Blackstone third-quarter net income rises to $662 million on higher fee revenue

Blackstone Inc. (BX) said Thursday that net income attributable to the company rose to $662 million in the third quarter, from $625 million a year earlier, according to a regulatory filing.

The figures cover the quarter ended Sept. 30, 2026. The company furnished its press release and a detailed presentation with the filing, and the current-period amounts are preliminary and unaudited.

Here's how the company did:

• Diluted earnings per share: $0.83 vs. $0.80 a year earlier
• Revenue: $3.06 billion vs. $3.09 billion a year earlier
• Net income attributable to Blackstone Inc.: $662 million vs. $625 million a year earlier
• Distributable earnings per common share: $1.32 vs. $1.52 a year earlier
• Fee Related Earnings: $1.57 billion vs. $1.48 billion a year earlier

Management and advisory fees, net, rose 6% to $2.18 billion from $2.06 billion. Performance allocations fell to $205 million from $781 million, the filing shows.

Fee Related Earnings, or FRE, measures profit from management fees and recurring fee-related performance revenues, after compensation and operating costs.

FRE rose 6% to $1.57 billion, and FRE per share was $1.26, up 5% from $1.20. Fee-related performance revenues rose 19% to $540 million.

Realized performance revenues fell 38% to $464 million from $745 million. Net realizations dropped 34% to $332 million.

Total segment distributable earnings fell 4% to $1.9 billion from $1.99 billion a year earlier.

Distributable earnings, or DE, is the measure the company uses to set its dividend. DE fell 9% to $1.72 billion, and DE per common share fell 13% to $1.32.

"Blackstone delivered strong third-quarter results amid a volatile external environment," Chairman and Chief Executive Officer Stephen A. Schwarzman said. "Our flagship strategies outperformed comparable public market indices and inflows reached $63 billion, with positive momentum across our major fund-raising channels."

Schwarzman also said Blackstone has "established leading platforms" for AI and energy infrastructure.

Total assets under management reached $1,368.3 billion, up 10% from a year earlier. Inflows were $63.3 billion in the quarter and $271.6 billion over the last twelve months.

Fee-earning AUM of $989.7 billion was up 9%. Perpetual capital AUM reached $562.3 billion, up 12%.

Blackstone deployed $30.1 billion in the quarter and realized $33.1 billion. Dry powder stood at $228.9 billion.

Net accrued performance revenues were $7.3 billion, or $5.84 per share. That is down 3% from the prior quarter and up 12% from a year earlier.

Infrastructure funds appreciated 6.4% in the quarter, Secondaries rose 4.3% and Corporate Private Equity gained 2.8%. Opportunistic real estate funds declined 3.2%.

Total expenses fell to $1.63 billion from $1.75 billion. Compensation and benefits dropped to $1.07 billion from $1.23 billion.

According to the filing, a compensation program favorably affected distributable earnings for the quarter. It said the increase to realized performance compensation was smaller than the decrease to fee-related compensation.

The board declared a quarterly dividend of $1.12 per share, to holders of record at the close of business on Nov. 2, 2026. The dividend will be paid on Nov. 9, 2026.

That is down from $1.29 a year earlier, the filing shows. The company's stated policy is to pay about 85% of its share of distributable earnings.

The company repurchased 0.2 million common shares in the quarter. Its remaining repurchase authorization was $1.6 billion at Sept. 30.

At quarter end, Blackstone had $13.2 billion of total cash, corporate treasury and other investments. It also had a $4.3 billion credit revolver, with $3.6 billion undrawn, maturing in October 2030.

The filing does not include new full-year financial guidance.