"Bringing superintelligence at scale to the world is going to lead to a huge shift in productivity," says Blackstone President and COO Jon Gray about the company's investment in AI https://bloom.bg/3IKZpBp ...

Core Insights - Blackstone's second-quarter 2025 distributable earnings of $1.21 per share exceeded the Zacks Consensus Estimate of $1.10, marking a 26% increase from the prior-year quarter [1][9] - The company's shares rose nearly 2% in pre-market trading due to the better-than-expected quarterly performance [1] - Results were driven by higher segment revenues and an increase in assets under management (AUM), although GAAP expenses increased, presenting a challenge [1] Financial Performance - Net income attributable to Blackstone reached $764.2 million, a significant surge of 72% from the year-ago quarter [2] - Total segment revenues for the quarter were $3.07 billion, a 22% year-over-year increase, surpassing the Zacks Consensus Estimate of $2.75 billion [3][9] - On a GAAP basis, revenues were $3.71 billion, reflecting a 33% growth [3] - Total GAAP expenses amounted to $1.93 billion, rising 18% year over year [3] Assets Under Management - As of June 30, 2025, Blackstone's fee-earning AUM grew 10% year over year to $887.1 billion [5] - The total AUM reached $1.21 trillion, up 13%, primarily driven by $52.1 billion in inflows during the reported quarter [5][9] - The undrawn capital available for investment was $181.2 billion as of June 30, 2025 [5] Share Repurchase Activity - During the reported quarter, Blackstone repurchased 0.2 million shares [6] - As of June 30, 2025, there was $1.4 billion worth of buyback authorization remaining [6] Strategic Outlook - Blackstone is positioned for top-line growth, supported by a continuous rise in AUM and strong fundraising capabilities [7] - However, high expenses and a challenging operating environment may impact the bottom line in the near term [7]

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]

Blackstone is partnering with Wellington and Vanguard to bring private assets to the masses. The Trump administration is getting on board and Main Street investors could benefit, so long as they know the risks. (Photo: Michael Prince for Forbes) https://t.co/ly0RWRs01Z https://t.co/943VbhdHrN ...

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]

Financial Performance - Blackstone's earnings per share exceeded estimates by $0.11 [1] - Blackstone's revenue reached $3.1 billion, surpassing expectations [1] - Total assets under management increased by 13% year-over-year, reaching $1.2 trillion [1] Business Development & Strategy - Blackstone experienced the most significant fund appreciation in nearly four years [3] - Blackstone raised an additional $52 billion in inflows [3] - Blackstone anticipates a cyclical upturn driven by a revitalized deal environment [3] - Blackstone sees secular trends in private wealth, private credit, and infrastructure contributing to long-term growth [4] - Blackstone's private equity companies experienced high single-digit revenue growth and margin expansion in Q2 [6] Market & Industry Outlook - Blackstone observes resilience in its portfolio companies, despite challenges in manufacturing and retailing [6] - Blackstone notes that default rates among non-investment grade borrowers are low, at just 50 basis points [8] - Blackstone identifies AI, energy, and digital infrastructure as potential drivers of productivity and economic growth [9] - Blackstone acknowledges the risk of excesses in the data center and AI energy space due to significant investment [10][11][12] - The digital infrastructure sector requires new power capabilities and generation to support growing demand, with a focus on consumer needs [16]

Blackstone reported a 25% jump in distributable earnings for the second quarter, buoyed by profits from its retail and evergreen funds https://t.co/bbUTVmehAY ...

[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)