Blackstone Inc. (BX)

Blackstone reported its third-quarter 2026 results on October 22, 2026 1. Total revenues were $3.06 billion, about the same as the $3.09 billion of a year earlier 1. Net income attributable to Blackstone Inc. was $662 million 1.

Fee related earnings, the profit from management fees and related performance revenues after costs, were $1.6 billion, up 6 percent from a year earlier 1.

Total assets under management, the money it manages for clients, reached $1,368.3 billion, up 10 percent from a year earlier 1. Clients added $63.3 billion of new money in the quarter 1.

Chairman and chief executive Stephen Schwarzman said the firm's flagship strategies outperformed comparable public market indices and pointed to AI and energy infrastructure as key investment themes 1.

The board declared a quarterly dividend of $1.12 per share, payable on November 9, 2026 1.

Separately, director Joseph Baratta told the board on October 9, 2026 that he plans to resign effective December 31, 2026, in connection with his planned retirement 4.

Blackstone Inc. was formed as The Blackstone Group L.P., a Delaware limited partnership, on March 12, 2007 2. On July 1, 2019, it converted from a limited partnership to a Delaware corporation 2.

The business historically focused on investment products, such as traditional drawdown funds, for institutional investors 2. It now also offers many products to high-net-worth and mass affluent individual investors through various distribution channels 2. Capital from that private wealth channel has made up a growing share of assets under management in recent years, the 10-K says 2.

Revenue includes a large investment income line, which covers performance allocations and principal investments 2. In 2024 revenue was $13.2 billion, 65 percent more than the $8.0 billion of the year before 2. Investment income was $4.5 billion in 2024, against $232.8 million the year before 2.

Revenue grew again in 2025, to $14.5 billion, up $1.2 billion 2. Management and advisory fees, the steady fees for running funds, rose $886.7 million to $8.1 billion 2. Private Equity and Credit & Insurance supplied $573.3 million and $347.8 million of that rise 2.

In Private Equity the company points to fee holiday expirations of BCP IX and BETP IV, and to growth in BXPE and BIP 2. In Credit & Insurance, the rise came from more fee-earning assets in private credit strategies 2.

Realized investment income rose $569.9 million, led by the sale of Bistro, a portfolio visualization software platform developed by Blackstone, and the monetization of its stake in Resolution Life 2.

Revenue was $8.7 billion in the first six months of 2026, up $1.7 billion from the same stretch of 2025 3. Investment income was $3.6 billion for those six months 3.

The company said most major equity markets rose sharply in the second quarter of 2026, driven by resilient growth and large-scale capital spending on artificial intelligence 3.

Four businesses

Blackstone calls itself the world's largest alternative asset manager, with nearly $1.4 trillion in assets under management 1. In plain terms, it invests in things like buildings, private companies and loans for its clients 2. Its four segments are Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing 2.

Real Estate

Real Estate managed $319.3 billion at December 31, 2025, with about 785 employees 2. Its Blackstone Real Estate Partners funds have invested in logistics, data centers, rental housing, hospitality, office and retail properties around the world 2.

For individual investors it runs Blackstone Real Estate Income Trust (BREIT), a non-listed real estate investment trust, and a European counterpart 2. Real Estate took in $6.3 billion of new money in the third quarter 1.

Private Equity

Private Equity managed $416.4 billion at December 31, 2025, with about 720 employees 2. It spans corporate buyouts, life sciences, growth equity, infrastructure and secondaries 2.

Its infrastructure funds gained 28.9 percent over the last twelve months, the third-quarter release shows 1. Perpetual capital means money with an indefinite term that investors cannot normally pull out on request 2. Growth in Infrastructure and BXPE, a fund for individual investors, added $21.8 billion and $12.7 billion to perpetual capital assets in 2025 2.

Credit and Insurance

Credit and Insurance, called BXCI, managed $443.0 billion at December 31, 2025, with about 815 employees 2. It manages corporate and asset-backed credit, and the company calls it one of the largest credit managers and CLO managers in the world 2.

Its insurance platform manages money for insurance and reinsurance accounts 2. This segment took in $35.8 billion of the firm's $63.3 billion of third-quarter inflows 1. In 2025, growth in insurance capital managed and in BCRED added $21.7 billion and $13.3 billion to the segment's perpetual capital 2.

Multi-Asset Investing

Multi-Asset Investing, called BXMA, managed $96.2 billion with about 240 employees at December 31, 2025 2. The company calls it the world's largest discretionary allocator to hedge funds 2.

Money from individual investors

Perpetual capital assets under management reached $562.3 billion, up 12 percent from a year earlier 1. Fee-earning perpetual capital was $469.5 billion, 47 percent of fee-earning assets 1.

The 10-K says the firm seeks to broaden access to private markets for retirement savers through the defined contribution plan channel 2.

People and offices

Stephen Schwarzman, a co-founder, is chief executive and has been chairman since March 20, 2007 2. Jonathan Gray is president and chief operating officer, and has been on the board since February 2012 2. Gray also chairs the board of Hilton Worldwide Holdings, a personal seat 2.

Michael Chae is vice chairman and chief financial officer 2. John Finley is chief legal officer 2.

The firm employed about 5,285 people at December 31, 2025, including 268 senior managing directors 2. Its head office is leased space at 345 Park Avenue in New York, with leased offices also in Hong Kong, London, Miami, Mumbai, San Francisco, Singapore and Tokyo 2.

Rivals and problems

For deals, the 10-K says the firm competes mainly with sponsors managing other funds, other financial institutions, institutional investors including sovereign wealth and pension funds, and corporate buyers 2.

In July 2020 the Kentucky Attorney General filed its own action over the Kentucky Retirement Systems' investment in hedge funds of funds, including one managed by a Blackstone unit 3. In November 2024 the Kentucky Court of Appeals denied a writ sought by defendants, who appealed to the Kentucky Supreme Court 3.

The 10-K says no pending proceeding is expected to have a material impact on its financial statements 2.

The umbrella, in words

Its main fund brands include BREIT and BEPIF for real estate income, BCRED and BXSL for private lending, BXPE for private equity for individuals, BXINFRA for infrastructure, and BTAS, a single commitment across several strategies 2.

Exhibit 21.1 lists the entities consolidated in its results as of December 31, 2025, mostly general partner and manager vehicles for its funds, such as BCP IX GP 5.

The Credit & Insurance segment reported unrealized appreciation of Corebridge common stock, which points to a shareholding whose size this report does not state 3. In 2025 it monetized its stake in Resolution Life 2.

Control rests partly on two special preferred shares, one of Series I and one of Series II 2. As of February 20, 2026, an entity controlled by Schwarzman owned the only Series I share, about 37.5 percent of combined voting power 2. A second entity he controls owns the Series II share, with a general ability to appoint the board 2.

Blackstone declared a quarterly dividend of $1.12 per share, to be paid on November 9, 2026 to holders of record on November 2, 2026 1.

Joseph Baratta, Global Head of Private Equity Strategies, plans to leave the board effective December 31, 2026, when the board shrinks from eight members to seven 42.

The board intends a quarterly dividend of about 85 percent of Blackstone Inc.'s share of Distributable Earnings, subject to change, the 10-K says 2.

The company expects to keep expanding the products it offers individual investors and the assets it manages in perpetual capital vehicles, according to its 10-K 2.

Schwarzman said the firm has established leading platforms for AI and energy infrastructure, which he said gives investors unique access to opportunities 1.

In the third quarter, Blackstone said it committed a further $17.0 billion that had not yet been put to work 1.

The Kentucky Supreme Court is reviewing the appeal of the writ denial, and the related Taylor II case is stayed pending that review 3.