Assets under management increased 13% year-over-year to a record $1.2 trillion, supported by inflows of $52 billion in Q2 and $212 billion over the last 12 months.
Base management fees rose 14% to a record $1.9 billion in Q2, with total fee revenues up 27% year-over-year to $2.5 billion.
Blackstone reported GAAP net income of $1.6 billion for Q2 2025, with distributable earnings also at $1.6 billion or $1.21 per common share.
Distributable earnings increased 25% year-over-year to $1.6 billion in Q2 and 26% over the last twelve months to $6.4 billion or $5 per share.
Dividend was increased by 26% to $4.26 per share, yielding 2.4% on the current share price, double the S&P 500 yield.
Fee-related earnings grew 31% year-over-year, representing one of the best quarters in the firm's history.
Fee-related performance revenues reached $472 million in Q2, more than 2.5 times the prior year quarter, driven by multiple perpetual strategies.
Investment performance was strong with corporate private equity funds appreciating 5.1% in Q2 and 17% over the last 12 months.
Other strategies such as Tactical Opportunities, secondaries, infrastructure, and Life Sciences also delivered strong returns.
Private credit non-investment-grade strategies returned 3.0% in Q2 and over 13% for the last 12 months with low default rates.
Credit loss improved by 21 basis points to 89 basis points for the quarter, with year-to-date credit loss at 72 basis points.
FFO totaled $297.6 million for the quarter, driven by a $20.8 million increase in pro rata NOI, higher minimum rents, stronger net recoveries, and improved credit loss.
Kimco completed a $500 million bond issuance at 5.3% interest, the lowest issuance spread in many years, and ended the quarter with consolidated net debt to EBITDA of 5.4x.
Kimco delivered funds from operations (FFO) of $0.44 per diluted share in Q2 2025, a 7.3% increase year-over-year.
Liquidity remains robust at over $2.2 billion, including $228 million in cash.
Same-site NOI increased 3.1%, driven by contractual rent growth, ancillary income, and credit loss improvement.
Small shop occupancy reached a record high of 92.2%, with strong leasing spreads including a blended pro-rata leasing spread of 15%.
The company repurchased 3 million shares at an average price of $19.61, reflecting a 9% FFO yield and a 24% discount to consensus NAV.
Core funds from operations (FFO) for Q2 2025 were $187.6 million or $1.70 per share, $0.01 above the midpoint of prior guidance, driven by higher property tax refunds and lower interest expense.
Full year core FFO guidance midpoint increased by $0.03 per share to $6.81, marking the second consecutive increase.
Full year same-store expense midpoint was decreased from 3% to 2.5%, and same-store net operating income (NOI) midpoint increased from flat to positive 25 basis points.
Net debt-to-EBITDA ratio stands at 4.2x with no significant debt maturities until Q4 2026 and no dilutive maturities until 2027.
Property revenues were in line with expectations despite peak lease-up competition, with strong property expense management, especially in property taxes and insurance.
Property taxes expected to increase less than 2%, down from prior 3% assumption, due to favorable settlements and lower Texas market values.
Q3 core FFO per share guidance is $1.67 to $1.71, a slight sequential decline due to seasonal utility and maintenance expenses.
Dafinchi