黑石（Blackstone）Q3 2026财报喜忧参半：AUM与FRE不及预期、资金流入与可分配EPS超预期，盘前走弱

Blackstone ( BX ) stock slipped 1.4% in Thursday premarket trading after its assets under management and Q3 fee-related earnings fell short of Wall Street consensus estimates in a period marked by volatile financial markets. Total assets under management of $1.37T at Sept. 30, 2026, vs. the Visible Alpha consensus of $1.38T, rose from $1.35T at June 30, 2026. Fee-earning AUM increased to $989.7B from $961.6B at the end of Q2 2026. Inflows of $63.3B, exceeding the $44.9B Visible Alpha consensus, compared with inflows of $68.3B in the prior quarter Q3 distributable EPS of $1.32, exceeding the consensus of $1.26, dropped from $1.52 in Q2 and $1.52 in last year’s Q3. Q3 fee-related earnings of $1.57B, or $1.26 per share, missing the Visible Alpha consensus of $1.59B, fell from $1.78B, or $1.43 per share, in Q2 and increased from $1.48B, or $1.20 per share, in Q3 2025. Net management and advisory fees were $2.16B, down from $2.27B in the previous quarter and up from $2.04B a year ago. "Blackstone delivered strong third-quarter results amid a volatile external environment," said Chairman and CEO Stephen A. Schwarzman. "Our flagship strategies outperformed comparable public market indices, and inflows reached $63B, with positive momentum across our major fundraising channels." At the end of the quarter, Blackstone ( BX ) had undrawn capital for investment, or dry powder, of $B vs. $228.1B at the end of Q2. During the quarter, the company deployed $30.1B of capital and recorded realizations of $33.1B. Total expenses of $1.63B vs. $2.38B in Q2 and $1.75B in last year’s Q3. Compensation and benefit expenses dipped to $900.7M from $1.81B in the prior quarter and $845.7M a year ago. Q3  investment performance by segment (appreciation/gross returns): Real Estate Opportunistic: -3.2% Core: +1.6% Private Equity Corporate Private Equity: +2.8% Tactical Opportunities: +2.2% Secondaries: +4.3% Infrastructure: +6.4% Credit & Insurance Private Credit: +2.6% Liquid Credit: +1.5% Multi-Asset Investing Absolute Return Composite: +0.5% Conference call at 9:00 AM ET.