Blackstone reports higher third-quarter net income as assets under management reach $1.368 trillion

Blackstone’s third-quarter net income increased

Blackstone reported third-quarter net income of $662.4 million, or 83 cents per share, compared with $624.9 million, or 80 cents per share, a year earlier. Revenue declined slightly to $3.06 billion.

The reported results were presented alongside an increase in assets under management and performance in investments linked to artificial-intelligence infrastructure. Separate same-day coverage said Blackstone’s adjusted earnings beat estimates by $0.03, while revenue fell short of estimates.

AI infrastructure gains offset uneven segment performance

Blackstone’s private-equity infrastructure investments gained 6.4% in value during the quarter and 28.9% over the trailing 12 months. The firm has invested in companies connected with AI, data centers and related infrastructure, according to the market report.

Private-equity distributable earnings fell 6.7% to $813.1 million. Real-estate results were also mixed: opportunistic real estate declined 3.2%, while core real estate rose 1.6%. Private-equity and infrastructure segments recorded returns ranging from 2.2% to 6.4%, and credit delivered positive but more modest returns.

Assets under management increased 10%

Blackstone’s total assets under management rose 10% to $1.368 trillion at the end of the quarter. Inflows totaled $63.3 billion during the three-month period.

The figures in the earnings coverage show why the quarter combined stronger investment gains with uneven performance across Blackstone’s businesses. A separate analysis reported that assets under management and fee-related earnings were below Wall Street consensus estimates, while distributable earnings per share and inflows exceeded expectations.

Fee-related and distributable earnings remained important measures

Blackstone’s distributable earnings were $1.7 billion, or $1.32 per share, compared with $1.52 per share a year earlier. Fee-related earnings were $1.6 billion, or $1.26 per share, according to the market report.

The evidence set does not establish a uniform definition or complete reconciliation for the adjusted earnings and consensus comparisons across the separate reports. The reported figures should therefore be read according to each source’s stated metric and period rather than treated as interchangeable measures.

Capital deployment continued during the quarter

Blackstone deployed $30.1 billion during the period, according to the supporting analysis. The same report described reduced undrawn capital and said inflows were above expectations but lower quarter over quarter.

The reported combination of higher net income, lower distributable earnings per share, mixed segment returns and higher assets under management indicates a quarter in which investment performance and capital inflows were positive, but operating earnings and certain analyst expectations remained uneven.