Blackstone (BX) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Financials· Apr 23, 2026

Source: earnings call transcript

Blackstone's all-weather model absorbed a volatile quarter — Middle East conflict, AI-driven software repricing, and an organized campaign against private credit — while nearly all flagships appreciated against falling indices, led by infrastructure. Management leans on resilient institutional and insurance demand and its long-AI-infrastructure positioning to bridge a decelerating wealth-credit channel, framing the softness as cyclical and expecting realizations and fee growth to reaccelerate in the second half once markets stabilize.

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BX operating KPIs by quarter

BX operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Assets under management (AUM) Infrastructure platform	$120B+ BIP anchors a broader infrastructure platform as a firm that exceeds $120 billion across equity, credit and sector. Source: earnings call transcript	—	$77B In infrastructure, our dedicated platform grew a remarkable 40% year-over-year to $77 billion, including over $4 billion raised in the fourth quarter, underpinned by exceptional investment performance. Source: earnings call transcript	$84B Our dedicated infrastructure platform grew 41% year-over-year to $84 billion underpinned by exceptional investment performance. Source: earnings call transcript	$90B And today, it is a rocket ship with AUM growing a remarkable 40% year-over-year to $90 billion. Source: earnings call transcript	$97B In infrastructure, our dedicated platform grew a remarkable 40% year-over-year to $97 billion. Source: earnings call transcript	+7.8%
Assets under management (AUM) Infrastructure and asset-based credit platform	$90B And as BIP has continued to scale, it has, in turn, enhanced the firm's intellectual capital, relationships and deal flow, supporting our growth in other areas, including our $90 billion infrastructure and asset-based credit platform, our infrastructure secondaries business and our dedicated energy and energy transition-focused funds. Source: earnings call transcript	$107B Notably, our infrastructure and asset-based credit business grew 29% year-over-year to $107 billion, one of the fastest-growing areas at the firm. Source: earnings call transcript	—	—	—	—	+18.9%
Assets under management (AUM) Corporate and real estate credit	$450B+ We've built a private credit juggernaut and the largest third-party business of its kind in the world, with over $450 billion of total assets across corporate and real estate credit. Source: earnings call transcript	—	$520B We now manage $520 billion of total assets across corporate and real estate credit, up 15% year-over-year. Source: earnings call transcript	$536B We now manage $536 billion of total assets across corporate and real estate credit. Source: earnings call transcript	<$550B Stepping back for a moment on credit where our combined platform has grown to nearly $550 billion across corporate and real estate credit, up 13% year-over-year. Source: earnings call transcript	—	—
Assets under management (AUM) Investment-grade private credit	$100B+ We're also seeing strong traction for our investment-grade private credit offerings, as I noted, and now manage over $100 billion in that area, up nearly 40% year-over-year, virtually all on behalf of insurance clients, but we are now seeing receptivity from pensions and other LPs as well. Source: earnings call transcript	—	—	~$130B In Q1, our investment-grade private credit platform grew 23% year-over-year to approximately $130 billion. Source: earnings call transcript	—	<$150B Our investment-grade private credit platform, specifically grew 24% year-over-year to nearly $150 billion. Source: earnings call transcript	—
Assets under management (AUM) Insurance	<$230B In the insurance channel specifically, our business has reached nearly $230 billion, up 19% year-over-year, invested across IG private credit, liquid credit and other strategies. Source: earnings call transcript	$264B Meanwhile, in the insurance channel, our AUM grew 19% year-over-year to $264 billion across IG private credit, liquid credit and other strategies. Source: earnings call transcript	—	$280B In the insurance channel overall, our open architecture, multi-client approach continues to resonate with AUM growing 18% year-over-year to $280 billion, up fourfold in the past 5 years. Source: earnings call transcript	$290B Our insurance AUM reached $290 billion in the second quarter, up 15% year-over-year, representing the largest third-party focused platform in our sector. Source: earnings call transcript	$300B+ Moving to the insurance channel, where our AUM grew 14% year-over-year to more than $300 billion. Source: earnings call transcript	—
Assets under management (AUM) Private wealth	—	<$290B In private wealth, our AUM in the channel grew 15% year-over-year to nearly $290 billion. Source: earnings call transcript	$300B+ Our AUM in private wealth grew 16% year-over-year to more than $300 billion and is up threefold in the past 5 years. Source: earnings call transcript	—	$324B Despite the geopolitical turbulence and muted flows in credit, our AUM in the channel grew 16% year-over-year in the second quarter to a record $324 billion. Source: earnings call transcript	$330B Starting with private wealth, where we delivered another outstanding quarter, our total AUM in the channel grew 15% year-over-year to a record $330 billion, with nearly $9 billion of sales in the quarter. Source: earnings call transcript	+1.9%
Assets under management (AUM) BXMA	—	$93B Our multi-asset investing business, BXMA, grew 12% year-over-year to a record $93 billion, again driven by performance. Source: earnings call transcript	$96B Investors are responding favorably with $6.3 billion of net inflows for BXMA in 2025, representing the highest net fundraising in nearly 15 years, and lifting AUM 14% year-over-year to a record $96 billion. Source: earnings call transcript	$100B Sticking with our open-ended strategies, our multi-asset investing segment, BXMA, cross the $100 billion milestone in the first quarter up 15% year-over-year. Source: earnings call transcript	$109B AUM reached a record $109 billion, up 21% year-over-year, representing its fastest organic growth in nearly 15 years. Source: earnings call transcript	$114B AUM increased 22% year-over-year to $114 billion, with record organic net inflows in Q3. Source: earnings call transcript	+4.6%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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