Business Segments · Fee Related Earnings
Multi Assets Investing — Fee Related Earnings
Blackstone Multi Assets Investing — Fee Related Earnings decreased by 15.2% to $61.15M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 14.3%, from $53.49M to $61.15M. Over 3 years (FY 2022 to FY 2025), Multi Assets Investing — Fee Related Earnings shows relatively stable performance with a 1.3% CAGR. This decline may warrant attention — for this metric, higher values are generally preferred.
Analysis
StatementSegment
CategoryProfitability
SignalHigher is better
VolatilityStable
First reportedQ1 2022
Last reportedQ4 2025
How to read this metric
Higher earnings indicate a more profitable and scalable core business model.
Detailed definition
A key profitability metric calculated as fee-related revenues minus fee-related compensation and other operating expense...
Peer comparison
Widely used as 'Fee-Related Earnings' (FRE) by alternative asset managers to show recurring profitability.
Metric ID:
bx_segment_multi_assets_investing_fee_related_earningsHistorical Data
16 periods
| Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $60.90M | $60.90M | $60.90M | $60.90M | $65.48M | $48.93M | $50.33M | $38.74M | $63.49M | $54.58M | $57.01M | $53.49M | $56.37M | $63.45M | $72.10M | $61.15M |
| QoQ Change | — | +0.0% | +0.0% | +0.0% | +7.5% | -25.3% | +2.9% | -23.0% | +63.9% | -14.0% | +4.4% | -6.2% | +5.4% | +12.6% | +13.6% | -15.2% |
| YoY Change | — | — | — | — | +7.5% | -19.7% | -17.4% | -36.4% | -3.0% | +11.5% | +13.3% | +38.1% | -11.2% | +16.2% | +26.5% | +14.3% |
Range$38.74M – $72.10M
CAGR+0.1%
Avg YoY Growth+3.3%
Median YoY Growth+9.5%
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Frequently Asked Questions
- What is Blackstone's multi assets investing — fee related earnings?
- Blackstone (BX) reported multi assets investing — fee related earnings of $61.15M in Q4 2025.
- How has Blackstone's multi assets investing — fee related earnings changed year-over-year?
- Blackstone's multi assets investing — fee related earnings increased by 14.3% year-over-year, from $53.49M to $61.15M.
- What is the long-term trend for Blackstone's multi assets investing — fee related earnings?
- Over 3 years (2022 to 2025), Blackstone's multi assets investing — fee related earnings has grown at a 1.3% compound annual growth rate (CAGR), from $243.59M to $253.07M.
- What does multi assets investing — fee related earnings mean?
- The core operating profit of the segment excluding performance-based gains.