Blackstone reported total assets under management of $1.26tn at the end of Q3 2025, up 8% year-on-year, underscoring continued institutional demand for private markets exposure amid a mixed macroeconomic backdrop.

The world’s largest alternative asset manager continued to attract strong inflows across its private equity, credit, and infrastructure platforms, underscoring investor confidence in its long-term strategies.

Fee-earning AUM grew 9% year-on-year to $1.05tn, while perpetual capital represented 45% of total AUM. The firm raised $25.3bn of inflows during the quarter, supported by fundraising across multiple strategies, including private equity, credit & insurance, and infrastructure.

GAAP net income for the quarter was $872m, compared with $1.2bn in the same period last year, while distributable earnings reached $1.6bn. Blackstone declared a quarterly dividend of $0.82 per share, payable on 5 November 2025.

The firm ended the quarter with $194bn of available capital, or “dry powder”, ready for deployment into new investment opportunities. This substantial capital position continues to underpin its ability to pursue long-term, high-conviction transactions across market cycles.

Private equity remained a key contributor to group results, supported by realisation activity and valuation gains across the portfolio. The strategy continued to focus on sectors demonstrating durable growth characteristics, such as technology and healthcare, while maintaining a disciplined investment approach.

Credit & insurance assets under management climbed to $343bn, reflecting sustained inflows and ongoing expansion of investment-grade strategies. The segment remains central to Blackstone’s effort to scale its long-term capital base through insurance partnerships and yield-focused credit vehicles.

Blackstone’s business mix continues to evolve, with perpetual capital now accounting for nearly half of its AUM, a structural advantage that provides consistent management fees and visibility on future earnings.

The firm also continued to return capital to shareholders, combining stable dividends with share repurchases funded by its robust distributable earnings.

By maintaining strong capital discipline and diversifying its growth engines across private equity, real estate, and credit, Blackstone enters the final quarter of 2025 with significant dry powder and a record level of fee-earning assets.

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