Financial Data and Key Metrics Changes - The company reported GAAP net income for the quarter of $1.2 billion, with distributable earnings of $1.9 billion or $1.52 per common share, marking a 48% year-over-year increase [5][36] - Distributable earnings increased nearly 50% year-on-year, driven by a 26% growth in fee-related earnings and a more than doubling of net realizations [7][36] - Total assets under management (AUM) rose 12% year-over-year to a record $1.242 trillion, while fee-earning AUM grew 10% to $906 billion [35] Business Line Data and Key Metrics Changes - In private credit, AUM grew 18% year-over-year to over $500 billion, with infrastructure and asset-based credit business growing 29% year-over-year to $107 billion [20][21] - The private wealth channel saw AUM grow 15% year-over-year to nearly $290 billion, with significant fundraising success, raising over $11 billion in the third quarter [25][26] - The institutional business grew by 64% over the last five years, with infrastructure platform growing 32% year-over-year to $69 billion [29] Market Data and Key Metrics Changes - In the third quarter, global IPO issuance more than doubled year-over-year, indicating a resurgence in capital markets activity [10] - The company noted a significant external focus on credit defaults, clarifying that these were linked to bank-led credits rather than private credit [11][46] - Commercial real estate values are beginning to recover, with transaction activity increasing by 25% year-over-year in U.S. logistics [32] Company Strategy and Development Direction - The company aims to capture generational shifts in the global economy, focusing on massive capital solutions across equity and debt to support sectors like AI, energy infrastructure, and life sciences [17][18] - The firm emphasizes organic growth, having built major market-leading platforms across various sectors over the past 40 years [14][16] - The company is expanding its investment scope into digital and energy infrastructure, private credit, and Asia, among other growth areas [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong growth prospects, citing structural tailwinds in the alternative sector and increasing allocations to alternatives by institutional investors [8][9] - The firm anticipates a robust pipeline of realizations and a favorable environment for capital markets, which should support fundraising and deployment [38][100] - Management acknowledged potential increases in defaults as the cycle progresses but remains optimistic about the firm's structural advantages [12][46] Other Important Information - The company celebrated its 40th anniversary, highlighting its growth from a startup to the largest alternative asset manager globally [13] - The firm has a strong focus on investment performance, with various funds delivering healthy returns, particularly in infrastructure and private equity [39][42] - The company is committed to responsible management of dividend levels in response to market conditions [94] Q&A Session Summary Question: Follow-up on private credit market and credit quality changes - Management clarified that recent credit issues were linked to bank-led credits and not reflective of the private credit market, with minimal realized losses reported [45][46] Question: Plans for defined contribution business and partnerships - The company is building capabilities in the defined contribution market and plans to leverage existing partnerships with financial institutions [49][50][53] Question: Brand strategy and marketing evolution - The firm is expanding its brand presence globally, including targeted advertising efforts in key markets like Japan [55][56][59] Question: Impact of dividend cut on wealth management channel - Management noted that the wealth channel is adapting to the reality of floating rate products and expects strong flows despite the recent dividend cut [94][95] Question: Competition from banks in direct lending - Management acknowledged increased competition from banks but emphasized the firm's strong positioning and unique offerings in the private credit space [102]

Financial Data and Key Metrics Changes - Blackstone reported GAAP net income for Q3 2025 of $1.2 billion, with distributable earnings increasing nearly 50% year on year to $1.9 billion or $1.52 per common share [5][7][33] - The company declared a dividend of $1.29 per share, payable to holders of record as of November 3 [5] - Total assets under management (AUM) rose 12% year over year to a record $1.24 trillion, while fee-earning AUM grew 10% to $906 billion [31] Business Line Data and Key Metrics Changes - Fee-related earnings increased 26% year over year to $1.5 billion, driven by strong growth in fee revenues and healthy margin expansion [33] - In private credit, AUM crossed the $500 billion milestone, up 18% year over year, while infrastructure and asset-based credit business grew 29% year over year to $107 billion [19][20] - The private wealth channel's AUM grew 15% year over year to nearly $290 billion, with over $11 billion raised in Q3, more than doubling year over year [19][24] Market Data and Key Metrics Changes - In the capital markets, global IPO issuance more than doubled year over year in Q3, contributing to a resurgence in capital markets activity [10] - The company executed three successful IPOs in the last three months, with a robust pipeline for the next 12 months [10][34] - Commercial real estate values are showing signs of recovery, with transaction activity increasing by 25% year over year in U.S. logistics [29] Company Strategy and Development Direction - Blackstone aims to leverage structural tailwinds in the alternative investment sector, focusing on private market solutions and expanding into new markets such as digital and energy infrastructure [7][9] - The firm is positioned to capture opportunities in the AI revolution, energy infrastructure, and life sciences, emphasizing the need for massive capital solutions [17] - The company celebrates its 40th anniversary, highlighting its organic growth strategy and focus on building market-leading platforms [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's growth prospects, citing a resilient economy and declining cost of capital as favorable conditions for capital markets [10][30] - The firm anticipates a significant increase in realizations and fundraising as the deal cycle turns and capital markets strengthen [34][80] - Management acknowledged potential increases in defaults as the cycle progresses but believes their structural advantages will continue to yield superior results [12][41] Other Important Information - The company reported a significant increase in net realizations, generating $5.05 billion in Q3, more than double the prior year period [34] - Blackstone's investment performance remains strong, with infrastructure leading the way with a 5.2% appreciation in Q3 [35] - The firm is expanding its partnerships and distribution channels, particularly in the private wealth sector, to capture a broader investor base [26][49] Q&A Session Summary Question: Changes in credit quality across the portfolio - Management clarified that recent credit issues are not related to private credit but rather to bank-led credits, emphasizing minimal realized losses in their portfolio [40] Question: Plans for the defined contribution business - Management indicated a focus on building capabilities in the defined contribution market, planning to work with existing partners and large financial institutions [43][45] Question: Brand strategy and marketing evolution - Management discussed targeted marketing efforts, including a recent advertisement launch in Japan, to enhance brand awareness in key markets [47][49] Question: Competition from banks in direct lending - Management acknowledged increased competition from banks but expressed confidence in their unique positioning and ability to provide customized long-duration capital solutions [82]

Core Insights - Blackstone Inc. reported quarterly earnings of $1.52 per share, exceeding the Zacks Consensus Estimate of $1.21 per share, and showing a year-over-year increase from $1.01 per share [1] - The company achieved revenues of $3.3 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 7.62% and up from $2.43 billion a year ago [2] - Blackstone has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Performance - The earnings surprise for the recent quarter was +25.62%, following a previous surprise of +9.01% [1][2] - The current consensus EPS estimate for the upcoming quarter is $1.50, with projected revenues of $3.73 billion, and for the current fiscal year, the EPS estimate is $5.01 on revenues of $12.58 billion [7] Market Position - Blackstone shares have underperformed the market, losing about 6.2% since the beginning of the year, while the S&P 500 has gained 13.9% [3] - The company's Zacks Rank is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Outlook - The Financial - Miscellaneous Services industry, to which Blackstone belongs, is currently in the top 34% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Blackstone Reports Third Quarter 2025 Results New York, October 23, 2025: Blackstone (NYSE:BX) today reported its third quarter 2025 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "Blackstone reported an exceptional third quarter, highlighted by outstanding financial results and robust fund-raising momentum across our three major channels – institutions, insurance and individuals. Inflows reached $54 billion in the quarter and $225 billion over the last twelve months. The leadin ...

Core Insights - Blackstone reported strong third-quarter results, raising $54 billion, marking the fourth consecutive quarter of over $50 billion raised, with distributable earnings up 50% [3][4] - The company is optimistic about the cyclical upturn in deal markets, with significant growth in M&A and IPO activities, particularly in the US [5][6] Financial Performance - Distributable earnings increased by 50% compared to previous periods, indicating robust financial health [3] - The company executed three IPOs in the third quarter across India, Europe, and the United States, a first since 2021 [6] Market Trends - The overall M&A market in the US rose by 64% in the third quarter, while the IPO market doubled, increasing by 100% [5] - The cost of capital has decreased, influenced by the Federal Reserve's rate cuts, leading to tighter spreads [5] Investment Focus - Blackstone is heavily investing in AI and data centers, emphasizing the importance of long-term leases with major companies [7][8] - The global labor cost is $60 trillion, and a 15% efficiency gain from new technologies could yield $9 trillion in annual productivity gains, justifying significant capital investments [10][11] Private Credit Market - There is a perception that the era of high private credit returns has ended, but Blackstone argues that private credit can still yield premium returns due to its direct lending model [12][14] - Despite a normalization in returns, private credit remains attractive compared to liquid credit options [14][15]

Core Insights - Blackstone Group (BX.US) has accumulated $508 billion in credit assets, focusing on higher-rated debt investment sectors [1] - The overall credit strategy management scale has increased by 18% year-on-year, with private investment-grade strategy growing by 33% to $123 billion, becoming the main growth driver [1] - Blackstone aims to achieve a target of $1 trillion in credit and insurance business within ten years, set during the integration of these sectors two years ago [1] - Gilles Delaître, appointed to lead the integrated business, indicated that private credit is rapidly expanding beyond traditional corporate sub-investment-grade categories into broader areas [1]

Core Insights - Blackstone's third-quarter distributable earnings increased due to strong fundraising momentum across various channels including institutions, insurance, and individual investors [1] Fundraising Performance - The asset manager experienced significant fundraising success in the third quarter, contributing to the rise in distributable earnings [1] Earnings Growth - The increase in distributable earnings reflects the overall positive performance of Blackstone in the asset management sector during the quarter [1]

格隆汇10月23日｜黑石集团(BX.US)2025年Q3营收30.9亿美元，上年同期36.63亿美元。Q3每股可分配 收益1.52美元。 ...

Core Insights - Blackstone, the world's largest alternative asset manager, reported a 48% rise in third-quarter profit, attributed to strong gains in its credit and private equity businesses [1] Company Performance - The significant profit increase reflects the robust performance of Blackstone's credit and private equity sectors, indicating a positive trend in these areas [1]

Financial Performance - Blackstone reported GAAP Net Income of $1.2 billion for Q3 2025, with year-to-date (YTD) net income of $4.1 billion[11]. - Total revenues for Q3 2025 were $3.1 billion, compared to $3.7 billion in Q3 2024, reflecting a decrease of approximately 17%[12]. - Fee Related Earnings (FRE) for the quarter were $1.5 billion ($1.20/share), with FRE of $6.0 billion over the last twelve months ($4.92/share)[14]. - Distributable Earnings (DE) for Q3 2025 were $1.9 billion ($1.52/share), with DE of $7.0 billion over the last twelve months ($5.51/share)[14]. - Total Segment Distributable Earnings for Q3 2025 were $1.99 billion, a 42% increase compared to Q3 2024[35]. - Total Segment Revenues for Q3 2025 were $3.30 billion, a 36% increase compared to Q3 2024[35]. - Total revenues for Q3 2025 decreased by 7% year-over-year to $6,511 million, down from $6,992 million in Q3 2024[59]. - Net income attributable to Blackstone Inc. for Q3 2025 was $624,917, down 20% from $780,835 in Q3 2024[83]. - Distributable Earnings for 3Q'25 reached $1,565,763, a 48% increase compared to 3Q'24[76]. - Distributable Earnings per common share for 3Q'25 was $1.52, up 50% from 3Q'24[77]. Assets Under Management (AUM) - Total Assets Under Management (AUM) stood at $1,241.7 billion, with Fee-Earning AUM of $906.2 billion[14]. - Total Assets Under Management (AUM) increased to $1,241.7 billion, up 12% year-over-year, with inflows of $54.2 billion in the quarter and $225.4 billion over the last twelve months (LTM)[27]. - Fee-Earning AUM reached $906.2 billion, a 10% increase year-over-year, with inflows of $39.0 billion in the quarter and $164.3 billion over the LTM[27]. - Total AUM increased 15% to $395.6 billion with inflows of $10.8 billion in the quarter and $59.4 billion over the last twelve months (LTM)[41]. - Total AUM increased 22% to $432.3 billion with inflows of $36.0 billion in the quarter and $127.3 billion over the LTM[45]. - Total AUM for BXGP as of September 30, 2025, was $12.7 billion[74]. - Total AUM for BIP as of September 30, 2025, was $67.3 billion[74]. - Total AUM for BCRED as of September 30, 2025, was $46.7 billion[74]. Investment Performance - The company realized $30.6 billion in Q3 2025 and $105.3 billion over the last twelve months[14]. - Realized Performance Revenues for Q3 2025 were $744.95 million, a 117% increase compared to Q3 2024[35]. - Realized Performance Revenues for Q3'25 were $40.1 million, a decrease of 7% compared to Q3'24, while YTD revenues increased 47% to $219.1 million[44]. - Realizations for Q3 2025 were $30.6 billion, totaling $105.3 billion over the LTM[24]. - Total Global BREP investments reached $164,124 million with a net IRR of 17% and a multiple on invested capital (MOIC) of 1.8x[61]. - Corporate Private Equity investments totaled $238,054 million with a net IRR of 16% and a MOIC of 2.0x[61]. - Tactical Opportunities investments amounted to $58,263 million with a net IRR of 16% and a MOIC of 1.6x[61]. - The total investments in the Life Sciences sector reached $6,108,276, with a net IRR of 19%[63]. - The total investments in the Energy sector amounted to $12,138,324, with a net IRR of 12%[63]. Dividends and Share Repurchases - The company declared a quarterly dividend of $1.29 per share, payable on November 10, 2025[3]. - Blackstone repurchased 0.2 million common shares in Q3 2025 and 0.9 million shares over the last twelve months[14]. - Blackstone repurchased 0.2 million common shares in the quarter, with remaining authorization of $1.7 billion as of September 30, 2025[80]. - The actual dividend per common share declared for 3Q'25 was $1.29, reflecting a 50% increase from 3Q'24[76]. Market Activity and Future Outlook - The company expects current market activity to impact reported results in upcoming quarters, particularly in the Secondaries business[114]. - Forward-looking statements reflect current views on operations, earnings, and dividends, but are subject to risks and uncertainties[120]. - Actual outcomes may differ materially from forward-looking statements due to various factors outlined in the Risk Factors section of the Annual Report[120]. Compensation and Expenses - Compensation and benefits expenses rose to $1,230,759 in Q3 2025, a decrease of 14.6% from $1,440,344 in Q3 2024[83]. - GAAP Compensation for 3Q'25 was $1.33 billion, up from $975.25 million in 3Q'24, reflecting an increase of approximately 36.5%[105]. - Incentive fees increased to $200,675 in Q3 2025, up from $191,794 in Q3 2024, reflecting a growth of 4.6%[83]. - Incentive Fee Compensation for Q3'25 was $61,882 thousand, a decrease of 13.1% compared to Q3'24's $73,464 thousand[106]. Financial Ratios and Metrics - Net Accrued Performance Revenues amounted to $6.5 billion ($5.30/share)[14]. - Net Accrued Performance Revenues decreased by $6.5 billion quarter-over-quarter, equating to $5.30 per share[17]. - Total liabilities rose to $25,192,849 thousand in 3Q'25 from $23,110,501 thousand in 3Q'24, reflecting an increase of approximately 9.0%[99]. - Total equity reached $19,885,229 thousand in 3Q'25, up from $18,572,095 thousand in 3Q'24, marking an increase of approximately 7.1%[99].