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Mar 31, 2025
BlackStone Q1 2025 Earnings Report
Blackstone delivered strong inflows and earnings growth amid challenging markets.
Key Takeaways
Blackstone posted solid Q1 results, highlighted by record inflows of $61.6 billion, a year-over-year increase in distributable earnings, and continued strength in private equity and credit strategies.
Segment revenue reached $2.76 billion in Q1, up 8% YoY.
Distributable Earnings totaled $1.41 billion, or $1.09 per share.
Total AUM rose to $1.167 trillion, with $61.6 billion in inflows.
Net income under GAAP was $1.21 billion, down from $1.6 billion YoY.
Revenue by Segment
Forward Guidance
Blackstone is positioned to continue capital deployment and growth amid macroeconomic uncertainty, supported by strong investor demand and robust fundraising.
Positive Outlook
- Record inflows of $62B show strong investor confidence.
- Perpetual capital AUM rose 14% YoY to $464.4B.
- Credit and Insurance segment posted 76% YoY growth in earnings.
- Private Equity AUM grew 16% to $371B.
- $177B in dry powder supports future opportunities.
Challenges Ahead
- GAAP net income declined YoY from $1.6B to $1.2B.
- Revenue from principal investments dropped from $540M to $344M.
- Real Estate segment earnings fell 20% YoY.
- Performance allocations were lower compared to prior year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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