One of the world's largest alternative asset managers, Blackstone invests money on behalf of pensions, insurers, and wealthy individuals across real estate, private equity, credit, and more. Founded in 1985 by Stephen Schwarzman and Peter Peterson, former Lehman Brothers colleagues, its name is a clever mashup of the two founders' names—"black" from the German for Schwarzman and "stone" from the Greek for Peterson. That naming quirk dodged the Wall Street tradition of just stacking two surnames on the door.
Blackstone Q2 2026 net income rose 61% to $1.2B as investment gains and management fees climbed, with AUM reaching $1.35 trillion.
rose 23% to $2.2 billion, powered by a 31% increase in Private Equity and a 32% rise in Real Estate. climbed 36% to $5.0 billion and rose 57% to $1.54, driven by higher realized investment gains and an 11% increase in management fees. The firm enters the second half with $1.35 trillion in assets and a $7.0 billion pool of still available to convert into future earnings.
Key takeaways
rose 23% to $2.2 billion, with Private Equity up 31% and Real Estate up 32%, while Credit & Insurance fell 6%.
Total increased 36% to $5.0 billion, driven by an $867 million rise in Investment Income from higher realized gains in Real Estate and Private Equity.
Management and Advisory Fees, Net grew 11% to $2.3 billion, primarily from higher fees in Credit & Insurance and Private Equity.
Section summaries
Management's Discussion and Analysis
Blackstone Q2 2026 net income rose 45% to $2.4B on higher investment gains and management fees, with AUM reaching $1.35T.
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Total revenues increased 36% to $5.0B, driven by a $867M rise in Investment Income from higher realized gains in Real Estate and Private Equity.
Total reached $1.35 trillion, up 3% from Q1 2026, with net inflows of $55 billion led by Private Equity and Credit & Insurance.
increased 22% to $1.8 billion, reflecting growth in management fees and Fee Related Performance Revenues across most segments.
rose 61% to $1.2 billion and rose 57% to $1.54, while widened 4.1 points to 55.7%.
What changed
Private Equity rose 31% to $1.3 billion, sustaining the elevated pace of realizations after a 75% increase in Q1 2026 and a more than doubling in FY 2025, confirming that Secondaries and crystallizations were not concentrated in a single quarter.
Real Estate rose 32%, a clear inflection after net realizations remained near zero through the first half of 2025 and the segment struggled to convert its base into earnings growth.
stood at $7.0 billion at Q1 2026 and the Q2 filing did not cite a material drawdown, suggesting the pool is being replenished as fast as it is realized, a shift from FY 2025 when net realized distributions outpaced new generation.
Credit & Insurance fell 6%, a reversal after the led inflows for multiple quarters and reached $443 billion in at year-end 2025, indicating that fee growth was not enough to offset a decline in investment income or realizations this quarter.
What to watch
Private Equity in Q3 2026, to see if the 31% Q2 pace of Corporate Private Equity, , and realizations is sustained for a third consecutive quarter.
at Q3 2026 against the $7.0 billion Q1 pool, to see if the rebuild continues or if realizations begin to draw it down.
Credit & Insurance in Q3 2026, to see if the 6% Q2 decline is a one-quarter event or the start of a broader slowdown in the firm's largest .
Real Estate net realizations in Q3 2026, to see if the Q2 earnings inflection was driven by realized gains that can continue or by fee-related performance revenues that may be lumpy.
Management and Advisory Fees, Net grew 11% to $2.3B, primarily from higher fees in Credit & Insurance and Private Equity segments.
Total reached $1,346B, up 3% from Q1 2026, with net inflows of $55B led by Private Equity and Credit & Insurance.
rose 23% to $2.2B, with Private Equity up 31% and Real Estate up 32%, partially offset by a 6% decline in Credit & Insurance.
increased 22% to $1.8B, reflecting growth in management fees and Fee Related Performance Revenues across most segments.
Blackstone had $2.5B in cash and $4.3B in undrawn capacity, with $800M drawn on its revolver and $13.2B in total borrowings.
Quantitative and Qualitative Disclosures About Market Risk
Our predominant exposure to market risk is related to our role as general partner or investment adviser to the Blackstone Funds and the sensitivities to movements in the fair value of their investments, including the effect on management fees, performance revenues and investment…
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Our predominant exposure to market risk is related to our role as general partner or investment adviser to the Blackstone Funds and the sensitivities to movements in the fair value of their investments, including the effect on management fees, performance revenues and investment income. There were no material changes in our market risks as of June 30, 2026 as compared to December 31, 2025. For additional information, refer to our Annual Report on Form 10-K for the year ended December 31, 2025.
We may from time to time be involved in litigation and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us. See “Part I. Item 1A. Risk Factors” in our Annual Report on Fo…
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We may from time to time be involved in litigation and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us. See “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. We are not currently subject to any pending legal (including judicial, regulatory, administrative or arbitration) proceedings that we expect to have a material impact on our condensed consolidated financial statements. However, given the inherent unpredictability of these types of proceedings and the potentially large and/or indeterminate amounts that could be sought, an adverse outcome in certain matters could have a material effect on Blackstone’s financial results in any particular period. See “Part I. Item 1. Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 16. Commitments and Contingencies — Contingencies — Litigation.”
For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our subsequently filed reports, all of whic…
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For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our subsequently filed reports, all of which are accessible on the United States Securities and Exchange Commission’s website at www.sec.gov.
See “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Business Environment” in this report for a discussion of the conditions in the financial markets and economic conditions affecting our businesses. This discussion updates, and should be read together with, the risk factor entitled “Difficult market and geopolitical conditions can adversely affect our business in many ways, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition.” in our Annual Report on Form 10-K for the year ended December 31, 2025.
The risks described in our Annual Report on Form 10-K and in our subsequently filed periodic reports are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.