BX Stock: Blackstone Fees, Dividend, BREIT and BCRED, Q2 2026

Three things the quote pages leave out

BX is the listed company. BREIT, BCRED, BXPE and BXINFRA are separate funds with their own filings, a price per share set from net asset value and no exchange listing. Owning BX does not give you any of them, and owning one of them does not make you a Blackstone shareholder. They connect through fees: Blackstone's subsidiaries manage the funds and are paid a management fee and, in most of them, a share of the return.

The AUM that Blackstone prints for a fund is not always what the fund is worth to a holder. For BCRED the 10-Q footnote says total AUM “reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities,” and adds that net asset value at June 30, 2026 was $42.8 billion. The $94.6 billion is therefore more than twice what shareholders own (our arithmetic).

“Perpetual capital” does not mean the money can always be withdrawn, or never. Blackstone's definition says that in these vehicles redemption requests are “required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum.” That sentence is the basis for the limits that readers of non-traded funds run into, and it sits in the same filing as the $555.6 billion headline.

Blackstone's last five quarters in one table

All amounts are in $ million except per-share figures, from the total-segments table and the dividend table in the Q2 2026 earnings presentation (Exhibit 99.1). “Fee related performance revenues” are explained below. The dividend column is the dividend Blackstone declared for the earnings quarter; it is paid in the next quarter.

Two patterns show in the rows. Management fees went up every quarter, from $2,020.0 million to $2,250.3 million, a steadier line than anything below it. Distributable earnings per share went from $1.21 to $1.75 and back to $1.52, and the dividend moved with it from $1.03 to $1.49 to $1.29. Blackstone also reports GAAP numbers: GAAP net income attributable to Blackstone Inc. was $1,229.2 million in Q2 2026 ($1.54 per diluted share) against $764.2 million ($0.98) a year earlier, on total revenues of $5,044.0 million against $3,711.9 million. This page works from distributable earnings because that is the measure Blackstone says its dividend is based on.

Fees: what grew and what did not

The quarter's management and advisory fees are three lines: base management fees, transaction and advisory fees, and an offset line that gives back part of the fees to fund investors. Fee related earnings is those fees plus fee related performance revenues, less fee related compensation and operating costs.

The quarter's growth is not mainly in base fees. Base fees rose $84.2 million; transaction and advisory fees rose $155.5 million and fee related performance revenues $321.3 million (our arithmetic). On the transaction line, the 10-Q says the $77.8 million increase in Credit & Insurance was “primarily attributable to capital markets advisory revenues,” and that from Q2 2026 capital markets advisory revenues on certain infrastructure and asset based credit financings are shown in that segment instead of Private Equity. So part of the split between segments is a presentation change, not only new business. Fee related earnings as a share of management fees plus fee related performance revenues was 58.6% in both Q2 2026 and Q2 2025 (our arithmetic): the margin did not move, the revenue did.

What Blackstone charges is in the 10-K, as ranges rather than per-fund rates. For perpetual capital vehicles in Real Estate it lists 0.40% to 1.25% of net asset value, in Private Equity 0.75% to 1.25% of net asset value, and for its BDCs and certain registered funds 0.35% to 1.25% of net asset value or gross asset value. BXMT, the listed mortgage REIT, pays 1.50% of net proceeds from equity offerings and accumulated distributable earnings. None of the filings gives the dollars Blackstone earned from BREIT, BCRED, BXPE or BXINFRA separately, so the share of fees that comes from the funds in this page's title cannot be computed from them. What can be read is which funds Blackstone names as the cause of a change, which is the next section.

The segments: Real Estate fees fell while its earnings rose

Blackstone reports four segments. The table is the second quarter of 2026 against the second quarter of 2025 in $ million, from the segment pages of the earnings presentation; AUM is at June 30, 2026 with the change over twelve months.

Real Estate is where the funds our readers know best sit, and it is the segment where fees and earnings moved in opposite directions. Its base management fees were $630.1 million against $673.2 million, down 6%, and its total AUM fell from $325.0 billion to $314.1 billion over twelve months. In the second quarter the segment had realizations of $6.6 billion and outflows of $2.2 billion against inflows of $8.2 billion. Its fee related earnings still rose 13%. The 10-Q puts the cause in one sentence: the increase in fee related performance revenues “was attributable to higher Fee Related Performance Revenues in BREIT.” The segment's fee related performance revenues were $395.7 million for the first half, so $153.0 million in Q1 and $242.7 million in Q2 (our arithmetic).

Private Equity is the growth engine: fee related earnings rose 38% to $716.9 million. The 10-Q credits “higher performance revenues in BXPE and crystallization of performance revenues in BXINFRA,” and base management fees from more fee-earning AUM in BXPE, BIP and BXINFRA. Credit & Insurance went the other way on performance fees. Its fee related performance revenues fell $30.8 million, “primarily attributable to lower Fee Related Performance Revenues in BXSL,” and realized performance revenues fell from $87.4 million to $11.5 million, which the 10-Q puts down to private corporate credit funds. Its fee related earnings still rose 11% because its management fees rose $102.1 million, on advisory revenues and more fee-earning AUM in the insurance platform.

Performance fees: the part that depends on timing

Blackstone separates performance fees into two kinds, and they behave differently. The 10-Q defines fee related performance revenues as “the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis and (b) not dependent on realization events from the underlying investments.” They are in fee related earnings. Realized performance revenues from carry funds, which depend on selling assets, are not; they sit below that line in distributable earnings.

For the evergreen funds, the 10-K describes the contract. The general partner or special limited partner of each of BREIT, BEPIF, BXPE and BXINFRA receives a performance participation allocation of 12.5% of total return, subject to a 5% hurdle with a catch-up and recouping any loss carry forward amounts, measured annually and payable quarterly. BDC advisers get income incentive fees of 12.5% or 17.5%, payable quarterly, and capital gains incentive fees payable annually. That helps explain why fee related performance revenues are lumpy in the table above: $453.0 million in Q3 2025, $606.4 million in Q4, $488.1 million in Q1 2026, $793.4 million in Q2. The filings do not explain each quarter's swing.

Accrued but unrealized performance revenue is separate again. Blackstone shows net accrued performance revenues, presented net of performance compensation, and they are not in distributable earnings until realized.

The total was $6.00 a share at June 30, 2026. In the quarter Blackstone generated $1,388 million of net performance revenues and realized net distributions of $920 million; over the last twelve months the figures were $4,621 million and $3,760 million. Private Equity holds $6,081 million of the $7,468 million, 81% (our arithmetic); Credit & Insurance holds $252 million.

Blackstone also files short “intra-quarter” updates, the only look at a quarter before its earnings. The company states they do not predict the quarter.

Read that comparison as a fact about the two filings: over $350 million so far in Q3 at September 22, against over $500 million so far in Q2 at June 23. Blackstone adds that the estimate “is not intended to predict or represent” the quarter's total, includes “certain non-fee related incentive fees and other investment income expected to be realized at quarter end,” and leaves out fee income and expenses.

The dividend: approximately 85% of what Blackstone earns that quarter

The policy, from the 10-Q: “Our intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by our board of directors to be necessary or appropriate to provide for the conduct of our business.” The same paragraph says “the declaration and payment of any dividends are at the sole discretion of our board of directors,” which may change the policy at any time, “including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.” The mechanics are in the earnings release: distributable earnings per common share, less retained capital per share, equals the dividend.

So “is the dividend covered” has a different answer than for a fixed-dividend company: it is covered by construction, because it is set as a share of the quarter's earnings, and it moves when earnings do. Over the last twelve months Blackstone declared $5.23 a share; for the first half of 2026 it was $2.45 on $2.88 of distributable earnings per share. For all of fiscal 2025 the 10-Q says it paid $4.74 a share. In Q2 2026, 64% of distributable earnings before certain payables was attributable to common shareholders; the per-share figure is on 799.9 million participating common shares, with 443.9 million participating partnership units counted separately, for 1,243.8 million distributable earnings shares in total at June 30, 2026.

On buybacks, Blackstone repurchased 0.2 million shares in Q2 2026 at a cost of $24.0 million, at average prices of $123.96 (April), $120.27 (May) and $119.69 (June), and had $1.6 billion left on a $2.0 billion authorization from July 16, 2024. The release says $1.7 billion was to be distributed to shareholders for the second quarter and $6.9 billion over the last twelve months through dividends and share repurchases. Neither the buyback amounts nor the prices are a view on value; they are what the 10-Q reports.

How much of Blackstone's perpetual capital is BREIT, BCRED and BXPE

Perpetual capital reached $555.6 billion, up 15% on a year earlier, against $539.7 billion at March 31 and $523.6 billion at December 31, 2025. Fee-earning perpetual capital was $463.0 billion, 48% of fee-earning AUM. In the second quarter perpetual capital rose $15.9 billion; the 10-Q says Private Equity rose $11.4 billion and Credit & Insurance $4.1 billion, $15.5 billion of the total (our arithmetic).

The 10-Q has a “Select Perpetual Capital Strategies” table. It does not total it, and its footnotes use different definitions, so the “What the figure is” column puts each footnote in plain words.

On the four funds individual investors typically buy, BREIT plus BCRED plus BXPE plus BXINFRA is $56.55 billion plus $94.62 billion plus $25.31 billion plus $5.98 billion, $182.5 billion, which is 32.8% of the $555.6 billion perpetual total and 13.6% of total AUM (our arithmetic). Replacing BCRED's figure with its $42.8 billion of net asset value gives $130.6 billion, 23.5% of perpetual capital (our arithmetic). Blackstone does not state either sum in the filings we read, and does not say in the 10-Q text how much of perpetual capital is held by individual investors.

The returns are Blackstone's own per-share blended figures, and each footnote warns that the blended return is not representative of what any particular investor or share class received. The funds' own filings give the class-by-class figures; see BREIT performance by year.

What Blackstone says about redemption requests

Blackstone's 10-Q does not publish repurchase requests, prorations or queue sizes for any fund. What it does publish is a paragraph about BCRED in the Credit & Insurance discussion, a list of AUM flows by named fund, and a sentence in the definition of perpetual capital.

On BCRED, the Q2 10-Q says: “In our perpetual private wealth strategies, redemption requests in BCRED remain elevated due, in large part, to heightened press and market attention around private credit, as well as concerns about decelerating performance.” It adds that subscriptions to BCRED “decelerated from the prior quarter, resulting in net outflows in the second quarter of 2026,” that “net flows are likely to continue to be negatively impacted in light of the current market environment,” and that “so far in the third quarter redemption requests are significantly lower relative to the same time in the second quarter.” The Q1 10-Q, filed May 8, said the same pressures “drove a material increase in BCRED redemption requests.” Blackstone does not say what “significantly lower” is in dollars or shares. The numbers are in BCRED's tender-offer filings, which our BCRED redemptions page reads quarter by quarter.

The 10-Q's other comments on credit are in the same paragraph: “defaults in direct lending have risen and we expect will continue to rise from a historically low level,” and the “valuations of select software holdings have been and may be negatively impacted going forward.” Blackstone's view is that its holdings are “predominantly in senior secured credit with significant equity subordination.” That is the company's description, not an independent finding.

The flows it does name are below, in $ billion, from the AUM discussion of the 10-Q and the earnings release.

The two BREIT inflow figures are both Blackstone's. The release says $1.2 billion of capital was raised in BREIT, and the 10-Q AUM discussion says inflows were driven by $2.3 billion from BREIT. The earnings presentation defines inflows as including “contributions, capital raised, other increases in available capital” along with purchases and other items, so the second figure is wider; the filings do not reconcile the two. BREIT's own numbers are in our BREIT review.

Last, the 10-K risk factors say what Blackstone does when requests rise: “To the extent appropriate and permissible under a vehicle’s constituent documents, we have previously and may in the future limit or prorate redemptions or repurchases in such vehicle for a period of time.” It adds that this has made such vehicles “less attractive to investors” and hurt subscriptions for a time. For the other funds in the same position, see the private credit fund redemptions tracker and NAV REIT redemption status.

Debt, cash and where Blackstone's own money touches the funds

At June 30, 2026 Blackstone had $13,192 million of debt at par, $2,507 million of cash and $9,735 million of corporate treasury and other investments, and $22,678 million of cash and net investments ($18.23 a share). It has a $4.3 billion revolving credit facility due October 2030, of which $3.5 billion was undrawn; $800.0 million was drawn at June 30, 2026 against none at December 31, 2025, at 0.75% over adjusted SOFR. S&P and Fitch rate it A+. The scheduled principal on Blackstone's operating borrowings is below, in $ million.

The $685.3 million due in 2026 is the 1.000% senior notes due October 5, 2026 ($692.1 million carrying value), the nearest maturity (our reading of the note table). The revolver's covenants are a maximum net leverage ratio and a minimum amount of fee-earning AUM, tested quarterly. Interest expense in Q2 2026 was $145.0 million on a GAAP basis.

One item in the notes ties Blackstone's balance sheet to BREIT. In strategic ventures entered into in December 2022 and January 2023, the Regents of the University of California (UC Investments) subscribed $4.5 billion for BREIT Class I shares, with an 11.25% target annualized net return. The 10-Q says the target, while not guaranteed, “is supported by a pledge by Blackstone” of $1.1 billion of its holdings in BREIT as of the subscription dates, and that Blackstone is entitled to an incremental 5% cash payment on any returns above the target. The disclosure sets out the structure; it does not say what the pledge is worth today.

The 10-Q states that Blackstone is not subject to pending legal proceedings that it expects to have a material impact on its financial statements, while noting that an adverse outcome in certain matters could still have a material effect in a particular period.

What a holder or interested reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. These are the checks the filings support.

• If you hold BX stock, read the dividend as a share of one quarter's distributable earnings: $1.29 declared for Q2, $1.16 to $1.49 over the last four. The next quarterly dividend will again be set against earnings. The Q3 earnings release and 10-Q are the documents to read; they are not filed as of October 15, 2026.
• If you hold BREIT, BCRED, BXPE or BXINFRA, the number that matters to you is the fund's own: its net asset value per share and its tender or repurchase result. Read each fund's latest filing, not Blackstone's AUM line: BCRED, BXPE, BXINFRA, BREIT. For how Blackstone's infrastructure fund compares with Apollo's, EQT's and KKR's, see the evergreen infrastructure funds comparison.
• Know what the sponsor earns from the fund. The 10-K says BREIT, BEPIF, BXPE and BXINFRA pay a performance participation of 12.5% of total return over a 5% hurdle, measured annually and payable quarterly, on top of a management fee. The 10-Q ties Real Estate's Q2 increase in fee related performance revenues to BREIT. That is a fee on the fund's gain, so the sponsor's income and the holder's return rise together, and the participation is subject to a hurdle and to recouping any loss carry forward.
• Compare listed and non-traded. BX, BXSL and BXMT trade on the NYSE at a market price; BREIT, BCRED, BXPE and BXINFRA are priced at net asset value and sold back to the fund within its limits. The differences are covered in non-traded REITs versus publicly traded REITs.
• Watch the dates. Blackstone's next quarterly filing is the Q3 2026 earnings release and 10-Q. The funds' own results come on their own schedules.

For a holder of the funds, the facts that bear on the decision are two: BREIT had $853.8 million of outflows in the second quarter of 2026 and Blackstone's 10-Q says BCRED redemption requests remain elevated. How much that matters depends on your size, your taxes and your other holdings.

FAQ

All figures are from Blackstone Inc. (CIK 1393818) SEC filings read on EDGAR on October 15, 2026: the Q2 2026 earnings release, Form 8-K Exhibit 99.1 (accession 0001193125-26-313250, July 23, 2026); the Forms 10-Q for Q2 2026 (0001193125-26-340208, August 7, 2026) and Q1 2026 (0001193125-26-214609, May 8, 2026); the 2025 Form 10-K (0001193125-26-082531, February 27, 2026); and the Item 7.01 8-Ks of June 23, 2026 (0001193125-26-279498) and September 22, 2026 (0001193125-26-398100). Percentages, sums, the dividend as a share of distributable earnings, the vehicle totals and the first-quarter Real Estate figure are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.