Blackstone reported second quarter 2026 results, with total assets under management increasing 11 percent year over year to $1,346.3 billion, driven by $68.3 billion of inflows during the quarter and $262.5 billion over the trailing twelve months. Fee-earning assets under management rose 8 percent to $961.6 billion, while perpetual capital assets under management reached $555.6 billion, up 15 percent year over year and now representing roughly 41 percent of total assets under management.
GAAP net income was $2.4 billion for the quarter and $3.6 billion year to date, with net income attributable to Blackstone Inc. of $1.2 billion for the quarter, or $1.54 per diluted share. Distributable earnings rose 26 percent year over year to $2.0 billion, or $1.52 per common share, while fee related earnings increased 22 percent to $1.8 billion, or $1.43 per share. Net accrued performance revenues climbed to $7.5 billion, or $6.00 per share, the highest level in four years, driven by appreciation across strategies. Blackstone deployed $34.2 billion in capital during the quarter and $138.5 billion over the trailing twelve months, while realizations totaled $31.8 billion in the quarter and $144.5 billion over the trailing twelve months.
By segment, real estate assets under management reached $314.1 billion, with inflows of $8.2 billion in the quarter, including $2.0 billion raised through the initial public offering of Blackstone Digital Infrastructure Trust and $1.2 billion raised in Blackstone Real Estate Income Trust. Private equity assets under management increased 17 percent to $454.2 billion, with $24.5 billion of inflows including $5.7 billion for the firm’s fifth energy transition fund and $5.7 billion in secondaries. Credit and insurance assets under management grew 15 percent to $469.3 billion, with $31.0 billion of quarterly inflows including $13.3 billion for the firm’s global direct lending strategy. Multi-asset investing assets under management rose 21 percent to $108.6 billion, with its Absolute Return Composite posting a 5.8 percent gross return in the quarter and 15.5 percent over the trailing twelve months, outperforming the HFRX Global Hedge Fund Index’s 9.7 percent return over the same period.
Blackstone declared a quarterly dividend of $1.29 per common share, payable August 10, 2026, to shareholders of record as of August 3, 2026. The firm held $12.2 billion in total cash, cash equivalents, corporate treasury, and other investments as of June 30, 2026, along with $22.7 billion of cash and net investments, or $18.23 per share, and maintains a $4.3 billion credit revolver with $3.5 billion undrawn.
KEY QUOTE:
“Blackstone delivered an outstanding second quarter, highlighted by strong growth in earnings and nearly $70 billion of inflows. Our decision to lean into the artificial intelligence megatrend is leading to standout investment performance across numerous strategies and creating extraordinary opportunities for growth. We’ve become a trusted partner at scale to many of the key innovators in this ecosystem, which positions our firm extremely well for the future.”
Stephen A. Schwarzman, Chairman and Chief Executive Officer, Blackstone
