Despite geopolitical uncertainty, Blackstone saw strong growth in the fourth quarter of 2025 — and the entire year — recording earnings of $2.2 billion in the last three months of the year, according to its fourth-quarter earnings report released Thursday. Capital in-flows reached $71.5 billion in the fourth quarter, compared to the $54 billion seen in the third quarter, representing the firm’s best results in its 40-year history, according to Schwarzman. While it managed to profit despite the longest government shutdown in American history, absent from Blackstone’s call was any mention of President Donald Trump’s January proposal to ban large institutional investors from buying single-family homes. The Trump administration is seeking action from Congress to pass legislation banning or limiting such home purchases. Blackstone and J.P. Morgan Chase would be most exposed to a potential ban, as institutional investors have a large share of single-family rentals (SFRs) around the U.S. For example, institutional investors own 25 percent of Atlanta’s SFR market, 21 percent of Jacksonville’s and 18 percent of Charlotte’s, Commercial Observer reported earlier this month.