Blackstone(US:BX)2025-10-23 10:57Financial 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].