Income StatementBalance SheetCash FlowSegments
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Blackstone Business Segments

Business, geographic, and product segment breakdowns

Blackstone generates $14.8B in annual revenue across 4 key segments: Credit And Insurance ($373.3M), Multi Assets Investing ($512.9M), Private Equity ($2.0B), and Real Estate ($291.8M). Based on the Q1 2026 filing.

Credit And Insurance (TTM)$373.3MMulti Assets Investing (TTM)$512.9MPrivate Equity (TTM)$2.0BReal Estate (TTM)$291.8M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$144.76B
P/E Ratio47.40
ROE37.36%

Products & Services

Management And Advisory Fees Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment Advice$1.9B$1.9B$2.0B$2.0B$2.1B$2.1B

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Investment Advice$1.9B$1.9B$2.0B$2.1B$2.1B$2.1B
Investment Performance$404.7M$191.8M$195.4M$200.7M$390.3M$165.4M

Geographic

Percentage Of Revenue From External Customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Americas19.0%20.0%20.0%20.0%20.0%—
Asia Pacific2.0%1.8%1.8%1.8%1.8%—
EMEA4.0%3.3%3.3%3.3%3.3%—

Business Segments

Base Management Fees

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$573.7M$578.4M$605.1M$628.4M$646.1M$660.0M
Real Estate$664.8M$664.6M$673.2M$670.8M$644.8M$636.0M
Credit And Insurance$411.8M$443.2M$467.7M$483.1M$515.2M$509.8M
Multi Assets Investing$123.4M$120.9M$130.8M$137.4M$139.3M$146.5M

Fee Related Compensation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$674.6M$203.3M$266.9M$231.9M$259.3M$262.8M
Credit And Insurance$223.0M$201.6M$220.3M$218.4M$229.3M$226.5M
Real Estate$149.4M$170.5M$170.2M$168.4M$181.2M$193.1M
Multi Assets Investing$30.5M$41.5M$42.9M$39.4M$45.6M$47.0M

Fee Related Earnings

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$1.0B$376.5M$519.4M$491.4M$488.6M$596.9M
Real Estate$455.4M$484.8M$543.6M$549.8M$633.0M$547.1M
Credit And Insurance$308.1M$344.4M$333.0M$367.3M$352.6M$331.8M
Multi Assets Investing$63.9M$56.4M$63.4M$72.1M$61.2M$72.1M

Fee Related Performance Revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$1.2B$60.9M$192.3M$126.7M$168.1M$170.7M
Credit And Insurance$228.0M$195.2M$190.1M$201.7M$200.7M$164.4M
Real Estate$433.0K$37.8M$89.6M$124.6M$237.6M$153.0M
Multi Assets Investing$0.0$0.0$0.0$0.0$0.0$0.0

Fund Distributions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$323.6M$381.6M$1.4B$830.1M$426.4M$693.4M
Real Estate$86.7M$19.2M$91.9M$167.2M$107.8M$467.1M
Credit And Insurance$88.3M$113.3M$132.8M$24.3M$85.8M$165.8M
Multi Asset Investing$70.0M$102.4M$4.9M$6.3M$148.4M$115.0M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit And Insurance$366.7M———$366.7M—
Multi Asset Investing$231.8M———$231.8M—
Private Equity$870.0M———$870.0M—
Real Estate$421.7M———$421.7M—

Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$9.5B$9.7B$9.5B$9.5B$10.4B$10.8B
Real Estate$2.0B$2.0B$1.7B$1.5B$1.8B$1.6B
Credit And Insurance$801.8M$734.9M$681.0M$701.7M$640.6M$504.1M
Multi Asset Investing$147.6M$75.8M$164.2M$241.7M$187.9M$119.7M

Management And Advisory Fees Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$629.4M$621.8M$706.3M$717.4M$726.1M$801.9M
Real Estate$701.8M$700.8M$711.3M$688.8M$681.0M$677.5M
Credit And Insurance$403.7M$447.0M$470.6M$497.2M$514.7M$508.5M
Multi Assets Investing$124.3M$122.3M$131.8M$138.5M$140.4M$144.9M

Management Fee Offsets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit And Insurance$21.2M$11.7M$11.0M$13.0M$18.0M$12.0M
Real Estate$8.8M$3.9M$3.6M$3.2M$2.4M$10.3M
Private Equity$2.0M$10.9M$7.8M$17.9M$12.4M$9.0M
Multi Assets Investing$0.0$0.0$0.0$0.0$0.0$0.0

Other Operating Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Credit And Insurance$100.7M$96.3M$107.4M$113.1M$133.6M$114.6M
Private Equity$117.2M$102.9M$112.3M$120.7M$146.4M$112.9M
Real Estate$97.4M$83.3M$87.0M$95.2M$104.4M$90.2M
Multi Assets Investing$29.9M$24.4M$25.5M$27.0M$33.7M$25.8M

Performance Fees Allocated As Result Of Changes In Fund Fair Values

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity-$1.1B-$646.0M-$1.3B-$777.8M-$1.3B-$1.1B
Real Estate$661.0M-$25.5M$201.7M$1.2M-$334.3M-$298.5M
Multi Asset Investing-$72.0M-$30.6M-$93.2M-$83.8M-$94.6M-$46.8M
Credit And Insurance-$71.4M-$46.3M-$79.0M-$45.0M-$24.6M-$29.4M

Performance Revenue Realized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$344.1M$350.1M$409.0M$559.4M$351.7M$638.0M
Credit And Insurance$163.8M$91.6M$87.4M$40.1M$167.6M$78.1M
Real Estate$19.5M$19.0M$43.6M$132.8M$73.4M$42.1M
Multi Assets Investing$337.6M-$657.0K$13.2M$12.7M$464.8M$22.3M

Realized Income Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$220.9M$188.1M$232.0M$380.1M$231.4M$388.8M
Credit And Insurance$102.1M$159.0M$62.8M$48.9M$290.5M$41.2M
Real Estate$9.3M$10.6M$22.2M$68.5M$47.8M$10.3M
Multi Assets Investing$268.9M-$693.0K$8.9M$7.4M$387.2M$8.1M

Realized Performance Compensation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$138.4M$171.1M$196.8M$206.0M$131.0M$294.5M
Credit And Insurance$70.3M$40.5M$30.4M$21.1M$69.4M$31.2M
Real Estate$9.1M$8.8M$24.1M$69.6M$27.8M$23.0M
Multi Assets Investing$71.8M$518.0K$5.2M$5.9M$82.1M$15.4M

Realized Principal Investment Income Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$15.2M$9.2M$19.9M$26.7M$10.8M$45.3M
Real Estate$0.0$349.0K$2.8M$5.3M$2.2M-$8.8M
Credit And Insurance$8.5M$107.9M$5.8M$29.9M$192.3M-$5.7M
Multi Assets Investing—$482.0K$965.0K$691.0K$4.6M$1.1M

Segment Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$18.0B$17.9B$18.0B$18.3B$19.7B$20.5B
Real Estate$11.6B$11.9B$11.8B$12.0B$12.8B$12.9B
Credit And Insurance$8.7B$8.7B$9.1B$9.1B$8.1B$7.7B
Multi Assets Investing$2.0B$1.9B$2.0B$2.0B$2.4B$2.4B

Segment Distributable Earnings

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$1.2B$564.6M$751.4M$871.5M$720.0M$985.7M
Real Estate$464.7M$495.4M$565.9M$618.3M$680.8M$557.5M
Credit And Insurance$410.2M$503.4M$395.8M$416.2M$643.1M$373.1M
Multi Assets Investing$332.8M$55.7M$72.3M$79.5M$448.3M$80.2M

Transaction Advisory And Other Fees Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Equity$57.7M$54.2M$109.0M$106.9M$92.4M$150.9M
Real Estate$45.9M$40.1M$41.7M$21.2M$38.6M$51.7M
Credit And Insurance$13.2M$15.5M$14.0M$27.1M$17.6M$10.6M
Multi Assets Investing$936.0K$1.5M$1.0M$1.0M$1.0M-$1.6M

Loss Contingency Accrual Carrying Value Period Increase Decrease

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate$69.1M$676.0M—$121.3M$93.0M$741.4M
Private Equity—$130.2M—$12.2M$79.6M$151.0M

Foreign Currency Exchange Gain Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate-$3.4M$6.5M$20.3M-$1.2M-$31.2M$1.4M