Blackstone (NYSE: BX) projects over $680M in Q1 2026 realization revenue

Rhea-AI Filing Summary

Blackstone Inc. provided an intra-quarter update on realization activity for the first quarter of 2026. For the period from January 1, 2026 to March 24, 2026, the firm preliminarily expects to record total Realized Performance Revenues and total Realized Principal Investment Income in excess of $680 million, comprised almost entirely of performance revenues.

This estimate includes revenue from investment realizations already closed in the quarter plus certain non-fee related incentive fees and other investment income expected to be realized at quarter end. It excludes fee income, expenses and any realization activity after March 24, 2026, and is not presented as an indication of total segment revenues for the full quarter or of results for any other period.

Insights

Alternative asset manager analyst

Blackstone flags strong early-quarter realization revenue but with important limits.

Blackstone estimates total Realized Performance Revenues and total Realized Principal Investment Income above $680 million for activity from January 1 to March 24, 2026. The update highlights that this figure is driven almost entirely by performance fees tied to successful investment exits.

The estimate also captures certain non-fee related incentive fees and other investment income expected at quarter end, but it deliberately excludes fee income and expenses. Management stresses that this intra-quarter snapshot is not a forecast of full-quarter total segment revenues for the period ending March 31, 2026, and results for the complete quarter may differ materially.

Because the disclosure isolates one revenue component over a partial timeframe, its significance ultimately depends on how full-quarter fee income, expenses and any additional realizations evolve, which will only be visible once complete quarterly results are reported in future filings.

false 0001393818 0001393818 2026-03-24 2026-03-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 24, 2026

Blackstone Inc.

(Exact name of Registrant as specified in its charter)

Delaware		001-33551		20-8875684
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

345 Park Avenue New York, New York		10154
(Address of principal executive offices)		(Zip Code)

(212) 583-5000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		BX		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure

On March 24, 2026, Blackstone Inc. (“Blackstone”) posted on its website at www.blackstone.com/news a press release (the “Press Release”) announcing a preliminary estimate regarding revenue Blackstone expects to record related to realization activity for the period from January 1, 2026 to March 24, 2026. The Press Release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The information in Item 7.01 of this Current Report on Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Furthermore, such information shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press release of Blackstone Inc. dated March 24, 2026.
104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 24, 2026

Blackstone Inc.
By:		/s/ Victoria Portnoy
Name:		Victoria Portnoy
Title:		Managing Director - Assistant Secretary

Exhibit 99.1

Blackstone Announces Intra-Quarter Realization Update Relating to the First Quarter

NEW YORK – March 24, 2026 – Blackstone today announced its estimate of revenue related to realization activity for the period from January 1, 2026 to March 24, 2026. This estimate does not include revenue from any realization activity that may occur subsequent to March 24, 2026. Based on information currently available, Blackstone preliminarily expects to record total Realized Performance Revenues and total Realized Principal Investment Income for such period in excess of $680 million, comprised almost entirely of Realized Performance Revenues. In addition to revenue related to investment realizations closed to date in the first quarter, this estimate includes certain non-fee related incentive fees and other investment income expected to be realized at quarter end.

The preliminary estimate regarding realization activity for the period from January 1, 2026 to March 24, 2026 disclosed above is not intended to predict or represent total Realized Performance Revenues, total Realized Principal Investment Income or total Segment Revenues for the quarter ending March 31, 2026, and results for the full quarter may differ materially. This estimate does not include the results or impact of any other sources of income, including fee income, or expenses, and Blackstone may realize further gains or losses relating to total Realized Performance Revenues and total Realized Principal Investment Income for the full quarter. It is also not indicative of the results that may be expected for any other period, including the year ending December 31, 2026.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, a preliminary estimate regarding revenue we expect to record related to realization activity. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements, including significant market developments that occur subsequent to March 24, 2026. We believe these factors also include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this announcement and in our other periodic filings. The forward-looking statements speak only as of the date of this announcement, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Investor Contact

Weston Tucker

Blackstone

Tel: +1 (212) 583-5231

tucker@blackstone.com

Media Contact

Matt Anderson

Blackstone

Tel: +1 (212) 390-2472

matthew.anderson@blackstone.com

FAQ

What revenue estimate did Blackstone (BX) disclose for early Q1 2026?

Blackstone disclosed a preliminary estimate of total Realized Performance Revenues and total Realized Principal Investment Income in excess of $680 million for activity from January 1, 2026 to March 24, 2026, driven almost entirely by performance-related revenues.

Does Blackstone’s $680 million-plus estimate cover the entire first quarter of 2026?

No. The estimate only covers realization activity from January 1, 2026 to March 24, 2026. It excludes any realization revenue from transactions occurring after March 24 and is not presented as full-quarter total segment revenues.

What types of revenue are included in Blackstone’s intra-quarter realization update?

The update includes total Realized Performance Revenues, total Realized Principal Investment Income, and certain non-fee related incentive fees and other investment income expected at quarter end, all tied to investment realizations during the specified period.

Are fee income and expenses included in Blackstone’s early Q1 2026 estimate?

No. Blackstone states the preliminary estimate does not include the results or impact of any other sources of income, including fee income, or expenses. These items will affect full-quarter results but are outside this specific snapshot.

Is Blackstone’s realization revenue estimate a forecast for 2026 results?

No. Blackstone notes the estimate is not intended to predict or represent total Realized Performance Revenues, total Realized Principal Investment Income or total Segment Revenues for the quarter ending March 31, 2026, or for the year ending December 31, 2026.

What risks does Blackstone highlight regarding its realization revenue estimate?

Blackstone emphasizes that actual results may differ materially due to various risks and uncertainties, including significant market developments after March 24, 2026, and refers to Risk Factors in its Form 10-K for the year ended December 31, 2025.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 6.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB