Blackstone BX Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Realized Income Net by Business | ||||||
| Credit And Insurance | $41.22M-85.8% | $290.49M+495% | $48.86M-22.2% | $62.76M-60.5% | $159.01M+55.8% | |
| Multi Assets Investing | $8.07M-97.9% | $387.18M+5,121% | $7.42M-16.7% | $8.9M+1,384% | -$693K-100% | |
| Private Equity | $388.8M+68.0% | $231.44M-39.1% | $380.1M+63.8% | $232.02M+23.3% | $188.11M-14.8% | |
| Real Estate | $10.31M-78.4% | $47.8M-30.2% | $68.47M+208% | $22.25M+110% | $10.59M+14.2% | |
| Performance Revenue Realized by Business | ||||||
| Credit And Insurance | $78.13M-53.4% | $167.62M+318% | $40.12M-54.1% | $87.39M-4.6% | $91.6M-44.1% | |
| Multi Assets Investing | $22.31M-95.2% | $464.76M+3,573% | $12.65M-3.9% | $13.16M+2,103% | -$657K-100% | |
| Private Equity | $637.99M+81.4% | $351.67M-37.1% | $559.38M+36.8% | $408.98M+16.8% | $350.07M+1.7% | |
| Real Estate | $42.07M-42.7% | $73.38M-44.7% | $132.79M+205% | $43.59M+129% | $19.01M-2.6% | |
| Segment Distributable Earnings by Business | ||||||
| Credit And Insurance | $373.06M-42.0% | $643.11M+54.5% | $416.21M+5.2% | $395.79M-21.4% | $503.36M+22.7% | |
| Multi Assets Investing | $80.2M-82.1% | $448.33M+464% | $79.52M+9.9% | $72.35M+29.9% | $55.68M-83.3% | |
| Private Equity | $985.68M+36.9% | $720M-17.4% | $871.49M+16.0% | $751.42M+33.1% | $564.59M-54.1% | |
| Real Estate | $557.45M-18.1% | $680.76M+10.1% | $618.31M+9.3% | $565.87M+14.2% | $495.43M+6.6% | |
| Transaction Advisory And Other Fees Net by Business | ||||||
| Credit And Insurance | $10.63M-39.6% | $17.59M-35.0% | $27.06M+93.6% | $13.98M-9.7% | $15.48M+17.7% | |
| Multi Assets Investing | -$1.61M-258% | $1.02M+0.8% | $1.01M+0.6% | $1M-31.5% | $1.46M+56.3% | |
| Private Equity | $150.94M+63.3% | $92.42M-13.5% | $106.9M-1.9% | $108.99M+101% | $54.22M-6.1% | |
| Real Estate | $51.74M+34.1% | $38.59M+81.7% | $21.24M-49.1% | $41.72M+3.9% | $40.15M-12.5% | |
| Segment Assets by Business | ||||||
| Credit And Insurance | $7.67B-5.0% | $8.08B-11.7% | $9.14B+0.2% | $9.13B+4.4% | $8.74B+0.8% | |
| Multi Assets Investing | $2.45B+4.0% | $2.35B+16.5% | $2.02B+2.8% | $1.96B+1.2% | $1.94B-0.9% | |
| Private Equity | $20.53B+4.0% | $19.75B+7.7% | $18.34B+2.1% | $17.96B+0.2% | $17.92B-0.6% | |
| Real Estate | $12.93B+1.0% | $12.81B+6.4% | $12.03B+1.7% | $11.83B-0.6% | $11.91B+2.9% | |
| Fee Related Earnings by Business | ||||||
| Credit And Insurance | $331.83M-5.9% | $352.62M-4.0% | $367.35M+10.3% | $333.03M-3.3% | $344.36M+11.8% | |
| Multi Assets Investing | $72.13M+18.0% | $61.15M-15.2% | $72.1M+13.6% | $63.45M+12.6% | $56.37M-11.8% | |
| Private Equity | $596.88M+22.2% | $488.56M-0.6% | $491.38M-5.4% | $519.4M+38.0% | $376.48M-62.7% | |
| Real Estate | $547.14M-13.6% | $632.97M+15.1% | $549.84M+1.1% | $543.63M+12.1% | $484.85M+6.5% | |
| Fee Related Performance Revenues by Business | ||||||
| Credit And Insurance | $164.4M-18.1% | $200.74M-0.5% | $201.72M+6.1% | $190.13M-2.6% | $195.21M-14.4% | |
| Multi Assets Investing | $0— | $0— | $0— | $0— | $0— | |
| Private Equity | $170.7M+1.5% | $168.1M+32.7% | $126.65M-34.1% | $192.33M+216% | $60.9M-94.8% | |
| Real Estate | $153M-35.6% | $237.61M+90.6% | $124.65M+39.1% | $89.59M+137% | $37.8M+8,630% | |
| Management And Advisory Fees Net by Business | ||||||
| Credit And Insurance | $508.49M-1.2% | $514.75M+3.5% | $497.18M+5.6% | $470.63M+5.3% | $447.04M+10.7% | |
| Multi Assets Investing | $144.92M+3.3% | $140.36M+1.4% | $138.46M+5.1% | $131.8M+7.8% | $122.31M-1.6% | |
| Private Equity | $801.92M+10.4% | $726.13M+1.2% | $717.39M+1.6% | $706.3M+13.6% | $621.79M-1.2% | |
| Real Estate | $677.48M-0.5% | $680.99M-1.1% | $688.8M-3.2% | $711.29M+1.5% | $700.85M-0.1% | |
| Other Operating Expenses by Business | ||||||
| Credit And Insurance | $114.56M-14.2% | $133.58M+18.1% | $113.12M+5.3% | $107.43M+11.6% | $96.28M-4.4% | |
| Multi Assets Investing | $25.76M-23.4% | $33.66M+24.7% | $26.98M+5.9% | $25.47M+4.3% | $24.42M-18.3% | |
| Private Equity | $112.93M-22.9% | $146.38M+21.2% | $120.74M+7.5% | $112.3M+9.1% | $102.89M-12.2% | |
| Real Estate | $90.2M-13.6% | $104.44M+9.7% | $95.23M+9.4% | $87.05M+4.5% | $83.28M-14.5% | |
| Realized Principal Investment Income Loss by Business | ||||||
| Credit And Insurance | -$5.71M-103% | $192.31M+544% | $29.86M+415% | $5.8M-94.6% | $107.9M+1,163% | |
| Multi Assets Investing | $1.14M-75.1% | $4.55M+559% | $691K-28.4% | $965K+100% | $482K— | |
| Private Equity | $45.35M+321% | $10.77M-59.6% | $26.69M+34.4% | $19.86M+116% | $9.18M-39.5% | |
| Real Estate | -$8.81M-493% | $2.24M-57.8% | $5.3M+89.6% | $2.8M+701% | $349K— | |
| Fee Related Compensation by Business | ||||||
| Credit And Insurance | $226.49M-1.2% | $229.29M+5.0% | $218.43M-0.9% | $220.31M+9.3% | $201.62M-9.6% | |
| Multi Assets Investing | $47.03M+3.2% | $45.55M+15.7% | $39.37M-8.2% | $42.88M+3.3% | $41.52M+36.0% | |
| Private Equity | $262.81M+1.4% | $259.29M+11.8% | $231.92M-13.1% | $266.93M+31.3% | $203.32M-69.9% | |
| Real Estate | $193.14M+6.6% | $181.18M+7.6% | $168.38M-1.1% | $170.21M-0.2% | $170.53M+14.1% | |
| Base Management Fees by Business | ||||||
| Credit And Insurance | $509.85M-1.0% | $515.19M+6.6% | $483.08M+3.3% | $467.66M+5.5% | $443.22M+7.6% | |
| Multi Assets Investing | $146.53M+5.2% | $139.34M+1.4% | $137.45M+5.1% | $130.79M+8.2% | $120.85M-2.0% | |
| Private Equity | $659.99M+2.2% | $646.07M+2.8% | $628.4M+3.9% | $605.07M+4.6% | $578.44M+0.8% | |
| Real Estate | $636.05M-1.4% | $644.77M-3.9% | $670.77M-0.4% | $673.15M+1.3% | $664.6M0.0% | |
| Realized Performance Compensation by Business | ||||||
| Credit And Insurance | $31.2M-55.1% | $69.44M+229% | $21.12M-30.6% | $30.43M-24.8% | $40.5M-42.4% | |
| Multi Assets Investing | $15.37M-81.3% | $82.13M+1,285% | $5.93M+13.4% | $5.23M+909% | $518K-99.3% | |
| Private Equity | $294.54M+125% | $131.01M-36.4% | $205.97M+4.6% | $196.82M+15.0% | $171.14M+23.6% | |
| Real Estate | $22.96M-17.5% | $27.83M-60.0% | $69.62M+188% | $24.14M+175% | $8.77M-3.5% | |
| Investments by Business | ||||||
| Credit And Insurance | $504.15M-21.3% | $640.59M-8.7% | $701.75M+3.0% | $681.01M-7.3% | $734.85M-8.4% | |
| Multi Asset Investing | $119.72M-36.3% | $187.92M-22.3% | $241.71M+47.2% | $164.2M+117% | $75.84M-48.6% | |
| Private Equity | $10.79B+3.8% | $10.39B+9.5% | $9.49B-0.5% | $9.54B-1.9% | $9.73B+2.8% | |
| Real Estate | $1.59B-9.6% | $1.76B+17.1% | $1.5B-10.0% | $1.67B-15.8% | $1.99B0.0% | |
| Fund Distributions by Business | ||||||
| Credit And Insurance | $165.84M+93.4% | $85.76M+254% | $24.26M-81.7% | $132.8M+17.2% | $113.27M+28.3% | |
| Multi Asset Investing | $115.04M-22.5% | $148.42M+2,244% | $6.33M+29.6% | $4.88M-95.2% | $102.38M+46.1% | |
| Private Equity | $693.37M+62.6% | $426.38M-48.6% | $830.07M-42.5% | $1.44B+278% | $381.6M+17.9% | |
| Real Estate | $467.07M+333% | $107.82M-35.5% | $167.2M+81.9% | $91.9M+379% | $19.18M-77.9% | |
| Performance Fees Allocated As Result Of Changes In Fund Fair Values by Business | ||||||
| Credit And Insurance | -$29.4M-19.5% | -$24.6M+45.3% | -$44.99M+43.0% | -$78.96M-70.6% | -$46.27M+35.2% | |
| Multi Asset Investing | -$46.84M+50.5% | -$94.64M-12.9% | -$83.84M+10.1% | -$93.25M-204% | -$30.65M+57.4% | |
| Private Equity | -$1.09B+18.0% | -$1.33B-71.0% | -$777.85M+38.0% | -$1.25B-94.2% | -$645.98M+39.6% | |
| Real Estate | -$298.53M+10.7% | -$334.31M-28,006% | $1.2M-99.4% | $201.72M+892% | -$25.47M-104% | |
| Loss Contingency Accrual Carrying Value Period Increase Decrease by Business | ||||||
| Private Equity | $151.02M+89.7% | $79.59M+551% | $12.22M— | —— | $130.25M— | |
| Real Estate | $741.39M+697% | $93.05M-23.3% | $121.28M— | —— | $676.02M+878% | |
| Management Fee Offsets by Business | ||||||
| Credit And Insurance | $11.99M-33.5% | $18.04M+39.1% | $12.97M+17.8% | $11.01M-5.6% | $11.66M-45.1% | |
| Multi Assets Investing | $0— | $0— | $0— | $0— | $0— | |
| Private Equity | $9.01M-27.1% | $12.36M-31.0% | $17.92M+131% | $7.76M-28.6% | $10.87M+439% | |
| Real Estate | $10.31M+335% | $2.37M-26.2% | $3.21M-10.3% | $3.58M-8.1% | $3.9M-55.7% | |
| Revenue by Product | ||||||
| Investment Advice | $2.15B+3.3% | $2.08B+1.1% | $2.06B+1.0% | $2.04B+6.9% | $1.9B+1.3% | |
| Investment Performance | $165.42M-57.6% | $390.29M+94.5% | $200.68M+2.7% | $195.41M+1.9% | $191.83M-52.6% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Blackstone break its business down?
- Blackstone (BX) reports realized income net by business across 4 parts — Credit And Insurance, Multi Assets Investing, Private Equity and Real Estate. Each is extracted from the segment footnotes and tracked over time.
- Where does Blackstone's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Blackstone's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
