The alternative management giant reported inflows of $71.5bn (£51.8bn) for the last three months of the year, boosted by Blackstone’s credit and insurance business, which contributed $39bn. The fourth-quarter inflows brought Blackstone’s full-year total to $239.4bn, with $132.1bn attributed to the credit business.
“We delivered again for our limited partners, leading to $71bn of inflows in the quarter, the highest in over three years,” said Stephen Schwarzman, chairman and chief executive. “Our focus on investing at massive scale in the buildout of digital and energy infrastructure continues to create significant value for our investors.”
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The alternative management giant reported distributable earnings, profits available to shareholders, of $2.2bn in the quarter, up three per cent from the fourth quarter of 2024. For 2025 overall, distributable earnings were $7.1bn, a 19 per cent increase on $5.9bn in the prior year.
The manager’s total assets under management (AUM) increased to $1.27tn, a rise of 13 per cent year-on-year, while fee-earning AUM of $921.7bn was up 11 per cent.
Schwarzman added: “Blackstone’s extraordinary fourth-quarter results capped a record year for the firm.”
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For its credit and insurance business, total AUM increased by 18 per cent to $443bn in the quarter.
In the same period, deployments were $22.9bn and $67.7bn for the year, driven by US direct lending as well as infrastructure and asset-based credit strategies.
Overall, Blackstone’s private credit posted gross returns of 2.4 per cent in the quarter, with returns for the year at 11.2 per cent.
Blackstone also closed four new collateralised loan obligations within the quarter, two US and two European vehicles, for $2bn.
