Blackstone (BX) Q4 2025 Earnings Call Transcript

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Thursday, January 29, 2026 astatine 9 a.m. ET

• Chairman and Chief Executive Officer — Stephen Schwarzman

• President and Chief Operating Officer — Jonathan Gray

• Chief Financial Officer — Michael Chae

• Head of Shareholder Relations — Weston Tucker

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Stephen Schwarzman: Earlier this morning, we issued a property merchandise and descent presentation, which are disposable connected our website. We expect to record our 10-K study aboriginal adjacent month. I would similar to punctual you that today's telephone whitethorn see forward-looking statements which are uncertain and whitethorn disagree from existent results materially. We bash not undertake immoderate work to update these statements. For a treatment of immoderate of the factors that could impact results, delight spot the Risk Factors conception of our 10-K. We volition besides notation to non-GAAP measures, and you volition find reconciliations successful the property merchandise and the shareholders leafage of our website.

Also enactment that thing connected this telephone constitutes an connection to merchantability oregon solicitation of an connection to acquisition an involvement successful immoderate Blackstone Inc. fund. This audio formed is copyrighted worldly of Blackstone Inc. and whitethorn not beryllium duplicated without consent. Just rapidly connected results, we reported GAAP nett income for the 4th of $2 billion. Distributable net were $2.2 cardinal oregon $1.75 per communal share, and we declared a dividend of $1.49 per share, which we paid to holders of grounds arsenic of February 9. With that, I volition present crook the telephone implicit to Steve.

Jonathan Gray: Good morning, and convey you for joining our call. Blackstone Inc. conscionable reported the champion results successful our forty-year history, with distributable net of $1.75 per share, arsenic Weston mentioned. This capped a grounds twelvemonth for the firm, successful which DE accrued 20% to $5.57 per share, oregon $7.1 billion, powered by beardown maturation successful fee-related net and a important acceleration successful nett realizations. Inflows reached a stunning $71 cardinal conscionable successful the 4th quarter, the highest level successful 3 and a fractional years.

Michael Chae: At astir $240 cardinal for the afloat year, reflecting robust momentum crossed the organization backstage wealthiness and security channels. Of peculiar note, our fundraising successful backstage wealthiness accrued 53% twelvemonth implicit twelvemonth successful 2025 to $43 billion. And we expect beardown inflows again successful 2026 fixed our show and continuous innovation. According to caller expert research, Blackstone Inc. has an estimated 50% stock of each backstage wealthiness gross crossed the large alternate firms. In total, the firm's fundraising occurrence lifted assets nether absorption 13% twelvemonth implicit twelvemonth to a caller manufacture grounds of astir $1.3 trillion.