Blackstone Q3 Distributable Earnings Surge 48% Amid $54B Inflows

Blackstone reported third-quarter distributable earnings rose 48% to $1.89 billion ($1.52 a share) while GAAP net income fell to $624.9 million ($0.80) from $780.8 million a year earlier. Fee-related earnings were $1.48 billion and revenue was $3.09 billion, which slightly missed estimates. Assets under management reached a record $1.24 trillion after $54.2 billion of inflows in the quarter and the firm ended the period with $188.1 billion of dry powder. Blackstone deployed roughly $26.6–27 billion of capital, sold about $13 billion of credit and insurance assets and $9.3 billion of private-equity assets, and — alongside partner TPG — announced an $18.3 billion bid for Hologic. Management said the results reflect strong fundraising across institutional, insurance and individual channels, even as managers and analysts watch for potential credit-quality risks amid increased dealmaking and exits.