Blackstone : First-Quarter 2026 Earnings Press Release and Presentation
BX
Published on 04/23/2026 at 07:03 am EDT
New York, April 23, 2026: Blackstone (NYSE:BX) today reported its first quarter 2026 results.
Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "Blackstone delivered outstanding first-quarter results despite the turbulent environment, highlighted by almost $70 billion of inflows and positive appreciation across nearly all of our flagship strategies. Our all-weather model protects us in these times of disruption while also allowing us to invest where we see the greatest opportunity."
Blackstone issued a full detailed presentation of its first quarter 2026 results, which can be viewed at https://www.blackstone.com.
Dividend
Blackstone has declared a quarterly dividend of $1.16 per share to record holders of common stock at the close of business on May 4, 2026. This dividend will be paid on May 11, 2026.
Quarterly Investor Call Details
Blackstone will host its first quarter 2026 investor conference via public webcast on April 23, 2026, at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1757288&tp_key=030d40a759. For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Blackstone's website at https://ir.blackstone.com/.
Blackstone
345 Park Avenue, New York, NY 10154 T 212 583 5000
https://www.blackstone.com
This presentation does not constitute an offer of any Blackstone Fund.
Investor and Media Relations Contacts
Weston Tucker Blackstone
Tel: +1 (212) 583-5231
Christine Anderson Blackstone
Tel: +1 (212) 583-5182
APRIL 23, 2026
GAAP Net Income was $1.3 billion for the quarter and $6.1 billion over the last twelve months ("LTM"). GAAP Net
Income Attributable to Blackstone Inc. was $650 million for the quarter and $3.1 billion over the LTM.
($ in thousands, except per share data) (unaudited) 1Q'25
Revenues
1Q'26 1Q'25 LTM
1Q'26 LTM
Management and Advisory Fees, Net
$ 1,904,317
$ 2,148,620
$ 7,366,105
$ 8,319,904
Incentive Fees
191,825
165,419
976,662
951,796
Performance Allocations
825,251
1,386,625
3,555,944
4,866,680
Principal Investments
344,255
(241,982)
516,884
359,699
Interest and Dividend Revenue
97,420
107,940
410,740
426,613
Other
(73,610)
50,973
5,263
(146,290)
Total Revenues
$ 3,289,458
$ 3,617,595
$ 12,831,598
$ 14,778,402
Expenses
Compensation and Benefits
1,431,840
1,744,415
5,117,589
5,933,104
General, Administrative and Other
332,373
372,821
1,324,332
1,564,996
Interest Expense
118,115
137,053
453,600
527,252
Fund Expenses
12,104
8,004
27,830
45,116
Total Expenses
$ 1,894,432
$ 2,262,293
$ 6,923,351
$ 8,070,468
Other Income
$ 57,575
$ 99,755
$ 124,180
$ 466,168
Income Before Provision for Taxes
$ 1,452,601
$ 1,455,057
$ 6,032,427
$ 7,174,102
Provision for Taxes
243,827
197,150
981,827
1,078,346
Net Income
$ 1,208,774
$ 1,257,907
$ 5,050,600
$ 6,095,756
Redeemable NCI in Consolidated Entities
7,900
21,010
(13,720)
58,610
Non-Redeemable NCI in Consolidated Entities
586,022
587,168
2,520,346
2,983,055
Net Income Attributable to Blackstone Inc.
$ 614,852
$ 649,729
$ 2,543,974
$ 3,054,091
Net Income Per Share of Common Stock, Basic
$ 0.80
$ 0.83
$ 3.31
$ 3.90
Net Income Per Share of Common Stock, Diluted
$ 0.80
$ 0.83
$ 3.31
$ 3.90
Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.
Blackstone | 1
Financial Measures
Fee Related Earnings ("FRE") of $1.5 billion ($1.26/share) in the quarter
FRE was $6.0 billion over the LTM ($4.90/share)
Distributable Earnings ("DE") of $1.8 billion ($1.36/share) in the quarter
DE was $7.5 billion over the LTM ($5.84/share)
Net Accrued Performance Revenues of $7.0 billion ($5.69/share)
Capital Metrics
Total Assets Under Management ("AUM") of $1,304.0 billion
Fee-Earning AUM of $937.6 billion
Perpetual Capital AUM of $539.7 billion
Inflows of $68.5 billion in the quarter and $246.3 billion over the LTM
Deployment of $35.6 billion in the quarter and $137.4 billion over the LTM
Realizations of $35.9 billion in the quarter and $136.0 billion over the LTM
Capital Returned to Shareholders
Dividend of $1.16 per common share payable on May 11, 2026
Dividends of $4.97 per common share over the LTM
Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM
$1.5 billion to be distributed to shareholders with respect to the first quarter and
$6.5 billion over the LTM through dividends and share repurchases
Blackstone | 2
($ in thousands, except per share data)
Management and Advisory Fees, Net
1Q'25
$ 1,891,998
1Q'26
$ 2,132,808
% Change vs. 1Q'25
13%
1Q'25 LTM
$ 7,317,961
1Q'26 LTM
$ 8,256,859
% Change vs. 1Q'25 LTM
13%
Fee Related Performance Revenues
293,915
488,098
66%
2,134,359
2,019,611
(5)%
Fee Related Compensation
(616,982)
(729,470)
18%
(2,802,227)
(2,803,189)
0%
Other Operating Expenses
(306,875)
(343,455)
12%
(1,265,989)
(1,449,819)
15%
Fee Related Earnings
$ 1,262,056
$ 1,547,981
23%
$ 5,384,104
$ 6,023,462
12%
Realized Performance Revenues
460,023
780,494
70%
2,210,661
3,136,000
42%
Realized Performance Compensation
(220,924)
(364,056)
65%
(919,146)
(1,233,727)
34%
Realized Principal Investment Income
117,910
31,973
(73)%
200,498
333,806
66%
Net Realizations
357,009
448,411
26%
1,492,013
2,236,079
50%
Total Segment Distributable Earnings
$ 1,619,065
$ 1,996,392
23%
$ 6,876,117
$ 8,259,541
20%
Distributable Earnings
$ 1,410,805
$ 1,764,838
25%
$ 6,111,169
$ 7,464,897
22%
Additional Metrics:
Net Income Per Share of Common Stock, Basic
$ 0.80
$ 0.83
4%
$ 3.31
$ 3.90
18%
FRE per Share
$ 1.03
$ 1.26
22%
$ 4.40
$ 4.90
11%
DE per Common Share
$ 1.09
$ 1.36
25%
$ 4.75
$ 5.84
23%
Total Segment Revenues
$ 2,763,846
$ 3,433,373
24%
$ 11,863,479
$ 13,746,276
16%
Total Assets Under Management
$ 1,167,461,910
$ 1,304,017,634
12%
$ 1,167,461,910
$ 1,304,017,634
12%
Fee-Earning Assets Under Management
$ 860,069,950
$ 937,596,454
9%
$ 860,069,950
$ 937,596,454
9%
Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. LTM FRE per Share and DE per Common Share amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segments.
Blackstone | 3
Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $7.0 billion
($5.69/share).
(appreciation / gross returns)
($ in millions)
$6,743
$7,000
Real Estate
1Q'26 LTM
1Q'26
$1,054
Opportunistic
(0.9)%
(1.6)%
$797
Core+
0.8%
2.6%
Private Equity
Corporate Private Equity
3.2%
15.7%
Tactical Opportunities
3.6%
10.9%
Secondaries
0.7%
12.7%
Infrastructure
7.8%
24.8%
Credit & Insurance
Private Credit
0.6%
8.9%
Liquid Credit
(1.3)%
4.1%
Multi-Asset Investing
Absolute Return Composite 1.7% 12.2%
4Q'25 Net
Performance Revenues
Net Realized Distributions
1Q'26
Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing. Secondaries appreciation excludes GP Stakes. Private Credit net returns were (0.0)% and 5.7% for 1Q'26 and 1Q'26 LTM, respectively. Liquid Credit net returns were (1.4)% and 3.6% for 1Q'26 and 1Q'26 LTM, respectively. Absolute Return Composite net returns were 1.5% and 11.0% for 1Q'26 and 1Q'26 LTM, respectively. See notes on page 34 for additional details on these strategies and our investment performance.
Blackstone | 4
Inflows were $68.5 billion in the quarter, bringing LTM inflows to $246.3 billion.
Deployed $35.6 billion in the quarter and $137.4 billion over the LTM.
- Committed an additional $15.8 billion that was not yet deployed in the quarter.
Realizations were $35.9 billion in the quarter and $136.0 billion over the LTM.
Inflows Capital Deployed Realizations
($ in millions)
1Q'26
1Q'26 LTM
1Q'26
1Q'26 LTM
1Q'26
1Q'26 LTM
Real Estate
$ 6,777
$ 26,128
$ 7,002
$ 22,243
$ 7,039
$ 28,284
Opportunistic
370
1,420
2,241
6,465
2,207
8,713
Core+
3,020
13,243
610
4,186
2,043
8,443
Debt Strategies
3,386
11,465
4,152
11,593
2,789
11,128
Private Equity
20,353
66,809
14,513
44,648
14,564
41,975
Corporate Private Equity
8,555
27,384
8,905
23,495
9,061
22,295
Tactical Opportunities
633
3,523
432
1,866
2,983
6,279
Secondaries
8,440
21,610
3,972
12,109
2,039
10,596
Infrastructure
2,725
14,292
1,204
7,178
480
2,805
Credit & Insurance
37,019
138,805
13,035
66,730
13,667
62,188
Multi-Asset Investing
4,393
14,550
1,011
3,741
638
3,527
Total Blackstone
$ 68,541
$ 246,292
$ 35,561
$ 137,362
$ 35,908
$ 135,973
Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed.
Blackstone | 5
Total AUM increased to $1,304.0 billion, up 12% year-over-year, with $68.5 billion of inflows in the quarter and $246.3 billion over the LTM.
Fee-Earning AUM of $937.6 billion was up 9% year-over-year, with $44.2 billion of inflows in the quarter and $167.0 billion over the LTM.
Perpetual Capital AUM reached $539.7 billion, up 16% year-over-year.
- Fee-Earning Perpetual Capital AUM increased to $452.3 billion, representing 48% of Fee-Earning AUM.
($ in billions)
($ in billions)
($ in billions)
$101.4
$87.8
$388.7
$457.5
$371.0
$429.9
$320.0
$315.3
$1,167.5
$1,304.0
$274.1
$226.2
$282.1
$860.1
$313.3
$255.8
$277.5
$937.6
$213.3
$252.9
$85.3
$116.1
$165.8
$170.1
$464.4
$539.7
1Q'25 1Q'26
$77.7 $91.0 1Q'25 1Q'26
1Q'25 1Q'26
Multi-Asset Investing had $40 million and $659 million of Perpetual Capital AUM as of 1Q'25 and 1Q'26, respectively.
Blackstone | 6
Invested Performance Eligible AUM reached $634.5 billion at quarter end, up 9% year-over-year.
Total Dry Powder of $213.3 billion available for future investments.
($ in billions)
($ in billions)
$58.5
$50.5
$110.7
$125.5
$220.8
$254.0
$200.8
$196.5
$582.8
$634.5
1Q'26 total: $213.3
Multi-Asset Investing
$4.5
Real Estate
Credit &
Insurance
$73.9
$49.9
$84.9
1Q'25 1Q'26
Private
Equity
Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.
Blackstone | 7
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1Q'26 Total Segment Distributable Earnings were $2.0 billion.
LTM Total Segment Distributable Earnings were $8.3 billion.
($ in millions)
1Q'26 total: $1,996 1Q'26 LTM total: $8,260
Credit & Insurance
$373
Multi-Asset Investing
$80
$557
Real
Estate
Credit & Insurance
Multi-Asset Investing
$680
Real
Estate
$2,422
$1,828
$3,329
$986
Private Equity
Private Equity
Blackstone | 9
Total AUM: $315.3 billion with inflows of $6.8 billion in the quarter and $26.1 billion over the LTM.
- Inflows in the quarter included $3.4 billion in BREDS, primarily across insurance SMAs and multi-asset strategies, and $1.2 billion of capital raised in BREIT.
Capital Deployed: $7.0 billion in the quarter, including a U.S. developer of hyperscale data centers and the privatization of a diversified REIT in Hawaii by BREP, and $22.2 billion over the LTM.
Realizations: $7.0 billion in the quarter, including BREP U.S. Industrial, and $28.3 billion over the LTM.
Appreciation: Opportunistic funds declined (0.9)% in the quarter and (1.6)% over the LTM; Core+ funds appreciated 0.8% in the quarter and 2.6% over the LTM.
($ in thousands)
Management Fees, Net
1Q'25
$ 700,848
1Q'26
$ 677,477
% Change vs. 1Q'25
(3)%
1Q'25 LTM
$ 2,855,686
1Q'26 LTM
$ 2,758,553
% Change vs. 1Q'25 LTM
(3)%
Fee Related Performance Revenues
37,803
152,998
305%
111,270
604,843
444%
Fee Related Compensation
(170,525)
(193,137)
13%
(670,921)
(712,904)
6%
Other Operating Expenses
(83,281)
(90,200)
8%
(373,840)
(376,920)
1%
Fee Related Earnings
$ 484,845
$ 547,138
13%
$ 1,922,195
$ 2,273,572
18%
Realized Performance Revenues
19,010
42,074
121%
170,017
291,837
72%
Realized Performance Compensation
(8,770)
(22,956)
162%
(87,918)
(144,547)
64%
Realized Principal Investment Income (Loss)
349
(8,805)
n/m
12,678
1,535
(88)%
Net Realizations
10,589
10,313
(3)%
94,777
148,825
57%
Segment Distributable Earnings
$ 495,434
$ 557,451
13%
$ 2,016,972
$ 2,422,397
20%
Segment Revenues
$ 758,010
$ 863,744
14%
$ 3,149,651
$ 3,656,768
16%
Total AUM
$ 319,988,734
$ 315,284,316
(1)%
$ 319,988,734
$ 315,284,316
(1)%
Fee-Earning AUM
$ 282,060,486
$ 277,502,688
(2)%
$ 282,060,486
$ 277,502,688
(2)%
Blackstone | 10
Inflows in the quarter included $8.4 billion in Secondaries, primarily from the tenth flagship Secondaries strategy,
$2.7 billion in Infrastructure, $2.1 billion for the sixth Life Sciences fund, and $1.0 billion for the third Corporate
Private Equity Asia fund.
The sixth Life Sciences fund held its final close in the quarter, bringing total capital commitments to $6.3 billion,
making it the largest private fund dedicated to life sciences.
$2.5 billion of capital raised for BXPE and $895 million of capital raised for BXINFRA.
Capital Deployed: $14.5 billion in the quarter, including Enverus and MacLean Power Systems, and $44.6 billion over the LTM; committed an additional $8.5 billion in the quarter, including Urbaser, Champions Group, and Firmus.
Realizations: $14.6 billion in the quarter, including Medline and other monetizations in the public portfolio, and ARKA, and $42.0 billion over the LTM.
Appreciation: Corporate Private Equity appreciated 3.2% in the quarter and 15.7% over the LTM.
- Tactical Opportunities appreciated 3.6% in the quarter and 10.9% over the LTM; Secondaries appreciated 0.7% in
the quarter and 12.7% over the LTM; Infrastructure appreciated 7.8% in the quarter and 24.8% over the LTM.
($ in thousands)
Management and Advisory Fees, Net
1Q'25
$ 621,792
1Q'26
$ 801,922
% Change vs. 1Q'25
29%
1Q'25 LTM
$ 2,318,865
1Q'26 LTM
$ 2,951,739
% Change vs. 1Q'25 LTM
27%
Fee Related Performance Revenues
60,904
170,697
180%
1,246,332
657,778
(47)%
Fee Related Compensation
(203,319)
(262,813)
29%
(1,204,997)
(1,020,942)
(15)%
Other Operating Expenses
(102,894)
(112,928)
10%
(404,168)
(492,346)
22%
Fee Related Earnings
$ 376,483
$ 596,878
59%
$ 1,956,032
$ 2,096,229
7%
Realized Performance Revenues
350,073
637,989
82%
1,292,646
1,958,024
51%
Realized Performance Compensation
(171,141)
(294,536)
72%
(584,151)
(828,333)
42%
Realized Principal Investment Income
9,176
45,348
394%
39,103
102,667
163%
Net Realizations
188,108
388,801
107%
747,598
1,232,358
65%
Segment Distributable Earnings
$ 564,591
$ 985,679
75%
$ 2,703,630
$ 3,328,587
23%
Segment Revenues
$ 1,041,945
$ 1,655,956
59%
$ 4,896,946
$ 5,670,208
16%
Total AUM
$ 370,989,871
$ 429,909,808
16%
$ 370,989,871
$ 429,909,808
16%
Fee-Earning AUM
$ 226,219,392
$ 255,840,774
13%
$ 226,219,392
$ 255,840,774
13%
BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXINFRA represents the aggregate BXINFRA fund platform, which
comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised include amounts allocated to other strategies. Secondaries appreciation excludes GP Stakes.
Blackstone | 11
Total AUM: Increased 18% to $457.5 billion with inflows of $37.0 billion in the quarter and $138.8 billion over the LTM.
Inflows in the quarter included $17.3 billion for the global direct lending strategy, with $1.9 billion of equity raised for BCRED, and $10.9 billion for the infrastructure and asset based credit strategies.
The fifth opportunistic private credit strategy held its final close and hit its hard cap with inflows of $2.0 billion in the quarter, bringing total investable capital to over $10.0 billion.
Closed 3 new CLOs (2 U.S. and 1 European) for $1.8 billion.
Capital Deployed: $13.0 billion in the quarter, driven by global direct lending, and $66.7 billion over the LTM; committed an additional $6.1 billion in the quarter.
Realizations: $13.7 billion in the quarter and $62.2 billion over the LTM.
Returns: Private Credit gross return of 0.6% ((0.0)% net) and Liquid Credit gross return of (1.3)% ((1.4)% net) in the quarter.
- Private Credit gross return of 8.9% (5.7% net) and Liquid Credit gross return of 4.1% (3.6% net) over the LTM.
($ in thousands)
Management Fees, Net
1Q'25
$ 447,044
1Q'26
$ 508,487
% Change vs. 1Q'25
14%
1Q'25 LTM
$ 1,659,036
1Q'26 LTM
$ 1,991,035
% Change vs. 1Q'25 LTM
20%
Fee Related Performance Revenues
195,208
164,403
(16)%
776,757
756,990
(3)%
Fee Related Compensation
(201,618)
(226,493)
12%
(778,717)
(894,511)
15%
Other Operating Expenses
(96,278)
(114,563)
19%
(383,056)
(468,686)
22%
Fee Related Earnings
$ 344,356
$ 331,834
(4)%
$ 1,274,020
$ 1,384,828
9%
Realized Performance Revenues
91,597
78,126
(15)%
389,569
373,258
(4)%
Realized Performance Compensation
(40,495)
(31,197)
(23)%
(164,988)
(152,195)
(8)%
Realized Principal Investment Income (Loss)
107,903
(5,705)
n/m
144,197
222,262
54%
Net Realizations
159,005
41,224
(74)%
368,778
443,325
20%
Segment Distributable Earnings
$ 503,361
$ 373,058
(26)%
$ 1,642,798
$ 1,828,153
11%
Segment Revenues
$ 841,752
$ 745,311
(11)%
$ 2,969,559
$ 3,343,545
13%
Total AUM
$ 388,720,401
$ 457,462,151
18%
$ 388,720,401
$ 457,462,151
18%
Fee-Earning AUM
$ 274,120,326
$ 313,255,195
14%
$ 274,120,326
$ 313,255,195
14%
Blackstone | 12
Returns: Absolute Return Composite gross return of 1.7% in the quarter (1.5% net), outperforming the HFRX Global Hedge Fund Index, which was (0.6)%.
Absolute Return benefited from positive performance across strategies, including quantitative, equities, and credit during the quarter.
Gross return of 12.2% over the LTM (11.0% net), outperforming 6.0% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.
($ in thousands)
Management Fees, Net
1Q'25
$ 122,314
1Q'26
$ 144,922
% Change vs. 1Q'25
18%
1Q'25 LTM
$ 484,374
1Q'26 LTM
$ 555,532
% Change vs. 1Q'25 LTM
15%
Fee Related Compensation
(41,520)
(47,027)
13%
(147,592)
(174,832)
18%
Other Operating Expenses
(24,422)
(25,764)
5%
(104,925)
(111,867)
7%
Fee Related Earnings
$ 56,372
$ 72,131
28%
$ 231,857
$ 268,833
16%
Realized Performance Revenues
(657)
22,305
n/m
358,429
512,881
43%
Realized Performance Compensation
(518)
(15,367)
n/m
(82,089)
(108,652)
32%
Realized Principal Investment Income
482
1,135
135%
4,520
7,342
62%
Net Realizations
(693)
8,073
n/m
280,860
411,571
47%
Segment Distributable Earnings
$ 55,679
$ 80,204
44%
$ 512,717
$ 680,404
33%
Segment Revenues
$ 122,139
$ 168,362
38%
$ 847,323
$ 1,075,755
27%
Total AUM
$ 87,762,904
$ 101,361,359
15%
$ 87,762,904
$ 101,361,359
15%
Fee-Earning AUM
$ 77,669,746
$ 90,997,797
17%
$ 77,669,746
$ 90,997,797
17%
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Blackstone | 14
($ in thousands)
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
1Q'25 LTM
1Q'26 LTM
$ 1,807,119
$ 1,876,672
$ 1,919,702
$ 1,945,364
$ 1,952,414
$ 6,943,271
$ 7,694,152
111,309
165,690
156,211
149,621
211,697
444,059
683,219
(26,430)
(22,350)
(34,093)
(32,766)
(31,303)
(69,369)
(120,512)
1,891,998
2,020,012
2,041,820
2,062,219
2,132,808
7,317,961
8,256,859
293,915
472,050
453,018
606,445
488,098
2,134,359
2,019,611
(616,982)
(700,316)
(658,091)
(715,312)
(729,470)
(2,802,227)
(2,803,189)
(306,875)
(332,243)
(356,070)
(418,051)
(343,455)
(1,265,989)
(1,449,819)
$ 1,262,056
$ 1,459,503
$ 1,480,677
$ 1,535,301
$ 1,547,981
$ 5,384,104
$ 6,023,462
460,023
553,121
744,953
1,057,432
780,494
2,210,661
3,136,000
(220,924)
(256,624)
(302,642)
(310,405)
(364,056)
(919,146)
(1,233,727)
117,910
29,421
62,535
209,877
31,973
200,498
333,806
$ 357,009
$ 325,918
$ 504,846
$ 956,904
$ 448,411
$ 1,492,013
$ 2,236,079
$ 1,619,065
$ 1,785,421
$ 1,985,523
$ 2,492,205
$ 1,996,392
$ 6,876,117
$ 8,259,541
$ 1,410,805
$ 1,565,763
$ 1,889,487
$ 2,244,809
$ 1,764,838
$ 6,111,169
$ 7,464,897
$ 2,763,846
$ 3,074,604
$ 3,302,326
$ 3,935,973
$ 3,433,373
$ 11,863,479
$ 13,746,276
$ 1,167,461,910
$ 1,211,207,341
$ 1,241,731,296
$ 1,274,931,234
$ 1,304,017,634
$ 1,167,461,910
$ 1,304,017,634
$ 860,069,950
$ 887,114,205
$ 906,221,028
$ 921,674,454
$ 937,596,454
$ 860,069,950
$ 937,596,454
Base Management Fees
Transaction, Advisory and Other Fees, Net
Management Fee Offsets
Total Management and Advisory Fees, Net
Fee Related Performance Revenues
Fee Related Compensation
Other Operating Expenses
Fee Related Earnings
Realized Performance Revenues
Realized Performance Compensation
Realized Principal Investment Income
Total Net Realizations
Total Segment Distributable Earnings
Distributable Earnings
Additional Metrics:
Total Segment Revenues
Total Assets Under Management
Fee-Earning Assets Under Management
Blackstone | 15
($ in millions)
Three Months Ended March 31, 2026
Real Estate
Private Equity
Credit & Insurance
Multi-Asset Investing
Total
Beginning Balance
$ 319,343
$ 416,423
$ 442,952
$ 96,214
$ 1,274,931
Inflows
6,777
20,353
37,019
4,393
68,541
Outflows
(2,845)
(2,149)
(9,350)
(1,539)
(15,883)
Net Flows
3,932
18,204
27,669
2,854
52,659
Realizations
(7,039)
(14,564)
(13,667)
(638)
(35,908)
Market Activity
(951)
9,847
508
2,932
12,336
Ending Balance
$ 315,284
$ 429,910
$ 457,462
$ 101,361
$ 1,304,018
% Change
(1)%
3%
3%
5%
2%
Twelve Months Ended March 31, 2026
Real Estate
Private Equity
Credit & Insurance
Multi-Asset Investing
Total
$ 319,989
$ 370,990
$ 388,720
$ 87,763
$ 1,167,462
26,128
66,809
138,805
14,550
246,292
(8,713)
(9,592)
(23,109)
(7,731)
(49,145)
17,415
57,217
115,696
6,819
197,147
(28,284)
(41,975)
(62,188)
(3,527)
(135,973)
6,164
43,678
15,233
10,306
75,382
$ 315,284
$ 429,910
$ 457,462
$ 101,361
$ 1,304,018
(1)%
16%
18%
15%
12%
($ in millions)
Three Months Ended March 31, 2026
Real Estate
Private Equity
Credit & Insurance
Multi-Asset Investing
Total
Beginning Balance
$ 279,427
$ 240,959
$ 315,641
$ 85,648
$ 921,674
Inflows
5,398
19,348
14,712
4,699
44,157
Outflows
(1,747)
(4,690)
(7,929)
(1,481)
(15,848)
Net Flows
3,651
14,658
6,783
3,218
28,309
Realizations
(5,239)
(4,829)
(9,189)
(613)
(19,869)
Market Activity
(336)
5,053
21
2,745
7,482
Ending Balance
$ 277,503
$ 255,841
$ 313,255
$ 90,998
$ 937,596
% Change
(1)%
6%
(1)%
6%
2%
Twelve Months Ended March 31, 2026
Real Estate
Private Equity
Credit & Insurance
Multi-Asset Investing
Total
$ 282,060
$ 226,219
$ 274,120
$ 77,670
$ 860,070
22,680
44,162
85,828
14,319
166,990
(6,690)
(11,622)
(19,997)
(7,180)
(45,488)
15,991
32,540
65,831
7,140
121,502
(24,935)
(17,952)
(35,083)
(3,283)
(81,253)
4,387
15,033
8,387
9,472
37,278
$ 277,503
$ 255,841
$ 313,255
$ 90,998
$ 937,596
(2)%
13%
14%
17%
9%
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).
Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.
Blackstone | 16
At March 31, 2026, Blackstone had $11.4 billion in total cash, cash equivalents, corporate treasury, and other
investments and $21.3 billion of cash and net investments, or $17.32 per share.
Blackstone has a $4.3 billion credit revolver ($3.4 billion undrawn) and maintains A+/A+ ratings.
A+ / A+
rated by S&P and Fitch
$4.3B
credit revolver with October 2030 maturity
$11.4B
total cash, corporate treasury and other
($ in millions)
1Q'26
Cash and Cash Equivalents
$ 2,448
Corporate Treasury and Other Investments
8,912
GP/Fund Investments
2,950
Net Accrued Performance Revenues
7,000
Cash and Net Investments
$ 21,310
Outstanding Debt (at par)
13,314
(per share)
$17.32
$15.89
1Q'25 1Q'26
Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $8.4 billion as of March 31, 2026, which was comprised of
$7.8 billion of liquid investments and $576 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.
Blackstone | 17
Real Estate
BREP Global
1Q'25
$ 904
4Q'25
$ 530
1Q'26
$ 549
1Q'26
Per Share
$ 0.45
BREP Europe
69
44
70
0.06
BREP Asia
98
94
101
0.08
BPP
37
75
86
0.07
BREDS
32
32
27
0.02
Real Estate
$ 1,140
$ 775
$ 833
$ 0.68
Private Equity
BCP Global
1,739
2,044
1,860
1.51
BCP Asia
253
289
216
0.18
Energy/Energy Transition
545
646
1,007
0.82
Core Private Equity
257
287
276
0.22
Tactical Opportunities
200
225
152
0.12
Secondaries
1,144
1,141
1,088
0.88
Infrastructure
248
554
772
0.63
Life Sciences
214
216
228
0.19
BTAS
238
246
257
0.21
Private Equity
$ 4,838
$ 5,648
$ 5,855
$ 4.76
Credit & Insurance
$ 374
$ 286
$ 255
$ 0.21
Multi-Asset Investing
$ 46
$ 33
$ 56
$ 0.05
Net Accrued Performance Revenues
$ 6,399
$ 6,743
$ 7,000
$ 5.69
($ in millions, except per share data)
($ in millions)
Real Estate
4Q'25
$ 775
Net Performance Revenues
$ 216
Net Realized
Distributions
$ (158)
1Q'26
$ 833
Private Equity
5,648
679
(472)
5,855
Credit & Insurance
286
129
(160)
255
Multi-Asset Investing
33
30
(7)
56
Total
$ 6,743
$ 1,054
$ (797)
$ 7,000
QoQ Change
4%
($ in millions)
Real Estate
1Q'25
$ 1,140
Net Performance Revenues
$ 434
Net Realized
Distributions
$ (741)
1Q'26
$ 833
Private Equity
4,838
2,599
(1,581)
5,855
Credit & Insurance
374
626
(745)
255
Multi-Asset Investing
46
414
(404)
56
Total
$ 6,399
$ 4,072
$ (3,471)
$ 7,000
YoY Change
9%
Net Accrued Performance Revenues ("NAPR") are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).
Blackstone | 18
($/€ in thousands, except where noted)
Fund (Investment Period Beginning Date / Ending Date)
Committed
Capital
Available
Capital (b)
Unrealized Investments
Realized Investments
Total Investments
Net IRRs (d)
Value
MOIC (c)
Value
MOIC (c)
Value
MOIC (c) Realized Total
Real Estate
Pre-BREP - BREP IV (Jan 1992 / Dec 2005)
$ 5,441,163
$
-
$
-
n/a
$ 12,219,526
2.0x
$ 12,219,526
2.0x
24%
24%
BREP V (Dec 2005 / Feb 2007)
5,539,418
-
2,331
n/a
13,468,476
2.3x
13,470,807
2.3x
11%
11%
BREP VI (Feb 2007 / Aug 2011)
11,060,122
-
1,748
n/a
27,764,962
2.5x
27,766,710
2.5x
13%
13%
BREP VII (Aug 2011 / Apr 2015)
13,506,736
844,688
926,699
0.4x
29,379,122
2.1x
30,305,821
1.9x
17%
14%
BREP VIII (Apr 2015 / Jun 2019)
16,645,922
1,257,178
8,790,136
1.3x
24,373,810
2.1x
33,163,946
1.8x
19%
11%
BREP IX (Jun 2019 / Aug 2022)
21,368,059
2,956,465
17,407,939
1.1x
11,993,150
2.0x
29,401,089
1.3x
33%
5%
*BREP X (Aug 2022 / Feb 2028)
30,637,407
16,820,830
17,614,335
1.3x
2,056,656
1.4x
19,670,991
1.3x
14%
10%
Total Global BREP
$ 104,198,827
$ 21,879,161
$ 44,743,188
1.1x
$ 121,255,702
2.2x
$ 165,998,890
1.7x
16%
14%
BREP Int'l I-II (Jan 2001 / Jun 2008) (e)
€ 2,453,920
€
-
€
-
n/a
€ 3,956,202
1.9x
€ 3,956,202
1.9x
12%
12%
BREP Europe III (Jun 2008 / Sep 2013)
3,205,420
85,814
23,868
0.2x
5,984,997
2.1x
6,008,865
2.0x
14%
13%
BREP Europe IV (Sep 2013 / Dec 2016)
6,676,611
595,371
764,957
0.7x
10,343,285
1.9x
11,108,242
1.7x
16%
11%
BREP Europe V (Dec 2016 / Oct 2019)
8,005,138
655,673
3,933,820
0.7x
6,902,190
3.8x
10,836,010
1.5x
40%
5%
BREP Europe VI (Oct 2019 / Sep 2023)
9,940,454
2,787,157
6,293,358
0.9x
3,998,290
2.4x
10,291,648
1.2x
62%
3%
*BREP Europe VII (Sep 2023 / Mar 2029)
9,762,262
6,196,453
4,269,615
1.3x
139,783
1.3x
4,409,398
1.3x
n/m
14%
Total BREP Europe
€ 40,043,805
€ 10,320,468
€ 15,285,618
0.9x
€ 31,324,747
2.2x
€ 46,610,365
1.5x
16%
9%
BREP Asia I (Jun 2013 / Dec 2017)
$ 4,262,480
$ 899,019
$ 1,149,290
1.5x
$ 7,678,043
2.0x
$ 8,827,333
1.9x
15%
12%
BREP Asia II (Dec 2017 / Mar 2022)
7,358,646
1,179,714
5,131,779
1.2x
3,330,331
1.6x
8,462,110
1.3x
11%
3%
*BREP Asia III (Mar 2022 / Sep 2027)
8,219,668
4,340,055
5,014,957
1.3x
224,625
1.6x
5,239,582
1.3x
33%
8%
Total BREP Asia
$ 19,840,794
$ 6,418,788
$ 11,296,026
1.3x
$ 11,232,999
1.8x
$ 22,529,025
1.5x
15%
7%
BREP Co-Investment (f)
7,799,257
153,280
1,082,813
1.4x
15,348,472
2.2x
16,431,285
2.1x
16%
16%
Total BREP
$ 178,508,642
$ 40,374,465
$ 74,316,780
1.1x
$ 186,061,197
2.2x
$ 260,377,977
1.7x
16%
13%
*BREDS High-Yield (Various) (g)
27,606,074
9,273,740
4,080,621
1.0x
25,624,292
1.3x
29,704,913
1.3x
10%
9%
Private Equity
Corporate Private Equity
BCP I-III (Oct 1987 / Nov 2002)
$ 6,187,603
$
-
$
-
n/a
$ 14,239,072
2.4x
$ 14,239,072
2.4x
19%
19%
BCOM (Jun 2000 / Jun 2006)
2,137,330
-
-
n/a
2,995,106
1.4x
2,995,106
1.4x
6%
6%
BCP IV (Nov 2002 / Dec 2005)
6,773,182
-
-
n/a
21,720,334
2.9x
21,720,334
2.9x
36%
36%
BCP V (Dec 2005 / Jan 2011)
21,009,112
982,018
-
n/a
38,870,191
1.9x
38,870,191
1.9x
8%
8%
BCP VI (Jan 2011 / May 2016)
15,192,032
1,340,945
2,265,459
3.2x
30,692,197
2.2x
32,957,656
2.2x
13%
12%
BCP VII (May 2016 / Feb 2020)
18,875,734
1,311,968
14,627,717
1.6x
23,961,379
2.6x
38,589,096
2.1x
24%
12%
BCP VIII (Feb 2020 / Apr 2024)
25,833,655
6,181,123
26,085,749
1.4x
9,745,826
2.4x
35,831,575
1.6x
26%
10%
*BCP IX (Apr 2024 / Apr 2030)
21,836,141
18,599,286
4,822,964
1.5x
-
n/a
4,822,964
1.5x
n/a
n/m
Energy I (Aug 2011 / Feb 2015)
2,441,558
177,091
18,914
2.4x
4,879,550
2.0x
4,898,464
2.0x
13%
12%
Energy II (Feb 2015 / Feb 2020)
4,928,376
780,843
3,583,498
2.6x
5,925,351
1.8x
9,508,849
2.0x
8%
9%
Energy III (Feb 2020 / Jun 2024)
4,399,206
1,522,788
7,924,111
2.9x
3,727,464
2.6x
11,651,575
2.8x
33%
33%
*Energy Transition IV (Jun 2024 / Jun 2030)
5,848,159
3,116,155
4,696,209
1.7x
157,156
1.7x
4,853,365
1.7x
n/m
86%
BCP Asia I (Dec 2017 / Sep 2021)
2,437,080
417,510
1,298,785
1.3x
3,676,038
3.0x
4,974,823
2.3x
33%
19%
*BCP Asia II (Sep 2021 / Sep 2027)
6,840,616
3,613,412
5,949,120
1.8x
1,027,538
3.4x
6,976,658
1.9x
93%
27%
BCP Asia III (TBD)
11,314,754
11,314,754
-
n/a
-
n/a
-
n/a
n/a
n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)
4,760,130
1,189,022
6,657,382
2.1x
4,186,003
3.7x
10,843,385
2.5x
32%
15%
*Core Private Equity II (Mar 2021 / Mar 2027) (h)
8,244,302
4,924,612
6,282,093
1.5x
905,815
n/a
7,187,908
1.7x
n/a
16%
Total Corporate Private Equity
$ 169,058,970
$
55,471,527
$
84,212,001
1.7x
$ 166,709,020
2.3x
$ 250,921,021
2.0x
16%
15%
Tactical Opportunities
*Tactical Opportunities (Various)
33,622,860
14,333,368
12,602,069
1.2x
31,924,757
1.9x
44,526,826
1.6x
15%
10%
*Tactical Opportunities Co-Investment and Other (Various)
10,673,147
1,153,253
3,625,551
1.3x
11,982,693
1.8x
15,608,244
1.7x
18%
16%
Total Tactical Opportunities
$ 44,296,007
$ 15,486,621
$ 16,227,620
1.2x
$ 43,907,450
1.9x
$ 60,135,070
1.6x
16%
11%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents "not meaningful" generally due to the limited time since initial investment. n/a represents "not applicable". Notes on pages 21-22. BREP - Blackstone Real Estate Partners, BREDS - Blackstone Real Estate Debt Strategies, BCP -Blackstone Capital Partners, BCOM - Blackstone Communications.
Represents funds that are currently in their investment period.
Blackstone | 19
($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total
Private Equity (continued)
Growth
BXG I (Jul 2020 / Feb 2025)
$ 4,959,668
$ 342,693
$ 5,190,952
1.2x
$ 659,239
2.4x
$ 5,850,191
1.2x
n/m
3%
*BXG II (Feb 2025 / Feb 2030)
4,605,048
4,256,508
423,123
1.1x
6,108
n/m
429,231
1.1x
n/m
n/m
Total Growth
$ 9,564,716
$ 4,599,201
$ 5,614,075
1.2x
$ 665,347
2.4x
$ 6,279,422
1.2x
n/m
2%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)
11,035,527
9,572
2,150
n/a
16,796,758
n/a
16,798,908
1.7x
n/a
13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)
4,362,772
382,937
451,131
n/a
4,639,661
n/a
5,090,792
1.7x
n/a
13%
Strategic Partners VII (May 2016 / Mar 2019) (i)
7,489,970
1,615,589
2,400,675
n/a
8,436,591
n/a
10,837,266
1.9x
n/a
15%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)
1,749,807
590,513
1,343,264
n/a
1,347,378
n/a
2,690,642
1.9x
n/a
15%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)
10,763,600
3,461,751
6,197,536
n/a
8,883,127
n/a
15,080,663
1.7x
n/a
18%
*Strategic Partners Real Estate, SMA and Other (Various) (i)
7,055,591
1,229,809
3,207,166
n/a
2,924,013
n/a
6,131,179
1.4x
n/a
11%
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)
3,250,100
696,230
2,719,186
n/a
677,888
n/a
3,397,074
1.6x
n/a
15%
Strategic Partners IX (Oct 2021 / Mar 2026) (i)
19,692,625
132,783
18,783,917
n/a
1,307,669
n/a
20,091,586
1.5x
n/a
18%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)
2,095,211
431,631
1,269,887
n/a
44,343
n/a
1,314,230
1.1x
n/a
(0)%
*Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i)
4,837,949
3,589,981
94,086
n/a
-
n/a
94,086
n/m
n/a
n/m
*Strategic Partners X (Mar 2026 / May 2031) (i)
8,662,594
8,662,594
-
n/a
-
n/a
-
n/a
n/a
n/a
Total Strategic Partners (Secondaries)
$ 80,995,746
$ 20,803,390
$ 36,468,998
n/a
$ 45,057,428
n/a
$ 81,526,426
1.6x
n/a
14%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)
910,000
43,312
528,354
2.0x
803,210
1.6x
1,331,564
1.7x
9%
9%
BXLS V (Jan 2020 / Mar 2025)
5,019,123
2,400,809
5,026,755
2.0x
1,803,300
2.0x
6,830,055
2.0x
17%
18%
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)
$ 2,000,000
$ -
$ -
n/a
$ 4,809,113
1.6x
$ 4,809,113
1.6x
n/a
17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)
4,120,000
993,260
60,174
0.5x
6,686,891
1.4x
6,747,065
1.4x
n/a
9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)
6,639,133
1,080,904
799,000
0.6x
9,924,105
1.7x
10,723,105
1.5x
n/a
11%
Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)
5,016,771
1,261,678
3,412,057
1.1x
3,700,554
1.6x
7,112,611
1.3x
n/a
12%
*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029)
7,630,000
6,952,528
617,184
1.0x
32,153
1.7x
649,337
1.0x
n/a
n/m
Total Mezzanine / Opportunistic
$ 25,405,904
$ 10,288,370
$ 4,888,415
0.9x
$ 25,152,816
1.6x
$ 30,041,231
1.4x
n/a
13%
Stressed / Distressed I (Sep 2009 / May 2013)
3,253,143
-
-
n/a
5,777,098
1.3x
5,777,098
1.3x
n/a
9%
Stressed / Distressed II (Jun 2013 / Jun 2018)
5,125,000
547,430
-
n/a
5,572,345
1.1x
5,572,345
1.1x
n/a
1%
Stressed / Distressed III (Dec 2017 / Dec 2022)
7,356,380
1,000,000
1,062,330
0.7x
5,890,400
1.5x
6,952,730
1.3x
n/a
9%
Total Stressed / Distressed
$ 15,734,523
$ 1,547,430
$ 1,062,330
0.7x
$ 17,239,843
1.3x
$ 18,302,173
1.2x
n/a
7%
European Senior Debt I (Feb 2015 / Feb 2019)
€ 1,964,689
€ 66,629
€ 147,368
0.3x
€ 2,997,689
1.3x
€ 3,145,057
1.1x
n/a
1%
European Senior Debt II (Jun 2019 / Jun 2023) (j)
4,088,344
855,817
2,390,569
0.9x
4,639,359
1.7x
7,029,928
1.3x
n/a
8%
Total European Senior Debt
€ 6,053,033
€ 922,446
€ 2,537,937
0.8x
€ 7,637,048
1.5x
€ 10,174,985
1.2x
n/a
5%
Energy I (Nov 2015 / Nov 2018)
$ 2,856,867
$ 1,154,819
$ 112,297
0.8x
$ 3,513,027
1.6x
$ 3,625,324
1.5x
n/a
10%
Energy II (Feb 2019 / Jun 2023)
3,616,081
1,464,279
413,690
0.8x
3,538,294
1.5x
3,951,984
1.4x
n/a
16%
*Energy III (May 2023 / May 2028)
6,477,000
4,033,507
2,490,805
1.0x
2,960,319
1.3x
5,451,124
1.1x
n/a
15%
Total Energy
$ 12,949,948
$ 6,652,605
$ 3,016,792
1.0x
$ 10,011,640
1.4x
$ 13,028,432
1.3x
n/a
12%
Senior Direct Lending (Various) (k)
2,514,661
1,209,799
2,670,122
1.1x
263,476
1.1x
2,933,598
1.1x
n/a
10%
Total Credit Drawdown Funds (l)
$ 63,510,695
$ 20,761,047
$ 14,561,870
0.9x
$ 61,774,717
1.5x
$ 76,336,587
1.3x
n/a
10%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents "not meaningful" generally due to the limited time
since initial investment. n/a represents "not applicable". Notes on pages 21-22. BXG - Blackstone Growth, BXLS - Blackstone Life Sciences.
Represents funds that are currently in their investment period.
Blackstone | 20
Selected Perpetual Capital Strategies(m)
($/€ in thousands, except where noted)
Strategy (Inception Year)
Investment
Strategy
Total
AUM
Total Net
Return (n)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (o)
Core+ Real Estate
$ 60,456,587
3%
BREIT - Blackstone Real Estate Income Trust (2017) (p)
Core+ Real Estate
54,922,211
9%
BREIT - Class I (q)
Core+ Real Estate
9%
BXMT - Blackstone Mortgage Trust (2013) (r)
Private Equity
Real Estate Debt
6,206,612
7%
BXGP - Blackstone GP Stakes (2014) (s)
Minority GP Interests
9,806,128
12%
BIP - Blackstone Infrastructure Partners (2019) (t)
Infrastructure
67,941,174
19%
BXPE - Blackstone Private Equity Strategies Fund Program (2024) (u)
Private Equity
21,419,289
17%
BXPE - Class I (v)
Credit
Private Equity
18%
BXSL - Blackstone Secured Lending Fund (2018) (w)
U.S. Direct Lending
17,036,657
11%
BCRED - Blackstone Private Credit Fund (2021) (x)
U.S. Direct Lending
93,909,602
9%
BCRED - Class I (y)
U.S. Direct Lending
9%
ECRED - Blackstone European Credit Fund (2022) (z)
European Direct Lending
€ 4,799,679
9%
ECRED - Class I (aa)
European Direct Lending
9%
Investment Records as of March 31, 2026 - Notes
Excludes investment vehicles where Blackstone does not earn fees.
Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.
Multiple of Invested Capital ("MOIC") represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.
Unless otherwise indicated, Net Internal Rate of Return ("IRR") represents the annualized inception to March 31, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.
The 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International I-II performance reflects a 10% Realized Net IRR and a 10% Total Net IRR.
BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment's realized proceeds and
unrealized value, as applicable, after management fees, expenses and Performance Revenues.
BREDS High-Yield represents the flagship real estate debt drawdown funds only.
Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.
Strategic Partners' Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.
European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 12% and 7%, respectively, for
the levered and unlevered funds of the strategy.
Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 11% and 8%, respectively, for the levered and unlevered funds of the strategy.
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents "not meaningful" generally due to the limited time since initial investment. n/a represents "not applicable". Notes continue on page 22.
Blackstone | 21
Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.
Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year,
(2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.
Unless otherwise indicated, Total Net Return represents the annualized inception to March 31, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year.
BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of March 31, 2026, these vehicles represented $4.4 billion of Total AUM.
The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017.
Represents the Total Net Return for BREIT's Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from January 1, 2017.
The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during
the period.
Blackstone GP Stakes ("BXGP") represents the aggregate Total AUM and Total Net Return of BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of March 31, 2026, including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $12.9 billion.
BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of March 31, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $80.6 billion.
The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects net asset value as of March 31, 2026. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.
Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program's largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.
The BXSL Total AUM and Total Net Return are presented as of December 31, 2025. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL's dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.
The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of March 31, 2026 was $45.0 billion.
Represents the Total Net Return for BCRED's Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021.
The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. ECRED net asset value as of March 31, 2026 was €2.5 billion.
(aa) Represents the Total Net Return for ECRED's Class I shares, its largest share class. Performance varies by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis and is from October 3, 2022.
Blackstone | 22
Generated $1.36 of Distributable Earnings per common share during the quarter, bringing the LTM amount to
$5.84 per common share.
Blackstone declared a quarterly dividend of $1.16 per common share to record holders as of May 4, 2026; payable on May 11, 2026.
($ in thousands, except per share data)
Distributable Earnings
1Q'25
$ 1,410,805
2Q'25
$ 1,565,763
3Q'25
$ 1,889,487
4Q'25
$ 2,244,809
1Q'26
$ 1,764,838
% Change
vs. 1Q'25
25%
1Q'25 LTM
$ 6,111,169
1Q'26 LTM
$ 7,464,897
% Change
vs. 1Q'25 LTM
22%
Add: Other Payables Attributable to
Common Shareholders
138,425
142,664
26,913
167,504
160,943
16%
521,978
498,024
(5)%
DE Before Certain Payables
1,549,230
1,708,427
1,916,400
2,412,313
1,925,781
24%
6,633,147
7,962,921
20%
Percent to Common Shareholders
63%
64%
64%
64%
64%
63%
64%
DE Before Certain Payables Attributable to
Common Shareholders
980,440
1,086,833
1,220,339
1,537,540
1,229,664
25%
4,177,075
5,074,376
21%
Less: Other Payables Attributable to
Common Shareholders
(138,425)
(142,664)
(26,913)
(167,504)
(160,943)
16%
(521,978)
(498,024)
(5)%
DE Attributable to Common Shareholders
842,015
944,169
1,193,426
1,370,036
1,068,721
27%
3,655,097
4,576,352
25%
DE per Common Share
$ 1.09
$ 1.21
$ 1.52
$ 1.75
$ 1.36
25%
$ 4.75
$ 5.84
23%
Less: Retained Capital per Common Share $ (0.16) $ (0.18) $ (0.23) $ (0.26)
$ (0.20)
25%
$ (0.70)
$ (0.87)
24%
Actual Dividend per Common Share
$ 0.93
$ 1.03
$ 1.29
$ 1.49
$ 1.16
25%
$ 4.05
$ 4.97
23%
Record Date
May 4, 2026
Payable Date
May 11, 2026
A detailed description of Blackstone's dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy. See additional notes on page 35.
Blackstone | 23
Distributable Earnings Shares Outstanding as of quarter end of 1,230 million shares.
Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM.
Available authorization remaining was $1.7 billion at March 31, 2026.
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
Participating Common Shares
773,038,934
782,567,390
782,728,403
783,183,010
785,497,027
Participating Partnership Units
448,468,715
447,574,842
446,455,699
445,586,312
444,672,720
Distributable Earnings Shares Outstanding
1,221,507,649
1,230,142,232
1,229,184,102
1,228,769,322
1,230,169,747
Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.
Blackstone | 24
Blackstone | 25
($ in thousands, except per share data) (unaudited) 1Q'25 Revenues
1Q'26
1Q'25 LTM
1Q'26 LTM
Management and Advisory Fees, Net
$ 1,904,317 $
2,148,620 $
7,366,105 $
8,319,904
Incentive Fees 191,825
Investment Income Performance Allocations
Realized 562,050
Unrealized 263,201
Principal Investments
Realized 185,542
Unrealized 158,713
Total Investment Income 1,169,506
Interest and Dividend Revenue 97,420
Other (73,610)
165,419
1,103,173
283,452
143,020
(385,002)
1,144,643
107,940
50,973
976,662
3,367,279
188,665
439,203
77,681
4,072,828
410,740
5,263
951,796
4,203,366
663,314
655,110
(295,411)
5,226,379
426,613
(146,290)
Total Revenues Expenses
Compensation and Benefits
$ 3,289,458 $
3,617,595 $
12,831,598 $
14,778,402
Compensation 1,029,362
Incentive Fee Compensation 57,029
Performance Allocations Compensation
Realized 241,890
Unrealized 103,559
Total Compensation and Benefits 1,431,840
General, Administrative and Other 332,373
Interest Expense 118,115
Fund Expenses 12,104
1,166,897
54,368
433,449
89,701
1,744,415
372,821
137,053
8,004
3,282,788
356,908
1,415,213
62,680
5,117,589
1,324,332
453,600
27,830
3,808,728
272,241
1,489,031
363,104
5,933,104
1,564,996
527,252
45,116
Total Expenses Other Income
$ 1,894,432 $
2,262,293 $
6,923,351 $
8,070,468
Change in Tax Receivable Agreement Liability -Net Gains from Fund Investment Activities 57,575
-99,755
(41,246)
165,426
6,591
459,577
Total Other Income
Income Before Provision for Taxes
$ 57,575 $
$ 1,452,601 $
99,755 $
1,455,057 $
124,180 $
6,032,427 $
466,168
7,174,102
Provision for Taxes 243,827
197,150
981,827
1,078,346
Net Income $
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities
Net Income Attributable to Non-Controlling Interests in Consolidated Entities
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings
Net Income Attributable to Blackstone Inc. $
Net Income Per Share of Common Stock, Basic $
Net Income Per Share of Common Stock, Diluted $
1,208,774 $
7,900
100,547
485,475
614,852 $
0.80 $
0.80 $
1,257,907 $
21,010
117,367
469,801
649,729 $
0.83 $
0.83 $
5,050,600 $
(13,720)
471,546
2,048,800
2,543,974 $
3.31 $
3.31 $
6,095,756
58,610
677,388
2,305,667
3,054,091
3.90
3.90
Blackstone | 26
QTD
($ in thousands) 1Q'25 2Q'25 3Q'25 4Q'25
1Q'26
1Q'25
LTM
1Q'26
Net Income Attributable to Blackstone Inc. $
485,475
602,844
457,110
775,912
469,801
2,048,800
2,305,667
100,547
240,836
125,890
193,295
117,367
471,546
677,388
7,900
18,209
29,008
(9,617)
21,010
(13,720)
58,610
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings
Net Income Attributable to Non-Controlling Interests in Consolidated Entities
Net Income (Loss) Attributable to Redeemable
Non-Controlling Interests in Consolidated Entities
614,852 $
764,244 $
624,917 $
1,015,201 $
649,729 $
2,543,974 $
3,054,091
Net Income
$ 1,208,774
$ 1,626,133
$ 1,236,925
$ 1,974,791
$ 1,257,907
$ 5,050,600
$ 6,095,756
Provision for Taxes
243,827
289,494
209,657
382,045
197,150
981,827
1,078,346
Income Before Provision for Taxes
$ 1,452,601
$ 1,915,627
$ 1,446,582
$ 2,356,836
$ 1,455,057
$ 6,032,427
$ 7,174,102
Transaction-Related and Non-Recurring Items (a)
18,824
10,381
(9,412)
(6,822)
6,967
22,999
1,114
Amortization of Intangibles (b)
7,333
7,333
7,333
7,327
7,288
29,332
29,281
Impact of Consolidation (c)
(108,447)
(259,045)
(154,898)
(183,678)
(138,377)
(457,826)
(735,998)
Unrealized Performance Revenues (d)
(263,201)
(313,256)
215,872
(282,372)
(283,355)
(188,672)
(663,111)
Unrealized Performance Allocations Compensation (e)
103,559
152,618
(31,547)
152,332
89,701
62,680
363,104
Unrealized Principal Investment (Income) Loss (f)
(161,257)
(294,093)
216,084
67,826
322,136
9,851
311,953
Other Revenues (g)
73,635
225,083
(28,702)
1,174
(50,928)
(4,784)
146,627
Equity-Based Compensation (h)
471,302
312,018
301,562
358,364
561,217
1,312,645
1,533,161
Administrative Fee Adjustment (i)
4,186
4,112
4,097
3,942
4,568
13,299
16,719
Taxes and Related Payables (j)
(187,730)
(195,015)
(77,484)
(230,120)
(209,436)
(720,782)
(712,055)
Distributable Earnings
$ 1,410,805
$ 1,565,763
$ 1,889,487
$ 2,244,809
$ 1,764,838
$ 6,111,169
$ 7,464,897
Taxes and Related Payables (j)
187,730
195,015
77,484
230,120
209,436
720,782
712,055
Net Interest and Dividend (Income) Loss (k)
20,530
24,643
18,552
17,276
22,118
44,166
82,589
Total Segment Distributable Earnings
$ 1,619,065
$ 1,785,421
$ 1,985,523
$ 2,492,205
$ 1,996,392
$ 6,876,117
$ 8,259,541
Realized Performance Revenues (l)
(460,023)
(553,121)
(744,953)
(1,057,432)
(780,494)
(2,210,661)
(3,136,000)
Realized Performance Compensation (m)
220,924
256,624
302,642
310,405
364,056
919,146
1,233,727
Realized Principal Investment (Income) Loss (n)
(117,910)
(29,421)
(62,535)
(209,877)
(31,973)
(200,498)
(333,806)
Fee Related Earnings
$ 1,262,056
$ 1,459,503
$ 1,480,677
$ 1,535,301
$ 1,547,981
$ 5,384,104
$ 6,023,462
Adjusted EBITDA Reconciliation
Distributable Earnings
$ 1,410,805
$ 1,565,763
$ 1,889,487
$ 2,244,809
$ 1,764,838
$ 6,111,169
$ 7,464,897
Interest Expense (o)
117,950
125,033
126,090
128,022
130,058
454,727
509,203
Taxes and Related Payables (j)
187,730
195,015
77,484
230,120
209,436
720,782
712,055
Depreciation and Amortization (p)
22,226
26,642
24,015
26,102
26,138
94,929
102,897
Adjusted EBITDA
$ 1,738,711
$ 1,912,453
$ 2,117,076
$ 2,629,053
$ 2,130,470
$ 7,381,607
$ 8,789,052
Notes on pages 28-29.
Blackstone | 27
Note: See pages 36-38, Definitions and Dividend Policy.
This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone's segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone's initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone's operational performance.
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone's segment presentation.
This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone's segment presentation. This adjustment includes the elimination of Blackstone's interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
QTD LTM
($ in thousands)
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
1Q'25
1Q'26
GAAP Unrealized Performance Allocations
$ 263,201
$ 313,283
$ (215,818)
$ 282,397
$ 283,452
$ 188,665
$ 663,314
Segment Adjustment
-
(27)
(54)
(25)
(97)
7
(203)
Unrealized Performance Revenues
$ 263,201
$ 313,256
$ (215,872)
$ 282,372
$ 283,355
$ 188,672
$ 663,111
This adjustment removes Unrealized Performance Allocations Compensation.
This adjustment removes Unrealized Principal Investment Income on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and
(2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
QTD LTM
($ in thousands)
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
1Q'25
1Q'26
GAAP Unrealized Principal Investment Income (Loss)
$ 158,713
$ 365,391
$ (238,658)
$ (37,142)
$ (385,002)
$ 77,681
$ (295,411)
Segment Adjustment
2,544
(71,298)
22,574
(30,684)
62,866
(87,532)
(16,542)
Unrealized Principal Investment Income (Loss)
$ 161,257
$ 294,093
$ (216,084)
$ (67,826)
$ (322,136)
$ (9,851)
$ (311,953)
This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non-
Recurring Items.
QTD LTM
($ in thousands)
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
1Q'25
1Q'26
GAAP Other Revenue
$ (73,610)
$ (225,063)
$ 28,702
$ (902)
$ 50,973
$ 5,263
$ (146,290)
Segment Adjustment
(25)
(20)
-
(272)
(45)
(479)
(337)
Other Revenues
$ (73,635)
$ (225,083)
$ 28,702
$ (1,174)
$ 50,928
$ 4,784
$ (146,627)
This adjustment removes Equity-Based Compensation on a segment basis.
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone's segment presentation.
Blackstone | 28
Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted for impacts of divestitures and tax contingencies. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable to holders of the Tax Receivable Agreements based on expected tax savings generated in the current period. Please refer to page 36 for the full definition of Taxes and Related Payables.
QTD LTM
($ in thousands)
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
1Q'25
1Q'26
Taxes
$ 162,535
$ 167,162
$ 49,719
$ 196,234
$ 178,757
$ 611,170
$ 591,872
Related Payables
25,195
27,853
27,765
33,886
30,679
109,612
120,183
Taxes and Related Payables
$ 187,730
$ 195,015
$ 77,484
$ 230,120
$ 209,436
$ 720,782
$ 712,055
This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest
expense associated with the Tax Receivable Agreement.
QTD LTM
($ in thousands)
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
1Q'25
1Q'26
GAAP Interest and Dividend Revenue
$ 97,420 $
100,389 $
107,538
$ 110,746 $
107,940
$ 410,740 $
426,613
Segment Adjustment
-
1
-
-
-
(179) 1
Interest and Dividend Revenue
$ 97,420
$ 100,390
$ 107,538
$ 110,746
$ 107,940
$ 410,561
$ 426,614
GAAP Interest Expense
$ 118,115
$ 135,822
$ 126,288
$ 128,089
$ 137,053
$ 453,600
$ 527,252
Segment Adjustment
(165)
(10,789)
(198)
(67)
(6,995)
1,127
(18,049)
Interest Expense
$ 117,950
$ 125,033
$ 126,090
$ 128,022
$ 130,058
$ 454,727
$ 509,203
Net Interest and Dividend Income (Loss)
$ (20,530)
$ (24,643)
$ (18,552)
$ (17,276)
$ (22,118)
$ (44,166)
$ (82,589)
This adjustment removes the total segment amount of Realized Performance Revenues.
This adjustment removes the total segment amount of Realized Performance Compensation.
This adjustment removes the total segment amount of Realized Principal Investment Income.
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
This adjustment adds back Depreciation and Amortization on a segment basis.
Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding
QTD
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
GAAP Shares of Common Stock Outstanding
737,929,437
739,055,944
747,812,724
748,688,068
751,535,403
Unvested Participating Common Shares
35,109,497
43,511,446
34,915,679
34,494,942
33,961,624
Total Participating Common Shares
773,038,934
782,567,390
782,728,403
783,183,010
785,497,027
Participating Partnership Units
448,468,715
447,574,842
446,455,699
445,586,312
444,672,720
Distributable Earnings Shares Outstanding
1,221,507,649
1,230,142,232
1,229,184,102
1,228,769,322
1,230,169,747
Disclosure of Weighted-Average Shares Common Stock Outstanding
QTD LTM
1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'25 1Q'26
Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic
771,796,385 782,386,121 782,633,394 783,106,052 785,332,239 769,464,144 783,356,354
Weighted-Average Shares of Unvested Deferred Restricted Common Stock
638,217
15,116
47,741
87,397
964,071
203,836
278,581
Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted
772,434,602 782,401,237 782,681,135 783,193,449 786,296,310 769,667,980 783,634,935
Blackstone | 29
($ in thousands) (unaudited)
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
Assets
Cash and Cash Equivalents
$ 2,386,979
$ 2,235,499
$ 2,430,690
$ 2,631,241
$ 2,448,485
Cash Held by Blackstone Funds and Other
1,012,958
313,950
401,558
223,441
261,955
Investments
30,259,429
31,135,504
31,528,443
32,212,111
32,747,619
Accounts Receivable
221,200
357,858
543,209
291,758
572,832
Due from Affiliates
5,434,078
5,516,820
5,845,843
6,357,462
6,395,165
Intangible Assets, Net
156,269
147,294
140,458
131,359
122,324
Goodwill
1,890,202
1,890,202
1,890,202
1,890,202
1,890,202
Other Assets
929,107
877,000
900,582
1,157,719
1,035,171
Right-of-Use Assets
807,487
793,690
773,030
757,459
786,276
Deferred Tax Assets
2,157,920
2,105,277
2,100,275
2,056,223
2,066,953
Total Assets
$ 45,255,629
$ 45,373,094
$ 46,554,290
$ 47,708,975
$ 48,326,982
Liabilities and Equity
Loans Payable
$ 12,454,559
$ 12,008,870
$ 12,002,650
$ 12,445,144
$ 13,280,285
Due to Affiliates
3,361,900
2,802,514
3,000,083
3,224,432
3,244,627
Accrued Compensation and Benefits
6,164,503
6,065,974
6,385,958
6,411,389
6,396,285
Operating Lease Liabilities
937,369
918,887
886,135
861,021
881,566
Accounts Payable, Accrued Expenses and Other Liabilities
2,472,395
2,497,969
2,918,023
2,885,817
3,107,508
Total Liabilities
25,390,726
24,294,214
25,192,849
25,827,803
26,910,271
Redeemable Non-Controlling Interests in Consolidated Entities
1,382,374
1,487,129
1,476,212
1,380,503
1,400,419
Equity
Common Stock, $0.00001 par value (751,535,403 shares issued
and outstanding as of March 31, 2026)
7
7
7
7
7
Series I Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of March 31, 2026)
-
-
-
-
-
Series II Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of March 31, 2026)
-
-
-
-
-
Additional Paid-in-Capital
7,686,980
7,988,663
8,214,078
8,479,886
8,710,266
Retained Earnings (Deficit)
320,160
362,614
184,040
191,641
(323,733)
Accumulated Other Comprehensive Income (Loss)
(29,027)
1,055
(5,602)
(6,008)
(15,770)
Non-Controlling Interests in Consolidated Entities
6,400,585
6,847,785
7,162,957
7,224,211
7,226,994
Non-Controlling Interests in Blackstone Holdings
4,103,824
4,391,627
4,329,749
4,610,932
4,418,528
Total Equity
18,482,529
19,591,751
19,885,229
20,500,669
20,016,292
Total Liabilities and Equity
$ 45,255,629
$ 45,373,094
$ 46,554,290
$ 47,708,975
$ 48,326,982
See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.
Blackstone | 30
($ in thousands)
1Q'25
2Q'25
3Q'25
4Q'25
1Q'26
Investments of Consolidated Blackstone Funds
$ 4,589,194
$ 5,101,278
$ 5,507,078
$ 5,180,879
$ 5,189,519
Equity Method Investments
Partnership Investments
6,740,598
6,942,526
6,936,411
6,546,190
6,612,536
Accrued Performance Allocations
12,522,848
12,054,879
11,933,738
12,980,356
13,002,955
Corporate Treasury Investments
106,684
229,497
262,582
359,657
167,389
Other Investments
6,300,105
6,807,324
6,888,634
7,145,029
7,775,220
Total GAAP Investments
30,259,429
31,135,504
31,528,443
32,212,111
32,747,619
Accrued Performance Allocations - GAAP
$ 12,522,848
$ 12,054,879
$ 11,933,738
$ 12,980,356
$ 13,002,955
Impact of Consolidation (a)
-
-
-
-
-
Due from Affiliates - GAAP (b)
249,376
229,359
215,647
577,467
204,866
Less: Net Realized Performance Revenues (c)
(927,240)
(456,507)
(379,797)
(1,081,738)
(630,610)
Less: Accrued Performance Compensation - GAAP (d)
(5,446,352)
(5,220,188)
(5,258,769)
(5,733,563)
(5,577,711)
Net Accrued Performance Revenues
$ 6,398,632
$ 6,607,543
$ 6,510,819
$ 6,742,522
$ 6,999,500
Corporate Treasury and Other Investments - GAAP
$ 6,406,789
$ 7,036,821
$ 7,151,216
$ 7,504,686
$ 7,942,609
Impact of Consolidation (a)
857,457
965,045
932,562
758,128
726,047
Other Assets (e)
180,761
337,228
563,415
409,248
568,481
Other Liabilities (f)
(3,653)
(3,190)
(3,417)
(3,357)
(325,313)
Corporate Treasury and Other Investments - Deconsolidated (g)
$ 7,441,354
$ 8,335,904
$ 8,643,776
$ 8,668,705
$ 8,911,824
Partnership Investments - GAAP
$ 6,740,598
$ 6,942,526
$ 6,936,411
$ 6,546,190
$ 6,612,536
Impact of Consolidation (h)
(3,559,722)
(3,653,037)
(3,620,409)
(3,639,431)
(3,662,090)
GP/Fund Investments - Deconsolidated
$ 3,180,876
$ 3,289,489
$ 3,316,002
$ 2,906,759
$ 2,950,446
Loans Payable - GAAP
$ 12,454,559
$ 12,008,870
$ 12,002,650
$ 12,445,144
$ 13,280,285
Impact of Consolidation (i)
(266,568)
(128,335)
(328,044)
(126,420)
(90,747)
Outstanding Debt - Carrying Value
12,187,991
11,880,535
11,674,606
12,318,724
13,189,538
Unamortized Discount
125,209
123,255
120,174
128,096
124,472
Outstanding Debt (at par) - Deconsolidated
$ 12,313,200
$ 12,003,790
$ 11,794,780
$ 12,446,820
$ 13,314,010
This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.
Represents GAAP accrued performance revenue recorded within Due from Affiliates.
Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.
Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.
This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, Other Assets and Due from Affiliates.
This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities.
Deconsolidated Other Investments was $8.4 billion as of March 31, 2026, which was comprised of $7.8 billion of liquid investments and $576 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.
This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.
This adjustment removes amounts related to consolidated Blackstone Funds.
Blackstone | 31
QTD
($ in thousands) 1Q'25 2Q'25 3Q'25 4Q'25
1Q'26
1Q'25
LTM
1Q'26
Management and Advisory Fees, Net
GAAP
$ 1,904,317 $
2,035,495
$ 2,056,248
$ 2,079,541
$ 2,148,620
$ 7,366,105
$ 8,319,904
Segment Adjustment (a)
(12,319)
(15,483)
(14,428)
(17,322)
(15,812)
(48,144)
(63,045)
Total Segment
$ 1,891,998 $
2,020,012
$ 2,041,820
$ 2,062,219
$ 2,132,808
$ 7,317,961
$ 8,256,859
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees
191,825
195,414
200,675
390,288
165,419
976,662
951,796
Investment Income - Realized Performance Allocations
562,050
829,820
997,296
1,273,077
1,103,173
3,367,279
4,203,366
GAAP
$ 753,875
$ 1,025,234
$ 1,197,971
$ 1,663,365
$ 1,268,592
$ 4,343,941
$ 5,155,162
Total Segment
Less: Realized Performance Revenues
(460,023)
(553,121)
(744,953)
(1,057,432)
(780,494)
(2,210,661)
(3,136,000)
Segment Adjustment (b)
63
(63)
-
512
-
1,079
449
Total Segment
$ 293,915
$ 472,050
$ 453,018
$ 606,445
$ 488,098
$ 2,134,359
$ 2,019,611
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation 1,029,362
870,358
845,659
925,814
1,166,897
3,282,788
3,808,728
Incentive Fees Compensation 57,029
67,363
61,882
88,628
54,368
356,908
272,241
Realized Performance Allocations Compensation 241,890
331,191
354,765
369,626
433,449
1,415,213
1,489,031
GAAP $ 1,328,281 $
1,268,912
$ 1,262,306
$ 1,384,068
$ 1,654,714
$ 5,054,909
$ 5,570,000
Total Segment
Less: Realized Performance Compensation (220,924)
(256,624)
(302,642)
(310,405)
(364,056)
(919,146)
(1,233,727)
Less: Equity-Based Compensation - Fee Related Compensation (464,053)
(306,495)
(296,506)
(345,649)
(549,703)
(1,293,707)
(1,498,353)
Less: Equity-Based Compensation - Performance Compensation (7,249)
(5,523)
(5,056)
(12,715)
(11,514)
(18,938)
(34,808)
Segment Adjustment (c) (19,073)
46
(11)
13
29
(20,891)
77
Total Segment $ 616,982 $
700,316
$ 658,091
$ 715,312
$ 729,470
$ 2,802,227
$ 2,803,189
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP
$ 332,373 $
360,817
$ 383,580
$ 447,778
$ 372,821
$ 1,324,332
$ 1,564,996
Segment Adjustment (d)
(25,498)
(28,574)
(27,510)
(29,727)
(29,366)
(58,343)
(115,177)
Total Segment
$ 306,875 $
332,243
$ 356,070
$ 418,051
$ 343,455
$ 1,265,989
$ 1,449,819
Realized Performance Revenues
GAAP
Incentive Fees
191,825
195,414
200,675
390,288
165,419
976,662
951,796
Investment Income - Realized Performance Allocations
562,050
829,820
997,296
1,273,077
1,103,173
3,367,279
4,203,366
GAAP
$ 753,875 $
1,025,234
$ 1,197,971
$ 1,663,365
$ 1,268,592
$ 4,343,941
$ 5,155,162
Total Segment
Less: Fee Related Performance Revenues
(293,915)
(472,050)
(453,018)
(606,445)
(488,098)
(2,134,359)
(2,019,611)
Segment Adjustment (b)
63
(63)
-
512
-
1,079
449
Total Segment
$ 460,023 $
553,121
$ 744,953
$ 1,057,432
$ 780,494
$ 2,210,661
$ 3,136,000
Blackstone | 32
($ in thousands)
1Q'25
2Q'25
QTD
3Q'25
LTM
4Q'25
1Q'26
1Q'25
1Q'26
Realized Performance Compensation
GAAP
Incentive Fee Compensation
Realized Performance Allocations Compensation
GAAP
Total Segment
Less: Fee Related Performance Compensation (e)
Less: Equity-Based Compensation - Performance Compensation
Total Segment
$
57,029 $
241,890
67,363 $
331,191
61,882 $
354,765
88,628 $
369,626
$
298,919 $
398,554 $
416,647 $
458,254 $
54,368 $
433,449
487,817 $
356,908 $
1,415,213
1,772,121 $
272,241
1,489,031
1,761,272
$
(70,746)
(7,249)
220,924 $
(136,407)
(5,523)
256,624 $
(108,949)
(5,056)
302,642 $
(135,134)
(12,715)
310,405 $
(112,247)
(11,514)
364,056
$
(834,037)
(18,938)
919,146 $
(492,737)
(34,808)
1,233,727
Realized Principal Investment Income (Loss)
GAAP
Segment Adjustment (f)
Total Segment
$
$
185,542 $
(67,632)
117,910 $
97,171 $
(67,750)
29,421 $
152,652 $
(90,117)
62,535 $
262,267 $
(52,390)
209,877 $
143,020 $
(111,047)
31,973 $
439,203 $
(238,705)
200,498 $
655,110
(321,304)
333,806
GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue 97,420 100,389 107,538
Interest Expense (118,115) (135,822) (126,288)
GAAP $ (20,695) $ (35,433) $ (18,750) $
Segment Adjustment (g) 165 10,790 198
Total Segment (20,530) $ (24,643) $ (18,552) $
110,746
(128,089)
(17,343) $
67
(17,276) $
107,940
(137,053)
(29,113) $
6,995
(22,118)
$
$
410,740
(453,600)
(42,860) $
(1,306)
(44,166) $
426,613
(527,252)
(100,639)
18,050
(82,589)
This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.
Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.
Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.
Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone's segment presentation.
Fee related performance compensation may include equity based compensation based on fee related performance revenues.
Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and
(2) the removal of interest expense associated with the Tax Receivable Agreement.
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Notes to page 4 - Investment Performance and Net Accrued Performance Revenues
The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of Blackstone.
Core+ appreciation represents a weighted average of BREIT's per share appreciation, BEPIF's per share appreciation, and BPP's appreciation for the period. The returns are weighted based on the average of BREIT's monthly net asset values, BEPIF's monthly net asset values, and the average of BPP's net asset value.
Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries business refer to the appreciation of the Strategic Partners funds and do not include results for GP Stakes. Strategic Partners results are reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters.
Throughout this presentation, Infrastructure refers to our infrastructure-focused funds, including Blackstone Infrastructure Partners' funds ("BIP") and Blackstone Infrastructure Strategies ("BXINFRA"). AUM, inflows, and related metrics for Infrastructure refer to BIP and the portion of BXINFRA assets that are managed in Infrastructure. Infrastructure appreciation represents a weighted average of BIP's appreciation and BXINFRA's per share appreciation for the period. The returns are weighted based on the average of BIP's quarterly net asset value and the average of BXINFRA's monthly net asset values.
Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and non-investment grade infrastructure and asset-based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding
$100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone's acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.
The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing ("BXMA") Absolute Return Composite, which includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA's liquid solutions group, seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account.
Notes to page 17 - Deconsolidated Balance Sheet Highlights
GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were
$754 million, $1.7 billion, $372 million, and $125 million, respectively, as of March 31, 2026. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).
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Notes to page 23 - Shareholder Dividends
DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deductions taken by Blackstone's corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables.
Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to
shareholders as of the applicable record date.
Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders' share was $157 million for 1Q'26 and $682 million for 1Q'26 LTM.
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Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other
than in accordance with generally accepted accounting principles in the United States of America ("non-GAAP") in this presentation:
Segment Distributable Earnings, or "Segment DE", is Blackstone's segment profitability measure used to make operating decisions and assess performance across Blackstone's four segments. Segment DE represents the net realized earnings of Blackstone's segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone's segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone's consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performanc e Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).
Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income.
Distributable Earnings, or "DE", is derived from Blackstone's segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement.
Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone's consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.
Fee Related Earnings, or "FRE", is a performance measure used to assess Blackstone's ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and
(b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
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Disclaimer
Blackstone Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 11:02 UTC.