BX US S&P 500Russell 1000 Earnings call · transcribed from the recording
Blackstone Inc. (BX) · Q3 2026 results and valuation
Share price: $122.01 · 2026-11-11
Blackstone Inc. is an alternative asset manager that invests in real estate, private equity, infrastructure, life sciences, and credit. The company manages assets for institutional and individual investors across global markets. It operates through four business segments: Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing. Source: 10-K annual report (2026-02-27)
Results Q3 2026 vs Q2 2026 · previous quarter · published 22 Oct 2026 and 23 Jul 2026
Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
—
Figures not yet filed
Outlook given
2 · How management spoke
Typical
More upbeat than 52% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
NVIDIA named Blackstone as one of a small group of managers to help deploy $500 billion of large-scale GPU financing in August.
Valuation
Is Blackstone Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 19.3% growth a year (3-year revenue growth), the model's fair value is $268.58 a share — the stock trades 55% below it. Today's price assumes 9.3% growth a year.
Current price
$122.01
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+9.3% for 10 yrs
Fair value / share
$268.58
Buy below
$201.44
Price vs fair value
Undervalued 55%
Price vs buy-below price
Undervalued 39%
Read between the lines
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Figure
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 quote
“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.”
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Figure
Inflows reached $63 billion in the quarter and exceeded $270 billion for the last 12 months, marking the highest level in four years.
Source quote
“Inflows reached $63 billion in the quarter, reflecting sustained momentum across our major fundraising channels and exceeded $270 billion for the last 12 months, the highest level in four years.”
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Figure
Total fee revenues in FRE grew 17% year-over-year for the period through Q3.
Source quote
“For the year-to-date period through Q3, total fee revenues in FRE both grew 17% year-over-year.”
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Figure
In August, NVIDIA named Blackstone is one of the small group of managers they'll work with to deploy $500 billion of large-scale GPU financing.
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Figure
AUM in the insurance channel grew 14% year-over-year to more than $300 billion.
Source quote
“Moving to the insurance channel, where our AUM grew 14% year-over-year to more than $300 billion. dollars.”
4 more
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Figure
The investment-grade private credit platform grew 24% year-over-year to nearly $150 billion, expanding the company's credit and capital operations.
Source quote
“Our investment-grade private credit platform specifically grew 24% year-over-year to nearly $150 billion.”
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Figure
Direct lending AUM grew 10% year-over-year to nearly $170 billion despite muted flows for B-Cred.
Source quote
“In direct lending, AUM grew 10% year-over-year to nearly $170 billion, despite muted flows for B-Cred.”
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Figure
Total AUM rose 10% year-over-year to approximately $1.4 trillion, driven by double-digit growth in three of four segments despite declines in real estate.
Source quote
“Total AUM rose 10% year-over-year to approximately $1.4 trillion, with double-digit growth across three of our four segments, including robust momentum in private equity and BXMA and healthy growth in credit notwithstanding declines in real estate as we've discussed.”
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Guidance
The company expects to return to double-digit year-over-year growth and base management fees in 2027 driven by new private equity funds, perpetual platform expansion, and growth in credit and insurance.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Total AUM rose 10% year-over-year to approximately $1.4 trillion, with double-digit growth across three of our four segments, including robust momentum in private equity and BXMA and healthy growth in...”
“Private markets themselves remain on a strong growth trajectory, leading to significant opportunities in secondaries where we oversee one of the largest businesses.”
“Inflows reached $63 billion in the quarter, reflecting sustained momentum across our major fundraising channels and exceeded $270 billion for the last 12 months, the highest level in four years.”
Full figures
Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.
Topics
Most discussed now
- On the one hand, the artificial intelligence revolution is powering robust growth in many areas, while on the other hand,...
- Against this challenging backdrop, Blackstone reported strong distributable earnings of $1.7 billion in the quarter, underpinned by…
- Private credit is becoming a crucial source of financing for the real economy, and Blackstone manages the world's largest…
- Blackstone has established leading platforms to address other paradigm shifts Blackstone sees shaping the economy and markets.
- Together with Blackstone's equity business, I supported nearly 50% of LNG export capacity.
Faded since Q2 2026
- Fading The most significant driver of these strong results continues to be the large scale investments Blackstone made in artificial…
- Fading A position that gives Blackstone's investors unique access to the remarkable opportunities emerging in this area and allows them to...
- Fading Meanwhile, Blackstone's multi asset investing business, BXMA, is experiencing a renaissance.
- Fading Meanwhile, Blackstone's funds reported strong overall investment performance against a backdrop of significant geopolitical uncertainty…
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Material agreement; New financial obligation; Other events · SEC 8-K
- Other events · SEC 8-K
Blackstone priced a $1.1 billion offering of senior notes consisting of $600 million of 5.650% notes due 2031 and $500 million of 5.900% notes due 2033.
- Other events · SEC 8-K
Blackstone announced its intention to offer senior notes of Blackstone Reg Finance Co. L.L.C. to be used for general corporate purposes.
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
Joseph Baratta will resign as a director of Blackstone Inc. effective December 31, 2026, reducing the board size from eight members to seven members.
- Regulation FD disclosure · SEC 8-K
Blackstone estimates realization-related revenue of over $350 million for the period from July 1, 2026, to September 22, 2026.
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
Blackstone estimates it will record Realized Performance Revenues and Realized Principal Investment Income in excess of $500 million for the period from April 1, 2026, to June 23, 2026.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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in a few weeks
filing of the 10Q
Source quote
“We expect to file our 10Q in a few weeks.”
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November 2nd
dividend payment to holders of record
Source quote
“and we declared a dividend of $1.12 per share, which will be paid to holders of record as of November 2nd.”
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2027
expected to be an outstanding year
Source quote
“For shareholders, the firm's underlying earnings power continues to expand substantially, and we're moving towards what we expect will be an outstanding 2027.”
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in the years ahead
expected outstanding results
Source quote
“Now, our firm has enormous earnings power, and we expect outstanding results in the years ahead.”
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this year
expected threefold increase in leasing across our global platform
Source quote
“First, demand is accelerating in key sectors, including data centers, where we expect a threefold increase in leasing this year across our global platform.”