you, key Thank win virtually to market confidence decades increasing customer time, we've Blackstone. provides their cycles. to periods. channels And consistently good in in These across produced the give noted, performance me many morning, alternatives as huge difficult for investment Steve The great way. allocations ways of all a expansion created Steve, customers, pillars future of to material are us over everyone. over platform them our allowing a has even multiple and with in reservoir Meanwhile, our goodwill grow
with investment Starting performance.
Our with from to considerably, in the rates credit, is credit. funds all strength critical third nearly market has like Life rate businesses generated that floating of tailwinds indices higher to it quarter or positive and with infrastructure capital compared Sciences. private major cost a own secular risen in significant high-quality in backdrop Against the appreciation overall benefit where declines assets
housing, real of is an differentiated to Blackstone in in student robust portfolio benefit estate, is from centers majority In and fundamentals. extremely data position. continue the logistics, which The equity
companies. the held single Our by driven in vehicle creation growth is and BREIT, infrastructure in with company to has grown evaluating additional we that tech data in data business, years opportunities the BPP development by the space. firm, capacity QTS, privatizing ago, Since the the X was the appreciation largest pre-leased explosive pipeline at major AI sixfold are being center And deployment source revolution. of our lease accelerated
many U.S. in largest trends and favorable the our firm's warehouses of our spreads of logistics with re-leasing At remained the dynamics move major market logistics, in rents to in recent markets same months, strong time, other overall, exposure continued over XX% In globally. higher. similarly,
sector. U.S. buildings, longer rates But the cash having interest vast are values our is also estate we're seeing areas for including in are valuation term. portfolio, of the which reducing multiples other certain flows or pipeline, higher said, impacting growth. moderation increasing is apartment the meaningfully favorable real of majority effect holdings. across our new supply In of stable the in the That This
hotels. for sharply real declines real types a having advantage. is all including $XX U.S. to year-over-year virtually in market, billion and of XX% estate dry in dislocated XX% Construction are warehouses estate, significant And of starts for apartment powder buildings, falling of a
single-digit pressures continued cost equity, private reported in operating corporate our as strong abate. companies high growth the revenue third resilient, In to performance quarter margin with
low major excess ratios. In can we Meanwhile, while holdings. our increase is very for has points loan-to-value in in been investment-grade spread existing originate our high-quality delivered rates clients XXX under default our all-in rates yields historically our Today, credit, with we've remain credit credit XX the our portfolio base and In improving XX% materially quality. basis insurance portfolio, basis stable points positive of sub-XX% at at XXXX, clients. loans of to over noninvestment-grade senior for
its finally, for exceptional BAAM liquid XXXX, BAAM outperformance equating composite BPS the portfolio, a Composite. to net And XX% has decline return XX-XX XXth cumulative a had the the in performance quarter to positive compared consecutive Since X% start of in markets. achieved of
in the the of were environment. over billion months. XX firm inflows as credit, credit quarter. a XX% real raising estate demand Total third fundraising our very private our to discussed. for billion today of greatest insurance and third The strength the inflows total difficult past The in comprised and the our over businesses Steve and breadth us continue $XX significant returns in allow quarter again And $XXX is capital solutions, credit of
prospects. quarter clients a of insurance us additional billion to allocated the billion our to bringing the In in channel, promising $X with pipeline $XXX major AUM
up fund, We of in the also raised back credit strong in quarter, strategy performance. of BGREEN, from in reaching its third billion kind XX% our transition QX individual the And billion, world. the channel, $X.X BCRED, the finished the private with the energy raising on $X.X largest
fund over year investment X which our Over region. of given flagship, estate date. other Outside half our has dislocation third of major the in and on the real in has raised this to European been estate sellers quarter greater billion closings activity in credit, real Europe included pressure in EUR
additional flagship. vehicles for in million raised $X.X private also for and $X.X billion $XXX corporate We our equity billion tactical opportunities, secondaries an
major highlighted planting previously several other have We've and seeds avenues Blackstone. into which areas, been We blossomed momentum. at businesses innovating favorable now these growth in with
extraordinary with to platform vehicle. last years, grown in Performance only XX% XX% annually for net has since months. including infrastructure been has in BIP billion our growth returns the Our inception XX X $XX
believe funding a $XXX immense time. globally and be for the needs could over business projects outperformance, infrastructure Given we billion this
transition digital the strategy. BIP's was renewable wind solar of part focus QX and along Key broader infrastructure, asset portfolio a is areas such in with include which largest as from AEP, investment a its by of renewables QTS, in energy transition. nation's support the a a investments in firm to additional capital U.S. energy. private significant include energy green stake largest transition and the utility Other major recently in developer to
$XXX we're credit, a in in provide to to financing we And million preferred companies. committed leading QX equity platform building renewable to
dedicated energy growing With to BIP in the positioned equity are our this we well credit vehicles, transition extremely massive private and rapidly benefit tailwinds and from sector.
momentum. terrific strong Life business In and our BXLS had experiencing quarter Sciences, is a
positive and also appreciated hypertension Our drug -- and Sciences recently developments to actively an next next prevent flagship for raising for treatment help biotech XX.X% including year. life-saving defibrillator. We're treatments Life to funds firm capital several We focused a a plan fund a diseases. anticoagulant with early to rare most technologies, notable leading start being medications strokes, on for help implantable vehicle deploying our next-generation
the in billion third Private in $X.X Finally, raised our quarter, in led perpetual by we vehicles BCRED. Wealth,
months investors REIT redeemed index. proration requests providing worked for substantially exactly all vehicle XX% as sales less. inception, thoughtful to performance. XX% Xx declined share peak. XX% the materially, BREIT's For repurchase largest period $XXX the have way has class investors down while remained ] submitting QX have nearly X due BREIT's the have since from been protecting semi-liquid liquidity million, approximately ago, and net by or requests [ nearly Meanwhile, public nearly in BREIT, at during a intended from delivered been X January years and environment return repurchase has the who while in deliberate muted
largest wealth in Blackstone private world. has alternatives established the the platform
perpetual our of estate tactical capabilities opportunities, real This we're new in leverage firm's with to sciences addition and secondaries, strategies BXPE. buyout, opportunistic unique leading our strategies. the spectrum, will the across vehicle, PE equity perpetual credit, the to a breadth life vehicle including extending launch franchise include investment other diversified in private Now and of
to remain channel. inflows and add with excited working year. this underpenetrated and are vehicle next this We several vast expect new We're distributors long-term to optimistic product our growth start our lineup early about in trajectory to and
on focused delivering challenges, In market's our despite we for closing, investors long near-term the the term. remain over
enormous powerful our of liabilities. And brand-heavy have growth net and momentum a We are insurance asset-light, no channels we executing of with minimal across strategy multitude debt size.
I that, Michael. will to over With turn things