BlackRock vs. Blackstone: how they make money

• ETF investors (iShares) · 45.0% of revenuePeople and institutions who buy iShares ETFs: 45% of FY2025 long-term base fees and securities lending, on 42% of long-term assets at Dec 31, 2025. Shares here leave out cash management (6% of base fees) and non-base revenue.
• Retail investors (outside ETFs) · 25.0% of revenueIndividuals investing through mutual funds and wealth platforms: 25% of long-term base fees on 10% of long-term assets. Their assets were 67% in the Americas, 28% in Europe, the Middle East and Africa, and 5% in Asia-Pacific.
• Institutions, active mandates · 24.0% of revenuePension funds, insurers and other institutions that hire BlackRock to pick investments, including private markets: 24% of long-term base fees on 19% of long-term assets.
• Institutions, index mandates · 6.0% of revenueInstitutions with index accounts: 6% of long-term base fees on 29% of long-term assets. Pension plans held $3.9 trillion with BlackRock, 62% of long-term institutional assets, and insurers $720 billion.
• Technology clientsClients paying for Aladdin technology services and Preqin data: $1.98 billion of revenue in FY2025, 8.2% of total revenue. Not part of the base-fee split above.

• Fund investors, through management and advisory fees · 55.9% of revenuePension funds, insurers and individuals pay fees on the money Blackstone manages for them: $8,075.6 million, 55.9% of FY2025 revenue.
• Funds, through incentive fees · 6.8% of revenueFees some vehicles pay when returns pass a set level: $978.2 million, 6.8% of FY2025 revenue.
• Fund profits and Blackstone's own investments · 36.3% of revenueBlackstone's share of fund profits (performance allocations) and returns on its own money in its funds, realized and unrealized: $5,251.2 million, 36.3% of FY2025 revenue.
• Interest, dividends and other · 1.0% of revenueInterest and dividend revenue of $416.1 million, less $270.9 million of negative other revenue: 1.0% of FY2025 revenue.

FY2025 (BlackRock reports one operating segment; these are its revenue types)

FY2025; segment revenues on Blackstone's own segment basis (Cityfort calculation from the FY2025 10-K)

Debt

$12.7B

Cash and investments

$12.9B

On Sep 30, 2026.

At Sep 30, 2026, BlackRock's cash of $12.9 billion was $137 million more than its borrowings of $12.7 billion (Cityfort calculation from the Q3 FY2026 10-Q). At Dec 31, 2025, borrowings had exceeded cash by $1.3 billion (Cityfort calculation from the FY2025 10-K).

Debt

$12.3B

Cash and investments

$2.6B

On Dec 31, 2025.

At Dec 31, 2025, Blackstone's operating borrowings exceeded its cash by $9.7 billion, about 2.1 years of FY2025 cash from operations; by Jun 30, 2026 the gap was $10.6 billion.

• One class of shares.
• Officers and directors as a group: 1.9% of shares (as of Mar 31, 2026).
• BlackRock, Inc. (funds managed by its subsidiaries): 6.2% (as of Feb 9, 2024).
• Kuwait Investment Authority: 5.1% (as of Jul 7, 2020).

• 3 classes of shares.
• Officers and directors as a group: 0.6% of shares (as of Feb 20, 2026).
• Vanguard Capital Management: 7.5% (as of Apr 29, 2026).
• BlackRock: 6.2% (as of Jan 29, 2024).

• Competition and fee pressure (competition)The 10-K says increased competition may cause assets, revenue and earnings to decline. Non-ETF index funds held 29% of average assets in FY2025 but brought 7% of base fees.
• Acquisitions and earn-out swings (execution)The 10-K names the risk that the GIP, Preqin and HPS purchases do not deliver expected benefits. Changes in the value of payments still owed for GIP and HPS added $564 million to costs in Q3 FY2026, after a $549 million gain in Q1 FY2026.
• Performance fees swing (other)The 10-K says performance fees make revenue and earnings more volatile. They were $60 million in Q1 FY2025 and $754 million in Q4 FY2025.
• Aladdin's reliance on cloud providers (technology)Microsoft Azure and Amazon Web Services host Aladdin. The 10-K says Aladdin must keep its competitive position and depends on third parties.
• Regulation, scrutiny and lawsuits (regulation)BlackRock is regulated around the world, and a subsidiary is subject to US banking rules. The 10-K names commentary about its scale and environmental and social scrutiny as risks. Thirteen state attorneys general have sued it, alleging antitrust violations.
• Securities lending guarantees (other)BlackRock promises some lending clients to cover a borrower default. At Sep 30, 2026, $441 billion of securities on loan carried this promise, backed by $474 billion of collateral.

• Common stockholders do not control the board (governance)Common stockholders cannot elect or remove Blackstone's directors. One Series II preferred share, held by an entity controlled by Stephen A. Schwarzman, elects the board, and Blackstone is a controlled company under NYSE rules. Jonathan D. Gray is named to succeed Schwarzman in that role.
• Large funds for individual investors (customer or supplier concentration)BCRED paid Blackstone $1.2 billion of fees in FY2025, about 8% of revenue (Cityfort calculation from the FY2025 10-K). BREIT paid $839.9 million in FY2023. Such funds may limit redemptions, which the 10-K says has hurt subscriptions before.
• Kentucky pension lawsuit (legal cases)Lawsuits over the Kentucky Retirement System, open since 2017, allege breaches of fiduciary duty over the system's investment in three hedge funds of funds, one managed by Blackstone Alternative Asset Management L.P. A January 2025 settlement terminated after the court declined in May 2025 to enter the approval order it required, and FY2025 results include an accrual of an amount the 10-K does not state.
• Pay takes a large share (other)Compensation and benefits were $5,620.5 million in FY2025, 38.9% of revenue. Stock-based pay was $1,445.4 million, about 48% of net income attributable to Blackstone Inc.