Real Estate — Fee Related Earnings
Blackstone Real Estate — Fee Related Earnings increased by 15.1% to $632.97M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 39.0%, from $455.40M to $632.97M. Over 4 years (FY 2021 to FY 2025), Real Estate — Fee Related Earnings shows relatively stable performance with a -1.5% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
How to read this metric
Higher earnings indicate strong fee-based revenue growth and disciplined cost management, while lower earnings suggest margin compression or stagnant AUM growth.
Detailed definition
This measures the recurring profitability of the Real Estate segment derived from management and advisory fees, net of r...
Peer comparison
Equivalent to 'Fee-Related Earnings' (FRE) reported by other major alternative asset managers.
bx_segment_real_estate_fee_related_earningsHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | 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 | $348.31M | $375.65M | $1.25B | $700.38M | $561.32M | $608.84M | $473.49M | $524.45M | $589.08M | $546.01M | $477.13M | $586.07M | $481.28M | $500.67M | $455.40M | $484.85M | $543.63M | $549.84M | $632.97M |
| QoQ Change | — | +7.8% | +233.7% | -44.1% | -19.9% | +8.5% | -22.2% | +10.8% | +12.3% | -7.3% | -12.6% | +22.8% | -17.9% | +4.0% | -9.0% | +6.5% | +12.1% | +1.1% | +15.1% |
| YoY Change | — | — | — | — | +61.2% | +62.1% | -62.2% | -25.1% | +4.9% | -10.3% | +0.8% | +11.7% | -18.3% | -8.3% | -4.6% | -17.3% | +13.0% | +9.8% | +39.0% |
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Frequently Asked Questions
- What is Blackstone's real estate — fee related earnings?
- Blackstone (BX) reported real estate — fee related earnings of $632.97M in Q4 2025.
- How has Blackstone's real estate — fee related earnings changed year-over-year?
- Blackstone's real estate — fee related earnings increased by 39.0% year-over-year, from $455.40M to $632.97M.
- What is the long-term trend for Blackstone's real estate — fee related earnings?
- Over 4 years (2021 to 2025), Blackstone's real estate — fee related earnings has grown at a -1.5% compound annual growth rate (CAGR), from $2.35B to $2.21B.
- What does real estate — fee related earnings mean?
- The recurring profit generated by the real estate segment from management fees after deducting operating costs.