Blackstone Reports Solid First Quarter 2025 Results Amid Rising Assets and Fee Income

Blackstone reported GAAP net income of $1.2 billion for Q1 2025 and $5.1 billion over the last twelve months (LTM). Net income attributable to Blackstone Inc. was $615 million for the quarter and $2.5 billion for the LTM. Key performance highlights are as follows:

**Financial Performance (Q1 2025 vs. Q1 2024):**
- Total revenues were $3.29 billion (down from $3.69 billion).
- Fee Related Earnings (FRE): $1.3 billion for the quarter ($1.03/share), up 9%.
- Distributable Earnings (DE): $1.41 billion for the quarter ($1.09/share), up 11%.
- LTM FRE and DE rose 20% each to $5.4 billion and $6.1 billion, respectively.

**Revenue Composition (LTM 2025 vs. LTM 2024):**
- Management and advisory fees rose 9% to $7.37 billion.
- Incentive fees increased 33% to $976.7 million.
- Performance allocations more than doubled to $3.56 billion.

**Expenses and Taxes:**
- Total expenses rose to $1.89 billion for the quarter.
- Tax provision declined to $244 million in Q1 2025 from $284 million a year ago.

**Assets Under Management (AUM):**
- Total AUM reached $1.17 trillion, up 10% YoY.
- Fee-earning AUM hit $860.1 billion, also up 10%.
- Perpetual capital AUM rose 14% to $464.4 billion.

**Capital Activity:**
- Q1 inflows: $61.6 billion; LTM inflows: $199.1 billion.
- Q1 deployments: $36.4 billion; LTM: $145.7 billion.
- Q1 realizations: $25.5 billion; LTM: $97.6 billion.

**Returns and Investment Performance:**
- Private equity delivered strong LTM returns: 14.1% in corporate PE and 11.8% in tactical opportunities.
- Infrastructure returned 7.5% in Q1 and 23.6% over the LTM.
- Private credit posted 2.7% in Q1 and 15.0% over the LTM.

**Capital Returned to Shareholders:**
- Dividend: $0.93/share for Q1, totaling $4.05/share over the LTM.
- Share repurchases: 0.2 million shares in Q1 and 3.5 million over the LTM.
- Total shareholder distributions: $1.2 billion in Q1 and $5.7 billion over the LTM.

Blackstone maintains momentum in fee generation, AUM growth, and shareholder returns, supported by diversified investment strategies and strong capital inflows.