Blackstone(BX) - 2025 Q1 - Quarterly Results

Financial Performance - GAAP Net Income for Q1 2025 was $1.2 billion, with Net Income Attributable to Blackstone Inc. at$615 million[11]. - Total Revenues for Q1 2025 were $3.29 billion, a decrease from$3.69 billion in Q1 2024[12]. - Distributable Earnings for Q1 2025 reached $1,410,805 thousand, representing an 11$0.80 for Q1 2025, down from $1.12 in Q1 2024[77]. - Total expenses rose to$1,894,432 in Q1 2025, an increase of 5.8% from $1,790,407 in Q1 2024[77]. - Adjusted EBITDA for Q1 2025 was$1,738,711, up from $1,577,216 in Q1 2024, representing a growth of 10.2$0.93, a 12% increase from the previous quarter[71]. Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $1.167 trillion, with Fee-Earning AUM at$860.1 billion[14]. - Total AUM increased to $1,167.5 billion, up 10$61.6 billion in the quarter and $199.1 billion over the LTM[26]. - As of March 31, 2025, Blackstone reported a total Fee-Earning AUM of$860.07 billion, reflecting a 4% increase from the previous year[49]. - Total AUM for Multi-Asset Investing increased by 12% to $87.8 billion with inflows of$3.4 billion in the quarter[44]. Inflows and Deployments - Blackstone reported inflows of $62 billion in Q1 2025, the highest level in nearly three years[2]. - The company deployed$36.4 billion in Q1 2025, with realizations of $25.5 billion during the same period[14]. - Inflows for Real Estate were$6.2 billion in the quarter and $26.0 billion over the LTM, with capital deployed of$5.2 billion in the quarter[35]. - Private Equity total AUM increased 16% to $371.0 billion, with inflows of$21.7 billion in the quarter and $55.6 billion over the LTM[38]. Performance Metrics - Private Credit net returns were 2.0$91.6 million in 1Q'25 compared to 1Q'24, and increased by 88% to $389.6 million over the LTM[40]. - Fee Related Earnings (FRE) for Q1 2025 were$1.3 billion ($1.03/share), with Distributable Earnings (DE) at$1.4 billion ($1.09/share)[14]. - Total Management and Advisory Fees, Net reached$1.89 billion in 1Q'25, reflecting a growth from $1.71 billion in 1Q'24[47]. Shareholder Returns - Blackstone declared a quarterly dividend of$0.93 per share, payable on May 5, 2025[3]. - The remaining available authorization for share repurchase was $1.8 billion as of March 31, 2025[74]. - Blackstone repurchased 0.2 million common shares in Q1 2025, totaling 3.5 million shares over the last twelve months[14]. Market Conditions and Strategy - The company is well-positioned with$177 billion of dry powder to deploy in the current market environment[2]. - The company expects current market activity to impact reported results in upcoming quarters, indicating a focus on adapting to market conditions[105]. - Forward-looking statements reflect the company's current views on operations, earnings, and financial performance, subject to various risks and uncertainties[111]. Investment Performance - Total investments as of March 31, 2025, amount to $58.92 billion, with a net IRR of 10$594 million in Real Estate, $1.5 billion in Private Equity,$988 million in Credit & Insurance, and $113 million in Multi-Asset Investing[104].