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Equity
Blackstone Inc. (BX) perpetual futures
BX perpetual futures on 19 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade BXUSDT.
Blackstone Inc. is a global alternative asset manager specializing in real estate, private equity, credit, and hedge fund solutions.
$119.16-1.0%NYSE open
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TradingView symbol NYSE:BX
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Trading data
Perpetual market activity
19/19 live markets
Trading data
Perpetual market activity
Venues
19
Live markets
19/19
24h volume
$6MCoverage: 17/19 marketsExchange-reported volume: $7.4M
Open interest
$7.8MCoverage: 15/19 markets
Best liquidity
$3.4M
LBank
Tightest spread
+2.5 bps
Bitunix
Highest volume
$1.8M
Deepcoin
Settlement mix
USDT · 17/19
Perp/spot vol.
0.09x
Spot volume $64.6M
OI / float
+0.01%
Float $88.9B
Spot performance
1D+0.32%
5D+0.23%
1M+8.13%
6M-0.59%
YTD-22.85%
1Y-14.77%
Venue matrix
19 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | BX/USDT | Trading | $119.17 | 0.0% APR 0.000% every 8h | +6.7 bps | $496.9K | $824.2K | $901.3K | USDT | - | |
 KuCoin | Trade | BX/USDT | Trading | $119.11 | 0.0% APR 0.000% every 8h | +22.7 bps | $9.1K | $712.1K | $1M | USDT | 20x | |
 Hyperliquid HIP-3 | Trade | xyz:BX | Trading | $119.09 | +5.5% APR +0.00063% every 1h | +10.1 bps | - | $432.7K | $466.5K | USDC | 10x | |
 XT.com | Trade | BX/USDT | Trading | $119.24 | 0.0% APR 0.000% every 8h | +5.9 bps | $109.4K | $255.7K | - | USDT | 20x | |
 Bybit | Trade | BX/USDT | Trading | $119.20 | 0.0% APR 0.000% every 8h | +21.9 bps | $14.6K | $190.3K | $409.5K | USDT | 25x | |
 GRVT | Trade | BX/USDT | Trading | $119.17 | 0.0% APR 0.000% every 8h | +10.1 bps | $168.6K | $116.9K | $67.9 | USDT | - | |
 Bitunix | Trade | BX/USDT | Trading | $119.17 | +0.4% APR +0.00034% every 8h | +2.5 bps | $1.1M | $105.9K | $31.7K | USDT | 20x | |
 MEXC | Trade | BX/USDT | Trading | $119.17 | 0.0% APR 0.000% every 8h | +5.0 bps | $77.1K | $102.9K | $3.8M | USDT | 50x | |
 Bitget | Trade | BX/USDT | Trading | $119.21 | 0.0% APR 0.000% every 8h | +5.9 bps | $691.6K | $59.9K | $524.9K | USDT | 20x | |
 Gate.io | Trade | BX/USDT | Trading | $119.06 | 0.0% APR 0.000% every 8h | +30.3 bps | $59.3K | $30.8K | $338.1K | USDT | 20x | |
 BloFin | Trade | BX/USDT | Trading | $119.16 | +2.8% APR +0.00253% every 8h | +5.0 bps | $278.5K | $7.7K | $33.7K | USDT | 20x | |
 HTX | Trade | BX/USDT | Trading | $119.18 | 0.0% APR 0.000% every 8h | +31.2 bps | $44.2K | $6.3K | $6.7K | USDT | - | |
 Aster | Trade | BXUSDT | Trading | $119.23 | 0.0% APR 0.000% every 8h | +31.9 bps | $32.2K | $585.8 | $16.6K | USDT | - | |
 Crypto.com Exchange | Trade | BX/USD | Trading | $119.20 | +148.3% APR +0.017% every 1h | +22.7 bps | $9.2K | $342.1 | $10.7K | USD | 50x | |
 Deepcoin | Trade | BX/USDT | Trading | $119.19 | -11.0% APR -0.010% every 8h | +6.7 bps | $54.2K | $1.8M | - | USDT | 25x | |
 BingX | Trade | BX-USDT | Trading | $119.18 | +5.5% APR +0.00500% every 8h | +11.8 bps | $491.2K15 min | $715.3K | - | USDT | - | |
 LBank | Trade | BX/USDT | Trading | $119.16 | 0.0% APR 0.000% every 8h | +5.9 bps | $3.4M | $642.1K | - | USDT | 20x | |
 OKX | Trade | BX/USDT | Trading | $119.22 | 0.0% APR 0.000% every 8h | +12.6 bps | $33.1K | $791.9K⚠ | $142.1K | USDT | 10x | |
 Ourbit | Trade | BX/USDT | Trading | $119.18 | 0.0% APR 0.000% every 8h | +4.2 bps | $532.9K | $622.2K⚠ | $167.5K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| BXxxStocks | $118.04 | -0.94% | $5k | $112k | Ethereum · BNB Smart Chain (BEP20) · Solana · Arbitrum |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 17 of 19 venues absorb $10k · Typical cost: +10.5 bps – +31.1 bps
Too thin: Crypto.com Exchange, KuCoin
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
BXTightest spread
BXHighest volume
BXFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-01-28
Revenue est. $4.26B · Updated 30m ago
Dividend
$1.12
2026-11-02
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
New York Stock Exchange
Extended-hours reference
Bid118.44
Ask119
Volume550,887
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 20265.85$14.6B+15%16
FY 20277.29$18.4B+26%17
FY 20287.85$19.4B+5%15
FY 20298.88$14.1B-27%9
Q1 20271.58$4B-4
Q2 20271.65$4.2B-4
Source: FMP · Consensus
Company events
62027-01-28EarningsActual - / Estimate 1.71-
2026-11-02Dividend$1.12-
2026-10-22Earnings · Before market openActual 1.32 / Estimate 1.26Beat
2026-08-03Dividend$1.29-
2026-07-23EarningsActual 1.52 / Estimate 1.34Beat
2026-05-04Dividend$1.16-
Peer comparison
Similar listed perpsRevenue mix
Latest annualPrivate Equity SegmentProduct$1.7B
Real Estate SegmentProduct$489.6M
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $143.45 |
| 12-month target range (low – high) | $118 – $169 |
| Ratings in the provider's consensus | 30 |
Price targets as of 2026-11-12
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 4 | 9 | 11 | 0 | 0 |
| Oct 2026 | 4 | 9 | 11 | 0 | 0 |
| Sep 2026 | 4 | 9 | 11 | 0 | 0 |
| Aug 2026 | 3 | 9 | 11 | 0 | 0 |
| Jul 2026 | 4 | 9 | 11 | 0 | 0 |
| Jun 2026 | 4 | 9 | 10 | 0 | 0 |
| May 2026 | 4 | 9 | 10 | 0 | 0 |
| Apr 2026 | 4 | 9 | 10 | 0 | 0 |
| Mar 2026 | 4 | 8 | 10 | 0 | 0 |
| Feb 2026 | 4 | 8 | 11 | 0 | 0 |
| Jan 2026 | 3 | 8 | 11 | 0 | 0 |
| Dec 2025 | 3 | 8 | 10 | 0 | 0 |
Ownership
Institutional · 2026-Q3Free float99.3%746M shares
Shares outstanding751.1M shares
Institutional29%1,683 investors
Investor count change-576
Reference market activity
BX-PERPDay range (Nov 13)$117.75$120
52 week$101.73$165.14
Spot volume541.9K
Average volume-
Price performance
111D+0.3%
5D+0.2%
1M+8.1%
3M-20.4%
6M-0.6%
YTD-22.8%
1Y-14.8%
3Y+21.7%
5Y-16.7%
10Y+370.6%
MAX+245.7%
Insider activity
FY2026 Q4Acquisitions1 transactions2,000 shares
Dispositions1 transactions2,000 shares
Purchases0Ratio 1
Sales0
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Director Ruth Porat bought 453 Blackstone common shares in 3 open-market purchases on Nov 9, 2026, at prices from $119.9245 to $121.3769.
Blackstone officer Finley John G (Chief Legal Officer) reported a gift of 2,000 common shares on 2026-10-30, with 2,000 shares disposed and 2,000 acquired in the transfer at $0.00.
Blackstone Holdings IV L.P., a 10% owner of Blackstone Inc., reported open-market purchases of 104,054 common shares at $26.20 across two transactions on 2026-10-21.
Blackstone Inc. (BX) Form 3 filing by SP Marigold Acquisitions L.P., a 10 percent owner, dated 2026-10-07. It reports no share transactions and 9,728,256 Common Stock shares owned after the event. No open-market purchase or sale occurred.
Blackstone Holdings IV L.P., a 10% owner, bought 191,695 common shares at $26.17 in 2 open-market purchases on 2026-09-23.
Blackstone director Joseph Baratta sold 100,000 common shares on 2026-09-18 in two open-market transactions at $123.35-$124.13, leaving 771,599 shares owned.
Blackstone Holdings IV L.P. acquired 272,642 common shares of Blackstone Inc. in 2 open-market purchases at $26.14 each on 2026-08-21.
Blackstone Holdings IV L.P. reported 2 open-market purchases of 769,893 common shares at $26.14 each on June 23, 2026.
Chief Legal Officer John G. Finley sold 45,000 common shares of Blackstone Inc. on August 11, 2026, at prices between $146.80 and $147.36.
On August 11, 2026, Chief Accounting Officer David Payne sold 9,500 common shares of Blackstone at $145.23 each, reducing his holdings to 64,448 shares.
Director Porat Ruth bought 455 common shares of Blackstone Inc. in three open-market purchases at $137.10-$137.32 per share on August 10, 2026.
Blackstone CAO Vikrant Sawhney sold 30,000 common shares on the open market on 2026-08-04, in two trades at prices between $135.29 and $135.96, leaving 869,669 shares owned afterward.
Director William G. Parrett reported a J-Other acquisition of 1,500 Blackstone common shares at $134.68 on Aug. 3, 2026, leaving 66,571 shares owned.
Filings
75 · Latest SEC filings2026-11-124Insider transaction report (Form 4)
Director Ruth Porat bought 453 Blackstone common shares in 3 open-market purchases on Nov 9, 2026, at prices from $119.9245 to $121.3769.
2026-10-304Insider transaction report (Form 4)
Blackstone officer Finley John G (Chief Legal Officer) reported a gift of 2,000 common shares on 2026-10-30, with 2,000 shares disposed and 2,000 acquired in the transfer at $0.00.
2026-10-234Insider transaction report (Form 4)
Blackstone Holdings IV L.P., a 10% owner of Blackstone Inc., reported open-market purchases of 104,054 common shares at $26.20 across two transactions on 2026-10-21.
2026-10-073Initial insider ownership statement (Form 3)
Blackstone Inc. (BX) Form 3 filing by SP Marigold Acquisitions L.P., a 10 percent owner, dated 2026-10-07. It reports no share transactions and 9,728,256 Common Stock shares owned after the event. No open-market purchase or sale occurred.
2026-09-244Insider transaction report (Form 4)
Blackstone Holdings IV L.P., a 10% owner, bought 191,695 common shares at $26.17 in 2 open-market purchases on 2026-09-23.
2026-09-184Insider transaction report (Form 4)
Blackstone director Joseph Baratta sold 100,000 common shares on 2026-09-18 in two open-market transactions at $123.35-$124.13, leaving 771,599 shares owned.
2026-08-244Insider transaction report (Form 4)
Blackstone Holdings IV L.P. acquired 272,642 common shares of Blackstone Inc. in 2 open-market purchases at $26.14 each on 2026-08-21.
2026-08-244/AInsider transaction report (Form 4)
Blackstone Holdings IV L.P. reported 2 open-market purchases of 769,893 common shares at $26.14 each on June 23, 2026.
2026-08-124Insider transaction report (Form 4)
Chief Legal Officer John G. Finley sold 45,000 common shares of Blackstone Inc. on August 11, 2026, at prices between $146.80 and $147.36.
2026-08-124Insider transaction report (Form 4)
On August 11, 2026, Chief Accounting Officer David Payne sold 9,500 common shares of Blackstone at $145.23 each, reducing his holdings to 64,448 shares.
2026-08-124Insider transaction report (Form 4)
Director Porat Ruth bought 455 common shares of Blackstone Inc. in three open-market purchases at $137.10-$137.32 per share on August 10, 2026.
2026-08-054Insider transaction report (Form 4)
Director William G. Parrett reported a J-Other acquisition of 1,500 Blackstone common shares at $134.68 on Aug. 3, 2026, leaving 66,571 shares owned.
2026-08-054Insider transaction report (Form 4)
Blackstone CAO Vikrant Sawhney sold 30,000 common shares on the open market on 2026-08-04, in two trades at prices between $135.29 and $135.96, leaving 869,669 shares owned afterward.
2026-05-134Insider transaction report (Form 4)
Director Ruth Porat bought 439 Blackstone Inc. common shares on 2026-05-11 in three open-market purchases at prices from $122.7711 to $123.1919.
2026-05-014Insider transaction report (Form 4)
Blackstone officer Sawhney Vikrant sold 30,014 common shares in two open-market transactions at $125.55-$126.11, leaving 899,669 shares owned.
2026-04-034Insider transaction report (Form 4)
Blackstone director Ruth Porat received a grant of 1,961 common shares (compensation award, not an open-market purchase), bringing her total holdings to 41,463 shares.
2026-04-034Insider transaction report (Form 4)
Blackstone director Rochelle B. Lazarus was awarded 1,961 shares of common stock as compensation on 2026-04-01, bringing her total ownership to 59,707 shares.
2026-04-034Insider transaction report (Form 4)
Blackstone's Chief Administrative Officer Vikrant Sawhney was awarded 129,077 shares of common stock on 2026-04-01 as compensation, bringing his total holdings to 929,683 shares.
2026-04-034Insider transaction report (Form 4)
David Payne, Chief Accounting Officer of Blackstone, was awarded 17,804 shares of common stock as compensation on 2026-04-01, bringing his total holdings to 73,948 shares.
2026-04-034Insider transaction report (Form 4)
Blackstone director Reginald J. Brown was awarded 1,961 shares of common stock (a grant, not a purchase), bringing his total ownership to 21,462 shares.
2026-04-034Insider transaction report (Form 4)
James Breyer, a Blackstone director, was awarded 1,961 shares of common stock as compensation (not a purchase), bringing his total ownership to 70,867 shares.
2026-04-034Insider transaction report (Form 4)
Blackstone director William G. Parrett was awarded 2,048 shares of common stock (compensation, not a purchase), bringing his total holdings to 31,529 shares.
2026-04-034Insider transaction report (Form 4)
Blackstone CLO John G. Finley received a grant of 152,222 common shares (A-Award) on 2026-04-01, bringing his total holding to 561,017 shares. This was a compensation-related award, not an open-market purchase.
2026-04-034Insider transaction report (Form 4)
Blackstone CFO & Vice Chairman Michael Chae received a grant/award of 152,667 common shares (not an open-market purchase), bringing his total ownership to 1,168,335 shares.
2026-04-034Insider transaction report (Form 4)
Director Joseph Baratta was awarded 124,626 shares of Blackstone common stock as compensation, bringing his total ownership to 871,599 shares.
2026-04-034Insider transaction report (Form 4)
Jonathan Gray, President & COO of Blackstone, was awarded 302,662 shares of common stock (compensation, not a purchase), bringing his total ownership to 3,678,417 shares.
Transcripts
Earnings callsFY2026 Q22026-07-23
Earnings calls
AI summary
positiveBlackstone reported outstanding second quarter FY2026 results with distributable earnings of $2 billion, up 26% year-over-year, and fee-related earnings growing 22% year-over-year. The firm achieved record assets under management of $1.35 trillion, up 11% year-over-year, supported by nearly $70 billion in quarterly inflows and $260 billion over the past 12 months. CEO Stephen Schwarzman highlighted Blackstone's dominant position as one of the largest private capital providers in the AI ecosystem, with substantial investments in data centers, energy infrastructure, and frontier AI companies like Anthropic, OpenAI, and SpaceX. The firm launched four new AI-related ventures in Q2, including a $5 billion partnership with Google for an AI cloud provider, a $35 billion financing platform with Broadcom for compute deployment, and the $2 billion BXDC data center REIT IPO, which was the largest blind pool REIT IPO in history. Data center platform value grew to $185 billion from $130 billion at the start of the year, with the firm expecting to lease over 3x more capacity than any prior year. Strong performance was broad-based across segments, with infrastructure AUM up 40% year-over-year to
Key takeaways
- Distributable earnings grew 26% year-over-year to $2 billion driven by strong fee-related earnings growth of 22% and net realizations up 27%, with record assets under management of $1.35 trillion
- Blackstone positioned as leading AI ecosystem provider with major investments in data centers ($185 billion platform value), energy transition, and direct stakes in frontier AI companies, creating new ventures including Google AI cloud partnership and Broadcom $35 billion compute financing platform
- Data center business momentum exceptional with largest BXDC REIT IPO ($2 billion) in history and expectation to lease 3x more capacity than any prior year, with embedded trillion-dollar market opportunity
- Fee-related performance revenues increased 68% year-over-year to $793 million, with transaction and advisory fees nearly doubling to record $321 million, reflecting expanded capital deployment and corporate solutions
- Infrastructure platform accelerating with 40% year-over-year AUM growth to $90 billion, private wealth up 16% to $324 billion, and credit up 13% to $550 billion reflecting broad-based institutional, insurance and retail momentum
Financial highlights
- GAAP net income of $2.4 billion for Q2 with distributable earnings of $2 billion or $1.52 per share
- Fee-related earnings up 22% year-over-year to $1.8 billion or $1.43 per share, with fee revenues rising 22% to $3 billion
- Total inflows reached nearly $70 billion in Q2 and over $260 billion for the last 12 months, lifting AUM 11% year-over-year to record $1.35 trillion
- Transaction and advisory fees nearly doubled to record $321 million in Q2, up 52% sequentially from Q1
Guidance
- Company expects to return to double-digit base management fee growth in 2027 driven by full-year benefit of private equity drawdowns activated in 2026, continued seasoning of perpetual flagship strategies, and eventual stabilization in real estate base fees
- Robust fourth quarter and into 2027 expected for net realizations despite sequential deceleration expected in Q3, with strong pipeline across corporate private equity, energy transition, and BXMA scheduled crystallizations
- Data center platform expected to potentially double over next few years, with over 3x leasing capacity expected this year versus any prior year, supported by 15 gigawatts of entitled and powered sites globally
- Company confident in continued fundraising momentum with expectation of sustained or potentially accelerating insurance AUM growth beyond current mid-teens range as more clients recognize need for private investment grade credit solutions
Q&A themes
- Strong confidence in 2027 base management fee growth driven by deployment of raised capital, expansion of perpetual strategies, and stabilization in real estate, with multiple structural drivers supporting continued momentum
- Data center market opportunity has potential to grow to $1 trillion or more over time as compute shortage persists, supported by scarce entitled and powered sites globally that cannot be easily replicated, with pricing power remaining favorable
- Private credit insurance channel expanding significantly with 40 dedicated clients, new strategic partnerships like Nippon Life committing to $10 billion in deployments, and structural trend toward insurers seeking private investment grade credit for higher returns at equivalent ratings
- Realization environment expected to strengthen significantly supported by IPO market strengthening, energy transition portfolio doubling in receivables, scheduled BXMA crystallizations, and growing public NAPR balance from corporate private equity
Risks
- AI-related investment risks include potential excessive exuberance in the sector, requiring careful selection and focus on risk-adjusted returns with meaningful downside protection despite significant upside potential
- White collar services, professional information services, and enterprise software sectors showing elevated uncertainty and caution from buyers, resulting in muted M&A and private equity activity expected to persist until multiples and expectations normalize
- BCRED perpetual vehicle experiencing elevated redemption requests exceeding 5% limit with approximately 50% fulfilled, creating net outflows of $1.2 billion in Q2, though early Q3 trends show material improvement in redemption requests
FY2026 Q12026-04-23
Earnings calls
AI summary
positiveBlackstone delivered outstanding first quarter results with distributable earnings increasing 25% year-over-year to $1.8 billion, underpinned by 23% growth in fee-related earnings and 26% increase in net realizations. Total inflows reached $69 billion in Q1 and nearly $250 billion over the last 12 months, lifting AUM to a record $1.3 trillion. Nearly all flagship strategies reported positive appreciation despite volatile markets impacted by geopolitical turbulence and Middle East conflict.
Key takeaways
- Distributable earnings grew 25% YoY to $1.8 billion ($1.36 per share); fee-related earnings up 23% YoY to $1.5 billion
- Total AUM reached record $1.3 trillion, up 12% YoY; inflows of $69 billion in Q1 and $250 billion LTM
- Infrastructure segment led with 7.8% quarterly appreciation and 25% LTM returns; corporate private equity up 3.2% in Q1 and 16% LTM
- BXMA delivered 24th consecutive quarter of positive returns (1.7% in Q1, 12% LTM) and crossed $100 billion AUM milestone
- Blackstone positioned as largest AI-related infrastructure investor with $150 billion data center portfolio plus $160 billion pipeline
Financial highlights
- GAAP net income: $1.3 billion; distributable earnings: $1.8 billion or $1.36 per share
- Fee revenues increased 20% YoY to $2.6 billion; total management fees reached record $2.1 billion, up 13% YoY
- Net realizations totaled $448 million, up 26% YoY; gross performance revenues grew 70% YoY to $780 million
- Total assets under management across credit platform: $536 billion, up 15% YoY; investment-grade private credit: $130 billion, up 23% YoY
Guidance
- Expects robust exit activity in second half of 2026 if Middle East conflict receives durable resolution
- Anticipates base management fee growth to accelerate in latter part of 2026 from drawdown funds coming off fee holidays
- Expects continued strong institutional and insurance client demand despite near-term headwinds in retail wealth channel
- Positioned for record IPO activity in 2026 despite current market volatility, focused on AI beneficiary companies and AI-unaffected businesses
Q&A themes
- Private credit resilience: Institutional and insurance clients (75% of credit AUM) continue large-scale commitments despite negative press; 9.4% net annual returns over 20 years justify premium positioning
- AI infrastructure dominance: Company positioned as largest private investor in AI-related infrastructure; data centers, energy grid modernization, and energy infrastructure driving returns across multiple business lines
- Private wealth expansion: Continued global expansion with strong brand positioning (#1 in brand quality per BofA survey); BXMA and perpetual strategies showing accelerating growth; DOL 401(k) guidance provides long-term opportunity
- Market resilience: Software sector presents challenges but represents <7% of AUM; physical assets and AI beneficiary companies positioned favorably; BREIT and BCRED performance demonstrating product durability through cycles
Risks
- Geopolitical volatility including Iran conflict and potential Middle East disruption impacting near-term exit activity and capital deployment timing
- Near-term deceleration in retail wealth channel flows for BCRED due to negative press and redemption activity, though long-term outlook remains positive
- Software sector exposure facing disruption risk from AI; company managing portfolio company adaptations but heterogeneous outcomes expected across software subsectors
FY2025 Q42026-01-29
Earnings calls
AI summary
positiveBlackstone delivered its best results in 40 years with distributable earnings of $1.75 per share in Q4 and $7.1 billion for full-year 2025, representing 20% growth. The firm achieved a new industry record of $1.275 trillion in AUM, powered by robust inflows of $240 billion annually and exceptional investment performance across infrastructure (24% appreciation), private equity (14%), and credit (11% non-investment grade returns). Management expects continued momentum in 2026 driven by accelerating deal activity, AI infrastructure opportunities, and deepening adoption of private markets across institutional, insurance, and wealth channels.
Key takeaways
- Record Q4 distributable earnings of $1.75 per share and full-year DE of $7.1 billion, up 20% YoY, with record $71 billion in Q4 inflows
- AUM reached $1.275 trillion, up 13% YoY, with private wealth AUM growing 16% to $300+ billion and infrastructure up 40% to $77 billion
- Successfully exited Medline via $7.2 billion IPO (largest sponsor-backed IPO in history) with shares trading up 40% on day one, entering one of largest IPO pipelines in firm history
- Net realizations increased 59% YoY to $957 million in Q4, with full-year net realizations up 50% to $2.1 billion, signaling acceleration in exit activity
- Deployed $138 billion across firm in 2025 (highest in 4 years) with $200 billion in dry powder positioned for opportunities in digital infrastructure, AI, credit, and life sciences
Financial highlights
- Q4 GAAP net income of $2.0 billion; distributable earnings of $2.2 billion ($1.75 per share); quarterly dividend of $1.49 per share
- Full-year 2025: fee-related earnings increased 9% to $5.7 billion; management fees rose 12% to $8.0 billion; FRE margin expanded over 100 basis points to record full-year level
- Full-year 2025: net accrued performance revenues (STORE value) increased 7% to $6.7 billion; infrastructure appreciated 24% for full year; non-investment grade private credit returned 11% gross
- Q4 management fees reached record $2.1 billion (up 11% YoY), including 27% increase in transaction and advisory fees; base management fees for PE, credit, insurance, and multi-asset segments grew 17% YoY
Guidance
- Expect management fees to continue strong positive trajectory in 2026 underpinned by growth in PE, credit, insurance, and multi-asset segments; real estate management fees expected consistent with Q4 levels near-term
- Expect strong net realizations in 2026, particularly from drawdown fund business, with activity building through the year; anticipate significant embedded value and realization potential
- For 2026: FRE margin expected to show stability with potential for upside; expect strong contributions from capital markets business and continued expansion of perpetual capital strategies
- New drawdown fundraising cycle underway targeting over $50 billion in aggregate across five PE vehicles, materially larger than respective predecessors, with fee-earning expected by year-end 2026
Q&A themes
- IPO pipeline and deal acceleration: Record IPO pipeline expected with focus on corporate space (energy, electricity, AI infrastructure picks-and-shovels), primarily US-focused with activity in India; company expects broad-based M&A recovery alongside IPO activity reminiscent of 2013-2014 cycle
- AI deployment across portfolio: Early-stage but positive impact seen in software engineering efficiency, cyber monitoring, legal (Norm AI investment), and data summarization; portfolio companies deploying AI in customer engagement, content creation, and rules-based businesses
- Direct lending dynamics: Institutional channel showing record fundraising momentum despite wealth channel redemptions in BCRED; institutional clients valuing 180 bps spread premium in investment-grade credit (71 bps vs. 1998 lows); $800M gross inflows in past two months in BCRED despite headlines
- Real estate outlook: Multifamily and logistics showing improving fundamentals; construction starts down to 12-year lows; expect opportunistic deployment initially with activity accelerating as values improve; institutional appetite for real estate improving from two years ago
Risks
- External noise and redemptions in wealth credit channel despite strong portfolio fundamentals; BCRED saw uptick in redemptions due to headlines about private credit concerns, though credit metrics remain healthy with sub-45% loan-to-value and high single-digit EBITDA growth
- Real estate sector still down 16% from peak four years ago versus S&P 500 up 75%; recovery described as not a straight line with limited appreciation in 2025 outside data centers; seller reluctance due to desire for higher prices slowing deployment
- Regulatory and geopolitical uncertainties impacting markets; market backdrop described as 'driving in a fog' due to tariff uncertainty, geopolitical instability, and longest US government shutdown in history; 401(k) rules rulemaking process expected to extend into 2027
FY2025 Q32025-10-23
Earnings calls
AI summary
positiveBlackstone delivered exceptional third quarter results with distributable earnings up 48% year-over-year to $1.9 billion ($1.52 per share) and fee-related earnings growth of 26%, supported by record AUM of $1.24 trillion. The firm raised $54 billion in inflows—its fourth consecutive quarter exceeding $50 billion—and generated $505 million in net realizations, more than double the prior year. Management emphasized secular tailwinds in private markets, a resurgent deal cycle, and clarified that recent credit market defaults stem from bank-led syndicated credits, not private credit, while reaffirming the strength of Blackstone's disciplined investment approach.
Key takeaways
- Distributable earnings increased 48% YoY to $1.9 billion; fee-related earnings grew 26% to $1.5 billion, one of three best quarters in firm history
- Record AUM reached $1.242 trillion with $54 billion inflows in Q3; $225 billion raised in last 12 months across growing channels including credit ($500B+), private wealth ($290B), and insurance ($264B)
- Net realizations more than doubled YoY to $505 million in Q3, with robust pipeline expected to accelerate in 2026, concentrated in private equity with expanding real estate contribution
- Credit market defaults attributed to bank-led syndicated credits and alleged fraud, not private credit; Blackstone's direct lending platform of $150B+ is 95% senior secured with <50% average LTV and generated only 12 bps realized losses over last 12 months
- Announced dedicated defined contribution business unit following Trump administration executive order; expect 2026 to be busiest product launch year focused on multi-asset opportunities
Financial highlights
- GAAP net income: $1.2 billion; Distributable earnings: $1.9 billion or $1.52 per share
- Fee-related earnings: $1.5 billion or $1.20 per share (up 26% YoY); total fee revenues: $2.5 billion (up 22% YoY)
- Management fees: $2 billion (up 14% YoY); fee-earning AUM: $906 billion (up 10% YoY); total AUM: $1.242 trillion (up 12% YoY)
- Net accrued performance revenue on balance sheet: $6.5 billion or $5.30 per share; performance revenue eligible AUM: $611 billion
Guidance
- Expect Q4 2025 FRE margin to be sequentially lower due to seasonal factors; tracking favorably on full-year 2025 margin guidance provided in January
- Expect slower YoY base management fee growth in Q4 versus Q3 due to prior-year private equity flagship step-ups and sequential real estate slowdown; positive outlook for 2026
- Expect acceleration in net realizations in 2026 driven by improving transaction backdrop and robust pipeline of disposal processes underway
- 2026 positioned to be busiest year for product launches with significant focus on multi-asset opportunities; expect continued momentum in insurance, private wealth, and institutional channels
Q&A themes
- Private credit clarification: Recent credit defaults were bank-led/syndicated credits and alleged fraud, not private credit; Blackstone's direct lending shows minimal defaults (12 bps LTM realized losses) and strong underwriting with 38% loan-to-value ratios
- Defined contribution channel: Announced dedicated senior leadership team; expects rule-making to follow Trump executive order; plans to work with partners including Vanguard and Wellington; opportunity still early stage pending legal framework
- Real estate recovery trajectory: Management sees positive inflection approaching with cost of capital declining, spreads compressing, construction starts at decade lows, and recent transaction activity improving; BREIT showing 9 months of positive performance with potential to drive fundraising
- Data center valuations and risk: Returns driven by building/developing with investment-grade tenants on 15-20 year leases, not speculative valuations; Q3 saw doubling in leasing pipeline; disciplined approach with credit tenants and long-term leases mitigates bubble concerns
Risks
- Recent credit market volatility and default episodes, though unrelated to private credit, have created external perception challenges; management noted mischaracterization linking bank-led credit issues to private credit business
- Private credit margins and absolute returns may face headwinds as interest rates decline; management acknowledges spreads and rates tightening but emphasizes enduring premium to liquid credit remains attractive
- Real estate recovery remains gradual and non-V-shaped; inflection timing uncertain despite improving fundamentals; continued positive sentiment needed to drive meaningful fundraising acceleration
FY2025 Q22025-07-24
Earnings calls
AI summary
positiveBlackstone reported distributable earnings of $1.6 billion ($1.21 per share) in Q2 2025, with fee-related earnings up 31% year-over-year to $1.5 billion. AUM reached a record $1.2 trillion with $212 billion in inflows over the last 12 months. The firm benefited from strong investment performance across funds, particularly in corporate private equity (17% LTM returns), infrastructure (19% LTM returns), and Life Sciences (27% LTM returns), though real estate valuations remained largely stable.
Key takeaways
- Fee-related earnings surged 31% YoY to $1.5 billion in Q2, driven by management fee growth of 14% and record fee-related performance revenues of $472 million from 8 perpetual strategies
- AUM grew 13% YoY to $1.2 trillion, with fee-earning AUM at $887 billion; base management fees reached record $1.9 billion in Q2
- Private credit platform reached $484 billion AUM (up threefold in 5 years), with insurance channel managing $250 billion; announced $20 billion target partnership with Legal & General
- Private wealth AUM grew to $280 billion with Q2 wealth sales up 30% YoY to $10 billion; BXPE raised $1.7 billion in Q2 with $12.5 billion NAV after just 6 quarters
- Firm has $181 billion in dry powder and largest forward IPO pipeline since 2021; expects acceleration in realizations exiting 2025 into 2026
Financial highlights
- Distributable earnings: $1.6 billion ($1.21 per share) in Q2 2025, up 25% YoY; LTM distributable earnings rose 26% to $6.4 billion ($5.00 per share)
- Total fee revenues increased 27% YoY to $2.5 billion in Q2 with transaction and advisory fees up 25% YoY
- Performance-eligible AUM reached record $604 billion, up 14% YoY; net accrued performance revenue on balance sheet grew to $6.6 billion ($5.30 per share)
- Dividend declared: $1.03 per share with LTM dividend of $4.26 per share, representing 2.4% yield on current share price
Guidance
- Base management fees expected to continue strong positive trajectory in H2 2025 with YoY growth rate resembling first half
- Transaction fees anticipated to decline from very strong H1 levels in H2 2025 with potential upside from rising market activity
- Long-term FRE guidance reflects robust structural momentum from multiple engines of growth with low double-digit OpEx growth expected for full-year 2025
- Resolution Life 6% stake sale expected to close in H2 2025; expect acceleration of net realizations exiting 2025 and into 2026 as deal-making environment improves
Q&A themes
- Private credit spreads: Despite spread compression, clients focused on enduring A-rated premium of 185-190 basis points over liquid markets; growth driven by unique private solutions (Rogers Communications, EQT Corporation deals) and secular trends in data centers and energy infrastructure
- Real estate recovery: Multiple building blocks in place including sharp decline in new supply, cost of capital declining, and improving transaction activity; confidence high on ultimate outcome but escape velocity not yet reached
- Potential 401(k) executive order: Most likely to occur through target date funds rather than drawdown structures; would favor large-scale perpetual products with track records; process will take time but represents potentially significant opportunity
- Secondaries platform: Deal volume up roughly 40% in first half of 2025 over prior year; strong returns driven by large secondary deal closes at favorable pricing; launched PE secondaries flagship fund targeting at least $22 billion with first close expected in Q4 2025
Risks
- Real estate realization cycle dependent on external factors including interest rate paths and new supply dynamics; recovery pace uncertain though directional confidence remains high
- Government research and science funding cuts could impact Life Sciences portfolio exposure, though substantial market need and limited competitor capabilities provide cushion
- Fee-related performance revenues subject to seasonality and timing of crystallizations; infrastructure FRPR expected to decline in Q3 from $100 million in Q2 to approximately $50 million, with nothing in Q4 from institutional funds
FY2025 Q12025-04-17
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- Pfizer Signs $1.5 Billion Deal With Blackstone to Fund Weight-Loss-Drug Development
- Pfizer secures up to $1.5 billion from Blackstone for obesity drug development
- Blackstone president says more tech sector fundraising ahead to keep up with AI industry growth
- Blackstone Leads $3.1 Billion Investment in Mitsubishi's Stake in LNG Canada
- Mitsubishi to sell down LNG Canada stake to Blackstone funds for $1.6 billion
- Universal Music Group discussed going private with buyout firms, Bloomberg News reports
- Banks, Blackstone Form $63 Billion Financing Vehicle for Broadcom AI Tech
- Blackstone's Core Businesses Hit by Rising Rates
- Anthropic offers Blackstone double-digit yield in chip-financing deal, FT reports
- Blackstone-backed AirTrunk to invest $1 billion in Japan data centre campus
Company data
Company intelligence
Updated: Nov 13, 2026, 02:44 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Financial Services
- Industry
- Asset Management
- Chief executive
- Stephen Allen Schwarzman
- Employees
- 5,285
- IPO date
- Jun 22, 2007
- Country
- US
- Exchange
- New York Stock Exchange
Altman Z-scorei3.83
Piotroski scorei6/9
Overall ratingiB
Owner earningsi$28.22M$0.04 per share
ESG risk ratingiB-Industry rank: 219/237
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 2/5
- Price to earningsi
- 1/5
- Price to booki
- 1/5
Company press releases
Blackstone Prices $1.1 Billion Senior Notes OfferingBusiness WireBlackstone Launches Senior Notes OfferingBusiness WireBank of America, Blackstone, Citi and Morgan Stanley Announce Landmark $63 Billion Financing Structure to Enable AI Compute Capacity in Partnership with BroadcomPRNewsWireBlackstone Digital Infrastructure Trust Announces Third-Quarter 2026 Earnings Release and Conference CallBusiness WireBlackstone Announces $8.7 Billion Final Close for Blackstone Energy Transition Partners VBusiness WireBlackstone Credit & Insurance Leads $1 Billion Financing to Support Combination of Analogic Corporation and Leidos' Security Enterprise Solutions BusinessesBusiness Wire
Congressional disclosures
Senate
Mark WarnerPurchase · $1,001 - $15,000Disclosed: May 1, 2026Mark R. WarnerPurchase · $1,001 - $15,000Disclosed: May 1, 2026Alan ArmstrongPurchase · $1,001 - $15,000Disclosed: Jul 21, 2026Angus KingSale (Full) · $1,001 - $15,000Disclosed: Mar 24, 2026Angus Stanley KingSale · $1,001 - $15,000Disclosed: Mar 24, 2026
House
Ro KhannaPurchase · $1,001 - $15,000Disclosed: Nov 9, 2026Ro KhannaSale · $1,001 - $15,000Disclosed: Feb 10, 2026Julie JohnsonSale (Full) · $1,001 - $15,000Disclosed: Jan 16, 2026Julie JohnsonSale · $1,001 - $15,000Disclosed: Jan 16, 2026Julie JohnsonSale (Full) · $1,001 - $15,000Disclosed: Jan 16, 2026
Market cap history
$145.37B-19.0%Aug 2026 – Nov 2026
Latest: $145.37B · 2026-11-12High: $179.36B · 2026-08-13Low: $131.33B · 2026-10-19
Not comparable with the headline: the provider's history counts about 1.23B shares, the headline 1.15B. Shown as the provider reports it.
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.11% | 23.8M |
| SCHD | 2.1% | 21.3M |
| VOO | 0.13% | 19.7M |
| FXAIX | 0.16% | 11.8M |
| 2563.T | 0.13% | 10M |
| IVV | 0.13% | 10M |
| SPY | 0.14% | 9.2M |
| XLF | 1.13% | 4.9M |
| VUG | 0.13% | 4.6M |
| VIIIX | 0.13% | 4M |
| VTV | 0.16% | 3.6M |
| VYM | 0.35% | 3M |
Analyst track record
How the analysts covering BX have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 114 | 357 |
| Analysts | 22 | 33 |
| Buy / hold / sell | 59 / 55 / 0 | 167 / 189 / 1 |
| Upgrades / downgrades / initiations | 1 / 1 / 3 | 4 / 8 / 11 |
| Price targets hit / missed | 6 / 107 (5%) | 26 / 316 (8%) |
| Avg. return after a rating (TipRanks) | -17.2% | -19.5% |
| Best / worst call | +2.2% / -44.9% | +30.3% / -49.1% |
After buy calls on this stock: median 21-day move +1.6% vs S&P 500 -0.9% (n = 176)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Brian BedellDeutsche Bank67% hit rate on this stock · 12 targets measuredBuytarget $138Oct 23, 2026
- Daniel FannonJefferies64% hit rate on this stock · 11 targets measuredBuytarget $145Jul 7, 2026
- Michael CyprysMorgan Stanley60% hit rate on this stock · 15 targets measuredBuytarget $165Oct 23, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Oct 23, 2026 | Alexander BlosteinGoldman SachsOct 23, 2026 | HoldMaintained | $125 | |
| Oct 23, 2026 | Michael BrownUBSOct 23, 2026 | HoldMaintained | $118↗ | article ↗ |
| Oct 23, 2026 | Unknown AnalystWells FargoOct 23, 2026 | HoldMaintained | $122↗ | article ↗ |
| Oct 23, 2026 | Ken WorthingtonJ.P. MorganOct 23, 2026 | HoldReiterated | $135↗ | article ↗ |
| Oct 23, 2026 | Bart DziarskiRBC CapitalOct 23, 2026 | BuyReiterated | $169↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 114 ratings
Frequently asked questions
Where can I trade BX perpetual futures?
Blackstone Inc. (BX) perpetual futures trade on 19 crypto venues, including Deepcoin, Binance, OKX. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade BX around the clock?
Yes. Unlike the underlying stock, BX perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on BX perpetuals?
Right now the BX perp funding rate is 0.0% annualized (venue median), ranging from -11.0% to +148.3% across 19 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the BX perp price compare to the Blackstone Inc. stock?
The venue-median BX perp mark is $119.2 versus a reference stock price of $119.2, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a BX perpetual future?
A BX perpetual is a derivative that tracks the price of Blackstone Inc. with no expiry date. It lets you take long or short exposure to Blackstone Inc. on crypto venues, around the clock.
What is BXUSDT perpetual?
BXUSDT is the symbol most crypto exchanges use for the Blackstone Inc. perpetual settled in USDT (Tether). It tracks the BX share price through an index, trades 24/7 with leverage and never expires.
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