Blackstone Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
BX$119.50-0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001193125-26-340208
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001193125-26-451802
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 322 previous paragraphs and 327 current paragraphs.
199 unchanged; 68 reworded; 60 added; 52 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 257 previous and 254 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (60)
Current report
BXCI is organized into three overarching credit investing strategies: private corporate credit strategies, infrastructure and asset based credit strategies and liquid corporate credit strategies. The private corporate credit and infrastructure and asset based credit strategies are each private credit strategies, where the portfolios of such strategies consist primarily of privately originated and directly negotiated illiquid or less liquid credit. The liquid corporate credit strategy is a liquid credit strategy, where the portfolio of such strategy consists primarily of traditional bank-syndicated and actively traded credit.
Current report
Our liquid corporate credit strategies include investment grade corporate debt, high yield debt and broadly syndicated loans. These portfolios are managed through closed-ended funds, open-ended funds, systematic strategies, CLOs and SMAs.
Current report
The U.S. economy continued to show fundamental strength in the third quarter, benefitting in particular from artificial intelligence- and energy-related capital expenditures, while higher bond yields and ongoing geopolitical turbulence contributed to equity market volatility. Theten-year U.S. Treasury yield increased 82 basis points in the third quarter to 5.28%, the highest level in nearly two decades, and subsequently declined to 4.91% as of November 2, 2026. Inflation in the U.S. remained elevated, reflecting in part higher energy prices.
Current report
Against this backdrop, global equity market performance was positive overall in the third quarter, but with divergent performance across sectors. The total return of the S&P 500 Index was 2.3%, with the energy and information technology sectors exhibiting the largest gains of 17.2% and 7.2%, respectively. By contrast, the utilities and industrials sectors were the worst performers, declining 12.4% and 9.7%, respectively, as higher interest rates weighed on capital-intensive sectors. In credit markets, the total return of the S&P Leveraged Loan Index was 1.9% and the ICE Bank of America High Yield Bond Index declined 1.8%. High yield spreads widened by 41 basis points quarter-over-quarter.
Current report
U.S. capital markets activity slowed following an active first half of the year, with initial public offering volumes decreasing 46% year-over-year and announced merger and acquisition deal volumes decreasing 18% year-over-year. Despite the slow down in the third quarter, for the nine months ended September 30, 2026, initial public offering and announced merger and acquisition deal volumes increased 236% and 36%, respectively, compared to the same period in 2025.
Current report
Inflation remained above the Federal Reserve’s target rate of 2% amid persistently higher energy prices. CPI increased 3.7% year-over-year in September, compared to 3.5% growth in June 2026. Oil prices increased quarter-over-quarter, with the price of West Texas Intermediate crude oil increasing 30.1% to $90.42 per barrel. The Federal Reserve increased the federal funds target range to 3.75-4.00% in September, which it then held steady in October. Three-month SOFR increased 22 basis points quarter-over-quarter to 3.90%.
Current report
Overall, the U.S. economy has remained resilient, driven in part by momentum from artificial intelligence- and energy-related capital expenditures. Nevertheless, elevated interest rates and continued geopolitical uncertainty have contributed to equity market volatility and negatively impacted investor sentiment and transaction activity. A durable resolution to the ongoing geopolitical conflicts and a more favorable interest rate environment could provide a basis for stronger equity markets and improved transaction activity.
Current report
Notable Transactions
Current report
On November 2, 2026, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $600.0 million aggregate principal amount 5.650% senior notes due November 3, 2031 (the “Registered 2031 Notes”), and $500.0 million aggregate principal amount of 5.900% senior notes due November 3, 2033 (the “Registered 2033 Notes”) and, together with the Registered 2031 Notes, (the “Registered Notes”), pursuant to a Registration Statement on Form S-3. Blackstone intends to use the net proceeds from the sale of the Registered Notes for general corporate purposes. For additional information see Note 11. “Borrowings” in the “Notes to Condensed Consolidated Financial Statements” in “— Item 1. Financial Statements” and “—Liquidity and Capital Resources —Sources and Uses of Liquidity.”
Current report
Revenues were $3.1 billion for the three months ended September 30, 2026, a decrease of $25.7 million compared to the three months ended September 30, 2025. The decrease in Revenues was primarily attributable to decreases of $121.1 million in Investment Income and $27.9 million in Incentive Fees, partially offset by increases of $121.9 million in Management and Advisory Fees, Net.
Current report
Investment Income was $574.4 million for the three months ended September 30, 2026, a decrease of $121.1 million, compared to $695.5 million for the three months ended September 30, 2025. The decrease in Investment Income was attributable to a decrease of $198.3 million in Realized Investment Income, partially offset by an increase of $77.2 million in Unrealized Investment Income.
Current report
The $198.3 million decrease in Realized Investment Income was primarily attributable to lower realized gains in the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The principal drivers were:
Current report
Incentive Fees were $172.7 million for the three months ended September 30, 2026, a decrease of $27.9 million, compared to $200.7 million for the three months ended September 30, 2025. The decrease in Incentive Fees was primarily attributable to a decrease in our Credit & Insurance segment of $39.2 million. The decrease in our Credit & Insurance segment was primarily attributable to BCRED and BXSL.
Current report
Investment Income was $4.2 billion for the nine months ended September 30, 2026, an increase of $721.1 million compared to $3.5 billion for the nine months ended September 30, 2025. The increase in Investment Income was primarily attributable to an increase of $844.1 million in Realized Investment Income, partially offset by a decrease of $123.0 million in Unrealized Investment Income.
Current report
Total Assets Under Management were $1,368.3 billion at September 30, 2026, an increase of $22.1 billion compared to $1,346.3 billion at June 30, 2026. The net increase was due to:
Current report
Fee-Earning Assets Under Management were $989.7 billion at September 30, 2026, an increase of $28.1 billion compared to $961.6 billion at June 30, 2026. The net increase was due to:
Current report
applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date.
Current report
Fee Related Earnings were $499.2 million for the three months ended September 30, 2026, a decrease of $50.6 million, compared to $549.8 million for the three months ended September 30, 2025. The decrease in Fee Related Earnings was primarily attributable to a decrease of $60.0 million in Management and Advisory Fees, Net and an increase of $27.7 million in Fee Related Compensation, partially offset by an increase of $35.9 million in Fee Related Performance Revenues.
Current report
Management and Advisory Fees, Net were $628.8 million for the three months ended September 30, 2026, a decrease of $60.0 million, compared to $688.8 million for the three months ended September 30, 2025, primarily attributable to a decrease in Base Management Fees. Base Management Fees decreased $62.7 million primarily attributable to decreases in BREP and Core+, which included lower management fees in BPP, partially offset by an increase in BREIT.
Current report
Net Realizations were $54.4 million for the three months ended September 30, 2026, a decrease of $14.1 million, compared to $68.5 million for the three months ended September 30, 2025. The decrease in Net Realizations was primarily attributable to a decrease of $32.9 million in Realized Performance Revenues, partially offset by a decrease of $20.1 million in Realized Performance Compensation.
Current report
Realized Performance Revenues were $99.9 million for the three months ended September 30, 2026, a decrease of $32.9 million, compared to $132.8 million for the three months ended September 30, 2025. The decrease was primarily attributable to lower Realized Performance Revenues in BREP.
Current report
Realized Performance Compensation was $49.5 million for the three months ended September 30, 2026, a decrease of $20.1 million, compared to $69.6 million for the three months ended September 30, 2025. The decrease was primarily attributable to the decrease in Realized Performance Revenues.
Current report
Segment Distributable Earnings were $1.9 billion for the nine months ended September 30, 2026, an increase of $176.8 million, compared to $1.7 billion for the nine months ended September 30, 2025. The increase in Segment Distributable Earnings was attributable to an increase of $95.7 million in Net Realizations and an increase of $81.1 million in Fee Related Earnings.
Current report
Fee Related Earnings were $1.7 billion for the nine months ended September 30, 2026, an increase of $81.1 million, compared to $1.6 billion for the nine months ended September 30, 2025. The increase in Fee Related Earnings was primarily attributable to an increase of $304.2 million in Fee Related Performance Revenues, partially offset by an increase of $142.2 million in Fee Related Compensation and a decrease of $67.6 million in Management and Advisory Fees, Net.
Current report
Management and Advisory Fees, Net were $2.0 billion for the nine months ended September 30, 2026, a decrease of $67.6 million, compared to $2.1 billion for the nine months ended September 30, 2025, primarily attributable to a decrease in Base Management Fees, partially offset by an increase in Transaction, Advisory and Other Fees, Net. Base Management Fees decreased $134.3 million primarily attributable to decreases in BREP and Core+, which included lower management fees in BPP, partially offset by an increase in BREIT. Transaction, Advisory and Other Fees, Net increased $84.1 million primarily attributable to an increase in certain direct transaction fees and acquisition advisory fees paid to the advisor of our BREP funds.
Current report
Net Realizations were $197.0 million for the nine months ended September 30, 2026, an increase of $95.7 million, compared to $101.3 million for the nine months ended September 30, 2025. The increase in Net Realizations was primarily attributable to an increase of $157.5 million in Realized Performance Revenues, partially offset by an increase of $55.2 million in Realized Performance Compensation.
Current report
Realized Performance Compensation was $157.7 million for the nine months ended September 30, 2026, an increase of $55.2 million, compared to $102.5 million for the nine months ended September 30, 2025. The increase was primarily attributable to the increase in Realized Performance Revenues.
Current report
Segment Distributable Earnings were $813.1 million for the three months ended September 30, 2026, a decrease of $58.4 million, compared to $871.5 million for the three months ended September 30, 2025. The decrease in Segment Distributable Earnings was attributable to a decrease of $186.0 million in Net Realizations, partially offset by an increase of $127.6 million in Fee Related Earnings.
Current report
Fee Related Earnings were $618.9 million for the three months ended September 30, 2026, an increase of $127.6 million, compared to $491.4 million for the three months ended September 30, 2025. The increase in Fee Related Earnings was primarily attributable to increases of $120.7 million in Management and Advisory Fees, Net and $88.5 million in Fee Related Performance Revenues, partially offset by an increase of $63.3 million in Fee Related Compensation.
Current report
Management and Advisory Fees, Net were $838.1 million for the three months ended September 30, 2026, an increase of $120.7 million, compared to $717.4 million for the three months ended September 30, 2025, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $80.3 million, primarily attributable to increased Fee-Earning Assets Under Management in BXPE, BIP and BXINFRA. Transaction, Advisory and Other Fees, Net increased $41.6 million primarily attributable to increased transaction activity in BXCM.
Current report
Fee Related Performance Revenues were $215.2 million for the three months ended September 30, 2026, an increase of $88.5 million, compared to $126.7 million for the three months ended September 30, 2025. The increase was primarily attributable to crystallization of Performance Revenues in Infrastructure.
Current report
Net Realizations were $194.1 million for the three months ended September 30, 2026, a decrease of $186.0 million, compared to $380.1 million for the three months ended September 30, 2025. The decrease in Net Realizations was primarily attributable to a decrease in Realized Performance Revenues of $273.9 million, partially offset by a decrease in Realized Performance Compensation of $103.6 million.
Current report
Realized Performance Revenues were $285.5 million for the three months ended September 30, 2026, a decrease of $273.9 million, compared to $559.4 million for the three months ended September 30, 2025. The decrease was primarily attributable to the sale of an interest in the GP Stakes portfolio in the third quarter of 2025.
Current report
Realized Performance Compensation was $102.4 million for the three months ended September 30, 2026, a decrease of $103.6 million, compared to $206.0 million for the three months ended September 30, 2025. The decrease was primarily attributable to the decrease in Realized Performance Revenues.
Current report
Segment Distributable Earnings were $2.8 billion for the nine months ended September 30, 2026, an increase of $592.8 million, compared to $2.2 billion for the nine months ended September 30, 2025. The increase in Segment Distributable Earnings was attributable to increases of $545.5 million in Fee Related Earnings and $47.3 million in Net Realizations.
Current report
Fee Related Earnings were $1.9 billion for the nine months ended September 30, 2026, an increase of $545.5 million, compared to $1.4 billion for the nine months ended September 30, 2025. The increase in Fee Related Earnings was primarily attributable to increases of $397.4 million in Fee Related Performance Revenues and $389.1 million in Management and Advisory Fees, Net, partially offset by an increase of $193.4 million in Fee Related Compensation.
Current report
Management and Advisory Fees, Net were $2.4 billion for the nine months ended September 30, 2026, an increase of $389.1 million compared to $2.0 billion for the nine months ended September 30, 2025, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $238.3 million primarily attributable to increased Fee-Earning Assets Under Management in Infrastructure and BXPE. Transaction, Advisory and Other Fees, Net increased $154.2 million, primarily attributable to increased transaction activity in BXCM.
Current report
Net Realizations were $847.5 million for the nine months ended September 30, 2026, an increase of $47.3 million, compared to $800.2 million for the nine months ended September 30, 2025. The increase in Net Realizations was primarily attributable to increases of $95.9 million in Realized Performance Revenues and $25.6 million in Realized Principal Investment Income, partially offset by an increase of $74.2 million in Realized Performance Compensation.
Current report
Realized Performance Revenues were $1.4 billion for the nine months ended September 30, 2026, an increase of $95.9 million, compared to $1.3 billion for the nine months ended September 30, 2025. The increase was primarily attributable to increases in Realized Performance Revenues in Corporate Private Equity, partially offset due to the sale of an interest in the GP Stakes portfolio in the third quarter of 2025.
Current report
Realized Principal Investment Income was $81.4 million for the nine months ended September 30, 2026, an increase of $25.6 million, compared to $55.7 million for the nine months ended September 30, 2025. The increase was primarily attributable to higher realizations in Corporate Private Equity.
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Removed paragraphs (52)
Previous report
Most major equity markets appreciated significantly in the second quarter of 2026, driven by resilient economic growth and underpinned by continued large-scale capex investments in the artificial intelligence-related ecosystem. The total return of the S&P 500 Index was 15.2%, with the information technology and industrial sectors exhibiting the largest gains of 31.8% and 14.9%, respectively. The energy sector was an outlier, decreasing 13.4% amid lower oil prices as supply disruption concerns eased. The price of West Texas Intermediate crude oil decreased 31.4% to $69.50 per barrel. In credit markets, the total return of the S&P Leveraged Loan Index was 1.9% and the ICE Bank of America High Yield Bond Index was 2.5%. High yield spreads tightened 32 basis points.
Previous report
U.S. capital markets activity levels expanded considerably following an active first quarter. Initial public offering volumes increased 628% year-over-year, buoyed by the $75 billion initial public offering of SpaceX, the largest IPO in history. U.S. announced merger and acquisition deal volumes also rose sharply, up 99% year-over-year.
Previous report
Inflation in the U.S. has moderated significantly from the post-Covid peak; however, inflation remains above the Federal Reserve’s long-term target of 2.0%, largely reflecting the impact of elevated energy prices in the first half of 2026. CPI increased 3.5% year-over-year in June, as compared to 3.3% growth in March 2026. The Federal Reserve has held the federal funds target range steady at 3.50-3.75% since December 2025. Theten-year U.S. Treasury yield increased 15 basis points in the second quarter of 2026 to 4.47% and has since risen to 4.72% as of July 31, 2026. Three-month SOFR was unchanged quarter-over-quarter at 3.68%.
Previous report
Despite ongoing uncertainty relating to geopolitical conditions and the path of interest rates and artificial intelligence disruption in certain sectors, the U.S. economy has demonstrated continued strength. This strength has been meaningfully aided by artificial intelligence-related spending. The vitality of the economy has positively impacted market sentiment and driven initial public offering and merger and acquisition activity. A durable resolution to the ongoing conflict in the Middle East should provide a basis for further improvements in market conditions and transaction activity.
Previous report
Revenues were $5.0 billion for the three months ended June 30, 2026, an increase of $1.3 billion compared to $3.7 billion for the three months ended June 30, 2025. The increase in Revenues was primarily attributable to increases of $867.1 million in Investment Income, $237.0 million in Other Revenue and $230.5 million in Management and Advisory Fees, Net.
Previous report
Investment Income was $2.5 billion for the three months ended June 30, 2026, an increase of $867.1 million, compared to $1.6 billion for the three months ended June 30, 2025. The increase in Investment Income was attributable to increases of $543.8 million in Realized Investment Income and of $323.3 million in Unrealized Investment Income.
Previous report
The $543.8 million increase in Realized Investment Income was primarily attributable to higher realized gains in the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The principal driver was:
Previous report
Other Revenue was $11.9 million for the three months ended June 30, 2026, an increase of $237.0 million, compared to $(225.1) million for the three months ended June 30, 2025. The increase in Other Revenue was primarily attributable to foreign exchange gains arising on transactions denominated in currencies other than U.S. dollars.
Previous report
Investment Income was $3.6 billion for the six months ended June 30, 2026, an increase of $842.2 million compared to $2.8 billion for the six months ended June 30, 2025. The increase in Investment Income was primarily attributable to an increase of $1.0 billion in Realized Investment Income, partially offset by a decrease of $200.2 million in Unrealized Investment Income.
Previous report
Assets Under Management outflows may exceed Total Assets Under Management outflows due to Fee-Earning Assets Under Management generally including invested capital subsequent to the investment period compared to committed capital during the investment period. This is most prevalent in our Real Estate and Private Equity segments.
Previous report
Total Assets Under Management were $1,346.3 billion at June 30, 2026, an increase of $42.2 billion compared to $1,304.0 billion at March 31, 2026. The net increase was due to:
Previous report
Fee-Earning Assets Under Management were $961.6 billion at June 30, 2026, an increase of $24.0 billion compared to $937.6 billion at March 31, 2026. The net increase was due to:
Previous report
Segment Distributable Earnings were $745.3 million for the three months ended June 30, 2026, an increase of $179.4 million, compared to $565.9 million for the three months ended June 30, 2025. The increase in Segment Distributable Earnings was attributable to increases of $110.0 million in Net Realizations and of $69.4 million in Fee Related Earnings.
Previous report
Fee Related Earnings were $613.0 million for the three months ended June 30, 2026, an increase of $69.4 million, compared to $543.6 million for the three months ended June 30, 2025. The increase in Fee Related Earnings was attributable to an increase of $153.1 million in Fee Related Performance Revenues, partially offset by an increase of $92.0 million in Fee Related Compensation.
Previous report
Net Realizations were $132.3 million for the three months ended June 30, 2026, an increase of $110.0 million, compared to $22.2 million for the three months ended June 30, 2025. The increase in Net Realizations was primarily attributable to an increase of $167.3 million in Realized Performance Revenues, partially offset by an increase of $61.1 million in Realized Performance Compensation.
Previous report
Realized Performance Compensation was $85.3 million for three months ended June 30, 2026, an increase of $61.1 million, compared to $24.1 million for the three months ended June 30, 2025. The increase was primarily attributable to the increase in Realized Performance Revenues.
Previous report
Segment Distributable Earnings were $1.3 billion for the six months ended June 30, 2026, an increase of $241.4 million, compared to $1.1 billion for the six months ended June 30, 2025. The increase in Segment Distributable Earnings was attributable to increases of $131.7 million in Fee Related Earnings and of $109.7 million in Net Realizations.
Previous report
Net Realizations were $142.6 million for the six months ended June 30, 2026, an increase of $109.7 million, compared to $32.8 million for the six months ended June 30, 2025. The increase in Net Realizations was attributable to an increase of $190.3 million in Realized Performance Revenues, partially offset by an increase of $75.3 million in Realized Performance Compensation.
Previous report
Realized Performance Revenues were $252.9 million for the six months ended June 30, 2026, an increase of $190.3 million, compared to $62.6 million for the six months ended June 30, 2025. The increase was primarily attributable to higher Realized Performance Revenues in BREP.
Previous report
Realized Performance Compensation was $108.2 million for the six months ended June 30, 2026, an increase of $75.3 million, compared to $32.9 million for the six months ended June 30, 2025. The increase was primarily attributable to the increase in Realized Performance Revenues.
Previous report
Segment Distributable Earnings were $981.5 million for the three months ended June 30, 2026, an increase of $230.1 million, compared to $751.4 million for the three months ended June 30, 2025. The increase in Segment Distributable Earnings was attributable to increases of $197.5 million in Fee Related Earnings and of $32.5 million in Net Realizations.
Previous report
Fee Related Earnings were $716.9 million for the three months ended June 30, 2026, an increase of $197.5 million, compared to $519.4 million for the three months ended June 30, 2025. The increase in Fee Related Earnings was primarily attributable to increases of $199.1 million in Fee Related Performance Revenues and $88.3 million in Management and Advisory Fees, Net, partially offset by an increase of $70.6 million in Fee Related Compensation.
Previous report
Management and Advisory Fees, Net were $794.6 million for the three months ended June 30, 2026, an increase of $88.3 million, compared to $706.3 million for the three months ended June 30, 2025, primarily attributable to an increase in Base Management Fees. Base Management Fees increased $76.4 million, primarily attributable to increased Fee-Earning Assets Under Management in BXPE, BIP and BXINFRA.
Previous report
Realized Performance Revenues were $490.8 million for the three months ended June 30, 2026, an increase of $81.8 million, compared to $409.0 million for the three months ended June 30, 2025. The increase was primarily attributable to increases in Realized Performance Revenues in Corporate Private Equity.
Previous report
Realized Performance Compensation was $251.2 million for the three months ended June 30, 2026, an increase of $54.4 million, compared to $196.8 million for the three months ended June 30, 2025. The increase was primarily attributable to increases in Realized Performance Revenues.
Previous report
Fee Related Earnings were $1.3 billion for the six months ended June 30, 2026, an increase of $417.9 million, compared to $895.9 million for the six months ended June 30, 2025. The increase in Fee Related Earnings was primarily attributable to increases of $308.8 million in Fee Related Performance Revenues and $268.4 million in Management and Advisory Fees, Net, partially offset by an increase of $130.1 million in Fee Related Compensation.
Previous report
Fee Related Performance Revenues were $562.1 million for the six months ended June 30, 2026, an increase of $308.8 million compared to $253.2 million for the six months ended June 30, 2025. The increase was primarily attributable to higher performance revenues in BXPE and crystallization of performance revenues in BXINFRA.
Previous report
Management and Advisory Fees, Net were $1.6 billion for the six months ended June 30, 2026, an increase of $268.4 million compared to $1.3 billion for the six months ended June 30, 2025, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $157.9 million primarily attributable to increased Fee-Earning Assets Under Management in BXPE and BIP. Transaction, Advisory and Other Fees, Net increased $112.7 million, primarily attributable to increased volume of deal activity in BXCM.
Previous report
Net Realizations were $653.4 million for the six months ended June 30, 2026, an increase of $233.2 million, compared to $420.1 million for the six months ended June 30, 2025. The increase in Net Realizations was primarily attributable to an increase of $369.7 million in Realized Performance Revenues, partially offset by an increase of $177.8 million in Realized Performance Compensation.
Previous report
Realized Performance Revenues were $1.1 billion for the six months ended June 30, 2026, an increase of $369.7 million, compared to $759.1 million for the six months ended June 30, 2025. The increase was primarily attributable to increases in Realized Performance Revenues in Corporate Private Equity and Tactical Opportunities.
Previous report
Realized Performance Compensation was $545.7 million for the six months ended June 30, 2026, an increase of $177.8 million, compared to $368.0 million for the six months ended June 30, 2025. The increase was primarily attributable to the increase in Realized Performance Revenues.
Previous report
Segment Distributable Earnings were $373.2 million for the three months ended June 30, 2026, a decrease of $22.5 million, compared to $395.8 million for the three months ended June 30, 2025. The decrease in Segment Distributable Earnings was attributable to a decrease of $59.6 million in Net Realizations, partially offset by an increase of $37.0 million in Fee Related Earnings.
Previous report
Our Credit & Insurance segment demonstrated stability and increasing diversification in the second quarter of 2026 amid a volatile market environment. Overall increased levels of financing and investment activity contributed to strong transaction and advisory fees and overall growth in fee revenues. Ournon-investment grade private credit strategies generated modest returns, reflecting strong interest income and stable underlying credit performance across the majority of our holdings but offset by markdowns in select underperforming credits.
Previous report
Fundraising in our Credit & Insurance segment was strong in the second quarter of 2026, benefitting from strong engagement with institutions across ournon-investment grade strategies and long-term structural shifts in investment grade private credit. Opportunities for corporate and bank partnerships should also support momentum in investment grade private credit strategies.
Previous report
Fee Related Earnings were $370.1 million for the three months ended June 30, 2026, an increase of $37.0 million, compared to $333.0 million for the three months ended June 30, 2025. The increase in Fee Related Earnings was attributable to an increase of $102.1 million in Management and Advisory Fees, Net, partially offset by a decrease of $30.8 million in Fee Related Performance Revenues and an increase of $17.3 million in Fee Related Compensation.
Previous report
Management and Advisory Fees, Net were $572.8 million for the three months ended June 30, 2026, an increase of $102.1 million, compared to $470.6 million for the three months ended June 30, 2025, primarily attributable to increases in Transaction, Advisory and Other Fees, Net and Base Management Fees. Transaction, Advisory and Other Fees, Net increased $77.8 million, primarily attributable to capital markets advisory revenues. Beginning in the three months ended June 30, 2026, capital markets advisory revenues generated in connection with certain financing transactions in infrastructure and asset based credit strategies are presented in the Credit & Insurance segment. Previously, all capital markets advisory revenues were included in the Private Equity segment as part of the BXCM business. Base Management Fees increased $26.0 million, primarily attributable to an increase in Fee-Earning Assets Under Management in our insurance platform.
Previous report
Fee Related Compensation was $237.6 million for the three months ended June 30, 2026, an increase of $17.3 million, compared to $220.3 million for the three months ended June 30, 2025. The increase was primarily attributable to an increase in Management and Advisory Fees, Net, on which a portion of Fee Related Compensation is based.
Previous report
Net Realizations were $3.2 million for the three months ended June 30, 2026, a decrease of $59.6 million, compared to $62.8 million for the three months ended June 30, 2025. The decrease in Net Realizations was attributable to a decrease of $75.9 million in Realized Performance Revenues, partially offset by a decrease of $26.7 million in Realized Performance Compensation.
Previous report
Realized Performance Revenues were $11.5 million for the three months ended June 30, 2026, a decrease of $75.9 million, compared to $87.4 million for the three months ended June 30, 2025. The decrease was primarily attributable to decreases in Realized Performance Revenues in private corporate credit funds.
Previous report
Realized Performance Compensation was $3.7 million for the three months ended June 30, 2026, a decrease of $26.7 million, compared to $30.4 million for the three months ended June 30, 2025. The decrease was primarily attributable to the decrease in Realized Performance Revenues.
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Reworded paragraphs (68)
Previous wording
Our Blackstone Real Estate Debt Strategies (“BREDS”) platform primarily targets real estate-related debt investment opportunities. BREDS invests in both public and private markets, primarily in the U.S. and Europe. BREDS’ scale and investment mandates enable it to provide a variety of lending options for our borrowers and investment options for our investors, including commercial real estate mortgage loans and liquid real estate-related debt securities. The BREDS platform includes high-yield real estate debt funds, liquid real estate debt funds, capital managed on behalf of our Credit & Insurance segment, and Blackstone Mortgage Trust, Inc. (“BXMT”), a NYSE-listed mortgage REIT.
Current wording
Our Blackstone Real Estate Debt Strategies (“BREDS”) platform primarily targets real estate-related debt investment opportunities. BREDS invests in both public and private markets, primarily in the U.S. and Europe. BREDS’ scale and investment mandates enable it to provide a variety of lending options for our borrowers and investment options for our investors, including commercial real estate mortgage loans and liquid real estate-related debt securities. The BREDS platform includes high-yield BREDS funds, lower-yielding debt (including “BREC”) funds, liquid debt funds, capital managed on behalf of our Credit & Insurance segment, and Blackstone Mortgage Trust, Inc. (“BXMT”), a NYSE-listed mortgage REIT.
Previous wording
Our Credit & Insurance segment (“BXCI”) offers its clients and borrowers a comprehensive solution across corporate and asset based credit, including investment grade andnon-investment grade debt. BXCI is one of the largest credit managers and CLO managers in the world. The investment portfolios BXCI’s credit platform manages orsub-advises consist primarily of loans and securities ofnon-investment and investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity.
Current wording
Our Credit & Insurance segment (“BXCI”) is one of the largest credit managers in the world offering its clients and borrowers comprehensive solutions across investment grade andnon-investment grade private and liquid credit. The investment portfolios BXCI’s credit platform manages orsub-advises consist primarily of loans and securities ofnon-investment and investment grade companies spread across the capital structure, including senior debt, subordinated debt, preferred stock and common equity.
Previous wording
BXCI is organized into three overarching credit investing strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. The private corporate credit strategies include mezzanine and direct lending funds, stressed/distressed strategies and SMAs. The direct lending funds include Blackstone Private Credit Fund (“BCRED”), Blackstone Secured Lending Fund (“BXSL”), both of which are business development companies (“BDCs”), as well as Blackstone European Private Credit Fund (“ECRED”).
Current wording
Our private corporate credit strategies provide financing solutions to borrowers across a breadth of credit instruments, including senior direct lending and opportunistic credit. The direct lending funds include Blackstone Private Credit Fund (“BCRED”), Blackstone Secured Lending Fund (“BXSL”), both of which are business development companies (“BDCs”), as well as Blackstone European Private Credit Fund (“ECRED”).
Previous wording
The liquid corporate credit strategies consist of CLOs, closed-ended funds, open-ended funds, systematic strategies and SMAs. The infrastructure and asset based credit strategies include private placement strategies, energy strategies (including our sustainable resources platform) and asset based finance strategies focused on privately originated, income-oriented credit assets secured by physical, financial or residential real estate collateral.
Current wording
Our infrastructure and asset based credit strategies consist primarily of energy strategies (including our sustainable resources platform), infrastructure debt, and asset based finance strategies focused on privately originated, income-oriented credit assets secured by physical, financial or residential real estate collateral.
Previous wording
Our insurance platform focuses on providing investment management services for insurance and reinsurance accounts, seeking to deliver customized and diversified portfolios consisting primarily of investment grade credit, including through Blackstone’s private credit origination capabilities. Through this platform, we provide our clients tailored portfolio construction, strategic asset allocation and specialized analytical tools. While focusing on policyholder protection, we seek to achieve risk-managed, liability-matched and capital-efficient returns, as well as diversification and capital preservation. We also provide similar services to clients through SMAs or bysub-managing assets for certain insurance-dedicated funds and special purpose vehicles.
Current wording
BXCI also has an insurance platform that focuses on providing investment management services for insurance and reinsurance accounts, seeking to deliver customized and diversified portfolios consisting primarily of investment grade credit, including through Blackstone’s private credit origination capabilities. Through this insurance platform, we provide our clients tailored portfolio construction, strategic asset allocation and specialized analytical tools. While focusing on policyholder protection, we seek to achieve risk-managed, liability-matched and capital-efficient returns, as well as diversification and capital preservation. We also provide similar services to clients through SMAs or bysub-managing assets for certain insurance-dedicated funds and special purpose vehicles.
Previous wording
BXMA is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management and Public Real Assets. Absolute Return manages a broad range of commingled and customized portfolios and aims to generate consistent returns across market environments. Multi-Strategy aims to generate strong risk-adjusted returns through opportunistic, asset-class agnostic investing. Total Portfolio Management manages large-scale total portfolios across asset classes in both public and private markets. The Public Real Assets platform is managed by Harvest Fund Advisors LLC (“Harvest”), which primarily invests in publicly traded energy infrastructure, renewables and master limited partnerships holding midstream energy assets in North America.
Current wording
BXMA is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management and Public Real Assets. Absolute Return manages a broad range of commingled and customized portfolios and aims to generate consistent returns across market environments. Multi-Strategy aims to generate strong risk-adjusted returns through opportunistic, asset-class agnostic investing, and includes Blackstone Multi-Strategy Hedge Fund L.P. (“BXHF”), a perpetual multi-strategy hedge fund product for the individual investor channel. Total Portfolio Management manages large-scale total portfolios across asset classes in both public and private markets. The Public Real Assets platform is managed by Harvest Fund Advisors LLC (“Harvest”), which primarily invests in publicly traded energy infrastructure, renewables and master limited partnerships holding midstream energy assets in North America.
Previous wording
Despite slowing growth, the U.S. economy continued to demonstrate resilience in the second quarter. The Bureau of Economic Analysis’ advance estimate of U.S. real GDP indicated annualized growth of 1.5% quarter-over-quarter, compared to 2.1% in the first quarter. Wages rose 3.5% year-over-year in June 2026. Demand for retail and food services also remained strong, with sales increasing 6.7% year-over-year. The labor market remained in balance, with the unemployment rate at 4.2% as of June 2026 compared to 4.3% in March 2026.
Current wording
U.S. economic growth has remained resilient. The Bureau of Economic Analysis’ advance estimate of U.S. real GDP indicated annualized growth of 3.0% quarter-over-quarter, up from 2.2%. Wages rose 3.0% year-over-year in September 2026. Demand for retail and food services also remained strong, with sales increasing 6.3% year-over-year. The labor market remained stable, with the unemployment rate at 4.2% as of September 2026 compared to 4.2% in June 2026.
Previous wording
Outside of the U.S., central banks have pursued a variety of policy approaches in response to regional economic conditions. The Bank of England left its bank rate unchanged at 3.75% through the second quarter. Inflation in the U.K. decreased to 2.6% year-over-year in June from 3.3% in March 2026. The European Central Bank increased its deposit facility rate by 25 basis points to 2.25% in June amid inflationary pressures associated with higher energy prices. The Bank of Japan increased its policy rate to 1.0% in June from 0.75%, as policymakers balanced inflation concerns against economic growth considerations. The People’s Bank of China left its rate unchanged at 3.0% for itsone-year prime loan.
Current wording
Outside of the U.S., central banks have pursued a variety of policy approaches in response to regional economic conditions. The Bank of England left its bank rate unchanged at 3.75% through the third quarter. Inflation in the U.K. increased to 3.5% year-over-year in September 2026 from 2.6% in June of 2026. The European Central Bank increased its deposit facility rate by 25 basis points to 2.50% in September 2026 amid continued inflationary pressures associated with higher energy prices. The Bank of Japan increased its policy rate to 1.25% in September 2026 from 1.00%, as policymakers balanced inflation concerns against economic growth considerations. The People’s Bank of China left its rate unchanged at 3.0% for itsone-year prime loan.
Previous wording
Realized Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year in respect of this compensation program. The program, which typically has an impact on individual quarters based on the estimated amounts for the full year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the full year. For the three and six months ended June 30, 2026, Realized Performance Compensation increased by $39.9 million and $68.2 million, respectively, and Fee Related Compensation decreased by $17.5 million and $35.0 million, respectively, which reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision (Benefits) for Taxes and Distributable Earnings in the three and six months ended June 30, 2026. These changes had an impact on individual quarters but did not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the year ended December 31, 2025.
Current wording
Realized Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year in respect of this compensation program. The program, which typically has an impact on individual quarters based on the estimated amounts for the full year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the full year. For the three months ended September 30, 2026, there was no change in Realized Performance Compensation and Fee Related Compensation decreased by $17.5 million, which had no impact on Net Realizations, increased Fee Related Earnings and had a positive impact to Income Before Provision (Benefits) for Taxes and Distributable Earnings. For the nine months ended September 30, 2026, Realized Performance Compensation increased by $68.2 million and Fee Related Compensation decreased by $52.5 million, which reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision (Benefits) for Taxes and Distributable Earnings. These changes had an impact on individual quarters but did not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the year ended December 31, 2025.
Previous wording
The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the three and nine months ended September 30, 2026 and 2025:
Previous wording
The $323.3 million increase in Unrealized Investment Income was primarily attributable to lower unrealized depreciation in the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The principal driver was:
Current wording
The $77.2 million increase in Unrealized Investment Income was primarily attributable to lower unrealized depreciation in the three months ended September 30, 2026 compared to the three months ended September 30, 2025. The principal drivers were:
Previous wording
Management and Advisory Fees, Net were $2.3 billion for the three months ended June 30, 2026, an increase of $230.5 million, compared to $2.0 billion for the three months ended June 30, 2025. The increase in Management and Advisory Fees, Net was primarily attributable to increases in our Credit & Insurance segment of $102.1 million and in our Private Equity segment of $88.3 million. The increase in our Credit & Insurance segment was primarily attributable to increased Transaction, Advisory and Other Fees, Net due to capital markets advisory revenues. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to increased Fee-Earning Assets Under Management in BXPE, BIP and BXINFRA.
Current wording
Management and Advisory Fees, Net were $2.2 billion for the three months ended September 30, 2026, an increase of $121.9 million, compared to $2.1 billion for the three months ended September 30, 2025. The increase in Management and Advisory Fees, Net was primarily attributable to an increase in our Private Equity segment of $120.7 million. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to increased Fee-Earning Assets Under Management in BXPE, BIP and BXINFRA and an increase in Transaction, Advisory and Other Fees, Net due to increased transaction activity in BXCM.
Previous wording
Expenses were $4.6 billion for the six months ended June 30, 2026, an increase of $810.9 million, compared to $3.8 billion for the six months ended June 30, 2025. The increase was primarily attributable to an increase of $705.2 million in Total Compensation and Benefits, of which $495.3 million was an increase in Performance Allocations Compensation. The increase in Performance Allocations Compensation was primarily attributable to an increase in Performance Allocations, on which a portion of Performance Allocations Compensation is based.
Current wording
Expenses were $1.6 billion for the three months ended September 30, 2026, a decrease of $125.4 million, compared to $1.8 billion for the three months ended September 30, 2025. The decrease was primarily attributable to a decrease of $164.5 million in Total Compensation and Benefits, of which $207.0 million was a decrease in Performance Allocations Compensation, partially offset by an increase of $55.1 million in Compensation. The decrease in Performance Allocations Compensation was primarily attributable to the decrease in Investment Income (Loss), on which a portion of Performance Allocations Compensation is based. The increase in Compensation was primarily attributable to the increase in Management and Advisory Fees, Net, on which a portion of Compensation is based.
Previous wording
Other Income was $239.8 million for the six months ended June 30, 2026, an increase of $45.9 million, compared to $193.9 million for the six months ended June 30, 2025. The increase in Other Income was attributable to an increase of $45.9 million in Net Gains from Fund Investment Activities. The increase in Net Gains from Fund Investment Activities was primarily attributable to an increase of $111.1 million in our Private Equity segment, partially offset by decreases of $34.4 million in our Multi-Asset Investing segment and $19.1 million in our Real Estate segment.
Current wording
Other Income was $93.4 million for the three months ended September 30, 2026, a decrease of $15.2 million, compared to $108.6 million for the three months ended September 30, 2025. The decrease in Other Income was attributable to a decrease of $15.2 million in Net Gains from Fund Investment Activities. The decrease in Net Gains from Fund Investment Activities was primarily attributable to a decrease of $44.0 million in our Real Estate segment, partially offset by increases of $33.1 million in our Private Equity segment and $7.2 million in our Credit & Insurance segment.
Previous wording
Revenues were $8.7 billion for the six months ended June 30, 2026, an increase of $1.7 billion, compared to $7.0 billion for the six months ended June 30, 2025. The increase in Revenues was primarily attributable to increases of $842.2 million in Investment Income and of $474.8 million in Management and Advisory Fees, Net.
Current wording
Revenues were $11.7 billion for the nine months ended September 30, 2026, an increase of $1.6 billion, compared to $10.1 billion for the nine months ended September 30, 2025. The increase in Revenues was primarily attributable to increases of $721.1 million in Investment Income and $596.7 million in Management and Advisory Fees, Net.
Previous wording
The $1.0 billion increase in Realized Investment Income was primarily attributable to higher realized gains in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The principal drivers were:
Current wording
The $844.1 million increase in Realized Investment Income was primarily attributable to higher realized gains in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The principal drivers were:
Previous wording
The $200.2 million decrease in Unrealized Investment Income was primarily attributable to lower unrealized gains in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The principal drivers were:
Current wording
The $123.0 million decrease in Unrealized Investment Income was primarily attributable to lower unrealized appreciation in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The principal drivers were:
Previous wording
The $474.8 million increase in Management and Advisory Fees, Net was primarily attributable to an increase in our Private Equity segment of $268.4 million. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to increased Fee-Earning Assets Under Management in BXPE and BIP, as well as an increase in Transaction, Advisory and Other Fees, Net due to increased volume of deal activity in BXCM.
Current wording
The $596.7 million increase in Management and Advisory Fees, Net was primarily attributable to increases in our Private Equity segment of $389.1 million and in our Credit & Insurance segment of $190.8 million. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to increased Fee-Earning Assets Under Management in BXPE, BIP, and BXINFRA and an increase in Transaction, Advisory and Other Fees, Net due to increased transaction activity in BXCM. The increase in our Credit & Insurance segment was primarily attributable to increased Transaction, Advisory and Other Fees, Net due to capital markets advisory revenues.
Previous wording
Expenses were $2.4 billion for the three months ended June 30, 2026, an increase of $443.0 million, compared to $1.9 billion for the three months ended June 30, 2025. The increase was primarily attributable to an increase of $392.6 million in Total Compensation and Benefits, of which $317.6 million was an increase in Performance Allocations Compensation. The increase in Performance Allocations Compensation was primarily attributable to an increase in Performance Allocations, on which a portion of Performance Allocations Compensation is based.
Current wording
Expenses were $6.3 billion for the nine months ended September 30, 2026, an increase of $685.5 million, compared to $5.6 billion for the nine months ended September 30, 2025. The increase was primarily attributable to an increase of $540.7 million in Total Compensation and Benefits, of which $288.3 million was an increase in Performance Allocations Compensation and $285.3 million was an increase in Compensation. The increase in Performance Allocations Compensation was primarily attributable to an increase in Performance Allocations, on which a portion of Performance Allocations Compensation is based. The increase in Compensation was primarily attributable to the increase in Management and Advisory Fees, Net, on which a portion of Compensation is based.
Previous wording
Other Income was $140.1 million for the three months ended June 30, 2026, an increase of $3.8 million, compared to $136.3 million for the three months ended June 30, 2025. The increase in Other Income was attributable to an increase of $3.8 million in Net Gains from Fund Investment Activities. The increase in Net Gains from Fund Investment Activities was primarily attributable to an increase of $50.8 million in our Private Equity segment, partially offset by decreases of $21.6 million in our Real Estate segment and $14.1 million in our Multi-Asset Investing segment.
Current wording
Other Income was $333.3 million for the nine months ended September 30, 2026, an increase of $30.7 million, compared to $302.5 million for the nine months ended September 30, 2025. The increase in Other Income was attributable to an increase of $30.7 million in Net Gains from Fund Investment Activities. The increase in Net Gains from Fund Investment Activities was primarily attributable to an increase of $144.2 million in our Private Equity segment, partially offset by decreases of $63.1 million in our Real Estate segment and $45.8 million in our Multi-Asset Investing segment.
Previous wording
Blackstone’s Provision for Taxes for the three months ended June 30, 2026 was $452.4 million, an increase of $162.9 million, compared to $289.5 million for the three months ended June 30, 2025. This resulted in an effective tax rate of 16.1% and 15.1%, based on our Income Before Provision for Taxes of $2.8 billion and $1.9 billion for the three months ended June 30, 2026 and 2025, respectively.
Current wording
Blackstone’s Provision for Taxes for the three months ended September 30, 2026 was $258.6 million, an increase of $48.9 million, compared to $209.7 million for the three months ended September 30, 2025. This resulted in an effective tax rate of 16.9% and 14.5%, based on our Income Before Provision for Taxes of $1.5 billion and $1.4 billion for the three months ended September 30, 2026 and 2025, respectively.
Previous wording
The decrease in Blackstone’s effective tax rate for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, relates primarily to Blackstone’s state tax provisions for the jurisdictions in which it operates, partially offset by the impact of Non-Controlling interests in Consolidated Entities.
Current wording
The increase in Blackstone’s effective tax rate for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities and Blackstone’s state tax provisions for the jurisdictions in which it operates.
Previous wording
Blackstone’s Provision for Taxes for the six months ended June 30, 2026 was $649.5 million, an increase of $116.2 million, compared to $533.3 million for the six months ended June 30, 2025. This resulted in an effective tax rate of 15.2% and 15.8%, based on our Income Before Provision for Taxes of $4.3 billion and $3.4 billion for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Blackstone’s Provision for Taxes for the nine months ended September 30, 2026 was $908.1 million, an increase of $165.1 million, compared to $743.0 million for the nine months ended September 30, 2025. This resulted in an effective tax rate of 15.7% and 15.4%, based on our Income Before Provision for Taxes of $5.8 billion and $4.8 billion for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
The increase in Blackstone’s effective tax rate for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities.
Current wording
The increase in Blackstone’s effective tax rate for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities.
Previous wording
The Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities and Net Income Attributable to Non-Controlling Interests in Consolidated Entities is attributable to the consolidated Blackstone Funds. The amounts of these items vary directly with the performance of the consolidated Blackstone funds and largely eliminate the amount of Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities from the Net Income Attributable to Blackstone Inc.
Current wording
The Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities is attributable to the consolidated Blackstone funds and Net Income Attributable to Non-Controlling Interests in Consolidated Entities is attributable to both the consolidated Blackstone funds and the portion of general partner entities owned by employees. The amounts of these items vary directly with the performance of the consolidated entities. For the consolidated Blackstone funds, the attribution tonon-controlling interests largely reduces the amount of Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities and Fund Expenses attributable to Blackstone Inc. For the general partner entities, thenon-controlling interests are attributed a portion of Realized and Unrealized Principal Investment Income.
Previous wording
For the three months ended June 30, 2026 and 2025, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.1% and 37.7%, respectively. For the six months ended June 30, 2026 and 2025, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.2% and 37.9%, respectively. The respective decreases of 0.6% and 0.7% were primarily attributable to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.
Current wording
For the three months ended September 30, 2026 and 2025, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 36.9% and 37.5%, respectively. For the nine months ended September 30, 2026 and 2025, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.1% and 37.7%, respectively. The respective decreases of 0.6% were primarily attributable to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.
Previous wording
The following graphs and tables summarize the Total Assets Under Management by Segment and Fee-Earning Assets Under Management by Segment, followed by a rollforward of activity for the three and six months ended June 30, 2026 and 2025. For a description of how Assets Under Management and Fee-Earning Assets Under Management are determined, please see “—Key Financial Measures and Indicators — Operating Metrics — Total and Fee-Earning Assets Under Management.”
Current wording
The following graphs and tables summarize the Total Assets Under Management by Segment and Fee-Earning Assets Under Management by Segment, followed by a rollforward of activity for the three and nine months ended September 30, 2026 and 2025. For a description of how Assets Under Management and Fee-Earning Assets Under Management are determined, please see “—Key Financial Measures and Indicators — Operating Metrics — Total and Fee-Earning Assets Under Management.”
Previous wording
Total Assets Under Management were $1,346.3 billion at June 30, 2026, an increase of $71.3 billion compared to $1,274.9 billion at December 31, 2025. The net increase was due to:
Current wording
Total Assets Under Management were $1,368.3 billion at September 30, 2026, an increase of $93.4 billion compared to $1,274.9 billion at December 31, 2025. The net increase was due to:
Previous wording
Fee-Earning Assets Under Management were $961.6 billion at June 30, 2026, an increase of $39.9 billion compared to $921.7 billion at December 31, 2025. The net increase was due to:
Current wording
Fee-Earning Assets Under Management were $989.7 billion at September 30, 2026, an increase of $68.0 billion compared to $921.7 billion at December 31, 2025. The net increase was due to:
Previous wording
The following table presents the Accrued Performance Revenues, net of performance compensation, of the Blackstone Funds as of June 30, 2026 and 2025. Net Accrued Performance Revenues presented do not include clawback amounts, if any, which are disclosed in Note 16. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Condensed Consolidated Financial Statements” in
Current wording
The following table presents the Accrued Performance Revenues, net of Performance Compensation, of the Blackstone Funds as of September 30, 2026 and 2025. Net Accrued Performance Revenues presented do not include clawback amounts, if any, which are disclosed in Note 16. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing. See“—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues.
Previous wording
For the twelve months ended June 30, 2026, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $4.6 billion, partially offset by net realized distributions of $3.8 billion.
Current wording
For the twelve months ended September 30, 2026, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $4.4 billion, partially offset by net realized distributions of $3.6 billion.
Previous wording
Perpetual Capital Total Assets Under Management was $555.6 billion as of June 30, 2026, an increase of $15.9 billion, compared to $539.7 billion as of March 31, 2026. Perpetual Capital Total Assets Under Management in our Private Equity and Credit & Insurance segments increased $11.4 billion and $4.1 billion, respectively.
Current wording
Perpetual Capital Total Assets Under Management was $562.3 billion as of September 30, 2026, an increase of $6.7 billion, compared to $555.6 billion as of June 30, 2026. Perpetual Capital Total Assets Under Management in our Private Equity and Credit & Insurance segments increased $8.4 billion and decreased $2.0 billion, respectively.
Previous wording
Perpetual Capital Total Assets Under Management was $555.6 billion as of June 30, 2026, an increase of $31.9 billion, compared to $523.6 billion as of December 31, 2025. Perpetual Capital Total Assets Under Management in our Private Equity and Credit & Insurance segments increased $21.0 billion and $9.4 billion, respectively.
Current wording
Perpetual Capital Total Assets Under Management was $562.3 billion as of September 30, 2026, an increase of $38.6 billion, compared to $523.6 billion as of December 31, 2025. Perpetual Capital Total Assets Under Management in our Private Equity and Credit & Insurance segments increased $29.4 billion and $7.4 billion, respectively.
Previous wording
Segment Distributable Earnings were $177.9 million for the six months ended June 30, 2026, an increase of $49.9 million, compared to $128.0 million for the six months ended June 30, 2025. The increase in Segment Distributable Earnings was attributable to increases of $35.7 million in Fee Related Earnings and $14.1 million in Net Realizations.
Current wording
Segment Distributable Earnings were $553.7 million for the three months ended September 30, 2026, a decrease of $64.7 million, compared to $618.3 million for the three months ended September 30, 2025. The decrease in Segment Distributable Earnings was attributable to decreases of $50.6 million in Fee Related Earnings and $14.1 million in Net Realizations.
Previous wording
Overall values in our real estate segment appreciated modestly in the second quarter of 2026, led by strength in digital infrastructure and partly offset by declines in life science office and certain other areas. Despite elevated base rates and volatility from the ongoing conflict in the Middle East continuing to weigh on transaction activity, debt capital markets continued to exhibit strength in the quarter. While the overall recovery in commercial real estate has also been impacted by the increase in base rates, we believe there are a number of positive factors that should support values in our Real Estate portfolio over time. In addition to favorable debt capital markets, these factors include strong fundamentals in digital infrastructure, a meaningfulre-acceleration of U.S. leasing activity in our logistics portfolio and declining new supply, including in rental housing. These three sectors represent a substantial portion of our overall real estate equity portfolio.
Current wording
Overall values in our Real Estate segment decreased modestly in the third quarter of 2026, primarily due to increased capitalization rates across our real estate holdings. Although sectors with lower growth, such as multifamily, were disproportionately impacted by the volatile interest rate environment, the resulting declines in value were partially offset by momentum in digital infrastructure investments and gains from interest rate hedges. Differing exposure to these factors led to modest appreciation in Core+ and depreciation in BREP. The pace of the recovery in commercial real estate has continued to be impacted by higher base rates, and continued volatility could further pressure the values of certain holdings and are likely to continue to negatively impact transaction activity, including realizations. Nonetheless, we believe that strengthening fundamentals in sectors representing a substantial portion of our overall real estate equity portfolio, including accelerating demand in digital infrastructure, a meaningfulre-acceleration of U.S. leasing activity in logistics, and declining new supply, should provide support to values in our Real Estate portfolio over time.
Previous wording
Fee Related Compensation was $262.2 million for the three months ended June 30, 2026, an increase of $92.0 million, compared to $170.2 million for the three months ended June 30, 2025. The increase was primarily attributable to the increase in Fee Related Performance Revenues, on which a portion of Fee Related Compensation is based.
Current wording
Fee Related Compensation was $196.0 million for the three months ended September 30, 2026, an increase of $27.7 million, compared to $168.4 million for the three months ended September 30, 2025. The increase was primarily attributable to the increase in Fee Related Performance Revenues, on which a portion of Fee Related Compensation is based.
Previous wording
Fee Related Performance Revenues were $242.7 million for the three months ended June 30, 2026, an increase of $153.1 million, compared to $89.6 million for the three months ended June 30, 2025. The increase was attributable to higher Fee Related Performance Revenues in BREIT.
Current wording
Fee Related Performance Revenues were $160.6 million for the three months ended September 30, 2026, an increase of $35.9 million, compared to $124.6 million for the three months ended September 30, 2025. The increase was primarily attributable to higher Fee Related Performance Revenues in BREIT.
Previous wording
Fee Related Performance Revenues were $395.7 million for the six months ended June 30, 2026, an increase of $268.3 million, compared to $127.4 million for the six months ended June 30, 2025. The increase was attributable to higher Fee Related Performance Revenues in BREIT.
Current wording
Fee Related Performance Revenues were $556.3 million for the nine months ended September 30, 2026, an increase of $304.2 million, compared to $252.0 million for the nine months ended September 30, 2025. The increase was primarily attributable to higher Fee Related Performance Revenues in BREIT.
Previous wording
Fee Related Compensation were $455.3 million for the six months ended June 30, 2026, an increase of $114.6 million, compared to $340.7 million for the six months ended June 30, 2025. The increase was primarily attributable to the increase in Fee Related Performance Revenues, on which a portion of Fee Related Compensation is based.
Current wording
Fee Related Compensation was $651.4 million for the nine months ended September 30, 2026, an increase of $142.2 million, compared to $509.1 million for the nine months ended September 30, 2025. The increase was primarily attributable to the increase in Fee Related Performance Revenues, on which a portion of Fee Related Compensation is based.
Previous wording
Realized Performance Revenues were $210.9 million for the three months ended June 30, 2026, an increase of $167.3 million, compared to $43.6 million for the three months ended June 30, 2025. The increase was primarily attributable to higher Realized Performance Revenues in BREP.
Current wording
Realized Performance Revenues were $352.9 million for the nine months ended September 30, 2026, an increase of $157.5 million, compared to $195.4 million for the nine months ended September 30, 2025. The increase was primarily attributable to higher Realized Performance Revenues in BREP.
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Previous report — wording carried elsewhere
“—Item 1. Financial Statements” of this filing. See“—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues.
Previous report — wording carried elsewhere
Note: Totals may not add due to rounding.
Previous report — wording carried elsewhere
Additionally, fluctuations in our statement of financial condition also include appreciation or depreciation in Blackstone investments in thenon-consolidated Blackstone funds, additional investments and redemptions of such interests in thenon-consolidated Blackstone funds and the collection of receivables related to management and advisory fees.