Blackstone Q3 earnings jump on investment performance, lower expenses

[Blackstone hedge fund.]
Roman Tiraspolsky

Blackstone (NYSE:BX [https://seekingalpha.com/symbol/BX]) turned in stronger-than-expected earnings on Thursday featuring strong fundraising and solid investment performance.

The private equity giant declared a quarterly dividend of $1.29 per share, compared with its prior dividend of $1.03 per share.

The quarter reflected "outstanding financial results and robust fund-raising momentum across our three major channels – institutions, insurance and individuals," said Chairman and CEO Stephen A. Schwarzman.

Q2 distributable EPS [https://seekingalpha.com/filing/10552840]of $1.52, beating the consensus of $1.23, increased from $1.21 in Q2 and $1.01 in last year’s Q3.

Q2 fee-related earnings of $1.48B, or $1.20 per share, beating the Visible Alpha consensus of $1.44B, rose from $1.46B, or $1.19 per share, in Q2 and $1.18B, or $0.96 per share, in last year’s Q3.

Net management and advisory fees were $2.04B, up from $2.02B in the previous quarter and $1.79B a year ago.

Total assets under management of $1.242T at Sept. 30, 2025, vs. the Visible Alpha consensus of $1.246T, rose from $1.211T at June 30, 2025. Fee-earning AUM increased to $906.2B from $887.1B at the end of Q2 2025.

Net inflows of $54.2B compared with inflows of $52.1B in the prior quarter.

Blackstone (NYSE:BX [https://seekingalpha.com/symbol/BX]) stock rose 1.1% in premarket trading.

At the end of the quarter, Blackstone (NYSE:BX [https://seekingalpha.com/symbol/BX]) had undrawn capital for investment, or dry powder, of $188.1B vs. $181.2B at the end of Q2. During the third quarter of 2025, the company deployed $26.6B of capital and recorded realizations of $30.6B.

Total expenses of $1.75B declined from $1.93B in Q2 and $1.90B in Q3 2024. Compensation and benefit expenses dipped to $1.23B from $1.42B in the prior quarter and $1.44B a year ago.

Q1 investment performance by segment (appreciation/gross returns):

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Real Estate

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Opportunistic: -0.06%

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Core+: +0.6%

Private Equity

*
Corporate Private Equity: +2.5%

*
Tactical Opportunities: +3.2%

*
Secondaries: +3.4%

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Infrastructure: +5.2%

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Credit & Insurance

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Private Credit: +2.6%

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Liquid Credit: +1.6%

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Multi-Asset Investing

*
Absolute Return Composite: +2.9%

Conference call [https://ir.blackstone.com/overview/default.aspx]at 9:00 AM ET.

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