[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)

Read This Next: Analysts expect the New York-based company to report quarterly earnings at $1.1 per share, up from 96 cents per share in the year-ago period. Blackstone is projected to report quarterly revenue of $2.81 billion, compared to $2.52 billion a year earlier, according to data from Benzinga Pro. Blackstone shares gained 1.5% to close at $171.96 on Wednesday. Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, ana ...

Blackstone has gathered about $5 billion for its latest fund designed to make secondhand bets on infrastructure https://t.co/0uZo9GmktO ...

Market Trends - Blackstone is acquiring a majority stake in NetBrain Technologies, indicating a belief in AI's transformative potential within the $30 billion network operations solutions market [1] Investment and Acquisition - The acquisition represents a "fresh bet" on AI's impact on the network operations solutions market [1]

Market Trends - Blackstone is seeking the largest loan secured against an office building in Europe since interest rates spiked in 2022 [1] - The loan serves as a test for the nascent recovery taking hold of the continent's commercial property markets [1]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Right after I won the election, I talked to President Trump and I suggested that uh it'd be great for him to come to Pittsburgh where we could talk about the crossroads of the AI revolution, the energy revolution. Uh Pittsburgh and Pennsylvania is really at the center of both revolutions. We have the second largest energy production in the country.We have bountiful uh natural gas, fourth largest reserves in the world, incredible skilled workforce that you just referred to, incredible technology universities ...

Investment and Economic Development in Pennsylvania - Pennsylvania is positioned at the center of the energy revolution with the second largest energy production in the US and fourth largest natural gas reserves globally [2][3] - A summit in Pennsylvania resulted in $92 billion of investment announcements, including $36 billion in data centers and $50 billion in energy infrastructure and production [4] - The United Arab Emirates committed to investing $140 billion (1.4 trillion) in the United States over the next ten years, suggesting further investment potential beyond the initial $92 billion [7][8] Energy Sector Transformation - Pennsylvania is undergoing a transition from coal to natural gas, with investments in transmission and distribution infrastructure [4][5] - Westinghouse Corporation plans to build ten nuclear reactors over the next ten years, signaling a rebirth of nuclear power in the United States [13] - Pennsylvania is embracing nuclear power, with existing facilities like Three Mile Island being refurbished and new modular reactors being considered [15][16] Policy and Regulatory Environment - Permitting reform at both the federal and state levels is crucial for energy infrastructure development [10][11] - The speaker supports all forms of energy, including hydro, but emphasizes the need for consistent baseload power from sources like natural gas and nuclear, as opposed to intermittent sources like wind and solar [18][20] - The speaker opposes subsidies for clean energy alternatives, arguing they contribute to inflation and that the market should drive innovation [19][20] Economic Outlook and Federal Reserve - The speaker believes worries about inflation resulting from tariffs are not materializing and hopes for a future rate cut [24] - The speaker acknowledges that higher interest rates are a struggle for working families and that addressing this is part of delivering on promises to them [25]

Core Viewpoint - Blackstone Inc. is expected to report quarterly earnings of $1.09 per share, reflecting a 13.5% increase year-over-year, with revenues projected at $2.77 billion, a 10.2% increase from the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised down by 0.6% in the last 30 days, indicating a reassessment by analysts [2]. - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock price performance [3]. Revenue Projections - Analysts estimate 'Segment Revenues- Realized Performance Revenues' at $440.09 million, down 18.9% year-over-year [5]. - 'Segment Revenues- Realized Principal Investment Income' is projected to reach $29.68 million, up 79.1% year-over-year [5]. - 'Segment Revenues- Total Management and Advisory Fees, Net' is expected to be $1.96 billion, a 9.9% increase from the prior year [6]. - 'Segment Revenues- Base Management Fees' is forecasted at $1.86 billion, reflecting a 12.6% year-over-year increase [6]. Assets Under Management - 'Fee-Earning Assets Under Management Rollforward - Private Equity' is estimated at $232.57 billion, up from $200.49 billion year-over-year [7]. - 'Fee-Earning Assets Under Management Rollforward - Real Estate' is projected at $282.23 billion, down from $299.07 billion year-over-year [7]. - 'Fee-Earning Assets Under Management Rollforward - Credit & Insurance' is expected to reach $287.34 billion, up from $237.29 billion year-over-year [8]. - Total 'Fee-Earning Assets Under Management' is estimated at $881.15 billion, compared to $808.66 billion year-over-year [8]. Total Assets Under Management - 'Total Assets Under Management - Credit & Insurance' is forecasted at $404.07 billion, up from $330.12 billion year-over-year [9]. - 'Total Assets Under Management - Real Estate' is expected to be $323.39 billion, down from $336.10 billion year-over-year [9]. - The consensus estimate for 'Total Assets Under Management' stands at $1195.69 billion, compared to $1076.37 billion in the same quarter last year [10]. - 'Total Assets Under Management - Private Equity' is projected at $379.44 billion, up from $330.59 billion year-over-year [10]. Stock Performance - Over the past month, Blackstone Inc. shares have increased by 22.5%, outperforming the Zacks S&P 500 composite, which rose by 5.4% [10].

Group 1 - Blackstone has withdrawn from plans to invest in TikTok US amid uncertainty regarding the deal and multiple delays [1][2][3] - The intended investment was aimed at purchasing a minority stake to separate TikTok's U.S. operations from its Chinese parent company, ByteDance [3] - The deadline for ByteDance to divest TikTok US has been postponed multiple times, leading to investor uncertainty [3][4] Group 2 - President Trump signed an executive order extending the deadline for ByteDance to sell TikTok US to September 17, 2024, from the initial deadline of January 19, 2024 [4] - Criticism has arisen from lawmakers regarding the extensions, claiming the administration is ignoring national security concerns related to ByteDance's connections to the Chinese government [4] - ByteDance is exploring options to address these concerns, including the potential sale or restructuring of its U.S. operations [5] Group 3 - Earlier plans to spin off TikTok's U.S. operations into a new U.S.-based firm were paused after China indicated it would not approve the transaction [6] - TikTok is reportedly developing a standalone U.S. app with its own algorithm and data system to migrate its 170 million American users [6] - Employees have been working on a U.S.-specific version of TikTok by duplicating the application's codebase, including AI models and user data [7]