I’m sure this is on Google, but we have lots of smart folks here.

How did BlackRock become larger than Blackstone in terms of AUM ($10T vs < $1T), but why doesn’t this translate into market cap ($113b vs 131b)?

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A very large part of Blackrock's business is them creating passive investment strategies (e.g. iShares ETFs) that have very low fees, since they're simply designed to track a basket of securities, rather than making primary investments and picking and choosing winners. Blackstone does the latter and their fees are much higher. Just a totally different business model

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AUM is only one part of the equation. They are in different areas of financial services. Blackstone has much higher returns to themselves which results in a much higher valuation multiple.

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One does private equity and the other does public equity. Returns are much higher in private equity. It's kinda weird you're even comparing the two. It's like comparing Google and Ford. Ummm...what?

Market cap is simply the total market value of all outstanding stock (stock price multiplied by the number of outstanding shares). This has nothing to do with AUM

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