Better Equity and Credit Market Conditions Have Improved Our Near-Term Outlook for Blackstone

We consider Blackstone to be the preeminent alternative-asset manager, with $1.211 trillion in total assets under management, including $887 billion in fee-earning assets under management, at the end of June 2025. The company has scale in all four business segments: private equity (26% of fee-earning AUM and 32% of base management fees), real estate (32% and 36%), credit and insurance (33% and 25%), and multi-asset investing (9% 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.