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Blackstone (BX) investor relations material
Blackstone Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Distributable earnings rose nearly 50% year-over-year to $1.9 billion, with fee-related earnings up 26% and net realizations more than doubling compared to the prior year.
Inflows reached $54.2 billion for the quarter, marking the fourth consecutive quarter above $50 billion, and assets under management (AUM) hit a record $1.24 trillion, up 12% year-over-year.
Robust fundraising was seen across institutional, insurance, and individual channels, with strong segment growth in private credit, infrastructure, and real estate.
The firm celebrated its 40th anniversary, highlighting organic growth and expansion into new business lines and products.
Leading platforms in digital and energy infrastructure contributed to investment performance and future positioning.
Financial highlights
GAAP net income for the quarter was $1.2 billion; distributable earnings were $1.9 billion or $1.52 per share.
Fee-related earnings reached $1.5 billion, or $1.20 per share, with a year-to-date margin of 58.6%.
Net accrued performance revenues stood at $6.5 billion, or $5.30 per share.
Dividend declared at $1.29 per share, payable to holders of record as of November 3 or November 10, 2025.
Returned $1.6 billion to shareholders in the quarter through dividends and share repurchases.
Outlook and guidance
The firm expects 2026 to be its busiest year for product launches, focusing on multi-asset opportunities.
Anticipates acceleration in realizations in 2026, especially in private equity and real estate.
Management expects continued top-line momentum in Q4, though base management fee growth will slow versus Q3.
Management highlighted strong positioning in digital and energy infrastructure, supporting future investment performance.
Forward-looking statements caution that actual results may differ due to various risks and uncertainties.
Real Estate Opportunistic fund performance outlook?
NAPR decline impact on future earnings?
Dry powder deployment focus areas?
How does BX private credit differ from recent defaults?
BX's strategy for defined contribution market?
Discuss real estate market recovery drivers.
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Next Blackstone earnings date
Q4 202529 Jan, 2026
Next Blackstone earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
One of the largest asset managers in the world
Blackstone is one of the largest alternative asset managers in the world. They dwarf any other PE firm with their over $900 billion in AUM, up 38 percent year-over-year as of Q2 2022.
The Blackstone portfolio comprises over 200 companies with more than half a million employees worldwide. Among their portfolio companies are;
Refinitiv, the financial markets data and infrastructure provider.
Ancestry, the digital family history services provider.
Bumble, the dating and social networking apps owner and operator, to name a few.
History and background
You can’t talk about Blackstone without mentioning Stephen Schwarzman—the man once dubbed the undisputed king of the private equity industry and one of the wealthiest persons in the world. Schwarzman formed The Blackstone Group in 1985 after leaving the then-independent investment bank, Lehman Brothers. He brought his former boss with him—and they both set out to operate as an M&A advisory firm, making themselves known in the industry. As you know, they did not stop there, and Schwarzman still serves as the CEO and Chairman of Blackstone.
Heavy in real estate
The Blackstone we know today divides its operations into four main segments; real estate, private equity, hedge fund solutions, and credit & insurance, with real estate being the largest - accounting for over 50 percent of revenue. Their gigantic real estate leg is a result of them buying over 50,000 single-family houses across the US from 2012 through 2016, turning them into rental properties.
The company collects fees for managing hundreds of billions of dollars for a wide range of investors, enabling steady streams of Fee-Related Earnings (FRE).
Blackstone, like KKR, is well positioned to capitalize on an eventual market downturn, as the company has dry powder amounting to over $170 billion.
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