BX · Blackstone Inc.

271 filings

BX SEC Filings

Blackstone Inc. - 271 total filings

Filing record · 2016–202610-K1110-Q328-K117

Showing 1–50 of 271 filings

Blackstone Inc. 8-K Report, Financial Results (Oct 22, 2026)

Blackstone Inc. (BX) reported its third quarter 2026 financial results on October 22, 2026. The company showcased strong performance despite a volatile external environment, with flagship strategies outperforming public market indices and significant inflows of $63 billion, indicating positive momentum across fundraising channels. Key financial metrics highlight robust operational performance, with Fee Related Earnings (FRE) reaching $1.6 billion for the quarter ($1.26/share) and Distributable Earnings (DE) at $1.7 billion ($1.32/share). The company also declared a quarterly dividend of $1.12 per common share, underscoring its commitment to returning capital to shareholders. Blackstone's total Assets Under Management (AUM) grew to $1,368.3 billion, up 10% year-over-year, driven by substantial inflows across its diverse investment strategies.

Oct 22, 2026 8-K

Blackstone Inc. 8-K Report, Executive Changes (Oct 15, 2026)

Blackstone Inc. (BX) has announced the upcoming retirement of Joseph Baratta from his position as a director on the Board, effective December 31, 2026. Mr. Baratta will continue to serve in his current capacity until this date, allowing for a smooth transition. This departure will result in a reduction of the Board's size from eight to seven members.

Oct 15, 2026 8-K

Blackstone Inc. 8-K Report, Regulation FD Disclosure (Sep 22, 2026)

On September 22, 2026, Blackstone (BX) furnished an 8-K under Item 7.01 (Regulation FD) attaching a press release with a preliminary, intra-quarter update on realization activity for the period July 1, 2026 through September 22, 2026. Blackstone expects to record total Realized Performance Revenues and total Realized Principal Investment Income in excess of $350 million for that period, with roughly 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. The disclosure is explicitly preliminary and limited in scope. Blackstone states that the figure is not a prediction of total third-quarter Realized Performance Revenues, Realized Principal Investment Income, or Segment Revenues, and that full-quarter results may differ materially. It excludes fee income, expenses, any realizations after September 22, and any further gains or losses for the remainder of the quarter. It is also not indicative of results for the full year 2026. For investors, the update is a meaningful signal of realization momentum heading into quarter end, since realizations drive the lumpy performance revenue and principal investment income that can swing reported earnings. Still, the figure should be treated as a partial, forward-dated snapshot rather than a guide to Q3 or annual results. The filing does not disclose a specific prior-year comparison or an updated full-year outlook, so investors should await the Q3 2026 earnings release for complete financial results.

Sep 22, 2026 10-Q

Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2026

Blackstone reported a strong second quarter of 2026, with Total Revenues of $5.04 billion (up 36% year over year) and Net Income Attributable to Blackstone Inc. of $1.23 billion, or $1.54 per diluted share, versus $0.98 a year earlier. Growth was driven mainly by Investment Income, which rose 54% to $2.47 billion on higher realized and unrealized gains, concentrated in Real Estate (BREP and Core+ funds) and Private Equity realizations. Management and Advisory Fees, Net grew 11% to $2.27 billion, with Private Equity and Credit & Insurance contributing most of the increase. Fee Related Earnings rose 22% to $1.78 billion and Segment Distributable Earnings rose 23% to $2.20 billion for the quarter, reflecting higher Fee Related Performance Revenues (notably BREIT and BXPE). Total Assets Under Management reached $1.35 trillion at June 30, 2026, up 3% for the quarter and 7% year to date, while Fee-Earning Assets Under Management rose to $961.6 billion. Perpetual Capital reached $555.6 billion. Management flagged softer areas: redemption requests in BCRED remained elevated, producing net outflows in the quarter, and Credit & Insurance Net Realizations fell sharply year over year. Compensation costs grew faster than revenue, with Total Compensation and Benefits up 28% in the quarter, largely due to performance allocations compensation. Balance sheet activity was modest. Loans Payable rose to $13.2 billion, including an $800 million draw on the $4.325 billion Revolving Credit Facility, and cash and cash equivalents were $2.5 billion. Blackstone paid $3.4 billion in dividends and distributions year to date and repurchased only $48.4 million of stock. The company also disclosed a June 2026 settlement with Kentucky Retirement System and the Commonwealth, requiring an $18 million payment (insured), which the quarter's financial results accrue for.

Aug 7, 2026 8-K

Blackstone Inc. 8-K Report, Financial Results (Jul 23, 2026)

Blackstone (BX) reported second quarter 2026 results on July 23, 2026, with strong growth in earnings and capital raising. GAAP Net Income was $2.4 billion for the quarter ($1.2 billion attributable to Blackstone Inc.), up from $1.6 billion and $764 million a year earlier, and GAAP diluted EPS rose to $1.54 from $0.98. Non-GAAP results were stronger still: Fee Related Earnings (FRE) reached $1.8 billion ($1.43 per share), up 22% year over year, and Distributable Earnings (DE) were $2.0 billion ($1.52 per share), up 26%. Management highlighted approximately $68.3 billion of quarterly inflows, which is roughly 16% of the $1.35 trillion of total AUM. Performance-driven revenue was the main engine. Realized performance revenues rose 32% to $731 million, and Net Accrued Performance Revenues climbed to $7.5 billion ($6.00 per share), up 13% year over year and 7% quarter over quarter, supported by appreciation in Infrastructure, Secondaries and Corporate Private Equity. Total AUM grew 11% year over year to $1,346.3 billion, Fee-Earning AUM grew 8% to $961.6 billion, and Perpetual Capital AUM grew 15% to $555.6 billion. Management attributes this to its AI-related investment themes, though the filing provides limited detail on those exposures. Real Estate was the notable soft spot, with Opportunistic funds declining 1.4% over the LTM and Real Estate Fee-Earning AUM down 3%. For shareholders, the Board declared a quarterly dividend of $1.29 per share, payable August 10, 2026 to holders of record on August 3, 2026. Blackstone ended the quarter with $22.7 billion of cash and net investments ($18.23 per share), a $4.3 billion revolver ($3.5 billion undrawn), and A+/A+ ratings. Important caveats: all figures are preliminary and unaudited, the results are furnished rather than filed under Item 2.02, and the performance-revenue-heavy earnings mix can be volatile. Realized Principal Investment Income fell 60% year to date, and Credit & Insurance Segment DE declined 6% in the quarter.

Jul 23, 2026 8-K

Blackstone Inc. 8-K Report, Regulation FD Disclosure (Jun 23, 2026)

On June 23, 2026, Blackstone Inc. (NYSE: BX) furnished an 8-K under Item 7.01 (Regulation FD) attaching a press release that gives an intra-quarter preview of realization activity for the period April 1, 2026 through June 23, 2026. Blackstone preliminarily expects to record total Realized Performance Revenues and total Realized Principal Investment Income of more than $500 million for that window, almost entirely Realized Performance Revenues. The estimate includes certain non-fee-related incentive fees and other investment income expected to be realized at quarter end, in addition to investment realizations already closed in the second quarter. Investors should read this figure narrowly. The company states explicitly that the estimate is not a prediction of full-quarter Realized Performance Revenues, Realized Principal Investment Income, or Segment Revenues for the quarter ending June 30, 2026. It excludes fee income, expenses, any realizations after June 23, and any further gains or losses for the rest of the quarter. It also says the figure is not indicative of results for any other period, including fiscal 2026. The disclosure is therefore a partial, early indicator of realization momentum rather than a guidance update or a complete earnings signal. The filing is informational and carries no new financial statements, guidance, or financing terms. Its market relevance lies in signaling that exit and realization activity picked up during the second quarter, which matters for monetization-driven earnings in Blackstone's performance-fee and principal investment businesses. Forward-looking caveats point to the 2025 Form 10-K risk factors and to significant market developments after June 23, 2026 that could change outcomes.

Jun 23, 2026 10-Q

Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2026

Blackstone Inc. reported a solid first quarter for 2026, with total revenues increasing by 10% year-over-year to $3.6 billion. This growth was primarily driven by a 13% increase in Management and Advisory Fees, Net, which reached $2.1 billion, signaling continued strength in fee-generating assets under management. While Investment Income (Loss) saw a slight decrease of 2%, this was largely due to a significant ($523.5 million) decrease in unrealized gains, a common occurrence in market volatility, which was partially offset by a substantial $498.6 million increase in realized investment gains, particularly within the Private Equity segment. Total expenses rose by 19%, largely driven by a 22% increase in Compensation and Benefits, reflecting increased performance-based compensation tied to the segment's strong realized gains. Net income attributable to Blackstone Inc. grew by 6% to $649.7 million, translating to diluted EPS of $0.83, up from $0.80 in the prior year. The company also maintained a healthy liquidity position with $2.4 billion in cash and cash equivalents and demonstrated continued capital management with $1.7 billion remaining under its share repurchase program.

May 8, 2026 8-K

Blackstone Inc. 8-K Report, Financial Results (Apr 23, 2026)

Blackstone (BX) reported first quarter 2026 results on April 23, 2026, with strong headline growth in its fee-based and realization-driven earnings. GAAP Net Income was $1.3 billion for the quarter ($6.1 billion LTM), and GAAP Net Income Attributable to Blackstone Inc. was $650 million ($0.83 per share basic and diluted, up from $0.80 a year earlier). Non-GAAP measures were the main story: Fee Related Earnings rose 23% year-over-year to $1.5 billion ($1.26/share), and Distributable Earnings rose 25% to $1.8 billion ($1.36/share). Total Segment Distributable Earnings were $2.0 billion, up 23%. Assets under management reached a record $1,304.0 billion, up 12% year-over-year, supported by $68.5 billion of quarterly inflows ($246.3 billion LTM) and $35.6 billion of deployment. Net Accrued Performance Revenues rose 4% quarter-over-quarter to $7.0 billion ($5.69/share), reflecting appreciation in Private Equity (Infrastructure +7.8%, Corporate Private Equity +3.2%) and Multi-Asset Investing, partly offset by a decline in Opportunistic Real Estate (-0.9%). Realized Performance Revenues grew 70% to $780 million, though Real Estate and Credit performance was weaker. The company declared a quarterly dividend of $1.16 per share (record date May 4, 2026; payment May 11, 2026), up from $0.93 a year earlier, and returned roughly $1.5 billion to shareholders for the quarter. Balance sheet metrics remain solid, with $11.4 billion of total cash and corporate treasury, $21.3 billion of cash and net investments ($17.32/share), and A+/A+ ratings. Note that the figures are preliminary and unaudited, and the filing itself is a Form 8-K furnishing the press release under Item 2.02.

Apr 23, 2026 8-K

Blackstone Inc. 8-K Report, Regulation FD Disclosure (Mar 24, 2026)

On March 24, 2026, Blackstone Inc. (BX) furnished an 8-K under Item 7.01 (Regulation FD) attaching a press release that gives an intra-quarter estimate of realization activity for the period January 1, 2026 to March 24, 2026. Blackstone preliminarily expects to record total Realized Performance Revenues and total Realized Principal Investment Income of more than $680 million for that period, comprised almost entirely of Realized Performance Revenues. The estimate includes revenue from investment realizations closed to date in the first quarter, plus certain non-fee-related incentive fees and other investment income expected to be realized at quarter end. Investors should read this as a partial, preliminary datapoint rather than a full-quarter forecast. The company explicitly states the figure is not a prediction of total Realized Performance Revenues, total Realized Principal Investment Income, or total Segment Revenues for the quarter ending March 31, 2026. It excludes fee income, expenses, any realizations after March 24, and any further gains or losses for the rest of the quarter, and it is not indicative of 2026 full-year results. Results for the full quarter may differ materially. The disclosure is primarily a signal on the strength of monetizations in the first quarter, which matter to alternative asset managers because realized performance revenues (carried interest and incentive fees) are lumpy and tied to asset sales and exits. The 8-K itself contains no change in guidance, no financial statements, and no new risk disclosures beyond a reference to the risk factors in the 2025 Form 10-K. The information is furnished, not filed, so it is not subject to Section 18 liability unless specifically incorporated by reference elsewhere.

Mar 24, 2026 10-K

Blackstone Inc. Annual Report, Year Ended Dec 31, 2025

Blackstone Inc. (BX) reported a strong financial year ending December 31, 2025, with total revenues reaching $14.5 billion, marking a significant 9% increase year-over-year, primarily driven by robust growth in its Private Equity and Credit & Insurance segments. The company's Assets Under Management (AUM) also saw substantial growth, reaching $1.27 trillion. This expansion reflects successful fundraising and positive market performance across its diverse alternative asset classes. Despite increased compensation expenses, Blackstone maintained a healthy net income of $6.0 billion, demonstrating effective operational management and a strong return on investment for its shareholders. The company continues to focus on expanding its presence in the private wealth channel and innovating its product offerings to cater to a broader investor base, positioning it for continued growth in the dynamic alternative asset management landscape. Blackstone's diversified business segments, including Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, all contributed to the company's overall success. The Private Equity segment, in particular, showed significant growth, benefiting from increased deal activity and strong performance in its Infrastructure strategies. The Credit & Insurance segment also demonstrated resilience, with notable growth in private credit strategies. The company's commitment to its perpetual capital strategies further underpins its long-term revenue stability. Looking ahead, Blackstone remains well-positioned to capitalize on market opportunities, driven by its scale, diversified strategies, and strong client relationships.

Feb 27, 2026 8-K

Blackstone Inc. 8-K Report, Financial Results (Jan 29, 2026)

Blackstone (BX) reported fourth quarter and full year 2025 results on January 29, 2026, in an 8-K furnishing Exhibit 99.1 (press release and detailed presentation). Q4 2025 GAAP Net Income Attributable to Blackstone Inc. was $1.02 billion ($1.30 per share), versus $704 million ($0.92) a year earlier. Full-year GAAP net income attributable to Blackstone was $3.02 billion ($3.87 per share), up from $2.78 billion ($3.62). Total revenues rose to $4.36 billion in Q4 and $14.45 billion for the year, though full-year 'Other' revenue turned negative, and Performance Allocations jumped sharply in Q4. The segment metrics focus on recurring earnings. Fee Related Earnings (FRE) was $1.54 billion in Q4 ($1.25/share), down 16% year over year, mainly because Fee Related Performance Revenues fell 57% after a large BIP crystallization in the prior-year quarter. For the full year, FRE rose 9% to $5.74 billion ($4.67/share). Distributable Earnings (DE) reached $2.24 billion ($1.75/share) in Q4, up 3%, and $7.11 billion ($5.57/share) for the year, up 19%. Net Accrued Performance Revenues climbed to $6.74 billion ($5.49/share), supported by strong appreciation in Infrastructure (23.5% for the year) and Corporate Private Equity (13.8%). Capital formation was robust. AUM reached $1.27 trillion (up 13%), with Q4 inflows of $71.5 billion, the highest in over three years, and full-year inflows of $239.4 billion. Perpetual Capital AUM grew 18% to $523.6 billion, and dry powder stood at $198.3 billion. The board declared a $1.49 quarterly dividend, payable February 17, 2026, and dividends for 2025 totaled $4.74 per share. Investors should note that results are preliminary and unaudited, and that the 8-K states the press release is furnished rather than filed.

Jan 29, 2026 10-Q

Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2025

Blackstone's Q3 2025 10-Q shows a quarter dominated by lower investment income rather than weaker core fee businesses. Total revenues were $3.09 billion, down 16% year over year, as Investment Income fell to $695 million from $1.66 billion on a $1.6 billion swing in unrealized performance allocations. Net income attributable to Blackstone Inc. was $625 million ($0.80 per diluted share) versus $781 million ($1.02) a year earlier. Management and Advisory Fees, Net rose 15% to $2.06 billion, and Fee Related Earnings grew 26% at the segment level to $1.48 billion, reflecting higher base management fees across Private Equity and Credit & Insurance and crystallized performance revenues in BXPE and BIP. Balance sheet and capital activity was active. Total assets reached $46.6 billion and total assets under management rose to $1.24 trillion, up 10% year to date, with Perpetual Capital at $500.6 billion. Blackstone paid $3.25 per share in dividends declared through the first three quarters of 2025 and repurchased only $93.7 million of stock year to date, leaving $1.7 billion authorized. Subsequent to quarter end, the company amended its revolving credit facility to $4.325 billion with a 2030 maturity, issued $1.2 billion of senior notes, and repaid the $550 million revolver balance. Investors should note the sensitivity of reported earnings to fund valuations and the timing of realizations, as well as a continuing legal matter (the Kentucky Retirement System litigation) for which an accrual has been recorded and a settlement was terminated in May 2025. Clawback exposure and tax receivable agreement obligations of about $2.1 billion remain significant long-term liabilities.

Nov 7, 2025 8-K

Blackstone Inc. 8-K Report, Material Agreement (Nov 3, 2025)

Blackstone Inc. (NYSE: BX) completed a $1.2 billion senior notes offering on November 3, 2025, issued by its indirect subsidiary Blackstone Reg Finance Co. L.L.C. The offering consists of two tranches of $600 million each: 4.300% senior notes due November 3, 2030, and 4.950% senior notes due February 15, 2036. The notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone Inc. and five of its indirect holding subsidiaries (Blackstone Holdings I, AI, II, III and IV L.P.). Proceeds are earmarked for general corporate purposes, which typically means working capital, investments, and debt refinancing, though the filing does not specify allocations. From an investor standpoint, this is a routine but meaningful capital-markets transaction. It adds $1.2 billion of unsecured, unsubordinated debt to Blackstone's capital structure, extending the firm's maturity profile into the 2030s at fixed coupons. The notes were sold under an automatically effective shelf registration (Form S-3ASR) filed December 2024, and the underwriting agreement was dated October 28, 2025, with BofA Securities, Citigroup, Deutsche Bank, Morgan Stanley and RBC Capital Markets as representatives. The indenture contains customary protections for bondholders, including limits on secured debt tied to voting stock or profit-participating equity interests of subsidiaries, restrictions on mergers and asset sales, and a 101% change-of-control repurchase right. Make-whole redemption applies before October 3, 2030 for the 2030 notes and before November 15, 2035 for the 2036 notes, with par redemption thereafter. Investors should note that the filing contains no earnings data or financial results; its significance lies in the financing terms and the company's continued access to investment-grade-style debt markets.

Nov 3, 2025 8-K

Blackstone Inc. 8-K Report, Corporate Update (Oct 28, 2025)

Blackstone Inc. (BX) announced on October 28, 2025, that its indirect subsidiary, Blackstone Reg Finance Co. L.L.C., has successfully priced a public offering of senior notes. This offering consists of $600 million in aggregate principal amount of 4.300% Senior Notes due 2030 and $600 million in aggregate principal amount of 4.950% Senior Notes due 2036. The issuance of these notes is fully and unconditionally guaranteed by Blackstone and several of its key holding entities, underscoring the company's commitment to the debt. This strategic move is intended to bolster Blackstone's liquidity for general corporate purposes. Investors should note that the offering was made under a shelf registration statement previously filed with the SEC, indicating a pre-established framework for such capital-raising activities. The details of this note pricing and offering are further elaborated in an attached press release, which is incorporated by reference into this filing. This financing event does not appear to signal any immediate changes in operational strategy but rather a proactive approach to managing corporate finances and maintaining a robust capital structure.

Oct 28, 2025 8-K

Blackstone Inc. 8-K Report, Corporate Update (Oct 28, 2025)

Blackstone Inc. (BX) has announced its indirect subsidiary, Blackstone Reg Finance Co. L.L.C., intends to offer senior notes guaranteed by Blackstone and several of its key holding entities. This offering will be conducted through an underwritten public offering, leveraging a previously filed shelf registration statement. The announcement, made via a press release on October 28, 2025, signifies a capital markets activity aimed at raising funds for the company. Investors should note that this is an intention to offer, and the terms and finalization of the offering are subject to market conditions and further regulatory filings.

Oct 28, 2025 8-K

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

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 billion 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 million, 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 $1.29 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 million, 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.

Oct 23, 2025 8-K

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

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 million 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 trillion, 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 billion. 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 $1.29 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.

Oct 23, 2025 8-K

Blackstone Inc. 8-K Report, Material Agreement (Oct 17, 2025)

Blackstone Inc. (BX) has filed an 8-K report detailing the amendment and restatement of its revolving credit facility. The key change is the extension of the facility's maturity date from December 15, 2028, to October 16, 2030, providing the company with enhanced financial flexibility and a longer runway for its operations. This amendment also increases the minimum required amount of fee-generating assets under management from $294.0 billion to $355.0 billion, reflecting the company's growth and confidence in its asset management capabilities. The credit facility, totaling $4.325 billion, remains unsecured and has terms largely consistent with the previous agreement, including customary representations, covenants, and events of default. Financial covenants focus on a maximum net leverage ratio and a minimum level of fee-generating assets under management, tested quarterly. This strategic extension and adjustment of the credit facility underscore Blackstone's commitment to maintaining a strong liquidity position and supporting its ongoing business activities.

Oct 17, 2025 8-K

Blackstone Inc. 8-K Report, Regulation FD Disclosure (Sep 24, 2025)

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 million, 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.

Sep 24, 2025 10-Q

Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2025

Blackstone's Q2 2025 10-Q shows a quarter driven by strong fee growth and large unrealized investment gains. Total revenues rose 33% year over year to $3.71 billion, while GAAP net income attributable to Blackstone Inc. was $764.2 million, up 72%. Management and advisory fees, net increased 14% to $2.04 billion, led by the Private Equity segment, where fee holiday expirations for BCP IX and BETP IV lifted base management fees. Unrealized performance allocations and principal investment gains were the main driver of the GAAP top-line jump, so investors should separate that mark-to-market activity from recurring fee economics. The segment metrics that management emphasizes point to a healthier fee base. Fee Related Earnings rose 31% to $1.46 billion in the quarter, and Segment Distributable Earnings reached $1.79 billion, up 26%. Total Assets Under Management ended the quarter at $1.21 trillion, up 4% from the prior year's quarter, with Fee-Earning AUM at $887 billion. Perpetual Capital reached $484.6 billion, which supports more durable fee streams. Net accrued performance revenues rose to $6.6 billion. Balance sheet and liquidity remain solid but carry some watch items. Loans payable rose to $12.0 billion, reflecting a $750 million revolver draw and the issuance of new senior notes, while cash and equivalents were $2.2 billion. Total equity was $19.6 billion. The filing also discloses a Kentucky Retirement System litigation settlement that was terminated in May 2025, leaving the matter unresolved, and a material exposure to euro-denominated bonds and cross-currency swaps that drove a $299 million foreign exchange loss in Other Revenue for the six months. Dividends declared were $0.93 per share for the quarter, and a $1.8 billion buyback authorization remained available at quarter end.

Aug 8, 2025 8-K

Blackstone Inc. 8-K Report, Financial Results (Jul 24, 2025)

Blackstone (BX) reported second quarter 2025 results on July 24, 2025, showing strong growth in earnings and scale. GAAP net income attributable to Blackstone Inc. was $764 million for the quarter (vs. $444 million in 2Q'24), or $0.98 per share diluted, and $1.4 billion year-to-date. Total revenues rose to $3.7 billion from $2.8 billion, driven largely by a sharp increase in performance allocations ($1.14 billion vs. $654 million) and principal investment income. The key non-GAAP measures also grew substantially. Fee Related Earnings (FRE) reached $1.5 billion ($1.19 per share), up 31% year-over-year, and Distributable Earnings (DE) were $1.6 billion ($1.21 per share), up 25%. Total assets under management reached a record $1.21 trillion, up 13% year-over-year, with $52.1 billion of inflows in the quarter and $211.8 billion over the last twelve months. Net Accrued Performance Revenues rose to $6.6 billion ($5.37 per share), supported by broad-based appreciation across most strategies, notably Corporate Private Equity (+5.1% in the quarter, +17.2% LTM). Real Estate remained weaker, with Opportunistic funds essentially flat in the quarter and down 3.6% over the LTM. For shareholders, the company declared a quarterly dividend of $1.03 per share, payable August 11, 2025 to holders of record on August 4, 2025, and reported $1.4 billion to be returned in the quarter. Balance sheet liquidity remained solid at $10.6 billion of total cash and corporate treasury investments, with a $4.3 billion revolver and A+/A+ ratings. Because the press release is furnished under Item 2.02 rather than filed, the figures are presented on an unaudited basis, and investors should note that performance-related revenues remain sensitive to market conditions.

Jul 24, 2025 8-K

Blackstone Inc. 8-K Report, Regulation FD Disclosure (Jun 24, 2025)

Blackstone (BX) filed an 8-K on June 24, 2025 under Item 7.01 (Regulation FD) to furnish a preliminary, intra-quarter update on realization activity for the period April 1, 2025 through June 24, 2025. The company said it expects to record total Realized Performance Revenues and total Realized Principal Investment Income of more than $425 million for that period, with the estimate almost entirely composed of Realized Performance Revenues. The figure reflects investment realizations closed so far in the second quarter, certain non-fee-related incentive fees included in Realized Performance Revenues, and other investment income expected to be realized at quarter end. Investors should read the disclosure narrowly. Blackstone explicitly states the estimate is not a prediction of full-quarter Q2 2025 Realized Performance Revenues, Realized Principal Investment Income, or Segment Revenues, and that full-quarter results may differ materially. The estimate excludes fee income and expenses, and further gains or losses may still occur before June 30. It also should not be taken as indicative of any other period, including fiscal year 2025. The filing is largely a voluntary, forward-looking business update that gives the market an early read on monetization activity, a closely watched driver of alternative asset manager earnings. Because it is a partial-period figure with explicit caveats and the 8-K itself is not a formal financial statement, it should be weighed as one data point alongside the company's eventual quarterly results and its Form 10-K and 10-Q disclosures.

Jun 24, 2025 10-Q

Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2025

Blackstone's first-quarter 2025 10-Q shows GAAP total revenues of $3.29 billion, down 11% from $3.69 billion a year earlier, as unrealized investment income fell sharply (unrealized Performance Allocations down 41% and unrealized Principal Investments down 66%). Net income attributable to Blackstone Inc. declined 27% to $614.9 million, and diluted EPS was $0.80 versus $1.11. The headline GAAP decline is largely mark-to-market driven, so investors should focus on the segment and fee metrics, which were healthier: management and advisory fees, net rose 10% to $1.90 billion, Fee-Earning Assets Under Management reached a record $860.1 billion (up $29.4 billion in the quarter), and Total Segment Distributable Earnings grew 11% to $1.62 billion. Fee Related Earnings rose 9% to $1.26 billion. Balance sheet and liquidity moved in several notable ways. Loans payable increased to $12.45 billion from $11.32 billion, driven by a $900 million draw on the $4.325 billion revolver, and the company issued $1.0 billion of loans payable during the quarter. Cash and cash equivalents rose to $2.39 billion. Total Assets Under Management reached $1.17 trillion, and Perpetual Capital grew to $464.4 billion. Management also disclosed an accrual related to the Kentucky Retirement System litigation, with a court approval decision still pending; an $82.5 million settlement is in process, with Blackstone's portion expected to be covered by insurance. Management flagged meaningful macro uncertainty from U.S. tariffs, slowing U.S. GDP (-0.3% in Q1), and muted realization activity. Realized performance revenues fell 14% at the segment level in some lines and realizations across the platform were described as expected to remain muted, which is a key watch item for the carry-driven earnings profile. Shareholder returns continued, with $1.44 declared dividends per share year to date and $31.0 million of share repurchases during the quarter.

May 2, 2025 8-K

Blackstone Inc. 8-K Report, Financial Results (Apr 17, 2025)

Blackstone (BX) reported first quarter 2025 results on April 17, 2025, with GAAP Net Income of $1.2 billion ($615 million attributable to Blackstone Inc.) and Distributable Earnings (DE) of $1.4 billion ($1.09 per share). Fee-Related Earnings (FRE) reached $1.3 billion ($1.03 per share), up 9% year-over-year, while GAAP total revenues declined to $3.29 billion from $3.69 billion, largely because realized and unrealized performance allocations fell. The company highlighted $62 billion of quarterly inflows, the highest in nearly three years, and $177 billion of total dry powder, and it reported a $1.16 billion-equivalent quarterly distribution profile through a $0.93 per share dividend payable May 5, 2025. The quarter's strength was driven by investment appreciation. Net Accrued Performance Revenues rose 2% sequentially to $6.4 billion ($5.24 per share), supported by gains in Infrastructure (7.5%), Tactical Opportunities (2.9%), and Private Credit (2.7% gross). Real Estate remained the weak spot, with Opportunistic funds up only 0.2% in the quarter and down 3.7% over the LTM. Segment Distributable Earnings grew 11% to $1.6 billion, and LTM DE reached $6.1 billion ($4.75 per share), up 20%. Investors should weigh the strong fee-based growth and capital-raising momentum against the lower GAAP top line and the uneven real estate performance. Total AUM reached $1.17 trillion (up 10%), and Perpetual Capital AUM of $464 billion (up 14%) supports the durability of fee-related earnings. Note that all figures are preliminary and unaudited, and that the results are presented on both GAAP and non-GAAP segment bases.

Apr 17, 2025 8-K

Blackstone Inc. 8-K Report, Regulation FD Disclosure (Mar 25, 2025)

On March 25, 2025, Blackstone (BX) furnished an 8-K under Regulation FD (Item 7.01) with Exhibit 99.1, an intra-quarter update on realization activity. Blackstone preliminarily expects to record total Realized Performance Revenues and total Realized Principal Investment Income of more than $385 million for January 1 through March 25, 2025, almost entirely Realized Performance Revenues. The figure includes investment realizations closed to date in the first quarter, certain non-fee-related incentive fees, and other investment income expected to be realized at quarter end. It excludes pending realizations expected to close before quarter end, most notably the previously announced sale of Bistro. The company is explicit that this is not a forecast for first-quarter results. Full-quarter Realized Performance Revenues, Realized Principal Investment Income, and Segment Revenues may differ materially. The estimate also excludes fee income and expenses, and further gains or losses may be realized before quarter end. It is not indicative of results for 2025 as a whole. For investors, the key takeaway is that realization activity has been strong early in the quarter, but the number should be read as a partial, backward-looking data point rather than a guide to full-year or even full-quarter earnings. The filing is largely informational, with no change to guidance, no financial statements, and no material corporate event beyond the update itself. Its forward-looking statements point to risk factors in the 2024 Form 10-K and warn of significant market developments after March 25, 2025. Blackstone also disclaims any obligation to update the estimate.

Mar 25, 2025 10-K

Blackstone Inc. Annual Report, Year Ended Dec 31, 2024

Blackstone Inc. (BX) reported robust financial performance for the fiscal year ending December 31, 2024, driven by strong growth across its core business segments: Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing. Total Assets Under Management (AUM) reached an impressive $1.13 trillion, marking a significant increase from the previous year. The company demonstrated considerable revenue growth, primarily fueled by a substantial uplift in Investment Income, comprising both realized and unrealized gains, reflecting positive performance across its diverse investment portfolios. Expenses also saw an increase, largely due to higher compensation and benefits reflecting the strong performance-driven incentive structures, including performance allocations. Blackstone's Fee Related Earnings (FRE) remained a significant contributor, indicating the resilience of its recurring revenue streams. The company maintained a strong liquidity position and managed its debt effectively. The dividend payout for 2024 was $3.95 per share, reflecting its commitment to returning capital to shareholders, with an intention to distribute approximately 85% of Distributable Earnings quarterly. Despite challenging macroeconomic conditions, including volatile interest rates and geopolitical uncertainties, Blackstone's diversified strategy and active capital deployment positions it well for continued growth and value creation. The firm's focus on both institutional and private wealth channels, coupled with its ongoing strategic initiatives, underpins its strong market position.

Feb 28, 2025 8-K

Blackstone Inc. 8-K Report, Financial Results (Jan 30, 2025)

Blackstone (BX) reported fourth quarter and full year 2024 results on January 30, 2025, with management describing 4Q24 as one of the best quarters in the firm's history. GAAP net income attributable to Blackstone Inc. was $704 million for the quarter ($0.92 per share) and $2.8 billion for the full year ($3.62 per share), up from $1.39 billion in FY23. The headline driver was performance revenue: GAAP performance allocations were $3.8 billion for FY24 versus $532 million in FY23, reflecting strong realizations and a large fourth-quarter fee-related performance revenue event of $1.4 billion in Total Segments, most notably in Private Equity ($1.2 billion, driven by the Infrastructure three-year crystallization and the first significant BXPE crystallization). The more recurring earnings picture also improved. Fee Related Earnings (FRE) was $1.8 billion ($1.50 per share) in 4Q24 and $5.3 billion ($4.32 per share) for the year, up 21%. Distributable Earnings (DE) rose to $2.2 billion ($1.69 per share) in the quarter and $6.0 billion ($4.64 per share) for FY24, up 18%. Capital activity also accelerated: inflows of $57.5 billion in the quarter and $171.5 billion for the year, deployment of $133.9 billion for the year, and realizations of $87.1 billion. Total AUM reached $1.127 trillion, up 8%, and fee-earning AUM reached $830.7 billion, up 9%. Investors should weigh the offsetting signals. Net accrued performance revenues declined 10% quarter-over-quarter to $6.3 billion ($5.14 per share) as realized distributions ($1.4 billion in the quarter) outpaced new accruals, and real estate returns were weak, with Opportunistic funds down 3.7% and Core+ up only 0.1% for the year. The board declared a $1.44 per share dividend payable February 18, 2025, and total capital returned to shareholders for FY24 was $5.6 billion, including $3.95 in dividends per share. The results are preliminary and unaudited, and the company's balance sheet remains strong, with A+/A+ ratings and $9.7 billion in total cash and corporate treasury investments.

Jan 30, 2025 8-K

Blackstone Inc. 8-K Report, Regulation FD Disclosure (Dec 23, 2024)

On December 23, 2024, Blackstone Inc. (BX) filed an 8-K under Item 7.01 (Regulation FD Disclosure) to furnish a press release providing a preliminary, intra-quarter estimate of revenue tied to realization activity for the period October 1, 2024 through December 23, 2024. Blackstone expects total Realized Performance Revenues and total Realized Principal Investment Income for this period to exceed $775 million, with roughly 95% coming from Realized Performance Revenues and roughly 5% from Realized Principal Investment Income. The estimate includes closed fourth-quarter realizations to date, certain non-fee-related incentive fees, and other investment income expected to be realized at quarter end. The disclosure is explicitly limited in scope. It is not a forecast for total fourth-quarter 2024 Realized Performance Revenues, Realized Principal Investment Income, or Segment Revenues, and final quarterly results may differ materially. The estimate excludes fee income and expenses, and further gains or losses may still be realized before quarter-end. Management also states that the figure is not indicative of results for full-year 2024. Investors should therefore treat the $775 million figure as a partial, point-in-time indicator of realization momentum rather than a complete earnings preview. The announcement is a voluntary, mid-quarter update rather than a required reporting event. Because realization activity drives the lumpy, carried-interest-heavy portion of alternative asset manager earnings, the figure gives the market an early read on the strength of exits in the fourth quarter of 2024. The filing is furnished rather than filed, so it is not subject to Section 18 liability, and it carries standard forward-looking statement cautions referencing risk factors in the 2023 Form 10-K.

Dec 23, 2024 8-K

Blackstone Inc. 8-K Report, Material Agreement (Dec 6, 2024)

Blackstone Inc. (BX) filed an 8-K on December 6, 2024, to announce the successful completion of a $750 million offering of 5.000% Senior Notes due 2034. The offering was made by its indirect subsidiary, Blackstone Reg Finance Co. L.L.C., with full and unconditional guarantees from Blackstone Inc. and several of its indirect subsidiaries. This issuance allows Blackstone to further diversify its funding sources and extend its debt maturity profile. The new notes mature in 2034 and carry a fixed coupon of 5.000%, payable semi-annually. The indenture includes standard covenants restricting the incurrence of secured debt and limitations on mergers and asset sales, along with provisions for default and repurchase upon a change of control. The company has also filed legal opinions and an underwriting agreement related to this transaction.

Dec 6, 2024 8-K

Blackstone Inc. 8-K Report, Corporate Update (Dec 3, 2024)

Blackstone Inc. (BX) announced on December 2, 2024, the pricing of a $750 million public offering of 5.000% Senior Notes due 2034. These notes are guaranteed by several Blackstone entities, providing a layer of assurance to investors. The company intends to utilize the net proceeds from this offering for general corporate purposes. This debt issuance indicates Blackstone's ongoing capital management strategy and its access to public debt markets. Investors should note that the funds raised are for general corporate purposes, which could include various strategic initiatives, operational expenses, or future investments. The specific allocation of these proceeds will be a key area to monitor in future filings and communications from the company.

Dec 3, 2024 8-K

Blackstone Inc. 8-K Report, Corporate Update (Dec 2, 2024)

Blackstone Inc. (BX) has filed an 8-K report on December 2, 2024, to announce a material event related to its debt financing activities. Specifically, an indirect subsidiary, Blackstone Reg Finance Co. L.L.C., intends to offer senior notes. These notes will be guaranteed by Blackstone Inc. and several of its key holding entities, indicating a significant debt issuance planned by the alternative asset manager. This offering is being conducted under an automatically effective shelf registration statement, suggesting that the groundwork for such financing has been previously laid and deemed sufficient by the SEC. The announcement was made via a press release filed as an exhibit to this report.

Dec 2, 2024 8-K

Blackstone Inc. 8-K Report, Corporate Update (Nov 25, 2024)

Blackstone's November 25, 2024 Form 8-K is a housekeeping filing rather than a financial-results release. It recasts segment reporting for the 2023 Form 10-K and the Q1 2024 Form 10-Q to reflect two organizational changes effective the quarter ended June 30, 2024: the GP Stakes business moved from Multi-Asset Investing into Private Equity, and the Harvest Fund Advisors platform moved from Credit & Insurance into Multi-Asset Investing (formerly Hedge Fund Solutions). The filing states it does not otherwise reclassify or restate previously reported consolidated financial statements, and it does not reflect events after the original 10-K and 10-Q filing dates. For investors, the practical impact is on segment-level comparability rather than on the firm's consolidated results. Segment figures such as Private Equity and Multi-Asset Investing revenues, Fee-Earning AUM, Fee Related Earnings and Segment Distributable Earnings now reflect the new composition for all periods presented, so analysts modeling segment trends should use the recast figures rather than prior-published numbers. Consolidated revenues, net income and Distributable Earnings are unchanged by the recast. The filing consists of Deloitte's consent (Exhibit 23.1), recast Item 1, Item 7 and Item 8 from the 2023 10-K (Exhibit 99.1), and recast Part I financial statements and MD&A from the Q1 2024 10-Q (Exhibit 99.2). Its forward-looking statements caution readers to consult the risk factors in the 10-K. Investors should read the exhibits alongside the original filings.

Nov 25, 2024 8-K

Blackstone Inc. 8-K Report, Executive Changes (Nov 13, 2024)

Blackstone Inc. (BX) has filed an 8-K report to announce the upcoming resignation of a director, Kelly A. Ayotte, effective November 14, 2024. Ms. Ayotte is stepping down from the Board of Directors due to her recent election as governor of New Hampshire. This departure will result in a reduction of the Board's size from nine to eight members. The company expressed gratitude for Ms. Ayotte's contributions during her tenure.

Nov 13, 2024 10-Q

Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2024

Blackstone's Q3 2024 10-Q shows a strong quarter driven by large unrealized investment gains. Total revenues rose 44% year over year to $3.66 billion for the three months ended September 30, 2024, and net income attributable to Blackstone Inc. increased 41% to $780.8 million ($1.02 per diluted share versus $0.73). The jump is mostly unrealized performance allocations ($1.15 billion versus a $63 million loss a year earlier), which carry offsetting unrealized compensation expense, so the headline GAAP figures overstate the recurring earnings base. The company's own non-GAAP measures tell a steadier story. Fee Related Earnings rose 4.6% to $1.18 billion and Distributable Earnings reached $1.28 billion. Segment Distributable Earnings were $1.40 billion, up 1.2%. Fee-Earning Assets Under Management reached $820.5 billion, and Total Assets Under Management reached $1.11 trillion, with perpetual capital at $434.7 billion. Credit & Insurance was the standout segment, with Segment Distributable Earnings up 26% for the quarter. Real Estate and Private Equity earnings were flat to down, and Real Estate's Fee Related Performance Revenues fell 43%. Balance sheet and capital return items were stable. Cash and equivalents were $2.35 billion against $10.75 billion of loans payable, and the company repurchased $473.5 million of stock year to date under a $2.0 billion authorization, with $1.9 billion remaining. Management expects a quarterly dividend of about 85% of Distributable Earnings. Risks include a Kentucky Retirement System litigation matter with ongoing motions and appeals, an SEC inquiry on electronic communications retention where an accrual has been recorded, and a $7.1 billion hypothetical clawback exposure that management considers remote.

Nov 1, 2024 8-K

Blackstone Inc. 8-K Report, Financial Results (Oct 17, 2024)

Blackstone (BX) reported third-quarter 2024 results on October 17, 2024, with broad-based acceleration across the business. GAAP Net Income was $1.6 billion for the quarter ($781 million attributable to Blackstone Inc.) versus $920.7 million ($552 million attributable) a year earlier, and GAAP diluted EPS rose to $1.02 from $0.73. Total revenues increased to $3.66 billion from $2.54 billion, driven largely by Performance Allocations of $1.57 billion, up from $390 million, reflecting strong fund appreciation. Management cited $54 billion invested or committed in the quarter, the highest in over two years, and $40.5 billion of inflows. On the non-GAAP measures that management emphasizes, Fee Related Earnings rose 5% to $1.18 billion ($0.96 per share), and Distributable Earnings grew 6% to $1.28 billion ($1.01 per share). Total Segment Distributable Earnings were $1.40 billion, up 1%. Net Accrued Performance Revenues climbed 13% quarter-over-quarter to $7.0 billion ($5.72 per share), a key driver of future earnings. Total AUM reached $1.108 trillion, up 10% year-over-year, and Fee-Earning AUM reached $820.5 billion, up 12%. Perpetual Capital AUM was $434.7 billion. Dry powder stood at $171.6 billion. Capital return remains a focus. The board declared a quarterly dividend of $0.86 per share, payable November 4, 2024 to holders of record on October 28, 2024, up from $0.80 a year earlier. Blackstone repurchased 1.0 million shares in the quarter, and management expects about $1.2 billion to be returned to shareholders for the quarter. Investors should note that certain segment comparisons were pressured by higher Performance Compensation and Other Operating Expenses, and that Real Estate Fee Related Earnings declined, partly reflecting weaker Core+ and Opportunistic returns over the trailing twelve months. All figures are preliminary and unaudited.

Oct 17, 2024 8-K

Blackstone Inc. 8-K Report, Regulation FD Disclosure (Sep 24, 2024)

On September 24, 2024, Blackstone Inc. (BX) furnished an 8-K under Item 7.01 (Regulation FD) attaching a press release that provides a preliminary, intra-quarter estimate of realization-related revenue. Blackstone expects to record total Realized Performance Revenues and total Realized Principal Investment Income in excess of $300 million for the period July 1, 2024 through September 24, 2024. Per the release, roughly 85% of that amount is Realized Performance Revenues and roughly 15% is Realized Principal Investment Income. The estimate reflects investment realizations closed to date in the third quarter, certain non-fee-related incentive fees, and other investment income expected to be realized at quarter end. For investors, the key takeaway is that the disclosure is a partial, backward-looking snapshot rather than a forecast. Blackstone explicitly states the figure does not predict total Realized Performance Revenues, total Realized Principal Investment Income, or total Segment Revenues for the quarter ending September 30, 2024, and that full-quarter results may differ materially. It also excludes fee income and expenses, and it is not indicative of results for the year ending December 31, 2024. Investors should therefore read the $300 million figure as a signal of realization momentum in the third quarter, not as a complete measure of quarterly earnings. The filing is largely a pre-announcement of realization activity that Blackstone chose to disclose ahead of its scheduled earnings release, which is consistent with its practice of providing intra-quarter updates on performance-related revenue. The 8-K itself notes the information is furnished rather than filed for purposes of Section 18 of the Exchange Act, and the forward-looking statements caveat points investors to the risk factors in Blackstone's 2023 Form 10-K and to significant market developments occurring after September 24, 2024.

Sep 24, 2024 10-Q

Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2024

Blackstone's Q2 2024 10-Q shows a quarter with lower GAAP earnings but solid underlying fee and realization trends. Total revenues were $2.80 billion for the three months ended June 30, 2024, roughly flat versus $2.81 billion a year earlier, as a $139.3 million decline in investment income (driven by lower unrealized gains in Real Estate) was offset by higher management fees. Net income attributable to Blackstone Inc. fell 26% to $444.4 million ($0.58 per diluted share) from $601.3 million, with the effective tax rate rising to 21.5% from 15.6%. For the six months, GAAP results were much stronger, with net income attributable to Blackstone of $1.29 billion ($1.69 per share) versus $687 million, largely because of a swing to unrealized performance allocation gains and principal investment gains in the first half. The segment view, which management emphasizes, shows Segment Distributable Earnings of $1.42 billion for the quarter, up 5% from $1.35 billion, and $2.87 billion for the six months, up 3%. Fee Related Earnings were $1.11 billion, down 3% year over year, as a $130.7 million drop in Real Estate fee related performance revenues offset gains elsewhere. Credit & Insurance was the standout, with segment distributable earnings up 51% in the quarter, driven by management fee growth tied to BCRED and direct lending. Total AUM reached $1.08 trillion (up 1% sequentially and 7% year over year) and Fee-Earning AUM reached $808.7 billion. Perpetual Capital rose to $418.6 billion. Balance sheet liquidity stayed strong, with $2.4 billion of cash and $10.6 billion of senior notes outstanding. Investors should weigh the quarter's GAAP softness against the stronger segment earnings, while noting that Real Estate remains under pressure from office exposure and the valuation lag that the filing describes. Capital return continued, with 2.0 million shares repurchased in Q2 for $244.3 million and a new $2.0 billion repurchase authorization approved on July 16, 2024. The quarterly dividend declared for Q2 was $0.82 per share.

Aug 2, 2024 8-K

Blackstone Inc. 8-K Report, Financial Results (Jul 18, 2024)

Blackstone (BX) reported second quarter 2024 results on July 18, 2024, with GAAP net income of $948 million for the quarter ($444 million attributable to Blackstone Inc.) and $2.5 billion year-to-date. The headline operating story was strong capital activity: $39.4 billion of inflows in the quarter (about $151.5 billion over the LTM), $33.7 billion deployed (the highest investment activity in two years, per management), and total AUM of $1,076.4 billion, up 7% year-over-year. Fee-Earning AUM rose 11% to $808.7 billion, and Perpetual Capital AUM reached $418.6 billion, up 9%. Management's fee-related economics were softer, however: Fee Related Earnings were $1.1 billion ($0.91/share), down 3% year-over-year, while Distributable Earnings rose 3% to $1.3 billion ($0.96/share), supported by higher realized performance revenues. The balance sheet and shareholder return picture is solid. Net Accrued Performance Revenues climbed to $6.2 billion ($5.08/share), driven by appreciation across strategies, with the Infrastructure, Private Credit, and Corporate Private Equity funds posting the strongest returns. Blackstone ended the quarter with $8.7 billion in cash and corporate treasury investments and $17.7 billion of cash and net investments ($14.44/share), against $10.7 billion of debt at par. The board declared a $0.82 quarterly dividend (payable August 5, 2024, record date July 29), up from $0.79 a year earlier, and raised the share repurchase authorization to $2.0 billion. Investors should note that GAAP net income attributable to Blackstone fell 27% year-over-year to $444 million, mainly because of lower principal investment gains and a shift in performance allocations. These figures are preliminary and unaudited. The 8-K furnishes the press release and investor presentation under Item 2.02 and does not represent a formal change in guidance or a material corporate event. Investors should weigh the strong fundraising and deployment momentum, and the growth in performance-driven earnings, against the modest decline in FRE and the volatility inherent in GAAP results tied to unrealized performance revenues.

Jul 18, 2024 8-K

Blackstone Inc. 8-K Report, Regulation FD Disclosure (Jul 3, 2024)

Blackstone Inc. (BX) has filed an 8-K disclosing segment organizational updates that became effective for the quarter ending June 30, 2024. These changes aim to provide investors with more comparable historical financial data under the revised segment structure. The primary changes involve reclassifying the GP Stakes business into the Private Equity segment and integrating the Harvest platform into the Multi-Asset Investing segment, which was previously known as Hedge Fund Solutions.

Jul 3, 2024 10-Q

Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2024

Blackstone's first-quarter 2024 Form 10-Q shows a sharp swing back to profitability on the GAAP line. Total revenues were $3.69 billion versus $1.38 billion a year earlier, driven almost entirely by a $1.64 billion Total Investment Income swing (from a $496 million loss to a $1.64 billion gain) on unrealized appreciation in Corebridge stock, Corporate Private Equity, and Core+ real estate. Net income attributable to Blackstone Inc. rose to $847.4 million ($1.11 diluted EPS) from $85.8 million ($0.11). Because much of this is unrealized and carries through to compensation expense, the GAAP figures overstate the underlying operating trend. Total expenses rose 51% to $1.79 billion, including a $496 million jump in Performance Allocations Compensation tied to the investment gains. The segment-level picture, which strips out unrealized items, is steadier. Distributable Earnings were $1.27 billion, Total Segment Distributable Earnings were $1.45 billion (up about 2%), and Fee Related Earnings rose 12% to $1.16 billion, helped by $295.5 million of Fee Related Performance Revenues, nearly double the prior-year figure. Net Realizations, the more volatile measure of realized carry and principal income, fell to $293 million from $389 million, reflecting muted exit activity, which management says it expects to lag any improvement in markets. Fee-Earning Assets Under Management reached $781.4 billion and Total Assets Under Management reached $1.06 trillion, both at record levels for the period. Perpetual Capital AUM grew to $408.1 billion. Balance sheet items were mixed. Cash and equivalents fell to $2.5 billion, and borrowings were $10.7 billion, with no revolver draw against the $4.325 billion facility. Shareholders received $1.18 billion in dividends and distributions, and the company repurchased 0.7 million shares for $88.4 million. Declared dividends were $0.94 per share, against $0.83 per share actually paid in the quarter. Contingent items to watch include a $231 million clawback accrual, a $6.5 billion theoretical clawback exposure in a severe scenario, and ongoing Kentucky Retirement System litigation, where the court denied the Blackstone defendants' motion to dismiss on May 1, 2024, after the filing date.

May 3, 2024 8-K

Blackstone Inc. 8-K Report, Financial Results (Apr 18, 2024)

Blackstone (BX) reported first-quarter 2024 results that were strong on a GAAP basis but more mixed on a recurring-earnings basis. GAAP Net Income was $1.6 billion for the quarter (vs. $211 million in 1Q'23), and GAAP Net Income Attributable to Blackstone Inc. was $847 million, or $1.11 diluted EPS. The swing was driven by Performance Allocations of $1.1 billion and Principal Investments of $540 million, both reflecting strong fund appreciation rather than cash realizations. Management highlighted accelerating momentum in private credit and private wealth, along with a strengthening transaction environment. The underlying cash-earnings metrics were steadier. Fee Related Earnings rose 12% year-over-year to $1.2 billion ($0.95/share), and Distributable Earnings were $1.3 billion ($0.98/share), up 1% from 1Q'23. Realizations fell sharply, to $15.0 billion in the quarter from a much larger LTM base, and Net Realized Performance Revenues dropped 25% year-over-year at the Total Segment level. Over the last twelve months, DE declined 15% to $5.1 billion ($3.96/share), which reflects the lower realized performance revenues of the prior year's exits. Assets under management reached a record $1,061.3 billion, up 7% year-over-year, with $34.0 billion of inflows in the quarter and $142.2 billion over the LTM. Net Accrued Performance Revenues rose to $6.1 billion ($5.00/share), up about 4% from the prior quarter, and the company retains roughly $191 billion of dry powder. The board declared a quarterly dividend of $0.83 per share, payable May 6, 2024, to holders of record on April 29, 2024. That is about 84% of 1Q DE per share, consistent with the company's roughly 85% payout policy. This filing is an Item 2.02 disclosure, and the press release is furnished rather than filed.

Apr 18, 2024 10-K

Blackstone Inc. Annual Report, Year Ended Dec 31, 2023

Blackstone Inc. reported strong performance in its 2023 annual report, marked by a significant increase in Total Assets Under Management (AUM) to over $1 trillion, driven by inflows across its diverse business segments including Real Estate, Private Equity, Credit & Insurance, and Hedge Fund Solutions. While revenues saw a slight decrease of 6% year-over-year due to a $1 billion drop in Investment Income, this was largely offset by a 6% increase in Management and Advisory Fees, Net, reflecting robust growth in Fee-Earning Assets Under Management. The company maintained effective cost management, with total expenses remaining relatively flat year-over-year. Blackstone also reported a solid net income attributable to Blackstone Inc. of $1.39 billion, though down 20% from the prior year, impacted by lower investment income. The company's commitment to shareholder returns is evident in its dividend policy, aiming to distribute approximately 85% of its share of Distributable Earnings, alongside active share repurchases.

Feb 23, 2024 8-K

Blackstone Inc. 8-K Report, Financial Results (Jan 25, 2024)

Blackstone (BX) reported fourth quarter and full year 2023 results on January 25, 2024, with a mixed picture: a sharp drop in GAAP and distributable earnings for the full year, offset by a strong quarter-over-quarter rebound in fundraising and deployment. GAAP Net Income was $2.4 billion for FY'23 (versus $3.0 billion in FY'22), and Net Income Attributable to Blackstone Inc. fell to $1.4 billion from $1.7 billion. Fee-related earnings were resilient at $4.3 billion ($3.58/share), down only 1% year-over-year, supported by a 6% increase in management and advisory fees. Distributable Earnings fell 24% to $5.1 billion ($3.95/share) for the year, driven primarily by lower realized performance revenues, which dropped 54% to $2.1 billion from $4.5 billion in FY'22. The quarter itself showed clear momentum. Inflows were $52.7 billion in 4Q'23 and $148.5 billion for the full year, total AUM rose 7% to $1.04 trillion, and fee-earning AUM grew 6% to $762.6 billion. Capital deployment reached $31.1 billion in the quarter and $73.8 billion for the year. Investment performance was mixed: Corporate Private Equity returned 12.1% for the year, Private Credit 16.4% gross, and Infrastructure 12.1%, while Opportunistic Real Estate declined 6.3% and Core+ declined 4.3% for the year. Net Accrued Performance Revenues declined 15% year-over-year to $5.8 billion ($4.80/share), reflecting realized distributions that outpaced new performance revenue. For shareholders, the declared quarterly dividend is $0.94 per share, payable February 12, 2024 to holders of record on February 5, 2024. Full-year dividends totaled $3.35 per share, down from $4.40 in 2022, as the dividend tracks DE. Blackstone ended the year with $8.4 billion in total cash and investments, $16.9 billion in cash and net investments ($13.93 per share), a $4.3 billion undrawn revolver, and A+/A+ ratings. Total dry powder was $197.3 billion. All figures are preliminary and unaudited, and the presentation is furnished rather than filed under Item 2.02.

Jan 25, 2024 8-K

Blackstone Inc. 8-K Report, Material Agreement (Dec 20, 2023)

Blackstone Inc. (BX) has filed an 8-K report detailing an amendment and restatement of its revolving credit facility. This action, effective December 15, 2023, involves a significant increase in the facility's size to $4.325 billion and extends the maturity date to December 15, 2028. The amendment also adjusts the minimum required fee-generating assets under management to $294.0 billion and updates the reference rate for Canadian Dollar denominated loans to CORRA. From an investor's perspective, this amendment signifies Blackstone's proactive management of its financial resources and its continued access to substantial liquidity. The extended maturity provides greater financial flexibility and stability, particularly in the current economic climate. The increased requirement for fee-generating assets under management suggests a confidence in the company's ability to grow its business and generate fees, a key driver of its profitability.

Dec 20, 2023 10-Q

Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2023

Blackstone's Q3 2023 10-Q shows a quarter driven by strong unrealized investment gains after a weak 2022 comparison period. Total Revenues were $2.54 billion for the three months ended September 30, 2023, up from $1.06 billion a year earlier, and Net Income Attributable to Blackstone Inc. rose to $552.0 million from $2.3 million. Diluted EPS was $0.73 versus essentially zero in the prior-year quarter. Much of the swing reflects a $1.8 billion improvement in unrealized investment income, so investors should weigh the quarter's headline earnings against their unrealized, non-cash nature. The more durable indicators are the fee-based metrics. Management and Advisory Fees, Net rose 2% to $1.66 billion in the quarter and 8% to $5.02 billion year to date. Segment Distributable Earnings were $1.38 billion for the quarter, down from $1.58 billion, and Fee Related Earnings were $1.12 billion, down from $1.18 billion. Fee Related Performance Revenues fell sharply in Real Estate, mainly due to lower BREIT performance fees. Realized performance revenues also declined year over year, consistent with a subdued realization environment that management describes as likely to persist for some time. The balance sheet remains substantial, with $3.0 billion in cash, $10.6 billion of senior notes, and a $4.135 billion undrawn revolver. Total Fee-Earning Assets Under Management reached $734.5 billion and Total Assets Under Management reached $1.007 trillion. Management flagged continued BREIT net outflows, weakness in traditional U.S. office, rising default risk in credit, and headwinds to fundraising in corporate private equity. The company also repurchased 3.3 million shares for $310.4 million year to date and has $797.6 million remaining under its repurchase authorization.

Nov 3, 2023 8-K

Blackstone Inc. 8-K Report, Financial Results (Oct 19, 2023)

Blackstone (BX) reported third-quarter 2023 results on October 19, 2023, showing a mixed picture: GAAP net income attributable to Blackstone Inc. was $552 million for the quarter ($0.73 per share) versus $2.3 million a year earlier, but this was driven largely by swings in unrealized performance allocations rather than core earnings. The company's core profitability measures declined year over year. Fee Related Earnings (FRE) was $1.12 billion ($0.92/share), down 5% from 3Q'22, and Distributable Earnings (DE) was $1.21 billion ($0.94/share), down 12%. Total Segment DE fell 13% to $1.38 billion, mainly because realized performance revenues dropped 28% to $338 million. Assets under management grew to a record $1,007.4 billion, up 6% year over year, with $25.3 billion of quarterly inflows and $138.9 billion over the last twelve months. Perpetual Capital AUM rose 8% to $388.3 billion, and Fee-Earning AUM rose 4% to $734.5 billion, supporting the recurring fee base. Management highlighted $200.6 billion of total dry powder and said nearly all flagship strategies outperformed public benchmarks, though real estate opportunistic funds declined 2.0% in the quarter and 4.5% over the LTM. Net accrued performance revenues fell to $6.4 billion ($5.29/share), largely due to realizations. Capital return remains a central part of the story. The board declared a quarterly dividend of $0.80 per share, payable November 6, 2023 to holders of record on October 30, 2023, which is about 85% of the company's DE payout policy. Blackstone also repurchased 1.3 million shares in the quarter and noted it joined the S&P 500 effective September 18, 2023. Note that all current-period figures are preliminary and unaudited, and the presentation is furnished rather than filed under the 8-K.

Oct 19, 2023 8-K

Blackstone Inc. 8-K Report, Executive Changes (Aug 25, 2023)

Blackstone Inc. (BX) filed an 8-K on August 24, 2023, to report the departure of a director from its Board. Sir John Antony Hood has resigned from the Board, effective August 25, 2023, citing personal health reasons. His departure reduces the size of the Board from eleven to ten members. While this filing addresses a change in board composition, it does not include any financial performance updates, strategic shifts, or other material events that would directly impact the company's operational or financial standing at this time. Investors should note this board change as part of ongoing corporate governance, but it is not indicative of any immediate business or financial developments requiring significant investor attention beyond standard oversight.

Aug 25, 2023 10-Q

Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2023

Blackstone's Form 10-Q for the quarter ended June 30, 2023 shows a strong rebound in GAAP profitability driven mainly by unrealized investment gains, not by a change in the core fee engine. Q2 2023 GAAP net income attributable to Blackstone Inc. was $601.3 million ($0.79 per diluted share), versus a loss of $29.4 million in Q2 2022, while total revenues rose to $2.81 billion from $629.2 million. The swing reflects unrealized performance allocations of +$114.4 million (versus -$3.47 billion a year earlier) and unrealized principal investment gains of +$164.1 million, against a 2022 base depressed by sharp markdowns. Six-month GAAP net income attributable to Blackstone fell 42% to $687.1 million because realized performance allocations dropped sharply versus the exceptional first half of 2022. The underlying franchise remained healthy. Management and advisory fees, net, rose 9% in the quarter to $1.71 billion and 11% for the half-year to $3.37 billion, supported by fee-earning AUM growth in Real Estate (BREP, BREDS) and Private Equity (BIP, Strategic Partners), and Credit & Insurance growth in BCRED and BIS. Total assets under management reached $1.0 trillion at June 30, 2023, and Perpetual Capital AUM rose to $384.3 billion. Segment Distributable Earnings were $1.35 billion in Q2 2023 versus $2.34 billion a year earlier, a decline driven by lower Net Realizations in Real Estate, which management attributes to muted realizations and BREIT outflows. Balance sheet and liquidity remain solid. Cash and cash equivalents were $3.28 billion, loans payable were $12.30 billion (almost all senior notes at Blackstone Operating level), and there was no drawn balance on the $4.135 billion revolver. Stockholders' equity of Blackstone Inc. was $7.22 billion. The company repurchased 1.0 million shares in Q2 for $86.0 million, leaving $931.9 million under its buyback authorization, and declared dividends of $0.82 per share in the quarter. Risk items to monitor include ongoing BREIT redemptions and real estate office exposure, the Kentucky Retirement System litigation, an SEC inquiry on electronic communications, and the $1.6 billion of expected future Tax Receivable Agreement payments.

Aug 4, 2023 8-K

Blackstone Inc. 8-K Report, Financial Results (Jul 20, 2023)

Blackstone reported second quarter 2023 results on July 20, 2023, highlighted by the firm surpassing $1 trillion in total assets under management (AUM), which management described as a first among alternative managers. Total AUM rose 6% year-over-year to $1.0 trillion, Fee-Earning AUM grew 7% to $731.1 billion, and Perpetual Capital AUM increased 8% to $384.3 billion. Quarterly inflows were $30.1 billion and LTM inflows were $158.4 billion, supporting fee-earning growth even as monetization weakened. Earnings were mixed. GAAP net income attributable to Blackstone was $601 million for the quarter, or $0.79 per share, versus a loss of $29 million a year earlier, largely reflecting a swing in performance allocations to $616 million from negative $1.0 billion. Fee Related Earnings (FRE), the more recurring measure, rose 12% to $1.1 billion ($0.94/share), while Distributable Earnings (DE) fell 39% to $1.2 billion ($0.93/share) as realized performance revenues dropped sharply to $388 million from $2.2 billion a year earlier. Net Accrued Performance Revenues (unrealized carried value) rose to $6.5 billion ($5.31/share), supported by appreciation across strategies. The quarterly dividend was declared at $0.79 per share, payable August 7, 2023 to holders of record on July 31, 2023, down from $1.27 a year earlier. Management noted that the dividend policy targets roughly 85% of Blackstone Inc.'s share of DE, so the lower DE translated directly into a lower payout. Balance sheet metrics show $17.1 billion of cash and net investments and an undrawn $4.1 billion revolver with A+/A+ ratings. Investors should weigh the strong asset-gathering and FRE trajectory against the volatility of realized performance revenues and the lower distribution.

Jul 20, 2023 10-Q

Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2023

Blackstone's first-quarter 2023 results were sharply lower year over year, driven by investment income rather than core fee business. Total revenues fell 73% to $1.38 billion from $5.13 billion, as Performance Allocations swung to net unrealized depreciation of $759 million (versus a $1.29 billion unrealized gain a year earlier) and Principal Investments posted a $491 million unrealized loss, largely from the Corebridge stake. Net income attributable to Blackstone Inc. fell 93% to $85.8 million, or $0.11 diluted EPS, versus $1.66 a year earlier. GAAP figures are heavily affected by carry accounting, so investors are steered to the segment measures. The fee-related business was steadier. Management and advisory fees, net rose 12% to $1.66 billion, Fee-Earning AUM reached $732.0 billion (up $13.6 billion in the quarter), and Total AUM reached $991.3 billion. Segment Distributable Earnings declined 32% to $1.43 billion, and Fee Related Earnings fell about 9% to $1.04 billion, held back by lower Fee Related Performance Revenues at BREIT. Within segments, Credit & Insurance Segment Distributable Earnings rose 34%, while Real Estate fell 58%, reflecting muted realizations and BREIT's redemption-driven outflows. Balance sheet and liquidity remain strong, with $2.8 billion of cash, $10.7 billion of senior notes, and an undrawn $4.1 billion revolver. Blackstone repurchased 1.0 million shares for $90.1 million and declared $0.91 per share in dividends. Management flagged elevated BREIT and BCRED repurchase requests, muted realizations expected to persist, and a higher effective tax rate of 18.5%. The filing also notes the Kentucky (KRS) litigation has been partly favorable following an April 2023 appellate ruling.

May 5, 2023