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Blackstone Inc. 8-K Report, Financial Results (Oct 23, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 23, 2025
Period End
October 23, 2025
Security
BX
In the record · 2016–202610-K1110-Q328-K117

BX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 117 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Oct ’18Oct ’18
  2. Material agreement8-K · Sep ’20Sep ’20
  3. Material agreement8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed October 23, 2025. Cited figures are marked; the original filing is the authoritative source.

Blackstone (BX) reported third-quarter 2025 results on October 23, 2025, with strong top-line momentum led by fee-related and realized performance earnings.

GAAP Net Income Attributable to Blackstone Inc. was $625 milliona for the quarter, down from $781 million a year earlier, mainly because performance allocations fell sharply to $781 million from $1.57 billion. Non-GAAP measures tell a stronger story: Fee Related Earnings (FRE) rose 26% year-over-year to $1.48 billion ($1.20/share), and Distributable Earnings (DE) rose 48% to $1.89 billion ($1.52/share). Realized performance revenues more than doubled to $745 million, and total segment DE climbed 42% to $1.99 billion.

Assets under management reached a record $1.24 trillionb, up 12% year-over-year, while fee-earning AUM grew 10% to $906 billion. Inflows totaled $54.2 billion in the quarter and $225.4 billion over the last twelve months, and realizations of $30.6 billion in the quarter supported the realized-earnings growth. Perpetual capital AUM rose 15% to $500.6 billion, a key driver of more durable fee income.

Dry powder stood at $188.1 billionc. The main watch items are the decline in net accrued performance revenues to $6.5 billion (down about 7% year-over-year), weaker opportunistic real estate performance (down 5.2% over the LTM), and a pickup in interest expense.

The board declared a $1.29d per share dividend payable November 10, 2025, to holders of record on November 3, and Blackstone returned $1.6 billion to shareholders in respect of the quarter. Note that this 8-K furnishes the press release under Item 2.02 and that the figures are preliminary and unaudited.

02—Key points

Key Highlights

  1. GAAP Net Income Attributable to Blackstone Inc. was $625 million in 3Q'25, down 20% from $781 million in 3Q'24, mainly due to lower performance allocations ($781 million vs. $1.57 billion).
  2. Fee Related Earnings rose 26% year-over-year to $1.48 billion ($1.20/share), with LTM FRE of $6.0 billion ($4.92/share).
  3. Distributable Earnings increased 48% to $1.89 billion ($1.52/share) in the quarter; LTM DE reached $7.0 billion ($5.51/share).
  4. Total AUM hit a record $1.24 trillion (up 12% YoY), with fee-earning AUM of $906.2 billion (up 10%) and perpetual capital AUM of $500.6 billion (up 15%).
  5. Inflows of $54.2 billion in the quarter and $225.4 billion LTM; deployment of $26.6 billion in the quarter and realizations of $30.6 billion.
  6. Net accrued performance revenues declined to $6.5 billion ($5.30/share) from $7.0 billion a year earlier, reflecting realized distributions.
  7. Quarterly dividend of $1.29 per share declared, payable November 10, 2025 to holders of record on November 3, 2025; $1.6 billion returned to shareholders for the quarter.

03—Questions

Frequently Asked Questions

  1. Why did GAAP net income fall even though DE and FRE grew strongly?

    GAAP results include unrealized performance allocations, which swing with fund valuations. Performance allocations fell to $781 million from $1.57 billion, and unrealized activity turned negative. Non-GAAP measures exclude unrealized items and focus on realized, cash-like earnings, which grew sharply.

  2. How sustainable is the realized performance revenue growth?

    Realized performance revenues reached $745 million in the quarter (up 117%) and $1.76 billion YTD (up 24%), driven by strong realizations of $30.6 billion. Realizations are lumpy and depend on exit timing, so quarterly results can vary, but the $6.5 billion of net accrued performance revenues provides a pipeline of future monetizations.

  3. What are the main risks flagged in the results?

    Opportunistic real estate funds declined 5.2% over the LTM, and the net accrued performance balance fell about 7% year-over-year. Interest expense rose to $126 million in the quarter from $111 million. The filing also points to risk factors in the 2024 Form 10-K, and results are preliminary and unaudited.

  4. Is the dividend covered by earnings?

    Yes. Distributable Earnings per share was $1.52 for the quarter against an actual dividend of $1.29, and YTD DE of $3.82 covers the $3.25 YTD dividend. The 2025 dividend growth of about 50% year-over-year closely tracks DE growth.

04—Continue

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