$BX · Blackstone Inc.
Blackstone reported Q3 2026 results with Fee Related Earnings of $1.57B (+6% YoY) and Distributable Earnings of $1.72B (-9% YoY). Total AUM grew 10% YoY to $1.368T on $63.3B of quarterly inflows. Net Accrued Performance Revenues stood at $7.3B ($5.84/share). A quarterly dividend of $1.12/share was declared, payable November 9, 2026.
- Fee Related Earnings rose 6% YoY to $1.57B ($1.26/share) in Q3 2026.
- Distributable Earnings fell 9% YoY to $1.72B ($1.32/share) driven by a 34% drop in net realizations.
- Total AUM reached $1.368T, up 10% YoY, with Q3 inflows of $63.3B and LTM inflows of $271.6B.
- Net Accrued Performance Revenues declined to $7.3B ($5.84/share) as realizations converted accrued to realized.
- Quarterly dividend declared at $1.12/share; LTM dividends total $5.06/share.
Extended-hours trading shows BX at $108.17, down 1.28% from the regular close of $109.57. The DE miss (-9% YoY vs. FRE growth) and lower net realizations appear to be weighing on sentiment despite strong AUM and inflow momentum.
The divergence between healthy FRE growth (+6%) and declining DE (-9%) highlights the lumpy nature of Blackstone's realization-dependent earnings, a key concern for dividend sustainability.
Blackstone's $63.3B quarterly inflows and $1.368T AUM reinforce its position as the world's largest alternative asset manager. Infrastructure (+28.9% LTM gross return) and Credit & Insurance ($35.8B inflows) are standout growth engines amid a volatile macro backdrop.
Real Estate Opportunistic funds posted -3.2% quarterly appreciation and -4.0% LTM, the weakest performing segment. Net realizations dropped 34% YoY, signaling slower monetization pace that could pressure future distributable earnings.
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