Blackstone Inc. (BX) Goldman Sachs 2025 U.S. Financial Services Conference December 10, 2025 12:20 PM EST

Company Participants

Jonathan Gray - General Partner, President, COO & Director

Conference Call Participants

Alexander Blostein - Goldman Sachs Group, Inc., Research Division

Presentation

Alexander Blostein Goldman Sachs Group, Inc., Research Division

All right. Good afternoon, everybody. Thank you for joining us. We’ll get started with our next session. Hopefully, everybody is well fed. Next up, it’s my pleasure to introduce Jon Gray, President and COO of Blackstone.

With more than $1.2 trillion in assets under management, Blackstone is the world’s largest and most diversified alternative asset manager, distinguished by its expertise across effectively all major subverticals within private markets. The firm also has had enormous amount of success growing in the wealth channel as that market continues to expand as well.

So lots to talk about. Hopefully, lots of good cyclical things to talk about as well looking out into 2026. So Jon, thank you for being here. Always fun to have the conversation with you.

Jonathan Gray General Partner, President, COO & Director

Alex, I’m happy to be back.

Question-and-Answer Session

Alexander Blostein Goldman Sachs Group, Inc., Research Division

That’s great. Look, why don’t we start with a bit of a question on the macro side first with the economic outlook. Given Blackstone’s breadth of investment capabilities, you always have very unique perspectives in terms of what’s going on, on the ground real time with respect to corporate health. So talk to us a little bit about that and what ’26 looks like for the corporate world.

Jonathan Gray General Partner, President, COO & Director

I think we’re a little more optimistic than most people are. The U.S. economy has been incredibly resilient. We had Liberation Day. We had a government shutdown. We’ve had pretty high absolute

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