Management commentary
1Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered an outstanding second quarter, highlighted by strong growth in earnings and nearly $70 billion of inflows.
Our decision to lean into the artificial intelligence megatrend is leading to standout investment performance across numerous strategies and creating extraordinary opportunities for growth.
We’ve become a trusted partner at scale to many of the key innovators in this ecosystem, which positions our firm extremely well for the future.”
Capital return
Dividend
Blackstone has declared a quarterly dividend of $1.29 per share to record holders of common stock at the close of business on August 3, 2026.
This dividend will be paid on August 10, 2026.
Results
§GAAP Net Income was $2.4 billion for the quarter and $3.6 billion year-to-date (“YTD”).
GAAP Net Income Attributable to Blackstone Inc. was $1.2 billion for the quarter and $1.9 billion YTD.
BLACKSTONE’S SECOND QUARTER 2026 HIGHLIGHTS
Financial Measures§ Fee Related Earnings (“FRE”) of $1.8 billion ($1.43/share) in the quarter – FRE was $6.3 billion over the last twelve months (“LTM”) ($5.14/share) § Distributable Earnings (“DE”) of $2.0 billion ($1.52/share) in the quarter – DE was $7.9 billion over the LTM ($6.15/share) § Net Accrued Performance Revenues of $7.5 billion ($6.00/share)
Capital Metrics§ Total Assets Under Management (“AUM”) of $1,346.3 billion – Fee-Earning AUM of $961.6 billion – Perpetual Capital AUM of $555.6 billion § Inflows of $68.3 billion in the quarter and $262.5 billion over the LTM § Deployment of $34.2 billion in the quarter and $138.5 billion over the LTM § Realizations of $31.8 billion in the quarter and $144.5 billion over the LTM
Capital return
Capital Returned to Shareholders§ Dividend of $1.29 per common share payable on August 10, 2026 – Dividends of $5.23 per common share over the LTM § Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM § $1.7 billion to be distributed to shareholders with respect to the second quarter and $6.9 billion over the LTM through dividends and share repurchases
Results
BLACKSTONE’S SECOND QUARTER 2026 SEGMENT EARNINGS
INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES
3§Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $7.5 billion ($6.00/share).
Investment Performance
(appreciation / gross returns)
Net Accrued Performance Revenues
($ in millions)
Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing.
Secondaries appreciation excludes GP Stakes.
Private Credit net returns were 0.4% and 3.9% for 2Q’26 and 2Q’26 LTM, respectively.
Liquid Credit net returns were 2.1% and 3.4% for 2Q’26 and 2Q’26 LTM, respectively.
Absolute Return Composite net returns were 5.4% and 14.1% for 2Q’26 and 2Q’26 LTM, respectively.
See notes on page 34 for additional details on these strategies and our investment performance.Blackstone4
CAPITAL METRICS – ADDITIONAL DETAIL
§Inflows were $68.3 billion in the quarter, bringing LTM inflows to $262.5 billion.
Capital return
§Deployed $34.2 billion in the quarter and $138.5 billion over the LTM.
Committed an additional $17.1 billion that was not yet deployed in the quarter.
Results
§Realizations were $31.8 billion in the quarter and $144.5 billion over the LTM.
ASSETS UNDER MANAGEMENT
4§Total AUM increased to $1,346.3 billion, up 11% year-over-year, with $68.3 billion of inflows in the quarter and $262.5 billion over the LTM.
6§Fee-Earning AUM of $961.6 billion was up 8% year-over-year, with $43.3 billion of inflows in the quarter and $168.4 billion over the LTM.
§Perpetual Capital AUM reached $555.6 billion, up 15% year-over-year.
Fee-Earning Perpetual Capital AUM increased to $463.0 billion, representing 48% of Fee-Earning AUM.
Multi-Asset Investing had $186 million and $724 million of Perpetual Capital AUM as of 2Q’25 and 2Q’26, respectively.Blackstone6
ADDITIONAL CAPITAL DETAIL
§Invested Performance Eligible AUM reached $653.4 billion at quarter end, up 8% year-over-year.
Segment Highlights
Blackstone8
SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION
§2Q’26 Total Segment Distributable Earnings were $2.2 billion.
§LTM Total Segment Distributable Earnings were $8.7 billion.
Segment Distributable Earnings
($ in millions)
Blackstone9
REAL ESTATE
§Total AUM: $314.1 billion with inflows of $8.2 billion in the quarter and $27.1 billion over the LTM.
Corporate events
Inflows in the quarter included $2.1 billion in BREDS, primarily from $1.1 billion in a drawdown fund focused on non-opportunistic real estate credit, $2.0 billion from the initial public offering of Blackstone Digital Infrastructure Trust Inc. (“BXDC”), and $1.2 billion of capital raised in BREIT.
§Capital Deployed: $5.8 billion in the quarter, including a BREP investment in a joint venture with Related Digital to develop a data center campus in Michigan and a BREP investment in a large logistics platform in France, and $21.9 billion over the LTM.
Results
§Realizations: $6.6 billion in the quarter, including Digital Realty JV and Lumina, and $29.7 billion over the LTM.
5§Appreciation: Opportunistic funds appreciated 0.4% in the quarter and declined (1.4)% over the LTM; Core+ funds appreciated 0.2% in the quarter and 3.2% over the LTM.
Corporate events
PRIVATE EQUITY
Results
§Total AUM: Increased 17% to $454.2 billion with inflows of $24.5 billion in the quarter and $76.0 billion over the LTM.
Inflows in the quarter included $5.7 billion for the fifth energy transition fund, $5.7 billion in Secondaries, primarily from the tenth flagship Secondaries strategy, and $2.8 billion in Infrastructure.
The third Corporate Private Equity Asia fund held its final close with $1.8 billion of capital raised in the quarter, bringing total capital commitments to $13.1 billion.
Corporate events
$2.4 billion of capital raised for BXPE and $861 million of capital raised for BXINFRA.
§Capital Deployed: $14.5 billion in the quarter, including Hologic, Champions Group, and Arlington Industries, and $47.4 billion over the LTM.
Committed an additional $5.6 billion in the quarter, including Eurowind Energy, Dresser Utility Solutions, and Senior PLC.
Results
§Realizations: $11.0 billion in the quarter, including Sabre Industries and Desotec, and $45.7 billion over the LTM.
§Appreciation: Corporate Private Equity appreciated 3.7% in the quarter and 14.4% over the LTM.
Tactical Opportunities appreciated 3.9% in the quarter and 9.9% over the LTM; Secondaries appreciated 1.7% in the quarter and 8.1% over the LTM; Infrastructure appreciated 7.2% in the quarter and 28.6% over the LTM.
CREDIT & INSURANCE
7§Total AUM: Increased 15% to $469.3 billion with inflows of $31.0 billion in the quarter and $143.0 billion over the LTM.
Inflows in the quarter included $13.3 billion for the global direct lending strategy, inclusive of $1.0 billion of equity raised for BCRED.
Inflows also included $9.9 billion for the infrastructure and asset based credit strategies, inclusive of $7.5 billion for insurance SMAs.
§Capital Deployed: $12.7 billion in the quarter driven by infrastructure and asset based credit strategies and global direct lending, and $65.4 billion over the LTM.
Committed an additional $9.7 billion in the quarter.
§Realizations: $13.5 billion in the quarter and $65.7 billion over the LTM.
§Returns: Private Credit gross return of 1.0% (0.4% net) and Liquid Credit gross return of 2.2% (2.1% net) in the quarter.
Private Credit gross return of 6.8% (3.9% net) and Liquid Credit gross return of 3.9% (3.4% net) over the LTM.
Management commentary
MULTI-ASSET INVESTING
Results
8§Total AUM: Increased 21% to $108.6 billion with inflows of $4.6 billion in the quarter and $16.4 billion over the LTM.
2§Returns: Absolute Return Composite gross return of 5.8% in the quarter (5.4% net), compared to the HFRX Global Hedge Fund Index, which was 5.4%.
Absolute Return benefited from positive performance across strategies, including equities, quantitative, macro, and credit during the quarter.
Gross return of 15.5% over the LTM (14.1% net), outperforming a 9.7% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.
TOTAL SEGMENTS
Blackstone15
ASSETS UNDER MANAGEMENT - ROLLFORWARD
Total AUM Rollforward
($ in millions)
Fee-Earning AUM Rollforward
($ in millions)
DECONSOLIDATED BALANCE SHEET HIGHLIGHTS
§At June 30, 2026, Blackstone had $12.2 billion in total cash, cash equivalents, corporate treasury, and other investments and $22.7 billion of cash and net investments, or $18.23 per share.
Corporate events
§Blackstone has a $4.3 billion credit revolver ($3.5 billion undrawn) and maintains A+/A+ ratings.
Results
($ in millions)2Q’26
Cash and Cash Equivalents$2,507
Corporate Treasury and Other Investments9,735
GP/Fund Investments2,968
Net Accrued Performance Revenues7,468
Cash and Net Investments$22,678
Outstanding Debt (at par)13,192
Cash and Net Investments
(per share)
A+ / A+
64 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.