Blackstone Inc.

Management prioritizes reinvestment into new strategies and distribution, then variable dividends, with opportunistic buybacks. Over the LTM, $6.2B was returned via dividends and smaller repurchases, while the company funded growth in Credit & Insurance, real‑estate debt, and secondaries.

With $188B of dry powder, deployment discipline and selectivity are key; 2025 YTD shows robust realizations and deployment across segments. Stock‑based compensation and DE share count growth were modest; DE Shares Outstanding were ~1.229B at quarter‑end, up ~0.6% y/y.

We view the focus on organic product expansion (perpetual vehicles, private wealth distribution, credit strategies) as value‑accretive, and large M&A is rare at the corporate level. Capital discipline appears strong, though we monitor the balance between distributions and buybacks given valuation cycles.