Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Carry and fund gains outearned the fees
Investment income exceeded management fees this quarter, after trailing them a year earlier: revenue leaned on exits and valuations.
For investorsWhat has to go right for carry to keep pace with fees?
For foundersLessons from a business whose fees are set to cover its costs
Compensation rose 27.6% but revenue rose faster, because the carry paid to staff grows only as carry is earned.
Holding-partnership partners take $946.1M, and as fund investors took less, Blackstone Inc.'s profit rose 60.8%, faster than net income.
Blackstone targets expenses so management fees exceed operating costs, leaving carry and gains largely as upside after staff shares.
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Business Lens describes Blackstone from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
