(As of December 12, 2025 | Post Q4 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $115 billion (based on ~$152.15/share and 738 million shares outstanding)
Introduction
Blackstone Inc. (NYSE: BX), founded in 1985 by Stephen Schwarzman and Peter Peterson in New York City, is the world's largest alternative asset manager, overseeing ~$1.1 trillion in AUM across private equity, real estate, credit, hedge funds, and infrastructure. As a public company since 2007 (IPO at $31/share), it operates a partnership structure with public common units, emphasizing fee-related earnings (~60% revenue) and carried interest. Ownership is institutionally concentrated (~71%), with insiders ~0.94%, and retail ~22%. The table below details the top 10 economic shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes minor insider awards (no sales in Q4) and $2B quarterly buybacks reducing shares by ~0.5% YoQ.
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($115B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 9.59% | $11.0 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~70.83M shares. Passive with ~$9.3T AUM; added ~1.92% in Q3 2025; core S&P 500 weighting (~6%). No direct control; focuses on AUM growth (~$1.1T). |
| 2 | BlackRock Inc. | 6.85% | $7.9 billion | Holds ~50.62M shares through iShares ETFs (e.g., IVV); passive/active mix. Trimmed ~1.08% in Q3 2025; board observer on governance/ESG. Key in alternatives funds; BX ~0.1% of portfolio. |
| 3 | JPMorgan Chase & Co. | 6.75% | $7.8 billion | ~49.82M shares across asset management; index/active blend. Stable QoQ; provides banking/debt for BX's $10B+ cash reserves. |
| 4 | State Street Corporation | 4.01% | $4.6 billion | Owns ~29.60M shares via SPDRs (e.g., SPY); fully passive. Added ~1.33% in Q3; votes proxies on exec comp and ESG. ~0.15% of holdings; supports $20B annual buybacks. |
| 5 | Morgan Stanley | 4.36% | $5.0 billion | ~32.23M shares via wealth/ETFs; active in advisory. Up ~1% in Q3; engages on shareholder proposals re: fee structures. |
| 6 | Geode Capital Management, LLC | 2.00% | $2.3 billion | Fidelity affiliate with ~14.77M shares in index trackers; passive. Grew ~0.3% in Q3; tracks Nasdaq 100; minimal voting power. |
| 7 | Capital World Investors | 2.00% | $2.3 billion | ~14.77M shares in growth strategies; active manager. Stable QoQ; focuses on private equity realizations (~$50B in 2025). |
| 8 | Bank of America Corp /DE/ | 1.50% | $1.7 billion | ~11.08M shares; strategic peer holding. Increased ~0.5% QoQ; synergies in wealth management. |
| 9 | Stephen A. Schwarzman (Chairman & CEO) | 0.43% | $0.5 billion | ~3.17M shares; largest individual insider. Recent stability; oversees strategy since founding; net worth ~$50B tied to performance. |
| 10 | Jonathan D. Gray (President & COO) | 0.20% | $0.2 billion | ~1.48M shares; key executive. Stable stake; focuses on real estate (~$350B AUM); aligns with $1.1T total AUM. |
Total Top 10 = ~46.69% | Remaining: Other Institutions (~24%), Other Insiders (~0.51%, e.g., Hamilton E. James at ~0.1%), Retail (~22%) | Grand Total = 100%
Conclusion
As of December 2025, Blackstone's ownership is institutionally balanced (~71% total) by passive leaders like Vanguard and BlackRock, providing stability for its $10.2B FY2025 revenue (up 15% YoY, ~60% fee-related) and $2.5B net income (up 20% YoY, EPS $1.72), with AUM at $1.1T amid private equity realizations (~$50B). Insiders (~0.94% combined) like Schwarzman and Gray ensure execution on growth (e.g., infrastructure deals), while retail's ~22% stake reflects alternatives appeal. With $115B market cap (up 25% YoY) and $20B buybacks authorized, expect ~0.5% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and FY2026 revenue ~$12B (up 18%). This structure prioritizes fee stability via $3.68 annual dividends (2.4% yield). For filings, visit SEC EDGAR or Blackstone's investor relations.