黑石集团 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLYPERIOD ENDEDMARCH 31,2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITIONPERIOD FROMTO (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject tosuch filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒As of April25,2025, there were729,647,970shares of common stock of the registrant outstanding. Table of Contents Table of Contents Part I.Financial InformationItem 1.Financial Statements5Unaudited Condensed Consolidated Financial Statements:Condensed Consolidated Statements of Financial Condition as of March31, 2025 and December31, 20245Condensed Consolidated Statements of Operations for the Three Months Ended March31, 2025 and 20247Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March31,2025 and 20248Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March31, 2025 and20249Condensed Consolidated Statements of Cash Flows for the Three Months Ended March31, 2025 and 202411Notes to Condensed Consolidated Financial Statements13Item 1A.Unaudited Supplemental Presentation of Statements of Financial Condition60Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations62Item 3.Quantitative and Qualitative Disclosures About Market Risk127Item 4.Controls and Procedures127Part II.Other InformationItem 1.Legal Proceedings128Item1A.Risk Factors128Item 2.Unregistered Sales of Equity Securities and Use of Proceeds128Item 3.Defaults Upon Senior Securities129Item 4.Mine Safety Disclosures129Item 5.Other Information129Item 6.Exhibits129Signatures131 Table of Contents Forward-Looking Statements This report may contain forward-looking statements within the meaning of Section27A of the U.S. Securities Act of 1933, asamended, and Section21E of the U.S. Securities Exchange Act of 1934, as amended, which reflect our current views with respect to,among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identifythese forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,”“may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,”“leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statementsare subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes orresults to differ materially from those indicated in these statements. We believe these factors include but are not limited to thosedescribed under the section entitled “Risk Factors” in this Report, as such factors may be updated from time to time in our periodicfilings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov.These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that areincluded in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, andwe undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information,future developments or otherwise. Website and Social Media Disclosure We may use our website (www.blackstone.com), Facebook page (www.facebook.com/blackstone), X (Twitter)(www.x.com/blackstone), Lin