Financial Data and Key Metrics Changes - The company reported GAAP net income for the quarter of $1.2 billion, with distributable earnings increasing nearly 50% year-on-year to $1.9 billion or $1.52 per common share [5][8] - A dividend of $1.29 per share was declared, payable to holders of record as of November 3 [5] - Total assets under management (AUM) rose 12% year-over-year to $1.24 trillion, while fee-earning AUM grew 10% to $906 billion [32] Business Line Data and Key Metrics Changes - Fee-related earnings increased 26% year-over-year to $1.5 billion, driven by strong growth in fee revenues [34] - The private credit market saw AUM cross the $500 billion milestone, up 18% year-over-year, while the infrastructure and asset-based credit business grew 29% year-over-year to $107 billion [19][20] - The private wealth channel's AUM grew 15% year-over-year to nearly $290 billion, with over $11 billion raised in the third quarter, more than doubling year-over-year [24][25] Market Data and Key Metrics Changes - Inflows reached $54 billion, marking the fourth consecutive quarter in excess of $50 billion, totaling $225 billion for the last 12 months [8] - The company executed three successful IPOs in the last three months, with a robust pipeline for the next 12 months [10][35] - Commercial real estate values are showing signs of recovery, with transaction activity increasing by 25% year-over-year in U.S. logistics [30] Company Strategy and Development Direction - The company aims to leverage structural tailwinds in the alternative sector, focusing on private market solutions and expanding into digital and energy infrastructure, private credit, and Asia [8][9] - The firm is positioned to capture opportunities in the defined contribution market as it opens to alternatives over time [8] - The company emphasizes a long-term approach to investing, focusing on sectors with strong fundamentals such as data centers, logistics, and rental housing [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's growth prospects, citing a resilient economy and declining cost of capital as positive indicators for capital markets activity [10][39] - The company anticipates a resurgence in capital markets activity, which should lead to greater realizations and support fundraising and deployment [10][39] - Management acknowledged potential increases in defaults as the cycle progresses but believes their structural advantages will continue to yield superior results [12] Other Important Information - The company celebrated its 40th anniversary, highlighting its growth from a startup to the largest alternative asset manager in the world [14][17] - The firm has achieved significant organic growth, distinguishing itself from competitors who often rely on acquisitions [14] Q&A Session Summary Question: Changes in credit quality across the portfolio - Management clarified that recent credit issues were related to bank-led credits and do not reflect the private credit market, with minimal realized losses currently [41][42] Question: Plans for the defined contribution business - Management indicated a focus on building capabilities in this area and plans to work with existing partners while awaiting regulatory frameworks [44][45] Question: Brand strategy and marketing evolution - Management discussed targeted marketing efforts, including a recent launch in Japan, and emphasized the importance of expanding their footprint in private wealth [47][49] Question: Feedback on BCRED's dividend cut - Management noted that the reaction in the wealth channel has been understanding, with expectations for strong flows in BCRED moving forward [78]

Financial Data and Key Metrics Changes - The company reported GAAP net income for the quarter of $1.2 billion and distributable earnings of $1.9 billion, or $1.52 per common share, marking a 48% year-over-year increase [5][34] - Distributable earnings increased nearly 50% year on year, driven by a 26% growth in fee-related earnings and a more than doubling of net realizations [8][34] - Total assets under management (AUM) rose 12% year over year to $1.24 trillion, with fee-earning AUM growing 10% to $906 billion [32] Business Line Data and Key Metrics Changes - In corporate and real estate credit, AUM crossed the $500 billion milestone, up 18% year over year [19] - The infrastructure and asset-based credit business grew 29% year over year to $107 billion, one of the fastest-growing areas [20] - The private wealth channel's AUM grew 15% year over year to nearly $290 billion, with over $11 billion raised in the third quarter, more than doubling year over year [24][25] Market Data and Key Metrics Changes - The company executed three successful IPOs in the last three months, with a robust pipeline for the next 12 months [10][35] - The commercial real estate market is showing signs of recovery, with values bottoming in December 2023 and transaction activity increasing by 25% year over year in U.S. logistics [30] - The demand for data center space continues to grow, with a doubling in the leasing pipeline globally in Q3 compared to Q2 [63] Company Strategy and Development Direction - The company aims to capture generational shifts in the global economy and markets, focusing on massive capital solutions across various sectors, including AI, energy infrastructure, and life sciences [17] - The firm is positioned to lead the evolution of private credit markets, expanding from non-investment grade corporate credit to include commercial finance and infrastructure [20] - The company plans to broaden distribution in major markets and deepen its presence in key sub-channels, including the RIA channel [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's growth prospects, citing strong structural tailwinds in the alternative sector and increasing allocations to alternatives by institutional investors [8][9] - The company anticipates a resurgence in capital markets activity, which should lead to greater realizations and support fundraising and deployment [10] - Despite recent credit defaults in the market, management emphasized that these events are not reflective of the private credit market and that defaults remain minimal [11][42] Other Important Information - The company celebrated its 40th anniversary, highlighting its growth from a startup to the largest alternative asset manager in the world [14] - The firm has achieved significant organic growth, distinguishing itself from competitors who often rely on acquisitions [14][15] Q&A Session Summary Question: Changes in credit quality across the portfolio - Management clarified that recent credit issues are not related to private credit but rather to bank-led credits, emphasizing minimal realized losses and strong credit quality [41][42] Question: Plans for the defined contribution business - Management discussed the importance of building capabilities in this area and indicated plans to work with existing partners while awaiting regulatory developments [44][45] Question: Brand strategy and marketing evolution - Management noted targeted marketing efforts, including a recent launch in Japan, and emphasized the importance of expanding the brand's footprint in private wealth [47][49] Question: Interplay between margin outlook and realizations - Management indicated that operating leverage will continue to support healthy fee-related earnings margins, with a favorable outlook for realizations as capital markets strengthen [52][53] Question: Feedback on BCRED's dividend cut - Management reported healthy gross sales and expected strong flows in BCRED, emphasizing the importance of delivering relative premium returns [68][78]

Financial Data and Key Metrics Changes - Blackstone reported GAAP net income for Q3 2025 of $1.2 billion, with distributable earnings increasing nearly 50% year on year to $1.9 billion or $1.52 per common share [5][7][33] - The company declared a dividend of $1.29 per share, payable to holders of record as of November 3 [5] - Total assets under management (AUM) rose 12% year over year to a record $1.24 trillion, while fee-earning AUM grew 10% to $906 billion [31] Business Line Data and Key Metrics Changes - Fee-related earnings increased 26% year over year to $1.5 billion, driven by strong growth in fee revenues and healthy margin expansion [33] - In private credit, AUM crossed the $500 billion milestone, up 18% year over year, while infrastructure and asset-based credit business grew 29% year over year to $107 billion [19][20] - The private wealth channel's AUM grew 15% year over year to nearly $290 billion, with over $11 billion raised in Q3, more than doubling year over year [19][24] Market Data and Key Metrics Changes - In the capital markets, global IPO issuance more than doubled year over year in Q3, contributing to a resurgence in capital markets activity [10] - The company executed three successful IPOs in the last three months, with a robust pipeline for the next 12 months [10][34] - Commercial real estate values are showing signs of recovery, with transaction activity increasing by 25% year over year in U.S. logistics [29] Company Strategy and Development Direction - Blackstone aims to leverage structural tailwinds in the alternative investment sector, focusing on private market solutions and expanding into new markets such as digital and energy infrastructure [7][9] - The firm is positioned to capture opportunities in the AI revolution, energy infrastructure, and life sciences, emphasizing the need for massive capital solutions [17] - The company celebrates its 40th anniversary, highlighting its organic growth strategy and focus on building market-leading platforms [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's growth prospects, citing a resilient economy and declining cost of capital as favorable conditions for capital markets [10][30] - The firm anticipates a significant increase in realizations and fundraising as the deal cycle turns and capital markets strengthen [34][80] - Management acknowledged potential increases in defaults as the cycle progresses but believes their structural advantages will continue to yield superior results [12][41] Other Important Information - The company reported a significant increase in net realizations, generating $5.05 billion in Q3, more than double the prior year period [34] - Blackstone's investment performance remains strong, with infrastructure leading the way with a 5.2% appreciation in Q3 [35] - The firm is expanding its partnerships and distribution channels, particularly in the private wealth sector, to capture a broader investor base [26][49] Q&A Session Summary Question: Changes in credit quality across the portfolio - Management clarified that recent credit issues are not related to private credit but rather to bank-led credits, emphasizing minimal realized losses in their portfolio [40] Question: Plans for the defined contribution business - Management indicated a focus on building capabilities in the defined contribution market, planning to work with existing partners and large financial institutions [43][45] Question: Brand strategy and marketing evolution - Management discussed targeted marketing efforts, including a recent advertisement launch in Japan, to enhance brand awareness in key markets [47][49] Question: Competition from banks in direct lending - Management acknowledged increased competition from banks but expressed confidence in their unique positioning and ability to provide customized long-duration capital solutions [82]

Financial Performance Highlights - Blackstone's GAAP Net Income was $1.2 billion for the quarter and $4.1 billion YTD[11] - Fee Related Earnings (FRE) reached $1.5 billion ($1.20/share) for the quarter and $6.0 billion ($4.92/share) over the last twelve months (LTM)[13] - Distributable Earnings (DE) amounted to $1.9 billion ($1.52/share) for the quarter and $7.0 billion ($5.51/share) over the LTM[13] - Blackstone declared a dividend of $1.29 per common share, payable on November 10, 2025[3, 13] Assets Under Management (AUM) and Capital Activity - Total Assets Under Management (AUM) increased to $1.2417 trillion, a 12% increase year-over-year[6, 26] - Fee-Earning AUM reached $906.2 billion, a 10% increase year-over-year[13, 26] - Perpetual Capital AUM grew to $500.6 billion, a 15% increase year-over-year[13, 26] - Blackstone experienced inflows of $54.2 billion during the quarter and $225.4 billion over the LTM[2, 13, 22] - The company deployed $26.6 billion in the quarter and $137.6 billion over the LTM[13, 22] - Realizations totaled $30.6 billion in the quarter and $105.3 billion over the LTM[13, 22] Segment Performance - Total Segment Distributable Earnings were $2.0 billion for the quarter[37] - LTM Total Segment Distributable Earnings were $7.8 billion[37]

Core Viewpoint - Caliber has regained compliance with Nasdaq's stockholders' equity requirement, estimating its equity to be between $4.5 million and $6.0 million as of September 30, 2025, exceeding the $2.5 million minimum requirement [1][2]. Group 1: Compliance and Financial Position - The company expects to receive formal notice from Nasdaq confirming its compliance with Listing Rule 5550(b)(1) [2]. - Nasdaq will continue to monitor Caliber's compliance, and failure to maintain the minimum stockholders' equity could lead to potential delisting [2]. - Caliber's recent initiatives have strengthened its balance sheet by reducing debt and increasing equity [3]. Group 2: Strategic Initiatives - The company has launched a Digital Asset Treasury (DAT) strategy anchored in LINK, contributing to the improvement of its equity base [4]. - The CEO emphasized that regaining compliance is a significant step in the company's transformation and value-building efforts across its core businesses [5]. Group 3: Company Overview - Caliber is an alternative asset manager with over $2.9 billion in managed assets and a 16-year track record in private equity real estate investing [5]. - The company became the first U.S. public real estate platform to implement a Digital Asset Treasury strategy in 2025 [5].

Core Insights - Nomura Holdings Inc.'s CEO Kentaro Okuda sees significant potential in attracting Japanese investors to private markets for asset diversification [2][3] - The firm's alternative assets under management increased by 25% over the past year, reaching ¥2.7 trillion ($18 billion) as of June [3] - Japanese households hold over $14 trillion in financial assets, with a substantial portion still in cash, indicating a market opportunity for investment firms [4] Private Market Strategy - Nomura is actively pursuing private market opportunities to complement its traditional business of selling stocks and bonds [3] - Okuda emphasized the importance of educating clients about the characteristics and risks of unlisted products, especially in light of recent concerns in private credit markets [5] M&A Activity - Nomura's pipeline for advising on mergers and acquisitions is expanding rapidly, driven by Japanese companies seeking efficiency [6][7] - The firm is currently the top adviser on Japan-related M&A deals, outperforming competitors like Goldman Sachs and Morgan Stanley [7]

Core Points - FS Credit Opportunities Corp. (NYSE: FSCO) will release its financial results for Q3 2025 on November 24, 2025, after market close [1] - An earnings presentation with financial information will be available on the FSCO website after the market close on November 24, 2025 [2] - A recorded earnings call and transcript will be accessible on November 25, 2025, in the Investor Relations section of the FSCO website [3] Company Overview - Future Standard is a global alternative asset manager with over 30 years of experience, managing $86 billion in assets across private equity, credit, and real estate [4]

Core Viewpoint - Blackstone Inc. is expected to report strong earnings, with positive sentiment surrounding its performance, particularly in its data center business [1]. Group 1: Company Overview - Blackstone Inc. is a global alternative asset manager that invests in private equity, real estate, credit, hedge fund solutions, and multi-asset strategies [2]. - The company has been a favorite among analysts, with notable support from Jim Cramer, who has consistently advocated for the stock [2]. Group 2: Stock Performance Analysis - The stock has experienced a significant rally over the summer but has recently pulled back, indicating a potential overbought condition [2]. - The moving average convergence divergence (MACD) line suggests a weak outlook, indicating a sell signal, although recent volume trends show strong buying activity [2]. - Despite the current analysis, there is a belief that certain AI stocks may offer better investment opportunities with less risk compared to Blackstone [2].

Core Insights - Apollo has appointed Bert Crouch as Partner and Head of Real Estate Equity, overseeing the real estate equity business including the recently acquired Bridge Investment Group [1][3] - Crouch brings over 20 years of experience in real estate investment and portfolio management, previously serving as Head of North America at Invesco Real Estate [2][3] - Apollo's real estate platform manages over $110 billion in assets, with diversified strategies across real estate equity and credit [3] Company Overview - Apollo is a global alternative asset manager with approximately $840 billion in assets under management as of June 30, 2025 [4] - The firm focuses on providing clients with excess returns across various risk-reward spectrums, from investment-grade credit to private equity [4] - Apollo's integrated platform has been serving client financial return needs for over three decades, offering innovative capital solutions for growth [4]

Core Insights - Starwood Capital Group has received approval to operate from the Dubai International Financial Centre (DIFC), marking a significant expansion for the firm [1] - The UAE is a vital source of capital for alternative asset managers, with sovereign wealth funds and high-net-worth investors playing a key role [2] - Dubai's property market is booming, attracting international investors and presenting opportunities for firms like Starwood Capital [3] Company Overview - Starwood Capital has a portfolio exceeding $120 billion in assets under management and employs 7,000 people across 18 global offices [4] - The firm has been increasing its investments in data centers and raised $2.8 billion for real estate debt funds in 2023 [5] - Starwood Capital's recent move to establish a base in the DIFC signifies its first entry into the Gulf region [4]