Blackstone reports mixed third-quarter results as AUM reaches $1.4 trillion

Blackstone’s earnings beat expectations on distributable earnings

Blackstone reported mixed third-quarter 2026 results on October 22, with distributable earnings of $1.7 billion, or $1.32 per share, above a $1.29 estimate. The firm also reported GAAP net income of $1.3 billion and declared a quarterly dividend of $1.12 per share for holders of record as of November 2, 2026.

Revenue estimates differed across the reviewed reports. Investing.com reported revenue of $3.06 billion, below a $3.35 billion consensus estimate, while Seeking Alpha reported revenue of $3.22 billion, down 2.6% from a year earlier and about $10.97 million above its estimate. The transcripts do not reconcile those differing measures or estimates.

Asset growth and fundraising supported the quarter

Total assets under management reached $1.4 trillion, up 10% from a year earlier, as quarterly inflows totaled $63.3 billion. Fee-earning AUM rose 9% to $989.7 billion, while perpetual-capital AUM increased 12% to $562.3 billion and represented 47% of fee-earning assets.

Private wealth AUM reached $330 billion, up 15% year over year, with nearly $9 billion in quarterly sales. Insurance AUM exceeded $300 billion, rising 14%, and infrastructure AUM reached $97 billion, up 40%. Blackstone also reported $114 billion in BXMA AUM, up 22%, and more than $16 billion raised for its secondaries flagship fund toward a target of at least $22 billion.

Fee earnings rose as realizations declined

Fee-related earnings increased 6% year over year to $1.6 billion, or $1.26 per share, despite fewer realizations. Net accrued performance revenues were $7.3 billion, or $5.84 per share, up 12%.

Quarterly realizations totaled $33.1 billion, a 20% sequential decline that management had anticipated. Deployment reached $30.1 billion, with investments focused on digital infrastructure, energy transition and direct lending. Total dry powder stood at $228.9 billion.

Credit and real estate expanded

Investment-grade private credit assets approached $150 billion, up 24% from a year earlier, while direct-lending AUM rose 10% to nearly $170 billion. Blackstone reported that logistics and data centers represented 54% of its real estate exposure.

Its private-equity wealth flagship reported $2.9 billion in sales and a $29 billion net asset value less than three years after launch. Energy Transition Fund V reached an $8.7 billion hard cap after the quarter ended.

Shares rose after the report

Blackstone shares rose 3.44% to $113.34 in premarket trading on October 22, Investing.com reported, following a close of $109.57. The report described the market reaction as occurring after the earnings release and call.