Blackstone Inc. · NYSE:BX
Blackstone — Q4 2025 Earnings Presentation
43 slides from Blackstone's earnings presentation, Jan 29, 2026
Slide 1: Blackstone Reports Fourth Quarter and Full Year 2025 Results
Blackstone Reports Fourth Quarter and Full Year 2025 Results New York, January 29, 2026: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2025 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone’s extraordinary fourth-quarter results capped a r
Slide 2: About Blackstone
broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at https://ir.blackstone.com/. About Blackstone Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by stre
Slide 3: Investor and Media Relations Contacts
This presentation does not constitute an offer of any Blackstone Fund. Investor and Media Relations Contacts Weston Tucker Christine Anderson Blackstone Blackstone Tel: +1 (212) 583-5231 Tel: +1 (212) 583-5182 tucker@blackstone.com christine.anderson@blackstone.com
Slide 4: Blackstone's Fourth Quarter and Full Year 2025 Earnings
Blackstone’s Fourth Quarter and Full Year 2025 Earnings JANUARY 29, 2026
Slide 5: Fourth Quarter and Full Year 2025 GAAP Results
BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2025 GAAP RESULTS ▪ GAAP Net Income was $2.0 billion for the quarter and $6.0 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $1.0 billion for the quarter and $3.0 billion for the year. ($ in thousands, except per share data) (unaud
Slide 6: Fourth Quarter and Full Year 2025 Highlights
BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2025 HIGHLIGHTS ▪ Fee Related Earnings (“FRE”) of $1.5 billion ($1.25/share) in the quarter – FRE was $5.7 billion for the year ($4.67/share) ▪ Distributable Earnings (“DE”) of $2.2 billion ($1.75/share) in the quarter Financial Measures – DE was $7.1 billio
Slide 7: Fourth Quarter and Full Year 2025 Segment Earnings
BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2025 SEGMENT EARNINGS % Change % Change ($ in thousands, except per share data) 4Q'24 4Q'25 vs. 4Q'24 FY'24 FY'25 vs. FY'24 Management and Advisory Fees, Net $ 1,859,291 $ 2,062,219 11% $ 7,133,534 $ 8,016,049 12% Fee Related Performance Revenues 1,399,276 6
Slide 8: Investment Performance and Net Accrued Performance Revenues
INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES ▪ Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $6.7 billion ($5.49/share). Investment Performance Net Accrued Performance Revenues (appreciation / gross returns) ($ in millions) $1,49
Slide 9: Capital Metrics – Additional Detail
CAPITAL METRICS – ADDITIONAL DETAIL ▪ Inflows were $71.5 billion in the quarter, bringing full year inflows to $239.4 billion. ▪ Deployed $42.2 billion in the quarter and $138.2 billion for the year. – Committed an additional $23.0 billion that was not yet deployed in the quarter. ▪ Realizations wer
Slide 10: Assets Under Management
ASSETS UNDER MANAGEMENT ▪ Total AUM increased to $1,274.9 billion, up 13% year-over-year, with $71.5 billion of inflows in the quarter and $239.4 billion for the year. ▪ Fee-Earning AUM of $921.7 billion was up 11% year-over-year, with $41.9 billion of inflows in the quarter and $167.0 billion for t
Slide 11: Additional Capital Detail
ADDITIONAL CAPITAL DETAIL ▪ Invested Performance Eligible AUM reached $624.2 billion at quarter end, up 11% year-over-year. ▪ Total Dry Powder of $198.3 billion available for future investments. Invested Performance Eligible AUM Total Dry Powder ($ in billions) ($ in billions) $624.2 4Q’25 total: $1
Slide 12: Segment Highlights
Segment Highlights Blackstone | 8
Slide 13: Segment Distributable Earnings Composition
SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION ▪ 4Q’25 Total Segment Distributable Earnings were $2.5 billion. ▪ Full year Total Segment Distributable Earnings were $7.9 billion. Segment Distributable Earnings ($ in millions) 4Q’25 total: $2,492 FY’25 total: $7,882 Multi-Asset Multi-Asset Investing Inve
Slide 14: Real Estate
REAL ESTATE ▪ Total AUM: Increased 1% to $319.3 billion with inflows of $8.3 billion in the quarter and $25.5 billion for the year. – Inflows in the quarter included $4.6 billion in BREDS, inclusive of $1.5 billion for a new drawdown fund focused on real estate credit and $1.0 billion from multi-ass
Slide 15: Private Equity
PRIVATE EQUITY ▪ Total AUM: Increased 18% to $416.4 billion with inflows of $20.3 billion in the quarter and $68.1 billion for the year. – Inflows in the quarter included $8.0 billion in Secondaries, inclusive of the tenth flagship Secondaries fund, $4.2 billion in Infrastructure, $1.6 billion in Ta
Slide 16: Credit & Insurance
CREDIT & INSURANCE ▪ Total AUM: Increased 18% to $443.0 billion with inflows of $39.0 billion in the quarter and $132.1 billion for the year. – Inflows in the quarter included $16.6 billion for the global direct lending strategy, inclusive of $2.4 billion for direct lending SMAs, $3.3 billion of equ
Slide 17: Multi-Asset Investing
MULTI-ASSET INVESTING ▪ Total AUM: Increased 14% to $96.2 billion with inflows of $3.9 billion in the quarter and $13.6 billion for the year. ▪ Returns: Absolute Return Composite gross return of 4.3% in the quarter (3.9% net), outperforming the HFRX Global Hedge Fund Index, which was 1.4%. – Absolut
Slide 18: Supplemental Details
Supplemental Details Blackstone | 14
Slide 19: Total Segments
TOTAL SEGMENTS ($ in thousands) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'24 FY'25 Base Management Fees $ 1,773,645 $ 1,807,119 $ 1,876,672 $ 1,919,702 $ 1,945,364 $ 6,780,882 $ 7,548,857 Transaction, Advisory and Other Fees, Net 117,708 111,309 165,690 156,211 149,621 399,688 582,831 Management Fee Offsets
Slide 20: Assets Under Management - Rollforward
ASSETS UNDER MANAGEMENT - ROLLFORWARD Total AUM Rollforward ($ in millions) Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025 Real Private Credit & Multi-Asset Real Private Credit & Multi-Asset Total Total Estate Equity Insurance Investing Estate Equity Insurance Investing B
Slide 21: Deconsolidated Balance Sheet Highlights
DECONSOLIDATED BALANCE SHEET HIGHLIGHTS ▪ At December 31, 2025, Blackstone had $11.3 billion in total cash, cash equivalents, corporate treasury, and other investments and $20.9 billion of cash and net investments, or $17.05 per share. ▪ Blackstone has a $4.3 billion credit revolver and maintains A+
Slide 22: Net Accrued Performance Revenues – Additional Detail
NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL ($ in millions, except per share data) 4Q’25 QoQ Rollforward 4Q'25 4Q'24 3Q'25 4Q'25 Per Share ($ in millions) Real Estate Net Net Performance Realized BREP Global $ 892 $ 547 $ 530 $ 0.43 3Q'25 Revenues Distributions 4Q'25 BREP Europe 126 31 44 0
Slide 23: Investment Records as of December 31, 2025
INVESTMENT RECORDS AS OF DECEMBER 31, 2025 (a) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MOIC (c)
Slide 24: Investment Records as of December 31, 2025 – Cont'd
INVESTMENT RECORDS AS OF DECEMBER 31, 2025 (a) – (CONT’D) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Valu
Slide 25: Investment Records as of December 31, 2025 – Cont'd
INVESTMENT RECORDS AS OF DECEMBER 31, 2025 (a) – (CONT’D) Selected Perpetual Capital Strategies(m) ($/€ in thousands, except where noted) Investment Total Total Net Strategy (Inception Year) Strategy AUM Return (n) Real Estate BPP - Blackstone Property Partners Platform (2013) (o) Core+ Real Estate
Slide 26: Investment Records as of December 31, 2025 – Cont'd
INVESTMENT RECORDS AS OF DECEMBER 31, 2025 (a) – (CONT’D) (l) Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. (m) Represents the performance for select Perpetual Capital Strategies; strategies exc
Slide 27: Shareholder Dividends
SHAREHOLDER DIVIDENDS ▪ Generated $1.75 of Distributable Earnings per common share during the quarter, bringing the full year amount to $5.57 per common share. ▪ Blackstone declared a quarterly dividend of $1.49 per common share to record holders as of February 9, 2026; payable on February 17, 2026.
Slide 28: Share Summary
SHARE SUMMARY ▪ Distributable Earnings Shares Outstanding as of quarter end of 1,229 million shares. – Repurchased 0.2 million common shares in the quarter and 0.8 million common shares for the year. – Available authorization remaining was $1.7 billion at December 31, 2025. 4Q'24 1Q'25 2Q'25 3Q'25 4
Slide 29: Reconciliations and Disclosures
Reconciliations and Disclosures Blackstone | 25
Slide 30: GAAP Consolidated Statements of Operations
BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except per share data) (unaudited) 4Q'24 4Q'25 FY'24 FY'25 Revenues Management and Advisory Fees, Net $ 1,879,581 $ 2,079,541 $ 7,188,936 $ 8,075,601 Incentive Fees 404,744 390,288 964,178 978,
Slide 31: Reconciliation of GAAP to Non-GAAP Measures
RECONCILIATION OF GAAP TO NON-GAAP MEASURES QTD FY ($ in thousands) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'24 FY'25 Net Income Attributable to Blackstone Inc. $ 703,873 $ 614,852 $ 764,244 $ 624,917 $ 1,015,201 $ 2,776,508 $ 3,019,214 Net Income Attributable to Non-Controlling Interests in Blackstone Hold
Slide 32: Reconciliation of GAAP to Non-GAAP Measures – Notes
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES Note: See pages 36-38, Definitions and Dividend Policy. (a) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corpo
Slide 33: Reconciliation of GAAP to Non-GAAP Measures – Notes (Cont'd)
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D) (j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted for impacts of divestitures and tax contingencies.
Slide 34: GAAP Condensed Consolidated Statements of Financial Condition
BLACKSTONE’S FOURTH QUARTER 2025 GAAP CONDENSED CONSOLIDATED STA TEMENTS OF FINANCIAL CONDITION ($ in thousands) (unaudited) 4Q'24 ` 1Q'25 2Q'25 3Q'25 4Q'25 Assets Cash and Cash Equivalents $ 1,972,140 $ 2,386,979 $ 2,235,499 $ 2,430,690 $ 2,631,241 Cash Held by Blackstone Funds and Other 204,052 1,
Slide 35: Reconciliation of GAAP to Non-GAAP Balance Sheet Measures
RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES ($ in thousands) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 Investments of Consolidated Blackstone Funds $ 3,890,732 $ 4,589,194 $ 5,101,278 $ 5,507,078 $ 5,180,879 Equity Method Investments Partnership Investments 6,546,728 6,740,598 6,942,526 6,936,411
Slide 36: Reconciliation of GAAP to Total Segments
RECONCILIATION OF GAAP TO TOTAL SEGMENTS QTD FY Y ($ in thousands) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'24 FY'25 Management and Advisory Fees, Net GAAP $ 1,879,581 $ 1,904,317 $ 2,035,495 $ 2,056,248 $ 2,079,541 $ 7,188,936 $ 8,075,601 Segment Adjustment (a) (20,290) (12,319) (15,483) (14,428) (17,322)
Slide 37: Reconciliation of GAAP to Total Segments – (Cont'd)
RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D) QTD FY Y ($ in thousands) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 FY'24 FY'25 Realized Performance Compensation GAAP Incentive Fee Compensation $ 149,276 $ 57,029 $ 67,363 $ 61,882 $ 88,628 $ 373,586 $ 274,902 Realized Performance Allocations Compensation 74
Slide 38: Notes
NOTES Notes to page 3 - Blackstone’s Fourth Quarter and Full Year 2025 Segment Earnings ▪ BIP fee related performance revenues generally crystallize every three years. Excluding BIP’s 4Q’24 net fee related performance revenues, FRE would have been $1,237 million in 4Q’24 compared to $1,535 million i
Slide 39: Notes – (Cont'd)
NOTES – (CONT’D) Notes to page 17 – Deconsolidated Balance Sheet Highlights ▪ GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $765 million, $1.6 billion, $428 million, and $126 million, respectively, as of D
Slide 40: Definitions and Dividend Policy
DEFINITIONS AND DIVIDEND POLICY Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”) in this pres
Slide 41: Definitions and Dividend Policy – (Cont'd)
DEFINITIONS AND DIVIDEND POLICY – (CONT’D) – Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Re
Slide 42: Definitions and Dividend Policy – (Cont'd)
DEFINITIONS AND DIVIDEND POLICY – (CONT’D) Dividend Policy. Blackstone’s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of direc
Slide 43: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, ou