Blackstone Will Eventually Face Headwinds from the Turmoil in the Private Credit Markets

We consider Blackstone to be the preeminent alternative-asset manager, with $1.304 trillion in total assets under management, including $937.6 billion in fee-earning assets under management, at the end of March 2026. The company operates with scale in each of its major product lines: private equity (27% of fee-earning AUM and 34% of base management fees), real estate/real assets (30% and 33%), credit and insurance (33% and 26%), and other alternatives (10% and 7%). Blackstone has also built a large base of in-house executives, consultants, and advisors who have decades of industry experience and can revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.