BLACKSTONE INC.

Red flags

• BCRED generated $1.2 billion of Blackstone management, advisory and incentive fees in 2025, approximately 15% of total management and advisory fees, creating meaningful exposure to one managed vehicle.
• Blackstone's 2025 equity options produced a $185.9 million net unrealized loss, contributing to a $198.4 million total net derivative loss for the year.
• The company had $6.5 billion of investment commitments at December 31, 2025; consolidated funds separately had $797.4 million of signed investment commitments.
• The UC strategic venture tied to BREIT includes a $4.5 billion investor position with an 11.25% target annualized net return supported by a pledge of $1.1 billion of Blackstone's BREIT holdings.
• Blackstone had $1.24 billion of equity-option derivative liabilities at fair value at year-end, against $1.13 billion of equity-option assets, highlighting meaningful mark-to-market exposure.
• Blackstone's public-company earnings remain structurally diluted by 447.7 million weighted-average Blackstone Holdings Partnership Units that were anti-dilutive in 2025, versus 780.0 million weighted-average common shares.