Blackstone fundraising strengthens while distributable earnings decline

Blackstone ($BX) attracted $63 billion of inflows in the third quarter of 2026, taking assets under management to approximately $1.37 trillion. Fee-related earnings increased 6% to $1.57 billion, showing growth in the recurring management-fee business. The alternative asset manager also reported $228.9 billion of available investment capital across its funds.

Distributable earnings nevertheless declined 9% to $1.72 billion, and the per-share figure fell 13% to $1.32. Realized performance fees dropped 38% to about $464 million, illustrating the sensitivity of cash earnings to investment realizations. GAAP net income attributable to Blackstone was $662 million. Strong fundraising expanded future fee-generating capacity, but it did not fully offset weaker performance-fee income in the current period; distributable earnings and fee-related earnings are non-GAAP measures.

Sources:

• blackstone.com
• Issuer release via MarketScreener