Blackstone makes most of its money from management and advisory fees, and performance allocations. Management fees are stable, recurring fees charged to investors (such as pension funds and sovereign wealth funds) as a percentage of the total assets under management or committed capital. In the third quarter of 2025, Blackstone's management and advisory fees surpassed a record $2 billion, a 14% year-over-year increase.The company is also the world's largest owner of commercial real estate . It owns thousand ...