Blackstone Statistics 2026
By Axis Intelligence Research
Co-author: Mia Scarlett | Last updated: August 20, 2026 | License: CC BY 4.0
Blackstone managed $1,346.3 billion in total assets as of June 30, 2026, up 11% year over year, with $68.3 billion of inflows in the quarter. Fee-earning assets reached $961.6 billion and perpetual capital reached $555.6 billion. Distributable earnings were $2.0 billion, or $1.52 per common share, a 26% increase over the prior-year quarter.
Quick Answer
Blackstone is the world’s largest alternative asset manager, with $1,346.3 billion in total assets under management as of June 30, 2026 and 5,285 employees as of December 31, 2025. According to Axis Intelligence Research, Blackstone earned an effective 58.3 basis points in annualized base management fees on every dollar of assets it managed in the second quarter of 2026 — down from 62.0 basis points a year earlier, even as assets grew 11%. Axis Intelligence Research puts the firm’s Capital Durability Index at 62.3 as of June 30, 2026, effectively unchanged from 62.5 a year earlier.
Key Findings
- Blackstone’s total assets under management reached $1,346.3 billion as of June 30, 2026, an 11% increase from $1,211.2 billion a year earlier, according to the firm’s second-quarter 2026 earnings release.
- According to Axis Intelligence Research, Blackstone’s effective base management fee rate on total assets fell for five consecutive quarters, from 62.0 basis points in the second quarter of 2025 to 58.3 basis points in the second quarter of 2026.
- Perpetual capital reached $555.6 billion as of June 30, 2026, representing 41.3% of Blackstone’s total assets under management, per Axis Intelligence Research calculations from the firm’s disclosed figures.
- According to Axis Intelligence Research, 81.4% of Blackstone’s $7.5 billion in net accrued performance revenues sat inside the Private Equity segment as of June 30, 2026.
- Blackstone managed approximately $241.2 million of assets per employee at year-end 2025, an Axis Intelligence Research calculation combining the firm’s $1,274.9 billion in assets with its 5,285 disclosed headcount.
How Much Money Does Blackstone Manage in 2026?
Blackstone reported $1,346,263,835 thousand — $1,346.3 billion — in total assets under management as of June 30, 2026 in its second-quarter 2026 earnings release. That is an 11% increase over the $1,211.2 billion reported a year earlier, and it is the fifth consecutive quarterly record.
The growth arrived through three channels the firm reports separately. Net flows added $54.8 billion in the quarter and $210.6 billion over the trailing twelve months. Market activity added $19.3 billion in the quarter. Realizations subtracted $31.8 billion.
| Metric | 2Q 2025 | 2Q 2026 | Change | Source |
|---|---|---|---|---|
| Total AUM | $1,211.2B | $1,346.3B | +11% | Blackstone 2Q’26 earnings release |
| Fee-earning AUM | $887.1B | $961.6B | +8% | Blackstone 2Q’26 earnings release |
| Perpetual capital AUM | $484.6B | $555.6B | +15% | Blackstone 2Q’26 earnings release |
| Inflows (quarter) | n/d | $68.3B | — | Blackstone 2Q’26 earnings release |
| Inflows (LTM) | n/d | $262.5B | — | Blackstone 2Q’26 earnings release |
| Dry powder | n/d | $228.1B | — | Blackstone 2Q’26 earnings release |
Blackstone AUM by segment
Credit & Insurance is now the largest of Blackstone’s four segments, a position Real Estate held for most of the firm’s modern history.
| Segment | Total AUM (6/30/2026) | Share of total | YoY change | Source |
|---|---|---|---|---|
| Credit & Insurance | $469.3B | 34.9% | +15.2% | Blackstone 2Q’26 earnings release |
| Private Equity | $454.2B | 33.7% | +16.8% | Blackstone 2Q’26 earnings release |
| Real Estate | $314.1B | 23.3% | -3.3% | Blackstone 2Q’26 earnings release |
| Multi-Asset Investing | $108.6B | 8.1% | +20.7% | Blackstone 2Q’26 earnings release |
Segment shares are Axis Intelligence Research calculations; the four segment figures sum exactly to the reported $1,346.3 billion total.
Mia Scarlett: Real Estate has now shrunk year over year for four straight reporting periods on a total-AUM basis, and the release attributes $29.7 billion of trailing-twelve-month realizations to that segment against $27.1 billion of inflows. That is a business returning capital slightly faster than it raises it. The headline number moved because credit and private equity moved. Read the segment table, not the total.
Source: Axis Intelligence Research — CC BY 4.0
How Much Does Blackstone Actually Earn on Each Dollar It Manages?
This is the number the AUM headline hides, and it is the one Axis Intelligence Research considers the most useful single figure in the filing.
Blackstone reported $1,960.9 million in base management fees for the second quarter of 2026. Annualized — multiplied by four — that is $7,843.6 million against $1,346.3 billion of total assets. According to Axis Intelligence Research, that works out to 58.3 basis points, or 0.583% of assets per year.
Formula: Effective base fee rate (bps) = (quarterly base management fees x 4) ÷ total AUM x 10,000
Run the same calculation across five quarters of disclosed data and a trend appears that no press release mentions.
| Quarter | Base management fees | Annualized | Total AUM | Effective rate | Source |
|---|---|---|---|---|---|
| 2Q 2025 | $1,876.7M | $7,506.7M | $1,211.2B | 62.0 bps | Blackstone 2Q’26 earnings release |
| 3Q 2025 | $1,919.7M | $7,678.8M | $1,241.7B | 61.8 bps | Blackstone 2Q’26 earnings release |
| 4Q 2025 | $1,945.4M | $7,781.5M | $1,274.9B | 61.0 bps | Blackstone 2Q’26 earnings release |
| 1Q 2026 | $1,952.4M | $7,809.7M | $1,304.0B | 59.9 bps | Blackstone 1Q’26 earnings release |
| 2Q 2026 | $1,960.9M | $7,843.6M | $1,346.3B | 58.3 bps | Blackstone 2Q’26 earnings release |
Base management fees rose 4.5% over the year. Assets rose 11.1%. The gap between those two rates is the compression, and it has run in the same direction for five consecutive quarters.
Applying the identical method to peer filings produces a genuine divergence. According to Axis Intelligence Research, KKR’s effective management fee rate moved the other way over the same twelve months — from 58.1 basis points to 62.8 basis points — while Carlyle’s fell from 50.8 to 46.1 basis points.
| Manager | 2Q 2025 | 2Q 2026 | Direction | Source |
|---|---|---|---|---|
| Blackstone | 62.0 bps | 58.3 bps | Compressing | Blackstone 2Q’26 earnings release |
| KKR | 58.1 bps | 62.8 bps | Expanding | KKR 2Q’26 earnings release |
| Carlyle | 50.8 bps | 46.1 bps | Compressing | Carlyle 2Q’26 earnings release |
Two caveats belong with that table rather than buried beneath it. KKR’s figure uses total management fees, which include inter-segment fees paid by its insurance and strategic-holdings businesses, and KKR closed its acquisition of Arctos on May 4, 2026, adding $20 billion of assets mid-quarter. Carlyle’s figure uses segment fund management fees. The three managers do not define the numerator identically, and Axis Intelligence Research publishes the three side by side rather than blending them into a single industry average, because averaging fee numerators built on different bases produces a figure that means nothing.
Mia Scarlett: Fee rate compression at scale is not automatically bad news — it is what happens when a manager’s growth is concentrated in insurance separately managed accounts and investment-grade credit, which price in the low tens of basis points rather than the 150 a buyout fund charges on committed capital. The Credit & Insurance segment took in $9.9 billion for infrastructure and asset-based credit in the quarter, of which $7.5 billion was insurance separately managed accounts. That mix shift is the whole explanation, and it is deliberate. But it means the next trillion of Blackstone assets will not pay what the first trillion paid, and any model that extrapolates fee revenue from AUM growth alone will be wrong in a predictable direction.
How Durable Are Blackstone’s Earnings? The Axis Capital Durability Index
Total assets tell you how big a manager is. They do not tell you how much of that base can walk out the door, how much of it actually pays a fee, or how much of the firm’s profit depends on selling something in a given quarter. Axis Intelligence Research built the Capital Durability Index (CDI) to combine those three questions into one reproducible reading.
CDI methodology
The index has three components, each expressed as a percentage, combined with disclosed weights:
- Perpetual share (40%) = Perpetual capital AUM ÷ total AUM. Weighted highest because indefinite-term capital is the only component that removes the fundraising treadmill outright.
- Fee conversion (30%) = Fee-earning AUM ÷ total AUM. Assets that do not pay a fee are a marketing statistic.
- Recurring earnings share (30%) = Fee related earnings ÷ total segment distributable earnings. The portion of profit that does not require a realization event.
CDI = (0.40 x perpetual share) + (0.30 x fee conversion) + (0.30 x recurring earnings share)
Every input is a disclosed figure from a Blackstone earnings release. A reader with the same two documents can reproduce every reading below.
Blackstone CDI readings
| As of | Perpetual share | Fee conversion | Recurring earnings share | CDI | Source |
|---|---|---|---|---|---|
| June 30, 2025 | 40.0% | 73.2% | 81.8% | 62.5 | Blackstone 2Q’26 earnings release |
| March 31, 2026 | 41.4% | 71.9% | 77.5% | 61.4 | Blackstone 1Q’26 earnings release |
| June 30, 2026 | 41.3% | 71.4% | 81.2% | 62.3 | Blackstone 2Q’26 earnings release |
These are the first three readings of the index and serve as its baseline. According to Axis Intelligence Research, Blackstone’s CDI reading of 62.3 as of June 30, 2026 sits 0.2 points below its reading of 62.5 twelve months earlier, despite an 11% increase in assets over the same period.
The three components moved in different directions, which is why the composite barely moved. Perpetual share rose 1.3 points. Recurring earnings share fell 0.6 points. Fee conversion fell 1.8 points — from 73.2% to 71.4% — and that decline is the reason record assets did not translate into a stronger durability reading.
Fee conversion varies sharply by segment, and the reason is structural.
| Segment | Total AUM | Fee-earning AUM | Fee conversion | Source |
|---|---|---|---|---|
| Multi-Asset Investing | $108.6B | $98.1B | 90.3% | Blackstone 2Q’26 earnings release |
| Real Estate | $314.1B | $277.4B | 88.3% | Blackstone 2Q’26 earnings release |
| Credit & Insurance | $469.3B | $318.2B | 67.8% | Blackstone 2Q’26 earnings release |
| Private Equity | $454.2B | $267.8B | 59.0% | Blackstone 2Q’26 earnings release |
Fee conversion percentages are Axis Intelligence Research calculations from disclosed segment figures.
Mia Scarlett: Private Equity converts 59 cents of every dollar it manages into fee-earning assets, and the reason is visible in the fund tables. Energy Transition V closed with $5.67 billion of committed capital in the quarter and had deployed none of it as of June 30. BCP Asia III shows $13.1 billion committed and nothing invested. Committed-but-undeployed capital sits in total AUM and in most cases waits for the investment period to start before it pays a management fee. That is not a weakness — it is $228.1 billion of dry powder and a forward fee book. It does mean the 59% converts upward on its own schedule, not on the market’s.
How Much of Blackstone’s Capital Is Permanent?
Perpetual capital reached $555.6 billion as of June 30, 2026, a 15% increase from $484.6 billion a year earlier — an addition of $71.0 billion. According to Axis Intelligence Research, that represents 41.3% of Blackstone’s total assets under management.
The firm separately disclosed that fee-earning perpetual capital reached $463.0 billion, or 48% of fee-earning assets. Blackstone’s annual report on Form 10-K identifies the vehicles inside that pool: BREIT and BEPIF in Real Estate, BIP, BXPE, BXINFRA and GP Stakes in Private Equity, and BXSL and BCRED in Credit & Insurance, plus assets managed for insurance clients.
Individual perpetual vehicle sizes as of June 30, 2026:
| Vehicle | Strategy | Total AUM | Inception-to-date net return | Source |
|---|---|---|---|---|
| BCRED | U.S. direct lending | $94.6B | 9% | Blackstone 2Q’26 earnings release |
| BIP | Infrastructure | $75.0B | 18% | Blackstone 2Q’26 earnings release |
| BPP | Core+ real estate | $57.7B | 2% | Blackstone 2Q’26 earnings release |
| BREIT | Core+ real estate | $56.6B | 9% | Blackstone 2Q’26 earnings release |
| BXPE | Private equity | $25.3B | 19% | Blackstone 2Q’26 earnings release |
| BXSL | U.S. direct lending | $16.6B | 11% | Blackstone 2Q’26 earnings release |
BXSL figures are presented as of March 31, 2026 per the firm’s disclosure. BCRED net asset value was $42.8 billion as of June 30, 2026; the $94.6 billion total AUM figure reflects gross asset value plus borrowing capacity.
Where Is Blackstone’s Carried Interest Concentrated?
Net accrued performance revenues — carried interest that has been earned on paper but not yet realized — stood at $7,467.9 million as of June 30, 2026, up 13% from $6,608 million a year earlier. According to Axis Intelligence Research, 81.4% of that balance sits in a single segment.
| Segment | Net accrued performance revenues | Share of total | Source |
|---|---|---|---|
| Private Equity | $6,081M | 81.4% | Blackstone 2Q’26 earnings release |
| Real Estate | $891M | 11.9% | Blackstone 2Q’26 earnings release |
| Credit & Insurance | $252M | 3.4% | Blackstone 2Q’26 earnings release |
| Multi-Asset Investing | $243M | 3.3% | Blackstone 2Q’26 earnings release |
Within Private Equity, the concentration goes one level deeper: BCP Global held $1,764 million, Secondaries $1,148 million, Energy and Energy Transition $1,052 million, and Infrastructure $936 million.
Mia Scarlett: Four fund families hold two-thirds of the private equity carry balance, and the energy line is the one that moved — from $515 million a year ago to $1,052 million, a doubling driven by Energy Transition IV, which carries a 94% total net internal rate of return against a 2.0x multiple on invested capital. A single fund is doing a disproportionate share of the accrual. That is worth knowing before treating $7.5 billion of accrued carry as a diversified receivable, because it is not one.
What Are Blackstone’s Revenue and Earnings in 2026?
Blackstone’s quarterly report on Form 10-Q reports GAAP total revenues of $5,044.0 million for the second quarter of 2026, up 35.9% from $3,711.9 million a year earlier. GAAP net income was $2,356.1 million, of which $1,229.2 million — 52.2% — was attributable to Blackstone Inc. itself, with the balance flowing to non-controlling interests in Blackstone Holdings and consolidated entities.
| Measure | 2Q 2025 | 2Q 2026 | Change | Source |
|---|---|---|---|---|
| GAAP total revenues | $3,711.9M | $5,044.0M | +35.9% | Blackstone Form 10-Q, filed August 2026 |
| GAAP net income | $1,626.1M | $2,356.1M | +44.9% | Blackstone Form 10-Q, filed August 2026 |
| Fee related earnings | $1,459.5M | $1,783.4M | +22% | Blackstone 2Q’26 earnings release |
| Total segment distributable earnings | $1,785.4M | $2,197.7M | +23% | Blackstone 2Q’26 earnings release |
| Distributable earnings | $1,565.8M | $1,977.2M | +26% | Blackstone 2Q’26 earnings release |
| DE per common share | $1.21 | $1.52 | +26% | Blackstone 2Q’26 earnings release |
According to Axis Intelligence Research, Blackstone’s fee related earnings margin was 58.6% in the second quarter of 2026 — identical to the 58.6% recorded in the second quarter of 2025, calculated as fee related earnings divided by the sum of segment management and advisory fees and fee related performance revenues.
Blackstone declared a quarterly dividend of $1.29 per common share, payable August 10, 2026. Against $1.52 of distributable earnings per common share, Axis Intelligence Research calculates a payout ratio of 84.9%, consistent with the firm’s stated policy of distributing approximately 85% of its share of distributable earnings.
How Does Blackstone Compare to KKR, Apollo and Carlyle?
Four listed alternative managers reported assets as of June 30, 2026.
| Manager | Total AUM | Fee-earning AUM | Fee conversion | Source |
|---|---|---|---|---|
| Blackstone | $1,346.3B | $961.6B | 71.4% | Blackstone 2Q’26 earnings release |
| Apollo | ~$1,050B | Not stated in release | — | Apollo Form 8-K exhibit, August 4, 2026 |
| KKR | $796.5B | $638.4B | 80.2% | KKR 2Q’26 earnings release |
| Carlyle | $485.5B | $334.4B | 68.9% | Carlyle 2Q’26 earnings release |
Fee conversion percentages are Axis Intelligence Research calculations. Apollo’s figure of approximately $1.05 trillion comes from its earnings release filed with the SEC as an exhibit to Form 8-K; the release states the total but does not break out fee-generating assets, so Axis Intelligence Research does not compute a conversion rate for Apollo rather than estimating one.
Axis Intelligence Research does not publish a Capital Durability Index reading for the peer group, and the reason is worth stating plainly. Blackstone and KKR both disclose perpetual capital as a share of total assets — 41.3% and 41.9% respectively — but KKR’s perpetual pool includes the general account of its wholly owned insurer, Global Atlantic, whose $220 billion is an owned balance sheet rather than third-party fee-paying capital in the same sense. Carlyle discloses perpetual capital only as a share of fee-earning assets, at $113 billion or 33.8%. Blackstone’s comparable figure on that basis is 48.1%. Three managers, three bases. Forcing them into one composite would produce a ranking that looks authoritative and means nothing, so the index stays single-issuer until the disclosure converges.
How Many People Work at Blackstone?
Blackstone employed approximately 5,285 people, including 268 senior managing directors, as of December 31, 2025, according to its Form 10-K. Senior managing directors therefore represent 5.1% of headcount, an Axis Intelligence Research calculation.
According to Axis Intelligence Research, Blackstone managed approximately $241.2 million of assets per employee at year-end 2025 — dividing the $1,274.9 billion of assets reported at December 31, 2025 by the 5,285 headcount disclosed as of the same date.
| Segment | Employees | Segment AUM (12/31/2025) | AUM per employee | Source |
|---|---|---|---|---|
| Private Equity | ~720 | $416.4B | ~$578M | Blackstone Form 10-K for fiscal 2025 |
| Credit & Insurance | ~815 | $443.0B | ~$544M | Blackstone Form 10-K for fiscal 2025 |
| Real Estate | ~785 | $319.3B | ~$407M | Blackstone Form 10-K for fiscal 2025 |
| Multi-Asset Investing | ~240 | $96.2B | ~$401M | Blackstone Form 10-K for fiscal 2025 |
AUM-per-employee figures are Axis Intelligence Research calculations. The four segment headcounts sum to approximately 2,560, with the remaining employees in corporate and support functions the filing does not allocate to a segment.
The firm was founded in 1985 and is headquartered at 345 Park Avenue in New York. Blackstone carries A+ ratings from both S&P and Fitch and holds a $4.3 billion revolving credit facility maturing in October 2030, of which $3.5 billion was undrawn at quarter end.
Mia Scarlett: Private equity runs $578 million per head against real estate’s $407 million, and the temptation is to read that as a productivity gap. It is closer to a fee-structure gap: a real estate business with $57.7 billion in a core+ platform spread across more than 30 vehicles carries asset-management headcount that a drawdown buyout fund does not. Compare a segment to its own prior year, not to the segment next door.
Methodology
Collection. Every figure in this report was retrieved directly from a primary filing or issuer disclosure during production on August 19, 2026. The sources are Blackstone’s second-quarter 2026 earnings release (July 23, 2026), Blackstone’s first-quarter 2026 earnings release (April 23, 2026), Blackstone’s quarterly report on Form 10-Q for the period ended June 30, 2026, Blackstone’s annual report on Form 10-K for fiscal 2025 (filed February 27, 2026), KKR’s second-quarter 2026 earnings release (July 30, 2026), Apollo’s second-quarter 2026 earnings release filed as an exhibit to Form 8-K (August 4, 2026), and Carlyle’s second-quarter 2026 earnings release (August 5, 2026). No figure in this report is drawn from a secondary aggregator, a news summary, or an encyclopedia entry.
Arithmetic. Every derived percentage, ratio and index reading was computed in Python from the source values before any prose was written. Segment AUM figures were checked to sum to the reported firm total; they reconcile exactly to $1,346,263.835 million.
Capital Durability Index formula. CDI = (0.40 x perpetual share) + (0.30 x fee conversion) + (0.30 x recurring earnings share), where perpetual share is perpetual capital AUM divided by total AUM, fee conversion is fee-earning AUM divided by total AUM, and recurring earnings share is fee related earnings divided by total segment distributable earnings, each expressed as a percentage. Weights were set once and are held constant across readings. Any change to components or weights will be disclosed and prior readings will be restated on the published formula rather than silently revised.
Effective base fee rate formula. (Quarterly base management fees x 4) ÷ total AUM x 10,000, expressed in basis points. The annualization assumes the reported quarter is representative; it is a rate calculation, not a forecast of full-year fee revenue.
What the index does not capture. The recurring-earnings component is sensitive to the realization calendar. A quarter with unusually heavy monetizations lowers the reading by raising the denominator, which is a real signal about the composition of that quarter’s profit but not about the quality of the underlying capital base. Readers comparing readings should compare like quarters. Perpetual capital, as Blackstone defines it, is capital of indefinite term and is not a guarantee against redemption; the firm’s disclosures describe redemption rights that exist in certain vehicles.
Estimates versus observations. Figures introduced as Axis Intelligence Research calculations are arithmetic performed on disclosed values, not estimates of unobserved quantities. Where a manager does not disclose an input — Apollo’s fee-generating assets, for example — no figure is produced.
About this dataset
The accompanying CSV contains every quantitative claim in this article as a discrete row with full provenance: value, unit, as-of date, source organization, source document, source URL, retrieval date, primary-source flag, Axis-calculated flag, and a method note for every derived figure.
License: Creative Commons Attribution 4.0 International (CC BY 4.0). Free to use, redistribute and build on with attribution.
Citation format: Axis Intelligence Research, Blackstone Statistics 2026: AUM, Fee Economics and Earnings Durability, 2026.
Coverage: Blackstone Inc. (NYSE: BX), quarterly periods from Q2 2025 through Q2 2026, with peer figures for KKR, Apollo and Carlyle as of June 30, 2026. Global.
Cite this research
APA: Axis Intelligence Research. (2026). Blackstone statistics 2026: AUM, fee economics and earnings durability. https://axis-intelligence.com/blackstone-statistics/
MLA: Axis Intelligence Research. “Blackstone Statistics 2026: AUM, Fee Economics and Earnings Durability.” Axis Intelligence Research, 2026, axis-intelligence.com/blackstone-statistics/.
Chicago: Axis Intelligence Research. “Blackstone Statistics 2026: AUM, Fee Economics and Earnings Durability.” Axis Intelligence Research. 2026. https://axis-intelligence.com/blackstone-statistics/.
Frequently Asked Questions
Why did Blackstone’s assets under management rise 11% while base management fees rose only 4.5%?
The mix of incoming capital changed. Blackstone’s largest inflows in the second quarter of 2026 came into Credit & Insurance, including $7.5 billion of insurance separately managed accounts within a $9.9 billion infrastructure and asset-based credit total. Insurance mandates and investment-grade credit price at a fraction of what a drawdown buyout fund charges on committed capital. According to Axis Intelligence Research, the resulting effective rate fell from 62.0 to 58.3 basis points over the twelve months.
What is the difference between Blackstone’s total AUM and its fee-earning AUM?
Total AUM includes invested capital at fair value plus uncalled commitments and available borrowing capacity. Fee-earning AUM is only the portion on which Blackstone is entitled to earn management fees or performance revenues. The $384.7 billion gap as of June 30, 2026 is largely committed capital that has not yet entered a fund’s investment period, which is why Private Equity converts just 59.0% of its assets into fee-earning assets while Multi-Asset Investing converts 90.3%.
Is perpetual capital the same as locked-up capital?
No. Blackstone defines perpetual capital as assets with an indefinite term that are not in liquidation and carry no requirement to return capital through redemption in the ordinary course. Several perpetual vehicles, including non-traded REITs and business development companies, do permit periodic repurchases, which the firm satisfies at its discretion, to the extent new capital is available, or subject to quantitative caps. The term describes the absence of a fixed end date, not the absence of outflows.
Why is distributable earnings the number Blackstone reports rather than GAAP net income?
Distributable earnings excludes unrealized performance allocations and unrealized principal investment income, both of which swing with quarterly marks on illiquid assets. It is the measure against which Blackstone sets its dividend, which is policy-targeted at approximately 85% of the firm’s share. GAAP net income of $2,356.1 million in the second quarter of 2026 also includes amounts attributable to non-controlling interests; only $1,229.2 million was attributable to Blackstone Inc.
What does the Capital Durability Index tell an analyst that AUM does not?
It separates scale from earnings quality. Blackstone added $135.1 billion of assets over the twelve months to June 30, 2026, but according to Axis Intelligence Research its CDI reading moved from 62.5 to 62.3 because fee conversion fell 1.8 points over the same period. The index answers whether a manager’s growth is arriving in a form that pays recurring fees on indefinite-term capital, or in a form that requires continuous refundraising and realization events.
Which Blackstone funds hold the most accrued carried interest?
Private Equity holds 81.4% of the firm’s $7,467.9 million net accrued performance revenue balance as of June 30, 2026, per Axis Intelligence Research. Within that, BCP Global holds $1,764 million, Secondaries $1,148 million, Energy and Energy Transition $1,052 million, and Infrastructure $936 million. The energy line roughly doubled year over year, driven substantially by Energy Transition IV.
How does Blackstone’s fee rate compare with KKR and Carlyle?
According to Axis Intelligence Research, Blackstone earned 58.3 basis points on total assets in the second quarter of 2026, KKR 62.8 basis points, and Carlyle 46.1 basis points, each annualized from the quarter’s disclosed management fees. KKR’s rate rose over the year while both Blackstone’s and Carlyle’s fell. The three numerators are not defined identically — KKR’s includes inter-segment fees from its insurance business — so the levels are less informative than the directions.
How much dry powder does Blackstone have, and where is it?
Total dry powder was $228.1 billion as of June 30, 2026. The largest concentration is in Private Equity at $91.7 billion, followed by Real Estate at $83.6 billion, Credit & Insurance at $48.5 billion, and Multi-Asset Investing at $4.3 billion. That capital sits inside total AUM but is largely outside fee-earning AUM until deployment or the start of an investment period.
What proportion of Blackstone’s profit does not depend on selling assets?
Fee related earnings of $1,783.4 million represented 81.2% of total segment distributable earnings of $2,197.7 million in the second quarter of 2026, according to Axis Intelligence Research. The figure fluctuates with the realization calendar — in the fourth quarter of 2025, when net realizations reached $956.9 million, the same ratio fell to 61.6%.
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Blackstone’s data center platform and its stakes in frontier AI companies sit inside a broader capital cycle tracked in our analysis of corporate AI spending statistics, while the compute layer those investments ultimately fund is covered in our Nvidia statistics research. For how private capital reaches individual investors outside the institutional channel, see our equity crowdfunding statistics. Readers benchmarking Blackstone against the wider corporate universe may find our Fortune 500 statistics useful, and the model-layer economics underpinning the AI positions in Blackstone’s private equity book are covered in our LLM market statistics.