plan. For the years ended December 31, 2024, 2023 and 2022, Blackstone recorded compensation expense As of December 31, 2024, there was $2.5 billion of estimated unrecognized compensation expense related to unvested awards, including compensation with performance conditions where it is probable that the performance condition will be met. This cost is expected to be recognized over a weighted-average period of 3.4 years. Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,221,159,186 as of December 31, 2024. Total outstanding phantom shares were 83,228 as of December 31, 2024. A summary of the status of Blackstone’s unvested equity-based awards as of December 31, 2024 and of changes during the period January 1, 2024 through December 31, 2024 is presented below: Blackstone Holdings Blackstone Inc. Equity Settled Awards Cash Settled Awards Unvested Shares/Units Partnership Weighted- Deferred Stock Weighted- Phantom Weighted- Balance, December 31, 2023 4,585,893 $ 38.94 36,456,644 $ 86.05 85,447 $ 114.50 Granted — — 11,894,835 131.67 38,819 121.94 Vested (3,700,053 ) 40.06 (12,165,823 ) 79.92 (32,886 ) 144.80 Forfeited (35,431 ) 46.58 (2,257,086 ) 101.29 (20,863 ) 130.85 Balance, December 31, 2024 850,409 $ 33.38 33,928,570 $ 103.44     70,517 $ 187.66 Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of December 31, 2024, are expected to vest: Shares/Units Weighted-Average Blackstone Holdings Partnership Units 828,312 0.6 Deferred Restricted Shares of Common Stock 30,826,072 2.8 Total Equity-Based Awards 31,654,384 2.7 Phantom Shares 59,807 2.9 Deferred Restricted Shares of Common Stock and Phantom Shares Blackstone has granted deferred restricted shares of common stock to certain senior and non-senior managing director professionals, analysts and senior finance and administrative personnel and selected external advisers and phantom shares (cash settled equity-based awards) to other senior and non-senior managing director employees. Holders of deferred restricted shares of common stock and phantom shares are not entitled to any voting rights. Only phantom shares are to be settled in cash. Deferred restricted shares of common stock where the number of shares have not been set are liability classified and excluded from the above tables. The fair values of deferred restricted shares of common stock have been derived based on the closing price of common stock on the date of the grant, multiplied by the number of unvested awards and expensed over the assumed service period, which ranges from 1 to 5 years. Additionally, the calculation of the compensation expense assumes forfeiture rates based on historical turnover rates, ranging from 1.0% to 13.8% annually by employee class, and a per share discount on non-participating shares, ranging from $1.07 to $21.53. The phantom shares vest over the assumed service period, which ranges from 1 to 5 years. On each such vesting date, Blackstone delivered or will deliver cash to the holder in an amount equal to the number of phantom shares held multiplied by the then fair market value of Blackstone’s common stock on such date. Additionally, the calculation of the compensation expense assumes a forfeiture rate based on historical turnover rates, ranging from 6.8% to 13.8% annually by employee class. Blackstone is accounting for these cash settled awards as a liability. Blackstone paid $3.9 million, $1.7 million, and $0.6 million to employees in settlement of phantom shares for the years ended December 31, 2024, 2023 and 2022, respectively. Performance-Based Compensation During the year ended December 31, 2021, Blackstone issued performance-based compensation, the dollar value of which is based on the future achievement of established business performance conditions. The number of vested shares of common stock to be issued is variable based on the 30-day volume weighted-average price at the end of the performance period. Due to the nature of settlement, the performance-based compensation is classified as a liability. Compensation expense is recognized over the performance period based upon the probable outcome of the performance condition. Due to the variable share settlement, the tables above exclude the impact of this performance-based compensation, as the number of shares to be issued is based on the probability of achieving the performance condition and not yet set. Blackstone Holdings Partnership Units Blackstone has granted deferred restricted Blackstone Holdings Partnership Units to certain current and former senior managing directors. Holders of deferred restricted Blackstone Holdings Partnership Units are not entitled to any voting rights. The fair values of deferred restricted Blackstone Holdings Partnership Units have been derived based on the closing price of Blackstone’s common units on the date of the grant, multiplied by the number of unvested awards and expensed over the assumed service period up to 1 year. Additionally, the calculation of the compensation expense assumes a forfeiture rate of 6.8%, based on historical experience.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions	17. Related Party Transactions Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: December 31, 2024 2023 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies $ 4,049,707 $ 3,638,948 Due from Certain Non-Controlling Interest Holders and Blackstone Employees 1,191,527 720,743 Accrual for Potential Clawback of Previously Distributed Performance Allocations 168,081 106,830 $ 5,409,315 $ 4,466,521 December 31, 2024 2023 Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,844,978 $ 1,681,516 Due to Non-Consolidated Entities 208,537 124,560 Due to Certain Non-Controlling Interest Holders and Blackstone Employees 255,086 305,816 Accrual for Potential Repayment of Previously Received Performance Allocations 499,547 281,518 $ 2,808,148 $ 2,393,410 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 Funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance allocation or incentive fee arrangements. As of December 31, 2024 and 2023, such investments aggregated to $2.0 billion and $1.7 billion, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling and Non-Controlling Interests in Consolidated Entities aggregated $176.0 million, $87.8 million, and $10.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. Contingent Repayment Guarantee Blackstone and its personnel who have received Performance Allocation distributions have guaranteed payment on a several basis (subject to a cap) to the carry funds of any clawback obligation with respect to the excess Performance Allocation allocated to the general partners of such funds and indirectly received thereby to the extent that either Blackstone or its personnel fails to fulfill its clawback obligation, if any. The Accrual for Potential Repayment of Previously Received Performance Allocations represents amounts previously paid to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone Funds if the carry funds were to be liquidated based on the fair value of their underlying investments as of December 31, 2024. See Note 18. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback).” Tax Receivable Agreements Blackstone used a portion of the proceeds from the IPO and other sales of shares to purchase interests in the predecessor businesses from the predecessor owners. In addition, holders of Blackstone Holdings Partnership Units may exchange their Blackstone Holdings Partnership Units for shares of Blackstone common stock on a one-for-one basis. The purchase and subsequent exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of Blackstone Holdings and therefore reduce the amount of tax that Blackstone would otherwise be required to pay in the future. Blackstone has entered into tax receivable agreements with each of the predecessor owners. In addition, others who acquire Blackstone Holdings Partnership Units, including senior managing directors, execute tax receivable agreements. The agreements provide for the payment by the corporate taxpayer to such owners of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the corporate taxpayers actually realize as a result of the aforementioned increases in tax basis and of certain other tax benefits related to entering into these tax receivable agreements. For purposes of the tax receivable agreements, cash savings in income tax will be computed by comparing the actual income tax liability of the corporate taxpayers to the amount of such taxes that the corporate taxpayers would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Blackstone Holdings as a result of the exchanges and had the corporate taxpayers not entered into the tax receivable agreements. Assuming no future material changes in the relevant tax law and that the corporate taxpayers earn sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments under the tax receivable agreements (which are taxable to the recipients) will aggregate $1.8 billion over the next 15 years. The after-tax net present value of these estimated payments totals $529.9 million assuming a 15% discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the pre-IPO owners and the others mentioned above. Subsequent to December 31, 2024, payments totaling $46.3 million were made to certain pre-IPO owners and others mentioned above in accordance with the tax receivable agreement and related to tax benefits Blackstone received for the 2023 taxable year. Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to shares of Blackstone common stock, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the balance sheet date, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Deferred Tax Asset Effects from Equity Transactions in the Supplemental Disclosure of Non-Cash Investing and Financing Activities in the Consolidated Statements of Cash Flows. Other Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis. Additionally, please see Note 18. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies	18. Commitments and Contingencies Commitments Investment Commitments Blackstone had $6.4 billion of investment commitments as of December 31, 2024 representing general partner capital funding commitments to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments, including loan commitments. The consolidated Blackstone Funds had signed investment commitments of $127.2 million as of December 31, 2024 which includes $104.0 million of signed investment commitments for portfolio company acquisitions in the process of closing. Regulated Entities Certain U.S. and non-U.S. entities are subject to various investment adviser and other financial regulatory rules and requirements that may include minimum net capital requirements. These entities have continuously operated in excess of these requirements. This includes a number of U.S. entities that are registered as investment advisers with the SEC. These regulatory capital requirements may restrict Blackstone’s ability to withdraw capital from its entities. At December 31, 2024, $92.8 million of net assets of consolidated entities may be restricted as to the payment of cash dividends and advances to Blackstone. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the ongoing business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to Blackstone to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, Blackstone’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $28.4 million as of December 31, 2024. The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone Europe LLP. The amount guaranteed as of December 31, 2024 was $91.5 million. Strategic Ventures In December 2022 and January 2023, Blackstone entered into long-term strategic ventures (“UC strategic ventures”) with the Regents of the University of California (“UC Investments”), an institutional investor that subscribed for $4.5 billion of Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I shares during the three months ended March 31, 2023. The UC strategic ventures provide a waterfall structure with UC Investments receiving an 11.25% target annualized net return on its $4.5 billion investment in BREIT shares and upside from its investment. This target return, while not guaranteed, is supported by a pledge by Blackstone of $1.1 billion of its holdings in BREIT as of the subscription dates, including any appreciation or dividends received by Blackstone in respect thereof. Pursuant to the UC strategic ventures, Blackstone is entitled to receive an incremental 5% cash payment from UC Investments on any returns received in excess of the target return. An asset or liability is recognized based on fair value with the maximum potential future obligation capped at the fair value of the assets pledged by Blackstone in connection with the above arrangements. As of December 31, 2024, the fair value of the assets pledged was $1.1 billion and the total liability recognized was $938.2 million. Litigation Blackstone may from time to time be involved in litigation and claims incidental to the conduct of its business. Blackstone’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against Blackstone. Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, Blackstone does not have any unaccrued liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows. In December 2017, eight pension plan members of the Kentucky Retirement System (“KRS”) filed a derivative lawsuit on behalf of KRS in Franklin County Circuit Court in Kentucky (the “Mayberry Action”). Plaintiffs alleged breaches of fiduciary duty and other violations of Kentucky law in connection with KRS’s investment in three hedge funds of funds, including a fund managed by Blackstone Alternative Asset Management L.P. (“BLP”). The suit named more than 30 defendants, including, among others, The Blackstone Group L.P. (now Blackstone Inc.); BLP; Stephen A. Schwarzman, as Chairman and CEO of Blackstone; and J. Tomilson Hill, as then-CEO of BLP (collectively, the “Blackstone Defendants”). In July 2020, the Kentucky Supreme Court directed the Circuit Court to dismiss the action for lack of standing. In July 2020, the Kentucky Attorney General (the “AG”) filed its own action asserting substantially identical claims against largely the same defendants (the “July 2020 Action”). In May 2024, the Court denied the Blackstone Defendants’ and most other defendants’ motions to dismiss the July 2020 Action. In April 2024, the AG amended its complaint, adding breach-of-contract claims against the fund manager defendants. Defendants moved to dismiss this amended complaint in June 2024. Those motions are pending. In August 2022, KRS was ordered to disclose a 2021 report it commissioned to investigate the investment activities underlying the lawsuit. The report “did not find any violations of fiduciary duty or illegal activity by [BLP],” and quotes communications by KRS staff during the period of the investment recognizing that BLP was exceeding KRS’s returns benchmark, providing KRS with “far fewer negative months than any liquid market comparable,” and that BLP “[h]as killed it.” 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. 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. Defendants subsequently filed appeals, including a cross-appeal by the Blackstone Defendants, which is currently pending. Additionally, the Blackstone Defendants and the other fund manager defendants filed a petition for a writ of prohibition. On November 12, 2024, the Kentucky Court of Appeals denied defendants’ writ of prohibition, and defendants subsequently appealed to the Kentucky Supreme Court. Taylor II is stayed pending review of these appeals and cross-appeals. 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 August 2024, the Kentucky Supreme Court granted BLP’s motion for discretionary review of the Circuit Court’s grant of summary judgment to the AG. The appeal is pending. In July 2021, BLP filed a breach-of-contract action against defendants affiliated with KRS, alleging that the Mayberry Action and the Declaratory Judgment Action breach the parties’ subscription agreements and seeking damages. In February 2024, the Kentucky Supreme Court granted BLP’s motion for discretionary review of the Circuit Court’s dismissal on ripeness grounds. The appeal is fully briefed and pending. On January 3, 2025, we and several other defendants entered into a settlement agreement with KRS and the Commonwealth of Kentucky to, subject to approval by the Franklin County Circuit Court and certain requirements, resolve all claims against these defendants in the AG’s actions, resolve BLP’s breach-of-contract claims, and bar all claims against the Blackstone Defendants in Taylor I and Taylor II without any admission of wrongdoing. The settlement includes an $82.5 million cash settlement divided among several defendants, of which our in In October 2022, as part of a sweep of private equity and other investment advisory firms, the SEC sent us a request for information relating to the retention of certain types of electronic business communications, including text messages, that may be required to be preserved under certain SEC rules. In January 2025, we entered into a settlement agreement with the SEC to resolve this matter and paid a civil monetary penalty of $ 12 million. During the three months ended December 31, 2024, we updated our accrued liability to reflect the settlement amount, which was less than the amount we previously accrued during 2024. Contingent Obligations (Clawback) Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceeds the amount due to Blackstone based on cumulative results of that fund. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain Blackstone funds, which may have an interim clawback liability. The lives of the funds, including available contemplated extensions, for which a liability for potential clawback obligations has been recorded for financial reporting purposes, are currently anticipated to expire at various points through 2032. Further extensions of such terms may be implemented under given circumstances. For financial reporting purposes, when applicable, the general partners record a liability for potential clawback obligations to the limited partners of some of the funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Performance Allocation distributions with respect to such fund’s realized investments. The following table presents the clawback obligations by segment: December 31, 2024 2023 Segment Blackstone Current and Total (b) Blackstone Current and Total (b) Real Estate $ 316,749 $ 158,346 $ 475,095 $ 145,435 $ 90,337 $ 235,772 Private Equity 15,044 6,273 21,317 29,046 16,231 45,277 Credit & Insurance 1,468 1,667 3,135 207 262 469 $ 333,261 $ 166,286 $ 499,547 $ 174,688 $ 106,830 $ 281,518 (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. (b) Total is a component of Due to Affiliates. See Note 17. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.” During the year ended December 31, 2024, the Blackstone general partners paid an interim cash clawback obligation of $2.1 million related to a Private Equity segment fund, of which $1.2 million was paid by Blackstone Holdings and $0.9 million by current and former Blackstone personnel. 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 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 December 31, 2024, $1.1 billion was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required. 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. If, at December 31, 2024, 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 $7.3 billion, on an after-tax basis where applicable, of which Blackstone Holdings is potentially liable for $6.7 billion if current and former Blackstone personnel default on their share of the liability, a possibility that management also views as remote.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting	19. Segment Reporting Blackstone conducts its alternative asset management businesses through four segments: • Real Estate – Blackstone’s Real Estate segment primarily comprises its management of opportunistic real estate funds, Core+ real estate funds, and real estate debt strategies. • Private Equity – Blackstone’s Private Equity segment includes its management of flagship Corporate Private Equity funds, sector and geographically-focused Corporate Private Equity funds, core private equity funds, an opportunistic investment platform, a secondary funds business and GP Stakes, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, an investment platform offering eligible individual investors access to Blackstone’s private equity capabilities, a multi-asset investment program for eligible high net worth investors and a capital markets services business. • Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit & Insurance, which is organized into three overarching strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. In addition, the segment includes an insurer-focused platform. • Multi-Asset Investing – Multi-Asset Investing is organized into two primary platforms: Absolute Return and Multi-Strategy. In addition, the segment also includes a publicly traded energy infrastructure, renewables and master limited partnership investment platform. These business segments are differentiated by their various investment strategies. Each of the segments primarily earns its income from management fees and investment returns on assets under management. Blackstone’s chief operating decision makers are its Chief Executive Officer and Co-Founder Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the tax receivable agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance. For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation. Geographic Information Blackstone conducts its business primarily in the United States with domestically generated revenues making up 68%, 70% and 77% of total GAAP revenues for the years ended December 31, 2024, 2023 and 2022, respectively. The table below presents the percentage of total GAAP revenues generated by Blackstone by geographic region. Revenues attributed to a geographic region are generally based on the geography of investments held by Blackstone and Blackstone Funds. The geography of an investment is generally the country of domicile for an asset or where a portfolio company is headquartered. Year Ended December 31, 2024 2023 2022 Americas 76 % 78 % 83 % Europe, Middle East and Africa 16 % 15 % 15 % Asia-Pacific 8 % 7 % 2 % 100 % 100 % 100 % Blackstone’s long-lived assets are comprised of Right-of-Use Assets Major Customer Information For the years ended December 31, 2024 and 2023, Blackstone Private Credit Fund (“BCRED”) accounted for an aggregate of $980.6 million and $762.6 million of Management and Advisory Fees, Net and Incentive Fees, respectively. For the years ended December 31, 2023 and 2022, BREIT accounted for $839.9 million and $841.3 million of Blackstone’s Management and Advisory Fees, Net, respectively. BCRED and BREIT are vehicles in Blackstone’s Credit & Insurance segment and Real Estate segment, respectively. Generally, for purposes of major customer analysis, Blackstone identifies the customer as the investors in its managed investment vehicles. For certain widely held vehicles like BCRED and BREIT, however, the investment vehicle is determined to be the customer. Blackstone evaluates the major customer disclosure in the context of its revenue streams as determined under the GAAP guidance for contracts with customers which includes Management and Advisory Fees, Net and Incentive Fees. Segment Presentation The following tables present the financial data for Blackstone’s four segments as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022. December 31, 2024 and the Year Then Ended Real Estate Private Equity Credit & Multi-Asset Total Segments Management and Advisory Fees, Net Base Management Fees $ 2,716,983 $ 2,027,855 $ 1,561,649 $ 474,395 $ 6,780,882 Transaction, Advisory and Other Fees, Net 175,010 176,469 44,354 3,855 399,688 Management Fee Offsets (16,716 ) (6,044 ) (24,196 ) (80 ) (47,036 ) Total Management and Advisory Fees, Net 2,875,277 2,198,280 1,581,807 478,170 7,133,534 Fee Related Performance Revenues 203,425 1,185,428 747,092 — 2,135,945 Fee Related Compensation (674,965 ) (1,164,237 ) (755,620 ) (144,500 ) (2,739,322 ) Other Operating Expenses (380,321 ) (391,309 ) (371,354 ) (105,108 ) (1,248,092 ) Fee Related Earnings 2,023,416 1,828,162 1,201,925 228,562 5,282,065 Realized Performance Revenues 200,974 1,392,447 313,092 380,518 2,287,031 Realized Performance Compensation (101,011 ) (633,491 ) (129,814 ) (86,930 ) (951,246 ) Realized Principal Investment Income 14,522 52,356 39,855 (14,207 ) 92,526 Total Net Realizations 114,485 811,312 223,133 279,381 1,428,311 Total Segment Distributable Earnings $ 2,137,901 $ 2,639,474 $ 1,425,058 $ 507,943 $ 6,710,376 Segment Assets $ 11,573,910 $ 18,027,030 $ 8,668,716 $ 1,958,735 $ 40,228,391 December 31, 2023 and the Year Then Ended Real Estate Private Equity Credit & Multi-Asset Total Segments Management and Advisory Fees, Net Base Management Fees $ 2,794,232 $ 1,903,972 $ 1,297,406 $ 470,237 $ 6,465,847 Transaction, Advisory and Other Fees, Net 78,483 108,848 44,542 4,019 235,892 Management Fee Offsets (29,357 ) (5,228 ) (3,907 ) (3 ) (38,495 ) Total Management and Advisory Fees, Net 2,843,358 2,007,592 1,338,041 474,253 6,663,244 Fee Related Performance Revenues 294,240 —  564,287 —  858,527 Fee Related Compensation (675,880 ) (619,678 ) (628,064 ) (164,488 ) (2,088,110 ) Other Operating Expenses (325,050 ) (329,221 ) (323,773 ) (106,289 ) (1,084,333 ) Fee Related Earnings 2,136,668 1,058,693 950,491 203,476 4,349,328 Realized Performance Revenues 244,358 1,343,865 317,620 155,259 2,061,102 Realized Performance Compensation (123,299 ) (584,154 ) (140,210 ) (48,354 ) (896,017 ) Realized Principal Investment Income 7,628 76,220 21,752 5,332 110,932 Total Net Realizations 128,687 835,931 199,162 112,237 1,276,017 Total Segment Distributable Earnings $ 2,265,355 $ 1,894,624 $ 1,149,653 $ 315,713 $ 5,625,345 Segment Assets $ 13,016,980 $ 14,901,682 $ 6,705,647 $ 1,819,602 $ 36,443,911 Year Ended December 31, 2022 Real Estate Private Equity Credit & Multi-Asset Total Segments Management and Advisory Fees, Net Base Management Fees $ 2,462,179 $ 1,882,197 $ 1,185,289 $ 515,373 $ 6,045,038 Transaction, Advisory and Other Fees, Net 171,424 97,972 34,481 6,240 310,117 Management Fee Offsets (10,538 ) (56,078 ) (5,432 ) (161 ) (72,209 ) Total Management and Advisory Fees, Net 2,623,065 1,924,091 1,214,338 521,452 6,282,946 Fee Related Performance Revenues 1,075,424 (648 ) 374,721 — 1,449,497 Fee Related Compensation (1,039,125 ) (599,758 ) (512,727 ) (179,165 ) (2,330,775 ) Other Operating Expenses (315,331 ) (314,967 ) (260,028 ) (98,697 ) (989,023 ) Fee Related Earnings 2,344,033 1,008,718 816,304 243,590 4,412,645 Realized Performance Revenues 2,985,713 1,206,594 147,285 121,746 4,461,338 Realized Performance Compensation (1,168,045 ) (550,306 ) (63,845 ) (31,901 ) (1,814,097 ) Realized Principal Investment Income 150,790 144,585 79,763 21,118 396,256 Total Net Realizations 1,968,458 800,873 163,203 110,963 3,043,497 Total Segment Distributable Earnings $  4,312,491 $  1,809,591 $   979,507 $   354,553 $  7,456,142 Reconciliations of Total Segment Amounts The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the ye ar Year Ended December 31, 2024 2023 2022 Revenues Total GAAP Revenues $ 13,229,968 $ 8,022,841 $ 8,517,673 Less: Unrealized Performance Revenues (a) (371,407 ) 1,691,788 3,436,978 Less: Unrealized Principal Investment (Income) Loss (b) (271,868 ) 593,301 1,235,529 Less: Interest and Dividend Revenue (c) (410,980 ) (535,641 ) (285,075 ) Less: Other Revenue (d) (123,166 ) 93,083 (183,754 ) Impact of Consolidation (e) (444,828 ) (200,237 ) (109,379 ) Transaction-Related and Non-Recurring 39,272 25,672 (24,656 ) Intersegment Eliminations 2,045 2,998 2,721 Total Segment Revenue (g) $   11,649,036 $  9,693,805 $  12,590,037 Year Ended December 31, 2024 2023 2022 Expenses Total GAAP Expenses $ 6,819,326 $ 4,981,130 $ 4,973,025 Less: Unrealized Performance Allocations Compensation (h) (140,021 ) 654,403 1,470,588 Less: Equity-Based Compensation (i) (1,159,122 ) (959,474 ) (782,090 ) Less: Interest Expense (j) (444,417 ) (429,521 ) (316,569 ) Impact of Consolidation (e) (81,129 ) (137,603 ) (61,644 ) Amortization of Intangibles (k) (29,332 ) (33,457 ) (60,481 ) Transaction-Related and Non-Recurring Items (f) (17,100 ) (309 ) (81,789 ) Administrative Fee Adjustment (l) (11,590 ) (9,707 ) (9,866 ) Intersegment Eliminations 2,045 2,998 2,721 Total Segment Expenses (m) $   4,938,660 $   4,068,460 $  5,133,895 Year Ended December 31, 2024 2023 2022 Other Income Total GAAP Other Income (Loss) $ 48,838 $       (83,997 ) $    (82,859 ) Impact of Consolidation (e) (48,838 ) 83,997 82,859 Total Segment Other Income $      — $ — $ — Year Ended December 31, 2024 2023 2022 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 6,459,480 $ 2,957,714 $ 3,461,789 Less: Unrealized Performance Revenues (a) (371,407 ) 1,691,788 3,436,978 Less: Unrealized Principal Investment (Income) Loss (b) (271,868 ) 593,301 1,235,529 Less: Interest and Dividend Revenue (c) (410,980 ) (535,641 ) (285,075 ) Less: Other Revenue (d) (123,166 ) 93,083 (183,754 ) Plus: Unrealized Performance Allocations Compensation (h) 140,021 (654,403 ) (1,470,588 ) Plus: Equity-Based Compensation (i) 1,159,122 959,474 782,090 Plus: Interest Expense (j) 444,417 429,521 316,569 Impact of Consolidation (e) (412,537 ) 21,363 35,124 Amortization of Intangibles (k) 29,332 33,457 60,481 Transaction-Related and Non-Recurring Items (f) 56,372 25,981 57,133 Administrative Fee Adjustment (l) 11,590 9,707 9,866 Total Segment Distributable Earnings $ 6,710,376 $ 5,625,345 $ 7,456,142 As of December 31, 2024 2023 Total Assets Total GAAP Assets $ 43,469,875 $ 40,287,530 Impact of Consolidation (e) (3,241,484 ) (3,843,619 ) Total Segment Assets $ 40,228,391 $ 36,443,911 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related and Non-Recurring Items. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment (Income) Loss on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2024, 2023 and 2022, Other Revenue on a GAAP basis was $123.7 million, $(92.9) million and $184.6 million and included $122.3 million, $(94.7) million, and $182.9 million of foreign exchange gains (losses), respectively. (e) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based non-controlling (f) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance. For the year ended December 31, 2024, this adjustment includes removal of an accrual for a (g) Total Segment Revenues is comprised of the following: Year Ended December 31, 2024 2023 2022 Total Segment Management and Advisory Fees, Net $ 7,133,534 $ 6,663,244 $ 6,282,946 Total Segment Fee Related Performance Revenues 2,135,945   858,527   1,449,497   Total Segment Realized Performance Revenues 2,287,031 2,061,102 4,461,338 Total Segment Realized Principal Investment Income 92,526 110,932 396,256 Total Segment Revenues $ 11,649,036 $ 9,693,805 $ 12,590,037 (h) This adjustment removes Unrealized Performance Allocations Compensation. (i) This adjustment removes Equity-Based Compensation on a segment basis. (j) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (k) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. (l) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. (m) Total Segment Expenses is comprised of the following: Year Ended December 31, 2024 2023 2022 Total Segment Fee Related Compensation $ 2,739,322 $ 2,088,110 $ 2,330,775 Total Segment Realized Performance Compensation 951,246   896,017   1,814,097   Total Segment Other Operating Expenses 1,248,092 1,084,333 989,023 Total Segment Expenses $ 4,938,660 $  4,068,460 $  5,133,895 Reconciliations of Total Segment Components The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Consolidated Statement of Operations for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 Management and Advisory Fees, Net GAAP $ 7,188,936 $ 6,671,260 $ 6,303,315 Segment Adjustment (a) (55,402 ) (8,016 ) (20,369 ) Total Segment $ 7,133,534 $  6,663,244 $  6,282,946 Year Ended December 31, 2024 2023 2022 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 964,178 $ 695,171 $ 525,127 Investment Income — Realized Performance Allocations 3,457,746 2,223,841 5,381,640 GAAP 4,421,924 2,919,012 5,906,767 Total Segment Less: Realized Performance Revenues (2,287,031 ) (2,061,102 ) (4,461,338 ) Segment Adjustment (b) 1,052 617 4,068 Total Segment $ 2,135,945 $ 858,527 $ 1,449,497 Year Ended December 31, 2024 2023 2022 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $  3,048,229 $ 2,785,447 $ 2,569,780 Incentive Fee Compensation 373,586 281,067 207,998 Realized Performance Allocations Compensation 1,432,217 900,859 2,225,264 GAAP 4,854,032 3,967,373 5,003,042 Total Segment Less: Realized Performance Compensation (951,246 ) (896,017 ) (1,814,097 ) Less: Equity-Based Compensation — Fee Related Compensation (1,143,054 ) (946,575 ) (772,170 ) Less: Equity-Based Compensation — Performance Compensation (16,068 ) (12,899 ) (9,920 ) Segment Adjustment (c) (4,342 ) (23,772 ) (76,080 ) Total Segment $ 2,739,322 $  2,088,110 $ 2,330,775 Year Ended December 31, 2024 2023 2022 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 1,361,909 $  1,117,305 $ 1,092,671 Segment Adjustment (d) (113,817 ) (32,972 )   (103,648 ) Total Segment $  1,248,092 $ 1,084,333 $   989,023 Year Ended December 31, 2024 2023 2022 Realized Performance Revenues GAAP Incentive Fees $ 964,178 $ 695,171 $ 525,127 Investment Income — Realized Performance Allocations 3,457,746 2,223,841 5,381,640 GAAP 4,421,924 2,919,012 5,906,767 Total Segment Less: Fee Related Performance Revenues (2,135,945 ) (858,527 ) (1,449,497 ) Segment Adjustment (b) 1,052 617 4,068 Total Segment $ 2,287,031 $ 2,061,102 $ 4,461,338 Year Ended December 31, 2024 2023 2022 Realized Performance Compensation GAAP Incentive Fee Compensation $ 373,586 $ 281,067 $ 207,998 Realized Performance Allocations Compensation 1,432,217 900,859  2,225,264 GAAP 1,805,803  1,181,926 2,433,262 Total Segment Less: Fee Related Performance Compensation (e) (838,489 ) (273,010 ) (609,245 ) Less: Equity-Based Compensation — Performance Compensation (16,068 ) (12,899 ) (9,920 ) Total Segment $ 951,246 $ 896,017 $ 1,814,097 Year Ended December 31, 2024 2023 2022 Realized Principal Investment Income GAAP $   332,258 $ 303,823 $    850,327 Segment Adjustment (f) (239,732 ) (192,891 ) (454,071 ) Total Segment $    92,526 $    110,932 $ 396,256 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items. (a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures. (b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (c) Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures. (d) Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. For the year ended December 31, 2024, this adjustment includes removal of an accrual for a (e) Fee related performance compensation may include equity-based compensation based on fee related performance revenues. (f) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events	20. Subsequent Events There have been no events since December 31, 2024 that require recognition or disclosure in the consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of deferred tax balances (including any valuation allowances) and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material.
Consolidation	Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out rights or participating rights that would overcome the control held by Blackstone. Accordingly, Blackstone consolidates Blackstone Holdings and records non-controlling interests to reflect the economic interests of the limited partners of Blackstone Holdings. In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. 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. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 8. “Variable Interest Entities.”
Revenue Recognition	Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 19. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically net asset value, gross asset value, total fair value of investments, committed capital, total invested capital or remaining invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally the customer is identified as the investors in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees are principally fees charged to the investors of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the investors to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the investors of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the investors of the Blackstone Funds, which are based on the amount such investors reimburse the Blackstone Funds or Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the investors of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the investors of the funds recorded as Management and Advisory Fees, Net. In cases where the investors of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Consolidated Statements of Operations. In cases where the Blackstone Funds are determined to be the customer in the arrangement, placement fees are generally expensed as incurred. Blackstone may also pay ongoing investor servicing fees to certain distributors of its products. Where Blackstone is the principal in those arrangements, ongoing investor servicing fees are expensed as incurred and are recorded within General, Administrative and Other expense. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Due from Affiliates in the Consolidated Statements of Financial Condition. Incentive Fees — Investment Income (Loss) In carry fund structures and certain open-ended structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata share of the results of the fund vehicle (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). Performance Allocations are made to the general partner based either on cumulative fund performance to date, subject to a preferred return to limited partners or based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Consolidated Statements of Financial Condition. Performance Allocations in carry fund structures are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest and Dividend Revenue Other Revenue
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: • 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. • 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 liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Notes issued by consolidated CLO vehicles are classified within Level II of the fair value hierarchy. • 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 interests in securitizations, investments in non-consolidated CLOs and certain over-the-counter derivatives where the fair value is based on unobservable inputs. For certain investments where the fair value is not readily determinable, net asset value (“NAV”) is applied as a practical expedient. 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. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: • Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants including those provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. • Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. • Notes issued by consolidated CLO vehicles are measured based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties and investments in non-consolidated CLO vehicles. Real Estate Investments Private Equity Investments Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring.
Investments, at Fair Value	Investments, at Fair Value 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 Certain principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate and credit-focused investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. 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. Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market, quoted prices that are published on a regular basis and are the basis for current transactions or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 6. “Fair Value Option.” Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election. Certain investments of Blackstone and the consolidated Blackstone funds are valued at NAV per share pursuant to the practical expedient. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. Security and loan transactions are recorded on a trade date basis.
Equity Method Investments	Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which generally include both a proportionate and disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Consolidated Statements of Financial Condition. Strategic Partners’ results presented in Blackstone’s consolidated financial statements are reported on a three-month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations.
Cash Held by Blackstone Funds and Other	Cash Held by Blackstone Funds and Other Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone.
Accounts Receivable and Due from Affiliates	Accounts Receivable and Due from Affiliates Accounts Receivable and Due from Affiliates is comprised of management and incentive fees receivable from limited partners, receivables from managed investment vehicles and portfolio companies, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to affiliates and to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectability. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations.
Intangibles and Goodwill	Intangibles and Goodwill Blackstone’s intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Performance Allocations. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from three Goodwill comprises goodwill arising from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to its initial public offering (“IPO”) and the acquisitions of GSO Capital Partners LP in 2008, Strategic Partners in 2013, Harvest Fund Advisors LLC in 2017, Clarus Ventures LLC in 2018 and DCI LLC in 2020. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less than their respective carrying values. The operating segments are considered the reporting units for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, an impairment loss is recognized to the extent by which the carrying value exceeds the fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
Furniture, Equipment and Leasehold Improvements	Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements, furniture and fittings and other fixed assets were the lesser of the lease term or the life of the asset, the lesser of seven years or the lease term, or three
Foreign Currency	Foreign Currency In the normal course of business, Blackstone may enter into transactions denominated in currencies other than United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, Blackstone consolidates a number of entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rate on the dates that they were recorded. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are recorded in Other Comprehensive Income and allocated to Non-Controlling Interests in Consolidated Entities and Non-Controlling Interests in Blackstone Holdings, as applicable.
Comprehensive Income	Comprehensive Income Comprehensive Income consists of Net Income and Other Comprehensive Income. Blackstone’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments.
Compensation and Benefits	Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind).
Non-Controlling Interests in Consolidated Entities	Non-Controlling Interests in Consolidated Entities Non-Controlling non-controlling
Redeemable Non-Controlling Interests in Consolidated Entities	Redeemable Non-Controlling Interests in Consolidated Entities Investors in certain consolidated vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests that may be redeemed in a given period, may only allow for redemption following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As a result, amounts relating to third-party interests in such consolidated vehicles are presented as Redeemable Non-Controlling non-controlling Non-Controlling
Non-Controlling Interests in Blackstone Holdings	Non-Controlling Interests in Blackstone Holdings Non-Controlling Interests in Blackstone Holdings represent the component of Equity in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Interests in Blackstone Holdings. This residual attribution is based on the year to date average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships.
Other Income	Other Income Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales of investments, the net change in unrealized gains (losses) resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments. Expenses incurred by consolidated Blackstone funds are separately presented within Fund Expenses in the Consolidated Statements of Operations. Other Income also includes amounts attributable to the Reduction of the Tax Receivable Agreement Liability. See Note 14. “Income Taxes — Other Income — Change in the Tax Receivable Agreement Liability” for additional information.
Income Taxes	Income Taxes Blackstone Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local income taxes on Blackstone’s share of taxable income. The Blackstone Holdings Partnerships and certain of their subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes and generally as corporate entities in non-U.S. jurisdictions. Accordingly, these entities in some cases are subject to New York City unincorporated business taxes or non-U.S. income taxes. In addition, certain of the wholly owned subsidiaries of Blackstone and the Blackstone Holdings Partnerships will be subject to federal, state and local corporate income taxes at the entity level and the related tax provision attributable to Blackstone’s share of this income tax is reflected in the consolidated financial statements. Cash paid for transferrable tax credits is reflected in Payments for Income Taxes in the Consolidated Statements of Cash Flows. 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. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce the deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets are separately stated, and deferred tax liabilities are included in Accounts Payable, Accrued Expenses, and Other Liabilities in the consolidated financial statements. Unrecognized Tax Benefits Blackstone recognizes tax positions in the consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the consolidated financial statements.
Net Income (Loss) Per Share of Common Stock	Net Income (Loss) Per Share of Common Stock Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to Blackstone Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses. Blackstone applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. Blackstone applies the “if-converted” method to the Blackstone Holdings Partnership Units to determine the dilutive impact, if any, of the exchange right included in the Blackstone Holdings Partnership Units. Blackstone applies the contingently issuable share model to contracts that may require the issuance of shares.
Reverse Repurchase and Repurchase Agreements	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 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. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are included in Note 9. “Repurchase Agreements.” Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.”
Securities Sold, Not Yet Purchased	Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 5. “Derivative Financial Instruments.” Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.”
Leases	Leases Blackstone determines if an arrangement is a lease at inception of the arrangement. Blackstone primarily enters into operating leases, as the lessee, for office space. Operating leases are included in Right-of-Use (“ROU”) Assets and Operating Lease Liabilities in the Consolidated Statement of Financial Condition. ROU Assets and Operating Lease Liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Blackstone determines the present value of the lease payments using an incremental borrowing rate based on information available at the inception date. Leases may include options to extend or terminate the lease which are included in the ROU Assets and Operating Lease Liability when they are reasonably certain of exercise. Certain leases include lease and nonlease components, which are accounted for as one single lease component. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense. Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term. Additional disclosures relating to leases are discussed in Note 13. “Leases.”
Affiliates	Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the portfolio companies to be affiliates.
Dividends	Dividends Dividends are reflected in the consolidated financial statements when declared.
Recent Accounting Developments	Recent Accounting Developments In June 2022, the Financial Accounting Standards Board issued amended guidance addressing certain sale restrictions on equity securities measured at fair value. The guidance requires that reporting entities not consider contractual sale restrictions that prohibit the sale of equity securities when measuring fair value and introduces new disclosure requirements for equity securities subject to contractual sale restrictions. The new guidance was effective for Blackstone beginning January 1, 2024, was adopted on a prospective basis and did not result in a change in measurement of equity securities upon adoption. Related disclosures are included within the consolidated financial statements.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Intangible Assets, Net	Intangible Assets, Net consists of the following: December 31, 2024 2023 Finite-Lived Intangible Assets/Contractual Rights $ 1,769,372 $ 1,769,372 Accumulated Amortization (1,604,129 ) (1,568,164 ) Intangible Assets, Net $ 165,243 $ 201,208
Changes in Partnership's Intangible Assets, Net	Changes in Blackstone’s Intangible Assets, Net consists of the following: Year Ended December 31, 2024 2023 2022 Balance, Beginning of Year $ 201,208 $ 217,287 $ 284,384 Amortization Expense (35,965 ) (40,075 ) (67,097 ) Acquisitions — 23,996 — Balance, End of Year $  165,243 $  201,208 $  217,287

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments	Investments consist of the following: December 31, 2024 2023 Investments of Consolidated Blackstone Funds $ 3,890,732 $ 4,319,483 Equity Method Investments Partnership Investments 6,546,728 5,924,275 Accrued Performance Allocations 12,397,366 10,775,355 Corporate Treasury Investments 1,147,328 803,870 Other Investments 5,818,412 4,323,639 $ 29,800,566 $ 26,146,622
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations: Year Ended December 31, 2024 2023 2022 Realized Gains (Losses) $ (19,139 ) $ (42,756 ) $ 99,457 Net Change in Unrealized Gains (Losses) 92,834 (80,416 ) (264,204 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 73,695 (123,172 ) (164,747 ) Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds 16,389 66,371 59,605 Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities $ 90,084 $ (56,801 ) $ (105,142 )
Summarized Financial Information of Partnership's Equity Method Investments	The summarized financial information of Blackstone’s equity method investments for December 31, 2024 are as follows: December 31, 2024 and the Year Then Ended Real Private Credit & Multi-Asset Investing Total Statement of Financial Condition Assets Investments $ 270,306,524 $ 226,288,905 $ 120,658,563 $ 33,758,058 $ 651,012,050 Other Assets 14,990,868 7,948,890 6,511,331 2,409,862 31,860,951 Total Assets $ 285,297,392 $ 234,237,795 $ 127,169,894 $ 36,167,920 $ 682,873,001 Liabilities and Equity Debt $ 112,085,824 $ 27,581,552 $ 49,403,806 $ 266,931 $ 189,338,113 Other Liabilities 6,752,800 3,773,648 4,680,341 645,001 15,851,790 Total Liabilities 118,838,624 31,355,200 54,084,147 911,932 205,189,903 Equity 166,458,768 202,882,595 73,085,747 35,255,988 477,683,098 Total Liabilities and Equity $ 285,297,392 $ 234,237,795 $ 127,169,894 $ 36,167,920 $ 682,873,001 Statement of Operations Interest Income $ 4,539,867 $ 697,624 $ 9,567,357 $ 204,281 $ 15,009,129 Other Income 10,702,305 2,618,913 1,151,506 10,959 14,483,683 Interest Expense (7,581,761 ) (1,718,896 ) (2,913,721 ) (10,922 ) (12,225,300 ) Other Expenses (11,570,892 ) (2,223,931 ) (2,020,440 ) (153,459 ) (15,968,722 ) Net Realized and Unrealized Gain (Loss) from Investments (4,805,753 ) 23,076,302 2,056,892 3,621,672 23,949,113 Net Income (Loss) $ (8,716,234 ) $ 22,450,012 $ 7,841,594 $ 3,672,531 $ 25,247,903 The summarized financial information of Blackstone’s equity method investments for December 31, 2023 are as follows: December 31, 2023 and the Year Then Ended Real Private Credit & Multi-Asset Investing Total Statement of Financial Condition Assets Investments $ 283,919,193 $ 196,798,070 $ 91,574,839 $ 30,667,406 $ 602,959,508 Other Assets 12,496,703 5,514,318 4,995,562 4,354,754 27,361,337 Total Assets $ 296,415,896 $ 202,312,388 $ 96,570,401 $ 35,022,160 $ 630,320,845 Liabilities and Equity Debt $ 113,462,431 $ 22,205,324 $ 37,327,026 $ 179,610 $ 173,174,391 Other Liabilities 7,365,824 2,791,378 4,008,215 3,145,046 17,310,463 Total Liabilities 120,828,255 24,996,702 41,335,241 3,324,656 190,484,854 Equity 175,587,641 177,315,686 55,235,160 31,697,504 439,835,991 Total Liabilities and Equity $ 296,415,896 $ 202,312,388 $ 96,570,401 $ 35,022,160 $ 630,320,845 Statement of Operations Interest Income $ 4,673,775 $ 1,779,971 $ 8,890,426 $ 20,995 $ 15,365,167 Other Income 10,786,480 1,130,841 324,061 382,840 12,624,222 Interest Expense (6,614,272 ) (1,340,522 ) (2,583,654 ) (5,872 ) (10,544,320 ) Other Expenses (11,705,874 ) (2,631,916 ) (1,691,066 ) (273,193 ) (16,302,049 ) Net Realized and Unrealized Gain (Loss) from Investments (7,330,220 ) 12,955,425 1,124,916 2,579,602 9,329,723 Net Income (Loss) $ (10,190,111 ) $ 11,893,799 $ 6,064,683 $ 2,704,372 $ 10,472,743 The summarized financial information of Blackstone’s equity method investments for December 31, 2022 are as follows: December 31, 2022 and the Year Then Ended Real Private Credit & Multi-Asset Investing Total Statement of Financial Condition Assets Investments $ 295,985,447 $ 190,972,309 $ 87,362,311 $ 29,969,945 $ 604,290,012 Other Assets 13,601,083 3,529,890 6,345,260 3,743,263 27,219,496 Total Assets $ 309,586,530 $ 194,502,199 $ 93,707,571 $ 33,713,208 $ 631,509,508 Liabilities and Equity Debt $ 118,075,949 $ 23,197,140 $ 39,049,599 $ 244,796 $ 180,567,484 Other Liabilities 7,735,780 2,187,967 5,644,625 1,215,788 16,784,160 Total Liabilities 125,811,729 25,385,107 44,694,224 1,460,584 197,351,644 Equity 183,774,801 169,117,092 49,013,347 32,252,624 434,157,864 Total Liabilities and Equity $ 309,586,530 $ 194,502,199 $ 93,707,571 $ 33,713,208 $ 631,509,508 Statement of Operations Interest Income $ 2,917,115 $ 2,017,933 $ 5,764,150 $ 11,052 $ 10,710,250 Other Income 9,432,802 1,047,067 690,193 64,156 11,234,218 Interest Expense (3,644,118 ) (761,405 ) (1,450,447 ) (2,743 ) (5,858,713 ) Other Expenses (11,089,520 ) (2,246,183 ) (1,303,902 ) (141,596 ) (14,781,201 ) Net Realized and Unrealized Gain (Loss) from Investments 7,807,056 2,252,738 (1,330,895 ) 377,489 9,106,388 Net Income $ 5,423,335 $ 2,310,150 $ 2,369,099 $ 308,358 $ 10,410,942
Performance Fees Allocated to Funds	Accrued Performance Allocations to Blackstone were as follows: Real Estate Private Equity Credit & Multi-Asset Investing Total Accrued Performance Allocations, December 31, 2023 $ 2,990,602 $ 7,093,920 $ 599,779 $ 91,054 $ 10,775,355 Performance Allocations as a Result of Changes in Fund Fair Values (490,902 ) 3,801,294 471,043 222,708 4,004,143 Foreign Exchange Gain 5,124 — — — 5,124 Fund Distributions (518,807 ) (1,433,278 ) (268,973 ) (166,198 ) (2,387,256 ) Accrued Performance Allocations, December 31, 2024 $   1,986,017 $   9,461,936 $   801,849 $    147,564 $  12,397,366
Realized and Net Change in Unrealized Gains (Losses) on Investments	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Year Ended December 31, 2024 2023 2022 Realized Gains (Losses) $ (3,234 ) $ (4,881 ) $ (21,511 ) Net Change in Unrealized Gains 17,269 17,392 (57,426 ) $   14,035 $ 12,511 $ (78,937 )
Realized and Net Change in Unrealized Gains (Losses) in Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Year Ended December 31, 2024 2023 2022 Realized Gains (Losses) $ 6,570 $ (19,346 ) $ 203,327 Net Change in Unrealized Gains (Losses) 436,061 (47,017 ) (1,128,244 ) $ 442,631 $ (66,363 ) $ (924,917 )

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments	The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. December 31, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Value Notional Fair Notional Fair Freestanding Derivatives Blackstone Interest Rate Contracts $ 624,740 $ 166,126 $ 600,000 $ 107,425 $ 634,840 $ 145,798 $ 607,000 $ 86,589 Foreign Currency Contracts 239,365 4,030 479,383 14,198 387,102 11,442 334,228 3,538 Credit Default Swaps — — 640 10 3,108 479 3,748 508 Total Return Swaps 58,263 10,153 — — 63,158 13,171 — — Equity Options — — 1,139,400 938,216 — — 1,110,490 563,986 922,368 180,309 2,219,423 1,059,849 1,088,208 170,890 2,055,466 654,621 Investments of Consolidated Blackstone Funds Interest Rate Contracts 785,790 13,243 915,215 15,918 855,683 19,189 — — 785,790 13,243 915,215 15,918 855,683 19,189 — — $ 1,708,158 $ 193,552 $ 3,134,638 $ 1,075,767 $ 1,943,891 $ 190,079 $ 2,055,466 $ 654,621
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations	The table below summarizes the impact to the Consolidated Statements of Operations from derivative financial instruments: Year Ended December 31, 2024 2023 2022 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 1,051 $ 24,291 $ 15,319 Foreign Currency Contracts 9,193 443 (8,520 ) Credit Default Swaps 75 (413 ) (231 ) Total Return Swaps 21,080 15,775 1,654 31,399 40,096 8,222 Net Change in Unrealized Gains (Losses) Interest Rate Contracts 10,291 (87,177 ) 167,706 Foreign Currency Contracts (17,954 ) 3,288 9,666 Credit Default Swaps (55 ) 363 73 Total Return Swaps (2,837 ) 6,381 5,290 Equity Options (374,230 ) (515,405 ) (48,581 ) (384,785 ) (592,550 ) 134,154 $ (353,386 ) $ (552,454 ) $ 142,376 As of December 31, 2024, 2023 and 2022, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.

Fair Value Option (Tables)

Fair Value Option (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of Financial Instruments for Which Fair Value Option Has Been Elected	The following table summarizes the financial instruments for which the fair value option has been elected: December 31, 2024 2023 Assets Loans and Receivables $ 100,866 $ 60,738 Equity and Preferred Securities 4,498,617 2,894,302 Debt Securities 63,671 63,486 Assets of Consolidated CLO Vehicles Corporate Loans 62,426 938,801 $ 4,725,580 $ 3,957,327 Liabilities CLO Notes Payable $ 87,488 $ 687,122 Corporate Treasury Commitments 368 1,264 $ 87,856 $ 688,386
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Year Ended December 31, 2024 2023 2022 Net Change Net Change Net Change Realized in Unrealized Realized in Unrealized Realized in Unrealized Gains Gains Gains Gains Gains Gains (Losses) (Losses) (Losses) (Losses) (Losses) (Losses) Assets Loans and Receivables $ (4,849 ) $ 12 $ (8,053 ) $ 4,886 $ (10,733 ) $ (464 ) Equity and Preferred Securities 9,431 (48,209 ) (1,439 ) (122,605 ) 22,285 (91,338 ) Debt Securities — (2,694 ) — (3,884 ) (22,240 ) (19,490 ) Assets of Consolidated CLO Vehicles Corporate Loans (3,828 ) 2,889 (6,063 ) 8,728 — — $ 754 $ (48,002 ) $ (15,555 ) $ (112,875 ) $ (10,688 ) $ (111,292 ) Liabilities CLO Notes Payable $ — $ 2,178 $ — $ 282 $ — $ — Corporate Treasury Commitments — 896 — 6,880 — (7,508 ) $ — $ 3,074 $ — $ 7,162 $ — $ (7,508 )
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: December 31, 2024 December 31, 2023 For Financial Assets Past Due (a) For Financial Assets Past Due (a) Excess Excess Excess Excess (Deficiency) (Deficiency) (Deficiency) (Deficiency) of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ 2,769 $ — $ — $ 675 $ — $ — Debt Securities (55,890 ) — — (52,577 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (2,478 ) 1,359   —   (8,751 ) 1,345   —   $ (55,599 ) $ 1,359 $ — $ (60,653 ) $ 1,345 $ — (a) Assets are classified as past due if contractual payments are more than 90 days past due.

Fair Value Measurements of Fi_2

Fair Value Measurements of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Financial Assets and Liabilities at Fair Value	The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: December 31, 2024 Level I Level II Level III NAV (a) Total Assets Cash and Cash Equivalents $ 60,799 $ — $ — $ — $ 60,799 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (b) 12,076 155,316 3,158,254 473,496 3,799,142 Debt Instruments — 63,159 15,188 — 78,347 Freestanding Derivatives — 13,243 — — 13,243 Total Investments of Consolidated Blackstone Funds 12,076 231,718 3,173,442 473,496 3,890,732 Corporate Treasury Investments 67,729 565,968 450,345 63,286 1,147,328 Other Investments 2,089,838 3,182,353 179,522 6,289 5,458,002 Total Investments 2,169,643 3,980,039 3,803,309 543,071 10,496,062 Accounts Receivable — Loans and Receivables — — 100,866 — 100,866 Other Assets — Freestanding Derivatives — 170,156 10,153 — 180,309 $ 2,230,442 $ 4,150,195 $ 3,914,328 $ 543,071 $ 10,838,036 Liabilities Loans Payable — $ — $ 87,488 $ — $ — $ 87,488 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds — — 15,918 — — 15,918 Freestanding Derivatives — 121,633 938,216 — 1,059,849 Contingent Consideration — — 504 — 504 Corporate Treasury Commitments — — 368 — 368 Securities Sold, Not Yet Purchased 1,916 — — — 1,916 Total Accounts Payable, Accrued Expenses and Other Liabilities 1,916 137,551 939,088 — 1,078,555 $ 1,916 $ 225,039 $ 939,088 $ — $ 1,166,043 December 31, 2023 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 263,574 $ — $ — $ — $ 263,574 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (b) 11,118 123,022 2,653,246 558,259 3,345,645 Debt Instruments — 924,264 30,385 — 954,649 Freestanding Derivatives — 19,189 — — 19,189 Total Investments of Consolidated Blackstone Funds 11,118 1,066,475 2,683,631 558,259 4,319,483 Corporate Treasury Investments 72,071 435,430 296,369 — 803,870 Other Investments 1,564,112 2,355,423 223,441 7,275 4,150,251 Total Investments 1,647,301 3,857,328 3,203,441 565,534 9,273,604 Accounts Receivable — — — 60,738 — 60,738 Other Assets — Freestanding Derivatives 90 157,629 13,171 — 170,890 $ 1,910,965 $ 4,014,957 $ 3,277,350 $ 565,534 $ 9,768,806 Liabilities Loans Payable — $ — $ 687,122 $ — $ — $ 687,122 Accounts Payable, Accrued Expenses and Other Liabilities Freestanding Derivatives 436 90,199 563,986 — 654,621 Contingent Consideration — — 387 — 387 Corporate Treasury Commitments — — 1,264 — 1,264 Securities Sold, Not Yet Purchased 3,886 — — — 3,886 Total Accounts Payable, Accrued Expenses and Other Liabilities 4,322 90,199 565,637 — 660,158 $ 4,322 $ 777,321 $ 565,637 $ — $ 1,347,280 LLC Limited Liability Company.
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds Remaining Unfunded Commitments and Ability to Redeem Such Investments	(a) A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of December 31, 2024 is presented by strategy type below: Strategy Fair Value Unfunded Redemption Redemption Equity $ 421,052 $ — (1) (1) Real Estate 52,444 — (2) (2) Private Equity 63,286 50,400 (3) (3) Other 6,289 — (4) (4) $ 543,071 $ 50,400 (1) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 69% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 31% of the fair value of the investments in this category are redeemable as of the reporting date. (2) The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date. (3) The Private Equity category includes investments in funds that primarily invest in infrastructure. All investments in these categories may not be redeemed at, or within three months of, the reporting date. (4) Other is composed of the Credit Driven category, the Commodities category and the Diversified Instruments category. The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. The Diversified Instruments category includes investments in funds that invest across multiple strategies. All investments in these categories may not be redeemed at, or within three months of, the reporting date. (b) Equity Securities, Partnership and LLC Interest includes investments in investment funds.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2024. Consistent with presentation in these Notes to Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds. Impact to Valuation from an Valuation Unobservable Weighted- Increase Fair Value Techniques Inputs Ranges Average (a) in Input Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 3,158,254 Discounted Cash Flows Discount Rate 4.2% - 39.1% 10.4% Lower Exit Multiple - EBITDA 4.0x - 30.6x 15.4x Higher Exit Capitalization Rate 3.1% - 15.0% 5.2% Lower Debt Instruments 15,188 Third-Party Pricing n/a Total Investments of Consolidated Blackstone Funds 3,173,442 Corporate Treasury Investments 450,345 Third-Party Pricing n/a Transaction Price n/a Loans and Receivables 100,866 Discounted Cash Flows Discount Rate 8.4% - 11.2% 9.3% Lower Other Investments (b) 189,675 Discounted Cash Flows Discount Rate 7.1% - 7.7% 7.4% Lower Third-Party Pricing n/a $ 3,914,328 Financial Liabilities Freestanding Derivatives (c) $ 938,216 Option Pricing Model Volatility 6.0% n/a Higher Other Liabilities (d) 872 Third-Party Pricing n/a Other n/a $ 939,088 The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2023: Impact to Valuation from an Valuation Unobservable Weighted- Increase Fair Value Techniques Inputs Ranges Average (a) in Input Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 2,653,246 Discounted Cash Flows Discount Rate 3.3% - 38.0% 9.7% Lower Exit Multiple - 4.0x - 30.6x 15.0x Higher Exit Capitalization Rate 3.1% - 12.8% 5.1% Lower Debt Instruments 30,385 Third-Party Pricing n/a Total Investments of Consolidated Blackstone Funds 2,683,631 Corporate Treasury Investments 296,369 Discounted Cash Flows Discount Rate 11.2% - 22.4% 17.1% Lower Transaction Price n/a Loans and Receivables 60,738 Discounted Cash Flows Discount Rate 8.8% - 14.9% 10.3% Lower Other Investments (b) 236,612 Third-Party Pricing n/a Transaction Price n/a $ 3,277,350 Financial Liabilities Freestanding Derivatives (c) $ 563,986 Option Pricing Model Volatility 6.3% n/a Higher Other Liabilities (d) 1,651 Third-Party Pricing n/a Other n/a $ 565,637 n/a Not applicable. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA and forward EBITDA multiples. Third-Party Pricing Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services. Transaction Price Includes recent acquisitions or transactions. (a) Unobservable inputs were weighted based on the fair value of the investments included in the range. (b) As of December 31, 2024 and 2023, Other Investments includes Level III Freestanding Derivatives. (c) The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative. (d) As of December 31, 2024 and 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
Summary of Changes in Financial Assets and Liabilities Measured at Fair Value for Which Level III Inputs Were Used	The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations. Level III Financial Assets at Fair Value Year Ended December 31, 2024 2023 Investments of Loans and Receivables Other Total Investments of Loans and Receivables Other Total Balance, Beginning of Period $ 2,683,631 $ 60,738 $ 373,024 $ 3,117,393 $ 4,249,832 $ 315,039 $ 30,971 $ 4,595,842 Transfer In Due to Consolidation and Acquisition 85,540 — — 85,540 — — — — Transfer Out Due to Deconsolidation (14,237 ) — — (14,237 ) (1,453,837 ) — — (1,453,837 ) Transfer Into Level III (b) 35,547 — 109,347 144,894 28,190 — 898 29,088 Transfer Out of Level III (b) (35,373 ) — (58 ) (35,431 ) (18,197 ) — (3,374 ) (21,571 ) Purchases 694,710 857,245 465,775 2,017,730 294,789 284,002 354,202 932,993 Sales (214,743 ) (784,457 ) (307,926 ) (1,307,126 ) (289,721 ) (563,732 ) (14,542 ) (867,995 ) Issuances — 30,028 — 30,028 — 68,450 — 68,450 Settlements (c) — (74,742 ) (21,261 ) (96,003 ) — (70,419 ) (8,252 ) (78,671 ) Changes in Gains (Losses) Included in Earnings (61,633 ) 12,054 5,511 (44,068 ) (127,425 ) 27,398 13,121 (86,906 ) Balance, End of Period $ 3,173,442 $ 100,866 $ 624,412 $ 3,898,720 $ 2,683,631 $ 60,738 $ 373,024 $ 3,117,393 Changes in Unrealized Gains (Losses) Included $ (9,279 ) $ (1,297 ) $ (1,368 ) $ (11,944 ) $ (94,828 ) $ 2,227 $ 7,725 $ (84,876 ) Level III Financial Liabilities at Fair Value Year Ended December 31, 2024 2023 Freestanding Other Total Freestanding Other Total Balance, Beginning of Period $ 563,986 $ 1,651 $ 565,637 $ 48,581 $ 8,144 $ 56,725 Transfer In (Out) Due to Consolidation and Acquisition — — — — 800 800 Sales — — — — (413 ) (413 ) Changes in Losses (Gains) Included in Earnings 374,230 (779 ) 373,451 515,405 (6,880 ) 508,525 Balance, End of Period $ 938,216 $ 872 $ 939,088 $ 563,986 $ 1,651 $ 565,637 Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date $ 374,230 $ (779 ) $ 373,451 $ 515,405 $ (6,880 ) $ 508,525 (a) Represents freestanding derivatives, corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. (c) For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Maximum Exposure to Loss Relating to Non-Consolidated VIEs	Blackstone’s maximum exposure to loss relating to non-consolidated VIEs was December 31, December 31, Investments $ 4,537,481 $ 3,751,591 Due from Affiliates 242,109 203,187 Potential Clawback Obligation 41,908 72,119 Maximum Exposure to Loss $ 4,821,498 $ 4,026,897 Amounts Due to Non-Consolidated VIEs $ 855 $ 223

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2024
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged	The following table provides information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged as of December 31, 2024. December 31, 2024 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Days Greater than Total Repurchase Agreements Loans $ — $ 6,758 $ — $ — $ 6,758 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 6,758 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Other Assets	Other Assets consists of the following: December 31, 2024 2023 Furniture, Equipment and Leasehold Improvements $ 989,518 $ 937,355 Less: Accumulated Depreciation (483,200 ) (394,602 ) Furniture, Equipment and Leasehold Improvements, Net 506,318 542,753 Prepaid Expenses 192,777 207,886 Freestanding Derivatives 180,309 170,890 Other 68,455 23,319 $ 947,859 $ 944,848

Offsetting of Assets And Liab_2

Offsetting of Assets And Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of December 31, 2024 and 2023: December 31, 2024 Gross and Net Amounts of Assets Gross Amounts Not Offset in the Statement of Financial Condition Financial Cash Collateral Net Amount Assets Freestanding Derivatives $ 193,552 $ 122,391 $ 54,388 $    16,773 December 31, 2024 Gross and Net Financial Condition Gross Amounts Not Offset in the Statement of Financial Condition Financial Cash Collateral Net Amount Liabilities Freestanding Derivatives $ 137,551 $ 125,056 $ 10 $ 12,485 Repurchase Agreements 6,758 6,758 — — $ 144,309 $ 131,814 $     10 $     12,485
Offsetting of Liabilities	December 31, 2023 Gross and Net Gross Amounts Not Offset in the Statement of Financial Condition Financial Cash Collateral Net Amount Assets Freestanding Derivatives $   190,079 $  107,330 $  49,532 $    33,217 December 31, 2023 Gross and Net Financial Condition Gross Amounts Not Offset in the Statement of Financial Condition Net Amount Financial Cash Collateral Liabilities Freestanding Derivatives $  90,635 $  87,777 $    625 $     2,233 (a) Amounts presented are inclusive of both legally enforceable master netting agreements and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2024
Partnership's Credit Facilities	December 31, 2024 2023 Credit Borrowing Effective Credit Borrowing Effective Revolving Credit Facility (a) $ 4,325,000 $ — - $ 4,325,000 $ — — Blackstone Issued Senior Notes (b) 2.000%, Due 5/19/2025 310,620 310,620 2.10 % 331,170 331,170 2.16 % 1.000%, Due 10/5/2026 621,240 621,240 1.13 % 662,340 662,340 1.16 % 3.150%, Due 10/2/2027 300,000 300,000 3.30 % 300,000 300,000 3.30 % 5.900%, Due 11/3/2027 600,000 600,000 6.13 % 600,000 600,000 6.13 % 1.625%, Due 8/5/2028 650,000 650,000 1.79 % 650,000 650,000 1.79 % 1.500%, Due 4/10/2029 621,240 621,240 1.56 % 662,340 662,340 1.60 % 2.500%, Due 1/10/2030 500,000 500,000 2.73 % 500,000 500,000 2.73 % 1.600%, Due 3/30/2031 500,000 500,000 1.71 % 500,000 500,000 1.71 % 2.000%, Due 1/30/2032 800,000 800,000 2.18 % 800,000 800,000 2.18 % 2.550%, Due 3/30/2032 500,000 500,000 2.67 % 500,000 500,000 2.67 % 6.200%, Due 4/22/2033 900,000 900,000 6.33 % 900,000 900,000 6.33 % 3.500%, Due 6/1/2034 517,700 517,700 3.79 % 551,950 551,950 3.90 % 5.000%, Due 12/6/2034 750,000 750,000 5.23 % — — — 6.250%, Due 8/15/2042 250,000 250,000 6.65 % 250,000 250,000 6.65 % 5.000%, Due 6/15/2044 500,000 500,000 5.16 % 500,000 500,000 5.16 % 4.450%, Due 7/15/2045 350,000 350,000 4.56 % 350,000 350,000 4.56 % 4.000%, Due 10/2/2047 300,000 300,000 4.20 % 300,000 300,000 4.20 % 3.500%, Due 9/10/2049 400,000 400,000 3.61 % 400,000 400,000 3.61 % 2.800%, Due 9/30/2050 400,000 400,000 2.88 % 400,000 400,000 2.88 % 2.850%, Due 8/5/2051 550,000 550,000 2.91 % 550,000 550,000 2.91 % 3.200%, Due 1/30/2052 1,000,000 1,000,000 3.27 % 1,000,000 1,000,000 3.27 % 15,645,800 11,320,800 15,032,800 10,707,800 Other (c) Secured Borrowing, Due 10/27/2033 19,949 19,949 6.94 % 19,949 19,949 7.69 % Secured Borrowing, Due 1/29/2035 20,000 20,000 6.94 % 20,000 20,000 3.72 % 15,685,749 11,360,749 15,072,749 10,747,749 Borrowings of Consolidated Blackstone Funds CLO Notes Payable (d) 99,419 99,419 8.72 % 858,133 858,133 7.57 % 99,419 99,419 858,133 858,133 $ 15,785,168 $ 11,460,168 $ 15,930,882 $ 11,605,882 (a) Represents the Revolving Credit Facility of Blackstone, through Blackstone Holdings Finance Co. L.L.C. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75% plus an additional credit spread adjustment of 0.10% to account for the difference between London Interbank Offered Rate (“LIBOR”) and SOFR. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. As of December 31, 2024 and 2023, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $ 38.9 million and $ 40.3 million, respectively. The amount Blackstone can draw from the Credit Facility is reduced by the undrawn letters of credit, however the Credit Available presented herein is not reduced by the undrawn letters of credit. In February 2025, Blackstone drew $900.0 million under the Revolving Credit Facility. (b) The Issuers have issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuers. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, the Guarantors and the Issuers. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuers’ and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25 % in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuers’ option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuers to repurchase the Notes at a repurchase price in cash equal to 101 % of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. (c) Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of December 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $ 49.6 million. (d) CLO Notes Payable have maturity dates ranging from June 2025 to January 2037. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.
Carrying Value and Fair Value of Blackstone Issued Notes	December 31, 2024 2023 Description Carrying Value Fair Value Carrying Value Fair Value Blackstone Operating Borrowings Senior Notes (a) 2.000%, Due 5/19/2025 $ 315,860 $ 309,502 $ 336,005 $ 324,778 1.000%, Due 10/5/2026 624,078 601,801 664,085 620,864 3.150%, Due 10/2/2027 298,864 287,007 298,476 283,059 5.900%, Due 11/3/2027 596,505 617,550 595,411 625,158 1.625%, Due 8/5/2028 646,374 579,189 645,406 566,508 1.500%, Due 4/10/2029 626,043 584,295 666,655 601,272 2.500%, Due 1/10/2030 494,568 444,970 493,573 431,005 1.600%, Due 3/30/2031 496,911 403,415 496,447 391,955 2.000%, Due 1/30/2032 790,508 644,816 789,283 633,153 2.550%, Due 3/30/2032 496,146 417,830 495,670 410,755 6.200%, Due 4/22/2033 892,561 946,818 891,899 962,037 3.500%, Due 6/1/2034 489,624 522,877 521,549 536,319 5.000%, Due 12/6/2034 741,218 726,023 — — 6.250%, Due 8/15/2042 239,756 254,095 239,457 263,270 5.000%, Due 6/15/2044 490,261 457,335 489,975 464,560 4.450%, Due 7/15/2045 344,840 290,836 344,691 297,486 4.000%, Due 10/2/2047 291,372 230,337 291,149 233,685 3.500%, Due 9/10/2049 392,618 277,496 392,436 294,608 2.800%, Due 9/30/2050 394,252 238,256 394,103 252,008 2.850%, Due 8/5/2051 543,478 329,791 543,317 352,457 3.200%, Due 1/30/2052 987,682 652,770 987,401 696,740 11,193,519 9,817,009 10,576,988 9,241,677 Other Secured Borrowing, Due 10/27/2033 19,949 19,949 19,949 19,949 Secured Borrowing, Due 1/29/2035 20,000 20,000 20,000 20,000 11,233,468 9,856,958 10,616,937 9,281,626 Borrowings of Consolidated Blackstone Funds CLO Notes Payable 87,488 87,488 687,122 687,122 87,488 87,488 687,122 687,122 $ 11,320,956 $ 9,944,446 $ 11,304,059 $ 9,968,748 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings at December 31, 2024 were as follows: Blackstone Borrowings of Total 2025 $ 318,843 $ — $ 318,843 2026 627,287 — 627,287 2027 911,589 — 911,589 2028 660,131 — 660,131 2029 625,199 — 625,199 Thereafter 8,217,700 99,419 8,317,119 $ 11,360,749 $ 99,419 $ 11,460,168

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of components of lease expense	The components of lease expense were as follows: Year Ended December 31, 2024 2023 2022 Operating Lease Cost Straight-Line Lease Cost (a) $ 156,680 $ 160,534 $ 139,740 Variable Lease Cost (b) 20,222 15,268 12,072 Sublease Income (65 ) (63 ) (888 ) $  176,837 $  175,739 $  150,924 (a) Straight-line lease cost includes short-term leases, which are immaterial. (b) Variable lease cost approximates variable lease cash payments.
Schedule of Supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2024 2023 2022 Operating Cash Flows for Operating Lease Liabilities $  145,388 $  127,183 $  107,249 Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities $ 129,451 $ 117,155 $ 278,010
Schedule of Undiscounted cash flows on an annual basis for Operating Lease Liabilities	The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2024: 2025 $ 178,730 2026 176,178 2027 173,142 2028 167,033 2029 106,720 Thereafter 281,538 Total Lease Payments (a) 1,083,341 Less: Imputed Interest (117,599 ) Present Value of Operating Lease Liabilities $ 965,742 (a) Excludes signed leases that have not yet commenced.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Before Provision for Taxes	The Income Before Provision for Taxes consists of the following: Year Ended December 31, 2024 2023 2022 Income Before Provision (Benefit) for Taxes U.S. Domestic Income $ 6,029,702 $ 2,577,184 $ 3,023,588 Foreign Income 429,778 380,530 438,201 $  6,459,480 $  2,957,714 $  3,461,789
Provision (Benefit) for Income Taxes	The Provision for Taxes consists of the following: Year Ended December 31, 2024 2023 2022 Current Federal Income Tax $ 424,659 $ 362,144 $ 503,075 Foreign Income Tax 128,757 112,861 75,859 State and Local Income Tax 120,454 186,851 255,421 673,870 661,856 834,355 Deferred Federal Income Tax 265,749 (94,732 ) (312,961 ) Foreign Income Tax (471 ) (7,020 ) (3,048 ) State and Local Income Tax 82,523 (46,643 ) (45,466 ) 347,801 (148,395 ) (361,475 ) Provision for Taxes $  1,021,671 $    513,461 $    472,880
Summary of Blackstone's Tax Position	The following table summarizes Blackstone’s tax position: Year Ended December 31, 2024 2023 2022 Income Before Provision for Taxes $ 6,459,480 $ 2,957,714 $ 3,461,789 Provision for Taxes $ 1,021,671 $ 513,461 $ 472,880 Effective Income Tax Rate 15.8 % 17.4 % 13.7 %
Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate	The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate: 2024 2023 Year Ended December 31, vs. vs. 2024 2023 2022 2023 2022 Statutory U.S. Federal Income Tax Rate 21.0 % 21.0 % 21.0 % — — Income Passed Through to Non-Controlling -9.0 % -8.2 % -8.1 % -0.8 % -0.1 % State and Local Income Taxes 2.9 % 4.3 % 6.0 % -1.4 % -1.7 % Basis Adjustment (a) — — -4.6 % — 4.6 % Other 0.9 % 0.3 % -0.6 % 0.6 % 0.9 % Effective Income Tax Rate 15.8 % 17.4 % 13.7 % -1.6 % 3.7 % (a) Represents the impact of the out-of-period adjustment made during the year ended December 31, 2022 to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision.
Summary of Tax Effects of Temporary Differences	A summary of the tax effects of the temporary differences is as follows: December 31, 2024 2023 Deferred Tax Assets Investment Basis Differences/Net Unrealized Gains and Losses $ 1,737,508 $ 2,210,974 Other 287,639 120,420 Total Deferred Tax Assets Before Valuation Allowance 2,025,147 2,331,394 Valuation Allowance (21,199 ) — Total Deferred Tax Assets 2,003,948 2,331,394 Deferred Tax Liabilities Investment Basis Differences/Net Unrealized Gains and Losses 12,282 18,333 Other 1,953 2,163 Total Deferred Tax Liabilities 14,235 20,496 Net Deferred Tax Assets $ 1,989,713 $ 2,310,898
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations	The following are the major filing jurisdictions and their respective earliest open period subject to examination: Jurisdiction Year Federal 2021 New York City 2009 New York State 2016 United Kingdom 2011
Blackstone's Unrecognized Tax Benefits Excluding Related Interest and Penalties	Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were: December 31, 2024 2023 2022 Unrecognized Tax Benefits — January 1 $ 210,778 $ 153,624 $ 47,501 Additions Based on Tax Positions Related to Current Year 46,572 19,807 — Reductions for Tax Positions of Current Year — (19,737 ) — Additions for Tax Positions of Prior Years — 57,081 106,059 Reductions for Tax Positions of Prior Years (6,111 ) — — Exchange Rate Fluctuations 218 3 64 Unrecognized Tax Benefits — December 31 $ 251,457 $ 210,778 $ 153,624

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Basic and Diluted Net Income Per Common Stock	Basic and diluted net income per share of common stock for the years ended December 31, 2024, 2023 and 2022 was calculated as follows: Year Ended December 31, 2024 2023 2022 Net Income for Per Share of Common Stock Calculations Net Income Attributable to Blackstone Inc., Basic and Diluted $ 2,776,508 $ 1,390,880 $ 1,747,631 Shares/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 766,487,450 755,204,556 740,664,038 Weighted-Average Shares of Unvested Deferred Restricted Common Stock (a) 159,058 215,380 278,361 Weighted-Average Shares of Common Stock Outstanding, Diluted 766,646,508 755,419,936 740,942,399 Net Income Per Share of Common Stock Basic $ 3.62 $ 1.84 $ 2.36 Diluted $ 3.62 $ 1.84 $ 2.36 Dividends Declared Per Share of Common Stock (b) $ 3.45 $ 3.32 $ 4.94 (a) For the years ended December 31, 2024 and 2023, this includes shares to be issued under the contingently issuable share model for an acquisition-related compensation arrangement. (b) Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year. In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of non-controlling interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the Blackstone Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion.
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the periods indicated: Year Ended December 31, 2024 2023 2022 Weighted-Average Blackstone Holdings Partnership Units   455,306,643   460,897,953   466,083,269
Schedule of Shares Eligible For Dividends and Distribution	As of December 31, 2024, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows: Shares/Units Common Stock Outstanding 731,925,965 Unvested Participating Common Stock 36,796,276 Total Participating Common Stock 768,722,241 Participating Blackstone Holdings Partnership Units 452,448,896 1,221,171,137

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of Status of Partnership's Unvested Equity-Based Awards	A summary of the status of Blackstone’s unvested equity-based awards as of December 31, 2024 and of changes during the period January 1, 2024 through December 31, 2024 is presented below: Blackstone Holdings Blackstone Inc. Equity Settled Awards Cash Settled Awards Unvested Shares/Units Partnership Weighted- Deferred Stock Weighted- Phantom Weighted- Balance, December 31, 2023 4,585,893 $ 38.94 36,456,644 $ 86.05 85,447 $ 114.50 Granted — — 11,894,835 131.67 38,819 121.94 Vested (3,700,053 ) 40.06 (12,165,823 ) 79.92 (32,886 ) 144.80 Forfeited (35,431 ) 46.58 (2,257,086 ) 101.29 (20,863 ) 130.85 Balance, December 31, 2024 850,409 $ 33.38 33,928,570 $ 103.44     70,517 $ 187.66
Unvested Shares and Units, After Expected Forfeitures	The following unvested shares and units, after expected forfeitures, as of December 31, 2024, are expected to vest: Shares/Units Weighted-Average Blackstone Holdings Partnership Units 828,312 0.6 Deferred Restricted Shares of Common Stock 30,826,072 2.8 Total Equity-Based Awards 31,654,384 2.7 Phantom Shares 59,807 2.9

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2024
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: December 31, 2024 2023 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies $ 4,049,707 $ 3,638,948 Due from Certain Non-Controlling Interest Holders and Blackstone Employees 1,191,527 720,743 Accrual for Potential Clawback of Previously Distributed Performance Allocations 168,081 106,830 $ 5,409,315 $ 4,466,521 December 31, 2024 2023 Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 1,844,978 $ 1,681,516 Due to Non-Consolidated Entities 208,537 124,560 Due to Certain Non-Controlling Interest Holders and Blackstone Employees 255,086 305,816 Accrual for Potential Repayment of Previously Received Performance Allocations 499,547 281,518 $ 2,808,148 $ 2,393,410

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: December 31, 2024 2023 Segment Blackstone Current and Total (b) Blackstone Current and Total (b) Real Estate $ 316,749 $ 158,346 $ 475,095 $ 145,435 $ 90,337 $ 235,772 Private Equity 15,044 6,273 21,317 29,046 16,231 45,277 Credit & Insurance 1,468 1,667 3,135 207 262 469 $ 333,261 $ 166,286 $ 499,547 $ 174,688 $ 106,830 $ 281,518 (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. (b) Total is a component of Due to Affiliates. See Note 17. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of Revenue from External Customers by Geographic Areas	The table below presents the percentage of total GAAP revenues generated by Blackstone by geographic region Year Ended December 31, 2024 2023 2022 Americas 76 % 78 % 83 % Europe, Middle East and Africa 16 % 15 % 15 % Asia-Pacific 8 % 7 % 2 % 100 % 100 % 100 %
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022. December 31, 2024 and the Year Then Ended Real Estate Private Equity Credit & Multi-Asset Total Segments Management and Advisory Fees, Net Base Management Fees $ 2,716,983 $ 2,027,855 $ 1,561,649 $ 474,395 $ 6,780,882 Transaction, Advisory and Other Fees, Net 175,010 176,469 44,354 3,855 399,688 Management Fee Offsets (16,716 ) (6,044 ) (24,196 ) (80 ) (47,036 ) Total Management and Advisory Fees, Net 2,875,277 2,198,280 1,581,807 478,170 7,133,534 Fee Related Performance Revenues 203,425 1,185,428 747,092 — 2,135,945 Fee Related Compensation (674,965 ) (1,164,237 ) (755,620 ) (144,500 ) (2,739,322 ) Other Operating Expenses (380,321 ) (391,309 ) (371,354 ) (105,108 ) (1,248,092 ) Fee Related Earnings 2,023,416 1,828,162 1,201,925 228,562 5,282,065 Realized Performance Revenues 200,974 1,392,447 313,092 380,518 2,287,031 Realized Performance Compensation (101,011 ) (633,491 ) (129,814 ) (86,930 ) (951,246 ) Realized Principal Investment Income 14,522 52,356 39,855 (14,207 ) 92,526 Total Net Realizations 114,485 811,312 223,133 279,381 1,428,311 Total Segment Distributable Earnings $ 2,137,901 $ 2,639,474 $ 1,425,058 $ 507,943 $ 6,710,376 Segment Assets $ 11,573,910 $ 18,027,030 $ 8,668,716 $ 1,958,735 $ 40,228,391 December 31, 2023 and the Year Then Ended Real Estate Private Equity Credit & Multi-Asset Total Segments Management and Advisory Fees, Net Base Management Fees $ 2,794,232 $ 1,903,972 $ 1,297,406 $ 470,237 $ 6,465,847 Transaction, Advisory and Other Fees, Net 78,483 108,848 44,542 4,019 235,892 Management Fee Offsets (29,357 ) (5,228 ) (3,907 ) (3 ) (38,495 ) Total Management and Advisory Fees, Net 2,843,358 2,007,592 1,338,041 474,253 6,663,244 Fee Related Performance Revenues 294,240 —  564,287 —  858,527 Fee Related Compensation (675,880 ) (619,678 ) (628,064 ) (164,488 ) (2,088,110 ) Other Operating Expenses (325,050 ) (329,221 ) (323,773 ) (106,289 ) (1,084,333 ) Fee Related Earnings 2,136,668 1,058,693 950,491 203,476 4,349,328 Realized Performance Revenues 244,358 1,343,865 317,620 155,259 2,061,102 Realized Performance Compensation (123,299 ) (584,154 ) (140,210 ) (48,354 ) (896,017 ) Realized Principal Investment Income 7,628 76,220 21,752 5,332 110,932 Total Net Realizations 128,687 835,931 199,162 112,237 1,276,017 Total Segment Distributable Earnings $ 2,265,355 $ 1,894,624 $ 1,149,653 $ 315,713 $ 5,625,345 Segment Assets $ 13,016,980 $ 14,901,682 $ 6,705,647 $ 1,819,602 $ 36,443,911 Year Ended December 31, 2022 Real Estate Private Equity Credit & Multi-Asset Total Segments Management and Advisory Fees, Net Base Management Fees $ 2,462,179 $ 1,882,197 $ 1,185,289 $ 515,373 $ 6,045,038 Transaction, Advisory and Other Fees, Net 171,424 97,972 34,481 6,240 310,117 Management Fee Offsets (10,538 ) (56,078 ) (5,432 ) (161 ) (72,209 ) Total Management and Advisory Fees, Net 2,623,065 1,924,091 1,214,338 521,452 6,282,946 Fee Related Performance Revenues 1,075,424 (648 ) 374,721 — 1,449,497 Fee Related Compensation (1,039,125 ) (599,758 ) (512,727 ) (179,165 ) (2,330,775 ) Other Operating Expenses (315,331 ) (314,967 ) (260,028 ) (98,697 ) (989,023 ) Fee Related Earnings 2,344,033 1,008,718 816,304 243,590 4,412,645 Realized Performance Revenues 2,985,713 1,206,594 147,285 121,746 4,461,338 Realized Performance Compensation (1,168,045 ) (550,306 ) (63,845 ) (31,901 ) (1,814,097 ) Realized Principal Investment Income 150,790 144,585 79,763 21,118 396,256 Total Net Realizations 1,968,458 800,873 163,203 110,963 3,043,497 Total Segment Distributable Earnings $  4,312,491 $  1,809,591 $   979,507 $   354,553 $  7,456,142
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes	The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the ye ar Year Ended December 31, 2024 2023 2022 Revenues Total GAAP Revenues $ 13,229,968 $ 8,022,841 $ 8,517,673 Less: Unrealized Performance Revenues (a) (371,407 ) 1,691,788 3,436,978 Less: Unrealized Principal Investment (Income) Loss (b) (271,868 ) 593,301 1,235,529 Less: Interest and Dividend Revenue (c) (410,980 ) (535,641 ) (285,075 ) Less: Other Revenue (d) (123,166 ) 93,083 (183,754 ) Impact of Consolidation (e) (444,828 ) (200,237 ) (109,379 ) Transaction-Related and Non-Recurring 39,272 25,672 (24,656 ) Intersegment Eliminations 2,045 2,998 2,721 Total Segment Revenue (g) $   11,649,036 $  9,693,805 $  12,590,037 Year Ended December 31, 2024 2023 2022 Expenses Total GAAP Expenses $ 6,819,326 $ 4,981,130 $ 4,973,025 Less: Unrealized Performance Allocations Compensation (h) (140,021 ) 654,403 1,470,588 Less: Equity-Based Compensation (i) (1,159,122 ) (959,474 ) (782,090 ) Less: Interest Expense (j) (444,417 ) (429,521 ) (316,569 ) Impact of Consolidation (e) (81,129 ) (137,603 ) (61,644 ) Amortization of Intangibles (k) (29,332 ) (33,457 ) (60,481 ) Transaction-Related and Non-Recurring Items (f) (17,100 ) (309 ) (81,789 ) Administrative Fee Adjustment (l) (11,590 ) (9,707 ) (9,866 ) Intersegment Eliminations 2,045 2,998 2,721 Total Segment Expenses (m) $   4,938,660 $   4,068,460 $  5,133,895 Year Ended December 31, 2024 2023 2022 Other Income Total GAAP Other Income (Loss) $ 48,838 $       (83,997 ) $    (82,859 ) Impact of Consolidation (e) (48,838 ) 83,997 82,859 Total Segment Other Income $      — $ — $ — Year Ended December 31, 2024 2023 2022 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 6,459,480 $ 2,957,714 $ 3,461,789 Less: Unrealized Performance Revenues (a) (371,407 ) 1,691,788 3,436,978 Less: Unrealized Principal Investment (Income) Loss (b) (271,868 ) 593,301 1,235,529 Less: Interest and Dividend Revenue (c) (410,980 ) (535,641 ) (285,075 ) Less: Other Revenue (d) (123,166 ) 93,083 (183,754 ) Plus: Unrealized Performance Allocations Compensation (h) 140,021 (654,403 ) (1,470,588 ) Plus: Equity-Based Compensation (i) 1,159,122 959,474 782,090 Plus: Interest Expense (j) 444,417 429,521 316,569 Impact of Consolidation (e) (412,537 ) 21,363 35,124 Amortization of Intangibles (k) 29,332 33,457 60,481 Transaction-Related and Non-Recurring Items (f) 56,372 25,981 57,133 Administrative Fee Adjustment (l) 11,590 9,707 9,866 Total Segment Distributable Earnings $ 6,710,376 $ 5,625,345 $ 7,456,142 As of December 31, 2024 2023 Total Assets Total GAAP Assets $ 43,469,875 $ 40,287,530 Impact of Consolidation (e) (3,241,484 ) (3,843,619 ) Total Segment Assets $ 40,228,391 $ 36,443,911 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related and Non-Recurring Items. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment (Income) Loss on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2024, 2023 and 2022, Other Revenue on a GAAP basis was $123.7 million, $(92.9) million and $184.6 million and included $122.3 million, $(94.7) million, and $182.9 million of foreign exchange gains (losses), respectively. (e) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based non-controlling (f) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance. For the year ended December 31, 2024, this adjustment includes removal of an accrual for a (g) Total Segment Revenues is comprised of the following: Year Ended December 31, 2024 2023 2022 Total Segment Management and Advisory Fees, Net $ 7,133,534 $ 6,663,244 $ 6,282,946 Total Segment Fee Related Performance Revenues 2,135,945   858,527   1,449,497   Total Segment Realized Performance Revenues 2,287,031 2,061,102 4,461,338 Total Segment Realized Principal Investment Income 92,526 110,932 396,256 Total Segment Revenues $ 11,649,036 $ 9,693,805 $ 12,590,037 (h) This adjustment removes Unrealized Performance Allocations Compensation. (i) This adjustment removes Equity-Based Compensation on a segment basis. (j) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (k) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. (l) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. (m) Total Segment Expenses is comprised of the following: Year Ended December 31, 2024 2023 2022 Total Segment Fee Related Compensation $ 2,739,322 $ 2,088,110 $ 2,330,775 Total Segment Realized Performance Compensation 951,246   896,017   1,814,097   Total Segment Other Operating Expenses 1,248,092 1,084,333 989,023 Total Segment Expenses $ 4,938,660 $  4,068,460 $  5,133,895
Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations	The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Consolidated Statement of Operations for the years ended December 31, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 Management and Advisory Fees, Net GAAP $ 7,188,936 $ 6,671,260 $ 6,303,315 Segment Adjustment (a) (55,402 ) (8,016 ) (20,369 ) Total Segment $ 7,133,534 $  6,663,244 $  6,282,946 Year Ended December 31, 2024 2023 2022 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 964,178 $ 695,171 $ 525,127 Investment Income — Realized Performance Allocations 3,457,746 2,223,841 5,381,640 GAAP 4,421,924 2,919,012 5,906,767 Total Segment Less: Realized Performance Revenues (2,287,031 ) (2,061,102 ) (4,461,338 ) Segment Adjustment (b) 1,052 617 4,068 Total Segment $ 2,135,945 $ 858,527 $ 1,449,497 Year Ended December 31, 2024 2023 2022 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $  3,048,229 $ 2,785,447 $ 2,569,780 Incentive Fee Compensation 373,586 281,067 207,998 Realized Performance Allocations Compensation 1,432,217 900,859 2,225,264 GAAP 4,854,032 3,967,373 5,003,042 Total Segment Less: Realized Performance Compensation (951,246 ) (896,017 ) (1,814,097 ) Less: Equity-Based Compensation — Fee Related Compensation (1,143,054 ) (946,575 ) (772,170 ) Less: Equity-Based Compensation — Performance Compensation (16,068 ) (12,899 ) (9,920 ) Segment Adjustment (c) (4,342 ) (23,772 ) (76,080 ) Total Segment $ 2,739,322 $  2,088,110 $ 2,330,775 Year Ended December 31, 2024 2023 2022 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 1,361,909 $  1,117,305 $ 1,092,671 Segment Adjustment (d) (113,817 ) (32,972 )   (103,648 ) Total Segment $  1,248,092 $ 1,084,333 $   989,023 Year Ended December 31, 2024 2023 2022 Realized Performance Revenues GAAP Incentive Fees $ 964,178 $ 695,171 $ 525,127 Investment Income — Realized Performance Allocations 3,457,746 2,223,841 5,381,640 GAAP 4,421,924 2,919,012 5,906,767 Total Segment Less: Fee Related Performance Revenues (2,135,945 ) (858,527 ) (1,449,497 ) Segment Adjustment (b) 1,052 617 4,068 Total Segment $ 2,287,031 $ 2,061,102 $ 4,461,338 Year Ended December 31, 2024 2023 2022 Realized Performance Compensation GAAP Incentive Fee Compensation $ 373,586 $ 281,067 $ 207,998 Realized Performance Allocations Compensation 1,432,217 900,859  2,225,264 GAAP 1,805,803  1,181,926 2,433,262 Total Segment Less: Fee Related Performance Compensation (e) (838,489 ) (273,010 ) (609,245 ) Less: Equity-Based Compensation — Performance Compensation (16,068 ) (12,899 ) (9,920 ) Total Segment $ 951,246 $ 896,017 $ 1,814,097 Year Ended December 31, 2024 2023 2022 Realized Principal Investment Income GAAP $   332,258 $ 303,823 $    850,327 Segment Adjustment (f) (239,732 ) (192,891 ) (454,071 ) Total Segment $    92,526 $    110,932 $ 396,256 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items. (a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures. (b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (c) Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures. (d) Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. For the year ended December 31, 2024, this adjustment includes removal of an accrual for a (e) Fee related performance compensation may include equity-based compensation based on fee related performance revenues. (f) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

Organization - Additional Infor

Organization - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 Segment Person	Dec. 31, 2023 Segment
Organization [Line Items]
Number of business segments | Segment	4	4
Number of Blackstone founders managing the Partnership | Person	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years	5 years 3 months 18 days
Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years	7 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years	3 years
Minimum | Furniture Fittings And Other Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years	20 years
Maximum | Furniture Fittings And Other Assets [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years	5 years

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,769,372	$ 1,769,372
Accumulated Amortization	(1,604,129)	(1,568,164)
Intangible Assets, Net	$ 165,243	$ 201,208	$ 217,287	$ 284,384

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($) Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value	$ 1,890,202	$ 1,890,202
Number of business segments | Segment	4	4
Expected amortization of intangibles, 2025	$ 35,900
Expected amortization of intangibles, 2026	35,700
Expected amortization of intangibles, 2027	34,600
Expected amortization of intangibles, 2028	17,800
Expected amortization of intangibles, 2029	$ 16,600
Intangible assets expected to amortize over a weighted-average period	5 years 3 months 18 days
Private Equity Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value	$ 870,000	$ 870,000
Real Estate Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value	421,700	421,700
Multi-Asset Investing
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value	231,800	231,800
Credit & Insurance Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value	$ 366,700	$ 366,700

Changes in Partnership's Intang

Changes in Partnership's Intangible Assets, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Balance, Beginning of Year	$ 201,208	$ 217,287	$ 284,384
Amortization Expense	(35,965)	(40,075)	(67,097)
Acquisitions	0	23,996	0
Balance, End of Year	$ 165,243	$ 201,208	$ 217,287

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Investments	$ 29,800,566	$ 26,146,622
Partnership Investments
Schedule of Investments [Line Items]
Investments	6,546,728	5,924,275
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	12,397,366	10,775,355
Other Investments
Schedule of Investments [Line Items]
Investments	5,818,412	4,323,639
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	3,890,732	4,319,483
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 1,147,328	$ 803,870

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments	$ 29,800,566	$ 26,146,622
Recognized net gains related to equity method investments	605,400	245,800	$ 292,100
Equity investments, carrying value	356,300
Equity securities without readily determinable fair value downward price adjustment cumulative amount	12,400
Equity securities without readily determinable fair value downward price adjustment	7,600
American International Group, Incs Life and Retirement [Member]
Schedule of Investments [Line Items]
Equity investments, carrying value	20,400
Equity method investment, aggregate cost	211,300
Consolidated Blackstone Funds | Blackstone
Schedule of Investments [Line Items]
Investments	$ 439,700	$ 1,000,000

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gain (Loss) on Securities [Line Items]
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	$ 4,542,002	$ 232,842	$ 1,233,062
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities	90,084	(56,801)	(105,142)
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	(19,139)	(42,756)	99,457
Net Change in Unrealized Gains (Losses)	92,834	(80,416)	(264,204)
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	73,695	(123,172)	(164,747)
Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds	16,389	66,371	59,605
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities	$ 90,084	$ (56,801)	$ (105,142)

Summarized Financial Informatio

Summarized Financial Information of Partnership's Equity Method Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments	$ 651,012,050	$ 602,959,508	$ 604,290,012
Other Assets	31,860,951	27,361,337	27,219,496
Total Assets	43,469,875	40,287,530
Debt	189,338,113	173,174,391	180,567,484
Other Liabilities	15,851,790	17,310,463	16,784,160
Total Liabilities	23,974,860	22,212,316
Equity	18,693,616	16,896,141
Total Liabilities and Equity	43,469,875	40,287,530
Interest Income	15,009,129	15,365,167	10,710,250
Other Income	14,483,683	12,624,222	11,234,218
Interest Expense	(12,225,300)	(10,544,320)	(5,858,713)
Other Expenses	(15,968,722)	(16,302,049)	(14,781,201)
Net Realized and Unrealized Gain (Losses) from Investments	23,949,113	9,329,723	9,106,388
Net Income (Loss)	5,437,809	2,444,253	2,988,909
Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	682,873,001	630,320,845	631,509,508
Total Liabilities	205,189,903	190,484,854	197,351,644
Equity	477,683,098	439,835,991	434,157,864
Total Liabilities and Equity	682,873,001	630,320,845	631,509,508
Net Income (Loss)	25,247,903	10,472,743	10,410,942
RealEstateFunds
Schedule of Equity Method Investments [Line Items]
Investments	270,306,524	283,919,193	295,985,447
Other Assets	14,990,868	12,496,703	13,601,083
Debt	112,085,824	113,462,431	118,075,949
Other Liabilities	6,752,800	7,365,824	7,735,780
Interest Income	4,539,867	4,673,775	2,917,115
Other Income	10,702,305	10,786,480	9,432,802
Interest Expense	(7,581,761)	(6,614,272)	(3,644,118)
Other Expenses	(11,570,892)	(11,705,874)	(11,089,520)
Net Realized and Unrealized Gain (Losses) from Investments	(4,805,753)	(7,330,220)	7,807,056
RealEstateFunds | Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	285,297,392	296,415,896	309,586,530
Total Liabilities	118,838,624	120,828,255	125,811,729
Equity	166,458,768	175,587,641	183,774,801
Total Liabilities and Equity	285,297,392	296,415,896	309,586,530
Net Income (Loss)	(8,716,234)	(10,190,111)	5,423,335
Private Equity
Schedule of Equity Method Investments [Line Items]
Investments	226,288,905	196,798,070	190,972,309
Other Assets	7,948,890	5,514,318	3,529,890
Debt	27,581,552	22,205,324	23,197,140
Other Liabilities	3,773,648	2,791,378	2,187,967
Interest Income	697,624	1,779,971	2,017,933
Other Income	2,618,913	1,130,841	1,047,067
Interest Expense	(1,718,896)	(1,340,522)	(761,405)
Other Expenses	(2,223,931)	(2,631,916)	(2,246,183)
Net Realized and Unrealized Gain (Losses) from Investments	23,076,302	12,955,425	2,252,738
Private Equity | Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	234,237,795	202,312,388	194,502,199
Total Liabilities	31,355,200	24,996,702	25,385,107
Equity	202,882,595	177,315,686	169,117,092
Total Liabilities and Equity	234,237,795	202,312,388	194,502,199
Net Income (Loss)	22,450,012	11,893,799	2,310,150
Credit & Insurance
Schedule of Equity Method Investments [Line Items]
Investments	120,658,563	91,574,839	87,362,311
Other Assets	6,511,331	4,995,562	6,345,260
Debt	49,403,806	37,327,026	39,049,599
Other Liabilities	4,680,341	4,008,215	5,644,625
Interest Income	9,567,357	8,890,426	5,764,150
Other Income	1,151,506	324,061	690,193
Interest Expense	(2,913,721)	(2,583,654)	(1,450,447)
Other Expenses	(2,020,440)	(1,691,066)	(1,303,902)
Net Realized and Unrealized Gain (Losses) from Investments	2,056,892	1,124,916	(1,330,895)
Credit & Insurance | Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	127,169,894	96,570,401	93,707,571
Total Liabilities	54,084,147	41,335,241	44,694,224
Equity	73,085,747	55,235,160	49,013,347
Total Liabilities and Equity	127,169,894	96,570,401	93,707,571
Net Income (Loss)	7,841,594	6,064,683	2,369,099
Multi-Asset Investing
Schedule of Equity Method Investments [Line Items]
Investments	33,758,058	30,667,406	29,969,945
Other Assets	2,409,862	4,354,754	3,743,263
Debt	266,931	179,610	244,796
Other Liabilities	645,001	3,145,046	1,215,788
Interest Income	204,281	20,995	11,052
Other Income	10,959	382,840	64,156
Interest Expense	(10,922)	(5,872)	(2,743)
Other Expenses	(153,459)	(273,193)	(141,596)
Net Realized and Unrealized Gain (Losses) from Investments	3,621,672	2,579,602	377,489
Multi-Asset Investing | Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	36,167,920	35,022,160	33,713,208
Total Liabilities	911,932	3,324,656	1,460,584
Equity	35,255,988	31,697,504	32,252,624
Total Liabilities and Equity	36,167,920	35,022,160	33,713,208
Net Income (Loss)	$ 3,672,531	$ 2,704,372	$ 308,358

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 26,146,622
Ending Balance	29,800,566
Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	10,775,355
Performance Allocations as a Result of Changes in Fund Fair Values	4,004,143
Foreign Exchange Gain	5,124
Fund Distributions	(2,387,256)
Ending Balance	12,397,366
Real Estate Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	2,990,602
Performance Allocations as a Result of Changes in Fund Fair Values	(490,902)
Foreign Exchange Gain	5,124
Fund Distributions	(518,807)
Ending Balance	1,986,017
Private Equity Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	7,093,920
Performance Allocations as a Result of Changes in Fund Fair Values	3,801,294
Fund Distributions	(1,433,278)
Ending Balance	9,461,936
Credit & Insurance Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	599,779
Performance Allocations as a Result of Changes in Fund Fair Values	471,043
Fund Distributions	(268,973)
Ending Balance	801,849
Multi-Asset Investing | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	91,054
Performance Allocations as a Result of Changes in Fund Fair Values	222,708
Fund Distributions	(166,198)
Ending Balance	$ 147,564

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gain (Loss) on Securities [Line Items]
Total realized and net change in unrealized gains (losses)	$ 4,542,002	$ 232,842	$ 1,233,062
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	(3,234)	(4,881)	(21,511)
Net Change in Unrealized Gains	17,269	17,392	(57,426)
Total realized and net change in unrealized gains (losses)	$ 14,035	$ 12,511	$ (78,937)

Realized and Net Change in Un_2

Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gain (Loss) on Securities [Line Items]
Total Investment Income	$ 4,542,002	$ 232,842	$ 1,233,062
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	6,570	(19,346)	203,327
Net Change in Unrealized Gains (Losses)	436,061	(47,017)	(1,128,244)
Total Investment Income	$ 442,631	$ (66,363)	$ (924,917)

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,708,158	$ 1,943,891
Derivative Liabilities, Notional	3,134,638	2,055,466
Derivative Assets, Fair Value	193,552	190,079
Derivative Liabilities, Fair Value	1,075,767	654,621
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	785,790	855,683
Derivative Liabilities, Notional	915,215
Derivative Assets, Fair Value	13,243	19,189
Derivative Liabilities, Fair Value	15,918
Freestanding Derivatives | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	922,368	1,088,208
Derivative Liabilities, Notional	2,219,423	2,055,466
Derivative Assets, Fair Value	180,309	170,890
Derivative Liabilities, Fair Value	1,059,849	654,621
Freestanding Derivatives | Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		3,108
Derivative Liabilities, Notional	640	3,748
Derivative Assets, Fair Value		479
Derivative Liabilities, Fair Value	10	508
Freestanding Derivatives | Blackstone | Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	58,263	63,158
Derivative Assets, Fair Value	10,153	13,171
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	624,740	634,840
Derivative Liabilities, Notional	600,000	607,000
Derivative Assets, Fair Value	166,126	145,798
Derivative Liabilities, Fair Value	107,425	86,589
Freestanding Derivatives | Interest Rate Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	785,790	855,683
Derivative Liabilities, Notional	915,215
Derivative Assets, Fair Value	13,243	19,189
Derivative Liabilities, Fair Value	15,918
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	239,365	387,102
Derivative Liabilities, Notional	479,383	334,228
Derivative Assets, Fair Value	4,030	11,442
Derivative Liabilities, Fair Value	14,198	3,538
Freestanding Derivatives | Equity Options | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	1,139,400	1,110,490
Derivative Liabilities, Fair Value	$ 938,216	$ 563,986

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	$ (353,386)	$ (552,454)	$ 142,376
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	31,399	40,096	8,222
Net Change in Unrealized Gains (Losses)	(384,785)	(592,550)	134,154
Freestanding Derivatives | Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	21,080	15,775	1,654
Net Change in Unrealized Gains (Losses)	(2,837)	6,381	5,290
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	75	(413)	(231)
Net Change in Unrealized Gains (Losses)	(55)	363	73
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	1,051	24,291	15,319
Net Change in Unrealized Gains (Losses)	10,291	(87,177)	167,706
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	9,193	443	(8,520)
Net Change in Unrealized Gains (Losses)	(17,954)	3,288	9,666
Freestanding Derivatives | Equity Options
Derivative [Line Items]
Net Change in Unrealized Gains (Losses)	$ (374,230)	$ (515,405)	$ (48,581)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and Receivables	$ 100,866	$ 60,738
Assets	4,725,580	3,957,327
Liabilities	87,856	688,386
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	63,671	63,486
Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	4,498,617	2,894,302
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	62,426	938,801
CLO Notes Payable
Fair Value, Option, Quantitative Disclosures [Line Items]
Liabilities	87,488	687,122
Corporate Treasury Commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Liabilities	$ 368	$ 1,264

Realized and Net Change in Un_3

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Realized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments			$ (22,240)
Realized Gains (Losses) | Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 754	$ (15,555)	(10,688)
Realized Gains (Losses) | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(4,849)	(8,053)	(10,733)
Realized Gains (Losses) | Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	9,431	(1,439)	22,285
Realized Gains (Losses) | Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(3,828)	(6,063)	0
Net Change In Unrealized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(2,694)	(3,884)	(19,490)
Net Change In Unrealized Gains (Losses) | Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(48,002)	(112,875)	(111,292)
Net Change In Unrealized Gains (Losses) | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	12	4,886	(464)
Net Change In Unrealized Gains (Losses) | Liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	3,074	7,162	(7,508)
Net Change In Unrealized Gains (Losses) | Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(48,209)	(122,605)	(91,338)
Net Change In Unrealized Gains (Losses) | Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	2,889	8,728	0
Net Change In Unrealized Gains (Losses) | CLO Notes Payable
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	2,178	282	0
Net Change In Unrealized Gains (Losses) | Corporate Treasury Commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 896	$ 6,880	$ (7,508)

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (55,599)	$ (60,653)
Fair value of financial instruments more than one day past due	1,359	1,345
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(55,890)	(52,577)
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(2,478)	(8,751)
Fair value of financial instruments more than one day past due	1,359	1,345
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	2,769	675
Fair value of financial instruments more than one day past due	$ 0	$ 0

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	$ 1,359	$ 1,345
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	1,359	$ 1,345
Corporate Loans | Not In Non Accrual Status
Fair Value, Option, Quantitative Disclosures [Line Items]
Number of loans for which fair value option was elected past due | Loans		2
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	0	$ 0
Fair value of financial instruments with non-accrual status	$ 0	$ 0

Financial Assets and Liabilitie

Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands		Dec. 31, 2024		Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable — Loans and Receivables		$ 100,866		$ 60,738
Assets		4,725,580		3,957,327
Loans Payable — CLO Notes Payable		11,320,956		11,304,059
Corporate Treasury Commitments		$ 87,856		$ 688,386
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets		Other Assets
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		$ 193,552		$ 190,079
Derivatives liabilities		137,551		90,635
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		3,914,328		3,277,350
Liabilities		939,088		565,637
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents		60,799		263,574
Total Investments		10,496,062		9,273,604
Accounts Receivable — Loans and Receivables		100,866		60,738
Assets		10,838,036		9,768,806
Securities Sold, Not Yet Purchased		1,916		3,886
Contingent Consideration		504		387
Total Accounts Payable, Accrued Expenses and Other Liabilities		1,078,555		660,158
Liabilities		1,166,043		1,347,280
Fair Value, Measurements, Recurring | Corporate Treasury Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Treasury Commitments		368		1,264
Fair Value, Measurements, Recurring | CLO Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Payable — CLO Notes Payable		87,488		687,122
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		1,059,849		654,621
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds - Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		15,918
Fair Value, Measurements, Recurring | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		5,458,002		4,150,251
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		543,071	[1]	565,534
Assets		543,071	[1]	565,534
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		6,289	[1]	7,275
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		3,890,732		4,319,483
Derivatives assets		180,309		170,890
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		13,243		19,189
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[2]	3,799,142		3,345,645
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		78,347		954,649
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		473,496	[1]	558,259
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Net Asset Value | Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[2]	473,496	[1]	558,259
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,147,328		803,870
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	63,286
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents		60,799		263,574
Total Investments		2,169,643		1,647,301
Assets		2,230,442		1,910,965
Securities Sold, Not Yet Purchased		1,916		3,886
Total Accounts Payable, Accrued Expenses and Other Liabilities		1,916		4,322
Liabilities		1,916		4,322
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities				436
Fair Value, Measurements, Recurring | Level 1 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,089,838		1,564,112
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		12,076		11,118
Derivatives assets				90
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[2]	12,076		11,118
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		67,729		72,071
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		3,980,039		3,857,328
Assets		4,150,195		4,014,957
Total Accounts Payable, Accrued Expenses and Other Liabilities		137,551		90,199
Liabilities		225,039		777,321
Fair Value, Measurements, Recurring | Level 2 | CLO Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Payable — CLO Notes Payable		87,488		687,122
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		121,633		90,199
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds - Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		15,918
Fair Value, Measurements, Recurring | Level 2 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		3,182,353		2,355,423
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		231,718		1,066,475
Derivatives assets		170,156		157,629
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		13,243		19,189
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[2]	155,316		123,022
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		63,159		924,264
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		565,968		435,430
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		3,803,309		3,203,441
Accounts Receivable — Loans and Receivables		100,866		60,738
Assets		3,914,328		3,277,350
Contingent Consideration		504		387
Total Accounts Payable, Accrued Expenses and Other Liabilities		939,088		565,637
Liabilities		939,088		565,637
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Treasury Commitments		368		1,264
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		938,216		563,986
Fair Value, Measurements, Recurring | Level 3 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		179,522		223,441
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		3,173,442		2,683,631
Derivatives assets		10,153		13,171
Assets		3,173,442		2,683,631
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[2]	3,158,254		2,653,246
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		15,188		30,385
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		$ 450,345		$ 296,369
[1]A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of December 31, 2024 is presented by strategy type below:[2]Equity Securities, Partnership and LLC Interest includes investments in investment funds.

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 543,071
Unfunded Loan Commitment
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	50,400
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	421,052
Equity | Unfunded Loan Commitment
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	0
Real Estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	52,444
Real Estate | Unfunded Loan Commitment
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	0
Private Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	63,286
Private Equity | Unfunded Loan Commitment
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	50,400
Other
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	6,289
Other | Unfunded Loan Commitment
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 0

Summary of Fair Value by Stra_2

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail) - Equity	Dec. 31, 2024
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments unable to be redeemed at, or within 3 months of reporting date	69%
Percentage of investments redeemable as of reporting date	31%

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 4,725,580	$ 3,957,327
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		3,914,328	3,277,350
Fair value liabilities		939,088	565,637
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		10,838,036	9,768,806
Fair value liabilities		1,166,043	1,347,280
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		3,914,328	3,277,350
Fair value liabilities		939,088	565,637
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 100,866	$ 60,738
Fair Value, Measurements, Recurring | Level 3 | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		7.10%
Fair Value, Measurements, Recurring | Level 3 | Minimum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		8.40%	8.80%	[1]
Fair Value, Measurements, Recurring | Level 3 | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		7.70%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		11.20%	14.90%	[1]
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		7.40%
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		9.30%	10.30%	[1],[2]
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 189,675
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	[1]		$ 236,612
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Valuation Technique, Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value liabilities		$ 938,216	$ 563,986	[3]
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Valuation Technique, Option Pricing Model | Measurement Input, Price Volatility
Fair Value, Option, Quantitative Disclosures [Line Items]
Volatility		6	6.3	[3]
Fair Value, Measurements, Recurring | Level 3 | Other Liabilities | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value liabilities		$ 872	$ 1,651	[4]
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		3,173,442	2,683,631
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 3,158,254	$ 2,653,246
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		4	4
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | Measurement Input, Cap Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		3.10%	3.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		4.20%	3.30%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Maximum | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		30.6	30.6
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Maximum | Measurement Input, Cap Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		15%	12.80%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		39.10%	38%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		15.4	15	[2]
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Measurement Input, Cap Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		5.20%	5.10%	[2]
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		10.40%	9.70%	[2]
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 15,188	$ 30,385
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets			$ 296,369
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 450,345
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate			11.20%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate			22.40%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	[2]		17.10%
[1]As of December 31, 2024 and 2023, Other Investments includes Level III Freestanding Derivatives.[2]Unobservable inputs were weighted based on the fair value of the investments included in the range.[3]The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative.[4]As of December 31, 2024 and 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.

Summary of Changes in Financial

Summary of Changes in Financial Assets and Liabilities Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		$ 3,117,393	$ 4,595,842
Transfer In Due to Consolidation and Acquisition		85,540
Transfer Out Due to Deconsolidation		(14,237)	(1,453,837)
Transfer Into Level III	[1]	144,894	29,088
Transfer Out of Level III	[1]	(35,431)	(21,571)
Purchases		2,017,730	932,993
Sales		(1,307,126)	(867,995)
Issuances		30,028	68,450
Settlements	[2]	(96,003)	(78,671)
Changes in Gains (Losses) In cludedin Earnings		(44,068)	(86,906)
Balance, End of Period		3,898,720	3,117,393
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date		$ (11,944)	$ (84,876)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Unrealized Gain (Loss) on Investments	Unrealized Gain (Loss) on Investments
Balance, Beginning of Period		$ 565,637	$ 56,725
Transfer In (Out) Due to Consolidation and Acquisition		0	800
Sales		0	(413)
Changes in Losses (Gains) Included in Earnings		373,451	508,525
Balance, End of Period		939,088	565,637
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date		373,451	508,525
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		373,024	30,971
Transfer Into Level III	[1],[3]	109,347	898
Transfer Out of Level III	[1],[3]	(58)	(3,374)
Purchases		465,775	354,202
Sales		(307,926)	(14,542)
Settlements	[2],[3]	(21,261)	(8,252)
Changes in Gains (Losses) In cludedin Earnings		5,511	13,121
Balance, End of Period		624,412	373,024
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date		(1,368)	7,725
Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		1,651	8,144
Transfer In (Out) Due to Consolidation and Acquisition		0	800
Sales		0	(413)
Changes in Losses (Gains) Included in Earnings		(779)	(6,880)
Balance, End of Period		872	1,651
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date		(779)	(6,880)
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		563,986	48,581
Transfer In (Out) Due to Consolidation and Acquisition		0	0
Sales		0	0
Changes in Losses (Gains) Included in Earnings		374,230	515,405
Balance, End of Period		938,216	563,986
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date		374,230	515,405
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		60,738	315,039
Purchases		857,245	284,002
Sales		(784,457)	(563,732)
Issuances		30,028	68,450
Settlements	[2]	(74,742)	(70,419)
Changes in Gains (Losses) In cludedin Earnings		12,054	27,398
Balance, End of Period		100,866	60,738
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date		(1,297)	2,227
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period		2,683,631	4,249,832
Transfer In Due to Consolidation and Acquisition		85,540
Transfer Out Due to Deconsolidation		(14,237)	(1,453,837)
Transfer Into Level III	[1]	35,547	28,190
Transfer Out of Level III	[1]	(35,373)	(18,197)
Purchases		694,710	294,789
Sales		(214,743)	(289,721)
Changes in Gains (Losses) In cludedin Earnings		(61,633)	(127,425)
Balance, End of Period		3,173,442	2,683,631
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date		$ (9,279)	$ (94,828)
[1]Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.[2]For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.[3]Represents freestanding derivatives, corporate treasury investments and Other Investments.

Fair Value Measurements of Fi_3

Fair Value Measurements of Financial instruments - Additional Information (Detail) - Blackstone - Consolidated Blackstone Funds - Fair Value, Measurements, Recurring - USD ($) $ in Millions		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investment weighted average remaining term		2 years 2 months 12 days
Investments fair value disclosure	$ 630.9

Maximum Exposure to Loss Relati

Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
VIE Assets	$ 43,469,875	$ 40,287,530
VIE Liabilities	23,974,860	22,212,316
Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	242,109	203,187
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	4,821,498	4,026,897
Variable Interest Entity, Not Primary Beneficiary | Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	41,908	72,119
Variable Interest Entity, Not Primary Beneficiary | Amounts Due to Non-Consolidated VIEs
Variable Interest Entity [Line Items]
VIE Liabilities	855	223
Variable Interest Entity, Not Primary Beneficiary | Investments
Variable Interest Entity [Line Items]
VIE Assets	$ 4,537,481	$ 3,751,591

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 6.8	$ 0

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Assets Sold under Agreements to Repurchase [Line Items]
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. "Offsetting of Assets and Liabilities"	$ 6,758
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. "Offsetting of Assets and Liabilities"	0
Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	6,758
Overnight and Continuous | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	0
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	6,758
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	0
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 0

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements	$ 989,518	$ 937,355
Less: Accumulated Depreciation	(483,200)	(394,602)
Furniture, Equipment and Leasehold Improvements, Net	506,318	542,753
Prepaid Expenses	192,777	207,886
Freestanding Derivatives	180,309	170,890
Other	68,455	23,319
Total Other Assets	$ 947,859	$ 944,848

Other Assets - Additional Infor

Other Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Other Assets [Line Items]
Depreciation expense	$ 98.8	$ 94.1	$ 69.2

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Offsetting Assets and Liabilities [Line Items]
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition		$ 144,309
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments		131,814
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received		10
Net Amount		12,485
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives Gross and Net Amounts of Assets Presented in the Statement of Financial Condition		193,552	$ 190,079
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	[1]	122,391	107,330
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received		54,388	49,532
Derivatives Net Amount		16,773	33,217
Derivatives Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition		137,551	90,635
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	[1]	125,056	87,777
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received		10	625
Derivatives Net Amount		12,485	$ 2,233
Repurchase Agreements
Offsetting Assets and Liabilities [Line Items]
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition		6,758
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments		6,758
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received
Repurchase agreements Net Amount
[1]Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure.

Offsetting Of Assets And Liab_4

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Millions	Dec. 31, 2024 USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 981.9
Overdraft facility	$ 981.8

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - Revolving Credit Facility [Member] $ in Millions	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Debt instrument, interest rate	5%
Amended And Restated [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 750

Partnership Credit Facilities (

Partnership Credit Facilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Credit Available		$ 15,785,168	$ 15,930,882
Borrowing Outstanding		11,460,168	11,605,882
Borrowings Of Consolidated Blackstone Funds
Line of Credit Facility [Line Items]
Credit Available		99,419	858,133
Borrowing Outstanding		99,419	858,133
Credit Facility
Line of Credit Facility [Line Items]
Credit Available	[1]	4,325,000	4,325,000
Borrowing Outstanding	[1]	$ 0	$ 0
Effective Interest Rate	[1]	0%	0%
Partnership's Credit Facilities | Senior Secured Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 15,645,800	$ 15,032,800
Borrowing Outstanding	[2]	11,320,800	10,707,800
2.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	310,620	331,170
Borrowing Outstanding	[2]	$ 310,620	$ 331,170
Effective Interest Rate	[2]	2.10%	2.16%
1.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 621,240	$ 662,340
Borrowing Outstanding	[2]	$ 621,240	$ 662,340
Effective Interest Rate	[2]	1.13%	1.16%
3.150% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 300,000	$ 300,000
Borrowing Outstanding	[2]	$ 300,000	$ 300,000
Effective Interest Rate	[2]	3.30%	3.30%
5.900% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 600,000	$ 600,000
Borrowing Outstanding	[2]	$ 600,000	$ 600,000
Effective Interest Rate	[2]	6.13%	6.13%
1.625% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 650,000	$ 650,000
Borrowing Outstanding	[2]	$ 650,000	$ 650,000
Effective Interest Rate	[2]	1.79%	1.79%
1.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 621,240	$ 662,340
Borrowing Outstanding	[2]	$ 621,240	$ 662,340
Effective Interest Rate	[2]	1.56%	1.60%
2.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 500,000	$ 500,000
Borrowing Outstanding	[2]	$ 500,000	$ 500,000
Effective Interest Rate	[2]	2.73%	2.73%
1.600% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 500,000	$ 500,000
Borrowing Outstanding	[2]	$ 500,000	$ 500,000
Effective Interest Rate	[2]	1.71%	1.71%
2.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 800,000	$ 800,000
Borrowing Outstanding	[2]	$ 800,000	$ 800,000
Effective Interest Rate	[2]	2.18%	2.18%
2.550% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 500,000	$ 500,000
Borrowing Outstanding	[2]	$ 500,000	$ 500,000
Effective Interest Rate	[2]	2.67%	2.67%
6.200% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 900,000	$ 900,000
Borrowing Outstanding	[2]	$ 900,000	$ 900,000
Effective Interest Rate	[2]	6.33%	6.33%
3.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 517,700	$ 551,950
Borrowing Outstanding	[2]	$ 517,700	$ 551,950
Effective Interest Rate	[2]	3.79%	3.90%
5.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 750,000	$ 0
Borrowing Outstanding	[2]	$ 750,000	$ 0
Effective Interest Rate	[2]	5.23%	0%
6.250% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 250,000	$ 250,000
Borrowing Outstanding	[2]	$ 250,000	$ 250,000
Effective Interest Rate	[2]	6.65%	6.65%
5.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 500,000	$ 500,000
Borrowing Outstanding	[2]	$ 500,000	$ 500,000
Effective Interest Rate	[2]	5.16%	5.16%
4.450% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 350,000	$ 350,000
Borrowing Outstanding	[2]	$ 350,000	$ 350,000
Effective Interest Rate	[2]	4.56%	4.56%
4.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 300,000	$ 300,000
Borrowing Outstanding	[2]	$ 300,000	$ 300,000
Effective Interest Rate	[2]	4.20%	4.20%
3.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 400,000	$ 400,000
Borrowing Outstanding	[2]	$ 400,000	$ 400,000
Effective Interest Rate	[2]	3.61%	3.61%
2.800% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 400,000	$ 400,000
Borrowing Outstanding	[2]	$ 400,000	$ 400,000
Effective Interest Rate	[2]	2.88%	2.88%
2.850% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 550,000	$ 550,000
Borrowing Outstanding	[2]	$ 550,000	$ 550,000
Effective Interest Rate	[2]	2.91%	2.91%
3.200% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 1,000,000	$ 1,000,000
Borrowing Outstanding	[2]	$ 1,000,000	$ 1,000,000
Effective Interest Rate	[2]	3.27%	3.27%
Secured Borrowings One | Other
Line of Credit Facility [Line Items]
Credit Available	[3]	$ 19,949	$ 19,949
Borrowing Outstanding	[3]	$ 19,949	$ 19,949
Effective Interest Rate	[3]	6.94%	7.69%
Secured Borrowings Two | Other
Line of Credit Facility [Line Items]
Credit Available	[3]	$ 20,000	$ 20,000
Borrowing Outstanding	[3]	$ 20,000	$ 20,000
Effective Interest Rate	[3]	6.94%	3.72%
Blackstone Operating Borrowings [Member] | Other
Line of Credit Facility [Line Items]
Credit Available	[3]	$ 15,685,749	$ 15,072,749
Borrowing Outstanding	[3]	11,360,749	10,747,749
CLO Notes Payable [Member] | Borrowings Of Consolidated Blackstone Funds
Line of Credit Facility [Line Items]
Credit Available	[4]	99,419	858,133
Borrowing Outstanding	[4]	$ 99,419	$ 858,133
Effective Interest Rate	[4]	8.72%	7.57%
[1]Represents the Credit Facility of Blackstone, through the Issuer. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee[2]The Issuers have issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuers. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, the Guarantors and the Issuers. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuers’ and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuers’ option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuers to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.[3]Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of December 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $49.6 million.[4]CLO Notes Payable have maturity dates ranging from June 2025 to January 2037. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.

Partnership Credit Facilities_2

Partnership Credit Facilities (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Maximum percentage of aggregate principal amount of the outstanding notes	25%
Percentage of repurchase of note on principal amount of notes	101%
Secured Borrowings One
Line of Credit Facility [Line Items]
Debt instrument, maturity date	Oct. 27, 2033
Secured Borrowings Two
Line of Credit Facility [Line Items]
Debt instrument, maturity date	Jan. 29, 2035
Secured Debt
Line of Credit Facility [Line Items]
Secured Debt	$ 49.6
Senior Secured Note | 2.000% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	2%
Debt instrument, maturity date	May 19, 2025
Senior Secured Note | 1.000% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	1%
Debt instrument, maturity date	Oct. 05, 2026
Senior Secured Note | 3.150% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	3.15%
Debt instrument, maturity date	Oct. 02, 2027
Senior Secured Note | 5.900% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	5.90%
Debt instrument, maturity date	Nov. 03, 2027
Senior Secured Note | 1.625% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	1.625%
Debt instrument, maturity date	Aug. 05, 2028
Senior Secured Note | 1.500% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	1.50%
Debt instrument, maturity date	Apr. 10, 2029
Senior Secured Note | 2.500% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	2.50%
Debt instrument, maturity date	Jan. 10, 2030
Senior Secured Note | 1.600% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	1.60%
Debt instrument, maturity date	Mar. 30, 2031
Senior Secured Note | 2.000% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	2%
Debt instrument, maturity date	Jan. 30, 2032
Senior Secured Note | 2.550% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	2.55%
Debt instrument, maturity date	Mar. 30, 2032
Senior Secured Note | 6.200% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	6.20%
Debt instrument, maturity date	Apr. 22, 2033
Senior Secured Note | 3.500% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	3.50%
Debt instrument, maturity date	Jun. 01, 2034
Senior Secured Note | 5.000% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	5%
Debt instrument, maturity date	Dec. 06, 2034
Senior Secured Note | 6.250% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	6.25%
Debt instrument, maturity date	Aug. 15, 2042
Senior Secured Note | 5.000% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	5%
Debt instrument, maturity date	Jun. 15, 2044
Senior Secured Note | 4.450% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	4.45%
Debt instrument, maturity date	Jul. 15, 2045
Senior Secured Note | 4.000% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	4%
Debt instrument, maturity date	Oct. 02, 2047
Senior Secured Note | 3.500% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	3.50%
Debt instrument, maturity date	Sep. 10, 2049
Senior Secured Note | 2.800% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	2.80%
Debt instrument, maturity date	Sep. 30, 2050
Senior Secured Note | 2.850% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	2.85%
Debt instrument, maturity date	Aug. 05, 2051
Senior Secured Note | 3.200% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	3.20%
Debt instrument, maturity date	Jan. 30, 2052
Letter of Credit
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 38.9	$ 40.3
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate	5%
Commitment fee percentage	0.06%
Debt instrument, basis spread on variable rate	0.75%	0.75%
Debt Instrument Additional Credit Spread Adjustment	0.10%

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Value		$ 11,320,956	$ 11,304,059
Debt instrument, fair value		9,944,446	9,968,748
Senior Secured Notes
Debt Instrument [Line Items]
Carrying Value	[1]	11,193,519	10,576,988
Debt instrument, fair value	[1]	9,817,009	9,241,677
Borrowings Of Consolidated Blackstone Funds
Debt Instrument [Line Items]
Carrying Value		87,488	687,122
Debt instrument, fair value		87,488	687,122
2.000% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	315,860	336,005
Debt instrument, fair value	[1]	309,502	324,778
1.000% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	624,078	664,085
Debt instrument, fair value	[1]	601,801	620,864
3.150% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	298,864	298,476
Debt instrument, fair value	[1]	287,007	283,059
5.900% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	596,505	595,411
Debt instrument, fair value	[1]	617,550	625,158
1.625% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	646,374	645,406
Debt instrument, fair value	[1]	579,189	566,508
1.500% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	626,043	666,655
Debt instrument, fair value	[1]	584,295	601,272
2.500% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	494,568	493,573
Debt instrument, fair value	[1]	444,970	431,005
1.600% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	496,911	496,447
Debt instrument, fair value	[1]	403,415	391,955
2.000% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	790,508	789,283
Debt instrument, fair value	[1]	644,816	633,153
2.550% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	496,146	495,670
Debt instrument, fair value	[1]	417,830	410,755
6.200% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	892,561	891,899
Debt instrument, fair value	[1]	946,818	962,037
3.500% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	489,624	521,549
Debt instrument, fair value	[1]	522,877	536,319
5.000% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	741,218	0
Debt instrument, fair value	[1]	726,023	0
6.250% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	239,756	239,457
Debt instrument, fair value	[1]	254,095	263,270
5.000% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	490,261	489,975
Debt instrument, fair value	[1]	457,335	464,560
4.450% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	344,840	344,691
Debt instrument, fair value	[1]	290,836	297,486
4.000% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	291,372	291,149
Debt instrument, fair value	[1]	230,337	233,685
3.500% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	392,618	392,436
Debt instrument, fair value	[1]	277,496	294,608
2.800% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	394,252	394,103
Debt instrument, fair value	[1]	238,256	252,008
2.850% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	543,478	543,317
Debt instrument, fair value	[1]	329,791	352,457
3.200% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	987,682	987,401
Debt instrument, fair value	[1]	652,770	696,740
Secured Borrowings One | Other
Debt Instrument [Line Items]
Carrying Value		19,949	19,949
Debt instrument, fair value		19,949	19,949
Secured Borrowings Two | Other
Debt Instrument [Line Items]
Carrying Value		20,000	20,000
Debt instrument, fair value		20,000	20,000
Blackstone Operating Borrowings | Other
Debt Instrument [Line Items]
Carrying Value		11,233,468	10,616,937
Debt instrument, fair value		9,856,958	9,281,626
CLO Notes Payable | Borrowings Of Consolidated Blackstone Funds
Debt Instrument [Line Items]
Carrying Value		87,488	687,122
Debt instrument, fair value		$ 87,488	$ 687,122
[1]Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

Carrying Value and Fair Value_2

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2024
2.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2%	[1]
Debt instrument, maturity date	May 19, 2025	[1]
1.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1%	[1]
Debt instrument, maturity date	Oct. 05, 2026	[1]
3.150% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.15%	[1]
Debt instrument, maturity date	Oct. 02, 2027	[1]
5.900% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.90%	[1]
Debt instrument, maturity date	Nov. 03, 2027	[1]
1.625% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.625%	[1]
Debt instrument, maturity date	Aug. 05, 2028	[1]
1.500% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.50%	[1]
Debt instrument, maturity date	Apr. 10, 2029	[1]
2.500% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%	[1]
Debt instrument, maturity date	Jan. 10, 2030	[1]
1.600% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.60%	[1]
Debt instrument, maturity date	Mar. 30, 2031	[1]
2.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2%	[1]
Debt instrument, maturity date	Jan. 30, 2032	[1]
2.550% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.55%	[1]
Debt instrument, maturity date	Mar. 30, 2032	[1]
6.200% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.20%	[1]
Debt instrument, maturity date	Apr. 22, 2033	[1]
3.500% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%	[1]
Debt instrument, maturity date	Jun. 01, 2034	[1]
5.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5%	[1]
Debt instrument, maturity date	Dec. 06, 2034	[1]
6.250% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.25%	[1]
Debt instrument, maturity date	Aug. 15, 2042	[1]
5.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5%	[1]
Debt instrument, maturity date	Jun. 15, 2044	[1]
4.450% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.45%	[1]
Debt instrument, maturity date	Jul. 15, 2045	[1]
4.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4%	[1]
Debt instrument, maturity date	Oct. 02, 2047	[1]
3.500% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%	[1]
Debt instrument, maturity date	Sep. 10, 2049	[1]
2.800% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.80%	[1]
Debt instrument, maturity date	Sep. 30, 2050	[1]
2.850% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.85%	[1]
Debt instrument, maturity date	Aug. 05, 2051	[1]
3.200% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.20%	[1]
Debt instrument, maturity date	Jan. 30, 2052	[1]
Secured Borrowings One
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 27, 2033
Secured Borrowings Two
Debt Instrument [Line Items]
Debt instrument, maturity date	Jan. 29, 2035
[1]Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 318,843
2026	627,287
2027	911,589
2028	660,131
2029	625,199
Thereafter	8,317,119
Total	11,460,168
Blackstone Operating Borrowings
Debt Instrument [Line Items]
2025	318,843
2026	627,287
2027	911,589
2028	660,131
2029	625,199
Thereafter	8,217,700
Total	11,360,749
Borrowings of Consolidated Blackstone Funds
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	99,419
Total	$ 99,419

Leases - Additional informaton

Leases - Additional informaton (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	8 years 1 month 6 days	3 years 4 months 24 days
Leases	$ 14.1	$ 14.7

Leases Components of leases exp

Leases Components of leases expenses (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Lease Cost
Straight-Line Lease Cost	[1]	$ 156,680	$ 160,534	$ 139,740
Variable Lease Cost	[2]	20,222	15,268	12,072
Sublease Income		(65)	(63)	(888)
Operating Lease Cost		$ 176,837	$ 175,739	$ 150,924
[1]Straight-line lease cost includes short-term leases, which are immaterial.[2]Variable lease cost approximates variable lease cash payments.

Leases Supplemental Cash Flow I

Leases Supplemental Cash Flow Information Related Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Cash Flows for Operating Lease Liabilities	$ 145,388	$ 127,183	$ 107,249
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities	$ 129,451	$ 117,155	$ 278,010

Leases Cash flows Annual Basis

Leases Cash flows Annual Basis For Operating Lease Liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
2025		$ 178,730
2026		176,178
2027		173,142
2028		167,033
2029		106,720
Thereafter		281,538
Total Lease Payments	[1]	1,083,341
Less: Imputed Interest		(117,599)
Present Value of Operating Lease Liabilities		$ 965,742	$ 989,823
[1]Excludes signed leases that have not yet commenced.

Income Before Provision for Tax

Income Before Provision for Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Income Before Provision (Benefit) for Taxes	$ 6,459,480	$ 2,957,714	$ 3,461,789
Domestic Tax Authority
Income Taxes [Line Items]
Income Before Provision (Benefit) for Taxes	6,029,702	2,577,184	3,023,588
Foreign Tax Authority
Income Taxes [Line Items]
Income Before Provision (Benefit) for Taxes	$ 429,778	$ 380,530	$ 438,201

Provision (Benefit) for Income

Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Federal Income Tax	$ 424,659	$ 362,144	$ 503,075
Foreign Income Tax	128,757	112,861	75,859
State and Local Income Tax	120,454	186,851	255,421
Current Income Tax Expense (Benefit), Total	673,870	661,856	834,355
Federal Income Tax	265,749	(94,732)	(312,961)
Foreign Income Tax	(471)	(7,020)	(3,048)
State and Local Income Tax	82,523	(46,643)	(45,466)
Deferred Income Tax Expense (Benefit), Total	347,801	(148,395)	(361,475)
Provision for Taxes	$ 1,021,671	$ 513,461	$ 472,880

Summary of Tax Positions (Detai

Summary of Tax Positions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax [Line Items]
Income Before Provision for Taxes	$ 6,459,480	$ 2,957,714	$ 3,461,789
Provision for Taxes	$ 1,021,671	$ 513,461	$ 472,880
Effective Income Tax Rate	15.80%	17.40%	13.70%

Reconciliations of Effective In

Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate (Detail)		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Effective Tax Rate Reconciliation [Line Items]
Statutory U.S. Federal Income Tax Rate		21%	21%	21%
Income Passed Through to Non-Controlling Interest Holders		(9.00%)	(8.20%)	(8.10%)
State and Local Income Taxes		2.90%	4.30%	6%
Basis Adjustment	[1]	0%	0%	(4.60%)
Other		0.90%	0.30%	(0.60%)
Effective Income Tax Rate		15.80%	17.40%	13.70%
2024 vs. 2023
Schedule of Effective Tax Rate Reconciliation [Line Items]
Income Passed Through to Non-Controlling Interest Holders		(0.80%)
State and Local Income Taxes		(1.40%)
Basis Adjustment	[1]	0%
Other		0.60%
Effective Income Tax Rate		(1.60%)
2023 vs. 2022
Schedule of Effective Tax Rate Reconciliation [Line Items]
Income Passed Through to Non-Controlling Interest Holders			(0.10%)
State and Local Income Taxes			(1.70%)
Basis Adjustment	[1]		4.60%
Other			0.90%
Effective Income Tax Rate			3.70%
[1]Represents the impact of the out-of-period adjustment made during the year ended December 31, 2022 to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax [Line Items]
Interest expense accrued	$ 29,100	$ 22,800	$ 32,600
Deferred tax valuation allowance	21,199	0
Reduction of Tax Receivable Agreement Liability	(41,246)	(27,196)	$ 22,283
Dcrease of Deferred Tax Assets	317,100
Tax Cuts and Jobs Act
Income Tax [Line Items]
Reduction of Tax Receivable Agreement Liability	$ (41,200)	$ (27,200)

Summary of Tax Effects of Tempo

Summary of Tax Effects of Temporary Differences (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets
Investment Basis Differences/Net Unrealized Gains and Losses	$ 1,737,508	$ 2,210,974
Other	287,639	120,420
Total Deferred Tax Assets Before Valuation Allowance	2,025,147	2,331,394
Valuation Allowance	(21,199)	0
Total Deferred Tax Assets	2,003,948	2,331,394
Deferred Tax Liabilities
Investment Basis Differences/Net Unrealized Gains and Losses	12,282	18,333
Other	1,953	2,163
Total Deferred Tax Liabilities	14,235	20,496
Net Deferred Tax Assets	$ 1,989,713	$ 2,310,898

Schedule of Major Filing Jurisd

Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations (Detail)	12 Months Ended
	Dec. 31, 2024
Federal
Income Tax Examination [Line Items]
Open Tax Year	2021
New York City
Income Tax Examination [Line Items]
Open Tax Year	2009
New York State
Income Tax Examination [Line Items]
Open Tax Year	2016
United Kingdom
Income Tax Examination [Line Items]
Open Tax Year	2011

Unrecognized Tax Benefits Exclu

Unrecognized Tax Benefits Excluding Related Interest and Penalties (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits — January 1	$ 210,778	$ 153,624	$ 47,501
Additions based on Tax Positions Related to Current Year	46,572	19,807	0
Reductions for Tax Positions of Current Year	0	(19,737)	0
Additions for Tax Positions of Prior Years	0	57,081	106,059
Reductions for Tax Positions of Prior Years	(6,111)	0	0
Exchange Rate Fluctuations	218	3	64
Unrecognized Tax Benefits — December 31	$ 251,457	$ 210,778	$ 153,624

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Line Items]
Net Income Attributable to Blackstone Inc., Basic and Diluted		$ 2,776,508	$ 1,390,880	$ 1,747,631
Weighted-Average Shares of Common Stock Outstanding, Basic		766,487,450	755,204,556	740,664,038
Weighted-Average Shares of Unvested Deferred Restricted Common Stock	[1]	159,058	215,380	278,361
Weighted-Average Shares of Common Stock Outstanding, Diluted		766,646,508	755,419,936	740,942,399
Net Income Per Share of Common Stock, Basic		$ 3.62	$ 1.84	$ 2.36
Net Income Per Share of Common Stock, Diluted		3.62	1.84	2.36
Dividends Declared Per Share of Common Stock	[2]	$ 3.45	$ 3.32	$ 4.94
[1]For the years ended December 31, 2024 and 2023, this includes shares to be issued under the contingently issuable share model for an acquisition-related compensation arrangement.[2]Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	455,306,643	460,897,953	466,083,269

Schedule of Shares Eligible For

Schedule of Shares Eligible For Dividends and Distribution (Detail)	Dec. 31, 2024 shares
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	768,722,241
Shares eligible for dividends and distributions	1,221,171,137
Common Stock
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	731,925,965
Unvested Participating Common Stock
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	36,796,276
Participating Partnership Units
Stockholders Equity [Line Items]
Participating Blackstone Holdings Partnership Units	452,448,896

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 16, 2024
Stockholders Equity [Line Items]
Preferred shares authorized	10,000,000,000
Preferred shares par value	$ 0.00001
Amount remaining available for repurchases	$ 1,800
Revision of Prior Period Error Correction Adjustment Member
Stockholders Equity [Line Items]
Non-Controlling Interests	1,100
Deferred Tax Assets	317.1
Additional Paid-In-Capital	$ 781.6
Share Reclassification
Stockholders Equity [Line Items]
Preferred shares authorized	9,000,000,000
Common Stock
Stockholders Equity [Line Items]
Common stock repurchased, units	4,000,000	3,700,000	3,900,000
Amount authorized to repurchase under unit repurchase program				$ 2,000
Common stock repurchased, cost	$ 520.4	$ 351.3	$ 392
Series I Preferred Stock
Stockholders Equity [Line Items]
Preferred shares authorized	999,999,000	999,999,000
Preferred shares par value	$ 0.00001	$ 0.00001
Preferred shares issued	1	1
Preferred shares outstanding	1	1
Series I Preferred Stock | Share Reclassification
Stockholders Equity [Line Items]
Preferred shares authorized	999,999,000
Preferred shares issued	1
Preferred shares outstanding	1
Series II Preferred Stock
Stockholders Equity [Line Items]
Preferred shares authorized	1,000	1,000
Preferred shares par value	$ 0.00001	$ 0.00001
Preferred shares issued	1	1
Preferred shares outstanding	1	1
Series II Preferred Stock | Share Reclassification
Stockholders Equity [Line Items]
Preferred shares authorized	1,000
Preferred shares issued	1
Preferred shares outstanding	1

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units					173,443,452
Compensation expense in relation to equity-based awards		$ 1,168,435	$ 987,549	$ 846,349
Tax benefits in relation to equity-based awards	$ 298,200		183,400	135,900
Estimated unrecognized compensation expense related to unvested awards		$ 2,500,000
Weighted-average period for recognized compensation expense related to unvested awards, years		3 years 4 months 24 days
Total vested and unvested outstanding units		1,221,159,186
Phantom units vesting period		2 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		30 days
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units		83,228
Payment in settlement of phantom units		$ 3,900	$ 1,700	$ 600
Phantom Share Units (PSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed forfeiture rate		6.80%
Phantom units vesting period		1 year
Phantom Share Units (PSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed forfeiture rate		13.80%
Phantom units vesting period		5 years
Equity Settled Awards Deferred Restricted Common Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years		1 year
Assumed forfeiture rate		1%
Equity Settled Awards Deferred Restricted Common Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years		5 years
Assumed forfeiture rate		13.80%
Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed forfeiture rate		6.80%
Blackstone Partnership Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years		1 year
Per unit discount		$ 1.07
Blackstone Partnership Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Per unit discount		$ 21.53

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Blackstone | Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	4,585,893
Granted (Units) | shares	0
Vested (Units) | shares	(3,700,053)
Forfeited (Units) | shares	(35,431)
Ending Balance | shares	850,409
Beginning Balance | $ / shares	$ 38.94
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	0
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	40.06
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	46.58
Ending Balance | $ / shares	$ 33.38
Blackstone Group Inc. | Equity Settled Awards Deferred Restricted Shares Of Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	36,456,644
Granted (Units) | shares	11,894,835
Vested (Units) | shares	(12,165,823)
Forfeited (Units) | shares	(2,257,086)
Ending Balance | shares	33,928,570
Beginning Balance | $ / shares	$ 86.05
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	131.67
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	79.92
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	101.29
Ending Balance | $ / shares	$ 103.44
Blackstone Group Inc. | Cash Settled Awards Phantom Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	85,447
Granted (Units) | shares	38,819
Vested (Units) | shares	(32,886)
Forfeited (Units) | shares	(20,863)
Ending Balance | shares	70,517
Beginning Balance | $ / shares	$ 114.5
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	121.94
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	144.8
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	130.85
Ending Balance | $ / shares	$ 187.66

Unvested Shares and Units, Afte

Unvested Shares and Units, After Expected Forfeitures (Detail)	12 Months Ended
	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units	828,312
Deferred Restricted Shares of Common Stock	30,826,072
Total Equity-Based Awards	31,654,384
Phantom Shares	59,807
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	7 months 6 days
Deferred Restricted Shares of Common Stock (Weighted-Average Service in Years)	2 years 9 months 18 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	2 years 8 months 12 days
Phantom Shares (Weighted-Average Service Period in Years)	2 years 10 months 24 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies	$ 4,049,707	$ 3,638,948
Due from Certain Non-Controlling Interest Holders and Blackstone Employees	1,191,527	720,743
Accrual for Potential Clawback of Previously Distributed Performance Allocations	168,081	106,830
Due from Affiliates, total	5,409,315	4,466,521
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,844,978	1,681,516
Due to Non-Consolidated Entities	208,537	124,560
Due to Certain Non-Controlling Interest Holders and Blackstone Employees	255,086	305,816
Accrual for Potential Repayment of Previously Received Performance Allocations	499,547	281,518
Due to Affiliates, total	2,808,148	2,393,410
Related Party
Related Party Transaction [Line Items]
Due from Affiliates, total	5,409,315	4,466,521
Due to Affiliates, total	$ 2,808,148	$ 2,393,410

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Investments	$ 29,800,566	$ 26,146,622
Cash saving in tax receivable agreements, percentage	85%
Expected future payments under the tax receivable agreements	$ 1,800,000
Expected future payments under the tax receivable agreements in years	15 years
After-tax net present value estimated payments	$ 529,900
After-tax net present value discount rate assumption	15%
After tax net estimated payments made	$ 46,300
Founder, senior managing directors, employees and certain other related parties
Related Party Transaction [Line Items]
Net Income Attributable to Non-Controlling Interests	176,000	87,800	$ 10,900
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	$ 2,000,000	$ 1,700,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Jan. 03, 2025	Jan. 31, 2025	Dec. 31, 2024	Jan. 01, 2023
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding			$ 6,400
Consolidated entities net assets restricted as to payment of cash dividends and advances to partnership			92.8
Total investments at risk in respect of guarantees extended			$ 28.4
Contingent obligations currently anticipated to expire end			2032
Provision for cash clawback			$ 1,100
Contingent Obligations (Clawback)			7,300
Loss Contingency Accrual, Payments			$ 2.1
Blackstone Real Estate Investment Trust or BREIT
Schedule Of Commitments And Contingencies [Line Items]
Percentage Of Incremental Cash Payment In Excess Of Target Return			5%
Security Owned and Pledged as Collateral, Associated Liabilities, Fair Value			$ 938.2
Investments Pledged fair value			$ 1,100
Common stock, value, subscriptions				$ 4,500
Blackstone Real Estate Investment Trust or BREIT | University of California
Schedule Of Commitments And Contingencies [Line Items]
Percentage of targeted annualized net return			11.25%
Cost of the investment			$ 4,500
Settlement Agreement [Member]
Schedule Of Commitments And Contingencies [Line Items]
Payments for Legal Settlements		$ 12
Settled Litigation [Member]
Schedule Of Commitments And Contingencies [Line Items]
Loss Contingency Settlement Value Among Dedendants	$ 82.5
Loss Contingency, Name of Plaintiff	Taylor I and Taylor II
Loss Contingency, Settlement Agreement, Court	Franklin County Circuit Court
Loss Contingency, Name of Defendant	we and several other defendants
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed			91.5
Contingent Obligations (Clawback)			6,700
Loss Contingency Accrual, Payments			1.2
Current And Former Blackstone Personnel
Schedule Of Commitments And Contingencies [Line Items]
Loss Contingency Accrual, Payments			0.9
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments			127.2
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing			$ 104

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Product Liability Contingency [Line Items]
Clawback obligations	$ 499,547	$ 281,518
Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations	333,261	174,688
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	166,286	106,830
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations	475,095	235,772
Real Estate Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations	316,749	145,435
Real Estate Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	158,346	90,337
Private Equity Segment
Product Liability Contingency [Line Items]
Clawback obligations	21,317	45,277
Private Equity Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations	15,044	29,046
Private Equity Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	6,273	16,231
Credit & Insurance
Product Liability Contingency [Line Items]
Clawback obligations	3,135	469
Credit & Insurance | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations	1,468	207
Credit & Insurance | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	$ 1,667	$ 262

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of business segments | Segment	4	4
Investment Advice [Member]
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 7,188,936	$ 6,671,260	$ 6,303,315
Blackstone Real Estate Investment Trust or BREIT | Investment Advice [Member]
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax		839,900	$ 841,300
Blackstone Private Credit Fund [Member] | Investment Advice [Member]
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	980,600	762,600
UNITED STATES
Segment Reporting Information [Line Items]
Long lived assets	$ 1,100,000	$ 1,100,000
Percentage of revenue	68%	70%	77%
UNITED KINGDOM
Segment Reporting Information [Line Items]
Long lived assets		$ 141,700

Summary of Revenue from Externa

Summary of Revenue from External Customers by Geographic Areas (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Percentage of revenue from external customers	100%	100%	100%
Americas
Segment Reporting Information [Line Items]
Percentage of revenue from external customers	76%	78%	83%
Europe, Middle East and Africa
Segment Reporting Information [Line Items]
Percentage of revenue from external customers	16%	15%	15%
Asia-Pacific
Segment Reporting Information [Line Items]
Percentage of revenue from external customers	8%	7%	2%

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Fee Related Performance Revenues	$ 2,135,945	$ 858,527	$ 1,449,497
Realized Performance Revenues	4,421,924	2,919,012	5,906,767
Realized Performance Compensation	(1,805,803)	(1,181,926)	(2,433,262)
Realized Principal Investment Income	92,526	110,932	396,256
Operating Segments
Segment Reporting Information [Line Items]
Base Management Fees	6,780,882	6,465,847	6,045,038
Transaction, Advisory and Other Fees, Net	399,688	235,892	310,117
Management Fee Offsets	(47,036)	(38,495)	(72,209)
Total Management and Advisory Fees, Net	7,133,534	6,663,244	6,282,946
Fee Related Performance Revenues	2,135,945	858,527	1,449,497
Fee Related Compensation	(2,739,322)	(2,088,110)	(2,330,775)
Other Operating Expenses	(1,248,092)	(1,084,333)	(989,023)
Fee Related Earnings	5,282,065	4,349,328	4,412,645
Realized Performance Revenues	2,287,031	2,061,102	4,461,338
Realized Performance Compensation	(951,246)	(896,017)	(1,814,097)
Realized Principal Investment Income	92,526	110,932	396,256
Total Net Realizations	1,428,311	1,276,017	3,043,497
Total Segment Distributable Earnings	6,710,376	5,625,345	7,456,142
Segment Assets	40,228,391	36,443,911
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Base Management Fees	2,716,983	2,794,232	2,462,179
Transaction, Advisory and Other Fees, Net	175,010	78,483	171,424
Management Fee Offsets	(16,716)	(29,357)	(10,538)
Total Management and Advisory Fees, Net	2,875,277	2,843,358	2,623,065
Fee Related Performance Revenues	203,425	294,240	1,075,424
Fee Related Compensation	(674,965)	(675,880)	(1,039,125)
Other Operating Expenses	(380,321)	(325,050)	(315,331)
Fee Related Earnings	2,023,416	2,136,668	2,344,033
Realized Performance Revenues	200,974	244,358	2,985,713
Realized Performance Compensation	(101,011)	(123,299)	(1,168,045)
Realized Principal Investment Income	14,522	7,628	150,790
Total Net Realizations	114,485	128,687	1,968,458
Total Segment Distributable Earnings	2,137,901	2,265,355	4,312,491
Segment Assets	11,573,910	13,016,980
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Base Management Fees	2,027,855	1,903,972	1,882,197
Transaction, Advisory and Other Fees, Net	176,469	108,848	97,972
Management Fee Offsets	(6,044)	(5,228)	(56,078)
Total Management and Advisory Fees, Net	2,198,280	2,007,592	1,924,091
Fee Related Performance Revenues	1,185,428	0	(648)
Fee Related Compensation	(1,164,237)	(619,678)	(599,758)
Other Operating Expenses	(391,309)	(329,221)	(314,967)
Fee Related Earnings	1,828,162	1,058,693	1,008,718
Realized Performance Revenues	1,392,447	1,343,865	1,206,594
Realized Performance Compensation	(633,491)	(584,154)	(550,306)
Realized Principal Investment Income	52,356	76,220	144,585
Total Net Realizations	811,312	835,931	800,873
Total Segment Distributable Earnings	2,639,474	1,894,624	1,809,591
Segment Assets	18,027,030	14,901,682
Operating Segments | Credit & Insurance Segment
Segment Reporting Information [Line Items]
Base Management Fees	1,561,649	1,297,406	1,185,289
Transaction, Advisory and Other Fees, Net	44,354	44,542	34,481
Management Fee Offsets	(24,196)	(3,907)	(5,432)
Total Management and Advisory Fees, Net	1,581,807	1,338,041	1,214,338
Fee Related Performance Revenues	747,092	564,287	374,721
Fee Related Compensation	(755,620)	(628,064)	(512,727)
Other Operating Expenses	(371,354)	(323,773)	(260,028)
Fee Related Earnings	1,201,925	950,491	816,304
Realized Performance Revenues	313,092	317,620	147,285
Realized Performance Compensation	(129,814)	(140,210)	(63,845)
Realized Principal Investment Income	39,855	21,752	79,763
Total Net Realizations	223,133	199,162	163,203
Total Segment Distributable Earnings	1,425,058	1,149,653	979,507
Segment Assets	8,668,716	6,705,647
Operating Segments | Multi Assets Investing Segment
Segment Reporting Information [Line Items]
Base Management Fees	474,395	470,237	515,373
Transaction, Advisory and Other Fees, Net	3,855	4,019	6,240
Management Fee Offsets	(80)	(3)	(161)
Total Management and Advisory Fees, Net	478,170	474,253	521,452
Fee Related Performance Revenues	0	0	0
Fee Related Compensation	(144,500)	(164,488)	(179,165)
Other Operating Expenses	(105,108)	(106,289)	(98,697)
Fee Related Earnings	228,562	203,476	243,590
Realized Performance Revenues	380,518	155,259	121,746
Realized Performance Compensation	(86,930)	(48,354)	(31,901)
Realized Principal Investment Income	(14,207)	5,332	21,118
Total Net Realizations	279,381	112,237	110,963
Total Segment Distributable Earnings	507,943	315,713	$ 354,553
Segment Assets	$ 1,958,735	$ 1,819,602

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Revenues		$ 13,229,968	$ 8,022,841	$ 8,517,673
Less: Unrealized Principal Investment (Income) Loss		380,591	(603,154)	(1,563,849)
Total Expenses		6,819,326	4,981,130	4,973,025
Total Other Income		48,838	(83,997)	(82,859)
Total Other Income		0	0	0
Total GAAP Income Before Provision for Taxes		6,459,480	2,957,714	3,461,789
Less: Unrealized Principal Investment (Income) Loss		380,591	(603,154)	(1,563,849)
Total Assets		43,469,875	40,287,530
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	[1]	11,649,036	9,693,805	12,590,037
Total Expenses	[2]	4,938,660	4,068,460	5,133,895
Total Segment Distributable Earnings		6,710,376	5,625,345	7,456,142
Total Assets		40,228,391	36,443,911
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Less: Unrealized Performance Revenues	[3]	(371,407)	1,691,788	3,436,978
Less: Unrealized Principal Investment (Income) Loss	[4]	(271,868)	593,301	1,235,529
Less: Interest and Dividend Revenue	[5]	(410,980)	(535,641)	(285,075)
Less: Other Revenue	[6]	(123,166)	93,083	(183,754)
Impact of Consolidation	[7]	(444,828)	(200,237)	(109,379)
Transaction-Related and Non-Recurring Items	[8]	39,272	25,672	(24,656)
Less: Unrealized Performance Allocations Compensation	[9]	(140,021)	654,403	1,470,588
Less: Equity-Based Compensation	[10]	(1,159,122)	(959,474)	(782,090)
Less: Interest Expense	[11]	(444,417)	(429,521)	(316,569)
Impact of Consolidation	[7]	(81,129)	(137,603)	(61,644)
Amortization of Intangibles	[12]	(29,332)	(33,457)	(60,481)
Transaction-Related and Non-Recurring Items	[8]	(17,100)	(309)	(81,789)
Administrative Fee Adjustment	[13]	(11,590)	(9,707)	(9,866)
Less: Unrealized Performance Revenues	[3]	(371,407)	1,691,788	3,436,978
Less: Unrealized Principal Investment (Income) Loss	[4]	(271,868)	593,301	1,235,529
Less: Interest and Dividend Revenue	[5]	(410,980)	(535,641)	(285,075)
Less: Other Revenue	[6]	(123,166)	93,083	(183,754)
Plus: Unrealized Performance Allocations Compensation	[9]	140,021	(654,403)	(1,470,588)
Plus: Equity-Based Compensation	[10]	1,159,122	959,474	782,090
Plus: Interest Expense	[11]	444,417	429,521	316,569
Amortization of Intangibles	[12]	29,332	33,457	60,481
Transaction-Related and Non-Recurring Items	[8]	56,372	25,981	57,133
Administrative Fee Adjustment	[13]	11,590	9,707	9,866
Segment Adjustment
Segment Reporting Information [Line Items]
Intersegment Eliminations		2,045	2,998	2,721
Intersegment Eliminations		2,045	2,998	2,721
Impact of Consolidation
Segment Reporting Information [Line Items]
Impact of Consolidation	[7]	(48,838)	83,997	82,859
Impact of Consolidation		(412,537)	21,363	$ 35,124
Total Assets	[7]	$ (3,241,484)	$ (3,843,619)
[1]Total Segment Revenues is comprised of the following:[2]Total Segment Expenses is comprised of the following:[3]This adjustment removes Unrealized Performance Revenues on a segment basis.[4]This adjustment removes Unrealized Principal Investment (Income) Loss on a segment basis.[5]This adjustment removes Interest and Dividend Revenue on a segment basis.[6]This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2024, 2023 and 2022, Other Revenue on a GAAP basis was $123.7 million, $(92.9) million and $184.6 million and included $122.3 million, $(94.7) million, and $182.9 million of foreign exchange gains (losses), respectively.[7]This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.[8]This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance. For the year ended December 31, 2024, this adjustment includes removal of an accrual for a liability for a legal matter.[9]This adjustment removes Unrealized Performance Allocations Compensation.[10]This adjustment removes Equity-Based Compensation on a segment basis.[11]This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.[12]This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.[13]This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

Reconciliation of Total Segme_2

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Segment Fee Related Performance Revenues		$ 2,135,945	$ 858,527	$ 1,449,497
Total Segment Realized Performance Revenues		4,421,924	2,919,012	5,906,767
Total Segment Realized Principal Investment Income		92,526	110,932	396,256
Total Segment Realized Performance Compensation		1,805,803	1,181,926	2,433,262
Total Segment Other Operating Expenses		123,693	(92,929)	184,557
Foreign exchange gains (losses)		122,300	(94,700)	182,900
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Management and Advisory Fees, Net		7,133,534	6,663,244	6,282,946
Total Segment Fee Related Performance Revenues		2,135,945	858,527	1,449,497
Total Segment Realized Performance Revenues		2,287,031	2,061,102	4,461,338
Total Segment Realized Principal Investment Income		92,526	110,932	396,256
Total Revenues	[1]	11,649,036	9,693,805	12,590,037
Total Segment Fee Related Compensation		2,739,322	2,088,110	2,330,775
Total Segment Realized Performance Compensation		951,246	896,017	1,814,097
Total Segment Other Operating Expenses		1,248,092	1,084,333	989,023
Total Expenses	[2]	$ 4,938,660	$ 4,068,460	$ 5,133,895
[1]Total Segment Revenues is comprised of the following:[2]Total Segment Expenses is comprised of the following:

Reconciliation of Total Segme_3

Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	[1]	$ (55,402)	$ (8,016)	$ (20,369)
Investment Income — Realized Performance Allocations		3,457,746	2,223,841	5,381,640
Realized Performance Revenues		2,135,945	858,527	1,449,497
Compensation		3,048,229	2,785,447	2,569,780
Incentive Fee Compensation		373,586	281,067	207,998
Realized Performance Allocations Compensation		1,432,217	900,859	2,225,264
Realized Performance Revenues		4,421,924	2,919,012	5,906,767
Segment Adjustment	[2]	1,052	617	4,068
Total Compensation and Benefits		4,854,032	3,967,373	5,003,042
General, Administrative and Other		1,361,909	1,117,305	1,092,671
General, Administrative and Other	[3]	(113,817)	(32,972)	103,648
Investment Income — Realized Performance Allocations		3,457,746	2,223,841	5,381,640
Realized Performance Revenues		4,421,924	2,919,012	5,906,767
Realized Performance Compensation		(1,805,803)	(1,181,926)	(2,433,262)
Investment Income Realized		332,258	303,823	850,327
Investment Income Realized	[4]	(239,732)	(192,891)	(454,071)
Investment Income Realized		92,526	110,932	396,256
Segment Adjustment	[5]	(4,342)	(23,772)	(76,080)
Less: Fee Related Performance Compensation	[6]	(838,489)	(273,010)	(609,245)
Total Segment		1,805,803	1,181,926	2,433,262
Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		7,188,936	6,671,260	6,303,315
Incentive Fees
Segment Reporting Information [Line Items]
Revenues		964,178	695,171	525,127
Operating Segments
Segment Reporting Information [Line Items]
Revenues		7,133,534	6,663,244	6,282,946
Realized Performance Revenues		2,135,945	858,527	1,449,497
Realized Performance Revenues		2,287,031	2,061,102	4,461,338
Realized Performance Revenues		(2,135,945)	(858,527)	(1,449,497)
General, Administrative and Other		1,248,092	1,084,333	989,023
Realized Performance Revenues		2,287,031	2,061,102	4,461,338
Less: Realized Performance Revenues		(2,287,031)	(2,061,102)	(4,461,338)
Realized Performance Compensation		(951,246)	(896,017)	(1,814,097)
Investment Income Realized		92,526	110,932	396,256
Less: Equity-Based Compensation — Fee Related Compensation		(1,143,054)	(946,575)	(772,170)
Less: Equity-Based Compensation — Performance Compensation		(16,068)	(12,899)	(9,920)
Total Compensation and Benefits		2,739,322	2,088,110	2,330,775
Less: Equity-Based Compensation — Performance Compensation		(16,068)	(12,899)	(9,920)
Total Segment		951,246	896,017	1,814,097
Operating Segments | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		$ 7,133,534	$ 6,663,244	$ 6,282,946
[1]Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.[2]Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.[3]Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. For the year ended December 31, 2024, this adjustment includes removal of an accrual for liability for a legal matter.[4]Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.[5]Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.[6]Fee related performance compensation may include equity-based compensation based on fee related performance revenues.