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olivLaw · US equity research

Blackstone Inc. BX

Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)

125.57USD+6.24% · 1 dayClose 04 Nov 2026

Blackstone Inc. (BX) is the world's largest alternative asset manager, with over $1.3 trillion in total assets under management as of December 31, 2025. As of the third quarter 2026, total assets under management reached $1,368.3 billion, and inflows were $63.3 billion in the quarter. Performance-based revenue dependence can make quarterly results more volatile.

At the close of 04 Nov 2026, Blackstone Inc. (BX) stock was 125.57 USD (+6.24% on the day), with market capitalisation 94.3 bn USD, P/E 28.1 on diluted EPS of 4.47 USD over the last 12 months, dividend yield 3.96%, beta 1.53, 52-week range 102.12–163.50 USD. Latest reported quarter (Q2 2026): revenue of 5.0 bn USD (+35.9% YoY), net income of 1.2 bn USD (+60.8% YoY), diluted EPS 1.54 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
94.3 bn USD
shares as of 31 Jul 2026
P/E (TTM)
28.1
Diluted EPS TTM 4.47 · TTM to 30 Jun 2026
E/P (TTM)
3.56%
TTM to 30 Jun 2026
Dividend yield
3.96%
DPS 12m 4.97
Beta (2y)
1.53
Volatility (1y) 38%
52-week range
102.12163.50

Price history

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Technical reading

RSI (14)
62.1
strong (55–70)
Bollinger (20, 2)
104.06 – 125.27
above the upper band · %B 1.01 · band width 18.5%
SMA 50 / 200
121.31 / 123.57
mixed trend
MACD (12, 26, 9)
0.71 / -0.98
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+12.5%−1.1%+13.6 pp—
3 months−7.7%−0.5%−7.2 pp—
6 months+0.7%+4.4%−3.7 pp—
Year to date−18.5%+12.3%−30.9 pp—
1 year−12.1%+13.5%−25.6 pp+10.0%
3 years+24.4%+76.4%−52.0 pp+33.6%
5 years−11.9%+63.7%−75.6 pp—
Max drawdown (1y)
−37.5%
16 Jan 2026 → 12 Mar 2026
Max drawdown (5y)
−51.5%
29 Nov 2021 → 28 Dec 2022
Compound annual growth (5y)
−2.5%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
5.0 bn USD
+35.9% YoY
Net income
1.2 bn USD
+60.8% YoY
Diluted EPS
1.54
+57.1% YoY
net / operating
24.4% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue3.7 bn3.1 bn3.3 bn3.7 bn3.1 bn4.4 bn3.6 bn5.0 bn
Interest expense111.3 m115.5 m118.1 m135.8 m126.3 m128.1 m137.1 m145.0 m
Pre-tax income1.8 bn1.6 bn1.5 bn1.9 bn1.4 bn2.4 bn1.5 bn2.8 bn
Income tax245.3 m232.5 m243.8 m289.5 m209.7 m382.0 m197.2 m452.4 m
Net income780.8 m703.9 m614.9 m764.2 m624.9 m1.0 bn649.7 m1.2 bn
Diluted EPS1.020.92 ≈0.800.980.801.30 ≈0.831.54
Operating cash flow1.2 bn ≈161.4 m1.1 bn888.5 m ≈1.6 bn ≈1.1 bn991.0 m1.9 bn ≈
Capex19.4 m ≈11.9 m29.3 m40.1 m ≈23.9 m ≈22.4 m33.4 m32.0 m ≈
Dividends paid1.1 bn ≈1.1 bn1.9 bn1.2 bn ≈1.3 bn ≈1.6 bn1.9 bn1.5 bn ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 53 percentile of its own 43-quarter history (min 12.3, median 26.3, max 107.0; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue6.8 bn7.3 bn6.1 bn22.6 bn8.5 bn8.0 bn13.2 bn14.5 bn
Revenue YoY−4.4%+7.4%−16.8%+270.0%−62.3%−5.8%+64.9%+9.2%
Net income1.5 bn2.0 bn1.0 bn5.9 bn1.7 bn1.4 bn2.8 bn3.0 bn
Net income YoY+4.8%+32.9%−49.0%+460.3%−70.2%−20.4%+99.6%+8.7%
Diluted EPS2.263.031.508.132.361.843.623.87
Diluted EPS YoY+2.3%+34.1%−50.5%+442.0%−71.0%−22.0%+96.7%+6.9%
net %22.6%27.9%17.1%25.9%20.5%17.3%21.0%20.9%
Free cash flow27.4 m1.9 bn1.8 bn3.9 bn6.1 bn3.8 bn3.4 bn4.5 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
2.6 bn USD
Financial debt
12.6 bn USD
Net debt
9.9 bn USD
Equity
20.5 bn USD
Total assets
47.7 bn USD
Debt / equity
0.61x
Current ratio
unavailable
ROE
15.4%
ROA
6.6%
FCF margin
31.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
8.0 bn
2024
13.2 bn
2025
14.5 bn

SEC (XBRL)· 27 Feb 2026verified

Interest expense
2023
431.9 m
2024
443.7 m
2025
508.3 m

SEC (XBRL)· 27 Feb 2026verified

Pre-tax income
2023
3.0 bn
2024
6.5 bn
2025
7.2 bn

SEC (XBRL)· 27 Feb 2026verified

Income tax
2023
513.5 m
2024
1.0 bn
2025
1.1 bn

SEC (XBRL)· 27 Feb 2026verified

Net income
2023
1.4 bn
2024
2.8 bn
2025
3.0 bn

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
1.84
2024
3.62
2025
3.87

SEC (XBRL)· 27 Feb 2026verified

Weighted average diluted shares
2023
755.4 m
2024
766.6 m
2025
780.2 m

SEC (XBRL)· 27 Feb 2026verified

Dividend per share
2023
3.32
2024
3.45
2025
4.69

SEC (XBRL)· 27 Feb 2026verified

Balance sheet · USD

Cash
2023
3.0 bn
2024
2.0 bn
2025
2.6 bn

SEC (XBRL)· 27 Feb 2026verified

Property, plant & equipment, net
2023
542.8 m
2024
506.3 m
2025
521.2 m

SEC (XBRL)· 27 Feb 2026verified

Goodwill
2023
1.9 bn
2024
1.9 bn
2025
1.9 bn

SEC (XBRL)· 27 Feb 2026verified

Intangibles (excl. goodwill)
2023
201.2 m
2024
165.2 m
2025
131.4 m

SEC (XBRL)· 27 Feb 2026verified

Total assets
2023
40.3 bn
2024
43.5 bn
2025
47.7 bn

SEC (XBRL)· 27 Feb 2026verified

Long-term debt
2023
11.6 bn
2024
11.5 bn
2025
12.6 bn

SEC (XBRL)· 27 Feb 2026verified

Total liabilities
2023
22.2 bn
2024
24.0 bn
2025
25.8 bn

SEC (XBRL)· 27 Feb 2026verified

Equity
2023
16.9 bn
2024
18.7 bn
2025
20.5 bn

SEC (XBRL)· 27 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
4.1 bn
2024
3.5 bn
2025
4.7 bn

SEC (XBRL)· 27 Feb 2026verified

Capex
2023
224.2 m
2024
61.4 m
2025
115.7 m

SEC (XBRL)· 27 Feb 2026verified

Free cash flow
2023
3.8 bn ≈
2024
3.4 bn ≈
2025
4.5 bn ≈

SEC (XBRL)· 27 Feb 2026derived

Investing cash flow
2023
-229.7 m
2024
-61.4 m
2025
-115.7 m

SEC (XBRL)· 27 Feb 2026verified

Financing cash flow
2023
-5.1 bn
2024
-4.5 bn
2025
-3.9 bn

SEC (XBRL)· 27 Feb 2026verified

Dividends paid
2023
4.3 bn
2024
4.4 bn
2025
6.0 bn

SEC (XBRL)· 27 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
9.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
19.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
18.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
8.7%
computed by olivLawFY 2025
Net income CAGR 3Y
20.0%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
23.6%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
6.9%
computed by olivLawFY 2025
EPS CAGR 3Y
17.9%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
20.9%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
33.0%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
21.8%
computed by olivLawTTM to 30 Jun 2026
FCF margin
34.1%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
40.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
7.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
111.3%
computed by olivLawTTM to 30 Jun 2026
Payout ratio (FCF)
116.4%
computed by olivLawTTM to 30 Jun 2026

Balance sheet

Net debt
10.8 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.5x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
5.6 bn USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
111.7 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
5.5 bn USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
155.9%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
94.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
105.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
26.8x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
28.1x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
3.6%
computed by olivLawTTM to 30 Jun 2026
P/B
10.5x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
5.9x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
6.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
17.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
5.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
4.0%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
6.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 58.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

125.57 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 94.3 bn USD

Key indicators

Market capitalisation
94.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
28.1x
computed by olivLawTTM to 30 Jun 2026
P/B
10.5x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
40.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
21.8%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
9.2%
computed by olivLawFY 2025
Dividend yield
4.0%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

22/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 1849derived 122

Score by group

58% · Insufficient data

Estimated value range

Low
61.63
USD per share
Mid
101.64
USD per share
High
128.90
USD per share
Price: 125.57 USD
The price is within the range
Potential to the central value: -19.1% (value / price − 1)
Margin of safety: -23.5% (1 − price / value)
Agreement between methods: low · 3 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 52.97 – 206.29 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)124.89 – 206.29 (Mid 155.92)
    WACC 8.8% · starting FCFF 5.9 bn USD · terminal value share of EV 75%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 6.0%
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E52.97 – 128.90 (Mid 101.64)
    5 companies used · median multiple 22.8x · quartiles 11.9x – 28.9x
    AMP, APO, BEN, KKR, TROW
  • Dividend discount (DDM)61.63 – 82.88 (Mid 70.69)
Multiple comparisons use the SIC vertical: Investment Advice (SIC 6282)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 58.3% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality21.8%80 (vs peers)11%
FCF conversion · Quality155.9%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth19.3%100 (on a fixed band)14%
EPS CAGR 3Y · Growth17.9%100 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuation28.1x40 (vs peers)18%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation5.8%73 (on a fixed band)14%
Shareholder yield (distributions) · Returns6.8%97 (on a fixed band)11%
Payout ratio (FCF) · Returns116.4%5 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality90/100 · 2/3 factors with a value
  • Returns60/100 · 2/2 factors with a value
  • Valuation55/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Blackstone Inc. (BX). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 14.5 bn USD in 2025; YoY growth 9.2%; net margin 21.8%; ROE 40.5%.

The estimated value range is 61.63–128.90 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 101.64 USD, the price of 125.57 USD leaves a potential of -19.1% (value / price − 1) and a margin of safety of -23.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 21.8%
  • FCF conversion: 155.9%
  • Revenue CAGR 3Y: 19.3%
  • EPS CAGR 3Y: 17.9%
  • FCF yield: 5.8%
  • Shareholder yield (distributions): 6.8%

What contradicts it

  • Payout ratio (FCF): 116.4%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.

Versus the vertical median

Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 5 companies

Only companies with a capitalisation between 11.1 bn and 713.1 bn (within 8× of the company's); 36 of the vertical were left out.

Multiples and returns vs the median

P/E
28.1x
vertical median 22.8x
above median (+23.5%)
EV/EBITDA
—
vertical median —
P/S
5.9x
vertical median 2.3x
above median (+157.3%)
P/B
10.5x
vertical median 2.9x
above median (+256.9%)
ROE
40.5%
vertical median 10.6%
above median (+281.0%)
Net margin
21.8%
vertical median 14.8%
above median (+47.7%)
EBIT margin
—
vertical median —
Revenue YoY
9.2%
vertical median 3.5%
above median (+167.2%)
Net debt/EBITDA
—
vertical median —
Dividend yield
4.0%
vertical median 1.7%
above median (+132.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BXBlackstone Inc.94.3 bn28.140.5%21.8%+9.2%−12% / +24%
KKRKkr & Co. Inc.91.0 bn28.910.6%14.8%−11.0%−17% / +34%
APOApollo Global Management, Inc.72.5 bn43.89.3%5.2%+22.7%−7% / +33%
AMPAmeriprise Financial, Inc.45.8 bn11.972.0%20.7%+5.5%+16% / +49%
TROWPrice T Rowe Group Inc24.0 bn11.319.7%28.4%+3.1%+10% / +12%
BENFranklin Resources Inc17.2 bn22.86.8%8.7%+3.5%+50% / +37%

1- and 3-year price returns: for BX from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
86.13
Total return -28% · Per year -28%
151.58
Total return 25% · Per year 25%
227.37
Total return 86% · Per year 86%
3 years
102.17
Total return -8% · Per year -3%
200.47
Total return 75% · Per year 20%
327.41
Total return 179% · Per year 41%
5 years
121.19
Total return 16% · Per year 3%
265.12
Total return 140% · Per year 19%
471.48
Total return 314% · Per year 33%
What moves the 3-year price the most
  • Exit P/E± 50.12
  • Net margin± 35.08
  • Annual revenue growth± 26.16
  • Annual dilution± 2.95

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Blackstone Inc. (BX) is the world's largest alternative asset manager, with over $1.3 trillion in total assets under management as of December 31, 2025 1. As of the third quarter 2026, total assets under management reached $1,368.3 billion, and inflows were $63.3 billion in the quarter 3. Performance-based revenue dependence can make quarterly results more volatile 1.

SWOT

Strengths

  • Leadership in global alternative assets and the scale of operations provide advantages in raising capital 1.
  • Diversification across many asset classes and strategies reduces dependence on any single market 1.
  • Recurring fee revenue from perpetual capital offers a steadier base 13.

Weaknesses

  • Performance revenues can vary widely from quarter to quarter, making steady earnings growth difficult 1.
  • Exposure to the office sector and to properties with long-term leases has faced valuation pressure 1.
  • Concentrated public equity positions can make mark-to-market valuations sensitive to sharp price moves 1.

Opportunities

  • If interest rates fall and capital markets stay active, the pace of investment and realizations could increase 1.
  • Infrastructure linked to artificial intelligence and energy is a growth theme cited in recent results 3.
  • Expanding products for high-net-worth and mass affluent investors could bring new capital inflows 1.

Threats

  • Uncertainty about inflation and interest rates can lead to volatility and lower asset valuations 1.
  • Regulations restricting private fund investments in certain assets could narrow opportunities 1.
  • Geopolitical and trade tensions can slow transactions and exits from investments 12.

Risks

  • Difficult market conditionshigh

    A market decline or economic slowdown could reduce revenue, earnings and cash flow 1.

  • High interest rateshigh

    Interest rates that stay elevated could reduce asset values and make financing harder for funds 1.

  • Volatility of performance revenuesmedium

    Performance revenues depend on realizations and return thresholds, which can cause large swings in results 1.

  • Regulatory restrictionsmedium

    Limits on investments in certain sectors or jurisdictions could slow the deployment of capital 1.

  • Pressured real estate valuationsmedium

    Office and oversupplied residential sectors may continue to lose value, affecting real estate fund performance 1.

Investment thesis

What would need to be true (bull case)

  • If capital deployment and realizations recover, performance revenues could support higher earnings 13.
  • Global scale, a large asset base and growing perpetual capital could provide a stable base of recurring revenue 13.
  • Initiatives in infrastructure and in strategies tied to artificial intelligence and energy could open new growth avenues 3.

What would break the thesis

  • If interest rates stay high or geopolitical uncertainty increases, fund valuations and realizations could decline 1.
  • Reliance on performance revenues can produce quarterly results that are volatile and hard to predict 12.
  • Regulatory limits and pressure on the real estate sector could restrict investment opportunities 1.

What to watch

  • Path of US interest rates and inflationQ4 2026
  • Inflows from the private wealth channelQ1 2027
  • Valuations of the real estate portfolio and infrastructure funds2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Blackstone operates as an asset manager investing on behalf of institutional clients and individuals, earning revenue from management fees, performance-based fees and capital markets services 1. As of December 31, 2025, the company had approximately 5,285 employees 1. Its four business segments are Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing 1.

An important part of the model is perpetual capital, meaning assets with no fixed term, which has grown and generates recurring fees 1. The private wealth business, offering products to high-net-worth and mass affluent investors, has also become a larger part of the asset base 1. Performance revenues nevertheless remain tied to fund returns and the timing of realizations 2.

Segments

Real Estate

The Real Estate segment, with $319.3 billion of assets under management at December 31, 2025 1, includes opportunistic BREP funds, the Core+ strategy through perpetual vehicles and the BREDS real estate debt platform 1. Real estate valuations have been affected by high interest rates and by the office sector 1.

Private Equity

The Private Equity segment managed $416.4 billion at December 31, 2025 1 and spans corporate private equity, infrastructure, secondaries, life sciences and growth equity 1. Infrastructure and secondaries strategies posted positive returns in the third quarter of 2026 2.

Credit & Insurance

The Credit & Insurance segment managed $443.0 billion at December 31, 2025 1 and is among the largest credit and CLO managers in the world 1. Floating-rate private credit funds have benefited from elevated rates, though falling rates would reduce that advantage 1.

Market context

On the other side, uncertainty about inflation, interest rates, geopolitics and artificial intelligence affected investor sentiment in early 2026 12. If interest rates fall more slowly than expected, real estate valuations and fundraising could remain under pressure 1.

Trends

  • Transaction recoverytailwind

    The increase in IPO and merger activity in 2025 could support exits from investments and performance revenue realizations 1.

  • High interest ratesheadwind

    The high cost of capital has weighed on real estate values and acquisition financing, which could limit realizations 1.

  • Private wealth capitalmixed

    Attracting capital from high-net-worth individuals can expand the asset base but also brings higher redemption requests 1.

  • Geopolitical uncertaintyheadwind

    Trade tensions and armed conflicts can generate volatility in capital markets and affect portfolio valuations 1.

Competitive position

Blackstone describes its position as a global leader in alternative investments, particularly in real estate and private equity, where it competes with other large asset managers 1. Competition for investment opportunities and investor capital can influence the pace at which funds deploy capital 1.

The analyzed sources do not explicitly name competitors, so direct market share comparisons cannot be drawn from these documents 1. Blackstone does however emphasize that scale, diversification and client relationships are advantages in competition 1.

  • Other alternative asset managers

    Generic competitors referred to implicitly through competition for investment opportunities and capital 1.

  • Private credit managers

    Competition in direct lending and credit funds, where BXCI is among the largest players 1.

  • Institutional real estate investors

    Competition for real estate asset acquisitions, referred to as competition for transactions 1.

  • Infrastructure investors

    Competition for infrastructure assets, including energy and data centers 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report02 Nov 2026
    Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
  • Current report27 Oct 2026
    Other events · Financial statements and exhibits
  • Current report27 Oct 2026
    Other events · Financial statements and exhibits
  • Current report22 Oct 2026
    Results of operations · Financial statements and exhibits
  • Current report15 Oct 2026
    Departure or appointment of officers
  • Current report22 Sept 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report07 Aug 2026
  • Current report23 Jul 2026
    Results of operations · Financial statements and exhibits
  • Current report23 Jun 2026
    Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report08 May 2026

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Blackstone Inc. · 27 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Blackstone Inc. · 07 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Blackstone Inc. · 22 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.