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Blackstone
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Updated Nov 6, 2026
Blackstone Q3 2026: Total AUM reaches $1.37 trillion with $102.9B net inflows YTD, but rising rates suppress realizations and BCRED faces net outflows
Blackstone's nine-month 2026 results demonstrate the durable power of its fee-related earnings engine: Fee Related Earnings reached $4.9 billion for the nine months ended September 30, 2026, up from $4.2 billion in the prior year period, driven by Private Equity segment FRE growth of 39% as BXPE, BIP, and BXINFRA scaled Fee-Earning AUM. The realization environment is bifurcated — nine-month Realized Performance Revenues of $1.98 billion exceeded the prior year, but Q3 alone saw a 49% decline in Private Equity Net Realizations versus Q3 2025 due to the absence of the GP Stakes portfolio sale that boosted the year-ago quarter. The most consequential near-term risk is the Credit & Insurance segment: BCRED net outflows, rising direct lending defaults, and AI-driven disruption concerns on software portfolio valuations are compressing segment distributable earnings, which fell 10% year-over-year for the nine-month period.
Tone: mixedRevenue
$14.5B
BX 10-K · FY 2025
Employees
5,285
Revenue FY2024
$13.2B
Founded
1985
Profile
BX 10-K Item 1 · Feb 27, 2026Blackstone is the world's largest alternative asset manager with over $1.3 trillion in total assets under management as of December 31, 2025. The firm manages capital across four business segments — Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing — on behalf of institutional and individual investors globally. Its business model generates revenue through management fees, performance allocations (carried interest), and incentive fees across a diversified suite of fund structures including perpetual capital vehicles.
Read filing description ↓ Collapse description ↑
Blackstone is the world's largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies and assets in which we invest. Our more than $1.3 trillion in Total Assets Under Management as of December 31, 2025 include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Our businesses use a solutions-oriented approach to drive better performance. We believe our scale, diversified business, long record of investment performance, rigorous investment process and strong client relationships position us to continue to perform well in a variety of market conditions, expand our assets under management, and innovate. We invest across asset classes on behalf of our investors, including pension funds, insurance companies and individual investors. Our mission is to fulfill our fiduciary duty by creating long-term value for our investors. We aim to do this by strengthening the companies, real estate assets and other investments in our portfolio, equipping them to thrive in the global economy. To the extent our funds perform well, we can support a better retirement for tens of millions of pensioners, including teachers, nurses and firefighters. As of December 31, 2025, we employed approximately 5,285 people, including our 268 senior managing directors, at our headquarters in New York and around the world. Our employees are integral to Blackstone's culture of integrity, professionalism and excellence.
Primary products
- Blackstone Real Estate Partners (BREP)
- Blackstone Property Partners (BPP)
- Blackstone Real Estate Income Trust (BREIT)
- Blackstone European Property Income Fund (BEPIF)
- Blackstone Real Estate Debt Strategies (BREDS)
- Blackstone Mortgage Trust (BXMT)
Business segments
End markets
Geographies
Named customers
“The asset management industry is intensely competitive, and we expect it to remain so. We compete both globally and on a regional, industry and sector basis. We compete on the basis of a number of factors, including investment performance, transaction execution skills, access to capital, access to and retention of qualified personnel, reputation, range of products and services, innovation and price.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased by approximately $1.2 billion in 2025 versus 2024, driven primarily by increases in Management and Advisory Fees and Investment Income.
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