Blackstone has caught much attention for its Q4 earnings with net income up year-over-year by 1117%, or by almost $1.22 billion. That was across its entire collection of enterprises, investments, and asset classes. And for the entire year? Nearly a 1225% increase.

And yet, in Q4, opportunistic real estate investment performance was -5.1% and core plus, -0.8%. For all of 2024, opportunistic was -3.7%; core plus was almost flat at 0.1%.

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