BX · 10-Q · 2026Q3 · Full report
Private Equity Segment Performance
Blackstone Inc. · 2026-11-06 · Importance 53 · Surprise 48 · In source text
Private Equity Segment Distributable Earnings decreased 7% year over year to $813.1 million in the third quarter of 2026 because Net Realizations fell $186.0 million, partially offset by a $127.6 million increase in Fee Related Earnings. For the first nine months of 2026, Segment Distributable Earnings increased 27% to $2.780 billion, with Fee Related Earnings up $545.5 million and Net Realizations up $47.3 million. Nine-month Management and Advisory Fees, Net increased 19% to $2.435 billion, driven by $238.3 million of higher Base Management Fees from increased Fee-Earning AUM in Infrastructure and BXPE, and $154.2 million of higher Transaction, Advisory and Other Fees, Net from BXCM activity. Nine-month Fee Related Performance Revenues rose 105% to $777.3 million, driven by BXPE and BXINFRA, while third-quarter Realized Performance Revenues fell 49% to $285.5 million, primarily because the prior-year quarter included a GP Stakes portfolio interest sale.
Key facts
- Private Equity Segment Distributable Earnings were $2.8 billion in the first nine months of 2026, up $592.8 million from $2.2 billion in 2025. source
- Blackstone’s Private Equity segment had a $201.0 million decrease in third-quarter realized Investment Income, primarily due to lower Secondaries realizations related to the sale of an interest in the GP Stakes portfolio in the third quarter of 2025. source
- Blackstone’s Private Equity segment had a $306.9 million decrease in third-quarter unrealized Investment Income, primarily due to unrealized depreciation of certain Corporate Private Equity funds. source
- Blackstone’s Private Equity segment Management and Advisory Fees, Net increased $120.7 million in the third quarter of 2026. source
- Private Equity segment income increased $518.9 million, primarily from realizations in Corporate Private Equity and Tactical Opportunities and higher BXPE Performance Revenues, partly offset by lower Secondaries realizations related to the third-quarter 2025 sale of an interest in the GP Stakes portfolio. source
- Private Equity unrealized investment income decreased $513.1 million, primarily due to unrealized depreciation of certain Corporate Private Equity funds. source
- Private Equity Q3 2026 Realized Performance Revenues were $285.5 million, down $273.9 million from $559.4 million, primarily because Blackstone sold an interest in its GP Stakes portfolio in Q3 2025. source
- Private Equity Fee Related Earnings were $1.9 billion in the first nine months of 2026, up $545.5 million from $1.4 billion, primarily reflecting $397.4 million more Fee Related Performance Revenues and $389.1 million more Management and Advisory Fees, Net, partly offset by $193.4 million higher compensation. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +19.4% | Private Equity Segment Distributable Earnings were $2.8 billion in the first nine months of 2026, up $592.8 million from $2.2 billion in… |
| operating_income | positive | realized | +16.9% | Private Equity segment income increased $518.9 million, primarily from realizations in Corporate Private Equity and Tactical Opportunities… |