The Dislocation of the Equity and Credit Markets Has Not Upended Blackstone's Core Strengths

We consider Blackstone to be the preeminent alternative asset manager, with $991.3 billion in total assets under management, or AUM, including $732.09 billion in fee-earning AUM, at the end of March 2023. The company has scale in each of its four business segments: private equity (23% of fee-earning AUM and 30% of base management fees), real estate (39% and 41%), credit & insurance (28% 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.