Blackstone (BX) delivered a standout Q2 2025, marking one of the most impressive quarters in its history with record levels of assets under management (AUM), strong earnings growth, and momentum across key strategic initiatives.

GAAP net income surged to $1.6 billion, up 71% year-over-year, while distributable earnings (DE) reached $1.6 billion, or $1.21 per share, representing a 25% increase from the prior year. Fee-related earnings (FRE) rose 31% YoY to $1.5 billion, underlining the continued strength of Blackstone’s high-margin revenue streams. The firm also declared a $1.03 per share dividend, totaling $4.26 over the last twelve months, reflecting a 2.4% yield—twice that of the S&P 500.

Blackstone’s total AUM hit a record $1.21 trillion, up 13% year-over-year, fueled by $52.1 billion in quarterly inflows and continued expansion in perpetual capital, which grew 16% YoY to $484.6 billion. Fee-earning AUM increased to $887.1 billion, up 10% YoY, with $415.9 billion of that from perpetual sources—now accounting for 47% of the total fee-earning base.

Segment performance was robust across the board. In Private Equity, AUM grew 18% YoY to $388.9 billion, with strong inflows of $15.3 billion and $11.8 billion deployed in the quarter. Returns were solid, led by +5.1% for Corporate PE in Q2 and +17.2% over the last twelve months. FRE in the segment soared 87%, reaching $519 million, while DE rose 55% to $751 million.

The Credit & Insurance platform continued its rapid ascent, with AUM up 23% YoY to $407.3 billion. The segment attracted $26.8 billion in inflows and generated $396 million in DE, up 12% YoY, with private credit returning +3.0% in Q2 and +13.3% LTM.

While Real Estate AUM declined 3% YoY to $325 billion, the platform still delivered $544 million in FRE (+13% YoY) and $566 million in DE (+10% YoY). Management remains optimistic about a cyclical rebound, citing improving capital conditions and the majority of performance-eligible AUM being above carry hurdles.

The Multi-Asset Investing segment posted $72 million in DE, up 15% YoY, with gross returns of +2.8% in Q2 and +11.8% LTM, outperforming key benchmarks.

Across all platforms, Blackstone maintained its industry-leading dry powder of $181 billion, positioning it to capitalize on future opportunities. The firm’s performance-eligible AUM hit a record $604 billion, up 14% YoY, with net accrued performance revenues of $6.6 billion, or $5.37 per share—a strong indicator of future monetization potential.

Strategically, Blackstone continues to deepen its leadership in private wealth, credit, and infrastructure. Private credit AUM has tripled in five years to $484 billion, while insurance AUM now totals $250 billion. Its private wealth channel leads the industry at $280 billion AUM, with Q2 sales up 30% YoY. Notable innovation includes the launch of BMACX, a multi-asset credit vehicle for individuals, and BXPE, which now boasts $12.5 billion in NAV and 17% annualized net returns.

Looking ahead, management expects continued double-digit FRE growth, a pickup in realization activity into 2026, and a strengthening IPO and M&A pipeline. With its broad-based platform, product innovation, and global scale, Blackstone is well-positioned to sustain its growth trajectory and capitalize on improving market conditions.