01—Abstract
Summary
Summary of the 8-K filed September 24, 2025. Cited figures are marked; the original filing is the authoritative source.
On September 24, 2025, Blackstone (BX) furnished an 8-K under Regulation FD (Item 7.01) with a Press Release (Exhibit 99.1) providing an intra-quarter update on realization activity.
For the period July 1, 2025 through September 24, 2025, Blackstone preliminarily expects to record total Realized Performance Revenues and total Realized Principal Investment Income in excess of $525 milliona, with over 90% of that amount coming from Realized Performance Revenues. The estimate includes revenue from investment realizations closed to date in the third quarter, plus certain non-fee related incentive fees and other investment income expected to be realized at quarter end. Investors should read this estimate narrowly.
The company explicitly states it is not a prediction of full-quarter Realized Performance Revenues, Realized Principal Investment Income, or Segment Revenues for Q3 2025 ending September 30, 2025, and that final results may differ materially. The figure excludes any realizations after September 24, fee income, expenses, and any further gains or losses for the remainder of the quarter. It is also not indicative of results for the full year 2025.
The disclosure is best viewed as a voluntary, mid-quarter signal on the monetization environment, specifically realization activity from private equity, real estate, and other investments. Because performance revenues are lumpy and depend on the timing of exits, the figure offers a partial read on realization momentum rather than a complete earnings preview.
Investors should await the full Q3 2025 earnings release and related filings for comprehensive financial results. The filing also notes that the forward-looking statements are subject to risks described in Blackstone's 2024 Form 10-K.
02—Key points
Key Highlights
- Blackstone preliminarily expects realization-related revenue of over $525 million for July 1 to September 24, 2025.
- Over 90% of the estimated amount is comprised of Realized Performance Revenues, indicating carry-driven monetization dominates the figure.
- The estimate includes Q3 investment realizations closed to date plus certain non-fee related incentive fees and other investment income expected at quarter end.
- The estimate is explicitly not a forecast of full Q3 2025 Realized Performance Revenues, Realized Principal Investment Income, or Segment Revenues.
- Results for the full quarter ending September 30, 2025 may differ materially, and the figure excludes fee income, expenses, and any post-September 24 realizations.
- The figure is not indicative of expected results for the full year 2025.
- Disclosure was made under Item 7.01 (Regulation FD) and the information is furnished, not filed, under Section 18 of the Exchange Act.
03—Questions
Frequently Asked Questions
What exactly did Blackstone disclose in this 8-K?
Blackstone disclosed a preliminary estimate of revenue related to realization activity for July 1 to September 24, 2025. It expects total Realized Performance Revenues and total Realized Principal Investment Income of over $525 million for that period, with more than 90% from Realized Performance Revenues. The information was published in a press release attached as Exhibit 99.1.
Does this estimate represent Blackstone's full Q3 2025 earnings?
No. The company states the estimate is not intended to predict total Realized Performance Revenues, total Realized Principal Investment Income, or total Segment Revenues for the quarter ending September 30, 2025. It covers only realizations through September 24 and excludes fee income and expenses, so full-quarter results may differ materially.
Why does this matter for investors?
Realized performance revenues are a key driver of Blackstone's earnings and are often lumpy, depending on the timing of asset sales and other exits. A mid-quarter indication of realization activity gives investors an early read on monetization momentum, though it should not be treated as a full earnings forecast or a guide to 2025 annual results.
What are the main risks or caveats to consider?
The estimate is preliminary and forward-looking. It may change with significant market developments after September 24, 2025, and it excludes any further gains or losses for the remainder of the quarter. Blackstone points to risk factors in its 2024 Form 10-K and later SEC filings, and it undertakes no obligation to update the estimate.
04—Continue