Q3 2025 Blackstone Inc Earnings Call Transcript
Key Points
- Blackstone Inc (BX) reported a significant increase in distributable earnings, up nearly 50% year over year to $1.9 billion.
- The company achieved a new industry record with assets under management reaching $1.24 trillion.
- Blackstone Inc (BX) experienced strong growth in fee-related earnings, with a 26% increase.
- The firm successfully executed three IPOs in the quarter, with a robust pipeline for future IPOs.
- Blackstone Inc (BX) continues to see strong momentum in its private wealth and insurance channels, with private wealth AUM growing 15% year over year.
- There has been significant external focus on credit defaults in the market, although Blackstone Inc (BX) clarified these were not related to private credit.
- The firm anticipates some increases in defaults as the economic cycle progresses.
- Despite positive developments, there is a noted slowdown in real estate fundraising and absolute returns remain tepid.
- The company expects a lower baseline of transaction and advisory fees in the fourth quarter.
- There is a potential impact on private credit returns due to declining base rates, which could affect investor sentiment.
Good day and welcome to the Blackstone 3rd quarter 2025 investor call. Today's conference is being recorded. At this time, all participants are on a listen-only mode. If you require operator assistance, please press 0. If you'd like to ask a question, please signal by pressing 1. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Please go ahead.
Thanks, JD and good morning and welcome to Blackstone's 3rd quarter conference call. Joining me today are Steve Schwarzman, Chairman and CEO John Gray, President and Chief Operating Officer, and Michael Cha, Vice Chairman and Chief Financial Officer. Earlier this morning, we issued a press release and slide presentation which are available on our website. We expect to file our 0Q report in a few weeks.
I'd like to remind you that today's call may
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