The 13% dividend cut and QoQ earnings decline despite a consensus beat suggest management is signaling lower near-term cash generation. Watch the Q4 earnings call for FRE margin trajectory and whether the $63B quarterly inflow pace can sustain fee revenue growth. The 3.2% decline in opportunistic real estate funds is a headwind for future performance fees.
Price Chart
Executive Summary
Blackstone reported Q3 2026 Distributable Earnings of $1.7B ($1.32/share), a 4.9% beat vs consensus of $1.26, but down 9% QoQ from $1.98B in Q2. Fee Related Earnings of $1.6B grew 6% YoY but declined 12% QoQ. Total AUM reached $1.37T (+10% YoY) with $63B in quarterly inflows. The dividend was cut 13% QoQ to $1.12/share, reflecting lower realized performance revenues and a cautious outlook amid volatile markets.
Key Financial Metrics
Key Facts
- Distributable Earnings (DE) of $1.716B ($1.32/share) beat consensus of $1.26 by 4.9% but fell 9% QoQ from $1.977B
- Fee Related Earnings (FRE) of $1.572B, up 6% YoY but down 12% QoQ from $1.783B
- Total AUM of $1.368T, up 10% YoY; quarterly inflows of $63.3B, LTM inflows of $271.6B
- Dividend cut 13% QoQ to $1.12/share from $1.29; DE per common share fell 13% YoY to $1.32
- Net Accrued Performance Revenues declined 3% QoQ to $7.3B ($5.84/share) on realized distributions
- Real Estate opportunistic funds declined 3.2% in Q3; Corporate Private Equity appreciated 2.8%
- Credit & Insurance segment DE flat YoY at $433M; Real Estate segment DE fell 10% YoY to $554M
- Private Equity segment DE fell 7% YoY to $813M on lower realized performance revenues
- Total Segment Distributable Earnings of $1.904B, down 4% YoY and 13% QoQ
- Repurchased 0.2M shares in Q3; $1.6B remaining buyback authorization
Financial Impact
DE beat consensus by ~$0.06/share (~$75M), but QoQ decline of 9% and dividend cut signal caution
Risk Factors
- Dividend cut may disappoint income-focused investors and signal management's cautious outlook
- Real estate opportunistic fund depreciation (-3.2%) could pressure future performance revenues
- QoQ decline in DE (-9%) and Total Segment DE (-4%) despite strong inflows suggests margin compression
- Lower realized performance revenues (-38% YoY) reduce earnings visibility
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-428297 |
| Document: d160590d8k.htm | 0001193125-26-428297 |
| Document: 0001193125-26-428297-index-headers.html | 0001193125-26-428297 |
| Document: 0001193125-26-428297-index.html | 0001193125-26-428297 |
| Document: 0001193125-26-428297.txt | 0001193125-26-428297 |
| 8-K Data (Synthetic) | 0001193125-26-428297 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 8-K | $120.00 | awaiting T+1 | — | $116.70 (−2.75%) |
Oct 27, 2026 today | 8-K | $120.60 | awaiting T+1 | — | $116.70 (−3.23%) |
Oct 23, 2026 4d ago | Institutional Cluster | $117.97 $119.06 | ▲ +0.92% | ▲ +0.21% | $116.70 (−1.08%) |
Oct 22, 2026 5d ago | 8-K | $118.75 $117.97 | ▼ −0.66% | ▼ −0.13% | $116.70 (−1.73%) |
Oct 15, 2026 12d ago | 8-K | $106.61 $107.09 | ▲ +0.45% | ▲ +0.03% | $116.70 (+9.46%) |
Sep 22, 2026 5w ago | 8-K | $119.27 $117.21 | ▼ −1.73% | ▼ −1.65% | $116.70 (−2.15%) |
Aug 12, 2026 10w ago | Insider Cluster | $149.32 $143.93 | ▼ −3.61% | ▼ −3.41% | $116.70 (−21.85%) |
Jul 23, 2026 13w ago | 8-K | $124.50 $130.00 | ▲ +4.42% | ▲ +4.32% | $116.70 (−6.27%) |
Jun 23, 2026 18w ago | 8-K | $112.99 $114.18 | ▲ +1.05% | ▲ +0.91% | $116.70 (+3.28%) |
Apr 23, 2026 26w ago | 8-K | $121.21 $121.65 | ▲ +0.37% | ▼ −0.42% | $116.70 (−3.72%) |
US Market Status
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