Blackstone Inc. reported first-quarter 2025 earnings that surpassed expectations, with adjusted earnings per share at $1.09, an 11% increase from the previous year, against an estimated $1.05. Revenue reached $3.29 billion, an 8% increase, compared to the expected $2.69 billion. The firm also saw significant inflows totaling $61.64 billion, the highest in nearly three years, and assets under management (AUM) grew to $1.17 trillion, exceeding the anticipated $1.15 trillion. Fee related EPS was reported at $1.03, and total segment revenue was $2.76 billion. Despite the strong financial performance, Blackstone's executives expressed concerns about the impact of new U.S. tariffs on the investment climate. CEO Stephen Schwarzman highlighted the firm's ability to navigate turbulent markets, noting that Blackstone had raised $200 billion over the last 12 months. However, he warned that uncertainty around tariffs could affect investor sentiment and economic growth. Blackstone's real estate segment faced challenges, with distributable earnings dropping 20% year-over-year to $495 million, and net realizations plummeting 65% to $10.5 million. The firm's real estate AUM decreased by 5.6% to $320 billion. Schwarzman suggested that tariffs might drive up construction costs and reduce new supply, potentially benefiting real estate values in sectors like logistics and apartments, provided there is no recession. Charles Schwab Corp. also reported robust first-quarter earnings, with adjusted EPS of $1.04, a 40% year-over-year increase, beating the consensus estimate of $1.01, and revenue of $5.6 billion, an 18% increase, surpassing the expected $5.52 billion. The company saw a significant increase in total net new assets, reaching $132.4 billion, up from an estimated $115.69 billion. Schwab attributed the strong performance to heightened market volatility, which increased trading volume to 7.39 million daily trades and attracted retail investors, resulting in a 44% jump in new assets and a record Q1 revenue with trading revenue climbing.