Tariff-Induced Volatile Equity and Credit Markets Will Overshadow Blackstone's Near-Term Results

We consider Blackstone to be the preeminent alternative-asset manager, with $1.167 trillion in total assets under management, including $860.1 billion in fee-earning assets under management, at the end of March 2025. The company has scale in all four business segments: private equity (26% of fee-earning AUM and 30% of base management fees), real estate (34% and 40%), credit and insurance (32% and 23%), and multi-asset investing (8% and 7%). Blackstone has also built out a large base of employees—including in-house executives, consultants, and advisors—that have decades of industry experience and can revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.