Blackstone reported that the trillion-dollar investment firm's Wall Street deal engine is revving back to life as it sees a pickup in initial public offerings and merger and acquisition transactions. "We are preparing a number of other companies for public offerings over the coming quarters," Stephen Schwarzman, Blackstone's CEO, said during the company's second-quarter earnings call on Thursday, after pointing to the investment firm's July IPO of Cirsa, a gambling company in Spain.Jon Gray, Blackstone's p ...

Market Overview - The market capitalization of major US stocks shows varied performance, with Oracle at 762.30 billion, Mastercard at 321.36 billion, and Visa at 770.15 billion, reflecting increases of +0.66%, +0.86%, and +0.68% respectively [3] - Exxon Mobil's market cap is 679.53 billion, with a slight decrease of -0.98%, while Johnson & Johnson and Netflix show minor changes of -0.08% and -0.05% respectively [3] - Companies like Wells Fargo and Cisco have market caps of 270.15 billion and 279.59 billion, with respective increases of +0.98% and -0.58% [3] Notable Stock Movements - T-Mobile US Inc experienced a significant increase of +6.20%, reaching a market cap of 272.19 billion [3] - General Electric and Coca-Cola saw market caps of 285.05 billion and 298.76 billion, with increases of +0.37% and +0.91% respectively [3] - Companies like Disney and Goldman Sachs have market caps of 229.06 billion and 221.80 billion, with slight changes of +0.01% and -0.60% [3] Sector Performance - The technology sector shows mixed results, with Intel at 991.05 billion, down -3.28%, while AMD increased by +2.46% to 254.92 billion [5] - The consumer goods sector is represented by companies like Procter & Gamble and Coca-Cola, with market caps of 371.68 billion and 298.76 billion, showing slight increases [3][4] - The energy sector, represented by Exxon Mobil and Chevron, shows varied performance, with Exxon down -0.98% and Chevron up +0.66% [3] Summary of Key Companies - Oracle's market cap stands at 762.30 billion, reflecting a positive trend [3] - Mastercard and Visa show strong performance with market caps of 321.36 billion and 770.15 billion, both increasing [3] - Companies like Pfizer and Comcast have market caps of 1579.81 billion and 1332.00 billion, with Pfizer showing minimal change and Comcast down -3.16% [4][5]

Jon. This morning, Blackstone posted a 25% jump in distributable earnings and a lot of this was due to retail activity flying into Blackstone more and more. How far does this trend go with more retail investors coming in to private funds, especially in the middle of all of this uncertainty.Well, Shonali is always great to be with you. I would just start with the quarter. It was tremendous for us.First off, we delivered for our investors. That's the most important thing. We had the most fun depreciation in n ...

Core Insights - Blackstone's second-quarter 2025 distributable earnings of $1.21 per share exceeded the Zacks Consensus Estimate of $1.10, marking a 26% increase from the prior-year quarter [1][9] - The company's shares rose nearly 2% in pre-market trading due to the better-than-expected quarterly performance [1] - Results were driven by higher segment revenues and an increase in assets under management (AUM), although GAAP expenses increased, presenting a challenge [1] Financial Performance - Net income attributable to Blackstone reached $764.2 million, a significant surge of 72% from the year-ago quarter [2] - Total segment revenues for the quarter were $3.07 billion, a 22% year-over-year increase, surpassing the Zacks Consensus Estimate of $2.75 billion [3][9] - On a GAAP basis, revenues were $3.71 billion, reflecting a 33% growth [3] - Total GAAP expenses amounted to $1.93 billion, rising 18% year over year [3] Assets Under Management - As of June 30, 2025, Blackstone's fee-earning AUM grew 10% year over year to $887.1 billion [5] - The total AUM reached $1.21 trillion, up 13%, primarily driven by $52.1 billion in inflows during the reported quarter [5][9] - The undrawn capital available for investment was $181.2 billion as of June 30, 2025 [5] Share Repurchase Activity - During the reported quarter, Blackstone repurchased 0.2 million shares [6] - As of June 30, 2025, there was $1.4 billion worth of buyback authorization remaining [6] Strategic Outlook - Blackstone is positioned for top-line growth, supported by a continuous rise in AUM and strong fundraising capabilities [7] - However, high expenses and a challenging operating environment may impact the bottom line in the near term [7]

Financial Data and Key Metrics Changes - The company reported GAAP net income for the quarter of $1.6 billion, with distributable earnings also at $1.6 billion or $1.21 per common share, reflecting a 25% year-over-year increase [5][6] - Fee-related earnings grew 31% year-over-year, contributing to a total fee revenue of $2.5 billion, up 27% year-over-year [30][32] - Total assets under management (AUM) increased 13% year-over-year to a record $1.2 trillion, supported by inflows of $52 billion in the second quarter and $212 billion over the last twelve months [7][30] Business Line Data and Key Metrics Changes - The private credit platform has seen significant growth, with AUM increasing threefold over the past five years to $484 billion, and revenue from this platform has increased more than fourfold [16][18] - The private wealth channel has grown AUM to nearly $280 billion, with revenue from flagship vehicles exceeding $700 million in the second quarter alone, compared to approximately $50 million five years ago [21][22] - Infrastructure AUM rose 32% year-over-year to $64 billion, supported by strong investment performance [25] Market Data and Key Metrics Changes - The company noted a favorable economic backdrop with resilient growth and declining inflation, which may allow the Federal Reserve to lower interest rates over time, positively impacting asset values [10][11] - The U.S. stock market is at record levels, with M&A activity accelerating and the IPO market reopening, indicating a more conducive environment for transactions [12][28] Company Strategy and Development Direction - The company is focusing on expanding its platforms in private wealth, credit, and insurance, along with launching multiple new funds [6][7] - The firm aims to capitalize on the $12 trillion U.S. defined contribution channel, which could provide significant growth opportunities [7] - The company is well-positioned to navigate the current dynamic environment, with a strong portfolio concentrated in compelling sectors and $181 billion of dry powder available for investment [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in transaction activity, citing a favorable regulatory environment and pent-up demand for M&A and IPOs [28][90] - The company anticipates an acceleration in net realizations as the market stabilizes and transaction activity increases [38][39] - Management highlighted the importance of investment performance, noting that the second quarter represented the highest amount of overall fund appreciation in nearly four years [7][33] Other Important Information - The company has launched BMAX, a multi-asset credit product aimed at expanding access to the private credit universe for individual investors [101] - The firm is targeting significant growth in its insurance channel, managing over $250 billion on behalf of insurers, up 20% year-over-year [18][19] Q&A Session Summary Question: Credit market dynamics and demand - Management noted that demand for private credit remains robust, with clients focused on the enduring premium between liquid markets and private credit, which is expected to continue driving growth [43][45] Question: Real estate market recovery - Management indicated that the recovery in real estate is a matter of timing, with new supply declining and cost of capital improving, leading to a more favorable supply-demand dynamic [52][54] Question: Strategic partners and secondary fund outlook - Management highlighted strong returns in the secondary fund driven by significant new purchases and good appreciation in underlying funds, with a positive outlook for fundraising [61][64] Question: Retirement opportunity set - Management discussed the potential for alternatives in defined contribution plans, particularly in target date funds, emphasizing the need for patience regarding regulatory developments [70][72] Question: Forward-looking guidance on FRE margin - Management expressed confidence in maintaining strong FRE margins, driven by healthy management fee growth and performance revenues, while noting some variability based on fund mix [78][80] Question: Confidence in deal-making activity - Management conveyed increased confidence in transaction activity resuming, supported by favorable market conditions and a busy IPO pipeline [86][90] Question: Real estate performance and accrued fees - Management indicated that a significant portion of real estate AUM is above hurdle rates, suggesting a favorable trajectory for accrued performance fees as the market normalizes [93][95]

Financial Data and Key Metrics Changes - The company reported GAAP net income for Q2 2025 of $1,600,000,000, with distributable earnings also at $1,600,000,000 or $1.21 per common share, reflecting a 25% year-over-year increase [5][6][31] - Fee-related earnings grew 31% year-over-year, contributing to total fee revenues of $2,500,000,000, up 27% year-over-year [6][30] - Total assets under management (AUM) increased 13% year-over-year to a record $1,200,000,000,000, supported by inflows of $52,000,000,000 in Q2 and $212,000,000,000 over the last twelve months [7][30] Business Line Data and Key Metrics Changes - The private credit platform has grown significantly, with AUM reaching $484,000,000,000, up threefold in the past five years, and revenue from this platform increasing more than fourfold [16] - The private wealth channel has seen AUM grow to nearly $280,000,000,000, with revenue from flagship vehicles exceeding $700,000,000 in Q2 [22] - Infrastructure AUM rose 32% year-over-year to $64,000,000,000, supported by strong investment performance [25] Market Data and Key Metrics Changes - The company noted a favorable economic backdrop with resilient growth and declining inflation, which may allow the Federal Reserve to lower interest rates over time, positively impacting asset values [11][12] - The U.S. stock market reached record levels, and M&A activity, particularly sponsor M&A, is accelerating, indicating a more conducive environment for transactions [13][27] Company Strategy and Development Direction - The company is focusing on expanding its platforms in private wealth, credit, and insurance, as well as launching new funds in its drawdown area [6][7] - The firm aims to capitalize on the $12,000,000,000,000 U.S. defined contribution channel, which could provide significant growth opportunities [7] - The company is well-positioned to navigate the current dynamic environment, with a strong portfolio concentrated in compelling sectors and $181,000,000,000 of dry powder available for investment [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a favorable environment for deal-making, with a significant pipeline of potential IPOs and increased transaction activity expected [27][90] - The company anticipates an acceleration in net realizations as the market stabilizes and transaction activity increases [39] - Management highlighted the importance of technological innovation and economic fundamentals as key growth catalysts [8][11] Other Important Information - The company has launched BMAX, a multi-asset credit product aimed at expanding access to the private credit universe for individual investors [24][102] - The partnership with Legal and General aims to manage investment-grade private credit solutions, targeting up to $20,000,000,000 over the next five years [19][116] Q&A Session Summary Question: Credit demand and implications on fee rates - Management noted that demand for private credit remains robust, with clients focused on the enduring premium between liquid markets and private credit, which should support continued growth [44][46] Question: Real estate recovery expectations - Management indicated that the recovery in real estate is a matter of timing, with new supply declining and cost of capital improving, leading to a more favorable supply-demand dynamic [52][56] Question: Strategic partners and fundraising outlook - Management highlighted strong returns in the secondary fund segment, driven by significant new purchases and good appreciation in underlying funds, with a positive outlook for fundraising [61][64] Question: Retirement opportunity set and access to alternatives - Management expressed optimism about the potential for alternatives in defined contribution plans, particularly in target date funds, but emphasized the need to wait for regulatory developments [70][74] Question: Fee-related performance revenues outlook - Management provided insights on expected performance revenues, indicating a modest amount from certain funds in the upcoming quarters, with a focus on layering various products for future earnings power [108][112]

黑石集团开盘后涨幅接近3%。公司首席执行官表示，随着政策环境趋于稳定，交易活动将从中受益。 ...

Blackstone Inc. (BX) came out with quarterly earnings of $1.21 per share, beating the Zacks Consensus Estimate of $1.11 per share. This compares to earnings of $0.96 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +9.01%. A quarter ago, it was expected that this investment manager would post earnings of $1.04 per share when it actually produced earnings of $1.09, delivering a surprise of +4.81%.Over the last four quarters, the ...

Financial Highlights - Total Segment Revenues reached $2,549.403 million in Q2 2025[2], a significant increase from $2,485.848 million in Q2 2024[2] - Distributable Earnings were $1,565.763 million in Q2 2025[2], compared to $1,410.805 million in Q2 2024[2] - Fee-Earning Assets Under Management (AUM) increased to $887,114.2 million[2] Segment Performance - Real Estate segment revenue totaled $902.557 million in the second quarter of 2025[3] - Private Equity segment revenue was $4,828.511 million[9] - Credit & Insurance segment revenue reached $841.752 million[5] - Multi-Asset Investing segment revenue was $130.791 million[6] Real Estate Details - Real Estate Fee-Earning Assets Under Management reached $324,994.7 million[3] - Real Estate segment distributable earnings were $616.363 million[3] Private Equity Details - Private Equity Fee-Earning Assets Under Management were $176,997.3 million[9] - Private Equity segment distributable earnings totaled $2,639.474 million[9] Credit & Insurance Details - Credit & Insurance Fee-Earning Assets Under Management reached $288,931.2 million[5] - Credit & Insurance segment distributable earnings were $395.785 million[5] Multi-Asset Investing Details - Multi-Asset Investing Fee-Earning Assets Under Management were $71,818.7 million[6] - Multi-Asset Investing segment distributable earnings totaled $50.943 million[6]

Core Insights - Blackstone's distributable earnings surged by 25% in Q2, driven by contributions from retail and perpetual funds [1][3] - The company's performance was bolstered by a 167% year-over-year increase in fee-related performance income, amounting to $472 million [2][3] - The total distributable earnings reached $1.57 billion, translating to earnings per share of $1.21, exceeding market expectations of $1.10 [3] Fund Performance - Blackstone raised $52 billion in new capital during the quarter, with approximately 20% coming from private wealth channels [4] - The firm manages $280 billion in assets for private wealth clients, representing about a quarter of its total $1.2 trillion in managed assets [4] - The private equity segment saw a 12% year-over-year increase in net realizations, while the real estate segment experienced a 37% decline [4] Market Environment - The perpetual fund business has become a strong growth driver for the company amid a challenging transaction environment [3][4] - The credit and insurance segments continue to thrive, accounting for over half of the company's net flows during the quarter [4] - Despite a slowdown in transaction channels following tariff impositions, there are signs of expansion in the current market [4]