Blackstone entered into a similar long-term strategic venture with an institutional investor as part of the investor's investment of €1.0 billion in a vehicle managed in the Real Estate segment. The long-term strategic venture provides for a target return of 9.25% supported by a pledge by Blackstone of €200 million of its holdings in a related vehicle.

Dry powder, representing available capital for investment, increased from $168.6 billion in 4Q24 to $177.2 billion in 1Q25. This provides Blackstone with ample resources to deploy capital into new investment opportunities.

Total expenses increased by 6% year over year, which is a smaller increase than the revenue decrease. This suggests some success in managing expenses despite revenue headwinds.

During the three months ended March 31, 2025, Blackstone repurchased 0.2 million shares of common stock at a total cost of $31.0 million.

The 10-Q highlights concerns over the imposition of import tariffs by the U.S. and subsequent retaliation by U.S. trade partners, which has led to meaningful and ongoing market volatility. The ultimate outcome of global trade policy negotiations is unclear, contributing to significant U.S. and global economic uncertainty.

Blackstone is involved in various legal proceedings, including the Mayberry Action and related actions, which could result in significant losses. The outcome of these legal actions is uncertain and could materially affect the company's results of operations, financial position, or cash flows.

Total Assets Under Management were $1,167.5 billion at March 31, 2025, an increase of $40.3 billion compared to $1,127.2 billion at December 31, 2024. While AUM is still growing, the pace has slowed.

The 10-Q notes that competition in the private credit markets has increased and is likely to increase further as a result of product innovation and customization by private credit managers. This increased competition could put pressure on fees and returns.

Blackstone had $5.0 billion of investment commitments as of March 31, 2025 representing general partner capital funding commitments to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments, including loan commitments.