Equity and Credit Market Dislocation Unlikely to Upend Blackstone's Core Strengths

We consider Blackstone to be the preeminent alternative asset manager, with $950.9 billion in total assets under management, or AUM, including $705.9 billion in fee-earning AUM, at the end of September 2022. The company has scale in each of its four business segments: private equity (24% of fee-earning AUM and 31% of base management fees), real estate (39% and 40%), credit & insurance (27% and 20%), and hedge fund solutions (10% and 9%). Blackstone has also built out a large base of employees--including in-house executives, consultants, and advisors--that have decades of industry experience and can successfully revitalize a company or property through cost-cutting, acquisitions, or other strategic maneuvers.