Blackstone (BX) investor relations material

Executive summary

• Achieved GAAP net income of $1.3 billion for Q1 2026 and $6.1 billion over the last twelve months, with distributable earnings of $1.8 billion for the quarter and $7.5 billion LTM, and a declared dividend of $1.16 per share.

• Total assets under management (AUM) reached $1.3 trillion, up 12% year-over-year, with $68.5 billion in inflows for the quarter and $246.3 billion over the last 12 months.

• Nearly all flagship strategies reported positive appreciation, led by infrastructure and private equity, despite volatile markets and geopolitical turbulence.

• Strong performance in AI-related infrastructure, energy, and private credit, with continued expansion in institutional and private wealth channels.

Financial highlights

• Fee Related Earnings (FRE) were $1.5 billion ($1.26 per share) for the quarter, up 22% year-over-year; Distributable Earnings (DE) were $1.8 billion ($1.36 per share), up 25% year-over-year.

• Fee revenues increased 20% year-over-year to $2.6 billion, with management fees at a record $2.1 billion, up 13%.

• Net accrued performance revenues rose to $7.0 billion ($5.69/share), up 9% year-over-year.

• GAAP revenues for Q1 2026 were $3.6 billion, with total expenses of $2.3 billion.

Outlook and guidance

• Management expects continued strength in management fees and performance revenues, with new fundraising cycles and perpetual strategies driving growth, especially in the second half of the year.

• Anticipates robust IPO activity once geopolitical tensions ease, with a favorable mix of AI and infrastructure-related companies.

• Management highlighted the firm's resilience and ability to invest in areas of greatest opportunity amid market disruption, while cautioning that actual results may differ due to risks and uncertainties.