BX
Blackstone Inc.
Is BX Halal?
Alternative asset management with material conventional-credit, mortgage and fund exposure — current financial ratios pass, but the core activity screen fails.
What You Should Know
Blackstone's March 31, 2026 Form 10-Q reports assets of $48,326.982 million, debt and leases of $14,161.851 million, cash of $2,448.485 million, corporate treasury investments of $167.389 million, accounts receivable of $572.832 million and quarterly revenue of $3,617.595 million. Debt/assets is 29.30%, liquidity/assets is 5.41%, receivables plus cash/assets is 6.25% and disclosed interest-and-dividend revenue is 2.98% of revenue. The filing documents private-credit, mortgage-REIT, CLO and conventional fund exposure, so the core business screen fails despite passing known asset-based ratios.
⚠️ Concerns
- •Private-credit, leveraged-loan and CLO exposure
- •Blackstone Mortgage Trust and commercial-mortgage activity
- •Underlying fund and portfolio-company look-through is not universally disclosed
- •Disclosed interest-and-dividend revenue is 2.98% of quarterly revenue
- •No universal prohibited-activity numerator is asserted
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
14,161.851 / 48,326.982
2,615.874 / 48,326.982
3,021.317 / 48,326.982
107.94 / 3,617.595
- Financial
- Pass
- Overall
- Fails
Debt/assets is 29.30%, liquidity/assets is 5.41%, receivables-plus-cash/assets is 6.25% and disclosed interest-and-dividend revenue is 2.98%; the Credit & Insurance activity proxy is 18.60% of revenue and the core alternative-finance activity screen fails.
- Financial
- Pass
- Overall
- Fails
Known asset-based ratios are below the examined MSCI limits, but the 18.60% Credit & Insurance activity proxy and Blackstone's core credit and mortgage-related activity remain a failure for this qualitative screen.
- Financial
- Pass
- Overall
- Fails
Known asset-based financial ratios pass the examined limits, but the Credit & Insurance activity proxy exceeds the examined 5% benchmark; this is not an official classification and the underlying activity screen fails.
- Financial
- Not calculated
- Overall
- Fails
A licensed historical market-cap series is not stored; the core activity failure is independent of that denominator.
Business-activity disclosure
Blackstone is an alternative asset manager with private equity, real estate, private credit, mortgage and fund-investment activities. The current filing documents material credit and conventional-finance exposure, including Blackstone Mortgage Trust and credit-oriented funds, and a Credit & Insurance segment activity proxy above the examined 5% benchmark, so the core business screen fails for a strict Sharia classification even though management-fee revenue is fee-based.
Limitation: The $672.890 million Credit & Insurance segment proxy includes management/advisory and fee-related performance revenue; it is not a universal prohibited-revenue calculation and does not provide fund-level look-through.
Purification
Blackstone fails at the core activity level because of its conventional-credit and alternative-finance exposure; $107.940 million of interest and dividend revenue is evidence, not a scholar-specific purification prescription.
Inputs, assumptions and primary sources
- Amounts are USD millions from Blackstone's March 31, 2026 Form 10-Q.
- Debt combines $13,280.285 million of loans payable and $881.566 million of operating-lease liabilities.
- Cash and cash equivalents are $2,448.485 million. Corporate treasury investments of $167.389 million are the only separately identified treasury securities included; equity, partnership, fund and other investments are not assumed to be interest-bearing securities.
- Accounts receivable is $572.832 million and first-quarter GAAP revenue is $3,617.595 million.
- The filing reports $672.890 million of Credit & Insurance segment management/advisory and fee-related performance revenue; this is a lower-bound activity proxy (18.60% of GAAP revenue), not a universal prohibited-revenue numerator.
- Blackstone discloses $107.940 million of interest and dividend revenue. Investment income, credit funds, mortgage REIT exposure and mixed underlying assets are not reduced to a universal prohibited-revenue percentage.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
Similar Stocks
Want to screen more assets?
Use our interactive Halal Checker to screen any stock, ETF, or crypto instantly.
Go to Halal Checker →