Blackstone (BX) cut its quarterly dividend to $1.12 a share from $1.29 in the second quarter as distributable earnings receded and net accrued performance revenues fell on realized distributions.

The alternative asset manager reported distributable earnings of $1.7 billion, or $1.32 a share, in the third quarter, down from $1.98 billion in the prior quarter. Total segment distributable earnings were $1.90 billion. Fee related earnings were $1.57 billion, or $1.26 a share.

GAAP net income was $1.3 billion for the quarter, with $662 million attributable to Blackstone Inc., or $0.83 a share.

Inflows were $63.3 billion in the quarter, after nearly $70 billion in the second quarter. Total assets under management rose to $1.37 trillion, up 10% from a year earlier, with fee-earning AUM of $989.7 billion. Perpetual capital AUM reached $562.3 billion. The firm deployed $30.1 billion and recorded realizations of $33.1 billion.

Net accrued performance revenues declined to $7.3 billion, or $5.84 a share, which the company said reflected realized distributions across strategies. Realized performance revenues were $464.4 million.

Credit & Insurance was the largest inflow source, with $35.8 billion in the quarter, including $18.0 billion for infrastructure and asset-based credit strategies and $11.9 billion for global direct lending. Segment distributable earnings were $433.0 million and fee related earnings $363.1 million. Total AUM in the segment was $480.0 billion. Private Credit gross return was 2.6% (1.8% net) and Liquid Credit gross return 1.5% (1.4% net).

Private Equity total AUM increased 18% to $465.4 billion on $12.6 billion of inflows, including $3.7 billion in Infrastructure, $3.1 billion in Secondaries and $2.5 billion for the fifth energy transition fund. Segment distributable earnings were $813.1 million and fee related earnings $618.9 million. Corporate Private Equity appreciated 2.8% in the quarter.

Real Estate total AUM was $309.0 billion, with $6.3 billion of inflows and $6.1 billion deployed. Segment distributable earnings were $553.7 million and fee related earnings $499.2 million. Opportunistic funds declined 3.2% in the quarter; Core+ funds appreciated 1.6%.

Multi-Asset Investing total AUM increased 22% to $113.9 billion on $8.6 billion of inflows. Segment distributable earnings were $103.9 million and fee related earnings $90.8 million. The Absolute Return Composite posted a 0.5% gross return (0.3% net), which the company said outperformed the HFRX Global Hedge Fund Index at (0.8)%.

Blackstone declared the $1.12 dividend payable on November 9, 2026. It repurchased 0.2 million common shares in the quarter. Chairman and Chief Executive Officer Stephen A. Schwarzman said flagship strategies outperformed comparable public market indices and that inflows reached $63 billion with positive momentum across major fund-raising channels.