BX · 10-Q · 2026Q3

Blackstone Inc.

Filed 2026-11-06 · Financials · View original filing on EDGAR

Ranked Events

• Liquidity and Debt PositionImportance 58 · Surprise 42
  At September 30, 2026, Blackstone reported $3.0 billion of cash and cash equivalents, $8.2 billion of liquid investments within Other Investments, and $13.1 billion of borrowings, including $700.0 million drawn on its…
• Distributable Earnings PerformanceImportance 54 · Surprise 40
  Distributable Earnings were $1.716 billion for the three months ended September 30, 2026, down 9.2% from $1.889 billion in the prior-year quarter. For the nine months ended September 30, 2026, Distributable Earnings…
• Accrued Performance RevenuesImportance 54 · Surprise 40
  Net accrued performance revenues totaled $7.3 billion at September 30, 2026, up from $6.5 billion a year earlier, an increase of approximately 12%. GAAP accrued performance allocations increased to $13.4 billion from…
• Private Equity Segment PerformanceImportance 53 · Surprise 48
  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…
• Income Tax Rate ChangesImportance 53 · Surprise 48
  The provision for taxes increased $165.1 million (22%) to $908.1 million for the nine months ended September 30, 2026, while income before taxes increased 20% to $5.795 billion. The effective tax rate was approximately…
• Multi-Asset Segment PerformanceImportance 52 · Surprise 56
  Multi-Asset Investing segment distributable earnings rose 31% to $103.9 million in the third quarter of 2026 and 36% to $281.8 million for the first nine months, compared with the respective 2025 periods. Third-quarter…
• Senior Notes IssuanceImportance 52 · Surprise 42
  On November 2, 2026, Blackstone, through subsidiary Blackstone Reg Finance Co. L.L.C., issued $600 million of 5.650% senior notes due November 3, 2031. It also issued $500 million of 5.900% senior notes due November 3,…
• Remaining Capital CommitmentsImportance 49 · Surprise 6
  At September 30, 2026, Blackstone and its general partner had $7.64 billion of remaining capital commitments, including $2.80 billion for Private Equity, $931.3 million for Credit & Insurance, and $555.0 million for…
• Credit Insurance Segment PerformanceImportance 48 · Surprise 40
  Credit & Insurance Segment Distributable Earnings increased 4% year over year to $433.0 million in the third quarter of 2026, as Net Realizations rose $21.0 million and partly offset a $4.2 million decrease in Fee…
• Real Estate Segment PerformanceImportance 48 · Surprise 40
  Real Estate Segment Distributable Earnings fell 10% year over year to $553.7 million in the third quarter of 2026, as Fee Related Earnings declined $50.6 million and Net Realizations declined $14.1 million. Nine-month…
• Revenue Performance and MixImportance 48 · Surprise 40
  For the three months ended September 30, 2026, revenue was $3.063 billion, down $25.7 million (1%) year over year, as a $121.1 million decline in investment income and a $27.9 million decline in incentive fees offset a…
• Capital Markets ActivityImportance 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%.…
• Management Fee GrowthImportance 44 · Surprise 24
  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…
• BCRED Redemption TrendsImportance 40 · Surprise 42
  Blackstone reported elevated redemption requests in BCRED in the third quarter of 2026, primarily carried over from the prior quarter, while subscriptions declined from the prior quarter and the fund experienced net…
• Interest Rate EnvironmentImportance 38 · Surprise 24
  Blackstone said higher base rates and continued rate volatility have slowed the commercial real estate recovery and are likely to pressure some holdings’ values and transaction activity, including realizations.…
• Operating Expense TrendsImportance 37 · Surprise 32
  For the three months ended September 30, 2026, total expenses decreased $125.4 million (7%) year over year to $1.625 billion. Total compensation and benefits fell $164.5 million, including a $207.0 million decrease in…
• Multi-Asset Fundraising DemandImportance 34 · Surprise 42
  Most strategies in Blackstone’s Multi-Asset Investing segment generated positive performance in the third quarter of 2026. The Absolute Return Composite recorded its twenty-sixth consecutive quarter of positive…
• Real Estate Market Demand TrendsImportance 31 · Surprise 32
  Blackstone reported modestly lower overall real estate values in the third quarter of 2026, with multifamily holdings disproportionately affected by the volatile interest-rate environment. Digital infrastructure…
• Assets Under Management GrowthImportance 31 · Surprise 32
  Total AUM reached $1,368.3 billion at September 30, 2026, up $93.4 billion, or about 7.3%, from December 31, 2025. Private Equity AUM rose $49.0 billion to $465.4 billion, driven by $57.5 billion of inflows and $31.7…
• Other Income GrowthImportance 30 · Surprise 40
  Other Income increased $30.7 million to $333.3 million for the nine months ended September 30, 2026, a 10.1% increase from $302.5 million in the prior-year period. The increase reflected a $30.7 million rise in Net…

Revenue by Product (in thousands)