BX · 8-K · 20261022PR428297

Operating Expense Trends

Blackstone Inc. · 2026-10-22 · Importance 62 · Surprise 40 · In source text

Total GAAP expenses declined 7% year over year to $1.625 billion in the third quarter, while year-to-date expenses increased 12% to $6.263 billion. Compensation and benefits decreased 13% in the quarter to $1.066 billion, primarily reflecting a $193.5 million unrealized performance-allocation compensation benefit versus a $31.5 million benefit in the prior-year quarter. General, administrative and other expenses increased 9% year over year to $416.4 million in the quarter and 11% year to date to $1.198 billion. Interest expense increased 5% in the quarter to $132.9 million and 9% year to date to $415.0 million.

Key facts

• Total Expenses for 3Q’26 were $1,625,299 (in thousands). source
• Total Compensation and Benefits for 3Q’26 were $1,066,272 (in thousands). source
• Compensation (component) for 3Q’26 was $900,734 (in thousands). source
• Adjusted EBITDA is a supplemental measure used to assess performance derived from Blackstone’s segment results and may be used to assess its ability to service its borrowings. source
• Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables, and (c) Depreciation and Amortization. source
• Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. source
• 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. source
• Transaction-Related and Non-Recurring Items consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreements 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. source

Impact estimates