Blackstone Earnings Continue to Grow With $2.2B in Q4 2025

Despite geopolitical uncertainty, Blackstone saw strong growth in the fourth quarter of 2025 — and the entire year — recording earnings of $2.2 billion in the last three months of the year, according to its fourth-quarter earnings report released Thursday.

While some economic leaders viewed navigating through the last year as “driving in a fog,” Blackstone’s private wealth increased 53 percent year-over-year in 2025 to $43 billion, and the firm deployed $138 billion across its entire portfolio, executives said in a Thursday morning earnings call.

Assets under management also grew to $1.3 trillion, compared to the $1.24 trillion reported at the end of the third quarter, and are sitting on about $200 billion in “dry powder,” according to Blackstone Chairman, CEO and co-founder Stephen Schwarzman.

Capital in-flows reached $71.5 billion in the fourth quarter, compared to the $54 billion seen in the third quarter, representing the firm’s best results in its 40-year history, according to Schwarzman.

“We generated outstanding performance overall for our limited partners again in 2025, highlighted by notable strength in infrastructure, corporate private equity and our mulit-asset investing business,” Schwarzman said during the call. “We achieve these results amid a turbulent year for markets which was impacted by tariff uncertainty and geopolitical instability.”

Easing cost of debt thanks to interest rate reductions from the Federal Reserve and the strength in its data center business — as well as Indian and Japanese markets — also provided a good amount of optimism for Blackstone.

Deal sizes are increasing while mergers and acquisitions are seeing better flow from the past, and Blackstone’s $7.2 billion initial public offering (IPO) for medical supply company Medline Industries was the largest IPO since 2021.

While it managed to profit despite the longest government shutdown in American history, absent from Blackstone’s call was any mention of President Donald Trump’s January proposal to ban large institutional investors from buying single-family homes. The Trump administration is seeking action from Congress to pass legislation banning or limiting such home purchases.

Blackstone and J.P. Morgan Chase would be most exposed to a potential ban, as institutional investors have a large share of single-family rentals (SFRs) around the U.S. For example, institutional investors own 25 percent of Atlanta’s SFR market, 21 percent of Jacksonville’s and 18 percent of Charlotte’s, Commercial Observer reported earlier this month.

Mark Hallum can be reached at mhallum@commercialobserver.com.