Blackstone Inc. (NYSE: BX) shares fell about 5% in intra-day trading on Thursday, even as the world's largest alternative asset manager reported stronger-than-expected third-quarter earnings, buoyed by continued fundraising momentum across its investment platforms.

The firm reported distributable earnings of $1.52 per share, exceeding analyst expectations of $1.24. Quarterly revenue totaled $3.09 billion, just below consensus estimates of $3.2 billion.

Fee-related earnings — a key measure of recurring revenue generation — climbed 26% from the prior year to $1.5 billion, or $1.20 per share. Blackstone reported $54.2 billion in quarterly inflows and $225.4 billion over the past twelve months, reflecting robust investor appetite for alternative assets.

Total assets under management rose 12% year-over-year to $1.24 trillion, while fee-earning AUM increased 10% to $906.2 billion. The company said strong institutional demand and resilient fundraising across its core real estate, credit, and infrastructure funds continued to support long-term growth.