Financial Data and Key Metrics Changes - The company's book value per share increased by 5% from $19.25 in the prior quarter to $20.21 as of December 31, 2025 [19] - Earnings Available for Distribution (EAD) rose marginally to $0.74, exceeding the dividend for the quarter [7][20] - Economic return for Q4 was 8.6%, bringing the full-year economic return to 20.2% [19][20] Business Line Data and Key Metrics Changes - The agency portfolio ended 2025 at $93 billion in market value, an increase of nearly $6 billion quarter-over-quarter and $22 billion year-over-year [8] - The residential credit portfolio reached $8 billion in market value, up $1.1 billion quarter-over-quarter, representing approximately 19% of the firm's capital [10] - The mortgage servicing rights (MSR) portfolio ended the fourth quarter at $3.8 billion in market value, a nearly $280 million increase quarter-over-quarter and a 15% increase year-over-year [13] Market Data and Key Metrics Changes - Fixed income markets exhibited strong performance, contributing to the highest total return in the U.S. aggregate bond index since 2020 [5] - The yield curve steepened during the quarter as short-term yields fell while long-term yields rose modestly [5] - Swap spreads continued to widen, supported by a shift from Quantitative Tightening to balance sheet expansion by the Fed [6] Company Strategy and Development Direction - The company aims to increase its allocation to residential credit and MSR, targeting a long-term weighting of 50% agency, 30% residential credit, and 20% MSR [46][47] - The diversified housing finance model is expected to continue performing well for shareholders, with a focus on opportunistic investments in the current coupon MSR market [18] - The company remains well-positioned to benefit from growth in the non-QM market and the broader non-agency market [13][17] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains solid, with the labor market showing signs of softness but limited layoffs [4] - The company anticipates continued strong results from its investment strategies in 2026, supported by favorable market conditions [16][18] - Risks include global fiscal challenges and potential changes in housing policy that could impact the agency markets [39][40] Other Important Information - The company raised $560 million of common equity through its ATM in Q4, bringing total equity raised in 2025 to $2.9 billion [8] - The economic leverage ratio remained low at 5.6x, down from the previous quarter [22] - Total assets available for financing reached approximately $9.4 billion, providing significant liquidity and flexibility [23] Q&A Session Summary Question: Update on mark-to-market book values - The book value was up 4%, inclusive of the dividend accrual, with a slight increase noted [25] Question: Portfolio returns and comfort level with the dividend in 2026 - The company expects mid-teens returns and feels confident about the durability of the swaps market as a hedge [26] Question: Insights on the MSR portfolio and current coupon MSR - The company is now active in the MSR exchange platforms and is well-positioned to manage recapture effectively [27][29] Question: Impact of potential G-fee cuts on prepayment environment - A G-fee cut on purchase loans is seen as appropriate, but broad cuts could negatively impact the MBS market [31] Question: Factors that could change the current low-risk environment - Risks include global fiscal issues and asset market euphoria, which could lead to corrections [39] Question: Attractiveness of buying lower-coupon MBS - The valuation on low-coupon MBS is tight, and better ways to manage risk are available [41] Question: Likelihood of GSE portfolio caps being increased - The current capacity is far from hitting caps, and future increases remain uncertain [48]

Financial Data and Key Metrics Changes - Blackstone reported GAAP net income for Q4 of $2 billion, with distributable earnings of $2.2 billion or $1.75 per common share, and declared a dividend of $1.49 per share [3][4] - For the full year, distributable earnings increased 20% to $7.1 billion, while fee-related earnings rose 9% to $5.7 billion, and management fees grew 12% to $8 billion [31][27] - Assets under management (AUM) increased 13% year-over-year to approximately $1.3 trillion, marking a new industry record [5][31] Business Line Data and Key Metrics Changes - The infrastructure platform grew 40% year-over-year to $77 billion, with over $4 billion raised in Q4 [16] - BXMA reported a gross return of 13% for 2025, with net inflows of $6.3 billion, the highest in nearly 15 years [17] - In credit, total assets managed reached $520 billion, up 15% year-over-year, with inflows exceeding $140 billion in 2025 [19] Market Data and Key Metrics Changes - Private wealth fundraising increased 53% year-over-year to $43 billion, contributing to a total AUM growth of 16% in this segment [4][22] - The insurance channel's AUM grew 18% year-over-year to $271 billion, with significant demand for private credit solutions [20][21] - The individual investor channel's AUM tripled over the past five years, exceeding $300 billion [22] Company Strategy and Development Direction - Blackstone is focusing on thematic areas such as digital infrastructure, private credit, and life sciences, with a strong emphasis on AI-driven investment opportunities [8][10] - The firm is well-positioned to benefit from the ongoing AI and power investment mega cycle, with nearly $200 billion of dry powder available for future investments [12][10] - The company anticipates a resurgence in capital markets activity, with IPO and M&A activities accelerating [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's ability to navigate geopolitical uncertainties and a complex operating environment, citing strong operating fundamentals [7][12] - The outlook for 2026 is optimistic, with expectations for continued growth in management fees and net realizations, driven by a favorable investment environment [35][36] - Management highlighted the importance of investment performance, with strong returns across various funds, particularly in infrastructure and corporate private equity [31][33] Other Important Information - Blackstone's fundraising success has led to a significant increase in AUM, with a record level of inflows in Q4 [4][5] - The firm has executed multiple privatizations and investments, including a notable $18 billion acquisition in the medical technology sector [8][9] - The company is actively innovating in the private wealth market, expecting 2026 to be a busy year for product launches [24] Q&A Session Summary Question: What sectors and industries will you be leaning into for the record IPO pipeline? - The focus will be primarily on the corporate space, particularly energy and electricity sectors, with expectations for increased activity in India and some real estate opportunities [38] Question: How is AI being deployed across portfolio companies? - AI is enhancing productivity in software engineering and customer engagement, with early positive impacts observed in various operational areas [41] Question: What is the outlook for direct lending in both wealth and institutional markets? - Institutional confidence remains strong, while the wealth side has seen some redemptions; however, performance metrics are healthy, and inflows have been positive recently [46][48] Question: How does the firm plan to maintain growth and preserve culture as it scales? - The firm emphasizes a strong commitment to delivering for customers and maintaining a performance-driven culture, which is crucial as it continues to grow [62]

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