...Global, Diversified Alternative Manager: The ratings of Blackstone Inc. (Blackstone) reflect the firm's strong competitive position as a global alternative investment manager, experienced management team, solid investment track record, significant fee-earning assets under management (FAUM), meaningful product diversity, strong fee-related EBITDA (FEBITDA) margins, incentive income-generating capability, ample liquidity and relatively low leverage. Periodically Elevated Leverage: Rating constraints include periodically elevated leverage, an increase in net debt relative to historical levels and an above-average payout ratio. The sector faces an increasingly competitive landscape, elevated geopolitical risks and slowing economic growth, all of which may continue to pressure investment performance and realization activity. Stronger Fundraising Trends: Fundraising was strong in 1Q25, despite an increasingly uncertain macroeconomic environment, given the breadth of the firm's investor relationships...
