Financial Performance - Blackstone reported a GAAP Net Income of $2.0 billion for Q4 2025 and $6.0 billion for the full year 2025, with Net Income Attributable to Blackstone Inc. at $1.0 billion for the quarter and $3.0 billion for the year[12]. - Total Revenues for Q4 2025 were $4.36 billion, a 41.5% increase from $3.08 billion in Q4 2024, while full year revenues rose to $14.45 billion from $13.23 billion, marking a 9.2% increase[13]. - Distributable Earnings (DE) for Q4 2025 were $2.2 billion ($1.75/share), with annual DE totaling $7.1 billion ($5.57/share), reflecting a 19% increase year-over-year[15]. - Fee Related Earnings (FRE) for Q4 2025 were $1.5 billion ($1.25/share), while for the full year, FRE was $5.7 billion ($4.67/share)[15]. - The actual dividend per common share for Q4 2025 was $1.49, a 3% increase from the previous quarter, with a full-year total of $4.74, reflecting a 20% increase compared to FY 2024[80]. - Distributable Earnings for FY 2025 were $7,110,864, up from $5,966,742 in FY 2024, representing a 19.2% growth[87]. - Adjusted EBITDA for FY 2025 reached $8,397,293, an increase from $7,220,112 in FY 2024, indicating a 16.3% rise[87]. Assets Under Management (AUM) - Blackstone achieved inflows of $71.5 billion in Q4 2025 and $239.4 billion for the full year, with total Assets Under Management (AUM) reaching $1.27 trillion[15]. - Total Assets Under Management (AUM) increased to $1,274.9 billion, up 13% year-over-year[30]. - Fee-Earning AUM reached $921.7 billion, an 11% increase year-over-year[30]. - Invested Performance Eligible AUM was $624.2 billion, up 11% year-over-year[33]. - Total Dry Powder available for future investments was $198.3 billion[33]. Capital Deployment and Realizations - The company deployed $42.2 billion in capital during Q4 2025 and $138.2 billion for the full year, with realizations of $46.1 billion in Q4 and $125.6 billion for the year[15]. - Capital deployed in the quarter was $42.2 billion, with a total of $138.2 billion for the year[27]. - Realizations amounted to $46.1 billion in the quarter and $125.6 billion for the year[27]. Shareholder Returns - Blackstone repurchased 0.2 million common shares in Q4 2025 and 0.8 million shares for the full year, distributing $2.0 billion to shareholders in Q4 and $6.2 billion for the year through dividends and share repurchases[15]. - The company declared a quarterly dividend of $1.49 per share, payable on February 17, 2026, with total dividends for the year amounting to $4.74 per share[15]. Investment Performance - Investment performance for Infrastructure was particularly strong, with a gross return of 8.4% in Q4 2025 and 23.5% for the full year[20]. - Corporate Private Equity appreciated 5.0% in the quarter and 13.8% for the year[44]. - Private Equity AUM increased 18% to $416.4 billion, with inflows of $20.3 billion in the quarter[44]. Debt and Liquidity - As of December 31, 2025, Blackstone reported a total cash, cash equivalents, corporate treasury, and other investments of $11.3 billion, with cash and net investments amounting to $20.9 billion or $17.05 per share[58]. - Blackstone's outstanding debt at par was $12.447 billion as of December 31, 2025[57]. - The company maintained A+/A+ ratings from S&P and Fitch, supported by a $4.3 billion credit revolver maturing in October 2030[58]. Market Activity and Future Outlook - The company plans to continue focusing on expanding its market presence and enhancing its product offerings through strategic investments and acquisitions[106]. - The company anticipates that current market activity will affect reported results in upcoming quarters, particularly in the Secondaries business[112]. - Blackstone's infrastructure-focused funds, including BIP and BXINFRA, are part of the metrics reported for Infrastructure appreciation[112]. Segment Performance - Total Segment Distributable Earnings for 4Q'25 were $2.5 billion, with $7.9 billion for the full year[38]. - Total Segment Realized Performance Revenues for Q4'25 are expected to reach $2,062,219, compared to $1,859,291 in Q4'24, indicating a growth of about 10.9%[105]. - Total Segment Fee Related Performance Revenues for Q4'25 are expected to be $1,057,432, compared to $865,080 in Q4'24, marking an increase of approximately 22.2%[106]. Compensation and Expenses - Compensation and benefits expenses rose to $1,536,400 in Q4 2025, a 47.9% increase from $1,039,203 in Q4 2024[86]. - Total Segment Compensation for FY'25 is anticipated to be $5,243,567, an increase from $4,854,032 in FY'24, marking a growth of around 8%[106]. - GAAP General, Administrative and Other Operating Expenses for FY'25 are projected to be $1,524,548, up from $1,361,909 in FY'24, indicating an increase of about 11.9%[106].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：何俊熹 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 引述外媒消息，黑石集团正在与新世界发展进行谈判，有望成为新世界最大单一股东。意味着郑裕彤家 族或放弃对核心重要资产的控制权。由于大型开发商转移控制权极为罕见，这项交易若达成或成为香港 商业巨头圈标志性项目。 新世界近年因举债扩张、战略误判、香港房地产市场低迷等负面因素集中爆发而陷入困境，净债务达股 东权益的98%，一度濒临违约。黑石的介入意味着新世界将有重组机会及市场的"信任票"。反映出国际 资本对香港地产的重新关注以及市场情绪的转变。 据香港政府差饷物业估价署公布，香港2025年私人住宅价格上涨3.3%，去年12月房价按月微涨0.2%， 连续第7个月录得成长，反应香港楼市已出现显著好转。（新浪财经香港站） 引述外媒消息，黑石集团正在与新世界发展进行谈判，有望成为新世界最大单一股东。意味着郑裕彤家 族或放弃对核心重要资产的控制权。由于大型开发商转移控制权极为罕见，这项交易若达成或成为香港 商业巨头圈标志性项目。 新世界近年因举债扩张、战略误判、香 ...

Group 1 - Blackstone Group is in advanced negotiations to become the largest single shareholder of New World Development, potentially gaining control of the company and marking the first time a wealthy Hong Kong family relinquishes control of a business founded over 50 years ago [1] - The proposed plan involves restructuring New World Development, which is facing financial difficulties, allowing the Cheng family to sell assets to improve liquidity [1] - New World Development, one of Hong Kong's most indebted developers, was on the brink of default last year due to a downturn in the property market after previously expanding through debt [1] Group 2 - In August 2025, there were reports of initial contacts between New World Development and Blackstone Group regarding asset sales, with Blackstone exploring the acquisition of some assets and the possibility of future privatization [2] - New World Development clarified in an announcement that neither the company nor its controlling shareholders had engaged in formal discussions regarding equity acquisition with any parties [2] - The company's assets include notable properties such as the K11 Art Mall, Hong Kong Convention and Exhibition Centre, and several iconic residential projects [2]

Core Viewpoint - President Trump's proposal to limit institutional purchases of single-family homes has negatively impacted the real estate sector and companies like Blackstone Inc. [1] Group 1: Blackstone's Exposure - Blackstone's shares experienced a decline following Trump's announcement regarding the executive order on institutional home purchases [2] - Institutional ownership in the single-family housing market is minimal, at 0.5%, with Blackstone's exposure being only 0.06% [3] - Blackstone's activities in the housing sector are mainly through its Tricon Residential platform, which is exempt from the executive order [3] Group 2: Financial Performance and Analyst Sentiment - Real estate contributed only 12.7% to Blackstone's revenue in fiscal year 2024, with housing representing an even smaller portion [4] - The company has faced negative analyst revisions, with firms like TD Cowen, UBS, and Barclays lowering their price targets [5] - Blackstone's stock closed at $146.79, down 1.09% on Wednesday, and has shown poor momentum in stock rankings [5]

Core Insights - Financial giants have shown a bullish sentiment towards Blackstone, with 37% of traders being bullish and 37% bearish, indicating a mixed outlook [1] - The analysis of options history revealed 8 unusual trades, with 5 puts valued at $689,441 and 3 calls valued at $94,853 [1] Expected Price Movements - Big players are targeting a price range for Blackstone between $120.0 and $160.0 over the past quarter [2] Insights into Volume & Open Interest - Volume and open interest data provide essential insights into liquidity and interest levels for Blackstone's options within the strike price range of $120.0 to $160.0 over the past month [3] Blackstone Option Activity Analysis - Over the last month, 3 industry analysts have set an average target price for Blackstone at $175.33 [4] Current Market Status - Trading volume for Blackstone stands at 1,932,623, with the stock price at $146.12, reflecting a decrease of -1.54% [6] - Analysts have varying ratings: Barclays maintains an Equal-Weight rating with a target price of $171, TD Cowen holds a Buy rating with a target price of $183, and UBS has a Neutral rating with a target price of $172 [6]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market engagement and confidence [1] - The Zacks Style Scores are designed to complement the Zacks Rank, aiding investors in selecting stocks likely to outperform the market in the short term [2] Zacks Style Scores Overview - Stocks are rated from A to F based on value, growth, and momentum, with higher scores indicating a better chance of outperforming the market [3] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] Value Score - The Value Score identifies stocks trading below their intrinsic value by analyzing financial ratios such as P/E, PEG, and Price/Sales [3] Growth Score - The Growth Score evaluates a company's future potential by examining projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score helps investors capitalize on price trends by assessing recent price changes and earnings estimate revisions [5] VGM Score - The VGM Score combines the three Style Scores to highlight stocks with attractive value, strong growth prospects, and positive momentum [6] Zacks Rank Integration - The Zacks Rank utilizes earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks historically yielding an average annual return of +23.83% since 1988 [7] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal returns [9] Stock Highlight: Blackstone Inc. - Blackstone Inc. is a prominent asset manager with total AUM of $1.24 trillion as of September 30, 2025, and is recognized as the first major alternative asset manager in the S&P Index [11] - The company holds a Zacks Rank of 3 (Hold) and a VGM Score of B, indicating potential for growth [11] - Blackstone is projected to achieve year-over-year earnings growth of 14.9% for the current fiscal year, supported by positive earnings estimate revisions [12]

Core Insights - The Zacks Equity Research team has highlighted several stocks, including NextEra Energy, Newmont Corp., Blackstone Inc., and Bluerock Homes Trust, in their Analyst Blog, focusing on their recent performance and outlook [1][2]. NextEra Energy, Inc. (NEE) - NextEra Energy's shares have outperformed the Zacks Utility - Electric Power industry over the past six months, with a gain of +21.9% compared to the industry's +10.4% [4]. - The company is expanding its operations through organic projects and acquisitions, with nearly 30 GW of renewable projects in its backlog [4]. - Florida's improving economy is boosting demand for its services, and the company is effectively managing debt with top-tier credit ratings [5]. Newmont Corp. (NEM) - Newmont's shares have outperformed the Zacks Mining - Gold industry over the past six months, with a gain of +103.4% compared to the industry's +95.1% [7]. - The company is making progress with growth projects, including the Tanami expansion, and has created an industry-leading portfolio through the acquisition of Newcrest [8]. - However, Newmont is facing challenges with higher production costs and lower gold production, which may impact its performance in the fourth quarter [9]. Blackstone Inc. (BX) - Blackstone's shares have declined -14.4% over the past six months, while the Zacks Financial - Miscellaneous Services industry has seen a decline of -17.2% [10]. - The company is experiencing macroeconomic uncertainties and elevated operating expenses, which are expected to hurt profits [10]. - Despite these challenges, Blackstone has a strong earnings surprise history and a solid balance sheet, which supports its ability to meet debt obligations [11][12]. Bluerock Homes Trust, Inc. (BHM) - Bluerock Homes has underperformed the Zacks REIT and Equity Trust - Residential industry over the past six months, with a decline of -37.5% compared to the industry's -4.5% [13]. - The company is facing persistent net losses and rising costs, along with a high payout ratio of 294%, which raises concerns about profitability and capital efficiency [13]. - However, Bluerock Homes has strong liquidity with $162.7 million in unrestricted cash, allowing it to fund acquisitions and developments without immediate dilution [14].

Core Viewpoint - Blackstone is strategically expanding its workforce in Asia to capitalize on the growing private wealth market, with a focus on key regions such as Japan, Australia, and South Korea [2][5]. Group 1: Blackstone's Growth and Strategy - Blackstone has over $1.2 trillion in assets under management and has seen a 15% year-over-year growth in its private wealth management segment, which has tripled in size over the past five years to reach $290 billion [3][4]. - In Q3 2025, Blackstone raised over $11 billion through its private wealth platform, more than double the amount raised in the same period last year, marking the highest level in over three years [4]. - The company plans to focus on multi-asset investment opportunities in 2026, expanding distribution channels in major global markets [4][6]. Group 2: Investment Performance and Market Outlook - Blackstone reported a record inflow of $540 billion in Q3 2025, with a total of $2.25 trillion in inflows over the past 12 months, pushing its assets under management to a new high of $1.24 trillion [6]. - The firm achieved $306 billion in investment exits in a single quarter, the highest in five years, and is poised for a potentially record-breaking year in IPOs [6][7]. - Blackstone is focusing on key investment themes such as digitalization, artificial intelligence, and energy transition, indicating a proactive approach to market opportunities [7][8].

Core Viewpoint - Blackstone is acquiring Arlington Industries, a company specializing in the design and manufacturing of electrical products, with the deal expected to close in the first quarter of 2026 [1][2]. Group 1: Acquisition Details - The acquisition involves funds managed by Blackstone Energy Transition Partners, which is Blackstone's energy-focused private equity business [2]. - The financial terms of the transaction have not been disclosed [2]. - UBS Bank and Sullivan and Cromwell are serving as financial advisor and legal counsel to Arlington, respectively [2]. Group 2: Company Profile - Arlington Industries designs and manufactures a variety of electrical products, including fittings, enclosures, and other components used in commercial, industrial, and data center facilities [3]. - The acquisition aims to leverage Blackstone's scale, resources, and global network to expand Arlington's product offerings and support its innovation and long-term growth [3]. Group 3: Blackstone Energy Transition Partners - Blackstone Energy Transition Partners has been active in several electrification and energy transition transactions recently, including companies like Alliance Technical Group and Maclean Powers Systems [4]. - The group has committed over $27 billion of equity globally across the energy transition landscape [5].

Core Viewpoint - Blackstone Inc. is expected to report a decline in quarterly earnings and revenues, with earnings per share projected at $1.51, down 10.7% year over year, and revenues forecasted at $3.61 billion, down 12.9% year over year [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 0.1% over the past 30 days, indicating a reappraisal by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts project 'Segment Revenues- Realized Principal Investment Income' to be $157.50 million, reflecting a significant increase of 514.9% from the prior-year quarter [5]. - 'Segment Revenues- Credit & Insurance- Total Management Fees, Net' is expected to reach $514.85 million, indicating a 27.5% increase year over year [5]. - 'Segment Revenues- Private Equity- Base Management Fees' is forecasted at $633.32 million, suggesting a 10.4% year-over-year increase [6]. - 'Segment Revenues- Multi-Asset Investing- Total Management Fees, Net' is estimated to be $141.90 million, reflecting a 14.2% increase from the prior-year quarter [6]. Assets Under Management - 'Fee-Earning Assets Under Management Rollforward - Private Equity' is estimated at $240.28 billion, up from $212.18 billion in the same quarter last year [7]. - 'Fee-Earning Assets Under Management Rollforward - Real Estate' is projected at $283.58 billion, compared to $278.92 billion a year ago [7]. - 'Fee-Earning Assets Under Management Rollforward - Credit & Insurance' is expected to reach $320.45 billion, up from $264.62 billion in the same quarter of the previous year [8]. - The average prediction for 'Fee-Earning Assets Under Management' is $929.32 billion, compared to $830.71 billion in the same quarter last year [8]. - 'Total Assets Under Management - Credit & Insurance' is forecasted to be $449.87 billion, up from $375.51 billion a year ago [9]. - 'Total Assets Under Management - Real Estate' is expected to reach $323.43 billion, compared to $315.35 billion last year [9]. - The overall 'Total Assets Under Management' is projected at $1,278.44 billion, up from $1,127.18 billion in the same quarter last year [10]. - 'Total Assets Under Management - Private Equity' is expected to be $410.13 billion, compared to $352.17 billion in the same quarter of the previous year [10]. Stock Performance - Over the past month, shares of Blackstone Inc. have returned -3.2%, while the Zacks S&P 500 composite has changed by +0.2% [11]. - Blackstone Inc. currently holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [11].