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Blackstone Inc. 8-K/A 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-K116

BX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 116 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/A 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, describing a strong quarter led by fundraising and earnings growth.

Inflows were $54.2 billiona in the quarter and $225.4 billion over the last twelve months, while Total AUM rose 12% year-over-year to $1,241.7 billion and Fee-Earning AUM rose 10% to $906.2 billion. Fee Related Earnings (FRE) grew 26% year-over-year to $1.48 billion ($1.20/share), and Distributable Earnings (DE) rose 48% to $1.89 billion ($1.52/share). Total Segment Distributable Earnings reached $1.99 billion, up 42%, led by Private Equity net realizations of $380.1 million.

GAAP results were more mixed. GAAP Net Income Attributable to Blackstone Inc. was $625 millionb, down from $781 million a year earlier, and basic and diluted EPS fell to $0.80 from $1.02, as performance allocations dropped to $781 million from $1.57 billion. Net Accrued Performance Revenues declined quarter-over-quarter to $6.5 billion ($5.30/share) as realizations outpaced new accruals.

The company declared a quarterly dividend of $1.29c per share, payable November 10, 2025 to holders of record on November 3, 2025, bringing LTM dividends to $4.69 per share. This filing is Amendment No. 1 to the original 8-K.

It corrects a typesetting error in the EDGAR copy of the earnings presentation: Private Equity net realizations for 3Q'25 are $380.1 milliond, not the $280.1 million shown in the original EDGAR exhibit. No other changes were made, and the corrected figure matches the figure posted on Blackstone's website on the earnings date.

02—Key points

Key Highlights

  1. Total AUM reached $1,241.7 billion, up 12% year-over-year, with $54.2 billion of quarterly inflows and $225.4 billion over the last twelve months.
  2. Fee Related Earnings rose 26% year-over-year to $1.48 billion ($1.20/share), and LTM FRE reached $6.0 billion ($4.92/share).
  3. Distributable Earnings grew 48% year-over-year to $1.89 billion ($1.52/share); Total Segment DE rose 42% to $1.99 billion.
  4. GAAP Net Income Attributable to Blackstone Inc. declined to $625 million from $781 million, and GAAP EPS fell to $0.80 from $1.02, driven by lower performance allocations ($781 million vs. $1.57 billion).
  5. Net Accrued Performance Revenues fell 7% year-over-year to $6.5 billion ($5.30/share), reflecting heavy realized distributions of $786 million in the quarter.
  6. Quarterly dividend of $1.29 per share declared, payable November 10, 2025 (record date November 3, 2025); LTM dividends total $4.69 per share.
  7. Amendment corrects Private Equity 3Q'25 Net Realizations to $380.1 million from $280.1 million in the EDGAR exhibit; no other changes.

03—Questions

Frequently Asked Questions

  1. Why did GAAP earnings decline even though Distributable Earnings grew strongly?

    GAAP results include unrealized performance allocations, which fell sharply this quarter to roughly negative $1.0 billion on an LTM basis for unrealized items, and total performance allocations dropped to $781 million from $1.57 billion a year earlier. Distributable Earnings exclude unrealized activity and instead emphasize fee-related earnings and realized performance income, which were strong. The gap reflects timing of performance revenue recognition rather than a deterioration in fee-generating business.

  2. What drove the growth in Private Equity net realizations?

    Private Equity net realizations were $380.1 million in the quarter, up 190% year-over-year. The filing cites realizations of $9.3 billion in the quarter, including a sale of an interest in the GP Stakes portfolio and sales of Hotwire and Lightstone Generation, which generated realized performance revenues of $559 million.

  3. Why is the amended filing necessary, and does it change the financial results?

    The original EDGAR copy of the earnings presentation contained a financial printer error that showed Private Equity 3Q'25 Net Realizations as $280.1 million instead of $380.1 million. The amendment corrects this typo to match the earnings presentation posted on Blackstone's website on October 23, 2025. The company stated there were no other discrepancies, and the press release and reported financial results are unaffected.

  4. How strong is Blackstone's capital position and liquidity?

    As of September 30, 2025, Blackstone had $11.1 billion in total cash, cash equivalents, corporate treasury and other investments, and $20.9 billion of cash and net investments, or $17.00 per share. Outstanding debt at par was $11.8 billion, and the company maintains a $4.3 billion revolving credit facility with $3.8 billion undrawn, rated A+ by S&P and Fitch.

  5. What is the outlook for fundraising and deployment?

    Fundraising momentum was robust, with $225.4 billion of LTM inflows across institutional, insurance and individual channels. Dry powder stood at $188.1 billion, and Invested Performance Eligible AUM reached $611.0 billion, up 10%. Capital deployment was $26.6 billion in the quarter and $137.6 billion over the LTM, with an additional $24.2 billion committed but not yet deployed.

04—Continue

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