Blackstone BX Business Segments
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Realized Income Net by Business | ||||||
| Credit And Insurance | $443.33M-21.0% | $561.11M+50.6% | $372.7M-0.5% | $374.52M+1.6% | $368.78M+65.3% | |
| Multi Assets Investing | $411.57M+2.2% | $402.81M+41.6% | $284.51M+1.1% | $281.37M+0.2% | $280.86M+0.5% | |
| Private Equity | $1.23B+19.5% | $1.03B+1.0% | $1.02B+32.3% | $771.85M+3.2% | $747.6M-7.9% | |
| Real Estate | $148.83M-0.2% | $149.1M+34.8% | $110.58M+35.2% | $81.79M-13.7% | $94.78M-17.2% | |
| Performance Revenue Realized by Business | ||||||
| Credit And Insurance | $373.26M-3.5% | $386.73M+1.0% | $382.91M-0.7% | $385.72M-1.0% | $389.57M+24.4% | |
| Multi Assets Investing | $512.88M+4.7% | $489.92M+35.0% | $362.79M+2.1% | $355.22M-0.9% | $358.43M-5.8% | |
| Private Equity | $1.96B+17.2% | $1.67B+0.5% | $1.66B+26.0% | $1.32B+2.1% | $1.29B-7.2% | |
| Real Estate | $291.84M+8.6% | $268.77M+25.1% | $214.9M+34.2% | $160.13M-5.8% | $170.02M-15.4% | |
| Segment Distributable Earnings by Business | ||||||
| Credit And Insurance | $1.83B-6.7% | $1.96B+13.5% | $1.73B+2.4% | $1.68B+2.5% | $1.64B+15.3% | |
| Multi Assets Investing | $680.4M+3.7% | $655.88M+21.4% | $540.33M+3.5% | $522.09M+1.8% | $512.72M+0.9% | |
| Private Equity | $3.33B+14.5% | $2.91B-14.9% | $3.42B+15.1% | $2.97B+9.8% | $2.7B+2.4% | |
| Real Estate | $2.42B+2.6% | $2.36B+10.1% | $2.14B+3.8% | $2.07B+2.4% | $2.02B-5.7% | |
| Transaction Advisory And Other Fees Net by Business | ||||||
| Credit And Insurance | $69.26M-6.5% | $74.12M+6.4% | $69.68M+29.6% | $53.78M+7.5% | $50.05M+12.8% | |
| Multi Assets Investing | $1.42M-68.4% | $4.49M+1.8% | $4.41M+1.6% | $4.34M+2.2% | $4.25M+10.2% | |
| Private Equity | $459.25M+26.7% | $362.53M+10.6% | $327.86M+23.0% | $266.55M+30.8% | $203.8M+15.5% | |
| Real Estate | $153.29M+8.2% | $141.7M-4.9% | $148.97M-2.3% | $152.55M-18.0% | $185.97M+6.3% | |
| Segment Assets by Business | ||||||
| Credit And Insurance | $34.02B-3.0% | $35.09B-1.7% | $35.68B+3.0% | $34.66B+4.1% | $33.29B+3.5% | |
| Multi Assets Investing | $8.78B+6.1% | $8.28B+5.0% | $7.88B+3.4% | $7.63B+2.9% | $7.41B-8.3% | |
| Private Equity | $76.57B+3.5% | $73.96B+2.4% | $72.24B+2.9% | $70.18B+4.1% | $67.4B+6.6% | |
| Real Estate | $49.6B+2.1% | $48.58B+2.6% | $47.34B-2.4% | $48.51B-2.2% | $49.61B-1.9% | |
| Fee Related Earnings by Business | ||||||
| Credit And Insurance | $1.38B-0.9% | $1.4B+3.3% | $1.35B+3.3% | $1.31B+2.8% | $1.27B+6.0% | |
| Multi Assets Investing | $268.83M+6.2% | $253.07M-1.1% | $255.82M+6.3% | $240.73M+3.8% | $231.86M+1.4% | |
| Private Equity | $2.1B+11.7% | $1.88B-21.7% | $2.4B+9.0% | $2.2B+12.3% | $1.96B+7.0% | |
| Real Estate | $2.27B+2.8% | $2.21B+8.7% | $2.03B+2.5% | $1.98B+3.2% | $1.92B-5.0% | |
| Fee Related Performance Revenues by Business | ||||||
| Credit And Insurance | $756.99M-3.9% | $787.8M-3.3% | $815.04M+2.0% | $799.13M+2.9% | $776.76M+4.0% | |
| Multi Assets Investing | $0— | $0— | $0— | $0— | $0— | |
| Private Equity | $657.78M+20.0% | $547.99M-64.7% | $1.55B+8.4% | $1.43B+14.7% | $1.25B+5.1% | |
| Real Estate | $604.84M+23.5% | $489.65M+93.9% | $252.47M+26.1% | $200.25M+80.0% | $111.27M-45.3% | |
| Management And Advisory Fees Net by Business | ||||||
| Credit And Insurance | $1.99B+3.2% | $1.93B+6.1% | $1.82B+4.5% | $1.74B+4.8% | $1.66B+4.9% | |
| Multi Assets Investing | $555.53M+4.2% | $532.92M+3.1% | $516.88M+3.6% | $498.74M+3.0% | $484.37M+1.3% | |
| Private Equity | $2.95B+6.5% | $2.77B+3.6% | $2.67B+6.6% | $2.51B+8.3% | $2.32B+5.5% | |
| Real Estate | $2.76B-0.8% | $2.78B-0.7% | $2.8B-0.2% | $2.81B-1.6% | $2.86B-0.7% | |
| Other Operating Expenses by Business | ||||||
| Credit And Insurance | $468.69M+4.1% | $450.4M+7.9% | $417.5M+3.8% | $402.13M+5.0% | $383.06M+3.2% | |
| Multi Assets Investing | $111.87M+1.2% | $110.53M+3.5% | $106.75M+1.2% | $105.43M+0.5% | $104.93M-0.2% | |
| Private Equity | $492.35M+2.1% | $482.31M+6.4% | $453.12M+5.6% | $429.03M+6.2% | $404.17M+3.3% | |
| Real Estate | $376.92M+1.9% | $370M+1.9% | $363M-1.5% | $368.51M-1.4% | $373.84M-1.7% | |
| Realized Principal Investment Income Loss by Business | ||||||
| Credit And Insurance | $222.26M-33.8% | $335.87M+121% | $152.1M+3.8% | $146.49M+1.6% | $144.2M+262% | |
| Multi Assets Investing | $7.34M+9.8% | $6.69M— | —— | —— | —— | |
| Private Equity | $102.67M+54.4% | $66.5M-6.2% | $70.9M+33.2% | $53.24M+36.1% | $39.1M-25.3% | |
| Real Estate | $1.54M-85.6% | $10.69M+26.5% | $8.45M-11.7% | $9.57M-30.8% | $13.82M-11.8% | |
| Fee Related Compensation by Business | ||||||
| Credit And Insurance | $894.51M+2.9% | $869.64M+0.7% | $863.31M+4.5% | $826.47M+6.1% | $778.72M+3.1% | |
| Multi Assets Investing | $174.83M+3.3% | $169.33M+9.7% | $154.31M+1.1% | $152.58M+3.4% | $147.59M+2.1% | |
| Private Equity | $1.02B+6.2% | $961.45M-30.2% | $1.38B+4.8% | $1.31B+9.0% | $1.2B+3.5% | |
| Real Estate | $712.9M+3.3% | $690.29M+4.8% | $658.54M+0.3% | $656.73M-2.1% | $670.92M-0.6% | |
| Base Management Fees by Business | ||||||
| Credit And Insurance | $1.98B+3.5% | $1.91B+5.7% | $1.81B+4.3% | $1.73B+5.3% | $1.64B+5.3% | |
| Multi Assets Investing | $554.11M+4.9% | $528.44M+3.1% | $512.47M+3.7% | $494.4M+3.0% | $480.21M+1.2% | |
| Private Equity | $2.54B+3.3% | $2.46B+3.0% | $2.39B+5.2% | $2.27B+6.4% | $2.13B+5.1% | |
| Real Estate | $2.62B-1.1% | $2.65B-0.7% | $2.67B-0.1% | $2.67B-0.5% | $2.69B-1.1% | |
| Realized Performance Compensation by Business | ||||||
| Credit And Insurance | $152.2M-5.8% | $161.49M-0.5% | $162.32M+2.9% | $157.68M-4.4% | $164.99M+27.1% | |
| Multi Assets Investing | $108.65M+15.8% | $93.8M+12.4% | $83.46M+5.6% | $79.05M-3.7% | $82.09M-5.6% | |
| Private Equity | $828.33M+17.5% | $704.94M-1.0% | $712.38M+18.5% | $601.21M+2.9% | $584.15M-7.8% | |
| Real Estate | $144.55M+10.9% | $130.36M+16.8% | $111.62M+28.7% | $86.76M-1.3% | $87.92M-13.0% | |
| Investments by Business | ||||||
| Credit And Insurance | $2.53B-8.4% | $2.76B-5.5% | $2.92B-3.9% | $3.04B-0.8% | $3.06B+2.2% | |
| Multi Asset Investing | $713.55M+6.6% | $669.66M+6.4% | $629.31M+18.0% | $533.24M+11.4% | $478.52M-50.2% | |
| Private Equity | $40.2B+2.7% | $39.14B+2.4% | $38.21B+2.1% | $37.44B+5.3% | $35.54B+8.1% | |
| Real Estate | $6.53B-5.7% | $6.93B-3.1% | $7.15B-14.6% | $8.37B-10.7% | $9.38B-8.7% | |
| Fund Distributions by Business | ||||||
| Credit And Insurance | $408.66M+14.8% | $356.09M-0.7% | $358.64M-0.2% | $359.43M+8.3% | $331.79M+23.4% | |
| Multi Asset Investing | $274.68M+4.8% | $262.01M+42.7% | $183.64M+0.2% | $183.31M-5.3% | $193.51M+16.4% | |
| Private Equity | $3.39B+10.1% | $3.08B+3.5% | $2.98B+24.1% | $2.4B+63.7% | $1.47B+2.3% | |
| Real Estate | $833.99M+116% | $386.1M+5.8% | $364.97M+31.2% | $278.13M-21.6% | $354.88M-31.6% | |
| Performance Fees Allocated As Result Of Changes In Fund Fair Values by Business | ||||||
| Credit And Insurance | -$177.95M+8.7% | -$194.83M+19.4% | -$241.65M+27.9% | -$335.38M+15.4% | -$396.33M+15.9% | |
| Multi Asset Investing | -$318.56M-5.4% | -$302.37M-8.1% | -$279.7M-17.5% | -$238.03M— | —— | |
| Private Equity | -$4.45B-11.1% | -$4.01B-7.0% | -$3.75B+12.8% | -$4.3B-14.4% | -$3.76B+1.2% | |
| Real Estate | -$429.92M-174% | -$156.87M-119% | $838.42M+18.9% | $705.39M+28.5% | $548.79M+11.8% | |
| Management Fee Offsets by Business | ||||||
| Credit And Insurance | $54M+0.6% | $53.67M-5.6% | $56.88M+26.5% | $44.98M+28.7% | $34.96M+44.5% | |
| Multi Assets Investing | $0— | $0— | $0— | $0-100% | $80K0.0% | |
| Private Equity | $47.04M-3.8% | $48.9M+26.8% | $38.56M+55.7% | $24.78M+48.9% | $16.64M+175% | |
| Real Estate | $19.48M+49.1% | $13.07M-33.0% | $19.49M+9.5% | $17.8M+0.7% | $17.69M+5.8% | |
| Revenue by Product | ||||||
| Investment Advice | $8.32B+3.0% | $8.08B+2.5% | $7.88B+3.4% | $7.61B+3.4% | $7.37B+2.5% | |
| Investment Performance | $951.8M-2.7% | $978.2M-1.5% | $992.66M+0.9% | $983.78M+0.7% | $976.66M+1.3% |
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.
