Blackstone Fee-Related Earnings Rise 23% on AUM Growth
Fee-earning assets under management climbed 9% year-over-year to $937.6 billion in the first quarter.
Fee-related earnings for the global alternative asset manager Blackstone (BX) rose 23% year-over-year to $1.5 billion, or $1.26 a share, in the first quarter. The growth was supported by a 13% increase in net management and advisory fees, which reached $2.15 billion.
Total assets under management increased 12% year-over-year to $1.30 trillion. Fee-earning AUM rose 9% to $937.6 billion over the same period.
Perpetual capital AUM reached $539.7 billion, a 16% increase year-over-year. Quarterly inflows for the period were $68.5 billion, down from $71.5 billion in the fourth quarter of 2025.
Realized performance revenues in the first quarter were $780.5 million, a 70% increase from $460.0 million in the first quarter of 2025. Net accrued performance revenues also rose quarter-over-quarter to $7.0 billion, or $5.69 a share.
Distributable earnings for the quarter were $1.8 billion, or $1.36 a share, up 25% from $1.41 billion in the prior-year period. The company declared a quarterly dividend of $1.16 per share, a decrease from the $1.49 per share paid in the fourth quarter of 2025.
Blackstone expects to record total realized performance revenues and realized principal investment income exceeding $500 million for the period from April 1, 2026, to June 23, 2026. These figures are expected to consist almost entirely of realized performance revenues.