Blackstone Inc.

Blackstone Q2 FY26 — AI-Driven Growth Fuels Record AUM and Strong Earnings

• Strength Distributable earnings (DE) increased 26% year-over-year to $2 billion.
• Watch Geopolitical volatility pushed out exit pipelines and slowed realization activity in the near term.

Blackstone Q1 FY26 — Record $1.3T AUM and 25% DE growth amid market volatility and private-credit noise

• Strength Distributable earnings +25% YoY to $1.8B ($1.36/share) and fee-related earnings +23% YoY to $1.5B ($1.26/share) — one of the 3 best FRE quarters ever
• Watch BCRED net outflows of $1.4B in Q1 as gross sales decelerated to $1.9B and repurchases rose amid an intensely negative campaign against private credit in the wealth channel

Blackstone Q4 FY25 — Record DE and AUM Growth Driven by Strong Inflows and Accelerating Realizations

• Strength Distributable Earnings (DE) reached a record $1.75 per common share in Q4 FY25, contributing to a 20% increase to $5.57 per share for the full year.
• Watch Real estate base management fees declined moderately in Q4 FY25, and overall real estate values appreciated only 1.5% for the full year.

Blackstone Q3 FY25 — Record AUM and Strong Realizations Drive DE Growth

• Strength Distributable earnings increased 48% year-over-year to $1.9 billion or $1.52 per common share.
• Watch BREIT generated healthy sales of roughly $800 million in Q3, but repurchases continued, albeit on a downward trajectory.

Blackstone Q4 FY24 — Record FRE and Strong Inflows Across Channels

• Strength Distributable earnings increased 56% year-over-year to $2.2 billion in Q4 FY24.
• Watch Opportunistic real estate funds declined 5.1% in Q4 FY24 and 4% for the full year, impacted by rising treasury yields and a stronger U.S. dollar.