This document presents Blackstone's second quarter 2025 financial results, highlighting significant growth in assets under management (AUM), which reached a new industry record of over $1.2 trillion. The report details strong earnings across its various segments, including private wealth, credit and insurance, and infrastructure, despite a volatile market. Key financial metrics such as Net Income, Fee Related Earnings (FRE), and Distributable Earnings (DE) are provided, along with information on inflows, capital deployed, and realizations for different investment strategies like Real Estate, Private Equity, and Credit & Insurance. Furthermore, it outlines the company's dividend declaration, investor call details, and an overview of its financial health including cash reserves and credit ratings.

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