BX · 10-Q · 2026Q3 · Full report

Capital Markets Activity

Blackstone Inc. · 2026-11-06 · Importance 46 · Surprise 56

U.S. capital markets activity slowed in the third quarter of 2026 after an active first half. Initial public offering volumes declined 46% year over year, while announced merger and acquisition deal volumes fell 18%. For the first nine months of 2026, however, IPO and announced M&A volumes increased 236% and 36%, respectively, compared with the same period in 2025.

Key facts

• For the nine months ended September 30, 2026, U.S. IPO and announced M&A deal volumes increased 236% and 36%, respectively, versus the same period in 2025. source
• In the third quarter of 2026, U.S. capital markets activity slowed after an active first half; IPO volumes declined 46% year over year and announced M&A deal volumes declined 18% year over year. source
• Credit & Insurance Transaction, Advisory and Other Fees, Net increased $76.0 million in the first nine months of 2026, primarily due to infrastructure and asset-based credit capital-markets advisory revenues. source