Blackstone (BX) official guidance

We are going to do 6 gigawatts this year, we think, which is triple what we did last year.

First, demand is accelerating in key sectors, including data centers, where we expect a threefold increase in leasing this year across our global platform, and logistics, where our U.S. holdings saw record leasing activity in Q3.

We expect a fifth, our asset-based finance drawdown vehicle and credit, to hit its $4.2 billion hard cap soon.

I think in terms of the outlook, we would expect real estate base management fees to remain broadly stable through year-end and into 2027.

That's a simple answer, which is when we talk about low double digits, we're talking about the full year of base management fees over the full year in 2026.

As we look ahead to 2027, we expect to return to double-digit year-over-year growth in base management fees, with key drivers including the onset of fees from multiple new drawdown funds in private equity, continued expansion of our perpetual platform, growth in credit insurance, and the very positive momentum in BXMA.

On the second part, in terms of Q4, I think, we expect to see, I would call it modest sequential growth quarter over quarter before this acceleration into 2027.

First, with respect to Q4, we anticipate a significant step-up in net realizations in the fourth quarter, including the sales of multiple companies.

Based on information currently available, Blackstone preliminarily expects to record total Realized Performance Revenues and total Realized Principal Investment Income for such period in excess of $350 million, comprised of approximately 90% Realized Performance Revenues.

Based on information currently available, Blackstone preliminarily expects to record total Realized Performance Revenues and total Realized Principal Investment Income for such period in excess of $350 million, comprised of approximately 90% Realized Performance Revenues.

We expect to lease over 3x more capacity this year than any other year in our history.

We continue to expect similar year-over-year base management fee growth for the firm in the third quarter as in Q2, with a return to double-digit growth in base management fees in 2027.

While we do expect a sequential deceleration in net realizations in the third quarter, we anticipate a robust fourth quarter and 2027.

While we do expect a sequential deceleration in net realizations in the third quarter, we anticipate a robust fourth quarter and 2027.

The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year.

Again, given where we're exposed across our firm, we think we'll be able to get a number of IPOs done.

You do have these sort of headwinds in the real estate area, and again, we think those will, I think in a sense, bottom out in the middle part of the year also, I think accelerate sequentially, as we sort of exit the year into the early part of next year.

That said, if there is a durable resolution of the conflict in the Middle East, we would expect robust activity in the second half of the year.

I do think in the fullness of the year, you will see that rate of growth end up being materially lower than the first quarter.

We expect management fees to continue on a strong positive trajectory in 2026, underpinned by robust growth in the private equity credit and insurance and multi-asset investing segments, with real estate management fees consistent with Q4 levels in the near term, along with a strong contribution from our capital markets business in 2026.