BX · 10-Q · 2026Q2

Blackstone Inc.

Filed 2026-08-07 · Financials · View original filing on EDGAR

Ranked Events

• Investment Income DriversImportance 69 · Surprise 64
  Three-month Investment Income increased $867.1 million, or 54%, to $2.5 billion from $1.6 billion, reflecting $543.8 million of higher Realized Investment Income and $323.3 million of higher Unrealized Investment…
• Accrued Performance RevenuesImportance 66 · Surprise 40
  Blackstone’s Net Accrued Performance Revenues totaled $7.468 billion at June 30, 2026, up $860 million, or 13.0%, from $6.608 billion at June 30, 2025. The twelve-month increase reflected $4.6 billion of net…
• Private Equity Segment GrowthImportance 64 · Surprise 56
  Private Equity Segment Distributable Earnings increased 31% year over year to $981.5 million in the second quarter of 2026 from $751.4 million, led by a $197.5 million increase in Fee Related Earnings. Fee Related…
• Real Estate Segment PerformanceImportance 64 · Surprise 56
  Real Estate Segment Distributable Earnings increased 32% year over year to $745.3 million in the second quarter of 2026 from $565.9 million, driven by a $110.0 million increase in Net Realizations and a $69.4 million…
• Assets Under Management GrowthImportance 64 · Surprise 56
  Total Assets Under Management increased $42.2 billion sequentially to $1.3463 trillion at June 30, 2026, led by $24.5 billion of Private Equity inflows, $31.0 billion of Credit & Insurance inflows and $8.2 billion of…
• Income Tax Rate ChangesImportance 59 · Surprise 48
  Blackstone’s provision for taxes increased $116.2 million, or 21.8%, to $649.5 million for the six months ended June 30, 2026, from $533.3 million in the prior-year period. The effective tax rate decreased to 15.2%…
• Revenue Performance and MixImportance 59 · Surprise 48
  Six-month revenue increased 24% year over year to $8.7 billion from $7.0 billion, driven by an $842.2 million increase in Investment Income and a $474.8 million increase in Management and Advisory Fees, Net. Six-month…
• Capital Commitments and ObligationsImportance 56 · Surprise 24
  At June 30, 2026, Blackstone and its general partners had $5.905 billion of remaining commitments to funds and other investments, while senior managing directors and certain professionals had $2.279 billion of…
• Macroeconomic Factors ImpactImportance 56 · Surprise 82
  Major equity markets appreciated significantly in the second quarter of 2026, supported by resilient economic growth and large-scale artificial-intelligence ecosystem capital spending; the S&P 500 returned 15.2%, while…
• Perpetual Capital GrowthImportance 55 · Surprise 32
  Perpetual Capital Total Assets Under Management reached $555.6 billion at June 30, 2026, increasing $15.9 billion from March 31, 2026. Private Equity perpetual capital increased $11.4 billion sequentially, while Credit…
• Outstanding IndebtednessImportance 49 · Surprise 6
  As of June 30, 2026, Blackstone had $12.392 billion of senior notes outstanding, with maturities ranging from October 2026 through January 2052 and coupon rates from 1.0% to 6.25%. The company also had $800.0 million…
• Segment Revenue PerformanceImportance 46 · Surprise 56
  Multi-Asset Investing Segment Distributable Earnings increased 35% to $97.7 million in the second quarter of 2026 from $72.3 million in the second quarter of 2025, driven by a $20.0 million increase in Fee Related…
• Private Wealth RedemptionsImportance 45 · Surprise 50
  Redemption requests in the perpetual private-wealth vehicle BCRED remained elevated during the second quarter, driven largely by heightened media and market attention around private credit and concerns about…
• FX / Currency HeadwindsImportance 45 · Surprise 64
  Foreign-exchange fluctuations reduced Total Assets Under Management by $1.3 billion in the three months ended June 30, 2026, compared with a $11.0 billion increase in the comparable 2025 period. For the six months…
• Liquidity and Cash PositionImportance 43 · Surprise 6
  As of June 30, 2026, Blackstone held $2.5 billion in cash and cash equivalents, $401.5 million in corporate treasury investments and $8.5 billion in other investments, including $7.8 billion of liquid investments,…
• Credit Insurance Earnings DeclineImportance 43 · Surprise 32
  Credit & Insurance Segment Distributable Earnings decreased 6% year over year to $373.2 million in the second quarter of 2026 from $395.8 million, as a $59.6 million decline in Net Realizations outweighed a $37.0…
• AI Valuation DisruptionImportance 40 · Surprise 42
  Blackstone said the potential for artificial intelligence-driven disruption has weighed on equity capital markets and valuations in sectors such as software. Management expects the impact to vary substantially by…
• Private Credit Market ConditionsImportance 37 · Surprise 32
  Blackstone described the Credit & Insurance market as volatile but supported by increased financing and investment activity, strong interest income, and generally stable underlying credit performance. Defaults in…
• BCRED Net OutflowsImportance 37 · Surprise 42
  BCRED experienced net outflows in the second quarter of 2026 because redemption requests remained elevated and subscriptions, although solid, decelerated from the prior quarter. Redemption activity was attributed…
• Capital Markets Revenue ReclassificationImportance 30 · Surprise 42
  Beginning in the three months ended June 30, 2026, capital markets advisory revenues from certain financing transactions in infrastructure and asset based credit strategies were presented in Credit & Insurance rather…

Revenue by Product (in thousands)