BX · 10-Q · 2026Q2 · Full report
Operating Expense Trends
Blackstone Inc. · 2026-08-07 · Importance 23 · Surprise 22 · No source text
Multi-Asset Investing six-month Fee Related Compensation increased 7% to $89.9 million from $84.4 million, primarily because compensation is based partly on higher Management and Advisory Fees, Net. Six-month Other Operating Expenses increased 11% to $55.4 million from $49.9 million. In the second quarter, Other Operating Expenses increased 16% to $29.6 million from $25.5 million, while Fee Related Compensation remained approximately flat at $42.9 million. The increase in six-month Fee Related Earnings was therefore $35.7 million, compared with a $46.7 million increase in Management and Advisory Fees, Net.
Key facts
- Multi-Asset Investing Fee Related Earnings for the three months ended June 30, 2026: $83,427 (thousands), an increase of $19,978 (31%) compared to $63,449 for the three months ended June 30, 2025. source
- Performance Allocations Compensation increased by $317.6 million in the three months ended June 30, 2026 compared to the three months ended June 30, 2025 (as part of the $392.6 million increase in Total Compensation and Benefits). source
- Total Compensation and Benefits were $1,814,135 thousand for the three months ended June 30, 2026, an increase of $392,605 thousand or 28% compared to $1,421,530 thousand for the three months ended June 30, 2025. source
- Total Expenses were $2,375,612 thousand for the three months ended June 30, 2026, an increase of $443,009 thousand or 23% compared to $1,932,603 thousand for the three months ended June 30, 2025. source
- Expenses were $4,637,905 thousand for the six months ended June 30, 2026, an increase of $810,870 thousand or 21% compared to $3,827,035 thousand for the six months ended June 30, 2025. source
- Total Compensation and Benefits were $3,558,550 thousand for the six months ended June 30, 2026, an increase of $705,180 thousand or 25% compared to $2,853,370 thousand for the six months ended June 30, 2025. source
- Fee Related Earnings for the three months ended June 30, 2026: $1,783,428 (thousands). source
- Fee Related Earnings for the six months ended June 30, 2026 for Multi-Asset Investing: $155,558 (thousands), an increase of $35,737 (30%) compared to $119,821 for the six months ended June 30, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -16.1% | Expenses were $4,637,905 thousand for the six months ended June 30, 2026, an increase of $810,870 thousand or 21% compared to $3,827,035… |
| operating_income | negative | realized | -8.8% | Total Expenses were $2,375,612 thousand for the three months ended June 30, 2026, an increase of $443,009 thousand or 23% compared to… |
| operating_income | positive | realized | +0.4% | Multi-Asset Investing Fee Related Earnings for the three months ended June 30, 2026: $83,427 (thousands), an increase of $19,978 (31%)… |
| operating_income | positive | realized | — | Fee Related Earnings for the three months ended June 30, 2026: $1,783,428 (thousands). |