Blackstone Inc.

Predictability is anchored by Fee Related Earnings tied to $906B of fee‑earning AUM and $500.6B of perpetual capital. FRE was $6.0B over the LTM and management fees comprise roughly 60% of GAAP LTM revenue, supporting a stable cash baseline.

Distributable Earnings and GAAP net income remain cyclical due to realizations and marks, but breadth across strategies smooths volatility. The private‑wealth platform has normalized redemptions at BREIT and continues to distribute at attractive rates, improving visibility of perpetual fee streams.

Geographic and product diversification further reduces single end‑market dependence. Offsetting factors: performance fees and real‑estate valuations can swing with macro conditions; office remains challenged though the portfolio skews to logistics, rental housing and data centers.

Net, we view long‑term growth as steady‑to‑healthy and more predictable than in past cycles.