01—Abstract
Summary
Summary of the 10-K filed February 26, 2016. Cited figures are marked; the original filing is the authoritative source.
Blackstone Inc. (BX) reported its 2015 fiscal year results, highlighting strong performance and strategic repositioning.
The firm successfully spun off its financial advisory businesses in October 2015, allowing for greater focus on its core alternative asset management segments: Private Equity, Real Estate, Hedge Fund Solutions, and Credit. Assets Under Management (AUM) reached a record $336.4 billiona by year-end 2015, driven by significant capital inflows across all business segments, with total organic inflows reaching $94 billion, a new industry record. Realization activity remained robust with $43 billion in total realizations, demonstrating effective capital deployment and exit strategies even in a volatile market.
Financially, Blackstone maintained a strong balance sheet with no net debt and secured industry-leading credit ratings. The firm demonstrated operational resilience, with all investing businesses experiencing positive AUM growth despite significant realization paces.
This growth was fueled by strong capital inflows across diverse products and channels. The report emphasizes Blackstone's commitment to delivering outstanding results for its investors, its global reach, and its focus on attracting and retaining top talent, all of which position it for continued success in various market conditions.
02—Key points
Key Highlights
- Record Assets Under Management (AUM) of $336.4 billion as of December 31, 2015.
- Total organic capital inflows reached a record $94 billion for fiscal year 2015.
- Robust realization activity with $43 billion in total realizations, down slightly from a record $45 billion in 2014.
- Record global investment pace with $32 billion of capital invested by Blackstone funds, including co-investments.
- Successful completion of the spin-off of the Financial Advisory segment in October 2015.
- Strong balance sheet with no net debt and industry-leading A+ / A+ credit ratings from S&P and Fitch.
- Each investing business segment experienced positive growth in Assets Under Management in 2015.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2015filed February 26, 2016Financial Statements
FY2015 against FY2014
| Line item | FY2015FY2014 | Change |
|---|---|---|
| Revenue | $4.65B$7.48B | −37.9% |
| Operating Expenses | $3.09B$3.86B | −19.8% |
| Interest Expense | $144.52M$121.52M | +18.9% |
| Net Income | $709.79M$1.58B | −55.2% |
| EPS (Basic) | $1.12$2.60 | −56.9% |
| EPS (Diluted) | $1.04$2.58 | −59.7% |
| Shares Outstanding (Basic) | 634.34M608.80M | +4.2% |
| Shares Outstanding (Diluted) | 1.19B613.18M | +93.8% |
05—Questions
Frequently Asked Questions
What was Blackstone's total Assets Under Management (AUM) at the end of 2015?
Blackstone's total Assets Under Management (AUM) reached $336.4 billion as of December 31, 2015.
What significant strategic transaction did Blackstone complete in 2015?
In October 2015, Blackstone completed the spin-off of its Financial Advisory segment (excluding its capital markets services business), combining these operations with PJT Partners Inc.
How did Blackstone's capital inflows perform in 2015?
Blackstone experienced record organic capital inflows of $94 billion for fiscal year 2015, a figure unprecedented for an alternative asset management firm.
How did Blackstone's realization activity fare in 2015?
Blackstone sustained strong realization activity, with total realizations of $43 billion in 2015, only slightly down from a firm record of $45 billion in 2014.
06—Continue