Blackstone BX Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Realized Income Net by Business | ||||||
| Credit And Insurance | $41.22M-74.1% | $290.49M+185% | $48.86M-3.6% | $62.76M+10.1% | $159.01M+1,090% | |
| Multi Assets Investing | $8.07M+1,265% | $387.18M+44.0% | $7.42M+73.6% | $8.9M+6.0% | -$693K+68.1% | |
| Private Equity | $388.8M+107% | $231.44M+4.8% | $380.1M+190% | $232.02M+11.7% | $188.11M-25.3% | |
| Real Estate | $10.31M-2.6% | $47.8M+415% | $68.47M+72.6% | $22.25M-36.9% | $10.59M-65.0% | |
| Performance Revenue Realized by Business | ||||||
| Credit And Insurance | $78.13M-14.7% | $167.62M+2.3% | $40.12M-6.5% | $87.39M-4.2% | $91.6M+506% | |
| Multi Assets Investing | $22.31M+3,495% | $464.76M+37.7% | $12.65M+149% | $13.16M-19.6% | -$657K-103% | |
| Private Equity | $637.99M+82.2% | $351.67M+2.2% | $559.38M+158% | $408.98M+7.1% | $350.07M-22.2% | |
| Real Estate | $42.07M+121% | $73.38M+276% | $132.79M+70.2% | $43.59M-18.5% | $19.01M-62.0% | |
| Segment Distributable Earnings by Business | ||||||
| Credit And Insurance | $373.06M-25.9% | $643.11M+56.8% | $416.21M+10.9% | $395.79M+11.8% | $503.36M+76.2% | |
| Multi Assets Investing | $80.2M+44.0% | $448.33M+34.7% | $79.52M+29.8% | $72.35M+14.9% | $55.68M+9.4% | |
| Private Equity | $985.68M+74.6% | $720M-41.4% | $871.49M+106% | $751.42M+54.7% | $564.59M+12.8% | |
| Real Estate | $557.45M+12.5% | $680.76M+46.5% | $618.31M+14.4% | $565.87M+9.6% | $495.43M-19.6% | |
| Transaction Advisory And Other Fees Net by Business | ||||||
| Credit And Insurance | $10.63M-31.3% | $17.59M+33.7% | $27.06M+142% | $13.98M+36.4% | $15.48M+58.2% | |
| Multi Assets Investing | -$1.61M-210% | $1.02M+8.5% | $1.01M+7.2% | $1M+10.4% | $1.46M+36.6% | |
| Private Equity | $150.94M+178% | $92.42M+60.0% | $106.9M+134% | $108.99M+136% | $54.22M+102% | |
| Real Estate | $51.74M+28.9% | $38.59M-15.9% | $21.24M-14.4% | $41.72M-44.5% | $40.15M+37.5% | |
| Segment Assets by Business | ||||||
| Credit And Insurance | $7.67B-12.2% | $8.08B-6.8% | $9.14B+12.6% | $9.13B+17.6% | $8.74B+14.9% | |
| Multi Assets Investing | $2.45B+26.0% | $2.35B+20.1% | $2.02B+14.6% | $1.96B+12.5% | $1.94B-25.8% | |
| Private Equity | $20.53B+14.6% | $19.75B+9.5% | $18.34B+12.6% | $17.96B+18.3% | $17.92B+30.2% | |
| Real Estate | $12.93B+8.6% | $12.81B+10.7% | $12.03B-8.8% | $11.83B-8.5% | $11.91B-7.3% | |
| Fee Related Earnings by Business | ||||||
| Credit And Insurance | $331.83M-3.6% | $352.62M+14.5% | $367.35M+13.2% | $333.03M+12.1% | $344.36M+26.5% | |
| Multi Assets Investing | $72.13M+28.0% | $61.15M-4.3% | $72.1M+26.5% | $63.45M+16.2% | $56.37M+6.2% | |
| Private Equity | $596.88M+58.5% | $488.56M-51.6% | $491.38M+67.7% | $519.4M+86.8% | $376.48M+51.4% | |
| Real Estate | $547.14M+12.8% | $632.97M+39.0% | $549.84M+9.8% | $543.63M+13.0% | $484.85M-17.3% | |
| Fee Related Performance Revenues by Business | ||||||
| Credit And Insurance | $164.4M-15.8% | $200.74M-12.0% | $201.72M+8.6% | $190.13M+13.3% | $195.21M+17.9% | |
| Multi Assets Investing | $0— | $0— | $0— | $0— | $0— | |
| Private Equity | $170.7M+180% | $168.1M-85.6% | $126.65M+2,058% | $192.33M+2,110% | $60.9M— | |
| Real Estate | $153M+305% | $237.61M+54,775% | $124.65M+72.1% | $89.59M+14,684% | $37.8M-70.9% | |
| Management And Advisory Fees Net by Business | ||||||
| Credit And Insurance | $508.49M+13.7% | $514.75M+27.5% | $497.18M+18.9% | $470.63M+20.6% | $447.04M+20.9% | |
| Multi Assets Investing | $144.92M+18.5% | $140.36M+12.9% | $138.46M+15.1% | $131.8M+12.2% | $122.31M+5.3% | |
| Private Equity | $801.92M+29.0% | $726.13M+15.4% | $717.39M+29.8% | $706.3M+37.2% | $621.79M+24.1% | |
| Real Estate | $677.48M-3.3% | $680.99M-3.0% | $688.8M-1.0% | $711.29M-6.1% | $700.85M-2.7% | |
| Other Operating Expenses by Business | ||||||
| Credit And Insurance | $114.56M+19.0% | $133.58M+32.7% | $113.12M+15.7% | $107.43M+21.6% | $96.28M+13.8% | |
| Multi Assets Investing | $25.76M+5.5% | $33.66M+12.7% | $26.98M+5.1% | $25.47M+2.0% | $24.42M-0.7% | |
| Private Equity | $112.93M+9.8% | $146.38M+24.9% | $120.74M+24.9% | $112.3M+28.4% | $102.89M+14.3% | |
| Real Estate | $90.2M+8.3% | $104.44M+7.2% | $95.23M-5.5% | $87.05M-5.8% | $83.28M-7.2% | |
| Realized Principal Investment Income Loss by Business | ||||||
| Credit And Insurance | -$5.71M-105% | $192.31M+2,151% | $29.86M+23.2% | $5.8M+65.2% | $107.9M+2,930% | |
| Multi Assets Investing | $1.14M+135% | $4.55M— | $691K-3.4% | $965K+241% | $482K+103% | |
| Private Equity | $45.35M+394% | $10.77M-29.0% | $26.69M+196% | $19.86M+247% | $9.18M-59.1% | |
| Real Estate | -$8.81M-2,623% | $2.24M— | $5.3M-17.4% | $2.8M-60.3% | $349K-84.1% | |
| Fee Related Compensation by Business | ||||||
| Credit And Insurance | $226.49M+12.3% | $229.29M+2.8% | $218.43M+20.3% | $220.31M+27.7% | $201.62M+12.9% | |
| Multi Assets Investing | $47.03M+13.3% | $45.55M+49.2% | $39.37M+4.6% | $42.88M+13.2% | $41.52M+8.0% | |
| Private Equity | $262.81M+29.3% | $259.29M-61.6% | $231.92M+37.2% | $266.93M+68.9% | $203.32M+25.1% | |
| Real Estate | $193.14M+13.3% | $181.18M+21.3% | $168.38M+1.1% | $170.21M-7.7% | $170.53M-2.3% | |
| Base Management Fees by Business | ||||||
| Credit And Insurance | $509.85M+15.0% | $515.19M+25.1% | $483.08M+18.4% | $467.66M+22.8% | $443.22M+22.8% | |
| Multi Assets Investing | $146.53M+21.2% | $139.34M+12.9% | $137.45M+15.1% | $130.79M+12.2% | $120.85M+5.1% | |
| Private Equity | $659.99M+14.1% | $646.07M+12.6% | $628.4M+22.9% | $605.07M+29.2% | $578.44M+21.9% | |
| Real Estate | $636.05M-4.3% | $644.77M-3.0% | $670.77M-0.2% | $673.15M-1.8% | $664.6M-4.3% | |
| Realized Performance Compensation by Business | ||||||
| Credit And Insurance | $31.2M-23.0% | $69.44M-1.2% | $21.12M+28.1% | $30.43M-19.4% | $40.5M+661% | |
| Multi Assets Investing | $15.37M+2,867% | $82.13M+14.4% | $5.93M+290% | $5.23M-36.7% | $518K-90.3% | |
| Private Equity | $294.54M+72.1% | $131.01M-5.4% | $205.97M+117% | $196.82M+9.5% | $171.14M-22.4% | |
| Real Estate | $22.96M+162% | $27.83M+206% | $69.62M+55.5% | $24.14M-4.6% | $8.77M-59.9% | |
| Investments by Business | ||||||
| Credit And Insurance | $504.15M-31.4% | $640.59M-20.1% | $701.75M-14.3% | $681.01M-3.4% | $734.85M+9.6% | |
| Multi Asset Investing | $119.72M+57.9% | $187.92M+27.3% | $241.71M+66.0% | $164.2M+50.0% | $75.84M-86.4% | |
| Private Equity | $10.79B+10.9% | $10.39B+9.8% | $9.49B+8.8% | $9.54B+24.8% | $9.73B+38.0% | |
| Real Estate | $1.59B-19.8% | $1.76B-11.3% | $1.5B-44.9% | $1.67B-37.6% | $1.99B-31.2% | |
| Fund Distributions by Business | ||||||
| Credit And Insurance | $165.84M+46.4% | $85.76M-2.9% | $24.26M-3.1% | $132.8M+26.3% | $113.27M+125% | |
| Multi Asset Investing | $115.04M+12.4% | $148.42M+112% | $6.33M+5.6% | $4.88M-67.6% | $102.38M+36.4% | |
| Private Equity | $693.37M+81.7% | $426.38M+31.8% | $830.07M+229% | $1.44B+184% | $381.6M+9.4% | |
| Real Estate | $467.07M+2,335% | $107.82M+24.4% | $167.2M+108% | $91.9M-45.5% | $19.18M-89.5% | |
| Performance Fees Allocated As Result Of Changes In Fund Fair Values by Business | ||||||
| Credit And Insurance | -$29.4M+36.5% | -$24.6M+65.6% | -$44.99M+67.6% | -$78.96M+43.6% | -$46.27M+61.8% | |
| Multi Asset Investing | -$46.84M-52.8% | -$94.64M-31.5% | -$83.84M-98.8% | -$93.25M— | -$30.65M+80.3% | |
| Private Equity | -$1.09B-68.8% | -$1.33B-24.5% | -$777.85M+41.5% | -$1.25B-76.0% | -$645.98M+6.5% | |
| Real Estate | -$298.53M-1,072% | -$334.31M-151% | $1.2M+101% | $201.72M+347% | -$25.47M+69.4% | |
| Loss Contingency Accrual Carrying Value Period Increase Decrease by Business | ||||||
| Private Equity | $151.02M+15.9% | $79.59M— | $12.22M— | —— | $130.25M+236% | |
| Real Estate | $741.39M+9.7% | $93.05M+34.6% | $121.28M+37.8% | —— | $676.02M+252% | |
| Management Fee Offsets by Business | ||||||
| Credit And Insurance | $11.99M+2.8% | $18.04M-15.1% | $12.97M+1,121% | $11.01M+1,009% | $11.66M+1,207% | |
| Multi Assets Investing | $0— | $0— | $0— | $0-100% | $0— | |
| Private Equity | $9.01M-17.2% | $12.36M+512% | $17.92M+334% | $7.76M+2,163% | $10.87M+3,853% | |
| Real Estate | $10.31M+164% | $2.37M-73.0% | $3.21M+111% | $3.58M+3.3% | $3.9M+33.1% | |
| Revenue by Product | ||||||
| Investment Advice | $2.15B+12.8% | $2.08B+10.6% | $2.06B+14.6% | $2.04B+13.9% | $1.9B+10.3% | |
| Investment Performance | $165.42M-13.8% | $390.29M-3.6% | $200.68M+4.6% | $195.41M+3.8% | $191.83M+7.0% |
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.
