Blackstone (BX) delivered strong results for Q1 2025, showcasing continued growth across assets, earnings, and capital deployment, while reinforcing its position as a global leader in alternative asset management. The quarter highlighted robust inflows, resilient segment performance, and effective shareholder capital returns, even as certain GAAP metrics declined year-over-year due to market dynamics.

On the financial front, GAAP net income was $1.2 billion, with $615 million attributable to Blackstone Inc., bringing the last twelve months (LTM) total to $5.1 billion and $2.5 billion, respectively. While this marked a decline from the prior year, core operating metrics remained strong. Fee Related Earnings (FRE) came in at $1.3 billion ($1.03 per share), up 9% year-over-year, and Distributable Earnings (DE) totaled $1.4 billion ($1.09 per share), representing an 11% increase over the same period last year. Blackstone also recorded net accrued performance revenues of $6.4 billion, equivalent to $5.24 per share.

Blackstone declared a Q1 dividend of $0.93 per share, totaling $4.05 per share over the LTM, and ended the quarter with 1.22 billion shares outstanding on a DE basis.

The firm’s Total Assets Under Management (AUM) reached a record $1.17 trillion, up 10% year-over-year, with Fee-Earning AUM also growing 10% to $860.1 billion. Notably, perpetual capital strategies—a key pillar of Blackstone’s platform—now account for $464.4 billion of AUM. Blackstone attracted $61.6 billion in inflows during the quarter, part of a $199.1 billion total over the LTM, while deploying $36.4 billion and realizing $25.5 billion in the same period.

Segment performance remained resilient across the board. FRE rose 9% to $1.26 billion, while Distributable Earnings climbed 11% to $1.41 billion. Total segment revenues grew 8% to $2.76 billion, and net realizations increased 22% year-over-year to $357 million. These gains reflect strong performance in infrastructure, private credit, and multi-asset strategies.

In terms of investment performance, Blackstone reported positive returns across most asset classes:

• Private Equity delivered +1.1% in corporate strategies and +2.9% in tactical opportunities (LTM: +14.1% and +11.8%, respectively).
• Credit & Insurance remained strong, with +2.7% return in private credit and +0.5% in liquid credit (LTM: +15.0% and +7.4%).
• Infrastructure posted a standout +7.5% return in Q1 and +23.6% over the LTM.
• Real Estate showed early signs of stabilization with +0.2% for opportunistic strategies and +1.2% for Core+ (LTM: -3.7% and +0.1%).
• Multi-Asset Investing, with AUM up 12% to $87.8 billion, delivered a 2.6% return in Q1 and 11.0% over the LTM, outperforming benchmarks.

Blackstone’s Credit & Insurance segment led the way in capital flows, with $30.3 billion in inflows in Q1 and $104.6 billion over the past year, while Private Equity brought in $21.7 billion in Q1 and $55.6 billion LTM, followed by Real Estate with $6.2 billion for the quarter.

From a balance sheet perspective, the firm remained in excellent shape. As of March 31, 2025, cash and net investments totaled $19.4 billion ($15.89 per share), while outstanding debt stood at $12.3 billion. The firm maintained $4.3 billion in credit revolver capacity, with $3.4 billion undrawn, and retained A+/A+ credit ratings.

Blackstone also returned significant capital to shareholders, distributing $1.2 billion in Q1 (including dividends and buybacks), and $5.7 billion over the LTM. During the quarter, the firm repurchased 0.2 million shares, bringing the twelve-month total to 3.5 million, with $1.8 billion remaining under its repurchase authorization.

Looking ahead, management expressed confidence in Blackstone’s trajectory, emphasizing its diversified platform, the expanding role of private wealth channels, and the resilience of perpetual capital strategies. The firm anticipates Private Equity to lead realizations in early 2025, with Real Estate following later in the year as markets stabilize. Additionally, Credit & Insurance is expected to remain a major growth engine, particularly in U.S. and Asian markets.

In summary, Blackstone’s Q1 2025 results underscore its continued leadership in alternatives, with record AUM, rising earnings, strong capital deployment, and a disciplined approach to shareholder returns. With stable margins and a scalable model, the firm is well-positioned for long-term growth across economic cycles.