BX · 10-Q · 2026Q2 · Full report
Investment Income Drivers
Blackstone Inc. · 2026-08-07 · Importance 69 · Surprise 64 · No source text
Three-month Investment Income increased $867.1 million, or 54%, to $2.5 billion from $1.6 billion, reflecting $543.8 million of higher Realized Investment Income and $323.3 million of higher Unrealized Investment Income. Three-month Real Estate realized gains increased $324.7 million, primarily from BREP and Core+ real estate funds. Three-month Real Estate unrealized investment income increased $450.4 million because certain BREP and Core+ real estate funds recorded appreciation instead of the prior-year depreciation. Six-month Unrealized Investment Income decreased $200.2 million, including a $507.8 million reduction in Credit & Insurance from lower appreciation of Corebridge common stock, partly offset by a $529.1 million Real Estate increase.
Key facts
- Total Investment Income was $2,472,721 thousand for the three months ended June 30, 2026, an increase of $867,056 thousand or 54% compared to $1,605,665 thousand for the three months ended June 30, 2025. source
- Private Equity six months Realized Performance Revenues were $1,128,796 thousand for the six months ended June 30, 2026, an increase of $369,743 thousand (49%) versus prior year period, primarily attributable to increases in Realized Performance Revenues in Corporate Private Equity and Tactical Opportunities. source
- Investment Income was $3,617,364 thousand for the six months ended June 30, 2026, an increase of $842,193 thousand or 30% compared to $2,775,171 thousand for the six months ended June 30, 2025. source
- Private Equity Realized Performance Revenues were $490,807 thousand for the three months ended June 30, 2026, an increase of $81,827 thousand (20%) versus prior year quarter, primarily attributable to increases in Realized Performance Revenues in Corporate Private Equity. source
- Credit & Insurance realized principal investment income (loss) was $(10,327) thousand for the six months ended June 30, 2026, a decrease of $124,030 thousand versus $113,703 thousand in the six months ended June 30, 2025, primarily attributable to the sale of Bistro in Q1 2025. source
- Multi-Asset Investing Net Realizations for the three months ended June 30, 2026: $14,264 (thousands), an increase of $5,366 (60%) compared to $8,898 for the three months ended June 30, 2025. source
- Principal Investments unrealized gains were $414,821 thousand for the three months ended June 30, 2026, an increase of $49,430 thousand or 14% compared to $365,391 thousand for the three months ended June 30, 2025. source
- Real Estate realized principal investment income (loss) for the three months ended June 30, 2026 was $6,660 thousand, an increase of $3,863 thousand (138%) versus prior year quarter. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +17.2% | Total Investment Income was $2,472,721 thousand for the three months ended June 30, 2026, an increase of $867,056 thousand or 54% compared… |
| operating_income | positive | realized | +16.7% | Investment Income was $3,617,364 thousand for the six months ended June 30, 2026, an increase of $842,193 thousand or 30% compared to… |
| revenue | positive | realized | +7.3% | Private Equity six months Realized Performance Revenues were $1,128,796 thousand for the six months ended June 30, 2026, an increase of… |
| net_income | negative | realized | -2.5% | Credit & Insurance realized principal investment income (loss) was $(10,327) thousand for the six months ended June 30, 2026, a decrease… |
| revenue | positive | realized | +1.6% | Private Equity Realized Performance Revenues were $490,807 thousand for the three months ended June 30, 2026, an increase of $81,827… |
| operating_income | negative | realized | -1.1% | Private Equity Net Realizations were $264,555 thousand for the three months ended June 30, 2026, an increase of $32,540 thousand (14%)… |
| net_income | positive | realized | +1.0% | Principal Investments unrealized gains were $414,821 thousand for the three months ended June 30, 2026, an increase of $49,430 thousand or… |
| net_income | positive | realized | +0.3% | For the six months ended June 30, 2026, Net Realizations were $22,337 (thousands), an increase of $14,132 (172%) compared to $8,205 for… |
| net_income | positive | realized | +0.1% | Multi-Asset Investing Net Realizations for the three months ended June 30, 2026: $14,264 (thousands), an increase of $5,366 (60%) compared… |
| net_income | positive | realized | +0.1% | Real Estate realized principal investment income (loss) for the three months ended June 30, 2026 was $6,660 thousand, an increase of… |