Blackstone sees $350M+ realization revenue Jul–Sep 22

Blackstone gives an intra-quarter update, estimating more than $350 million in realization-related revenue through September 22, 2026, largely from performance fees.

Rhea-AI Filing Summary

Blackstone Inc. (BX) provided an intra-quarter update on realization-related revenues for the period from July 1, 2026 to September 22, 2026. Based on information currently available, the firm preliminarily expects to record total Realized Performance Revenues and total Realized Principal Investment Income in excess of $350 million for this period, with approximately 90% of that amount coming from Realized Performance Revenues.

This estimate includes revenue from investment realizations closed to date in the third quarter, as well as certain non-fee related incentive fees and other investment income expected to be realized at quarter end. It excludes any realization activity after September 22, 2026 and does not include other income sources such as fee income or any expenses. Blackstone states that this estimate is not intended to predict or represent total Realized Performance Revenues, total Realized Principal Investment Income, or total Segment Revenues for the full quarter ending September 30, 2026, and that results for the full quarter and other periods may differ materially.

Blackstone describes itself as the world’s largest alternative asset manager, with over $1.3 trillion in assets under management across strategies including real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Estimated realization-related revenue: In excess of $350 million Share of Realized Performance Revenues: Approximately 90% Assets under management: Over $1.3 trillion +2 more

5 metrics

Estimated realization-related revenue In excess of $350 million Total Realized Performance Revenues and total Realized Principal Investment Income for July 1–September 22, 2026

Share of Realized Performance Revenues Approximately 90% Portion of the estimated total realization-related revenue for July 1–September 22, 2026

Assets under management Over $1.3 trillion Blackstone’s reported AUM across global alternative investment strategies

Estimation period start July 1, 2026 Beginning of the period for which realization-related revenue is estimated

Estimation period cut-off September 22, 2026 End date through which realization activity is included in the estimate

Key Terms

Realized Performance Revenues, Realized Principal Investment Income, non-fee related incentive fees, assets under management, +1 more

5 terms

Realized Performance Revenues financial

"expects to record total Realized Performance Revenues and total Realized Principal Investment Income"

Realized Principal Investment Income financial

"expects to record total Realized Performance Revenues and total Realized Principal Investment Income"

non-fee related incentive fees financial

"includes certain non-fee related incentive fees and other investment income expected"

assets under management financial

"Our over $1.3 trillion in assets under management include global investment strategies"

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

forward-looking statements regulatory

"This announcement contains forward-looking statements within the meaning of Section 27A"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What realization-related revenue does Blackstone (BX) estimate for July 1 to September 22, 2026?

Blackstone preliminarily expects total Realized Performance Revenues and total Realized Principal Investment Income for July 1 to September 22, 2026 to be in excess of $350 million. This figure covers realization activity in that period only and may differ from full-quarter results.

How much of Blackstone’s estimated realization-related revenue is from performance revenues?

Of the amount in excess of $350 million that Blackstone expects to record for July 1 to September 22, 2026, approximately 90% is expected to be Realized Performance Revenues, with the remainder from Realized Principal Investment Income.

Does Blackstone’s estimate cover all third-quarter 2026 revenues for BX?

No. The estimate only covers total Realized Performance Revenues and total Realized Principal Investment Income from July 1 to September 22, 2026. It excludes fee income, expenses, and any realization activity after September 22, and is not a prediction of total Segment Revenues.

Is the Blackstone (BX) intra-quarter revenue estimate indicative of full-quarter or full-year 2026 results?

Blackstone states the estimate is not intended to predict or represent total Realized Performance Revenues, total Realized Principal Investment Income, total Segment Revenues for the quarter ending September 30, 2026, or results for any other period, including the year ending December 31, 2026.

What assets under management (AUM) does Blackstone (BX) report?

Blackstone reports having over $1.3 trillion in assets under management. These assets span global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries, and hedge funds.

What additional items are included in Blackstone’s estimated realization-related revenue?

In addition to revenue from investment realizations closed to date in the third quarter, Blackstone’s estimate includes certain non-fee related incentive fees and other investment income that it expects to be realized at quarter end.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0001393818 0001393818 2026-09-22 2026-09-22

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): September 22, 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 September 22, 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 July 1, 2026 to September 22, 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 September 22, 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: September 22, 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 Third Quarter

NEW YORK – September 22, 2026 – Blackstone today announced its estimate of revenue related to realization activity for the period from July 1, 2026 to September 22, 2026. This estimate does not include revenue from any realization activity that may occur subsequent to September 22, 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 $350 million, comprised of approximately 90% Realized Performance Revenues. In addition to revenue related to investment realizations closed to date in the third 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 July 1, 2026 to September 22, 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 September 30, 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 over $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 September 22, 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

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 7.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB