BX · 10-Q · 2026Q3 · Full report
Management Fee Growth
Blackstone Inc. · 2026-11-06 · Importance 44 · Surprise 24 · In source text
For the nine months ended September 30, 2026, Management and Advisory Fees, Net increased $596.7 million year over year. Private Equity contributed $389.1 million of the increase, primarily from higher Base Management Fees as Fee-Earning AUM grew in BXPE, BIP and BXINFRA and from higher transaction activity in BXCM. Credit & Insurance contributed $190.8 million, primarily from capital markets advisory revenues.
Key facts
- Third-quarter 2026 Management and Advisory Fees, Net were $2.2 billion, an increase of $121.9 million compared with the prior-year quarter. source
- Management and Advisory Fees, Net increased $596.7 million, including increases of $389.1 million in Private Equity and $190.8 million in Credit & Insurance. source
- Private Equity Management and Advisory Fees, Net were $2.4 billion in the first nine months of 2026, up $389.1 million from $2.0 billion; Base Management Fees increased $238.3 million, primarily from increased Fee-Earning AUM in Infrastructure and BXPE. source
- Real Estate Management and Advisory Fees, Net were $2.0 billion in the first nine months of 2026, down $67.6 million from $2.1 billion; Base Management Fees decreased $134.3 million, partly offset by $84.1 million more Transaction, Advisory and Other Fees, Net. source
- Real Estate Base Management Fees decreased $134.3 million in the first nine months of 2026, primarily due to BREP and Core+, including lower BPP fees, partly offset by BREIT. source
- Real Estate Management and Advisory Fees, Net were $628.8 million in Q3 2026, down $60.0 million from $688.8 million, primarily because of lower Base Management Fees. source
- Real Estate Base Management Fees decreased $62.7 million in Q3 2026, primarily due to decreases in BREP and Core+, including lower BPP fees, partly offset by an increase in BREIT. source
- Private Equity Management and Advisory Fees, Net were $838.1 million in Q3 2026, up $120.7 million from $717.4 million; Base Management Fees rose $80.3 million, primarily from increased Fee-Earning AUM in BXPE, BIP and BXINFRA. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +19.5% | Management and Advisory Fees, Net increased $596.7 million, including increases of $389.1 million in Private Equity and $190.8 million in… |
| revenue | positive | realized | +4.0% | Third-quarter 2026 Management and Advisory Fees, Net were $2.2 billion, an increase of $121.9 million compared with the prior-year quarter. |