BX · 10-Q · 2026Q3 · Full report

Performance Eligible Assets

Blackstone Inc. · 2026-11-06 · Importance 25 · Surprise 32

Credit & Insurance invested performance-eligible AUM was $120.8 billion at September 30, 2026, up from $119.3 billion a year earlier, while the estimated share above high-water marks or hurdles declined to 98% from 99%. For Credit & Insurance assets below their high-water marks or hurdles, the incremental appreciation needed to reach them was $2.6 billion, up $121.6 million from $2.4 billion at September 30, 2025. Multi-Asset Investing invested performance-eligible AUM rose to $68.7 billion from $54.4 billion, while the estimated share above high-water marks or benchmarks fell to 92% from 97%. The appreciation needed for the 8% of Multi-Asset Investing assets below their marks or benchmarks was $154.9 million, up $45.1 million year over year.

Key facts

• Invested Performance Eligible Assets Under Management for Multi-Asset Investing managed funds were $68.7 billion as of September 30, 2026, compared with $54.4 billion as of September 30, 2025. source
• As of September 30, 2026, 92% of Multi-Asset Investing managed funds’ Invested Performance Eligible Assets Under Management were above their High Water Mark or Benchmark, compared with 97% as of September 30, 2025. source
• At September 30, 2026, the incremental appreciation needed for the 8% of Multi-Asset Investing managed funds’ Invested Performance Eligible Assets Under Management below their respective High Water Marks or Benchmarks to reach them was $154.9 million, up $45.1 million from $109.8 million at September 30, 2025. source
• Of Multi-Asset Investing managed funds’ Invested Performance Eligible Assets Under Management below their High Water Marks or Benchmarks at September 30, 2026, 94% were within 5% of reaching their respective High Water Mark. source