BX

MKT CAP $82.2BP/E 24.5DIV YIELD 4.54%FCF YIELD 6.67%REV TTM $16.1B +17.2%NET INCOME $3.5B +22.9%NET DEBT $10.8B52W 102.12 – 163.50SEC XBRL · TTM TO Invalid Date

How BX rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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words, now 59,669

New in FY2025

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “BX.” The number of holders of record of our common stock as of February 20, 2026 was 54.
Each quarter’s dividends are declared and paid in the following quarter. 2025 2024 First Quarter $ 0.93 $ 0.83 Second Quarter 1.03 0.82 Third Quarter 1.29 0.86 Fourth Quarter 1.49 1.44 $ 4.74 $ 3.95 Dividend Policy Our intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by our board of directors to be necessary or appropriate to provide for the conduct of our business, to make appropriate investments in our business and funds, to comply with applicable law, any of our debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to stockholders for any ensuing quarter.
Share Repurchases in the Fourth Quarter of 2025 The following table sets forth information regarding repurchases of shares of our common stock during the quarter ended December 31, 2025: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Dollars in Thousands) (a) Oct. 1 - Oct. 31, 2025 48,000 $ 148.81 48,000 $ 1,711,434 Nov. 1 - Nov. 30, 2025 152,000 $ 143.15 152,000 $ 1,689,675 Dec. 1 - Dec. 31, 2025 — $ — — $ 1,689,675 200,000 200,000 (a) 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.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with Blackstone Inc.’s consolidated financial statements and the related notes included within this Annual Report on Form 10-K. generally discusses 2025 and 2024 items and year to year comparisons between 2025 and 2024.
For the discussion of 2024 compared to 2023 , see “Part II.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2024, which specific discussion is incorporated herein by reference.
Business — Business Segments.” We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio companies (including management, transaction and monitoring fees), and from capital markets services.
In certain investment fund structures, we receive a contractual incentive fee from the fund based on achieving certain investment returns (an “Incentive Fee,” and together with Performance Allocations, “Performance Revenues”).
The composition of our revenues will vary based on market conditions and the cyclicality of the different business units we operate.
Net investment gains and investment income generated by Blackstone Funds are driven by the performance of underlying investments in such funds as well as overall market conditions.
Fair values are affected by changes in the fundamentals of our funds’ portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.
Business Environment Blackstone’s businesses are materially aﬀected by conditions in the financial markets and economic conditions in the U.S., Europe, Asia and, to a lesser extent, elsewhere in the world.
Most major equity markets appreciated in the fourth quarter of 2025, driven by positive economic data and accommodative central bank actions.
The total return of the S&P 500 Index was 2.7% in the fourth quarter, led by the healthcare and telecommunications sectors, which gained 11.7% and 7.3%, respectively.
The real estate and utilities sectors underperformed, declining 2.9% and 1.4%, respectively.
Equity market volatility decreased, with the CBOE Volatility Index (VIX) declining 8.2% at the end of the fourth quarter compared to the third quarter.
In credit markets, the S&P Leveraged Loan Index generated a total return of 1.2% and the ICE Bank of America High Yield Bond Index returned 1.3%.
At the beginning of 2026, however, concerns regarding impact of artificial intelligence-driven disruption weighed on equity capital markets.
By mid-February 2026, the Dow Jones and S&P 500 Index had experienced declines for four out of five weeks, while the Nasdaq recorded its fifth straight negative week.
Capital markets activity levels in the U.S. expanded considerably in 2025, with U.S. initial public oﬀering volumes and announced merger and acquisition volumes up approximately 73% and 60%, respectively, compared to 2024.
In particular, the fourth quarter saw a two-and-a-half year-over-year increase in merger and acquisition and initial public oﬀerings activity.
High-yield spreads tightened by 21 basis points in 2025, while issuance increased 16.8% year-over-year.
While the U.S. economy exhibited steady growth through most of 2025, the Bureau of Economic Analysis’ advance estimate of U.S. real GDP annualized growth was 1.4% in the fourth quarter.
This was well below estimates, and the Bureau estimated, among other factors, that the U.S. government shutdown subtracted about 1.0% from such expected GDP growth.
The labor market remained largely in balance, with an unemployment rate of 4.4% at year end, up moderately from 4.1% at year-end 2024.
Inflation decreased over the course of 2025, with headline CPI of 2.7% in December 2025 compared to 3.0% in January 2025.
The Federal Reserve decreased the federal funds target range three times in 2025 to 3.50-3.75% by year end and held rates steady in January 2026, based on its view that inflation has remained above the target rate of 2%.
Outside of the U.S., most major central banks reduced interest rates in 2025 as inflation around the world continued to show signs of moderation.
Inflation in the U.K. increased slightly to 3.4% in December 2025 compared to 3.0% in January 2025, but remained well below prior year peaks, and The Bank of England lowered its rate by 100 points over four reductions in 2025, ending the year at 3.75%.
The European Central Bank lowered its deposit facility by 100 basis points during the year, with inflation in the Eurozone falling to 1.9% in December 2025 compared to 2.5% in January 2025.
In China, the People’s Bank also lowered the required reserve ratio by 50 basis points in 2025 to 9%, continuing a rate-cutting cycle that began in 2021.
By contrast, the Bank of Japan further increased its policy rate twice in 2025 to 0.75% by year end, the highest level since 1995.
An overall resilient economic backdrop, alongside moderating interest rates in several major economies, supported a gradual improvement in capital markets and transaction activity in the latter part of 2025.
Uncertainty regarding the trajectory of inflation and interest rates in the U.S., continued geopolitical turbulence and concerns regarding the potential impact of artificial intelligence-related disruptions across a number of industries, however, have more recently adversely impacted investor sentiment and the market environment.
For additional information on the potential impact on each of our business segments of the conditions described above see “—Segment Analysis.” Notable Transactions On October 16, 2025, Blackstone entered into an amended and restated $4.325 billion revolving credit facility (the “Revolving Credit Facility”).
The Revolving Credit Facility amends and restates Blackstone’s existing revolving credit facility to, among other things, extend the maturity date from December 15, 2028 to October 16, 2030 and increase the aggregate required minimum amount of fee generating assets under management.
Financial Statements and Supplementary Data.” On November 3, 2025, Blackstone, through its subsidiary Blackstone Reg Finance Co.
L.L.C., issued $600 million aggregate principal amount of 4.300% senior notes due November 3, 2030 (the “Registered 2030 Notes”), and $600 million aggregate principal amount of 4.950% senior notes due February 15, 2036 (the “Registered 2036 Notes” and, together with the Registered 2030 Notes, the “Registered Notes”), pursuant to a Registration Statement on Form S-3.
Blackstone intends to use the net proceeds from the sale of the Registered Notes for general corporate purposes.
For additional information, see Note 12.

and 546 more.

Gone since FY2024

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “BX.” The number of holders of record of our common stock as of February 21, 2025 was 60.
Each quarter’s dividends are declared and paid in the following quarter. 2024 2023 First Quarter $ 0.83 $ 0.82 Second Quarter 0.82 0.79 Third Quarter 0.86 0.80 Fourth Quarter 1.44 0.94 $ 3.95 $ 3.35 Dividend Policy Our intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by our board of directors to be necessary or appropriate to provide for the conduct of our business, to make appropriate investments in our business and funds, to comply with applicable law, any of our debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to stockholders for any ensuing quarter.
Share Repurchases in the Fourth Quarter of 2024 The following table sets forth information regarding repurchases of shares of our common stock during the quarter ended December 31, 2024: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Dollars in Thousands) (a) Oct. 1 - Oct. 31, 2024 77,777 $ 169.32 77,777 $ 1,846,014 Nov. 1 - Nov. 30, 2024 186,576 $ 180.89 186,576 $ 1,812,265 Dec. 1 - Dec. 31, 2024 — $ — — $ 1,812,265 264,353 264,353 (a) 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.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with Blackstone Inc.’s consolidated financial statements and the related notes included within this Annual Report on Form 10-K.
For a discussion of our results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022, see “Part II.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” of Exhibit 99.1 of Blackstone’s Current Report on Form 8-K filed on November 25, 2024.
Business — Business Segments.” We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio companies, and from capital markets services.
In certain structures, we receive a contractual incentive fee from an investment vehicle based on achieving certain investment returns (an “Incentive Fee,” and together with Performance Allocations, “Performance Revenues”).
The composition of our revenues will vary based on market conditions and the cyclicality of the different businesses in which we operate.
Net investment gains and investment income generated by the Blackstone Funds are driven by the performance of the underlying investments as well as overall market conditions.
Fair values are affected by changes in the fundamentals of our portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.
Business Environment Blackstone’s businesses are materially affected by conditions in the financial markets and economic conditions in the U.S., Europe, Asia and, to a lesser extent, elsewhere in the world.
Global markets experienced volatility in 2024, due to significant movement in Treasury yields, a strong U.S.
Dollar, global geopolitical instability and macroeconomic uncertainty.
The 10-year Treasury yield increased 86 basis points from the beginning of 2024 to an intraday high of 4.74% in April, declined 114 basis points to an intraday low of 3.6% in September, and subsequently rose again to end the year at 4.57%.
Short-term rates decreased in 2024 with three-month SOFR down 103 basis points to 4.31%.
Dollar appreciated against major currencies in the fourth quarter and full year, including the Pound Sterling, Euro, Canadian Dollar, and Indian Rupee.
Most major equity markets appreciated in the fourth quarter of 2024.
The S&P 500 delivered a total return of 2.0% in the fourth quarter and 25.0% for the full year.
All sectors gained during the year, led by the telecom sector, which rose 40.2%.
In credit markets, the S&P leveraged loan index increased 9.0% in 2024 while the Credit Suisse high yield bond index rose 7.9%.
High yield spreads tightened 57 basis points in 2024, while issuance increased 64% year-over-year.
Base rates were volatile during the year.
Equity market volatility increased, with the CBOE Volatility Index up 39% year-over-year.
Oil prices were largely unchanged, with the price of West Texas Intermediate crude oil up 0.1% in 2024 to $71.72 per barrel.
The Henry Hub Natural Gas spot price increased 45% year-over-year to $3.63.
The U.S. economy exhibited steady growth in 2024, underpinned by a healthy labor market and consumer spending.
The advance estimate of U.S. real GDP for 2024 indicated growth of 2.8% year-over-year, in line with 2.9% growth recorded in 2023.
Inflation decreased moderately over the course of 2024, with headline CPI decreasing from 3.1% year-over-year growth in January 2024 to 2.9% in December 2024, and Core CPI decreasing from 3.9% year-over-year growth in January 2024 to 3.2% year-over-year in December 2024.
The Federal Reserve decreased the federal funds target range three times in 2024 to 4.25%-4.50% by year end.
The Federal Reserve held rates steady in January 2025, indicating its expectations for a slower pace of rate cuts moving forward.
The U.S. unemployment rate was 4.1% in December 2024, but further decreased below forecasts to 4.0% in January 2025, suggesting a tightening labor market.
Average hourly earnings increasing 4.1% year-over-year and 0.5% month-over-month in January 2025.
Meanwhile, shelter cost inflation has decreased since the end of 2023, declining to 4.6% in December 2024 as compared to 6.2% the prior year.
In manufacturing, the Institute for Supply Management Purchasing Managers’ Index increased to 49.2 in December 2024 compared to 46.9 in 2023.
Outside the U.S., several major economies demonstrated slower GDP growth and began loosening monetary policy after an extended period of tightening due to decreasing inflation.
Eurozone real GDP declined to 2.4% annual growth in December 2024 from 2.9% in December 2023.
Inflation in the Eurozone fell from 2.8% year-over-year growth in January 2024 to 2.4% at year end despite the European Central Bank lowering its deposit facility by 100 basis points during the year and an additional 25 basis points in February 2025.
In China, real GDP grew 5.0% year-over-year in 2024, down from 5.4% in 2023 and below the average of the preceding ten years.
In Japan, the advance estimate of real GDP indicated a contraction of 0.2% year-over-year in 2024, down from 1.5% growth in 2023.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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