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+20.2% | $561.11M+151% | $372.7M+84.4% | $374.52M+97.6% | $368.78M+167% | |
| Multi Assets Investing | $411.57M+46.5% | $402.81M+44.2% | $284.51M+152% | $281.37M+154% | $280.86M+162% | |
| Private Equity | $1.23B+64.8% | $1.03B+27.2% | $1.02B+31.8% | $771.85M-9.4% | $747.6M-4.9% | |
| Real Estate | $148.83M+57.0% | $149.1M+30.2% | $110.58M-32.0% | $81.79M-39.0% | $94.78M-36.3% | |
| Performance Revenue Realized by Business | ||||||
| Credit And Insurance | $373.26M-4.2% | $386.73M+23.5% | $382.91M+34.3% | $385.72M+50.4% | $389.57M+87.7% | |
| Multi Assets Investing | $512.88M+43.1% | $489.92M+28.8% | $362.79M+99.9% | $355.22M+93.7% | $358.43M+108% | |
| Private Equity | $1.96B+51.5% | $1.67B+19.9% | $1.66B+21.3% | $1.32B-9.2% | $1.29B0.0% | |
| Real Estate | $291.84M+71.7% | $268.77M+33.7% | $214.9M-22.6% | $160.13M-26.2% | $170.02M-40.0% | |
| Segment Distributable Earnings by Business | ||||||
| Credit And Insurance | $1.83B+11.3% | $1.96B+37.4% | $1.73B+28.9% | $1.68B+33.5% | $1.64B+43.7% | |
| Multi Assets Investing | $680.4M+32.7% | $655.88M+29.1% | $540.33M+65.8% | $522.09M+64.5% | $512.72M+66.5% | |
| Private Equity | $3.33B+23.1% | $2.91B+10.2% | $3.42B+83.0% | $2.97B+54.8% | $2.7B+46.0% | |
| Real Estate | $2.42B+20.1% | $2.36B+10.4% | $2.14B-2.9% | $2.07B-7.1% | $2.02B-14.1% | |
| Transaction Advisory And Other Fees Net by Business | ||||||
| Credit And Insurance | $69.26M+38.4% | $74.12M+67.1% | $69.68M+66.1% | $53.78M+30.7% | $50.05M+9.1% | |
| Multi Assets Investing | $1.42M-66.6% | $4.49M+16.4% | $4.41M+12.5% | $4.34M+10.1% | $4.25M+6.5% | |
| Private Equity | $459.25M+125% | $362.53M+105% | $327.86M+135% | $266.55M+128% | $203.8M+69.6% | |
| Real Estate | $153.29M-17.6% | $141.7M-19.0% | $148.97M-0.2% | $152.55M+12.8% | $185.97M+113% | |
| Segment Assets by Business | ||||||
| Credit And Insurance | $34.02B+2.2% | $35.09B+9.1% | $35.68B+18.2% | $34.66B+20.5% | $33.29B+21.7% | |
| Multi Assets Investing | $8.78B+18.5% | $8.28B+2.4% | $7.88B-0.8% | $7.63B— | $7.41B— | |
| Private Equity | $76.57B+13.6% | $73.96B+16.9% | $72.24B+20.2% | $70.18B+21.0% | $67.4B+19.5% | |
| Real Estate | $49.6B0.0% | $48.58B-3.9% | $47.34B-8.9% | $48.51B-7.6% | $49.61B-7.4% | |
| Fee Related Earnings by Business | ||||||
| Credit And Insurance | $1.38B+8.7% | $1.4B+16.3% | $1.35B+19.0% | $1.31B+22.1% | $1.27B+26.7% | |
| Multi Assets Investing | $268.83M+15.9% | $253.07M+10.7% | $255.82M+20.1% | $240.73M+16.6% | $231.86M+15.5% | |
| Private Equity | $2.1B+7.2% | $1.88B+2.6% | $2.4B+119% | $2.2B+106% | $1.96B+83.7% | |
| Real Estate | $2.27B+18.3% | $2.21B+9.3% | $2.03B-0.6% | $1.98B-5.1% | $1.92B-12.6% | |
| Fee Related Performance Revenues by Business | ||||||
| Credit And Insurance | $756.99M-2.5% | $787.8M+5.4% | $815.04M+21.0% | $799.13M+25.9% | $776.76M+29.0% | |
| Multi Assets Investing | $0— | $0— | $0— | $0— | $0— | |
| Private Equity | $657.78M-47.2% | $547.99M-53.8% | $1.55B+10,543% | $1.43B+16,331% | $1.25B— | |
| Real Estate | $604.84M+444% | $489.65M+141% | $252.47M+16.2% | $200.25M-26.6% | $111.27M-72.4% | |
| Management And Advisory Fees Net by Business | ||||||
| Credit And Insurance | $1.99B+20.0% | $1.93B+22.0% | $1.82B+19.8% | $1.74B+21.3% | $1.66B+19.9% | |
| Multi Assets Investing | $555.53M+14.7% | $532.92M+11.5% | $516.88M+10.2% | $498.74M+6.9% | $484.37M+3.5% | |
| Private Equity | $2.95B+27.3% | $2.77B+26.1% | $2.67B+29.3% | $2.51B+24.4% | $2.32B+14.9% | |
| Real Estate | $2.76B-3.4% | $2.78B-3.2% | $2.8B-2.4% | $2.81B-2.3% | $2.86B+0.3% | |
| Other Operating Expenses by Business | ||||||
| Credit And Insurance | $468.69M+22.4% | $450.4M+21.3% | $417.5M+14.3% | $402.13M+17.3% | $383.06M+14.4% | |
| Multi Assets Investing | $111.87M+6.6% | $110.53M+5.2% | $106.75M+1.3% | $105.43M+1.2% | $104.93M-1.7% | |
| Private Equity | $492.35M+21.8% | $482.31M+23.3% | $453.12M+24.3% | $429.03M+22.7% | $404.17M+19.0% | |
| Real Estate | $376.92M+0.8% | $370M-2.7% | $363M-4.2% | $368.51M+2.1% | $373.84M+9.7% | |
| Realized Principal Investment Income Loss by Business | ||||||
| Credit And Insurance | $222.26M+54.1% | $335.87M+743% | $152.1M+308% | $146.49M+247% | $144.2M+645% | |
| Multi Assets Investing | $7.34M— | $6.69M— | —— | —— | —— | |
| Private Equity | $102.67M+163% | $66.5M+27.0% | $70.9M+58.1% | $53.24M-9.0% | $39.1M-39.4% | |
| Real Estate | $1.54M-88.9% | $10.69M-31.8% | $8.45M-56.8% | $9.57M-35.0% | $13.82M+82.0% | |
| Fee Related Compensation by Business | ||||||
| Credit And Insurance | $894.51M+14.9% | $869.64M+15.1% | $863.31M+25.2% | $826.47M+26.6% | $778.72M+20.6% | |
| Multi Assets Investing | $174.83M+18.5% | $169.33M+17.2% | $154.31M+2.5% | $152.58M-2.2% | $147.59M-8.0% | |
| Private Equity | $1.02B-15.3% | $961.45M-17.4% | $1.38B+120% | $1.31B+115% | $1.2B+96.1% | |
| Real Estate | $712.9M+6.3% | $690.29M+2.3% | $658.54M-1.0% | $656.73M-5.9% | $670.92M-5.9% | |
| Base Management Fees by Business | ||||||
| Credit And Insurance | $1.98B+20.2% | $1.91B+22.3% | $1.81B+22.0% | $1.73B+24.0% | $1.64B+22.6% | |
| Multi Assets Investing | $554.11M+15.4% | $528.44M+11.4% | $512.47M+10.2% | $494.4M+6.9% | $480.21M+3.5% | |
| Private Equity | $2.54B+19.1% | $2.46B+21.2% | $2.39B+23.3% | $2.27B+19.1% | $2.13B+12.0% | |
| Real Estate | $2.62B-2.3% | $2.65B-2.3% | $2.67B-2.2% | $2.67B-3.0% | $2.69B-3.4% | |
| Realized Performance Compensation by Business | ||||||
| Credit And Insurance | $152.2M-7.8% | $161.49M+24.4% | $162.32M+35.0% | $157.68M+44.4% | $164.99M+85.3% | |
| Multi Assets Investing | $108.65M+32.4% | $93.8M+7.9% | $83.46M+57.0% | $79.05M+35.9% | $82.09M+61.1% | |
| Private Equity | $828.33M+41.8% | $704.94M+11.3% | $712.38M+11.1% | $601.21M-9.0% | $584.15M+2.3% | |
| Real Estate | $144.55M+64.4% | $130.36M+29.1% | $111.62M-17.1% | $86.76M-11.2% | $87.92M-38.1% | |
| Investments by Business | ||||||
| Credit And Insurance | $2.53B-17.4% | $2.76B-7.9% | $2.92B+4.5% | $3.04B+21.0% | $3.06B+35.9% | |
| Multi Asset Investing | $713.55M+49.1% | $669.66M-30.3% | $629.31M-30.4% | $533.24M— | $478.52M— | |
| Private Equity | $40.2B+13.1% | $39.14B+19.1% | $38.21B+25.3% | $37.44B+31.1% | $35.54B+30.8% | |
| Real Estate | $6.53B-30.4% | $6.93B-32.6% | $7.15B-36.7% | $8.37B-32.6% | $9.38B-33.8% | |
| Fund Distributions by Business | ||||||
| Credit And Insurance | $408.66M+23.2% | $356.09M+32.4% | $358.64M+59.8% | $359.43M+75.3% | $331.79M+39.7% | |
| Multi Asset Investing | $274.68M+41.9% | $262.01M+57.7% | $183.64M— | $183.31M— | $193.51M— | |
| Private Equity | $3.39B+131% | $3.08B+115% | $2.98B+99.6% | $2.4B+78.7% | $1.47B+24.2% | |
| Real Estate | $833.99M+135% | $386.1M-25.6% | $364.97M-29.2% | $278.13M-55.1% | $354.88M-35.4% | |
| Performance Fees Allocated As Result Of Changes In Fund Fair Values by Business | ||||||
| Credit And Insurance | -$177.95M+55.1% | -$194.83M+58.6% | -$241.65M+52.5% | -$335.38M+27.7% | -$396.33M-11.8% | |
| Multi Asset Investing | -$318.56M— | -$302.37M— | -$279.7M— | -$238.03M— | —— | |
| Private Equity | -$4.45B-18.5% | -$4.01B-5.4% | -$3.75B-23.1% | -$4.3B-83.0% | -$3.76B-70.7% | |
| Real Estate | -$429.92M-178% | -$156.87M-132% | $838.42M+30.8% | $705.39M-37.1% | $548.79M-49.0% | |
| Management Fee Offsets by Business | ||||||
| Credit And Insurance | $54M+54.4% | $53.67M+122% | $56.88M+1,397% | $44.98M+1,137% | $34.96M+845% | |
| Multi Assets Investing | $0-100% | $0-100% | $0-100% | $0-100% | $80K+7,900% | |
| Private Equity | $47.04M+183% | $48.9M+709% | $38.56M+649% | $24.78M+720% | $16.64M+297% | |
| Real Estate | $19.48M+10.1% | $13.07M-21.8% | $19.49M+78.8% | $17.8M+4.8% | $17.69M-19.0% | |
| Revenue by Product | ||||||
| Investment Advice | $8.32B+12.9% | $8.08B+12.3% | $7.88B+13.2% | $7.61B+11.7% | $7.37B+9.3% | |
| Investment Performance | $951.8M-2.5% | $978.2M+1.5% | $992.66M+24.1% | $983.78M+28.3% | $976.66M+33.5% |
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.
