Company Reports

We consider Blackstone to be the preeminent alternative-asset manager, with $1.346 trillion in total assets under management, including $961.6 billion in fee-earning assets under management, at the end of June 2026. The company operates with scale in each of its major product lines: private equity (28% of fee-earning AUM and 35% of base management fees), real estate/real assets (29% and 32%), credit and insurance (33% and 25%), and other alternatives (10% and 8%). Blackstone has also built a large base of in-house executives, consultants, and advisors who have decades of industry experience and can revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.

Blackstone ended June with $962 billion in fee-earning assets under management, up 2.6% sequentially and 8.4% year over year. In the second quarter, total revenue increased 35.9% year over year to $5.0 billion and fee-related earnings increased 22.2% to $1.8 billion.

The alternative asset managers were down 25% on average on a total return basis during the first half of 2026 as more volatile markets and uncertainties tied to US fiscal, tariff, and monetary policies, and concerns over the private credit market weighed on the group.

We consider Blackstone to be the preeminent alternative-asset manager, with $1.304 trillion in total assets under management, including $937.6 billion in fee-earning assets under management, at the end of March 2026. The company operates with scale in each of its major product lines: private equity (27% of fee-earning AUM and 34% of base management fees), real estate/real assets (30% and 33%), credit and insurance (33% and 26%), and other alternatives (10% and 7%). Blackstone has also built a large base of in-house executives, consultants, and advisors who have decades of industry experience and can revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.

While Blackstone continues to generate positive flows, with its mix of alternative products benefiting from the ongoing demand for nontraditional investment products, we see some near- to medium-term headwinds from turmoil in the private credit markets.

We consider Blackstone to be the preeminent alternative-asset manager, with $1.304 trillion in total assets under management, including $937.6 billion in fee-earning assets under management, at the end of March 2026. The company operates with scale in each of its major product lines: private equity (27% of fee-earning AUM and 34% of base management fees), real estate/real assets (30% and 33%), credit and insurance (33% and 26%), and other alternatives (10% and 7%). Blackstone has also built a large base of in-house executives, consultants, and advisors who have decades of industry experience and can revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.

Blackstone ended March 2026 with $938 billion in fee-earning assets under management up 1.7% sequentially and 9.0% year over year. Total revenue increased 10.0% year over year to $3.6 billion in the quarter, while fee-related earnings increased 22.7% to $1.5 billion.

While Blackstone does not have as much direct lending exposure as private-credit-heavy peers Ares and Blue Owl, the alternative-asset manager will not be immune from the headwinds posed by concerns about the private credit market in the near to medium term.

We consider Blackstone to be the preeminent alternative-asset manager, with $1.275 trillion in total assets under management, including $921.7 billion in fee-earning assets under management, at the end of 2025. The company operates with scale in each of its major product lines: private equity (26% of fee-earning AUM and 33% of base management fees), real estate/real assets (31% and 35%), private credit (34% and 25%), and other alternatives (9% and 7%). Blackstone has also built a large base of in-house executives, consultants, and advisors who have decades of industry experience and can revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.

Shares of the alternative asset managers we cover were down close to 5% to 10% Feb. 19 but did recover to low- to mid-single-digit declines, after Blue Owl announced it was permanently halting redemptions at a private credit fund aimed at retail investors.

Shares of the alternative asset managers we cover have declined in the past several weeks, with the group as a whole down 10% since the start of 2025 and also down more than 15% over the past year.

Blackstone's shares have struggled to gain ground due to the uncertainties created by fiscal, tariff, and monetary policies, as well as economic growth, and increased concerns about the private credit market. Shares were down 7.9% in 2025 and are down another 13.1% since the start of the year.

Blackstone ended December 2025 with $922 billion in fee-earning assets under management, or AUM, up 1.7% sequentially and 11.0% year over year. Total revenue increased 41.4% year over year to $4.4 billion in the quarter, while fee-related earnings declined 16.4% to $1.5 billion.

We consider Blackstone to be the preeminent alternative-asset manager. The company operates with scale in each of its major product lines and has a fair amount of geographic diversification.

We consider Blackstone to be the preeminent alternative-asset manager, with $1.242 trillion in total assets under management, or AUM, including $906.2 billion in fee-earning managed assets, at the end of September 2025. The company operates with scale in each of its major product lines: private equity (26% of fee-earning AUM and 33% of base management fees), real estate/real assets (31% and 35%), private credit (34% and 25%), and other alternatives (9% and 7%). Blackstone has also built out a large base of in-house executives, consultants, and advisors that have decades of industry experience and can revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.

Blackstone ended September with $906.2 billion in fee-earning assets under management, up 2.2% sequentially and 10.5% year over year. Total revenue declined 15.7% year over year to $3.1 billion during the third quarter, with fee-related earnings increasing 26.0% to $1.5 billion.

We consider Blackstone to be the preeminent alternative-asset manager, with $1.211 trillion in total assets under management, including $887 billion in fee-earning assets under management, at the end of June 2025.

We consider Blackstone to be the preeminent alternative-asset manager, with $1.211 trillion in total assets under management, including $887 billion in fee-earning assets under management, at the end of June 2025. The company has scale in all four business segments: private equity (26% of fee-earning AUM and 32% of base management fees), real estate (32% and 36%), credit and insurance (33% and 25%), and multi-asset investing (9% and 7%). Blackstone has also built out a large base of employees—including in-house executives, consultants, and advisors—that have decades of industry experience and can revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.

Blackstone ended June 2025 with $887.1 billion in fee-earning assets under management, or AUM, up 3.1% sequentially and 9.7% year over year. Total revenue increased 32.7% year over year to $3.7 billion during the quarter, with fee-related earnings increasing 31.4% to $1.5 billion.

We consider Blackstone to be the preeminent alternative-asset manager, with $1.167 trillion in total assets under management, including $860.1 billion in fee-earning assets under management, at the end of March 2025. The company has scale in all four business segments: private equity (26% of fee-earning AUM and 30% of base management fees), real estate (34% and 40%), credit and insurance (32% and 23%), and multi-asset investing (8% and 7%). Blackstone has also built out a large base of employees—including in-house executives, consultants, and advisors—that have decades of industry experience and can revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.