BX · 10-Q · 2026Q2 · Full report
Credit Insurance Earnings Decline
Blackstone Inc. · 2026-08-07 · Importance 43 · Surprise 32 · No source text
Credit & Insurance Segment Distributable Earnings decreased 6% year over year to $373.2 million in the second quarter of 2026 from $395.8 million, as a $59.6 million decline in Net Realizations outweighed a $37.0 million increase in Fee Related Earnings. Management and Advisory Fees increased 22% to $572.8 million, including a $77.8 million increase in Transaction, Advisory and Other Fees from capital markets advisory revenues, while Fee Related Performance Revenues declined 16% to $159.3 million primarily because of lower BXSL revenues. Net Realizations fell 95% to $3.2 million, with Realized Performance Revenues decreasing $75.9 million primarily in private corporate credit funds. For the six months ended June 30, 2026, Segment Distributable Earnings declined 17% to $746.3 million, reflecting a $124.0 million decrease in Realized Principal Investment Income and an $89.3 million decrease in Realized Performance Revenues.
Key facts
- For the six months ended June 30, 2026, the $200.2 million decrease in Unrealized Investment Income was primarily attributable to a decrease of $507.8 million in the Credit & Insurance segment primarily attributable to lower unrealized appreciation of Corebridge common stock. source
- Credit & Insurance Net Realizations were $3,172 thousand for the three months ended June 30, 2026, a decrease of $59,588 thousand (-95%) versus prior year quarter. source
- Credit & Insurance Realized Performance Revenues were $11,540 thousand for the three months ended June 30, 2026, a decrease of $75,853 thousand (-87%) versus prior year quarter, primarily attributable to decreases in Realized Performance Revenues in private corporate credit funds. source
- Credit & Insurance six months Net Realizations were $44,396 thousand for the six months ended June 30, 2026, a decrease of $177,369 thousand (-80%) versus prior year period. source
- Credit & Insurance Segment Distributable Earnings were $373,242 thousand for the three months ended June 30, 2026, a decrease of $22,543 thousand (-6%) versus prior year quarter. source
- Credit & Insurance inflows for the three months ended June 30, 2026 were $31,011,510 thousand ($31.0 billion) and realizations were $13,494,781 thousand. source
- The increase in Management and Advisory Fees, Net in the Credit & Insurance segment was primarily attributable to increased Transaction, Advisory and Other Fees, Net due to capital markets advisory revenues. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | probable | +307.4% | Credit & Insurance inflows for the three months ended June 30, 2026 were $31,011,510 thousand ($31.0 billion) and realizations were… |
| revenue | negative | probable | -133.8% | Credit & Insurance inflows for the three months ended June 30, 2026 were $31,011,510 thousand ($31.0 billion) and realizations were… |
| operating_income | negative | realized | -4.0% | For the six months ended June 30, 2026, the $200.2 million decrease in Unrealized Investment Income was primarily attributable to a… |
| revenue | negative | realized | -3.5% | Credit & Insurance six months Net Realizations were $44,396 thousand for the six months ended June 30, 2026, a decrease of $177,369… |
| revenue | negative | realized | -1.5% | Credit & Insurance Realized Performance Revenues were $11,540 thousand for the three months ended June 30, 2026, a decrease of $75,853… |
| revenue | negative | realized | -1.2% | Credit & Insurance Net Realizations were $3,172 thousand for the three months ended June 30, 2026, a decrease of $59,588 thousand (-95%)… |
| operating_income | negative | realized | -0.5% | Credit & Insurance Segment Distributable Earnings were $373,242 thousand for the three months ended June 30, 2026, a decrease of $22,543… |