EX-99.12d894616dex991.htmEX-99.1 EX-99.1
Exhibit 99.1
Blackstone Reports First Quarter 2025 Results
New York, April 17, 2025: Blackstone (NYSE:BX) today reported its first quarter 2025 results.
Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported another quarter of
strong results despite turbulent markets.
Inflows reached $62 billion — the highest level in nearly three years —
reflecting the deep trust we’ve built with our investors over decades. We also delivered positive investment
performance across all of our major
strategies. We are well positioned to navigate the current environment with
$177 billion of dry powder to deploy and a resilient, capital-light business model.”
Blackstone issued a full detailed presentation of its first quarter 2025 results, which can be viewed at
www.blackstone.com.
Dividend
Blackstone has declared a quarterly dividend of $0.93 per share to record holders of common stock at the close of
business on April 28,
2025. This dividend will be paid on May 5, 2025.
Quarterly Investor Call Details
Blackstone will host its first quarter 2025 investor conference via public webcast on April 17, 2025 at 9:00 a.m. ET.
To register, please use
the following link:
https://event.webcasts.com/starthere.jsp?ei=1712875&tp_key=49e0a8fcb5. For those unable to listen
to the live
Blackstone
345 Park
Avenue, New York, NY 10154
T 212 583 5000
www.blackstone.com
broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at
https://ir.blackstone.com/.
About Blackstone
Blackstone is the world’s largest
alternative asset manager. Blackstone seeks to deliver compelling returns for
institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s more
than $1.1 trillion in assets under
management include global investment strategies focused on real estate, private
equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is
available at www.blackstone.com. Follow @blackstone onLinkedIn, X (Twitter), and Instagram.
Forward-Looking Statements
This presentation may contain
forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our
current views with respect to, among
other things, our operations, taxes, earnings and financial performance, share
repurchases and dividends. You can identify these forward-looking statements by the use of words such as
“outlook,” “indicator,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,”
“approximately,” “predicts,” “intends,”
“plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,”
“forecast,” “possible” or the negative version of these words or other comparable words.
Such forward-looking
statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that
could cause actual outcomes or results to differ materially from those indicated in these statements. We
believe
these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual
Report on Form10-K for the year ended December 31, 2024, as such factors may be updated from time to time in
our periodic filings with the United States Securities and Exchange Commission (“SEC”), which
are accessible on the
SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included in this report and in our other periodic
filings.
The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly
update or review any forward-looking statement, whether as a result of new information, future developments or
otherwise.
This presentation does not constitute an offer of any Blackstone Fund.
Investor and Media Relations Contacts
Weston Tucker
Blackstone
Tel: +1 (212) 583-5231
tucker@blackstone.com
Christine Anderson
Blackstone
Tel: +1 (212) 583-5182
christine.anderson@blackstone.com
Blackstone’s First
Quarter 2025 Earnings
APRIL 17, 2025
BLACKSTONE’S FIRST QUARTER 2025 GAAP RESULTS
§
GAAP Net Income was $1.2 billion for the quarter and $5.1 billion over the last twelve months (“LTM”). GAAP Net
Income Attributable to Blackstone Inc. was $615 million for the quarter and
$2.5 billion over the LTM.
($in thousands, except per share data) (unaudited)
1Q’24
1Q’25
1Q’24 LTM
1Q’25 LTM
Revenues
Management and Advisory Fees, Net
$
1,727,148
$
1,904,317
$
6,740,093
$
7,366,105
Incentive Fees
179,341
191,825
731,636
976,662
Performance Allocations
1,098,460
825,251
1,742,951
3,555,944
Principal Investments
540,220
344,255
624,248
516,884
Interest and Dividend Revenue
97,839
97,420
523,851
410,740
Other
44,820
(73,610
)
(33,955
)
5,263
Total Revenues
$
3,687,828
$
3,289,458
$
10,328,824
$
12,831,598
Expenses
Compensation and Benefits
1,308,304
1,431,840
3,858,163
5,117,589
General, Administrative and Other
369,950
332,373
1,213,861
1,324,332
Interest Expense
108,203
118,115
435,630
453,600
Fund Expenses
3,950
12,104
74,538
27,830
Total Expenses
$
1,790,407
$
1,894,432
$
5,582,192
$
6,923,351
Other Income (Loss)
$
(17,767
)
$
57,575
$
(167,620
)
$
124,180
Income Before Provision for
Taxes
$
1,879,654
$
1,452,601
$
4,579,012
$
6,032,427
Provision for Taxes
283,671
243,827
749,457
981,827
Net Income
$
1,595,983
$
1,208,774
$
3,829,555
$
5,050,600
Redeemable NCI in Consolidated
Entities
(39,669
)
7,900
(278,487
)
(13,720
)
Non-Redeemable NCI in Consolidated Entities
788,266
586,022
1,955,588
2,520,346
Net Income Attributable to
Blackstone Inc. (‘‘BX’’)
$
847,386
$
614,852
$
2,152,454
$
2,543,974
Net Income Per Share of Common Stock,
Basic
$
1.12
$
0.80
$
2.84
$
3.31
Net Income Per Share of Common
Stock, Diluted
$
1.11
$
0.80
$
2.84
$
3.31
Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38,Definitions and
Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.
Blackstone | 1
BLACKSTONE’S FIRST QUARTER 2025 HIGHLIGHTS
Financial Measures
§ Fee Related Earnings (“FRE”) of $1.3 billion ($1.03/share) in the quarter
– FRE was $5.4 billion over the LTM ($4.40/share)
§ Distributable Earnings (“DE”) of $1.4 billion ($1.09/share) in the quarter
– DE was
$6.1 billion over the LTM ($4.75/share)
§ Net Accrued Performance Revenues of $6.4 billion ($5.24/share)
Capital Metrics
§ Total Assets Under Management (“AUM”) of $1,167.5 billion
– Fee-Earning AUM of $860.1 billion
– Perpetual
Capital AUM of $464.4 billion
§ Inflows of $61.6 billion in the quarter and $199.1 billion over the LTM
§ Deployment of $36.4 billion in the quarter and $145.7 billion over the LTM
§ Realizations of $25.5 billion in the quarter and $97.6 billion over the LTM
Capital Returned
to Shareholders
§ Dividend of $0.93 per common share payable on May 5, 2025
– Dividends of $4.05 per common share over the LTM
§ Repurchased 0.2 million common shares in the quarter and 3.5 million common shares
over
the LTM
§ $1.2 billion to be distributed to shareholders with respect to the first quarter and
$5.7 billion over the LTM through dividends and share repurchases
Blackstone | 2
BLACKSTONE’S FIRST QUARTER 2025 SEGMENT EARNINGS
% Change
% Change
($ in thousands, except per share data)
1Q’24
1Q’25
vs. 1Q’24
1Q’24 LTM
1Q’25 LTM
vs. 1Q’24 LTM
Management and Advisory Fees, Net
$
1,707,571
$
1,891,998
11%
$
6,718,428
$
7,317,961
9%
Fee Related Performance
Revenues
295,501
293,915
(1)%
1,005,784
2,134,359
112%
Fee Related Compensation
(554,077
)
(616,982
)
11%
(2,133,216
)
(2,802,227
)
31%
Other Operating Expenses
(288,978
)
(306,875
)
6%
(1,121,663
)
(1,265,989
)
13%
Fee Related Earnings
$
1,160,017
$
1,262,056
9%
$
4,469,333
$
5,384,104
20%
Realized Performance
Revenues
536,393
460,023
(14)%
1,955,969
2,210,661
13%
Realized Performance Compensation
(253,024
)
(220,924
)
(13)%
(853,017
)
(919,146
)
8%
Realized Principal Investment
Income
9,938
117,910
n/m
77,179
200,498
160%
Net Realizations
293,307
357,009
22%
1,180,131
1,492,013
26%
Total Segment Distributable
Earnings
$
1,453,324
$
1,619,065
11%
$
5,649,464
$
6,876,117
22%
Distributable Earnings
$
1,266,378
$
1,410,805
11%
$
5,078,241
$
6,111,169
20%
Additional Metrics:
Net Income Per Share of Common Stock, Basic
$
1.12
$
0.80
(29)%
$
2.84
$
3.31
17%
FRE per Share
$
0.95
$
1.03
8%
$
3.67
$
4.40
20%
DE per Common Share
$
0.98
$
1.09
11%
$
3.96
$
4.75
20%
Total Segment Revenues
$
2,549,403
$
2,763,846
8%
$
9,757,360
$
11,863,479
22%
Total Assets Under Management
$
1,061,262,748
$
1,167,461,910
10%
$
1,061,262,748
$
1,167,461,910
10%
Fee-Earning Assets Under Management
$
781,397,555
$
860,069,950
10%
$
781,397,555
$
860,069,950
10%
Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE
Attributable
to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. LTM FRE per Share and DE
per
Common Share amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to
Total Segment Measures.
Blackstone | 3
INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES
§
Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $6.4 billion ($5.24/share).
Investment Performance
(appreciation / gross returns)
1Q’25
1Q’25 LTM
Real Estate
Opportunistic
0.2%
(3.7)%
Core+
1.2%
0.1%
Private Equity
Corporate Private Equity
1.1%
14.1%
Tactical Opportunities
2.9%
11.8%
Secondaries
0.6%
6.0%
Infrastructure
7.5%
23.6%
Credit & Insurance
Private Credit
2.7%
15.0%
Liquid Credit
0.5%
7.4%
Multi-Asset Investing
Absolute Return Composite
2.6%
11.0%
Net Accrued Performance Revenues
($ in millions)
Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and
Multi-Asset Investing.
Secondaries appreciation excludes GP Stakes. Effective 1Q’25, Infrastructure appreciation includes Blackstone Infrastructure
Strategies or “BXINFRA”.
Private Credit net returns were 2.0% and 10.8% for 1Q’25 and 1Q’25 LTM, respectively. Liquid Credit net returns
were 0.4% and 6.9% for 1Q’25 and 1Q’25 LTM,
respectively. Absolute Return Composite net returns were 2.4% and 9.9% for 1Q’25 and 1Q’25
LTM, respectively. See notes on page 34 for additional details on
investment performance.
Blackstone | 4
CAPITAL METRICS – ADDITIONAL DETAIL
§
Inflows were $61.6 billion in the quarter, bringing LTM inflows to $199.1 billion.
§
Deployed $36.4 billion in the quarter and $145.7 billion over the LTM.
–
Committed an additional $13.4 billion that was not yet deployed in the quarter.
§
Realizations were $25.5 billion in the quarter and $97.6 billion over the LTM.
Inflows
Capital Deployed
Realizations
($ in millions)
1Q’25
1Q’25 LTM
1Q’25
1Q’25 LTM
1Q’25
1Q’25 LTM
Real Estate
$
6,176
$
26,027
$
5,233
$
25,717
$
4,306
$
22,623
Opportunistic
1,707
4,417
2,647
15,627
804
4,169
Core+
3,359
12,706
1,608
3,893
1,318
9,304
Debt Strategies
1,109
8,905
978
6,198
2,184
9,150
Private Equity
21,685
55,605
16,368
51,211
6,467
30,111
Corporate Private Equity
12,904
29,039
8,660
24,756
3,000
16,056
Tactical Opportunities
634
4,324
1,000
5,475
2,025
4,146
Secondaries
6,397
11,977
5,898
15,191
1,348
8,098
Infrastructure
1,750
10,264
809
5,789
94
1,811
Credit & Insurance
30,349
104,568
13,998
65,826
13,888
41,736
Multi-Asset Investing
3,425
12,851
812
2,995
825
3,113
Total Blackstone
$
61,635
$
199,052
$
36,411
$
145,748
$
25,486
$
97,583
Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed.
Blackstone | 5
ASSETS UNDER MANAGEMENT
§
Total AUM increased to $1,167.5 billion, up 10% year-over-year, with $61.6 billion of inflows in the quarter
and $199.1 billion over the LTM.
§
Fee-Earning AUM of $860.1 billion was up 10% year-over-year, with $44.2 billion of inflows in the quarter
and $170.5 billion over the LTM.
§
Perpetual Capital AUM reached $464.4 billion, up 14% year-over-year.
–
Fee-Earning Perpetual Capital AUM increased to $399.2 billion, representing 46% of Fee-Earning AUM.
Multi-Asset Investing had $129 million and $40 million of Perpetual Capital AUM as of 1Q’24 and 1Q’25, respectively.
Blackstone | 6
ADDITIONAL CAPITAL DETAIL
§
Invested Performance Eligible AUM reached $582.8 billion at quarter end.
§
Undrawn capital (“Total Dry Powder”) available for investment of $177.2 billion.
Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.
Blackstone | 7
Segment Highlights
Blackstone | 8
SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION
§
1Q’25 Total Segment Distributable Earnings were $1.6 billion.
§
LTM Total Segment Distributable Earnings were $6.9 billion.
Segment Distributable Earnings
($ in millions)
Blackstone | 9
REAL ESTATE
§
Total AUM: $320.0 billion with inflows of $6.2 billion in the quarter and $26.0 billion over the LTM.
–
Inflows in the quarter included $1.2 billion in the seventh European opportunistic fund, $832 million of capital raised in BREIT, $551 million in the fifth real estate debt strategies fund, and
$1.2 billion of capital raised in BEPIF and related co-investment.
§
Capital Deployed: $5.2 billion in the quarter, including the take private of Retail Opportunity Investments and an additional investment in The Arch Company, and $25.7 billion over the LTM.
§
Realizations: $4.3 billion in the quarter and $22.6 billion over the LTM.
§
Appreciation: Opportunistic funds appreciated 0.2% in the quarter and declined (3.7)% over the LTM; Core+ funds appreciated 1.2% in the quarter and 0.1% over the LTM.
% Change
% Change
($ in thousands)
1Q’24
1Q’25
vs. 1Q’24
1Q’24 LTM
1Q’25 LTM
vs. 1Q’24 LTM
Management Fees, Net
$
720,439
$
700,848
(3)%
$
2,848,306
$
2,855,686
0%
Fee Related Performance Revenues
129,958
37,803
(71)%
403,450
111,270
(72)%
Fee Related Compensation
(174,569
)
(170,525
)
(2)%
(712,839
)
(670,921
)
(6)%
Other Operating Expenses
(89,762
)
(83,281
)
(7)%
(340,631
)
(373,840
)
10%
Fee Related Earnings
$
586,066
$
484,845
(17)%
$
2,198,286
$
1,922,195
(13)%
Realized Performance Revenues
49,967
19,010
(62)%
283,229
170,017
(40)%
Realized Performance Compensation
(21,863
)
(8,770
)
(60)%
(141,997
)
(87,918
)
(38)%
Realized Principal Investment Income
2,193
349
(84)%
7,597
12,678
67%
Net Realizations
30,297
10,589
(65)%
148,829
94,777
(36)%
Segment Distributable Earnings
$
616,363
$
495,434
(20)%
$
2,347,115
$
2,016,972
(14)%
Segment Revenues
$
902,557
$
758,010
(16)%
$
3,542,582
$
3,149,651
(11)%
Total AUM
$
339,332,420
$
319,988,734
(6)%
$
339,332,420
$
319,988,734
(6)%
Fee-EarningAUM
$
301,583,557
$
282,060,486
(6)%
$
301,583,557
$
282,060,486
(6)%
Blackstone | 10
PRIVATE EQUITY
§
Total AUM: Increased 16% to $371.0 billion with inflows of $21.7 billion in the quarter and $55.6 billion over the LTM.
–
Inflows in the quarter included $6.4 billion in Secondaries, $4.4 billion for the initial close of the third Corporate Private Equity Asia fund, $1.7 billion in Infrastructure, and $634 million in
Tactical Opportunities.
–
$2.5 billion of capital raised for BXPE and $1.6 billion of capital raised for BXINFRA, including amounts allocated to other strategies.
§
Capital Deployed: $16.4 billion in the quarter, including Jersey Mike’s, Smartsheet, and Inhabit, and $51.2 billion over the LTM; committed an additional $7.4 billion in the quarter, including
to Safe Harbor Marinas and Potomac.
§
Realizations: $6.5 billion in the quarter, including VFS Global, Superbet, and Vine Energy, and $30.1 billion over the LTM.
§
Appreciation: Corporate Private Equity appreciated 1.1% in the quarter and 14.1% over the LTM.
–
Tactical Opportunities appreciated 2.9% in the quarter and 11.8% over the LTM; Secondaries appreciated 0.6% in the quarter and 6.0% over the LTM; Infrastructure appreciated 7.5% in the quarter and 23.6% over the LTM.
% Change
% Change
($ in thousands)
1Q’24
1Q’25
vs. 1Q’24
1Q’24 LTM
1Q’25 LTM
vs. 1Q’24 LTM
Management and Advisory Fees, Net
$
501,207
$
621,792
24%
$
2,019,027
$
2,318,865
15%
Fee Related Performance Revenues
-
60,904
n/m
-
1,246,332
n/m
Fee Related Compensation
(162,559
)
(203,319
)
25%
(614,511
)
(1,204,997
)
96%
Other Operating Expenses
(90,035
)
(102,894
)
14%
(339,505
)
(404,168
)
19%
Fee Related Earnings
$
248,613
$
376,483
51%
$
1,065,011
$
1,956,032
84%
Realized Performance Revenues
449,874
350,073
(22)%
1,292,732
1,292,646
(0)%
Realized Performance Compensation
(220,481
)
(171,141
)
(22)%
(571,038
)
(584,151
)
2%
Realized Principal Investment Income
22,429
9,176
(59)%
64,481
39,103
(39)%
Net Realizations
251,822
188,108
(25)%
786,175
747,598
(5)%
Segment Distributable Earnings
$
500,435
$
564,591
13%
$
1,851,186
$
2,703,630
46%
Segment Revenues
$
973,510
$
1,041,945
7%
$
3,376,240
$
4,896,946
45%
Total AUM
$
320,809,532
$
370,989,871
16%
$
320,809,532
$
370,989,871
16%
Fee-EarningAUM
$
179,353,534
$
226,219,392
26%
$
179,353,534
$
226,219,392
26%
BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles.
Blackstone | 11
CREDIT & INSURANCE
§
Total AUM: Increased 21% to $388.7 billion with inflows of $30.3 billion in the quarter and $104.6 billion over the LTM.
–
Inflows in the quarter included $17.5 billion for the global direct lending strategy, inclusive of $3.8 billion of equity raised for BCRED, and $5.8 billion for infrastructure and asset based credit
strategies.
–
Closed 3 new CLOs (2 U.S. and 1 European) for $1.5 billion.
§
Capital Deployed: $14.0 billion in the quarter and $65.8 billion over the LTM driven by U.S. direct lending as well as infrastructure and asset based credit strategies.
§
Realizations: $13.9 billion in the quarter and $41.7 billion over the LTM.
§
Returns: Private Credit gross return of 2.7% (2.0% net) and Liquid Credit gross return of 0.5% (0.4% net) in the quarter.
–
Private Credit gross return of 15.0% (10.8% net) and Liquid Credit gross return of 7.4% (6.9% net) over the LTM.
§
Realized Principal Investment Income in the quarter included the sale of Bistro, a portfolio visualization software platform developed by Blackstone, to Clearwater Analytics.
% Change
% Change
($ in thousands)
1Q’24
1Q’25
vs. 1Q’24
1Q’24 LTM
1Q’25 LTM
vs. 1Q’24 LTM
Management Fees, Net
$
369,815
$
447,044
21%
$
1,383,256
$
1,659,036
20%
Fee Related Performance Revenues
165,543
195,208
18%
602,334
776,757
29%
Fee Related Compensation
(178,521
)
(201,618
)
13%
(645,498
)
(778,717
)
21%
Other Operating Expenses
(84,576
)
(96,278
)
14%
(334,784
)
(383,056
)
14%
Fee Related Earnings
$
272,261
$
344,356
26%
$
1,005,308
$
1,274,020
27%
Realized Performance Revenues
15,120
91,597
506%
207,559
389,569
88%
Realized Performance Compensation
(5,321
)
(40,495
)
661%
(89,040
)
(164,988
)
85%
Realized Principal Investment Income
3,561
107,903
n/m
19,347
144,197
645%
Net Realizations
13,360
159,005
n/m
137,866
368,778
167%
Segment Distributable Earnings
$
285,621
$
503,361
76%
$
1,143,174
$
1,642,798
44%
Segment Revenues
$
554,039
$
841,752
52%
$
2,212,496
$
2,969,559
34%
Total AUM
$
322,525,630
$
388,720,401
21%
$
322,525,630
$
388,720,401
21%
Fee-EarningAUM
$
229,350,998
$
274,120,326
20%
$
229,350,998
$
274,120,326
20%
Blackstone | 12
MULTI-ASSET INVESTING
§
Total AUM: Increased 12% to $87.8 billion with inflows of $3.4 billion in the quarter and $12.9 billion over the LTM.
§
Returns: Absolute Return Composite gross return of 2.6% in the quarter (2.4% net), outperforming the HFRX Global Hedge Fund Index, which was 0.5%.
–
Absolute Return benefited from performance across strategies, including quantitative, macro, and credit during the quarter.
–
Gross returns of 11.0% over the LTM (9.9% net), compared to 3.2% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.
% Change
% Change
($ in thousands)
1Q’24
1Q’25
vs. 1Q’24
1Q’24 LTM
1Q’25 LTM
vs. 1Q’24 LTM
Management Fees, Net
$
116,110
$
122,314
5%
$
467,839
$
484,374
4%
Fee Related Compensation
(38,428
)
(41,520
)
8%
(160,368
)
(147,592
)
(8)%
Other Operating Expenses
(24,605
)
(24,422
)
(1)%
(106,743
)
(104,925
)
(2)%
Fee Related Earnings
$
53,077
$
56,372
6%
$
200,728
$
231,857
16%
Realized Performance Revenues
21,432
(657
)
n/m
172,449
358,429
108%
Realized Performance Compensation
(5,359
)
(518
)
(90)%
(50,942
)
(82,089
)
61%
Realized Principal Investment Income (Loss)
(18,245
)
482
n/m
(14,246
)
4,520
n/m
Net Realizations
(2,172
)
(693
)
(68)%
107,261
280,860
162%
Segment Distributable Earnings
$
50,905
$
55,679
9%
$
307,989
$
512,717
66%
Segment Revenues
$
119,297
$
122,139
2%
$
626,042
$
847,323
35%
Total AUM
$
78,595,166
$
87,762,904
12%
$
78,595,166
$
87,762,904
12%
Fee-EarningAUM
$
71,109,466
$
77,669,746
9%
$
71,109,466
$
77,669,746
9%
Blackstone | 13
Supplemental Details
Blackstone | 14
TOTAL SEGMENTS
($ in thousands)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
1Q’24 LTM
1Q’25 LTM
Base Management Fees
$
1,644,730
$
1,651,566
$
1,710,941
$
1,773,645
$
1,807,119
$
6,491,030
$
6,943,271
Transaction, Advisory and Other Fees, Net
66,938
132,536
82,506
117,708
111,309
257,120
444,059
Management Fee Offsets
(4,097
)
(4,164
)
(6,713
)
(32,062
)
(26,430
)
(29,722
)
(69,369
)
Total Management and Advisory Fees, Net
1,707,571
1,779,938
1,786,734
1,859,291
1,891,998
6,718,428
7,317,961
Fee Related Performance Revenues
295,501
177,067
264,101
1,399,276
293,915
1,005,784
2,134,359
Fee Related Compensation
(554,077
)
(552,913
)
(554,855
)
(1,077,477
)
(616,982
)
(2,133,216
)
(2,802,227
)
Other Operating Expenses
(288,978
)
(293,122
)
(320,823
)
(345,169
)
(306,875
)
(1,121,663
)
(1,265,989
)
Fee Related Earnings
$
1,160,017
$
1,110,970
$
1,175,157
$
1,835,921
$
1,262,056
$
4,469,333
$
5,384,104
Realized Performance Revenues
536,393
542,889
342,669
865,080
460,023
1,955,969
2,210,661
Realized Performance Compensation
(253,024
)
(251,057
)
(157,570
)
(289,595
)
(220,924
)
(853,017
)
(919,146
)
Realized Principal Investment Income
9,938
16,572
40,403
25,613
117,910
77,179
200,498
Total Net Realizations
$
293,307
$
308,404
$
225,502
$
601,098
$
357,009
$
1,180,131
$
1,492,013
Total Segment Distributable Earnings
$
1,453,324
$
1,419,374
$
1,400,659
$
2,437,019
$
1,619,065
$
5,649,464
$
6,876,117
Distributable Earnings
$
1,266,378
$
1,252,221
$
1,278,650
$
2,169,493
$
1,410,805
$
5,078,241
$
6,111,169
Additional Metrics:
Total Segment Revenues
$
2,549,403
$
2,516,466
$
2,433,907
$
4,149,260
$
2,763,846
$
9,757,360
$
11,863,479
Total Assets Under Management
$
1,061,262,748
$
1,076,371,811
$
1,107,628,362
$
1,127,179,996
$
1,167,461,910
$
1,061,262,748
$
1,167,461,910
Fee-Earning Assets Under
Management
$
781,397,555
$
808,656,801
$
820,457,203
$
830,708,603
$
860,069,950
$
781,397,555
$
860,069,950
Blackstone | 15
ASSETS UNDER MANAGEMENT - ROLLFORWARD
Total AUM Rollforward
($ in millions)
Three Months Ended March 31, 2025
Twelve Months Ended March 31, 2025
Real
Estate
Private
Equity
Credit &
Insurance
Multi-Asset
Investing
Total
Real
Estate
Private
Equity
Credit &
Insurance
Multi-Asset
Investing
Total
Beginning Balance
$
315,353
$
352,169
$
375,508
$
84,150
$
1,127,180
$
339,332
$
320,810
$
322,526
$
78,595
$
1,061,263
Inflows
6,176
21,685
30,349
3,425
61,635
26,027
55,605
104,568
12,851
199,052
Outflows
(2,676
)
(3,438
)
(6,626
)
(1,124
)
(13,864
)
(23,987
)
(8,858
)
(8,770
)
(8,971
)
(50,587
)
Net Flows
3,499
18,247
23,723
2,302
47,771
2,041
46,747
95,797
3,880
148,465
Realizations
(4,306
)
(6,467
)
(13,888
)
(825
)
(25,486
)
(22,623
)
(30,111
)
(41,736
)
(3,113
)
(97,583
)
Market Activity
5,442
7,042
3,377
2,135
17,997
1,238
33,545
12,133
8,401
55,317
Ending Balance
$
319,989
$
370,990
$
388,720
$
87,763
$
1,167,462
$
319,989
$
370,990
$
388,720
$
87,763
$
1,167,462
% Change
1%
5%
4%
4%
4%
(6)%
16%
21%
12%
10%
Fee-Earning AUM Rollforward
($ in millions)
Three Months Ended March 31, 2025
Twelve Months Ended March 31, 2025
Real
Estate
Private
Equity
Credit &
Insurance
Multi-Asset
Investing
Total
Real
Estate
Private
Equity
Credit &
Insurance
Multi-Asset
Investing
Total
Beginning Balance
$
278,915
$
212,183
$
264,618
$
74,993
$
830,709
$
301,584
$
179,354
$
229,351
$
71,109
$
781,398
Inflows
5,973
15,352
20,404
2,431
44,159
25,621
59,273
75,708
9,943
170,544
Outflows
(2,596
)
(1,669
)
(4,930
)
(1,036
)
(10,232
)
(22,629
)
(9,449
)
(9,332
)
(8,387
)
(49,797
)
Net Flows
3,376
13,682
15,474
1,394
33,927
2,992
49,823
66,377
1,556
120,748
Realizations
(3,817
)
(2,815
)
(7,851
)
(693
)
(15,175
)
(23,122
)
(10,707
)
(27,709
)
(2,818
)
(64,357
)
Market Activity
3,586
3,169
1,880
1,975
10,610
607
7,750
6,101
7,823
22,281
Ending Balance
$
282,060
$
226,219
$
274,120
$
77,670
$
860,070
$
282,060
$
226,219
$
274,120
$
77,670
$
860,070
% Change
1%
7%
4%
4%
4%
(6)%
26%
20%
9%
10%
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and
acquisitions.
Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).
Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market
Activity includes
realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the
segment where the assets are managed.
Blackstone | 16
DECONSOLIDATED BALANCE SHEET HIGHLIGHTS
§
At March 31, 2025, Blackstone had $9.8 billion in total cash, cash equivalents, corporate treasury, and other investments and $19.4 billion of cash and net investments, or $15.89 per share.
§
Blackstone has a $4.3 billion credit revolver ($3.4 billion undrawn) and maintains A+/A+ ratings.
($ in millions)
1Q’25
Cash and Cash Equivalents
$
2,387
Corporate Treasury and
Other Investments
7,441
GP/Fund Investments
3,181
Net Accrued Performance Revenues
6,399
Cash and Net Investments
$
19,408
Outstanding Debt (at par)
12,313
Cash and Net Investments
(per share)
A+/A+
rated by S&P and Fitch
$4.3B
credit revolver with
December 2028 maturity
$9.8B
total cash, corporate
treasury and other
Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $6.3 billion as of March 31, 2025, which was comprised of $5.8 billion of liquid
investments and $509 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.
Blackstone | 17
NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL
($ in millions, except per share data)
1Q’24
4Q’24
1Q’25
1Q’25
Per Share
Real Estate
BREP Global
$
1,324
$
873
$
904
$
0.74
BREP Europe
115
126
69
0.06
BREP Asia
89
98
98
0.08
BPP
73
42
37
0.03
BREDS
30
27
32
0.03
BTAS
-
19
-
-
Real Estate
$
1,632
$
1,186
$
1,140
$
0.93
Private Equity
BCP Global
1,593
1,733
1,739
1.42
BCP Asia
180
334
253
0.21
Energy/Energy Transition
395
568
545
0.45
Core Private Equity
230
247
257
0.21
Tactical Opportunities
158
201
200
0.16
Secondaries
804
1,072
1,144
0.94
Infrastructure
389
84
248
0.20
Life Sciences
85
197
214
0.18
BTAS/BXPE
201
229
238
0.19
Private Equity
$
4,034
$
4,665
$
4,838
$
3.96
Credit & Insurance
$
355
$
401
$
374
$
0.31
Multi-Asset Investing
$
63
$
30
$
46
$
0.04
Net Accrued Performance
Revenues
$
6,084
$
6,281
$
6,399
$
5.24
1Q’25 QoQ Rollforward
($ in millions)
Net
Net
Performance
Realized
4Q’24
Revenues
Distributions
1Q’25
Real Estate
$
1,186
$
4
$
(49
)
$
1,140
Private Equity
4,665
398
(224
)
4,838
Credit &
Insurance
401
169
(196
)
374
Multi-Asset
Investing
30
15
1
46
Total
$
6,281
$
586
$
(468
)
$
6,399
QoQ Change
2%
1Q’25 LTM Rollforward
($ in
millions)
Net
Net
Performance
Realized
1Q’24
Revenues
Distributions
1Q’25
Real Estate
$
1,632
$
(309
)
$
(182
)
$
1,140
Private Equity
4,034
2,252
(1,448
)
4,838
Credit &
Insurance
355
728
(709
)
374
Multi-Asset
Investing
63
260
(276
)
46
Total
$
6,084
$
2,930
$
(2,615
)
$
6,399
YoY Change
5%
Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed as of the reporting date
and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per Share calculations are based
on end of period DE Shares Outstanding (see page 24, Share Summary).
Blackstone | 18
INVESTMENT RECORDS AS OF MARCH 31, 2025(a)
($/€ in thousands, except where noted)
Fund (Investment Period Beginning Date / Ending Date)
Committed
Capital
Available
Capital (b)
Unrealized Investments
Realized Investments
Total Investments
Net IRRs (d)
Value
MOIC (c)
Value
MOIC (c)
Value
MOIC (c)
Realized
Total
Real Estate
Pre-BREP - BREP IV
(Jan 1992 / Dec 2005)
$
5,441,163
$
-
$
-
n/a
$
12,219,526
2.0x
$
12,219,526
2.0x
24%
24%
BREP V (Dec 2005 / Feb 2007)
5,539,418
-
6,711
n/a
13,463,448
2.3x
13,470,159
2.3x
11%
11%
BREP VI (Feb 2007 / Aug 2011)
11,060,122
-
5,033
n/a
27,761,681
2.5x
27,766,714
2.5x
13%
13%
BREP VII (Aug 2011 / Apr 2015)
13,506,810
897,723
1,609,759
0.5x
28,770,800
2.2x
30,380,559
1.9x
18%
14%
BREP VIII (Apr 2015 / Jun 2019)
16,634,957
1,484,708
10,680,346
1.3x
22,984,755
2.3x
33,665,101
1.8x
23%
12%
BREP IX (Jun 2019 / Aug 2022)
21,353,206
3,253,449
22,048,718
1.3x
9,239,200
2.1x
31,287,918
1.4x
53%
9%
*BREP X (Aug 2022 / Feb 2028)
30,638,788
19,618,939
13,150,807
1.2x
932,641
1.2x
14,083,448
1.2x
6%
10%
Total Global BREP
$
104,174,464
$
25,254,819
$
47,501,374
1.2x
$
115,372,051
2.3x
$
162,873,425
1.8x
17%
15%
BREP Int’l I-II(Jan 2001 / Jun 2008) (e)
€
2,453,920
€
-
€
-
n/a
€
3,956,202
1.9x
€
3,956,202
1.9x
12%
12%
BREP Europe III (Jun 2008 / Sep 2013)
3,205,420
395,130
58,993
0.3x
5,926,938
2.1x
5,985,931
2.0x
14%
13%
BREP Europe IV (Sep 2013 / Dec 2016)
6,676,604
1,096,895
968,618
0.8x
10,198,388
1.9x
11,167,006
1.7x
17%
12%
BREP Europe V (Dec 2016 / Oct 2019)
7,997,397
795,468
4,276,162
0.8x
6,762,819
3.8x
11,038,981
1.5x
41%
6%
BREP Europe VI (Oct 2019 / Sep 2023)
9,935,953
2,971,696
8,039,185
1.2x
3,470,399
2.6x
11,509,584
1.4x
72%
9%
*BREP Europe VII (Sep 2023 / Mar 2029)
9,787,312
7,352,777
2,829,279
1.2x
-
n/a
2,829,279
1.2x
n/a
15%
Total BREP Europe
€
40,056,606
€
12,611,966
€
16,172,237
1.0x
€
30,314,746
2.3x
€
46,486,983
1.6x
16%
10%
BREP Asia I (Jun 2013 / Dec 2017)
$
4,262,075
$
898,633
$
1,507,879
1.7x
$
7,310,115
1.9x
$
8,817,994
1.9x
16%
12%
BREP Asia II (Dec 2017 / Mar 2022)
7,356,568
1,272,626
6,135,205
1.2x
2,349,384
1.8x
8,484,589
1.3x
23%
4%
*BREP Asia III (Mar 2022 / Sep 2027)
8,224,736
4,831,424
3,497,537
1.1x
7,244
1.6x
3,504,781
1.1x
n/a
(7)%
Total BREP Asia
$
19,843,379
$
7,002,683
$
11,140,621
1.2x
$
9,666,743
1.9x
$
20,807,364
1.4x
16%
7%
BREP Co-Investment (f)
7,682,096
106,652
1,089,328
1.5x
15,268,392
2.2x
16,357,720
2.2x
16%
16%
Total BREP
$
178,379,378
$
45,999,975
$
77,792,144
1.1x
$
177,369,937
2.2x
$
255,162,081
1.7x
17%
14%
*BREDS High-Yield (Various) (g)
27,606,643
10,470,767
4,864,095
1.1x
22,434,529
1.3x
27,298,624
1.3x
10%
9%
Private
Equity
Corporate Private Equity
BCP I-III (Oct 1987 / Nov 2002)
$
6,187,603
$
-
$
-
n/a
$
14,239,072
2.4x
$
14,239,072
2.4x
19%
19%
BCOM (Jun 2000 / Jun 2006)
2,137,330
24,575
183
n/a
2,995,106
1.4x
2,995,289
1.4x
6%
6%
BCP IV (Nov 2002 / Dec 2005)
6,773,182
195,824
356
n/a
21,720,334
2.9x
21,720,690
2.9x
36%
36%
BCP V (Dec 2005 / Jan 2011)
21,009,112
982,018
22,149
n/a
38,862,488
1.9x
38,884,637
1.9x
8%
8%
BCP VI (Jan 2011 / May 2016)
15,195,620
1,341,404
3,979,511
2.1x
29,147,077
2.3x
33,126,588
2.2x
15%
12%
BCP VII (May 2016 / Feb 2020)
18,870,938
1,463,082
17,491,839
1.6x
20,218,072
2.7x
37,709,911
2.1x
25%
13%
BCP VIII (Feb 2020 / Apr 2024)
25,744,697
8,383,978
24,918,951
1.4x
4,726,430
2.2x
29,645,381
1.5x
34%
10%
*BCP IX (Apr 2024 / Apr 2029)
21,703,780
21,428,202
290,826
n/a
-
n/a
290,826
n/a
n/a
n/a
Energy I (Aug 2011 / Feb 2015)
2,441,558
174,492
524,587
2.0x
4,291,859
2.0x
4,816,446
2.0x
13%
12%
Energy II (Feb 2015 / Feb 2020)
4,925,348
871,895
4,275,177
2.1x
4,754,766
1.8x
9,029,943
2.0x
12%
9%
Energy III (Feb 2020 / Jun 2024)
4,354,865
1,502,071
5,036,677
2.0x
2,300,669
2.4x
7,337,346
2.1x
38%
26%
*Energy Transition IV (Jun 2024 / Jun 2029)
5,847,043
5,192,459
942,507
1.7x
-
n/a
942,507
1.7x
n/a
n/a
BCP Asia I (Dec 2017 / Sep 2021)
2,437,080
417,510
2,449,459
2.0x
2,861,189
3.1x
5,310,648
2.4x
44%
23%
*BCP Asia II (Sep 2021 / Sep 2027)
6,802,798
4,316,853
3,905,817
2.0x
806,946
3.4x
4,712,763
2.1x
110%
38%
BCP Asia III (TBD)
4,440,306
4,440,306
-
n/a
-
n/a
-
n/a
n/a
n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)
4,760,130
1,181,562
7,677,225
2.0x
2,918,278
5.2x
10,595,503
2.4x
59%
16%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)
8,231,093
5,052,718
4,807,640
1.4x
502,247
n/a
5,309,887
1.5x
n/a
14%
Total Corporate Private Equity
$
161,862,483
$
56,968,949
$
76,322,904
1.6x
$
150,344,533
2.3x
$
226,667,437
2.0x
16%
15%
Tactical Opportunities
*Tactical Opportunities (Various)
31,319,202
12,464,531
14,783,336
1.3x
27,026,399
1.8x
41,809,735
1.6x
14%
10%
*Tactical Opportunities Co-Investmentand Other (Various)
10,611,809
1,263,096
4,552,027
2.4x
10,856,969
1.8x
15,408,996
1.9x
18%
16%
Total Tactical Opportunities
$
41,931,011
$
13,727,627
$
19,335,363
1.4x
$
37,883,368
1.8x
$
57,218,731
1.6x
16%
12%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not
meaningful” generally due to the limited time
since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP –
Blackstone Capital Partners, BCOM – Blackstone Communications.
*
Represents funds that are currently in their investment period.
Blackstone | 19
INVESTMENT RECORDS AS OF MARCH 31, 2025(a) –
(CONT’D)
($/€ in thousands, except
where noted)
Fund (Investment Period Beginning Date / Ending Date)
Committed
Capital
Available
Capital (b)
Unrealized Investments
Realized Investments
Total Investments
Net IRRs (d)
Value
MOIC (c)
Value
MOIC (c)
Value
MOIC (c)
Realized
Total
Private Equity (continued)
Growth
BXG I (Jul 2020 / Feb 2025)
$
4,959,544
$
861,159
$
3,913,729
1.0x
$
552,701
2.7x
$
4,466,430
1.1x
n/m
(1)%
*BXG II (Feb 2025 / Feb 2030)
4,345,044
4,345,044
-
n/a
-
n/a
-
n/a
n/a
n/a
Total Growth
$
9,304,588
$
5,206,203
$
3,913,729
1.0x
$
552,701
2.7x
$
4,466,430
1.1x
n/m
(1)%
Strategic Partners (Secondaries)
Strategic PartnersI-V (Various) (i)
11,035,527
9,572
4,387
n/a
16,786,501
n/a
16,790,888
1.7x
n/a
13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)
4,362,772
594,367
561,660
n/a
4,503,085
n/a
5,064,745
1.7x
n/a
13%
Strategic Partners VII (May 2016 / Mar 2019) (i)
7,489,970
1,637,716
2,758,274
n/a
7,903,695
n/a
10,661,969
1.9x
n/a
16%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)
1,749,807
518,153
1,280,692
n/a
1,240,984
n/a
2,521,676
1.8x
n/a
15%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)
10,763,600
3,655,001
7,440,200
n/a
7,384,986
n/a
14,825,186
1.7x
n/a
21%
*Strategic Partners Real Estate, SMA and Other (Various) (i)
7,055,591
1,881,034
2,525,446
n/a
2,643,945
n/a
5,169,391
1.5x
n/a
12%
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024)
(i)
3,250,100
795,286
2,506,133
n/a
557,124
n/a
3,063,257
1.5x
n/a
18%
*Strategic Partners IX (Oct 2021 / Jan 2027) (i)
19,692,625
5,513,211
11,637,949
n/a
1,107,668
n/a
12,745,617
1.3x
n/a
16%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026)
(i)
2,095,211
658,888
972,789
n/a
9,152
n/a
981,941
1.0x
n/a
(4)%
*Strategic Partners Infrastructure IV (Jul 2024 / Jun 2029) (i)
3,132,184
2,574,522
55,799
n/a
-
n/a
55,799
n/a
n/a
n/a
Total Strategic Partners (Secondaries)
$
70,627,387
$
17,837,750
$
29,743,329
n/a
$
42,137,140
n/a
$
71,880,469
1.6x
n/a
14%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)
910,000
56,714
705,810
2.1x
585,728
1.4x
1,291,538
1.7x
6%
9%
BXLS V (Jan 2020 / Mar 2025)
4,974,393
2,189,109
4,360,497
2.0x
896,899
1.6x
5,257,396
1.9x
n/m
19%
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)
$
2,000,000
$
97,114
$
-
n/a
$
4,809,113
1.6x
$
4,809,113
1.6x
n/a
17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)
4,120,000
993,260
72,592
0.6x
6,678,087
1.4x
6,750,679
1.4x
n/a
9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)
6,639,133
1,098,907
1,731,449
1.1x
8,870,082
1.6x
10,601,531
1.5x
n/a
11%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)
5,016,771
1,499,419
4,464,151
1.2x
2,046,352
1.6x
6,510,503
1.3x
n/a
14%
Mezzanine / Opportunistic V (TBD)
3,497,320
3,497,320
-
n/a
-
n/a
-
n/a
n/a
n/a
Total Mezzanine / Opportunistic
$
21,273,224
$
7,186,020
$
6,268,192
1.1x
$
22,403,634
1.5x
$
28,671,826
1.4x
n/a
13%
Stressed / Distressed I (Sep 2009 / May 2013)
3,253,143
-
-
n/a
5,777,098
1.3x
5,777,098
1.3x
n/a
9%
Stressed / Distressed II (Jun 2013 / Jun 2018)
5,125,000
547,430
77,220
0.2x
5,503,427
1.2x
5,580,647
1.1x
n/a
1%
Stressed / Distressed III (Dec 2017 / Dec 2022)
7,356,380
1,065,582
1,594,092
0.8x
5,345,268
1.6x
6,939,360
1.3x
n/a
10%
Total Stressed / Distressed
$
15,734,523
$
1,613,012
$
1,671,312
0.7x
$
16,625,793
1.3x
$
18,297,105
1.2x
n/a
7%
European Senior Debt I (Feb 2015 / Feb 2019)
€
1,964,689
€
69,963
€
173,117
0.3x
€
2,981,872
1.3x
€
3,154,989
1.1x
n/a
1%
European Senior Debt II (Jun 2019 / Jun 2023) (j)
4,088,344
831,881
3,383,292
1.0x
3,537,773
1.8x
6,921,065
1.3x
n/a
9%
Total European Senior Debt
€
6,053,033
€
901,844
€
3,556,409
0.9x
€
6,519,645
1.6x
€
10,076,054
1.2x
n/a
6%
Energy I (Nov 2015 / Nov 2018)
$
2,856,867
$
1,281,419
$
175,344
0.9x
$
3,418,703
1.6x
$
3,594,047
1.5x
n/a
10%
Energy II (Feb 2019 / Jun 2023)
3,616,081
1,464,279
746,613
1.0x
3,072,811
1.4x
3,819,424
1.3x
n/a
15%
*Energy III (May 2023 / May 2028)
6,477,000
3,899,856
2,756,704
1.1x
657,246
n/a
3,413,950
1.1x
n/a
14%
Total Energy
$
12,949,948
$
6,645,554
$
3,678,661
1.0x
$
7,148,760
1.5x
$
10,827,421
1.3x
n/a
12%
*Senior Direct Lending I (Dec 2023 / Dec 2025) (k)
2,057,661
1,009,339
1,830,119
1.1x
64,162
1.1x
1,894,281
1.1x
n/a
n/m
Total Credit Drawdown Funds (l)
$
58,921,015
$
17,428,097
$
17,289,918
1.0x
$
54,034,497
1.5x
$
71,324,415
1.3x
n/a
10%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not
meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life
Sciences.
* Represents funds that are currently in their investment period.
Blackstone | 20
INVESTMENT RECORDS AS OF MARCH 31, 2025(a) –
(CONT’D)
Selected Perpetual Capital
Strategies(m)
($ in thousands, except where noted)
Investment
Total
Total Net
Strategy (Inception Year)
Strategy
AUM
Return (n)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (o)
Core+ Real Estate
$
62,246,146
5%
BREIT - Blackstone Real Estate Income Trust (2017) (p)
Core+ Real Estate
53,267,424
9%
BREIT - Class I (q)
Core+ Real Estate
9%
BXMT - Blackstone Mortgage Trust (2013) (r)
Real Estate Debt
6,225,308
7%
Private Equity
BXGP – Blackstone GP Stakes (2014) (s)
Minority GP Interests
11,483,530
14%
BIP - Blackstone Infrastructure Partners (2019) (t)
Infrastructure
48,495,939
17%
BXPE - Blackstone Private Equity Strategies Fund Program (2024)
(u)
Private Equity
10,066,923
14%
BXPE - Class I (v)
Private Equity
15%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (w)
U.S. Direct Lending
15,650,544
11%
BCRED - Blackstone Private Credit Fund (2021) (x)
U.S. Direct Lending
81,054,199
10%
BCRED - Class I (y)
U.S. Direct Lending
10%
ECRED - Blackstone European Credit Fund (2022) (z)
European Direct Lending
€
2,101,750
10%
ECRED - Class I (aa)
European Direct Lending
11%
Investment Records as of March 31, 2025 - Notes
(a)
Excludes investment vehicles where Blackstone does not earn fees.
(b)
Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.
(c)
Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and
Performance Revenues, divided by invested capital.
(d)
Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to
March 31, 2025 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows.
Initial inception date of cash flows may differ from the Investment Period Beginning Date.
(e)
The 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment
opportunity. Overall BREP International I-II performance reflects a 10% Realized Net IRR and a 10% Total Net IRR.
(f)
BREP Co-Investment representsco-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized
value, as applicable, after management fees, expenses and Performance Revenues.
(g)
BREDS High-Yield represents the flagship real estate debt drawdown funds only.
(h)
Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and
longer hold period than traditional private equity.
(i)
Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC
and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and
Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.
(j)
European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within
the strategy. The total net returns were 14% and 8%, respectively, for the levered and unlevered funds of the strategy.
(k)
Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within
the strategy. Total Net IRR is not meaningful across each of the funds as of 1Q’25.
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time
since initial investment. n/a represents “not applicable”. Notes continue on page 22.
Blackstone | 21
INVESTMENT RECORDS AS OF MARCH 31, 2025(a) –
(CONT’D)
(l)
Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of
the credit drawdown funds presented.
(m)
Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of
(1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.
(n)
Unless otherwise indicated, Total Net Return represents the annualized inception to March 31, 2025 IRR on
total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows
occurred during the Inception Year.
(o)
BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 funds, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of March 31, 2025, these vehicles represented
$2.8 billion of Total AUM.
(p)
The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class,
reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total
Net Return is presented on an annualized basis and is from January 1, 2017.
(q)
Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies
by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an
annualized basis and is from January 1, 2017.
(r)
The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception,
May 22, 2013, assuming reinvestment of all dividends received during the period.
(s)
Effective 1Q’25, the Blackstone Strategic Capital Holdings (BSCH) strategy was renamed Blackstone GP Stakes
(BXGP). BXGP represents the aggregate Total AUM and Total Net Return of BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy, which targets minority investments in the general partners of private equity and other
private-market alternative asset management firms globally. Including co-investment vehicles that do not pay fees, BXGP Total AUM is $12.9 billion.
(t)
BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. Including co-investment vehicles that do not pay fees, BIP Total AUM is
$59.0 billion.
(u)
The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle
and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular
vehicle, investor or share class. For purposes of calculating the blended return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of February 28, 2025, the latest reporting
date for the BXPE Fund Program. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects
net asset value as of February 28, 2025 plus subscriptions as of March 1, 2025. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.
(v)
Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program’s largest share
class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the
Class I shares. For purposes of calculating the blended Class I return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of February 28, 2025, the latest reporting
date for the BXPE Fund Program. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.
(w)
The BXSL Total AUM and Total Net Return are presented as of December 31, 2024. BXSL Total Net Return reflects
the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an
annualized basis and are from November 20, 2018.
(x)
The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class,
reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total
Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of March 31, 2025
was $41.8 billion.
(y)
Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies
by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an
annualized basis and is from January 7, 2021.
(z)
The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class,
reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total
Net Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. ECRED net asset value as of March 31, 2025
was €1.1 billion.
(aa)
Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance varies
by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis
and is from October 3, 2022.
Blackstone | 22
SHAREHOLDER DIVIDENDS
§
Generated $1.09 of Distributable Earnings per common share during the quarter, bringing the LTM amount to $4.75 per common share.
§
Blackstone declared a quarterly dividend of $0.93 per common share to record holders as of April 28, 2025; payable on May 5, 2025.
% Change
% Change
($ in thousands, except per share data)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
vs. 1Q’24
1Q’24 LTM
1Q’25 LTM
vs. 1Q’24 LTM
Distributable Earnings
$
1,266,378
$
1,252,221
$
1,278,650
$
2,169,493
$
1,410,805
11%
$
5,078,241
$
6,111,169
20
%
Add: Other Payables Attributable to
Common
Shareholders
130,920
124,280
73,491
185,782
138,425
6%
437,700
521,978
19
%
DE Before Certain Payables
1,397,298
1,376,501
1,352,141
2,355,275
1,549,230
11%
5,515,941
6,633,147
20
%
Percent to Common Shareholders
62%
63%
63%
63%
63%
62%
63%
DE Before Certain Payables Attributable to
Common
Shareholders
871,887
864,033
849,966
1,482,636
980,440
12%
3,435,575
4,177,075
22
%
Less: Other Payables Attributable to
Common
Shareholders
(130,920
)
(124,280
)
(73,491
)
(185,782
)
(138,425
)
6%
(437,700
)
(521,978
)
19
%
DE Attributable to Common Shareholders
740,967
739,753
776,475
1,296,854
842,015
14%
2,997,875
3,655,097
22
%
DE per Common Share
$
0.98
$
0.96
$
1.01
$
1.69
$
1.09
11%
$
3.96
$
4.75
20
%
Less: Retained Capital per Common Share
$
(0.15)
$
(0.14)
$
(0.15)
$
(0.25)
$
(0.16)
7%
$
(0.60)
$
(0.70)
17
%
Actual Dividend per Common Share
$
0.83
$
0.82
$
0.86
$
1.44
$
0.93
12%
$
3.36
$
4.05
21
%
Record Date
Apr 28, 2025
Payable Date
May 5, 2025
A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and
Dividend Policy. See additional notes on page 35.
Blackstone | 23
SHARE SUMMARY
§
Distributable Earnings Shares Outstanding as of quarter end of 1,222 million shares.
–
Repurchased 0.2 million common shares in the quarter and 3.5 million common shares over the LTM.
–
Available authorization remaining was $1.8 billion at March 31, 2025.
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
Participating Common Shares
759,176,426
768,224,405
767,895,244
768,722,241
773,038,934
Participating Partnership Units
457,490,143
455,642,926
453,685,697
452,448,896
448,468,715
Distributable Earnings Shares Outstanding
1,216,666,569
1,223,867,331
1,221,580,941
1,221,171,137
1,221,507,649
Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.
Blackstone | 24
Reconciliations and Disclosures
Blackstone | 25
BLACKSTONE’S FIRST QUARTER 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands,
except per share data) (unaudited)
1Q’24
1Q’25
1Q’24 LTM
1Q’25 LTM
Revenues
Management and
Advisory Fees, Net
$
1,727,148
$
1,904,317
$
6,740,093
$
7,366,105
Incentive Fees
179,341
191,825
731,636
976,662
Investment
Income
Performance Allocations
Realized
652,517
562,050
2,229,464
3,367,279
Unrealized
445,943
263,201
(486,513
)
188,665
Principal
Investments
Realized
78,597
185,542
274,362
439,203
Unrealized
461,623
158,713
349,886
77,681
Total Investment Income
1,638,680
1,169,506
2,367,199
4,072,828
Interest and
Dividend Revenue
97,839
97,420
523,851
410,740
Other
44,820
(73,610
)
(33,955
)
5,263
Total
Revenues
$
3,687,828
$
3,289,458
$
10,328,824
$
12,831,598
Expenses
Compensation and
Benefits
Compensation
794,803
1,029,362
2,863,965
3,282,788
Incentive Fee
Compensation
73,707
57,029
291,493
356,908
Performance Allocations
Compensation
Realized
258,894
241,890
862,959
1,415,213
Unrealized
180,900
103,559
(160,254
)
62,680
Total Compensation
and Benefits
1,308,304
1,431,840
3,858,163
5,117,589
General, Administrative and
Other
369,950
332,373
1,213,861
1,324,332
Interest
Expense
108,203
118,115
435,630
453,600
Fund Expenses
3,950
12,104
74,538
27,830
Total
Expenses
$
1,790,407
$
1,894,432
$
5,582,192
$
6,923,351
Other Income (Loss)
Change in Tax
Receivable Agreement Liability
-
-
(21,988
)
(41,246
)
Net Gains (Losses) from Fund
Investment Activities
(17,767
)
57,575
(145,632
)
165,426
Total Other
Income (Loss)
$
(17,767
)
$
57,575
$
(167,620
)
$
124,180
Income Before
Provision for Taxes
$
1,879,654
$
1,452,601
$
4,579,012
$
6,032,427
Provision for
Taxes
283,671
243,827
749,457
981,827
Net
Income
$
1,595,983
$
1,208,774
$
3,829,555
$
5,050,600
Net Income (Loss)
Attributable to Redeemable Non-Controlling
Interests in Consolidated Entities
(39,669
)
7,900
(278,487
)
(13,720
)
Net Income Attributable to Non-Controlling
Interests in Consolidated Entities
102,827
100,547
252,113
471,546
Net Income Attributable to Non-Controlling
Interests in Blackstone Holdings
685,439
485,475
1,703,475
2,048,800
Net Income
Attributable to Blackstone Inc. (‘‘BX’’)
$
847,386
$
614,852
$
2,152,454
$
2,543,974
Net Income Per Share of
Common Stock, Basic
$
1.12
$
0.80
$
2.84
$
3.31
Net Income Per Share of Common Stock,
Diluted
$
1.11
$
0.80
$
2.84
$
3.31
Blackstone | 26
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
QTD
LTM
($ in thousands)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
1Q’24
1Q’25
Net Income Attributable to Blackstone Inc.
$
847,386
$
444,414
$
780,835
$
703,873
$
614,852
$
2,152,454
$
2,543,974
Net Income Attributable to Non-Controlling
Interests in Blackstone Holdings
685,439
403,108
603,057
557,160
485,475
1,703,475
2,048,800
Net Income Attributable toNon-Controlling
Interests in Consolidated Entities
102,827
100,583
202,929
67,487
100,547
252,113
471,546
Net Income (Loss) Attributable to Redeemable
Non-Controlling Interests in Consolidated Entities
(39,669
)
258
(22,184
)
306
7,900
(278,487
)
(13,720
)
Net Income
$
1,595,983
$
948,363
$
1,564,637
$
1,328,826
$
1,208,774
$
3,829,555
$
5,050,600
Provision for Taxes
283,671
260,246
245,303
232,451
243,827
749,457
981,827
Income Before Provision for Taxes
$
1,879,654
$
1,208,609
$
1,809,940
$
1,561,277
$
1,452,601
$
4,579,012
$
6,032,427
Transaction-Related and Non-Recurring Items (a)
52,197
4,962
(394
)
(393
)
18,824
69,557
22,999
Amortization of Intangibles (b)
7,333
7,333
7,333
7,333
7,333
29,449
29,332
Impact of Consolidation (c)
(63,158
)
(100,841
)
(180,745
)
(67,793
)
(108,447
)
26,374
(457,826
)
Unrealized Performance Revenues (d)
(445,936
)
(122,239
)
(1,154,905
)
1,351,673
(263,201
)
486,536
(188,672
)
Unrealized Performance Allocations Compensation
(e)
180,900
101,680
465,099
(607,658
)
103,559
(160,254
)
62,680
Unrealized Principal Investment (Income) Loss (f)
(442,976
)
38,125
90,254
42,729
(161,257
)
(328,795
)
9,851
Other Revenues (g)
(44,747
)
(19,541
)
96,329
(155,207
)
73,635
34,156
(4,784
)
Equity-Based Compensation (h)
317,779
295,396
262,798
283,149
471,302
1,009,119
1,312,645
Administrative Fee Adjustment (i)
2,477
2,465
3,219
3,429
4,186
9,737
13,299
Taxes and Related Payables (j)
(177,145
)
(163,728
)
(120,278
)
(249,046
)
(187,730
)
(676,650
)
(720,782
)
Distributable Earnings
$
1,266,378
$
1,252,221
$
1,278,650
$
2,169,493
$
1,410,805
$
5,078,241
$
6,111,169
Taxes and Related Payables (j)
177,145
163,728
120,278
249,046
187,730
676,650
720,782
Net Interest and Dividend (Income) Loss
(k)
9,801
3,425
1,731
18,480
20,530
(105,427
)
44,166
Total Segment Distributable
Earnings
$
1,453,324
$
1,419,374
$
1,400,659
$
2,437,019
$
1,619,065
$
5,649,464
$
6,876,117
Realized Performance Revenues (l)
(536,393
)
(542,889
)
(342,669
)
(865,080
)
(460,023
)
(1,955,969
)
(2,210,661
)
Realized Performance Compensation (m)
253,024
251,057
157,570
289,595
220,924
853,017
919,146
Realized Principal Investment (Income) Loss
(n)
(9,938
)
(16,572
)
(40,403
)
(25,613
)
(117,910
)
(77,179
)
(200,498
)
Fee Related Earnings
$
1,160,017
$
1,110,970
$
1,175,157
$
1,835,921
$
1,262,056
$
4,469,333
$
5,384,104
Adjusted EBITDA Reconciliation
Distributable Earnings
$
1,266,378
$
1,252,221
$
1,278,650
$
2,169,493
$
1,410,805
$
5,078,241
$
6,111,169
Interest Expense (o)
107,640
108,424
111,326
117,027
117,950
432,952
454,727
Taxes and Related Payables (j)
177,145
163,728
120,278
249,046
187,730
676,650
720,782
Depreciation and Amortization (p)
26,053
25,336
24,685
22,682
22,226
97,002
94,929
Adjusted EBITDA
$
1,577,216
$
1,549,709
$
1,534,939
$
2,558,248
$
1,738,711
$
6,284,845
$
7,381,607
Notes on pages 28-29.
Blackstone | 27
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES
Note: See pages 36-38, Definitions and Dividend Policy.
(a)
This adjustment removes Transaction-Related andNon-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related
and Non-Recurring Items arise from corporate actions
including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains,
losses, or other charges, if any. They consist primarily of equity-based compensation charges,
gains and losses on contingent consideration arrangements,
changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated
with these corporate
actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective
of
Blackstone’s operational performance.
(b)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from
Blackstone’s segment presentation.
(c)
This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from
Blackstone’s segment presentation. This adjustment
includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated
operating partnerships held by non-controlling interests.
(d)
This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment
represents the add back of performance
revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
QTD
LTM
($ in thousands)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
1Q’24
1Q’25
GAAP Unrealized Performance Allocations
$
445,943
$
122,229
$
1,154,918
$
(1,351,683
)
$
263,201
$
(486,513
)
$ 188,665
Segment Adjustment
(7
)
10
(13
)
10
-
(23
)
7
Unrealized Performance Revenues
$
445,936
$
122,239
$
1,154,905
$
(1,351,673
)
$
263,201
$
(486,536
)
$ 188,672
(e) This adjustment removes Unrealized Performance Allocations Compensation.
(f) This adjustment removes Unrealized Principal Investment Income on a segment basis. The Segment Adjustment
represents (1) the add back of Principal
Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and
(2) the removal of amounts associated with the
ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
QTD
LTM
($ in thousands)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
1Q’24
1Q’25
GAAP Unrealized Principal Investment Income (Loss)
$
461,623
$
(31,776
)
$
(1,864
)
$
(47,392
)
$
158,713
$
349,886
$ 77,681
Segment Adjustment
(18,647
)
(6,349
)
(88,390
)
4,663
2,544
(21,091
)
(87,532)
Unrealized Principal Investment Income (Loss)
$
442,976
$
(38,125
)
$
(90,254
)
$
(42,729
)
$
161,257
$
328,795
$ (9,851)
(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the
removal of certain Transaction-Related and Non-
Recurring Items.
QTD
LTM
($ in thousands)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
1Q’24
1Q’25
GAAP Other Revenue
$
44,820
$
19,631
$
(96,312
)
$
155,554
$
(73,610
)
$
(33,955
)
$ 5,263
Segment Adjustment
(73
)
(90
)
(17
)
(347
)
(25
)
(201
)
(479)
Other Revenues
$
44,747
$
19,541
$
(96,329
)
$
155,207
$
(73,635
)
$
(34,156
)
$ 4,784
(h) This adjustment removes Equity-Based Compensation on a segment
basis.
(i) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis
from certain holders of Blackstone Holdings Partnership
Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in
Blackstone’s segment
presentation.
Blackstone | 28
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D)
(j)
Taxes represent the total GAAP tax provision adjusted to include only the current tax provision
(benefit) calculated on Income (Loss) Before Provision
(Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. For interim periods, taxes are calculated using the preferred annualized
effective tax rate approach.
Related Payables represent tax-related payables including the amount payable to holders of the Tax Receivable Agreements
based on expected tax savings generated in the current period. Please refer to page
36 for the full definition of Taxes and Related Payables.
QTD
LTM
($ in thousands)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
1Q’24
1Q’25
Taxes
$
155,873
$
141,656
$
95,483
$
211,496
$
162,535
$
585,796
$
611,170
Related Payables
21,272
22,072
24,795
37,550
25,195
90,854
109,612
Taxes and Related Payables
$
177,145
$
163,728
$
120,278
$
249,046
$
187,730
$
676,650
$
720,782
(k) This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis.
The Segment Adjustment represents (1) the add back of
Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest
expense associated with the
Tax Receivable Agreement.
QTD
LTM
($ in thousands)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
1Q’24
1Q’25
GAAP Interest and Dividend Revenue
$
97,839
$
104,999
$
109,774
$
98,547
$
97,420
$
523,851
$
410,740
Segment Adjustment
-
-
(179
)
-
-
14,528
(179
)
Interest and Dividend Revenue
$
97,839
$
104,999
$
109,595
$
98,547
$
97,420
$
538,379
$
410,740
GAAP Interest Expense
$
108,203
$
108,616
$
111,337
$
115,532
$
118,115
$
435,630
$
453,600
Segment Adjustment
(563
)
(192
)
(11
)
1,495
(165
)
(2,678
)
1,127
Interest Expense
$
107,640
$
108,424
$
111,326
$
117,027
$
117,950
$
432,952
$
454,727
Net Interest and Dividend Income
(Loss)
$
(9,801
)
$
(3,425
)
$
(1,731
)
$
(18,480
)
$
(20,530
)
$
105,427
$
(44,166
)
(l) This adjustment removes the total segment amount of Realized Performance Revenues.
(m) This adjustment removes the total segment amount of Realized Performance Compensation.
(n) This adjustment removes the total segment amount of Realized Principal Investment Income.
(o) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable
Agreement.
(p) This adjustment adds back Depreciation and Amortization on a segment basis.
Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings
Shares Outstanding
QTD
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
GAAP Shares of Common Stock Outstanding
722,263,433
722,540,712
730,699,964
731,925,965
737,929,437
Unvested Participating Common
Shares
36,912,993
45,683,693
37,195,280
36,796,276
35,109,497
Total Participating Common Shares
759,176,426
768,224,405
767,895,244
768,722,241
773,038,934
Participating Partnership
Units
457,490,143
455,642,926
453,685,697
452,448,896
448,468,715
Distributable Earnings Shares
Outstanding
1,216,666,569
1,223,867,331
1,221,580,941
1,221,171,137
1,221,507,649
Disclosure of
Weighted-Average Shares Common Stock Outstanding
QTD
LTM
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
1Q’24
1Q’25
Total GAAP Weighted-Average Shares of Common
Stock
Outstanding - Basic
759,798,537
769,187,351
768,230,595
768,689,957
771,796,385
758,594,227
769,464,144
Weighted-Average Shares of
Unvested Deferred Restricted
Common Stock
459,107
47,326
49,771
80,028
638,217
185,544
203,836
Total GAAP Weighted-Average Shares of Common Stock
Outstanding -
Diluted
760,257,644
769,234,677
768,280,366
768,769,985
772,434,602
758,779,771
769,667,980
Blackstone | 29
BLACKSTONE’S FIRST QUARTER 2025 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
($ in thousands) (unaudited)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
Assets
Cash and Cash Equivalents
$
2,504,471
$
2,381,436
$
2,353,332
$
1,972,140
$
2,386,979
Cash Held by Blackstone Funds and Other
167,711
219,393
180,545
204,052
1,012,958
Investments
25,922,290
26,426,289
28,322,715
29,800,566
30,259,429
Accounts Receivable
199,302
247,538
300,004
237,930
221,200
Due from Affiliates
4,695,224
4,868,069
5,163,883
5,409,315
5,434,078
Intangible Assets, Net
192,227
183,246
174,265
165,243
156,269
Goodwill
1,890,202
1,890,202
1,890,202
1,890,202
1,890,202
Other Assets
1,072,627
1,083,400
933,990
947,859
929,107
Right-of-Use Assets
805,454
995,524
978,699
838,620
807,487
Deferred Tax Assets
2,256,794
2,289,932
2,277,807
2,003,948
2,157,920
Total Assets
$
39,706,302
$
40,585,029
$
42,575,442
$
43,469,875
$
45,255,629
Liabilities and Equity
Loans Payable
$
10,740,171
$
10,688,193
$
10,752,246
$
11,320,956
$
12,454,559
Due to Affiliates
2,135,478
2,364,099
2,620,530
2,808,148
3,361,900
Accrued Compensation and
Benefits
5,378,212
5,703,156
6,398,365
6,087,700
6,164,503
Operating Lease Liabilities
951,648
1,142,317
1,136,671
965,742
937,369
Accounts Payable, Accrued Expenses
and Other Liabilities
2,023,359
2,012,969
2,202,689
2,792,314
2,472,395
Total Liabilities
21,228,868
21,910,734
23,110,501
23,974,860
25,390,726
RedeemableNon-Controlling Interests in Consolidated Entities
935,005
888,868
892,846
801,399
1,382,374
Equity
Common Stock, $0.00001 par value
(737,929,437 shares issued
and outstanding as of March 31, 2025)
7
7
7
7
7
Series I Preferred Stock, $0.00001 par value
(1 share issued
and outstanding as of March 31, 2025)
-
-
-
-
-
Series II Preferred Stock, $0.00001
par value (1 share issued
and outstanding as of March 31, 2025)
-
-
-
-
-
Additional Paid-in-Capital
6,190,142
6,260,619
6,257,788
7,444,561
7,686,980
Retained Earnings
796,201
607,564
760,471
808,079
320,160
Accumulated Other Comprehensive Loss
(31,282
)
(34,617
)
(10,609
)
(40,326
)
(29,027
)
Non-Controlling Interests in Consolidated Entities
5,381,678
5,682,606
6,015,967
6,154,943
6,400,585
Non-Controlling Interests in Blackstone Holdings
5,205,683
5,269,248
5,548,471
4,326,352
4,103,824
Total Equity
17,542,429
17,785,427
18,572,095
18,693,616
18,482,529
Total Liabilities and Equity
$
39,706,302
$
40,585,029
$
42,575,442
$
43,469,875
$
45,255,629
See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.
Blackstone | 30
RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES
($ in thousands)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
Investments of Consolidated Blackstone Funds
$
3,458,911
$
3,621,676
$
3,873,027
$
3,890,732
$
4,589,194
Equity Method Investments
Partnership Investments
6,100,640
6,107,429
6,295,704
6,546,728
6,740,599
Accrued Performance Allocations
11,163,116
11,132,801
12,411,485
12,397,366
12,522,848
Corporate Treasury Investments
197,976
176,330
147,642
1,147,328
106,684
Other Investments
5,001,647
5,388,053
5,594,857
5,818,412
6,300,105
Total GAAP Investments
25,922,290
26,426,289
28,322,715
29,800,566
30,259,430
Accrued Performance Allocations - GAAP
$
11,163,116
$
11,132,801
$
12,411,485
$
12,397,366
$
12,522,848
Impact of Consolidation (a)
-
-
-
-
-
Due from Affiliates - GAAP (b)
249,968
235,767
253,490
489,086
249,376
Less: Net Realized Performance Revenues (c)
(448,811
)
(146,832
)
(141,896
)
(1,050,026
)
(927,240
)
Less: Accrued Performance Compensation - GAAP (d)
(4,880,191
)
(5,007,547
)
(5,531,520
)
(5,555,870
)
(5,446,352
)
Net Accrued Performance Revenues
$
6,084,082
$
6,214,189
$
6,991,559
$
6,280,556
$
6,398,632
Corporate Treasury and Other Investments - GAAP
$
5,199,623
$
5,564,383
$
5,742,499
$
6,965,740
$
6,406,789
Impact of Consolidation (a)
484,521
590,551
580,076
622,411
857,457
Other Assets (e)
228,702
218,728
250,996
159,011
180,761
Other Liabilities (f)
(6,651
)
(6,874
)
(6,584
)
(4,024
)
(3,653
)
Corporate Treasury and Other Investments - Deconsolidated
(g)
$
5,906,195
$
6,366,788
$
6,566,987
$
7,743,138
$
7,441,354
Partnership Investments - GAAP
$
6,100,640
$
6,107,429
$
6,295,704
$
6,546,728
$
6,740,599
Impact of Consolidation (h)
(3,308,117
)
(3,401,589
)
(3,482,920
)
(3,482,497
)
(3,559,722
)
GP/Fund Investments - Deconsolidated
$
2,792,523
$
2,705,840
$
2,812,784
$
3,064,231
$
3,180,877
Loans Payable - GAAP
$
10,740,171
$
10,688,193
$
10,752,246
$
11,320,956
$
12,454,559
Impact of Consolidation (i)
(169,836
)
(130,321
)
(107,715
)
(87,488
)
(266,568
)
Outstanding Debt - Carrying Value
10,570,335
10,557,872
10,644,531
11,233,468
12,187,991
Unamortized Discount
127,614
124,677
122,418
127,281
125,209
Outstanding Debt (at par) - Deconsolidated
$
10,697,949
$
10,682,549
$
10,766,949
$
11,360,749
$
12,313,200
(a)
This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated
in consolidation.
(b)
Represents GAAP accrued performance revenue recorded within Due from Affiliates.
(c)
Represents Performance Revenues realized but not yet distributed as of the reporting date and are
included in Distributable Earnings in the period they are realized.
(d)
Represents GAAP accrued performance compensation associated with Accrued Performance Allocations
and is recorded within Accrued Compensation and
Benefits and Due to Affiliates.
(e)
This adjustment adds other assets related to Treasury Operations that are recorded within Accounts
Receivable, reverse repurchase agreements and Due from Affiliates.
(f)
This adjustment adds other liabilities related to Treasury Operations that are recorded within
Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase
Agreements and securities sold short, not yet purchased.
(g)
Deconsolidated Other Investments was $6.3 billion as of March 31, 2025, which was
comprised of $5.8 billion of liquid investments and $509 million of illiquid
investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted
to cash and
may include securities and investments subject to lock-up periods.
(h)
This adjustment removes amounts associated with the ownership of Blackstone consolidated operating
partnerships held by non-controlling interests and adds back
investments in consolidated Blackstone Funds which have been eliminated in consolidation.
(i)
This adjustment removes amounts related to consolidated Blackstone Funds.
Blackstone | 31
RECONCILIATION OF GAAP TO TOTAL SEGMENTS
QTD
LTM
($ in thousands)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
1Q’24
1Q’25
Management and Advisory Fees, Net
GAAP
$
1,727,148
$
1,787,313
$
1,794,894
$
1,879,581
$
1,904,317
$
6,740,093
$
7,366,105
Segment Adjustment (a)
(19,577
)
(7,375
)
(8,160
)
(20,290
)
(12,319
)
(21,665
)
(48,144
)
Total Segment
$
1,707,571
$
1,779,938
$
1,786,734
$
1,859,291
$
1,891,998
$
6,718,428
$
7,317,961
GAAP Realized Performance Revenues to Total
Segment Fee Related Performance Revenues
GAAP
Incentive Fees
179,341
188,299
191,794
404,744
191,825
731,636
976,662
Investment Income - Realized Performance
Allocations
652,517
531,641
414,755
1,858,833
562,050
2,229,464
3,367,279
GAAP
$
831,858
$
719,940
$
606,549
$
2,263,577
$
753,875
$
2,961,100
$
4,343,941
Total Segment
Less: Realized Performance Revenues
(536,393
)
(542,889
)
(342,669
)
(865,080
)
(460,023
)
(1,955,969
)
(2,210,661
)
Segment Adjustment (b)
36
16
221
779
63
653
1,079
Total Segment
$
295,501
$
177,067
$
264,101
$
1,399,276
$
293,915
$
1,005,784
$
2,134,359
GAAP Compensation to Total Segment Fee Related
Compensation
GAAP
Compensation
794,803
766,647
732,041
754,738
1,029,362
2,863,965
3,282,788
Incentive Fees Compensation
73,707
77,139
73,464
149,276
57,029
291,493
356,908
Realized Performance Allocations Compensation
258,894
260,736
169,740
742,847
241,890
862,959
1,415,213
GAAP
$
1,127,404
$
1,104,522
$
975,245
$
1,646,861
$
1,328,281
$
4,018,417
$
5,054,909
Total Segment
Less: Realized Performance Compensation
(253,024
)
(251,057
)
(157,570
)
(289,595
)
(220,924
)
(853,017
)
(919,146
)
Less: Equity-Based Compensation - Fee Related Compensation
(313,400
)
(291,540
)
(259,265
)
(278,849
)
(464,053
)
(994,821
)
(1,293,707
)
Less: Equity-Based Compensation - Performance
Compensation
(4,379
)
(3,856
)
(3,533
)
(4,300
)
(7,249
)
(14,298
)
(18,938
)
Segment Adjustment (c)
(2,524
)
(5,156
)
(22
)
3,360
(19,073
)
(23,065
)
(20,891
)
Total Segment
$
554,077
$
552,913
$
554,855
$
1,077,477
$
616,982
$
2,133,216
$
2,802,227
GAAP General, Administrative and Other to
Total Segment Other Operating Expenses
GAAP
$
369,950
$
311,928
$
340,945
$
339,086
$
332,373
$
1,213,861
$
1,324,332
Segment Adjustment (d)
(80,972
)
(18,806
)
(20,122
)
6,083
(25,498
)
(92,198
)
(58,343
)
Total Segment
$
288,978
$
293,122
$
320,823
$
345,169
$
306,875
$
1,121,663
$
1,265,989
Realized Performance Revenues
GAAP
Incentive Fees
179,341
188,299
191,794
404,744
191,825
731,636
976,662
Investment Income - Realized Performance
Allocations
652,517
531,641
414,755
1,858,833
562,050
2,229,464
3,367,279
GAAP
$
831,858
$
719,940
$
606,549
$
2,263,577
$
753,875
$
2,961,100
$
4,343,941
Total Segment
Less: Fee Related Performance Revenues
(295,501
)
(177,067
)
(264,101
)
(1,399,276
)
(293,915
)
(1,005,784
)
(2,134,359
)
Segment Adjustment (b)
36
16
221
779
63
653
1,079
Total Segment
$
536,393
$
542,889
$
342,669
$
865,080
$
460,023
$
1,955,969
$
2,210,661
Blackstone | 32
RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D)
QTD
LTM
($ in thousands)
1Q’24
2Q’24
3Q’24
4Q’24
1Q’25
1Q’24
1Q’25
Realized Performance Compensation
GAAP
Incentive Fee Compensation
$
73,707
$
77,139
$
73,464
$
149,276
$
57,029
$
291,493
$
356,908
Realized Performance Allocations
Compensation
258,894
260,736
169,740
742,847
241,890
862,959
1,415,213
GAAP
$
332,601
$
337,875
$
243,204
$
892,123
$
298,919
$
1,154,452
$
1,772,121
Total Segment
Less: Fee Related Performance Compensation
(e)
(75,198
)
(82,962
)
(82,101
)
(598,228
)
(70,746
)
(287,137
)
(834,037
)
Less: Equity-Based Compensation - Performance Compensation
(4,379
)
(3,856
)
(3,533
)
(4,300
)
(7,249
)
(14,298
)
(18,938
)
Total Segment
$
253,024
$
251,057
$
157,570
$
289,595
$
220,924
$
853,017
$
919,146
Realized Principal Investment Income
(Loss)
GAAP
$
78,597
$
74,045
$
95,235
$
84,381
$
185,542
$
274,362
$
439,203
Segment Adjustment (f)
(68,659
)
(57,473
)
(54,832
)
(58,768
)
(67,632
)
(197,183
)
(238,705
)
Total Segment
$
9,938
$
16,572
$
40,403
$
25,613
$
117,910
$
77,179
$
200,498
GAAP Interest and Dividend Revenue net of
Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue
97,839
104,999
109,774
98,547
97,420
523,851
410,740
Interest Expense
(108,203
)
(108,616
)
(111,337
)
(115,532
)
(118,115
)
(435,630
)
(453,600
)
GAAP
$
(10,364
)
$
(3,617
)
$
(1,563
)
$
(16,985
)
$
(20,695
)
$
88,221
$
(42,860
)
Segment Adjustment (g)
563
192
(168
)
(1,495
)
165
17,206
(1,306
)
Total Segment
$
(9,801
)
$
(3,425
)
$
(1,731
)
$
(18,480
)
$
(20,530
)
$
105,427
$
(44,166
)
This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the
Consolidated
Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and
excludes the amortization of intangibles, the expense of equity-based
awards and Transaction-Related and Non-Recurring Items.
(a)
Represents (1) the add back of net management fees earned from consolidated Blackstone Funds
which have been eliminated in consolidation, and (2) the
removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which
are
presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.
(b)
Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which
have been eliminated in consolidation.
(c)
Represents the removal of Transaction-Related andNon-Recurring Items that are not recorded in the Total Segment measures.
(d)
Represents the (1) removal of Transaction-Related andNon-Recurring Items that are not recorded in the Total Segment Measures, (2) removal of amounts
attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis
under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an
administrative fee
collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is
reflected as a reduction of Other Operating Expenses in
Blackstone’s segment presentation.
(e)
Fee related performance compensation may include equity based compensation based on fee related
performance revenues.
(f)
Represents (1) the add back of Principal Investment Income, including general partner
income, earned from consolidated Blackstone Funds which have been
eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-
controlling interests.
(g)
Represents (1) the add back of Interest and Dividend Revenue earned from consolidated
Blackstone Funds which have been eliminated in consolidation, and
(2) the removal of interest expense associated with the Tax Receivable Agreement.
Blackstone | 33
NOTES
Notes to page 4 - Investment
Performance and Net Accrued Performance Revenues
§
The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable
Blackstone Funds and not those of Blackstone.
§
Core+ appreciation represents a weighted average of BREIT’s per share appreciation, BEPIF’s per share appreciation, and BPP’s appreciation for
the period. The returns are weighted based on the average
of BREIT’s monthly net asset values, BEPIF’s monthly net asset values, and the
average of BPP’s quarterly adjusted beginning period market values for the period.
§
Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries
business refer to the appreciation of the Strategic Partners funds and do
not include results for GP Stakes. Strategic Partners results are
reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if
available. As a result, the
appreciation presented herein does not include the impact of economic and market activity in the current quarter.
Current market activity is expected to affect reported results in upcoming quarters.
§
Effective 1Q’25, Private Credit returns were amended to include only the Flagship commingled funds across the opportunistic lending, global
middle market direct lending funds (including BXSL, BCRED, and ECRED
strategies), stressed/distressed strategies, and non-investment grade
infrastructure and asset-based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are
not
broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and
Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended
funds, open-ended funds and separately managed
accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respectivequarter-end are included. Funds in
liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were
contributed to Blackstone
Credit as part of Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-
acquisition date performance for funds and vehicles acquired by Blackstone Credit
subsequent to March 2008, are also excluded.
§
The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing (“BXMA”) Absolute Return Composite, which
includes only BXMA-managed commingled and customized multi-manager funds
and accounts and does not include BXMA’s liquid solutions group,
seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into
those
platforms. BXMA-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that
comprise the Absolute Return Composite are not
managed within a single fund or account and are managed with different mandates. There is
no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an
investible
product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or
account.
Notes to page 17 – Deconsolidated Balance Sheet Highlights
§
GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were
$594 million, $1.5 billion, $988 million, and
$113 million, respectively, as of March 31, 2025. Cash and Net Investments per share amounts are
calculated using period end DE Shares Outstanding (see page 24, Share Summary).
Blackstone | 34
NOTES – (CONT’D)
Notes to page 23 –
Shareholder Dividends
§
DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax
expense (benefit) of wholly owned subsidiaries. Common shareholders receive
tax benefits from deductions taken by Blackstone’s corporate tax
paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and
certain other tax-related payables.
§
Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to
shareholders as of the applicable record date.
§
Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share
was $124 million for 1Q’25 and $539 million for
1Q’25 LTM.
Blackstone | 35
DEFINITIONS AND DIVIDEND POLICY
Blackstone discloses the following
operating metrics and financial measures that are calculated and presented on the basis of methodologies other
than in accordance with generally accepted accounting principles in the United States of America(“non-GAAP”) in this presentation:
§
Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess
performance across
Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee
Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that
deconsolidates Blackstone Funds,
eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets
and removes
Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but
not equivalent to, its most directly comparable GAAP measure of Income (Loss)
Before Provision (Benefit) for Taxes.
–
Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues
(which refers to Realized Performance Revenues excluding Fee
Related Performance Revenues), less Realized Performance Compensation
(which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance
Compensation).
–
Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and
Realized Principal Investment Income.
§
Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available
for dividends to Blackstone
shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings
Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes
unrealized
activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before
Provision (Benefit) for Taxes.
–
Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds,
and interest expense associated with the Tax Receivable Agreement.
–
Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on
Income (Loss) Before Provision (Benefit) for Taxes and
including the Payable under the Tax Receivable Agreement. Further, the current tax
provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain
expense items
that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-
based compensation charges and certain Transaction-Related and Non-Recurring Items
where there is a current tax provision or benefit. The
economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions
used in calculating the current income tax
provision for Blackstone’s consolidated statements of operations under U.S. GAAP, excluding the
impact of divestitures and accrued tax contingencies and refunds which are reflected when paid or received. The Payable under the Tax
Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are
entitled to receive in future periods. Management believes that including the amount payable under the tax
receivable agreement and
utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability
between periods and more accurately reflects earnings that are available for
distribution to shareholders.
§
Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are
measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of
management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related
Compensation on a segment basis, and
(b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income
(Loss) Before Provision (Benefit) for Taxes.
Blackstone | 36
DEFINITIONS AND DIVIDEND POLICY – (CONT’D)
–
Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based
Compensation, directly related to (a) Management and Advisory Fees, Net and
(b) Fee Related Performance Revenues, referred to as Fee
Related Performance Compensation.
–
Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured
and received on a recurring basis, and (b) not dependent
on realization events from the underlying investments.
–
Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to
(a) remove the Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (b) remove certain
expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in
Blackstone’s segment
presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings
Partnership Units. The administrative fee is accounted for as a capital
contribution under GAAP, but is reflected as a reduction of Other
Operating Expenses in Blackstone’s segment presentation.
–
Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which
there is no requirement to return capital to investors through
redemption requests in the ordinary course of business, except where funded
by new capital inflows or where required redemption requests are limited in quantum. Includes co-investment capital with an
investor right
to convert into Perpetual Capital.
–
FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and
Advisory Fees, Net and Fee Related Performance Revenues).
§
Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or “Adjusted EBITDA”, is a supplemental measure used to
assess performance derived from
Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA
represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related
Payables, and
(c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable
GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
§
Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.
§
Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.
–
Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals
above the amounts allocable to them based upon the percentage participation in
the relevant performance plans previously awarded to
them as a result of a compensation program that commenced in 2Q’21. The expectation is that for the full year 2025, Fee Related
Compensation will be decreased by the total amount of
additional Performance Compensation awarded for the year. For 1Q’25 QTD, the
increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted
Distributable Earnings for
the current year quarter. For 1Q’25 LTM, the increase to Realized Performance Compensation was less than the
decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the current year LTM period. For
1Q’24 QTD,
the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively
impacted Distributable Earnings for the prior year quarter. For 1Q’24 LTM, the increase to
Realized Performance Compensation was less
than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the prior year LTM period. These
changes typically have an impact on individual quarters but do not
impact Income Before Provision (Benefit) for Taxes and Distributable
Earnings for the full year.
Blackstone | 37
DEFINITIONS AND DIVIDEND POLICY – (CONT’D)
§
Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public
offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses
on contingent consideration arrangements, changes in the balance of the Tax
Receivable Agreement resulting from a change in tax law or
similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges
that
affect period-to-period comparability and are not reflective of Blackstone’s operational performance.
Dividend Policy. Blackstone’s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone
Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of directors to be necessary or
appropriate to provide for the conduct of its business, to make appropriate investments in its
business and funds, to comply with applicable law,
any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and
dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is
subject to the qualification that the declaration and payment of any dividends are at the sole
discretion of Blackstone’s board of directors and our
board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to
eliminate such dividends entirely.
Blackstone | 38
FORWARD-LOOKING STATEMENTS
This presentation may contain
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other
things, our operations, taxes,
earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as
“outlook,” “indicator,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,”
“intends,”
“plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words
or other comparable words.
Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be
important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We
believe these
factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year
ended December 31, 2024, as
such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange
Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be
construed as exhaustive and should be
read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking
statements speak only as of the date of this report, and
we undertake no obligation to publicly update or review any forward-looking statement,
whether as a result of new information, future developments or otherwise.
This presentation does not constitute an offer of any Blackstone Fund.
Blackstone | 39
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | — |
| Buybacks share repurchase, buyback program | 2 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor