Funding & Expansion - AirTrunk 获得 18 亿美元贷款，用于在新加坡建设第二个数据中心 [1] - AirTrunk 由 Blackstone 提供支持 [1] Industry Focus - 数据中心行业在新加坡持续扩张 [1]

MetaMask is expected to announce details of its U.S. dollar-pegged stablecoin mUSD as early as this week, with launch planned by month-end. The token will be issued with support from Bridge and M^0, and Blackstone will provide custody and treasury management services. https://t.co/72qggFjvPh ...

Blackstone and Goldman Sachs' asset management arm are leading a nearly $1 billion private debt deal to help fund Advent International’s acquisition of Israeli software provider Sapiens International, source says https://t.co/0bDVllDNzV ...

Blackstone's QTS raised $1.65 billion through a privately placed sale of high-grade bonds, people with knowledge of the matter said, as the firm looks to finance data center projects in the US https://t.co/UC3ipURK3z ...

Blackstone-owned Horizon Industrial Parks is considering an IPO in Mumbai next year that could raise about $500 million https://t.co/hZ1kVYKt5G ...

Investors interested in Financial - Miscellaneous Services stocks are likely familiar with Grupo Financiero Banorte SAB de CV (GBOOY) and Blackstone Inc. (BX) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look. We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate re ...

Real Estate Portfolio - Blackstone's real estate division owns at least 274,000 rental housing units, potentially making it one of the largest landlords in the US [1] - The rental housing portfolio is concentrated in Sun Belt regions like Texas, Georgia, and Florida, with a focus on apartments and a smaller portion of single-family homes [1] - The company also invests in mobile home parks and student housing [2] Investment Strategy - Blackstone focuses on job and population growth when making investment decisions, explaining the concentration in the Sun Belt and coastal urban areas [2] - Blackstone is expanding its single-family portfolio through Tricon Residential [2] Market Dynamics - As new housing permits and construction starts decline, market rate rents could increase rapidly [3] - High rental prices are a significant issue in cities like New York [3] - 收购发生在 2024 年 [3]

Part I. Financial Information [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Blackstone's unaudited condensed consolidated financial statements for Q2 2025 show total assets increased to **$45.4 billion**, quarterly revenue rose to **$3.7 billion**, and net income reached **$1.6 billion** [Condensed Consolidated Statements of Financial Condition](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) Blackstone's total assets increased to **$45.4 billion** as of June 30, 2025, driven by investments, while total equity rose to **$19.6 billion** Condensed Consolidated Statements of Financial Condition (Unaudited) (In Thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$45,373,094** | **$43,469,875** | | Cash and Cash Equivalents | $2,235,499 | $1,972,140 | | Investments | $31,135,504 | $29,800,566 | | **Total Liabilities** | **$24,294,214** | **$23,974,860** | | Loans Payable | $12,008,870 | $11,320,956 | | Accrued Compensation and Benefits | $6,065,974 | $6,087,700 | | **Total Equity** | **$19,591,751** | **$18,693,616** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Blackstone reported a **33%** increase in Q2 2025 total revenues to **$3.7 billion**, driven by higher investment income, with net income attributable to Blackstone Inc. rising to **$764.2 million** Q2 and Six Months Ended June 30, 2025 vs 2024 Performance (In Thousands) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$3,711,900** | **$2,796,381** | **$7,001,358** | **$6,484,209** | | Management and Advisory Fees, Net | $2,035,495 | $1,787,313 | $3,939,812 | $3,514,461 | | Total Investment Income | $1,605,665 | $696,139 | $2,775,171 | $2,334,819 | | **Total Expenses** | **$1,932,603** | **$1,632,706** | **$3,827,035** | **$3,423,113** | | **Net Income Attributable to Blackstone Inc.** | **$764,244** | **$444,414** | **$1,379,096** | **$1,291,800** | | **Diluted EPS** | **$0.98** | **$0.58** | **$1.77** | **$1.69** | [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$2.0 billion** for the six months ended June 30, 2025, with cash at period-end totaling **$2.55 billion** Cash Flow Summary (Six Months Ended June 30) (In Thousands) | | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | **$1,997,721** | **$2,098,407** | | Net Cash Used in Investing Activities | ($69,424) | ($30,136) | | **Net Cash Used in Financing Activities** | **($1,571,881)** | **($2,732,521)** | | Net Increase (Decrease) in Cash | $373,257 | ($671,234) | | **Cash at End of Period** | **$2,549,449** | **$2,600,829** | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail significant accounting policies, including revenue recognition and fair value measurements, and disclose key financial structures like investments, borrowings, and clawback obligations - Blackstone's business is organized into four segments: Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing[57](index=57&type=chunk) - Performance Allocations (carried interest) are calculated at each reporting period as if the underlying investments were realized at their current fair value, and are subject to clawback[81](index=81&type=chunk)[82](index=82&type=chunk) Clawback Obligations by Segment (June 30, 2025) (In Thousands) | Segment | Blackstone Holdings | Former Personnel | Total | | :--- | :--- | :--- | :--- | | Real Estate | $316,407 | $145,285 | $461,692 | | Private Equity | $23,161 | $15,275 | $38,436 | | Credit & Insurance | $1,478 | $1,599 | $3,077 | | **Total** | **$341,046** | **$162,159** | **$503,205** | - If all carry fund investments were worthless at June 30, 2025, the potential clawback would be **$7.9 billion**, a scenario management views as remote[255](index=255&type=chunk) [Unaudited Supplemental Presentation of Statements of Financial Condition](index=68&type=section&id=Item%201A.%20Unaudited%20Supplemental%20Presentation%20of%20Statements%20of%20Financial%20Condition) This section provides unaudited consolidating statements of financial condition, breaking down the balance sheet into operating partnerships and consolidated funds for clearer insight - As of June 30, 2025, the Consolidated Operating Partnerships held **$40.9 billion** in total assets, while the Consolidated Blackstone Funds held **$5.8 billion** in total assets[289](index=289&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=71&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the business environment, key financial measures, and consolidated results, highlighting a **33%** rise in Q2 2025 revenues to **$3.7 billion** and growth in Assets Under Management to **$1.21 trillion** [Our Business](index=71&type=section&id=Our%20Business) Blackstone operates as the world's largest alternative asset manager across four segments: Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing - Blackstone's business is organized into four segments: Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing[297](index=297&type=chunk) - Revenue is generated from management fees, transaction fees, capital markets services, and performance revenues (carried interest and incentive fees)[296](index=296&type=chunk) [Business Environment](index=74&type=section&id=Business%20Environment) Q2 2025 saw a rebound in equity markets, with the S&P 500 returning **10.9%**, resilient U.S. GDP growth of **3.0%**, and increased capital markets activity - The S&P 500 index delivered a total return of **10.9%** in Q2 2025, rebounding from an early-quarter decline[317](index=317&type=chunk) - The U.S. economy demonstrated resilience with real GDP growth of **3.0%** quarter-over-quarter and June CPI inflation moderating to **2.7%** year-over-year[318](index=318&type=chunk)[320](index=320&type=chunk) - The Federal Reserve maintained the federal funds target range at **4.25-4.50%** through its July 2025 meeting[318](index=318&type=chunk) - U.S. IPO and M&A deal volumes were up approximately **50%** year-over-year in Q2 2025, indicating increased market transaction activity[321](index=321&type=chunk) [Consolidated Results of Operations](index=81&type=section&id=Consolidated%20Results%20of%20Operations) Q2 2025 total revenues increased **33%** to **$3.7 billion**, driven by a **131%** surge in Investment Income, leading to a **58%** rise in Income Before Taxes Consolidated Results of Operations Highlights (In Thousands) | | Q2 2025 | Q2 2024 | % Change | YTD 2025 | YTD 2024 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$3,711,900** | **$2,796,381** | **33%** | **$7,001,358** | **$6,484,209** | **8%** | | Total Investment Income (Loss) | $1,605,665 | $696,139 | 131% | $2,775,171 | $2,334,819 | 19% | | **Total Expenses** | **$1,932,603** | **$1,632,706** | **18%** | **$3,827,035** | **$3,423,113** | **12%** | | **Income Before Provision for Taxes** | **$1,915,627** | **$1,208,609** | **58%** | **$3,368,228** | **$3,088,263** | **9%** | - The increase in Q2 2025 revenues was primarily driven by a **$909.5 million** increase in Investment Income, which included a **$588.2 million** rise in Unrealized Investment Income[359](index=359&type=chunk)[360](index=360&type=chunk) - The increase in Q2 2025 expenses was mainly due to a **$215.3 million** rise in Total Compensation and Benefits, reflecting higher compensation tied to increased revenues and performance[361](index=361&type=chunk) [Segment Analysis](index=106&type=section&id=Segment%20Analysis) This section details the performance of Blackstone's four business segments, with Private Equity contributing the most to Q2 2025 Segment Distributable Earnings at **$751.4 million** Total Segment Distributable Earnings (Q2 2025 vs Q2 2024) (In Thousands) | | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Real Estate | $565,870 | $516,511 | | Private Equity | $751,419 | $485,811 | | Credit & Insurance | $395,785 | $354,079 | | Multi-Asset Investing | $72,347 | $62,973 | | **Total** | **$1,785,421** | **$1,419,374** | [Liquidity and Capital Resources](index=127&type=section&id=Liquidity%20and%20Capital%20Resources) Blackstone maintains strong liquidity with **$2.2 billion** in cash and a **$4.325 billion** revolving credit facility, supporting business growth and a **$1.8 billion** share repurchase program - As of June 30, 2025, Blackstone had **$2.2 billion** in Cash and Cash Equivalents, **$229.5 million** in Corporate Treasury Investments, and **$6.8 billion** in Other Investments[532](index=532&type=chunk) - The company has a **$4.325 billion** committed Revolving Credit Facility, of which **$750.0 million** was outstanding as of June 30, 2025[532](index=532&type=chunk)[545](index=545&type=chunk) - As of June 30, 2025, Blackstone had remaining investment commitments of **$4.7 billion**[229](index=229&type=chunk) - The share repurchase program, authorized for up to **$2.0 billion**, had **$1.8 billion** remaining available for repurchases as of June 30, 2025[554](index=554&type=chunk)[210](index=210&type=chunk) - The company's dividend policy targets paying approximately **85%** of its share of Distributable Earnings. A dividend of **$1.03 per share** was paid for Q2 2025[556](index=556&type=chunk)[562](index=562&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=143&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes occurred in Blackstone's market risks as of June 30, 2025, with predominant exposure remaining in fair value movements of investments - There were no material changes in Blackstone's market risks as of June 30, 2025, compared to December 31, 2024[589](index=589&type=chunk) [Controls and Procedures](index=143&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[591](index=591&type=chunk) - There were no material changes to the company's internal control over financial reporting during the most recent quarter[592](index=592&type=chunk) Part II. Other Information [Legal Proceedings](index=144&type=section&id=Item%201.%20Legal%20Proceedings) Blackstone is involved in ongoing legal proceedings, including litigation with the Kentucky Retirement System, but does not expect a material impact on its financial statements - Blackstone is involved in litigation with the Kentucky Retirement System (KRS); a settlement reached in January 2025 was terminated in May 2025, and discussions are ongoing[245](index=245&type=chunk) - The company does not expect any pending legal proceedings to have a material impact on its condensed consolidated financial statements[594](index=594&type=chunk) [Risk Factors](index=144&type=section&id=Item%201A.%20Risk%20Factors) This section directs investors to the company's 2024 Form 10-K for a full discussion of market and geopolitical risk factors - Investors are directed to the Risk Factors section of the company's 2024 Form 10-K for a full discussion of potential risks and uncertainties[595](index=595&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=144&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Blackstone repurchased **200,000** shares for **$27.8 million** in Q2 2025 under a **$2.0 billion** program, with **$1.75 billion** remaining available Share Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Apr. 1 - Apr. 30, 2025 | 27,270 | $132.06 | | May 1 - May 31, 2025 | 95,448 | $140.75 | | Jun. 1 - Jun. 30, 2025 | 77,282 | $139.45 | | **Total** | **200,000** | **N/A** | - The board of directors authorized a repurchase program of up to **$2.0 billion** on July 16, 2024, with approximately **$1.8 billion** remaining available as of June 30, 2025[598](index=598&type=chunk)[210](index=210&type=chunk) [Other Information](index=146&type=section&id=Item%205.%20Other%20Information) Eight directors were re-elected to Blackstone Inc.'s board on August 6, 2025, and the 2025 annual stockholders' meeting is scheduled virtually for September 18, 2025 - On August 6, 2025, eight directors were re-elected to the board of Blackstone Inc.[603](index=603&type=chunk) - The 2025 annual meeting of stockholders is scheduled for September 18, 2025, and will be held in a virtual format[604](index=604&type=chunk)

New World is in talks with several potential investors including Blackstone and CapitaLand as the cash-strapped Hong Kong developer seeks to dispose of assets to improve liquidity, according to people familiar with the matter. https://t.co/zGQYQsL3Dq ...

Blackstone and Thoma Bravo are in talks with Australian financial technology software firm Iress over a possible takeover that could value the firm at about A$2 billion https://t.co/XRHglsHdck ...