Blackstone Inc. is an alternative asset management business that invests and manages third-party capital through investment funds, separately managed accounts and other vehicles. These include drawdown funds, perpetual-capital vehicles, collateralised loan obligations and an insurance platform.
The firm earns most of its income from contractual fees charged to the funds it runs, their investors and those funds' portfolio companies—covering management, transaction and monitoring fees—together with capital markets services. It also commits its own capital alongside clients, receiving a proportional share of each fund's income plus carried interest, known as Performance Allocations, and incentive fees once agreed investment returns are achieved. Its clients are fund investors who typically commit capital that is drawn down over time.
Blackstone reports across four segments, two of which are Credit & Insurance and Multi-Asset Investing. Its results are materially affected by financial-market and economic conditions in the United States, Europe and Asia, and to a lesser extent elsewhere. The company notes that managing outside capital does not require substantial investment of its own capital to support expansion.
Based on Blackstone Inc.'s 10-K filed February 27, 2026.