Blackstone Inc. is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia. The firm's corporate private equity business pursues transactions throughout the world across a variety of transaction types, including large buyouts,special situations, distressed mortgage loans, mid-cap buyouts, buy and build platforms, which involves multiple acquisitions behind a single management team and platform, and growth equity/development projects involving significant majority stakes in portfolio companies and minority investments in operating companies, shipping, real estate, corporate or consumer loans, and alternative energy greenfield development projects in energy and power, property, dislocated markets, shipping opportunities, financial institution breakups, re-insurance, and improving freight mobility, financial services, healthcare, life sciences, infrastructure, enterprise tech and consumer, as well as consumer technologies. The firm considers investment in Asia and Latin America. It seeks to invest between $0.25 million and $900 million per transaction. It invests in companies with enterprise value between $500 million and $5000 million. It has a three year investment period. Its hedge fund business manages a broad range of commingled and customized fund solutions and its credit business focuses on loans, and securities of non-investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity. Blackstone Inc. was founded in 1985 and is headquartered in New York, New York with additional offices across Asia, Europe, North America and Central America.

Blackstone Inc.

Invesco’s IVZ third-quarter 2025 adjusted earnings of 61 cents per share hugely surpassed the Zacks Consensus Estimate of 45 cents. The bottom line increased 38.6% from the prior-year quarter.
Shares of the company gained 2.3% in the pre-market trading on better-than-expected results. However, a full day’s trading session will depict a clearer picture.
The results have been primarily aided by an increase in adjusted revenues. Moreover, growth in the assets under management (AUM) balance to record levels supported results to an extent. However, an increase in adjusted operating expenses was a headwind.
Notably, results in the reported quarter were negatively impacted by 8 cents per share due to the non-cash impairment charge of $35.9 million related to the previously announced divestiture of Intelliflo, which is expected to close in the fourth quarter of this year.
Net income attributable to common shareholders (GAAP basis) was $301.3 million or 66 cents per share compared with net income of $55 million or 12 cents per share in the year-ago quarter.
Invesco’s Adjusted Revenues Improve, Adjusted Expenses Rise
Adjusted net revenues in the quarter were $1.19 billion, up 7.4% year over year. The top line met the Zacks Consensus Estimate.
Adjusted operating expenses were $780.2 million, up 3.3% year over year.
The adjusted operating margin was 34.2%, up from 31.6% a year ago.
IVZ’s AUM Balance Increases
As of Sept. 30, 2025, AUM was a record $2.12 trillion, up 18.3% year over year. The average AUM at the end of the third quarter totaled $2.06 trillion, up 18.3%.
The company witnessed long-term net inflows of $28.9 billion in the reported quarter. This was largely driven by ETFs and Index, China JV and India, Fundamental Fixed Income, and Private Markets.
Invesco’s Decent Balance Sheet
As of Sept. 30, 2025, cash and cash equivalents were $973.1 million compared with $922.7 million as of June 30, 2025.
The long-term debt was $1.62 billion.
Invesco’s Share Repurchases
In the reported quarter, Invesco repurchased 1.2 million shares for $25 million.
Our View on IVZ
Invesco’s robust AUM balance, diverse product offerings, strong balance sheet and global presence will keep supporting financials. Synergies from acquisitions will keep aiding profitability. Further, a decent balance sheet and liquidity position will likely enable it to pursue sustainable capital distributions.
Invesco Ltd. Price, Consensus and EPS Surprise
Currently, IVZ carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Invesco’s Peers
BlackRock’s BLK third-quarter 2025 adjusted earnings of $11.55 per share handily surpassed the Zacks Consensus Estimate of $11.25. The figure reflects a marginal rise from the year-ago quarter.
BLK’s results benefited from a rise in revenues. The AUM balance witnessed robust growth, reaching a record high of $13.46 trillion, driven by net inflows. However, higher expenses acted as a headwind.
Blackstone’s BX third-quarter 2025 distributable earnings of $1.52 per share surpassed the Zacks Consensus Estimate of $1.22. The figure soared 50% from the prior-year quarter.
Blackstone’s results benefited from higher segment revenues and a rise in the AUM balance. A decrease in GAAP expenses was another positive.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

IVZ Stock Up on Q3 Earnings Beat, AUM Increases Y/Y to Record $2.12T

Shareholders of Blackstone Inc (Symbol: BX) looking to boost their income beyond the stock's 3.4% annualized dividend yield can sell the January 2028 covered call at the $200 strike and collect the premium based on the $13.00 bid, which annualizes to an additional 3.8% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 7.2% annualized rate in the scenario where the stock is not called away. Any upside above $200 would be lost if the stock rises there and is called away, but BX shares would have to climb 31.1% from current levels for that to happen, meaning that in the scenario where the stock is called, the shareholder has earned a 39.6% return from this trading level, in addition to any dividends collected before the stock was called.
In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of Blackstone Inc, looking at the dividend history chart for BX below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 3.4% annualized dividend yield.
Below is a chart showing BX's trailing twelve month trading history, with the $200 strike highlighted in red:
The chart above, and the stock's historical volatility, can be a helpful guide in combination with fundamental analysis to judge whether selling the January 2028 covered call at the $200 strike gives good reward for the risk of having given away the upside beyond $200. (Do most options expire worthless? This and six other common options myths debunked). We calculate the trailing twelve month volatility for Blackstone Inc (considering the last 251 trading day closing values as well as today's price of $152.43) to be 39%. For other call options contract ideas at the various different available expirations, visit the BX Stock Options page of StockOptionsChannel.com.
In mid-afternoon trading on Tuesday, the put volume among S&P 500 components was 761,960 contracts, with call volume at 2.05M, for a put:call ratio of 0.37 so far for the day. Compared to the long-term median put:call ratio of .65, that represents very high call volume relative to puts; in other words, buyers are preferring calls in options trading so far today. Find out which 15 call and put options traders are talking about today.
Also see:
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

How To YieldBoost Blackstone To 7.2% Using Options

(RTTNews) - Blackstone Inc. (BX) announced the appointment of Michele Raba, a former Apollo Global Management executive, as the new head of its European corporate private equity division, succeeding Lionel Assant, who has been promoted to Global Co-Chief Investment Officer.
Raba, who previously led Apollo's European private equity arm and began his career at Goldman Sachs, will officially assume his role in April 2026.
Blackstone manages over $350 billion in assets across Europe and projects potential investments exceeding $500 billion in the region over the next decade.
"Europe is core to our private equity business, and we're excited to drive continued growth that builds on our strong foundations and local presence," said Joseph Baratta, Global Head of Private Equity Strategies.
The announcement follows Blackstone's latest quarterly results, which showed total assets under management rising to $1.24 trillion, reinforcing its position as the world's largest alternative asset manager.
Monday, BX closed at $153.85, down 0.49%, and currently trades after hours at $153.90, up 0.03% on the NYSE.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Blackstone Names Former Apollo Executive Michele Raba To Lead European Private Equity

Lazard Inc.’s LAZ third-quarter 2025 adjusted earnings per share of 56 cents beat the Zacks Consensus Estimate of 41 cents. This compared favorably with earnings of 38 cents per share in the year-ago quarter.
Lazard’s results were positively impacted by increases in revenues in the financial advisory and asset management, and corporate sectors. A rise in the assets under management (“AUM”) balances was another positive. However, elevated operating expenses acted as a spoilsport.
The results include certain non-recurring items. After considering those, Lazard’s net income (GAAP) was $71.2 million, which fell 34% from the prior-year quarter's reported level.
Lazard’s Revenues Increase
Quarterly adjusted net revenues were $724.6 million, which rose 12.4% year over year. Further, the top line surpassed the Zacks Consensus Estimate by 3.9%.
Lazard’s Expenses Increase
Operating expenses were $702.9 million, up 12.2% year over year. The performance was driven by strength in both Financial Advisory and Asset Management, reflecting improving market sentiment and Lazard’s diversified business model.
The ratio of adjusted compensation expenses to operating revenues was 65.5%, down from the year-earlier quarter’s 66%. The ratio of adjusted non-compensation expenses to operating revenues was 20.5%, down from the year-ago quarter’s 21.4%.
Lazard’s Segmental Performance
Financial Advisory: The segment’s adjusted operating revenues were $422.3 million, up 14% from the year-earlier quarter. Our estimate for the metric was $420.6 million.
Asset Management: Segmental adjusted operating revenues of $294.2 million increased 8% from the prior-year quarter. Our estimate for the metric was $256.6 million.
Corporate: Adjusted operating revenues from this segment were $8.1 million, up 46% from the year-earlier quarter. Our estimate for the metric was $9.9 million.
LAZ’s AUM Rises
As of Sept. 30, 2025, the total AUM was $264.5 billion, which increased 16.9% from the prior-year quarter. The company achieved in the quarter. We projected total AUM to be $259.6 billion.
LAZ’s third quarter witnessed a record inflow of $4.6 billion, and market and foreign exchange appreciation of $11.6 billion.
The average AUM in the reported quarter was $257.4 billion, up 4.6% year over year.
Lazard’s Balance Sheet Position Strong
The company’s cash and cash equivalents totaled $1.2 billion as of Sept. 30, 2025, up 19.8% from the prior quarter. Stockholders’ equity was $878.6 million, up 11.7% sequentially. Our estimate for cash and cash equivalents was $1.1 billion, while stockholders' equity was $732.2 million.
LAZ’s Share Repurchase Update
In the third quarter of 2025, Lazard repurchased $1 million of the common stock. As of Sept. 30, 2025, roughly $159 million of authorization remained available for repurchase.
Our View on LAZ
Lazard is focused on growing organically, as evidenced by an increase in revenues in the financial advisory and asset management segments. A strong liquidity position, along with higher AUM, will also aid its financials in the upcoming period. However, rising expenses are concerning.
Lazard, Inc. Price, Consensus and EPS Surprise
Currently, Lazard carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
Blackstone’s BX third-quarter 2025 distributable earnings of $1.52 per share surpassed the Zacks Consensus Estimate of $1.22. The figure soared 50% from the prior-year quarter.
BX’s results benefited from higher segment revenues and a rise in assets under management. Further, a decrease in GAAP expenses was a positive.
BlackRock’s BLK third-quarter 2025 adjusted earnings of $11.55 per share handily surpassed the Zacks Consensus Estimate of $11.25. The figure reflects a marginal rise from the year-ago quarter.
BLK’s results benefited from a rise in revenues. The AUM balance witnessed robust growth, reaching a record high of $13.46 trillion, driven by net inflows. However, higher expenses acted as a headwind.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Lazard Q3 Earnings Beat Estimates, Advisory Revenues & AUM Rise Y/Y

Key Points
Ascent Wealth Partners acquired 51,697 Blackstone shares valued at approximately $8.83 million.
The transaction represents 1.02% of Ascent's 13F AUM.
Ascent's post-trade stake is 51,697 shares valued at $8.83 million.
This is a new position, and is not among the fund's top five holdings by size.
What happened
According to a filing with the Securities and Exchange Commission dated October 21, 2025, Ascent Wealth Partners, LLC reported a new position in Blackstone (NYSE:BX). The fund disclosed ownership of 51,697 shares, with a quarter-end market value of $8.83 million.
The stake amounts to 1.02% of Ascent's $862.10 million in reportable U.S. equity assets across 181 positions as of September 30, 2025.
What else to know
This is a newly established position, representing 1.02% of 13F reportable assets under management.
Ascent Wealth Partners' top holdings as of September 30, 2025 were:
IWF: $75.13 million (8.7% of AUM)
QQQ: $57.00 million (6.6% of AUM)
AAPL: $38.90 million (4.5% of AUM)
MDY: $37.93 million (4.4% of AUM)
MSFT: $24.69 million (2.9% of AUM)
As of October 20, 2025, Blackstone shares were priced at $160.44, down 6.05% over the past year, underperforming the S&P 500 by 17.65 percentage points during that time period.
Company Overview
Revenue (TTM)
$11.58 billion
Net Income (TTM)
$2.86 billion
Dividend Yield
2.64%
Price (as of market close 10/20/25)
$160.44
Company Snapshot
Blackstone Inc. is a leading global alternative asset manager with a diversified portfolio spanning real estate, private equity, credit, and hedge fund solutions.
IMAGE SOURCE: GETTY IMAGES.
The company provides alternative asset management services, including real estate, private equity, hedge fund solutions, credit, and multi-asset strategies.
It manages and invests capital across diverse asset classes for institutional and individual investors globally. Headquartered in New York, Blackstone has a global presence serving clients in North America, Europe, and Asia.
Foolish take
Ascent Wealth Partners' purchase of Blackstone stock is noteworthy for a few reasons. The move represented Ascent initiating a position in the company, and it was a big buy. Blackstone now represents 1% of Ascent's AUM, putting it among the firm's top 30 holdings out of nearly 200.
This suggests Ascent sees upside in Blackstone stock, which is a bold sentiment considering shares are down in 2025. The stock fell once again after the company released its third quarter earnings report.
Blackstone's Q3 revenue dropped to $3.1 billion from the prior year's $3.7 billion, and missed Wall Street analyst expectations. The sales slump contributed to a decline in Q3 diluted earnings per share to $0.80 from $1.02 in 2024.
Despite this, Blackstone is demonstrating strong performance in other key areas. It achieved a record AUM of $1.2 trillion in Q3, a 12% increase year over year. Its fee-related earnings, a crucial indicator of recurring revenue, reached $1.5 billion, representing 26% year-over-year growth.
These metrics show Blackstone's business is solid, and the company has delivered rising return on equity to shareholders over the past couple of years. These factors, and Blackstone's lower share price, may have been why Ascent decided to begin a position in the stock. With the dip in Blackstone's stock after Q3 earnings, now looks like a good time to buy.
Glossary
13F: A quarterly SEC filing required from institutional investment managers to disclose U.S. equity holdings.
AUM (Assets Under Management): The total market value of assets an investment firm manages on behalf of clients.
Alternative asset management: Investment management focused on non-traditional assets like real estate, private equity, hedge funds, or credit.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or share an investor holds in a company or asset.
Quarter-end: The last day of a fiscal quarter, used for reporting financial data.
Dividend yield: A financial ratio showing how much a company pays in dividends relative to its share price.
Hedge fund solutions: Investment strategies or products designed to provide access to hedge funds or similar approaches.
Credit (in asset management): Investments in debt securities, such as bonds or loans, managed for return and risk.
Multi-asset strategies: Investment approaches that allocate across various asset classes, like stocks, bonds, and alternatives.
Institutional investor: An organization, such as a fund or pension, that invests large sums of money professionally.
TTM: The 12-month period ending with the most recent quarterly report.
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Robert Izquierdo has positions in Apple and Microsoft. The Motley Fool has positions in and recommends Apple, Blackstone, and Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Is Blackstone a Buy After Investment Firm Ascent Wealth Partners Initiated a Position in the Stock?

Key Points
Ayrshire Capital Management added 28,448 shares of Blackstone; estimated trade value of approximately $4.87 million, based on the average price for Q3 2025.
The Blackstone trade size was 2.26% of Ayrshire's AUM.
Post-trade, Ayrshire's total Blackstone stake was 42,892 shares valued at $7.33 million as of September 30, 2025.
The position now represents 3.4% of fund AUM as of September 30, 2025, which places it outside Ayrshire's top five holdings.
What happened
According to a filing with the Securities and Exchange Commission dated October 20, 2025, investment advisory company Ayrshire Capital Management LLC increased its position in Blackstone (NYSE:BX) by 28,448 shares during Q3 2025. The estimated value of the new shares purchased was approximately $4.87 million, based on the average closing price for the quarter. The fund reported holding 42,892 shares at the end of the period.
What else to know
The fund increased its Blackstone position, bringing the stake to 3.4% of 13F reportable assets under management as of September 30, 2025.
Ayrshire Capital Management's top holdings as of September 30, 2025 were:
APH: $16.55 million (7.7% of AUM)
MSFT: $15.82 million (7.3% of AUM)
AAPL: $10.32 million (4.8% of AUM)
TJX: $8.77 million (4.1% of AUM)
META: $7.66 million (3.6% of AUM)
As of October 20, 2025, shares were priced at $160.44, down 6.05% over the past year, and underperforming the S&P 500 by 17.65 percentage points during that time period.
Blackstone reported trailing twelve-month revenue of $11.58 billion and net income of $2.86 billion for the period ended June 30, 2025.
The stock offered a 2.66% dividend yield as of October 21, 2025, and was 19.5% below its 52-week high as of October 21, 2025.
Company overview
Price (as of market close October 20, 2025)
$160.44
Market Capitalization
$192.54 billion
Revenue (TTM)
$11.58 billion
Net Income (TTM)
$2.86 billion
Company snapshot
Blackstone is a leading global alternative asset manager with a diversified platform spanning real estate, private equity, hedge funds, and credit. Its competitive advantage lies in global reach and a multi-asset strategy.
IMAGE SOURCE: GETTY IMAGES.
The company offers alternative asset management services, including real estate, private equity, hedge fund solutions, and credit strategies. It operates a multi-asset investment platform focused on opportunistic and income-oriented strategies.
Blackstone serves a global client base of institutional investors, such as pension funds, sovereign wealth funds, and insurance companies.
Foolish take
What's notable about Ayrshire Capital Management's purchase of Blackstone stock is that it expanded its existing position substantially. At the end of the second quarter, Ayrshire held 14,444 shares representing 1% of its AUM. Q3's addition of another 28,448 shares brought the holding up to 3.4% of AUM.
Ayrshire's move suggests a bullish outlook on Blackstone. Even so, the stock experienced a sell off after reporting Q3 results. The company's sales declined year over year to $3.1 billion from 2024's $3.7 billion, contributing to net income dropping to $1.2 billion from $1.6 billion in the prior year.
However, several bright spots existed in Blackstone's Q3 results. Its AUM rose 12% year over year to a record $1.2 trillion. The company's distributable earnings, which are the earnings portion paid to shareholders as dividends, increased 48% year over year to $2 billion. Its fee-related earnings, a metric gauging Blackstone's recurring revenue, rose 26% year over year to $1.5 billion.
While Wall Street seemed focus on the bad news, the good suggests Blackstone's business is in excellent shape. The company's return on equity has been steadily rising over the last couple of years, and that may have also played into Ayrshire's decision to expand its holdings. With Blackstone's stock down, now looks like a good time to buy and hold shares for the long term.
Glossary
AUM: Assets under management – The total market value of assets a fund or investment manager oversees.
13F reportable assets: Securities that institutional investment managers must disclose in quarterly SEC Form 13F filings.
Dividend yield: Annual dividends paid by a company divided by its share price, expressed as a percentage.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Alternative asset management: Managing investments outside traditional stocks and bonds, such as real estate, private equity, or hedge funds.
Private equity: Investments in private companies or buyouts of public companies, typically not traded on public exchanges.
Hedge fund solutions: Investment strategies or products designed to provide access to hedge funds or similar risk/return profiles.
Credit strategies: Investment approaches focused on debt securities, loans, or other credit-related instruments.
Opportunistic investments: Investments seeking to capitalize on market inefficiencies or special situations for higher returns.
Income-oriented investments: Investments designed primarily to generate regular income, such as interest or dividends.
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*Stock Advisor returns as of October 20, 2025
Robert Izquierdo has positions in Apple, Meta Platforms, Microsoft, and TJX Companies. The Motley Fool has positions in and recommends Apple, Blackstone, Meta Platforms, Microsoft, and TJX Companies. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Investment Company Ayrshire Capital Management Expanded Its Position in Blackstone in a Big Way. Is the Stock a Buy?

In this podcast, Motley Fool contributors Tyler Crowe, Matt Frankel, and Jon Quast discuss:
Earnings, outlooks, and conference call commentary from the big banks' third quarter.
Private assets' role in an investor's portfolio.
Stocks on their radar.
To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. When you're ready to invest, check out this top 10 list of stocks to buy.
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A full transcript is below.
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor’s total average return is 1,028%* — a market-crushing outperformance compared to 190% for the S&P 500.
They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor.
See the stocks »
*Stock Advisor returns as of October 20, 2025
This podcast was recorded on Oct. 16, 2025.
Tyler Crowe: Private markets are becoming the public markets. This Motley Fool Money. Welcome to Motley Fool Money on Tyler Crowe, joined by longtime Fool contributors, Jon Quast and Matt Frankel. Now, we're going to cover the market buzz around private assets that are looking to make their way into retirement accounts and cover stocks on our radar, like we do every Thursday. But first, earning season is heating up. Yesterday, our colleagues discussed ASML's results, and we were tempted to also discuss Taiwan Semiconductor's strong earnings report and outlook. But I feel like we've discussed AI and the picks and shovels plays a lot lately on our episode of Motley Fool Money. We wanted to look at some of the non AI parts of the markets, and what better way to do that than with the big banks. The results from JPMorgan, Bank of America, Wells Fargo, and several others came out earlier this week. I don't want to rehash the numbers too much. Instead, I want to really focus on some of the big takeaways from either the outlooks or commentary that we saw in the market. Matt, what stood out to you on this most recent round of updates?
Matt Frankel: First of all, all the big banks, including all the ones you mentioned and others, beat expectations for earnings. Strong numbers so far, but there are some big winners among the group. I'd say, in order, my biggest winners of earnings season so far among the banks are Wells Fargo, Morgan Stanley, and Bank of America. With the latter two, Bank of America and Morgan Stanley, they both benefited from a robust IPO and M&A market, which I think Jon's going to talk about more in a second. This led to investment banking fee growth of 43 and 44% year year respectively for those two. Equities trading revenue was really strong at beat expectations. Not only that, Bank of America reported a surprise decline in their credit loss provision, which is going to come into play a little later in our conversation. But in general, investment banking was really strong, and Wells Fargo is particularly interesting because they don't depend as much on investment banking, and we're a big winner. Their stocks up 10% since earnings. One major thing is that management is now expecting 17-18% returns on tangible common equity over the medium term, up from the previous estimates, after the Federal Reserve lifted their asset cap finally after seven years. The bank is now going on offense. Charlie Sharf, the CEO, said that Wells Fargo aims to be the number one consumer bank, a lofty goal, and a top five investment bank, which they're not I don't even think they're a top 10 investment bank right now. Plus, like Bank of America, Wells Fargo decreased their loan loss provision significantly, so some really big surprises so far.
Jon Quast: As Matt points out here, the investment banking market right now is just red hot. Accounting firm Ernst & Young, they just released a report that showed that merger and acquisition deal values in September up over 110% year over year. Those are some big deals in there. Volume was a little bit lower, but even still the activity in September up 41%. I capped off a third quarter here, where value for M&A was up 239% from the third quarter of 2024, and volume was up 164%, so nearly tripling. Things are clearly heating up in this space. That was reflected in the banking numbers that Matt was just talking about. Just to drill down into these things a little bit further, JP Morgan CFO Jeremy Barnum said that there have been some IPO deals sitting in the pipes ready to go, and they've just been waiting for better valuation and lower volatility, and the third quarter delivered on that. The same applies to merger and acquisition activity. You also look at some of the comments from Bank of America, CFO Alastair Borthwick said that the fourth quarter is shaping up nicely, and then Morgan Stanley comes out and says, they're actually building their business with expectations that the next 3-5 years are going to show positive trends in this investment banking market, and so all this is really positive.
Tyler Crowe: I guess it goes to show what personality I have because I focused in a little bit on the one negative market commentary that I think we saw in all of the banking stuff. It was during the JP Morgan conference call, Jamie Dimon made some, we can say comments on the state of private credit and lending to private credit. This comes on the heels of Auto Parts manufacturer First Brands Group and used auto dealer Tricolor both filing for bankruptcy. These are both private companies. Those companies had loans with private creditors who also just had those private creditors had loans with big banks. Jamie Dimon hinted that he thinks the private credit and other these non bank financial institutions, lenders to private equity and things like that. A lot of his commentary pointed to being a little bit of a weak point in the market. I'm trying to sparse between his commentary being like, we don't know how good these folks underwriting is, which it's either a commentary on the market or just Dimon trying to talk up JP Morgan's book, which that's obviously his job a little bit. It certainly gives me something to follow up in the coming quarters as to whether or not it was, again, just Jamie Dimon talking it up or, if there's actually really something here. Let me pass this back to you. What were the questions that you were left with on this most recentearnings call What do you want to follow up on?
Jon Quast: I would say that the investment banking commentary says that the economy is really in a healthy place or at least it's on the right track. My question is, what changes that and how secure is that? Investing is a lot to do with risk management. If I was to rewind the clock, go back to 2019, I just remember that economy feeling like a freight train in late 2019 and just asking, what would possibly change that? A once in a century pandemic. But this time it doesn't quite feel like a a freight train to me. It does feel a little bit more fragile, and maybe that's reflected in some of the comments you just brought out from Jamie Dimon. It feels like we're just a social media post away from changing some investor sentiment dramatically. I'm just looking at this. I'm saying, OK, the numbers are saying that the economy is very healthy or at least going in the right direction. What would it take to change that?
Matt Frankel: Look, I have mixed thoughts just like Tyler does, mainly because the sharp declines in the loss reserves from both Bank of America and Wells Fargo, really seem to contradict Jamie Dimon's statement on credit quality. I agree. I've been saying for a long time that the auto lending industry, especially the subprime market, could be a bit of a house of cards. It is far too easy to borrow, say, $50,000 to buy a depreciating asset, right now. It's harder to get a mortgage, which is a safer form of a loan. But that doesn't mean that all private credit is necessarily set for a collapse. It could just be specific to the auto lending industry. It's definitely worth monitoring over the next few quarters. But over the past few years, since 2022 when the bear market happened, pretty much every fear about deteriorating credit hasn't materialized as much as we thought it would.
Tyler Crowe: Coming up, private assets want to be in your retirement, and it could really affect the way we invest.
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Tyler Crowe: Admittedly, discussing first brands and Tricolors bankruptcy in the last segment isn't really exactly the best lead in for this next discussion, but not every transition could be perfect. The drumbeat around private assets has become becoming more available to the investing public is getting louder and louder. More and more asset managers are exploring ways to package private assets either as private equity or private credit into taxed advantage accounts like 401(k)s. Now, I myself have a lot of conflicting thoughts about this. On the one hand, making private assets available to individuals gives us a lot more investing choices, which most of the time more choices is better. Conversely, I can see asset managers that own these assets and trying to get them to individuals as a way of charging high fees for the privilege and access to private funds that they don't have anymore because low cost index funds and ETFs eroded a lot of fees that former mutual funds and asset managers used to enjoy. I'm going to put it both to you because there's a lot of stories out there of companies like Blackstone, BlackRock. All of these companies that are looking to find a new way to package private investments into 401(k)s or other types of retirement accounts. How do you see private assets fitting into your investment strategy?
Jon Quast: Personally, I'm a big fan of few regulations from Uncle Sam. On principle, I like the idea of being able to add private assets to my retirement account. There are some companies that I would have loved to in recent years, and one that comes to mind is Neuralink from Elon Musk. That's just a fascinating company to me, and I would love to be able to invest in my retirement account. I find it extremely interesting. That said, as I look about this from a broad perspective, opportunity without education is like giving a small child a box of matches. They can get hurt, and they can break things. I think there's a smart way to open this up, and I think that there's a bad way to open this up. Hopefully, we do it the smart way and not the way that creates a lot of problems, especially financially for people just getting involved in something that they don't really understand.
Matt Frankel: Tyler, you're right that so far, all of the deregulation around any type of private assets have allowed managers and investment platforms to charge high fees to investors. We've talked about this privately before. But there are funds out there that give investors private exposure to private companies like SpaceX and Open AI, and charge, let's say, ridiculous fees. But like you, I'm conflicted. It's both an opportunity and a threat to the retirement security of people in these 401(k) plans. The statement from the executive order that the president signed allowing this is misleading that the standard products like S&P 500 index funds are, "Are not letting people achieve secure retirements." The S&P 500 has been a great wealth builder over the long term. The problem is that the average person doesn't save enough for retirement. It's not that they haven't had opportunities to build wealth. I have conflicted feelings about this. Like Jon said, there is a right way and a wrong way to do it.
Tyler Crowe: There's been a lot of deregulation of access to things like this. It started with the 2012 Jobs Act is something I can think of. I think, ultimately, and this is I give my concluding thoughts, I guess, and moves like this feel like an appeal to the inattentive investor, the ones that sign up for whatever plans your company's 401(k) signs up for. To that, the good marketing of private equity isn't subject to the whims of the market or something like that for long term investments. You can see the marketing. It writes itself. But individual investors like us who put the time and effort into finding individual stocks to buy and hold over the long term. I don't know if we'll see as many benefits from this because we want to do our due diligence. We'll see how this shakes out, but I think that's where I'm going to end up landing unless somebody really blows me away with a really interesting offer in private capital. After that, we'll do stocks on our radar.
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Tyler Crowe: Guys, unfortunately, none of us were the recipients of that $300 trillion stablecoin fat finger that happened at PayPal either yesterday or today. I think we're just going to have to keep on building wealth, the old fashioned way, with some buy and hold stocks. With that in mind, what's actually on your radar this week? Jon, we're going to start with you.
Jon Quast: On my radar this week is company called TripAdvisor, symbol TRIP. At Hidden Gems, we value misunderstood companies, has something that the market's not appreciating, and TripAdvisor certainly has that, in my opinion. It's not just the TripAdvisor brand that you get here. You also get another brand, which is called Viator. Now, I want to just talk about Viator because I believe that the real value here, and this goes along with our discussion regarding investment banking. I think that TripAdvisor has something more valuable in Viator than what TripAdvisor is itself, and spinning it out or IPOing it in some way may unlock that value. You just look at Viator by itself for a moment. It's generated 882 million in trailing 12 month revenue. It's growing at 11%, which is double digits, high gross margin. It is profitable on a stand-alone basis. You look at something like Airbnb, a price to sales ratio of seven. Let's give Viator half that valuation at 3.5 times sales. Viator would have a $3 billion market cap on a stand alone basis. You look at TripAdvisor right now, it has a $1.8 billion market cap. Potentially more value in Viator as a stand-alone business than what it is right now under TripAdvisor. I think this is an underappreciated thing and why it's on my radar.
Matt Frankel: I'm going to talk about one of my longtime favorite real estate companies to follow Empire State Realty Trust, ESRT. They own the Empire State Building and a portfolio of about two dozen other primarily office buildings in Manhattan. Not only is the stock about 35% below its 52 week high, despite pretty strong performance from its business and the observatory on the Empire State Building, but I'm seeing signs that the New York City office market could be stronger than most experts think. Just consider that competitor SL Green just agreed to buy a 36 story office tower right near Park Avenue for $730 million. It's a big bet that the New York City office market will strengthen in the years to come. If it turns out they're paying the right price, the Empire State Building alone could be worth more than the current market cap of the company. Forget the other two dozen properties. Talk about a Hidden Gem. I think if the New York City office market does what SL Green thinks it's going to do, the Empire State could be a bargain.
Tyler Crowe: On the deregulatory thing, there's been another story about the Trump administration looking to privatize its portfolio of student loans, which I don't know if it's going to happen or not, but it gives me a pretty lame excuse to talk about SLM Corp. Ticker is SLM. This people might also know it as Sallie Mae, which is basically the bank similar to Fannie Mae & Freddie Mac, but it's focused on student loans. It is actually a publicly traded company. One of the things that makes it so appealing to me is if you actually look at the credit quality that it has, you think of student loans, they tend to be a relatively secure loan in the sense of paybacks. Our default rates are relatively low. They actually can't even be discharged in bankruptcy. They also get things like high rates of cosigned with parents and things like that, and a lot of what they actually have on their books is for masters in business or premed or law or something like that. It tends to have very high amounts with also good credit quality for future payments. It's just a business to me that looks incredibly well. If you look at things like net interest spreads, which is the difference between the interest rate on the loans and how much its depositors get, it's quite high compared to most other banks. You get a secure payment at a high net interest rate. This is a business right now that's trading for about 11 or 12 times earnings. I think people are worried about credit quality, but I think that might be a little overblown for a business that if we talk about hidden, it really is quite hidden out there and a very quality business for something. Matt, Jon, that's all the time we have for today. Thanks for sharing your thoughts.
As always, people on the program may have interests in the stock they talk about, and the Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. All personal finance content follows Motley Fool editorial standards and is not approved by advertisers. Advertisements are sponsored content and provided for informational purposes only. To see our full advertising disclosure, please check out our shows. Thanks again to our producer Dan Boyd, for keeping us on schedule for Matt, Jon and myself. Thanks for listening, and we'll chat again soon.
Wells Fargo is an advertising partner of Motley Fool Money. SLM is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Jon Quast has positions in Airbnb. Matt Frankel has positions in Bank of America, Empire State Realty Trust, and PayPal. Tyler Crowe has positions in SLM and has the following options: short December 2025 $32 puts on SLM. The Motley Fool has positions in and recommends ASML, Airbnb, Blackstone, JPMorgan Chase, PayPal, and Tripadvisor. The Motley Fool recommends BlackRock and Empire State Realty Trust and recommends the following options: long January 2027 $42.50 calls on PayPal and short December 2025 $75 calls on PayPal. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Private Assets Meet Public Markets

Blackstone’s BX third-quarter 2025 distributable earnings of $1.52 per share surpassed the Zacks Consensus Estimate of $1.22. The figure soared 50% from the prior-year quarter.
Results benefited from higher segment revenues and a rise in assets under management (AUM) balance. Further, a decrease in GAAP expenses was a positive.
Net income attributable to Blackstone was $624.7 million, down 20% from the year-ago quarter.
BX’s Segment Revenues Increase, GAAP Expenses Fall
Total segment revenues for the reported quarter were $3.3 billion, which jumped 36% year over year. The top line beat the Zacks Consensus Estimate of $3.11 billion. On a GAAP basis, revenues were $3.09 billion, falling 16%.
Total expenses (GAAP basis) were $1.75 billion, which declined 8% year over year.
As of Sept. 30, 2025, Blackstone had $11.1 billion in total cash, cash equivalents and corporate treasury investments, and $20.9 billion in cash and net investments. The company has a $3.8-billion undrawn credit revolver.
Blackstone’s AUM Balance Rises
Fee-earning AUM grew 10% year over year to $906.2 billion as of Sept. 30, 2025.
The total AUM amounted to $1.24 trillion, up 12%. The rise in total AUM was primarily driven by $54.2 billion in inflows in the reported quarter.
As of Sept. 30, 2025, the undrawn capital available for investment was $188.1 billion.
BX’s Share Repurchase Update
During the reported quarter, Blackstone repurchased 0.2 million shares.
As of Sept. 30, 2025, $1.7 billion worth of buyback authorization remained available.
Our Take on Blackstone
Blackstone is well-positioned for top-line growth, supported by a continuous rise in AUM. The company is expected to keep gaining from its fundraising ability. However, high expenses and a challenging operating backdrop are likely to hurt the bottom line in the near term.
Blackstone Inc. Price, Consensus and EPS Surprise
Currently, Blackstone carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Stong Buy) stocks here.
Performance & Earnings Release Date of Blackstone’s Peers
BlackRock’s BLK third-quarter 2025 adjusted earnings of $11.55 per share handily surpassed the Zacks Consensus Estimate of $11.25. The figure reflects a marginal rise from the year-ago quarter.
BLK’s results benefited from a rise in revenues. The AUM balance witnessed robust growth, reaching a record high of $13.46 trillion, driven by net inflows. However, higher expenses acted as a headwind.
Invesco IVZ is scheduled to announce third-quarter 2025 numbers on Oct. 28.
Over the past 30 days, the Zacks Consensus Estimate for IVZ’s quarterly earnings has been revised 2.3% higher to 45 cents. The figure implies a rise of 2.3% from the prior-year quarter.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

BX's Q3 Earnings Beat as AUM Touches Record High on Solid Inflows

(RTTNews) - Blackstone Inc. (BX) revealed a profit for third quarter that Decreased from last year but beat the Street estimates.
The company's earnings totaled $624.92 million, or $0.80 per share. This compares with $780.84 million, or $1.02 per share, last year.
Excluding items, Blackstone Inc. reported adjusted earnings of $1.889 billion or $1.52 per share for the period.
Analysts on average had expected the company to earn $1.23 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period fell 15.7% to $3.088 billion from $3.663 billion last year.
Blackstone Inc. earnings at a glance (GAAP) :
-Earnings: $624.92 Mln. vs. $780.84 Mln. last year. -EPS: $0.80 vs. $1.02 last year. -Revenue: $3.088 Bln vs. $3.663 Bln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Blackstone Inc. Q3 Profit Decreases, But Beats Estimates

The following companies are expected to report earnings prior to market open on 10/23/2025. Visit our Earnings Calendar for a full list of expected earnings releases.
T-Mobile US, Inc. (TMUS)is reporting for the quarter ending September 30, 2025. The wireless (national) company's consensus earnings per share forecast from the 8 analysts that follow the stock is $2.42. This value represents a 7.28% decrease compared to the same quarter last year. In the past year TMUS has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 5.58%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for TMUS is 22.24 vs. an industry ratio of 5.50, implying that they will have a higher earnings growth than their competitors in the same industry.
Union Pacific Corporation (UNP)is reporting for the quarter ending September 30, 2025. The transportation (rail) company's consensus earnings per share forecast from the 7 analysts that follow the stock is $2.99. This value represents a 8.73% increase compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for UNP is 19.30 vs. an industry ratio of 17.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Honeywell International Inc. (HON)is reporting for the quarter ending September 30, 2025. The diversified operations company's consensus earnings per share forecast from the 6 analysts that follow the stock is $2.56. This value represents a 0.78% decrease compared to the same quarter last year. In the past year HON has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 4.17%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for HON is 19.95 vs. an industry ratio of 30.60.
Blackstone Inc. (BX)is reporting for the quarter ending September 30, 2025. The financial services company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.22. This value represents a 20.79% increase compared to the same quarter last year. In the past year BX has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 9.01%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for BX is 32.16 vs. an industry ratio of 18.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Freeport-McMoran, Inc. (FCX)is reporting for the quarter ending September 30, 2025. The mining company's consensus earnings per share forecast from the 7 analysts that follow the stock is $0.41. This value represents a 7.89% increase compared to the same quarter last year. FCX missed the consensus earnings per share in the 3rd calendar quarter of 2024 by -5%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for FCX is 28.89 vs. an industry ratio of 45.00.
Roper Technologies, Inc. (ROP)is reporting for the quarter ending September 30, 2025. The information technology services company's consensus earnings per share forecast from the 8 analysts that follow the stock is $5.11. This value represents a 10.61% increase compared to the same quarter last year. In the past year ROP has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 1.04%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for ROP is 25.32 vs. an industry ratio of 15.00, implying that they will have a higher earnings growth than their competitors in the same industry.
Valero Energy Corporation (VLO)is reporting for the quarter ending September 30, 2025. The oil refining company's consensus earnings per share forecast from the 7 analysts that follow the stock is $2.91. This value represents a 155.26% increase compared to the same quarter last year. VLO missed the consensus earnings per share in the 3rd calendar quarter of 2024 by -11.63%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for VLO is 18.51 vs. an industry ratio of 9.70, implying that they will have a higher earnings growth than their competitors in the same industry.
CBRE Group, Inc. (CBRE)is reporting for the quarter ending September 30, 2025. The real estate company's consensus earnings per share forecast from the 5 analysts that follow the stock is $1.47. This value represents a 22.50% increase compared to the same quarter last year. In the past year CBRE has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 13.33%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CBRE is 25.99 vs. an industry ratio of 10.00, implying that they will have a higher earnings growth than their competitors in the same industry.
PG&E Corp (PCG)is reporting for the quarter ending September 30, 2025. The electric power utilities company's consensus earnings per share forecast from the 4 analysts that follow the stock is $0.46. This value represents a 24.32% increase compared to the same quarter last year. The last two quarters PCG had negative earnings surprises; the latest report they missed by -6.06%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for PCG is 11.17 vs. an industry ratio of 19.80.
Tractor Supply Company (TSCO)is reporting for the quarter ending September 30, 2025. The retail company's consensus earnings per share forecast from the 11 analysts that follow the stock is $0.48. This value represents a 6.67% increase compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for TSCO is 25.96 vs. an industry ratio of -9.90, implying that they will have a higher earnings growth than their competitors in the same industry.
CenterPoint Energy, Inc. (CNP)is reporting for the quarter ending September 30, 2025. The electric power utilities company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.46. This value represents a 48.39% increase compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CNP is 22.74 vs. an industry ratio of 19.80, implying that they will have a higher earnings growth than their competitors in the same industry.
Dover Corporation (DOV)is reporting for the quarter ending September 30, 2025. The machinery company's consensus earnings per share forecast from the 7 analysts that follow the stock is $2.50. This value represents a 10.13% increase compared to the same quarter last year. In the past year DOV has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 2.09%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for DOV is 18.29 vs. an industry ratio of 16.20, implying that they will have a higher earnings growth than their competitors in the same industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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