$BX · Blackstone Inc.
Blackstone Inc. filed its 10-Q for the quarter ended September 30, 2026. Total revenues declined 0.8% YoY to $3.063B, while GAAP EPS was $0.83 and net income attributable to Blackstone was $662.4M. Management and advisory fees rose 6% to $2.178B, but incentive fees fell 14% and total investment income dropped 17% to $574.4M, driven by a $411M swing in unrealized performance allocations to -$627.1M.
- Management and advisory fees rose 6% YoY to $2.178B.
- Incentive fees fell 14% YoY to $172.7M.
- Total investment income dropped 17% YoY to $574.4M.
- Unrealized performance allocations swung to -$627.1M from -$215.8M.
- Nine-month revenues rose 16% YoY to $11.72B.
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Blackstone's fee engine grew but investment income weakened sharply, a mixed quarter for the world's largest alternative asset manager.
Fee-related earnings held up on 6% management-fee growth, but weaker incentive and investment income reflects softer realization activity across alternative managers.
Unrealized performance allocations swung sharply negative (-$627.1M), signaling mark-to-market pressure on carried interest that could persist if asset valuations soften.