Q2 2025 Blackstone Inc Earnings Call Transcript
Key Points
- Blackstone Inc (BX) reported a 25% year-over-year increase in distributable earnings, reaching $1.6 billion.
- Fee-related earnings grew by 31% year-over-year, marking one of the best quarters in the company's history.
- Assets under management increased by 13% year-over-year to a record $1.2 trillion, with inflows of $52 billion in the second quarter.
- The firm's private credit platform has expanded significantly, with assets under management reaching $484 billion, up threefold in the past five years.
- Blackstone's infrastructure platform saw a 32% year-over-year increase in assets under management, supported by strong investment performance.
- Real estate performance remains a concern, with some areas impacted by new supply and increased tenant caution.
- Despite strong overall appreciation, the macro environment remains volatile, affecting certain investment strategies.
- The firm anticipates a lower baseline for transaction fees in the second half of the year, following a strong first half.
- There is uncertainty surrounding the potential executive order related to accessing the 401(k) retirement channel, which could impact future growth opportunities.
- The realization cycle for fund dispositions is expected to accelerate more in private equity before real estate, indicating potential delays in real estate realizations.
Thank you for standing by. You're on hold for the Blackstone second-quarter 2025 investor call. At this time we're gathering additional participants and should be in the way shortly. We appreciate your patience and ask that you continue to hold.
Good day and welcome to the Blackstone second-quarter 2025 investor call. Today's call is being recorded. (Operator Instructions)
At this time, I'd like to turn the call over to Weston Tucker, Head of Shareholder Relations. Please go ahead.
Great. Thank you, Katie, and good morning, and welcome to Blackstone's second-quarter conference call. Joining today are Steve Schwarzman, Chairman and CEO; Jon Gray, President and Chief Operating Officer; and Michael Chae, 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 10-Q report in a few weeks.
I'd like to remind you that today's call may include forward-looking
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