Companies · BX
Blackstone
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Aug 7, 2026
Blackstone Q2 2026 10-Q: Total AUM reaches $1.35 trillion as realization surge and private wealth momentum drive record Fee Related Earnings
Blackstone's Q2 2026 10-Q reveals total AUM of $1.35 trillion, with $107.4 billion of net inflows in the first half of 2026 — up 21% from $89.1 billion in H1 2025 — powered by Private Equity and Credit & Insurance. Fee Related Earnings of $1.78 billion for Q2 2026 represent a 22% increase versus Q2 2025, anchored by perpetual capital vehicles BXPE and BXINFRA crystallizing fee-related performance revenues and BREIT recovering strongly. Realized Performance Revenues surged 65% year-over-year in Q2 2026 to $1.37 billion (GAAP basis), driven by BREP and Corporate Private Equity exits, signaling that the realization cycle is accelerating despite the ongoing Middle East conflict moderating deal pace at the margin.
Tone: bullishRevenue
$14.5B
BX 10-K · FY 2025
Employees
5,285
Revenue FY2024
$13.2B
Founded
1985
Profile
BX 10-K Item 1 · Feb 27, 2026Blackstone is the world's largest alternative asset manager with over $1.3 trillion in total assets under management as of December 31, 2025. The firm manages capital across four business segments — Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing — on behalf of institutional and individual investors globally. Its business model generates revenue through management fees, performance allocations (carried interest), and incentive fees across a diversified suite of fund structures including perpetual capital vehicles.
Read filing description ↓ Collapse description ↑
Blackstone is the world's largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies and assets in which we invest. Our more than $1.3 trillion in Total Assets Under Management as of December 31, 2025 include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Our businesses use a solutions-oriented approach to drive better performance. We believe our scale, diversified business, long record of investment performance, rigorous investment process and strong client relationships position us to continue to perform well in a variety of market conditions, expand our assets under management, and innovate. We invest across asset classes on behalf of our investors, including pension funds, insurance companies and individual investors. Our mission is to fulfill our fiduciary duty by creating long-term value for our investors. We aim to do this by strengthening the companies, real estate assets and other investments in our portfolio, equipping them to thrive in the global economy. To the extent our funds perform well, we can support a better retirement for tens of millions of pensioners, including teachers, nurses and firefighters. As of December 31, 2025, we employed approximately 5,285 people, including our 268 senior managing directors, at our headquarters in New York and around the world. Our employees are integral to Blackstone's culture of integrity, professionalism and excellence.
Primary products
- Blackstone Real Estate Partners (BREP)
- Blackstone Property Partners (BPP)
- Blackstone Real Estate Income Trust (BREIT)
- Blackstone European Property Income Fund (BEPIF)
- Blackstone Real Estate Debt Strategies (BREDS)
- Blackstone Mortgage Trust (BXMT)
Business segments
End markets
Geographies
Named customers
Named competitors
“The asset management industry is intensely competitive, and we expect it to remain so. We compete both globally and on a regional, industry and sector basis. We compete on the basis of a number of factors, including investment performance, transaction execution skills, access to capital, access to and retention of qualified personnel, reputation, range of products and services, innovation and price.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased by approximately $1.2 billion in 2025 versus 2024, driven primarily by increases in Management and Advisory Fees and Investment Income.
The rest of BX is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.