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]

黑石集团第二季度每股可分配收益1.21美元，上年同期0.96美元，预估1.10美元。 黑石集团第二季度管理资产1.21万亿美元，同比增加13%，预估1.19万亿美元。 ...

[Earnings Release Overview](index=1&type=section&id=Blackstone%20Reports%20Second%20Quarter%202025%20Results) Blackstone reported strong Q2 2025 results, achieving significant earnings growth and a record $1.2 trillion in Assets Under Management, driven by broad business expansion and fund appreciation [Performance Summary](index=1&type=section&id=Performance%20Summary) Blackstone achieved outstanding Q2 2025 results, with AUM growing 13% to over $1.2 trillion and strong fund appreciation across key businesses - Total Assets Under Management (AUM) increased **13% year-over-year** to a new industry record of over **$1.2 trillion**[2](index=2&type=chunk) - The firm experienced significant growth in its private wealth, credit and insurance, and infrastructure businesses[2](index=2&type=chunk) - Despite market volatility, Blackstone achieved its highest overall fund appreciation in nearly four years, indicating strong investment performance[2](index=2&type=chunk) [Dividend and Investor Information](index=1&type=section&id=Dividend%20and%20Investor%20Information) Blackstone declared a quarterly dividend of $1.03 per share for Q2 2025, payable on August 11, 2025, with an investor call scheduled for July 24, 2025 Q2 2025 Dividend Information | Metric | Details | | :--- | :--- | | **Dividend per Share** | $1.03 | | **Record Date** | August 4, 2025 | | **Payment Date** | August 11, 2025 | - An investor conference call and webcast to discuss the Q2 2025 results was scheduled for July 24, 2025[4](index=4&type=chunk) [Financial Performance](index=5&type=section&id=Financial%20Performance) Blackstone demonstrated robust financial performance in Q2 2025, marked by significant increases in GAAP net income, Fee Related Earnings, and Distributable Earnings [GAAP Results](index=5&type=section&id=BLACKSTONE%27S%20SECOND%20QUARTER%202025%20GAAP%20RESULTS) For Q2 2025, Blackstone reported GAAP Net Income of $1.6 billion, with Net Income Attributable to Blackstone Inc. reaching $764 million, significantly increasing Diluted Net Income Per Share GAAP Financial Summary (Q2 2025 vs Q2 2024) | Metric ($ in thousands, except per share) | 2Q'25 | 2Q'24 | | :--- | :--- | :--- | | **Total Revenues** | $3,711,900 | $2,796,381 | | **Net Income** | $1,626,133 | $948,363 | | **Net Income Attributable to Blackstone Inc.** | $764,244 | $444,414 | | **Diluted Net Income Per Share** | $0.98 | $0.58 | [Key Financial Highlights (Non-GAAP)](index=6&type=section&id=BLACKSTONE%27S%20SECOND%20QUARTER%202025%20HIGHLIGHTS) Blackstone's key non-GAAP financial metrics showed strong performance in Q2 2025, with Fee Related Earnings at $1.5 billion and Distributable Earnings at $1.6 billion, contributing to record AUM Q2 2025 & LTM Non-GAAP Financial Metrics | Metric | Q2 2025 | LTM | | :--- | :--- | :--- | | **Fee Related Earnings (FRE)** | $1.5B ($1.19/share) | $5.7B ($4.68/share) | | **Distributable Earnings (DE)** | $1.6B ($1.21/share) | $6.4B ($5.00/share) | | **Inflows** | $52.1B | $211.8B | | **Deployment** | $33.1B | $145.1B | | **Realizations** | $23.4B | $97.5B | - Net Accrued Performance Revenues stood at **$6.6 billion**, or **$5.37 per share**[14](index=14&type=chunk) [Segment Earnings](index=7&type=section&id=BLACKSTONE%27S%20SECOND%20QUARTER%202025%20SEGMENT%20EARNINGS) In Q2 2025, Total Segment Distributable Earnings increased 26% year-over-year to $1.8 billion, driven by a 31% rise in Fee Related Earnings, primarily from a 167% surge in Fee Related Performance Revenues Segment Earnings Summary (Q2 2025 vs Q2 2024) | Metric ($ in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | **Fee Related Earnings** | $1,459,503 | $1,110,970 | 31% | | **Total Segment Distributable Earnings** | $1,785,421 | $1,419,374 | 26% | | **DE per Common Share** | $1.21 | $0.96 | 26% | - Fee Related Performance Revenues saw a substantial increase of **167% YoY**, reaching **$472 million** in Q2 2025[15](index=15&type=chunk) [Investment Performance](index=8&type=section&id=Investment%20Performance) Blackstone's investment performance was strong in Q2 2025, with appreciation across nearly all strategies, notably Corporate Private Equity, contributing to a rise in Net Accrued Performance Revenues - Net Accrued Performance Revenues rose to **$6.6 billion** (**$5.37/share**) due to appreciation across most strategies[17](index=17&type=chunk) Q2 2025 Investment Performance (Appreciation / Gross Returns) | Strategy | 2Q'25 | 2Q'25 LTM | | :--- | :--- | :--- | | **Corporate Private Equity** | 5.1% | 17.2% | | **Secondaries** | 6.6% | 10.9% | | **Infrastructure** | 2.9% | 19.1% | | **Private Credit** | 3.0% | 13.3% | | **Real Estate (Opportunistic)** | 0.1% | (3.6)% | [Capital and Asset Management](index=9&type=section&id=Capital%20and%20Asset%20Management) Blackstone significantly expanded its capital base and assets under management in Q2 2025, driven by substantial inflows and strategic deployments [Capital Metrics](index=9&type=section&id=CAPITAL%20METRICS%20%E2%80%93%20ADDITIONAL%20DETAIL) In Q2 2025, Blackstone attracted $52.1 billion in inflows, deployed $33.1 billion, and realized $23.4 billion, with Credit & Insurance being the largest contributor to inflows and deployment Capital Metrics by Segment - Q2 2025 ($ in millions) | Segment | Inflows | Capital Deployed | Realizations | | :--- | :--- | :--- | :--- | | **Real Estate** | $7,222 | $6,168 | $5,249 | | **Private Equity** | $15,323 | $11,759 | $7,316 | | **Credit & Insurance** | $26,818 | $14,098 | $9,962 | | **Multi-Asset Investing** | $2,714 | $1,055 | $825 | | **Total Blackstone** | **$52,077** | **$33,080** | **$23,352** | - The firm committed an additional **$19.5 billion** during the quarter that was not yet deployed[24](index=24&type=chunk) [Assets Under Management (AUM)](index=10&type=section&id=ASSETS%20UNDER%20MANAGEMENT) Blackstone's Total AUM grew 13% year-over-year to $1.211 trillion as of June 30, 2025, with Fee-Earning AUM increasing 10% and Perpetual Capital AUM rising 16% AUM Summary as of June 30, 2025 | AUM Category | Amount ($B) | YoY Change | | :--- | :--- | :--- | | **Total AUM** | $1,211.2 | +13% | | **Fee-Earning AUM** | $887.1 | +10% | | **Perpetual Capital AUM** | $484.6 | +16% | - Fee-Earning Perpetual Capital AUM increased to **$415.9 billion**, representing **47%** of total Fee-Earning AUM[27](index=27&type=chunk) [Additional Capital Detail](index=11&type=section&id=ADDITIONAL%20CAPITAL%20DETAIL) As of quarter-end, Blackstone maintained $181.2 billion in Total Dry Powder for future investments, while Invested Performance Eligible AUM grew 14% year-over-year to $604.4 billion - Total Dry Powder available for future investments stands at **$181.2 billion**[32](index=32&type=chunk) - Invested Performance Eligible AUM increased by **14% year-over-year** to **$604.4 billion**[32](index=32&type=chunk) [Segment Highlights](index=12&type=section&id=Segment%20Highlights) Blackstone's segments demonstrated varied performance in Q2 2025, with Private Equity and Credit & Insurance showing strong AUM and earnings growth [Real Estate](index=14&type=section&id=REAL%20ESTATE) The Real Estate segment reported a slight 3% YoY decrease in Total AUM to $325.0 billion, but saw a 10% increase in Segment Distributable Earnings to $566 million, driven by higher Fee Related Earnings Real Estate Segment Financials (Q2 2025 vs Q2 2024) | Metric ($ in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | **Segment Distributable Earnings** | $565,870 | $516,511 | 10% | | **Fee Related Earnings** | $543,625 | $481,281 | 13% | | **Total AUM** | $324,994,725 | $336,100,271 | (3)% | - Key inflows included **$2.4 billion** in BREDS and **$1.1 billion** in BREIT, with capital deployment focused on commercial real estate loans and an industrial portfolio[40](index=40&type=chunk) [Private Equity](index=15&type=section&id=PRIVATE%20EQUITY) The Private Equity segment demonstrated robust growth, with Total AUM increasing 18% YoY to $388.9 billion and Segment Distributable Earnings surging 55% to $751 million, driven by strong fund appreciation Private Equity Segment Financials (Q2 2025 vs Q2 2024) | Metric ($ in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | **Segment Distributable Earnings** | $751,419 | $485,811 | 55% | | **Fee Related Earnings** | $519,404 | $278,050 | 87% | | **Total AUM** | $388,907,242 | $330,589,586 | 18% | - Quarterly inflows of **$15.3 billion** were driven by fundraising for Infrastructure, a new Asia fund, and Secondaries, with **$11.8 billion** in capital deployed[43](index=43&type=chunk) - Corporate Private Equity appreciated **5.1%** in the quarter and **17.2%** over the LTM, while Infrastructure appreciated **2.9%** in the quarter and **19.1%** over the LTM[43](index=43&type=chunk) [Credit & Insurance](index=16&type=section&id=CREDIT%20%26%20INSURANCE) The Credit & Insurance segment's Total AUM grew 23% YoY to $407.3 billion, fueled by $26.8 billion in inflows and a 12% rise in Segment Distributable Earnings to $396 million Credit & Insurance Segment Financials (Q2 2025 vs Q2 2024) | Metric ($ in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | **Segment Distributable Earnings** | $395,785 | $354,079 | 12% | | **Fee Related Earnings** | $333,025 | $297,059 | 12% | | **Total AUM** | $407,296,172 | $330,117,204 | 23% | - Inflows included **$8.9 billion** for the global direct lending strategy and **$7.1 billion** for infrastructure and asset-based credit, alongside a new partnership with Legal & General (L&G)[46](index=46&type=chunk) [Multi-Asset Investing](index=17&type=section&id=MULTI-ASSET%20INVESTING) The Multi-Asset Investing segment's Total AUM increased 13% YoY to $90.0 billion, with Segment Distributable Earnings growing 15% to $72 million, and its Absolute Return Composite outperforming the HFRX Global Hedge Fund Index Multi-Asset Investing Segment Financials (Q2 2025 vs Q2 2024) | Metric ($ in thousands) | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | **Segment Distributable Earnings** | $72,347 | $62,973 | 15% | | **Fee Related Earnings** | $63,449 | $54,580 | 16% | | **Total AUM** | $90,009,202 | $79,564,750 | 13% | - The Absolute Return Composite's gross return of **2.8%** in Q2 (**11.8% LTM**) significantly outperformed the HFRX Global Hedge Fund Index's return of **1.8%** (**4.7% LTM**)[49](index=49&type=chunk) [Shareholder Returns](index=27&type=section&id=Shareholder%20Returns) Blackstone delivered increased shareholder returns in Q2 2025 through higher dividends per share and continued share repurchase activity [Dividends](index=27&type=section&id=SHAREHOLDER%20DIVIDENDS) Blackstone generated $1.21 of Distributable Earnings (DE) per common share in Q2 2025, a 26% increase, leading to a declared quarterly dividend of $1.03 per common share, also up 26% YoY Dividend and Earnings Per Share (Q2 2025 vs Q2 2024) | Per Share Data | 2Q'25 | 2Q'24 | % Change | | :--- | :--- | :--- | :--- | | **DE per Common Share** | $1.21 | $0.96 | 26% | | **Actual Dividend per Common Share** | $1.03 | $0.82 | 26% | [Share Repurchases and Outstanding Shares](index=28&type=section&id=Share%20Repurchases%20and%20Outstanding%20Shares) During Q2 2025, Blackstone repurchased 0.2 million common shares, with $1.8 billion remaining under its authorization, and total Distributable Earnings Shares Outstanding at 1.23 billion - Repurchased **0.2 million** common shares in Q2 2025 and **1.7 million** over the LTM[81](index=81&type=chunk) - The remaining share repurchase authorization was **$1.8 billion** as of June 30, 2025[81](index=81&type=chunk) Share Count Summary (as of Q2 2025) | Share Category | Number of Shares | | :--- | :--- | | **Participating Common Shares** | 782,567,390 | | **Participating Partnership Units** | 447,574,842 | | **Total DE Shares Outstanding** | 1,230,142,232 | [Supplemental Information and Disclosures](index=18&type=section&id=Supplemental%20Information%20and%20Disclosures) This section provides additional financial details, including balance sheet highlights, detailed performance revenues, investment records, and reconciliations of GAAP to non-GAAP measures [Balance Sheet Highlights](index=21&type=section&id=Balance%20Sheet%20Highlights) As of June 30, 2025, Blackstone maintained a strong and liquid balance sheet with $10.6 billion in total cash and investments, and $20.5 billion in total cash and net investments Balance Sheet Summary (Deconsolidated, as of June 30, 2025) | Item ($ in millions) | Amount | | :--- | :--- | | **Cash and Cash Equivalents** | $2,235 | | **Corporate Treasury and Other Investments** | $8,336 | | **Total Cash and Investments** | **$10,571** | | **Outstanding Debt (at par)** | $12,004 | | **Cash and Net Investments** | $20,468 | - The company maintains A+/A+ credit ratings and has a **$4.3 billion** credit revolver with **$3.6 billion** undrawn capacity[57](index=57&type=chunk) [Net Accrued Performance Revenues Detail](index=22&type=section&id=NET%20ACCURUED%20PERFORMANCE%20REVENUES%20%E2%80%93%20ADDITIONAL%20DETAIL) Net Accrued Performance Revenues (NAPR) totaled $6.6 billion at the end of Q2 2025, with the Private Equity segment being the largest contributor at $5.2 billion Net Accrued Performance Revenues by Segment (as of June 30, 2025) | Segment ($ in millions) | Amount | Per Share | | :--- | :--- | :--- | | **Real Estate** | $923 | $0.75 | | **Private Equity** | $5,212 | $4.24 | | **Credit & Insurance** | $369 | $0.30 | | **Multi-Asset Investing** | $103 | $0.08 | | **Total** | **$6,608** | **$5.37** | - The QoQ increase in NAPR was driven by **$840 million** in net performance revenues, partially offset by **$631 million** in net realized distributions[59](index=59&type=chunk) [Investment Records](index=23&type=section&id=INVESTMENT%20RECORDS%20AS%20OF%20JUNE%2030%2C%202025%28a%29) This section details the performance of Blackstone's individual funds, providing key metrics like MOIC and Net IRR for drawdown and perpetual capital strategies - The Total Global BREP (Blackstone Real Estate Partners) funds show a total MOIC of **1.8x** and a total net IRR of **14%**[62](index=62&type=chunk) - The Total Corporate Private Equity funds show a total MOIC of **2.0x** and a total net IRR of **15%**[62](index=62&type=chunk) - Performance for selected perpetual capital strategies is also detailed, including BREIT (**9% total net return**), BIP (**17% total net return**), and BCRED (**10% total net return**)[66](index=66&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=29&type=section&id=Reconciliations%20and%20Disclosures) This section provides detailed reconciliations of GAAP financial results to non-GAAP measures like Distributable Earnings and Fee Related Earnings, explaining key adjustments - Provides a full reconciliation from GAAP Net Income Attributable to Blackstone Inc. to Distributable Earnings (DE) and Fee Related Earnings (FRE)[86](index=86&type=chunk) - Details adjustments for non-cash or non-operational items such as unrealized gains/losses, amortization of intangibles, and equity-based compensation[86](index=86&type=chunk) - Includes reconciliation of GAAP shares outstanding to the Distributable Earnings shares outstanding used for per-share calculations[97](index=97&type=chunk) [Definitions and Dividend Policy](index=40&type=section&id=DEFINITIONS%20AND%20DIVIDEND%20POLICY) Blackstone defines its key non-GAAP metrics, including Segment Distributable Earnings, Distributable Earnings, Fee Related Earnings, and Adjusted EBITDA, and outlines its dividend policy of paying approximately 85% of Distributable Earnings quarterly - Defines key non-GAAP metrics: Distributable Earnings (DE) as a measure of realized earnings available for distribution, and Fee Related Earnings (FRE) as a measure of recurring profits[116](index=116&type=chunk) - The stated dividend policy is to pay holders of common stock a quarterly dividend of approximately **85%** of Blackstone Inc.'s share of Distributable Earnings[118](index=118&type=chunk) - The declaration and payment of dividends are at the sole discretion of the board of directors and the policy can be changed at any time[118](index=118&type=chunk)

Read This Next: Analysts expect the New York-based company to report quarterly earnings at $1.1 per share, up from 96 cents per share in the year-ago period. Blackstone is projected to report quarterly revenue of $2.81 billion, compared to $2.52 billion a year earlier, according to data from Benzinga Pro. Blackstone shares gained 1.5% to close at $171.96 on Wednesday. Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, ana ...

Group 1 - Elon Musk remains the richest person in the world with a net worth of $414.9 billion, showing a slight increase of $125.3 million or 0.06% [2] - Larry Ellison ranks second with a net worth of $287.8 billion, increasing by $1.41 billion or 1.44% [2] - Mark Zuckerberg's net worth is $246.2 billion, up by $300 million or 1.23% [2] - Jeff Bezos holds the fourth position with a net worth of $241.2 billion, with a modest increase of $74.2 million or 0.31% [2] - Larry Page and Sergey Brin, co-founders of Google, have net worths of $156.8 billion and $149.7 billion respectively, both experiencing slight declines [2] Group 2 - Nvidia's CEO Jensen Huang has a net worth of $148.7 billion, increasing by $3.2 billion or 2.22% [2] - The Arnault family, associated with LVMH, has a net worth of $148.6 billion, up by $4.2 billion or 2.9% [2] - Warren Buffett's net worth is $144.4 billion, with an increase of $1.7 billion or 1.17% [2] - Steve Ballmer, former Microsoft CEO, has a net worth of $142.5 billion, increasing by $134 million or 0.09% [2] - Michael Dell's net worth stands at $127.2 billion, with an increase of $2 billion or 1.56% [2] Group 3 - Amancio Ortega has a net worth of $117.6 billion, increasing by $1.9 billion or 1.6% [3] - Bill Gates' net worth is $117.3 billion, with a slight increase of $36.8 million or 0.31% [3] - The Walton family members, Rob and Jim, have net worths of $114.9 billion and $113.8 billion respectively, both showing slight declines [3] - Mukesh Ambani's net worth is $107.7 billion, increasing by $895 million or 0.84% [3] - The Koch family has a net worth of $67.5 billion, remaining unchanged [3]