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Sankey diagram of Blackstone Inc.. A complete text table follows the diagram.
Recurring advisory economics anchor the model while performance and principal gains add market-sensitive upside across the world's largest alternative-asset platform
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Every monetary flow is directly reported. Dollar values are converted from the filing's thousands to millions. Investment gains combine reported performance allocations and principal investment gains exactly as presented on the statement.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Investment advisory fees | 1 | $2.1B | 59.4% of revenue |
| Investment gains | 1 | $1.1B | Performance allocations and principal gains |
| Incentive fees | 1 | $165M | Realized fund performance |
| Interest & dividends | 1 | $108M | Balance-sheet investment income |
| Other operating revenue | 1 | $51M | Other platform activity |
| Total revenue | 2 | $3.6B | Fees plus investment performance |
| Other nonoperating income | 2 | $99.8M | Reported nonoperating gains |
| Revenue plus other income | 3 | $3.7B | Resources before expenses |
| Income before tax | 4 | $1.5B | 40.2% of revenue |
| People, incentives & operations | 4 | $2.3B | Reported total expenses |
| Consolidated net income | 5 | $1.3B | Before ownership allocation |
| Income tax | 5 | $197M | 13.5% effective rate |
| Blackstone net income | 6 | $650M | $0.83 diluted EPS |
| Partnership noncontrolling interests | 6 | $470M | Operating-partnership ownership |
| Entity noncontrolling interests | 6 | $117M | Consolidated investment entities |
| Redeemable noncontrolling interests | 6 | $21M | Redeemable ownership claims |
| From | To | Value |
|---|---|---|
| Investment advisory fees | Total revenue | $2.1B |
| Investment gains | Total revenue | $1.1B |
| Incentive fees | Total revenue | $165M |
| Interest & dividends | Total revenue | $108M |
| Other operating revenue | Total revenue | $51M |
| Total revenue | Revenue plus other income | $3.6B |
| Other nonoperating income | Revenue plus other income | $99.8M |
| Revenue plus other income | Income before tax | $1.5B |
| Revenue plus other income | People, incentives & operations | $2.3B |
| Income before tax | Consolidated net income | $1.3B |
| Income before tax | Income tax | $197M |
| Consolidated net income | Blackstone net income | $650M |
| Consolidated net income | Partnership noncontrolling interests | $470M |
| Consolidated net income | Entity noncontrolling interests | $117M |
| Consolidated net income | Redeemable noncontrolling interests | $21M |