Blackstone

Blackstone is the largest alternative asset manager in the world, with $1.37 trillion of assets under management at September 30, 2026. It invests money for pension funds, insurers, sovereign wealth funds and individual investors in real estate, private equity, private credit, infrastructure, secondaries and hedge funds. It reports four segments: Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing. It earns management fees on $990 billion of fee-earning assets, and performance revenues when its funds sell investments at a profit.

More than 40% of its assets are perpetual capital, such as the BREIT real estate fund and the BCRED private credit fund, which sell shares to wealthy individuals and pay steady fees. Blackstone pays out most of its distributable earnings as a dividend each quarter. Stephen Schwarzman is the Chairman and CEO, and Jon Gray is the President.

The market prices Blackstone with a discount because investors fear that private credit losses and withdrawals by individual investors will slow its growth. Individual investors drove much of Blackstone's growth through perpetual funds such as BCRED. BCRED had its first monthly loss since 2022 in February 2026, from write-downs on some loans, including one to the software company Medallia, and investors fear that AI hurts many software borrowers. Repurchase requests then rose above the 5% quarterly cap.

BCRED received about $4.5 billion of requests in Q2 2026 and about $4.3 billion in Q3 2026, and paid only up to the cap. Realizations also stay low, so performance revenues depend on markets that let Blackstone sell assets. In Q3 2026, realized performance revenues fell 38% from a year earlier. For the gap to close, three things must be true.

Total inflows must stay near the $63.3 billion of Q3 2026 and the $68.3 billion of Q2 2026, and fee related earnings must grow again at a double-digit rate, after only 6% growth in Q3 2026. BCRED repurchase requests must fall back to the 5% cap or below, while its loans keep performing. Realized performance revenues must rise as Blackstone sells more assets and lists more companies. The Q3 2026 report on October 22, 2026 failed the first test, because fee related earnings grew only 6% and distributable earnings per share fell 13%.

The next tests are the BCRED repurchase window for Q4 2026 and the Q4 report in late January 2027. If flows hold and private credit losses stay small, the gap can close over the next four to six quarters. A credit cycle with large defaults would keep the discount for longer.

1. Oct 22, 2026Failed

   Q3 2026 results: inflows, fee earnings and BCREDA pass is inflows near Q2's $68.3 billion and fee related earnings growth near 20%; a fail is a clear drop in inflows or rising credit losses.Outcome: Inflows held at $63.3 billion, but fee related earnings grew only 6% and distributable earnings per share fell 13% on lower realizations.
2. Dec 2026 · est.Pending

   BCRED Q4 2026 repurchase requestsA pass is requests at or below the 5% cap; a fail is requests that stay near 10% of shares.
3. Jan 22, 2027 · est.Pending

   Q4 2026 results: realizationsA pass is higher realized performance revenues than in Q4 2025; a fail is lower realizations and flat distributable earnings.

Every passed and failed checkpoint across all picks

• October 22, 2026Blackstone reported Q3 2026 results. Fee related earnings were $1.57 billion, up 6%, or $1.26 per share. Distributable earnings were $1.32 per share, down 13%, because realized performance revenues fell 38% to $464 million. Inflows were $63.3 billion, and assets under management reached $1.37 trillion, up 10%. Private credit returned 2.6% gross in the quarter. BCRED's net asset value was $41.1 billion at September 30, 2026. Blackstone declared a dividend of $1.12 per share.
• October 15, 2026Blackstone said that Joseph Baratta told the board on October 9, 2026 that he will leave the board on December 31, 2026, in connection with his planned retirement from Blackstone. The board will then have seven members.
• September 24, 2026Blackstone said that it will host its Q3 2026 investor call on October 22, 2026, at 9:00 a.m. ET.

Last earnings

October 22, 2026 (8-K on sec.gov)

Next earnings

Expected about January 22, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 6, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled November 2, 2026 · Read it on sec.gov
• 8-KOther company newsFiled October 27, 2026 · Read it on sec.gov
• 8-KOther company newsFiled October 27, 2026 · Read it on sec.gov
• 8-KEarnings releaseFiled October 22, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled October 15, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled September 22, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 7, 2026 · Read it on sec.gov
• 8-KEarnings releaseFiled July 23, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled June 23, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1393818)

• Private credit can have losses in a credit cycle. BCRED had a 0.4% loss in February 2026 from write-downs on some loans, and lenders have loans to software companies that AI can disrupt. Losses would cut fees and hurt fund-raising from individual investors.
• Individual investors can ask for their money back from perpetual funds every quarter. BCRED received requests above its 5% cap in Q2 and Q3 2026, and it paid only up to the cap. Long periods of capped withdrawals can damage the brand with the financial advisers who sell these funds.
• Performance revenues depend on asset sales and listings. When deal and stock markets are weak, realizations fall and distributable earnings drop. Higher interest rates also lower the value of real estate, which is one of Blackstone's largest businesses.
• Blackstone invests heavily in data centers and power for AI, for example through BXDC and a data center campus in Michigan with Related Digital. A slowdown in AI spending can lower the value of these assets.

The figures are from Blackstone's deconsolidated balance sheet, which excludes the consolidated Blackstone funds. At September 30, 2026, cash includes $3.0 billion of cash and cash equivalents and $10.2 billion of corporate treasury and other investments. Read more

Yield at the current rate

3.7% (current annual rate, at today’s price)

Dividend yield

4.1% (last 12 months, at today’s price of $122.01)

Paid per share

$5.06 in the last 12 months (4 payments)

Current annual rate

$4.48 ($1.12 × 4 a year)

Payout ratio

121% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 2, 2026, $1.12 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 19.7% a year. From 2015 to 2025, the dividend grew by about 5.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.