BX · 10-Q · 2026Q2 · Full report
Accrued Performance Revenues
Blackstone Inc. · 2026-08-07 · Importance 66 · Surprise 40 · No source text
Blackstone’s Net Accrued Performance Revenues totaled $7.468 billion at June 30, 2026, up $860 million, or 13.0%, from $6.608 billion at June 30, 2025. The twelve-month increase reflected $4.6 billion of net performance revenues, partly offset by $3.8 billion of net realized distributions. Private Equity accounted for $6.081 billion of the June 30, 2026 balance, while Real Estate accounted for $1.764 billion. The balance excludes clawback amounts and includes co-investments in Real Estate and Private Equity where applicable.
Key facts
- Private Equity Fee Related Performance Revenues were $391,387 thousand for the three months ended June 30, 2026, an increase of $199,056 thousand (103%) versus prior year quarter, primarily attributable to higher performance revenues in BXPE and crystallization of performance revenues in BXINFRA. source
- Realized Performance Allocations were $1,365,175 thousand for the three months ended June 30, 2026, an increase of $535,355 thousand or 65% compared to $829,820 thousand for the three months ended June 30, 2025. source
- Unrealized Performance Allocations were $587,140 thousand for the three months ended June 30, 2026, an increase of $273,857 thousand or 87% compared to $313,283 thousand for the three months ended June 30, 2025. source
- Realized Performance Allocations for the six months ended June 30, 2026 were $2,468,348 thousand, an increase of $1,076,478 thousand or 77% compared to $1,391,870 thousand for the six months ended June 30, 2025. source
- Unrealized Performance Allocations for the six months ended June 30, 2026 were $870,592 thousand, an increase of $294,108 thousand or 51% compared to $576,484 thousand for the six months ended June 30, 2025. source
- Real Estate Fee Related Performance Revenues for the six months ended June 30, 2026 were $395,716 thousand, an increase of $268,323 thousand (211%) versus prior year period, attributable to higher Fee Related Performance Revenues in BREIT. source
- Real Estate Fee Related Performance Revenues were $242,718 thousand for the three months ended June 30, 2026, an increase of $153,128 thousand (171%) versus prior year quarter. source
- Net Accrued Performance Revenues as of June 30, 2026: $7,467,901 (thousands) compared to $6,607,543 as of June 30, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +21.3% | Realized Performance Allocations for the six months ended June 30, 2026 were $2,468,348 thousand, an increase of $1,076,478 thousand or… |
| revenue | positive | realized | +10.6% | Realized Performance Allocations were $1,365,175 thousand for the three months ended June 30, 2026, an increase of $535,355 thousand or… |
| revenue | positive | realized | +5.8% | Unrealized Performance Allocations for the six months ended June 30, 2026 were $870,592 thousand, an increase of $294,108 thousand or 51%… |
| revenue | positive | realized | +5.4% | Unrealized Performance Allocations were $587,140 thousand for the three months ended June 30, 2026, an increase of $273,857 thousand or… |
| revenue | positive | realized | +5.3% | Real Estate Fee Related Performance Revenues for the six months ended June 30, 2026 were $395,716 thousand, an increase of $268,323… |
| revenue | positive | realized | +4.0% | Private Equity Fee Related Performance Revenues were $391,387 thousand for the three months ended June 30, 2026, an increase of $199,056… |
| revenue | positive | realized | +3.0% | Real Estate Fee Related Performance Revenues were $242,718 thousand for the three months ended June 30, 2026, an increase of $153,128… |
| assets | positive | realized | +1.7% | Net Accrued Performance Revenues as of June 30, 2026: $7,467,901 (thousands) compared to $6,607,543 as of June 30, 2025. |
| assets | positive | realized | +1.6% | Total Net Accrued Performance Revenues receivable increased for the twelve months ended June 30, 2026 due to Net Performance Revenues of… |
| revenue | negative | realized | -0.6% | Credit & Insurance Fee Related Performance Revenues were $159,286 thousand for the three months ended June 30, 2026, a decrease of $30,843… |
| revenue | positive | realized | +0.5% | For the six months ended June 30, 2026, Realized Performance Revenues in Multi-Asset Investing were $39,975 (thousands), an increase of… |
| revenue | positive | realized | +0.1% | Multi-Asset Investing Realized Performance Revenues for the three months ended June 30, 2026: $17,670 (thousands), an increase of $4,509… |