Blackstone Distributable Earnings Fall 9.2% as Realizations Decline

Blackstone Inc.’s distributable earnings fell 9.2% to $1.716 billion in the third quarter as net realizations dropped 34.3% from a year earlier, even as recurring fee-related earnings rose. The quarter ended Sept. 30, 2026, and the company’s figures are preliminary and unaudited.

Distributable earnings were $1.32 per share, down from $1.52 in the year-earlier quarter. Distributable earnings is a non-GAAP measure of amounts available for dividends.

Net realizations totaled $331.5 million, compared with $504.8 million a year earlier. Realized performance revenues fell to $464.4 million from $745 million.

Fee-related earnings, which measure recurring earnings from fees and related revenue, increased to $1.572 billion from $1.481 billion. GAAP net income attributable to Blackstone also rose, reaching $662.4 million compared with $624.9 million a year earlier.

Assets under management were $1.368 trillion, up from $1.242 trillion in the year-earlier quarter. Blackstone recorded $63.3 billion in quarterly inflows and $49.3 billion in net flows.