Blackstone Raises Quarterly Dividend 11.2% to $1.29
Blackstone lifted its quarterly payout to $1.29, but its variable policy, 111% earnings payout ratio and C safety grade keep coverage in focus.
BX — Blackstone Inc.
Key takeaways
- Blackstone raised its quarterly dividend 11.2% to $1.29 per share from $1.16.
- The $5.23 annual dividend per share produces a 4.39% forward yield, below the sector median of 5.70%.
- The earnings payout ratio is 111%, while SmarterDividends assigns the dividend a C grade and a safety score of 49.
- Blackstone has two consecutive years of dividend growth after cutting its annual total 32.8% in 2023.
Blackstone Inc. raised its quarterly dividend to $1.29 per share from $1.16, an 11.2% increase. The shares traded ex-dividend on August 3, 2026. The annual dividend per share stands at $5.23, although Blackstone’s variable payout makes quarter-to-quarter changes more meaningful than a conventional fixed-rate increase.
Why the dividend changed
The immediate driver was stronger distributable earnings, the realized cash-earnings measure Blackstone uses for its dividend. Second-quarter distributable earnings were $2.0 billion, or $1.52 per common share, while fee-related earnings reached $1.8 billion. Blackstone’s policy ties the quarterly payout to a portion of distributable earnings, subject to board adjustments for investment needs, taxes, clawbacks and other cash requirements. That policy makes this increase a response to quarterly earnings, not a commitment to hold or raise the rate every quarter. Blackstone’s second-quarter results
The business backdrop was supportive. Blackstone reported $68.3 billion of quarterly inflows, $34.2 billion of deployment and $31.8 billion of realizations, taking assets under management to $1,346.3 billion. Chief Executive Stephen Schwarzman said the quarter featured strong earnings growth and linked standout investment performance across several strategies to the firm’s artificial-intelligence investments. Blackstone’s second-quarter earnings release
Realizations also benefited from digital infrastructure. The quarter included Blackstone’s sale of interests in three fully leased Northern Virginia data centers to Digital Realty, and management identified the disposition as one contributor to realized earnings. The transaction illustrates how the AI and data-center strategy can feed cash earnings when assets are monetized, even while Blackstone continues investing in the theme. Digital Realty transaction announcement Blackstone earnings call transcript
Dividend track record
The payment history shows why the latest move is best viewed as a quarterly reset. The $1.29 payment with an August 3, 2026 ex-dividend date rebounded from $1.16 on May 4, 2026, but remained below the $1.49 paid after the February 9, 2026 ex-dividend date. Recent quarterly amounts have moved in both directions as distributable earnings changed.
Annual totals have been similarly uneven. Blackstone paid $4.69 per share in 2025, up 35.9% from $3.45 in 2024. The 2024 total rose 3.9% after the 2023 total fell 32.8% to $3.32 from $4.94 in 2022. Blackstone has two consecutive years of dividend growth, while its five-year annualized dividend growth rate is 20.1%. The record combines strong long-run growth with a material recent cut.
Is the dividend covered?
The earnings payout ratio is 111%. On that basis, dividends exceed the earnings measure used in the ratio, leaving no conventional earnings cushion. Blackstone’s own framework relies instead on distributable earnings, which were $1.52 per common share in the second quarter against the $1.29 dividend. That comparison is more favorable for the latest payment, but the policy’s dependence on realized cash earnings preserves quarter-to-quarter variability.
SmarterDividends rates the dividend C and assigns a safety score of 49. In plain terms, the grade indicates borderline safety: current cash earnings support the declared payment more comfortably than reported earnings do, but coverage has limited room for weaker realizations or fee-related earnings. The 2023 cut and the fluctuating recent payments reinforce that distinction.
Yield and valuation
The forward yield is 4.39%, below the Financial Services sector median of 5.70%. At a share price of $116.06 and a market value of $138.7 billion, Blackstone offers less forward income than the sector median despite a one-year price decline of 14.8%.
SmarterDividends estimates fair value at $95.14 and classifies the shares as overvalued. The estimate implies 24% downside to fair value from the stated share price. The valuation verdict and below-median yield show that the latest increase has not made BX a high-yield outlier within its sector.
What to watch
The next quarterly distributable-earnings figure and the balance between recurring fee-related earnings and realizations will be the key inputs for the next dividend decision. Management said it expected third-quarter base-management-fee growth to resemble the second quarter’s year-over-year pace, with double-digit growth returning in 2027. It also projected a sequential slowdown in third-quarter net realizations before a stronger fourth quarter and 2027. Blackstone earnings call transcript
A second item is whether AI infrastructure continues to generate both fee growth and asset sales. Management said AI-related holdings accounted for nine of its 10 largest second-quarter markups, but it also cautioned about excessive exuberance in the theme. For dividend coverage, realized proceeds matter more immediately than unrealized portfolio gains. Blackstone earnings call transcript
BX dividend data
From the SmarterDividends dataset, updated daily
- Forward yield
- 4.91%
- Payout ratio
- 111%
- Growth streak
- 2 yrs
- Safety grade
- D · 48/100
| Ex-dividend date | Amount | Change |
|---|---|---|
| Aug 3, 2026 | $1.2900 | +11.2% |
| May 4, 2026 | $1.1600 | -22.1% |
| Feb 9, 2026 | $1.4900 | +15.5% |
| Nov 3, 2025 | $1.2900 | +25.2% |
| Aug 4, 2025 | $1.0300 | +10.8% |
| Apr 28, 2025 | $0.9300 | +8.1% |
| Feb 10, 2025 | $1.4400 | special |
| Oct 28, 2024 | $0.8600 | +4.9% |
Frequently asked questions
When did BX most recently trade ex-dividend?
Blackstone’s most recent ex-dividend date was August 3, 2026, for a $1.29 quarterly payment.
How much is Blackstone’s new quarterly dividend?
Blackstone’s new quarterly dividend is $1.29 per share, up 11.2% from $1.16.
How much is the BX dividend per year?
Blackstone’s annual dividend per share is $5.23. The company pays dividends quarterly.
Is Blackstone’s dividend safe?
SmarterDividends rates the dividend C with a safety score of 49, indicating borderline safety. The earnings payout ratio is 111%.
What is Blackstone’s dividend yield and valuation?
BX has a 4.39% forward yield versus the sector median of 5.70%. SmarterDividends estimates fair value at $95.14 and classifies the shares as overvalued, with 24% downside to fair value.
Sources
See BX's full dividend profile
Yield, payout, safety score, history and the next ex-dividend date.
View BXEvery dividend increases this month, with the data behind it: Dividend Increases, August 2026.
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