10-KPeriod: FY2024

Blackstone Inc. Annual Report, Year Ended Dec 31, 2024

Filed February 28, 2025For Securities:BX

Summary

Blackstone Inc. (BX) reported robust financial performance for the fiscal year ending December 31, 2024, driven by strong growth across its core business segments: Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing. Total Assets Under Management (AUM) reached an impressive $1.13 trillion, marking a significant increase from the previous year. The company demonstrated considerable revenue growth, primarily fueled by a substantial uplift in Investment Income, comprising both realized and unrealized gains, reflecting positive performance across its diverse investment portfolios. Expenses also saw an increase, largely due to higher compensation and benefits reflecting the strong performance-driven incentive structures, including performance allocations. Blackstone's Fee Related Earnings (FRE) remained a significant contributor, indicating the resilience of its recurring revenue streams. The company maintained a strong liquidity position and managed its debt effectively. The dividend payout for 2024 was $3.95 per share, reflecting its commitment to returning capital to shareholders, with an intention to distribute approximately 85% of Distributable Earnings quarterly. Despite challenging macroeconomic conditions, including volatile interest rates and geopolitical uncertainties, Blackstone's diversified strategy and active capital deployment positions it well for continued growth and value creation. The firm's focus on both institutional and private wealth channels, coupled with its ongoing strategic initiatives, underpins its strong market position.

Financial Highlights

42 data points
Beta

Revenue

$13.23B

Net Income

$2.78B

21.0% Net Margin

EPS (Diluted)

$3.62

Total Assets

$43.47B

Cash & Equivalents

$1.97B

Free Cash Flow

$3.42B

Financial Statements
Beta
Revenue$13.23B
Operating Expenses$6.82B
Interest Expense$443.69M
Net Income$2.78B
EPS (Basic)$3.62
EPS (Diluted)$3.62
Shares Outstanding (Basic)766.49M
Shares Outstanding (Diluted)766.65M

Key Highlights

  • 1Total Assets Under Management (AUM) surpassed $1.1 trillion, demonstrating significant growth.
  • 2Total Revenues saw a substantial increase of 65% year-over-year to $13.2 billion, primarily driven by a $5.2 billion increase in Investment Income.
  • 3Net Income Attributable to Blackstone Inc. more than doubled year-over-year, reaching $2.78 billion.
  • 4Fee Related Earnings (FRE) remained strong, totaling $5.28 billion, highlighting the recurring revenue nature of the business.
  • 5The company deployed $25.3 billion in its Real Estate segment, a nearly 70% increase year-over-year, signaling active investment.
  • 6Dividends paid per share for 2024 totaled $3.95.
  • 7Blackstone maintained a healthy liquidity position with $2.0 billion in Cash and Cash Equivalents as of December 31, 2024.

Frequently Asked Questions

Blackstone's Total Assets Under Management (AUM) reached $1.127 trillion as of December 31, 2024.

Blackstone's total revenues increased significantly by 65%, from $8.02 billion in 2023 to $13.23 billion in 2024. This growth was largely driven by a substantial increase in Investment Income.

Blackstone's intention is to pay a quarterly dividend representing approximately 85% of Blackstone Inc.'s share of Distributable Earnings, subject to adjustments by the board of directors for business needs, investments, legal compliance, and future cash requirements. The actual declaration and payment of dividends remain at the sole discretion of the board of directors.

Blackstone's compensation for employees, particularly senior managing directors and named executive officers, is primarily composed of annual cash bonus payments tied to firm and business unit performance, performance interests (carried interest and incentive fees) linked to investment performance, and deferred equity awards reflecting the value of the company's common stock. Base salary represents a smaller component of overall compensation, with a greater proportion considered 'at risk' for employees with higher levels of responsibility.