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].

Core Insights - The Chinese real estate market is experiencing significant declines, with September data showing a 0.64% month-on-month drop in second-hand residential prices, the largest in a year, and a 0.41% drop in new residential prices, the largest in 11 months [1] - Continuous price declines have led to a prolonged downturn in the real estate market, resulting in developer defaults, delayed property deliveries, increased bank bad debts, reduced local government revenues, and a decrease in household wealth [3] - Foreign investors have incurred substantial losses, with approximately $140 billion (equivalent to 10 trillion RMB) trapped in the Chinese real estate market [3][5] Foreign Investment Impact - Over the past 15 years, foreign institutional investment in China's real estate sector, including various property types, has totaled around $140 billion [5] - Many foreign investors expected sustained demand in the Chinese real estate market but were caught off guard by significant price drops, with some properties falling to levels seen a decade ago [5] - Major asset management firms, such as BlackRock and Carlyle, have begun to sell off their commercial properties in China at substantial losses due to the ongoing market slump [7][12] Specific Case Studies - BlackRock's fund faced foreclosure by Standard Chartered Bank for failing to repay loans, resulting in the loss of two buildings in Shanghai, originally purchased for 1.2 billion RMB, which were later sold for approximately 680 million RMB, leading to a loss of 420 million RMB for BlackRock [9][10] - Carlyle sold a 31-story office building in Shanghai for just over 50% of its original purchase price from 2015, amid rising vacancy rates that have increased from 4.6% to 22% [12] - Blackstone, a major foreign owner of logistics parks in China, has also sold properties at significant losses, indicating a broader trend of foreign divestment from the Chinese real estate market [15]

Price Target Adjustments & Ratings - Evercore reduces price targets for Blackstone to $180 from $197, maintaining an outperform rating [1] - Apollo's price target decreases to $145 from $160, also with an outperform rating [1] Alternative Investment Space - Apollo, Blackstone, and KKR operate in the alternative investment space, which is gaining increased allocation from advisors [2] - Alternative investments include real estate and private credit [2][3] - 401ks are increasingly allocating to alternatives globally, positioning Blackstone as a leader in this space [4] Market Sentiment & Sector Performance - The mood has soured for the financial sector, with financials down 2% in October while healthcare is up 5% [5] - The private equity space is considered oversold, with concerns surrounding private credit potentially overblown [6] Private Infrastructure as an Alternative - Private infrastructure is emerging as a new alternative investment due to funding gaps in government and municipalities [7] - BlackRock acquired a significant global infrastructure partnership [8] Competitive Landscape & IPO Market - Mid-tier private equity firms face intense competition, exemplified by auctions with a high number of bids [8][9] - The IPO market remains largely closed to old-line and manufacturing companies typically owned by private equity firms [10] Stock Rebound & Market Commentary - Apollo's stock is up almost 35%, Aries is up nearly 5%, and Blue Owl is up over 5% week-to-date [11] - Recent market commentary suggests concerns are idiosyncratic rather than systemic [11][12]

Core Viewpoint - The private equity sector, particularly firms like Blackstone and Apollo, is experiencing a reduction in price targets but remains favored for long-term investment despite recent market challenges [1][4][6]. Group 1: Company Performance - Evercore has lowered price targets for Blackstone from 197 to 180 and for Apollo from 160 to 145, while maintaining an outperform rating for both [1]. - Blackstone is set to report earnings soon, which may influence market sentiment [1]. - Apollo's stock has shown a rebound of approximately 3.5% recently, while other firms like Aries and Blue Owl have also seen gains [11]. Group 2: Market Trends - The alternative investment space, including private equity and private credit, is gaining traction as more advisors allocate investor funds into these products [2][4]. - The financial sector has underperformed in October, with healthcare up 5% and financials down 2%, indicating a shift towards quality investments [5][6]. - There is a growing interest in private infrastructure investments due to funding shortages in government and municipalities, suggesting a new avenue for private equity firms [7][8]. Group 3: Competitive Landscape - The private equity market is becoming increasingly competitive, with a notable auction receiving 36 bids, highlighting the intense interest in this sector [9]. - The IPO market for traditional manufacturing companies, typically owned by private equity firms, has not yet opened, posing a challenge for these firms [10].

Core Viewpoint - Blackstone Inc. is expected to report strong earnings, with positive sentiment surrounding its performance, particularly in its data center business [1]. Group 1: Company Overview - Blackstone Inc. is a global alternative asset manager that invests in private equity, real estate, credit, hedge fund solutions, and multi-asset strategies [2]. - The company has been a favorite among analysts, with notable support from Jim Cramer, who has consistently advocated for the stock [2]. Group 2: Stock Performance Analysis - The stock has experienced a significant rally over the summer but has recently pulled back, indicating a potential overbought condition [2]. - The moving average convergence divergence (MACD) line suggests a weak outlook, indicating a sell signal, although recent volume trends show strong buying activity [2]. - Despite the current analysis, there is a belief that certain AI stocks may offer better investment opportunities with less risk compared to Blackstone [2].

Core Insights - Blackstone is a leading global investment firm specializing in private equity, real estate, credit, and hedge fund investment strategies, known for strategic acquisitions across various sectors [1] - Morgan Stanley maintains an "Overweight" rating for Blackstone, raising the price target from $200 to $215, indicating confidence in the stock's potential [2][6] - Blackstone's acquisition of Hologic for up to $18.3 billion emphasizes its strategic focus on the healthcare sector, aligning with its goal to expand in high-growth industries [3][6] Stock Performance - Blackstone's stock is currently trading at $161.67, reflecting a 0.77% increase, with a trading range today between $159.81 and $162.15 [4][6] - Over the past year, the stock has shown significant volatility, reaching a high of $200.96 and a low of $115.66, indicating potential for growth [4][6] Market Position - Blackstone's market capitalization is approximately $194 billion, with a trading volume of 522,544 shares, reflecting a strong position in the investment industry [5]

Core Viewpoint - Private equity firms Blackstone and TPG are acquiring Hologic for over $13 billion, taking the company private with a share price of up to $79, representing a 46% premium from late May [1][2]. Deal Structure - The acquisition includes $76 in cash per share, with additional payments contingent on revenue goals from Hologic's breast health business, bringing the total deal value to $18.3 billion when factoring in Hologic's $2.2 billion in cash and short-term investments and $2.5 billion in debt [2]. Regulatory and Approval Status - The deal requires approval from regulators and Hologic shareholders, but has already received unanimous approval from Hologic's board. The transaction is expected to close in the first half of next year [3]. Market Reaction - Following the announcement, Hologic shares increased nearly 4% to $74.62, while broader market indexes showed mixed performance [5]. Post-Transaction Details - After the acquisition, Hologic will be delisted from the Nasdaq stock exchange but will retain its name and headquarters in Marlborough, Massachusetts [5].

Core Viewpoint - Halper Sadeh LLC is investigating the fairness of the proposed sale of Hologic, Inc. to funds managed by Blackstone and TPG for Hologic shareholders [1] Transaction Details - Hologic shareholders are set to receive $76.00 per share in cash [1] - Additionally, shareholders will receive a non-tradable contingent value right to receive up to $3.00 per share, payable in two installments of up to $1.50 each [1]

Core Viewpoint - Hologic has reached a final acquisition agreement with Blackstone and TPG, valuing the company at up to $79 per share and an enterprise value of up to $18.3 billion [1] Group 1: Acquisition Details - Blackstone and TPG will acquire all outstanding shares of Hologic at $76 per share in cash [1] - An additional non-tradable contingent value right allows shareholders to receive up to $3 per share in two installments, contingent on meeting specific revenue targets in Hologic's breast health business for fiscal years 2026 and 2027 [1]

Core Viewpoint - Blackstone and TPG have agreed to acquire all outstanding shares of a women's health company for $76 per share in cash [1] Company Summary - The acquisition involves a cash payment of $76 for each share of the women's health company [1]