BX · 10-Q · 2026Q2 · Full report
Private Equity Segment Growth
Blackstone Inc. · 2026-08-07 · Importance 64 · Surprise 56 · No source text
Private Equity Segment Distributable Earnings increased 31% year over year to $981.5 million in the second quarter of 2026 from $751.4 million, led by a $197.5 million increase in Fee Related Earnings. Fee Related Performance Revenues more than doubled to $391.4 million, primarily due to higher performance revenues in BXPE and crystallization of performance revenues in BXINFRA. Net Realizations rose 14% to $264.6 million, with Realized Performance Revenues increasing $81.8 million primarily from Corporate Private Equity. For the six months ended June 30, 2026, Segment Distributable Earnings increased 49% to $2.0 billion, supported by $268.4 million of higher Management and Advisory Fees and $369.7 million of higher Realized Performance Revenues from Corporate Private Equity and Tactical Opportunities.
Key facts
- Private Equity Segment Distributable Earnings were $1,967,158 thousand for the six months ended June 30, 2026, an increase of $651,148 thousand (49%) versus prior year period. source
- Private Equity Segment Distributable Earnings were $981,479 thousand for the three months ended June 30, 2026, an increase of $230,060 thousand (31%) versus prior year quarter. source
- Increase in total assets attributable to consolidated operating partnerships primarily attributable to an increase of $2.3 billion in Investments, primarily attributable to appreciation in the Private Equity segment. source
- For the six months ended June 30, 2026, the $1.0 billion increase in Realized Investment Income was primarily attributable to an increase of $719.9 million in the Private Equity segment. source
- Private Equity stated the IPO market strengthened considerably and should provide the foundation for greater realizations over time, particularly with improvement in geopolitical conditions. source
- Inflows to Private Equity for the six months ended June 30, 2026 were $44,872,883 thousand ($44.9 billion) and market appreciation was $22,050,374 thousand ($22.1 billion). source
- Private Equity Total Assets Under Management balance was $454,152,320 thousand ($454.2 billion) at June 30, 2026, an increase of $24,242,512 thousand from March 31, 2026. source
- Fee-Earning Private Equity AUM was $267,817,860 thousand ($267.8 billion) at June 30, 2026, an increase of $11,977,086 thousand from March 31, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | probable | +243.1% | Private Equity inflows for the three months ended June 30, 2026 were $24,519,793 thousand ($24.5 billion) and market activity was… |
| revenue | positive | probable | +121.0% | Private Equity inflows for the three months ended June 30, 2026 were $24,519,793 thousand ($24.5 billion) and market activity was… |
| operating_income | positive | realized | +14.3% | For the six months ended June 30, 2026, the $1.0 billion increase in Realized Investment Income was primarily attributable to an increase… |
| operating_income | positive | realized | +12.9% | Private Equity Segment Distributable Earnings were $1,967,158 thousand for the six months ended June 30, 2026, an increase of $651,148… |
| assets | positive | realized | +4.6% | Increase in total assets attributable to consolidated operating partnerships primarily attributable to an increase of $2.3 billion in… |
| operating_income | positive | realized | +4.6% | Private Equity Segment Distributable Earnings were $981,479 thousand for the three months ended June 30, 2026, an increase of $230,060… |
| net_income | positive | contingent | — | Private Equity stated the IPO market strengthened considerably and should provide the foundation for greater realizations over time,… |
| revenue | positive | realized | — | Private Equity Total Assets Under Management balance was $454,152,320 thousand ($454.2 billion) at June 30, 2026, an increase of… |
| revenue | positive | realized | — | Fee-Earning Private Equity AUM was $267,817,860 thousand ($267.8 billion) at June 30, 2026, an increase of $11,977,086 thousand from March… |