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BX · Blackstone Inc.

50 filings

10-Q

BX 10-Q Quarterly Reports

Blackstone Inc. - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K117

BX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 117 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Material agreement8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. Material agreement8-K · Nov ’25Nov ’25
  1. 2026-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2026

    Blackstone reported a strong second quarter of 2026, with Total Revenues of $5.04 billion (up 36% year over year) and Net Income Attributable to Blackstone Inc. of $1.23 billion, or $1.54 per diluted share, versus $0.98 a year earlier. Growth was driven mainly by Investment Income, which rose 54% to $2.47 billion on higher realized and unrealized gains, concentrated in Real Estate (BREP and Core+ funds) and Private Equity realizations. Management and Advisory Fees, Net grew 11% to $2.27 billion, with Private Equity and Credit & Insurance contributing most of the increase. Fee Related Earnings rose 22% to $1.78 billion and Segment Distributable Earnings rose 23% to $2.20 billion for the quarter, reflecting higher Fee Related Performance Revenues (notably BREIT and BXPE). Total Assets Under Management reached $1.35 trillion at June 30, 2026, up 3% for the quarter and 7% year to date, while Fee-Earning Assets Under Management rose to $961.6 billion. Perpetual Capital reached $555.6 billion. Management flagged softer areas: redemption requests in BCRED remained elevated, producing net outflows in the quarter, and Credit & Insurance Net Realizations fell sharply year over year. Compensation costs grew faster than revenue, with Total Compensation and Benefits up 28% in the quarter, largely due to performance allocations compensation. Balance sheet activity was modest. Loans Payable rose to $13.2 billion, including an $800 million draw on the $4.325 billion Revolving Credit Facility, and cash and cash equivalents were $2.5 billion. Blackstone paid $3.4 billion in dividends and distributions year to date and repurchased only $48.4 million of stock. The company also disclosed a June 2026 settlement with Kentucky Retirement System and the Commonwealth, requiring an $18 million payment (insured), which the quarter's financial results accrue for.

    Aug 7, 2026
  2. 2026-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2026

    Blackstone Inc. reported a solid first quarter for 2026, with total revenues increasing by 10% year-over-year to $3.6 billion. This growth was primarily driven by a 13% increase in Management and Advisory Fees, Net, which reached $2.1 billion, signaling continued strength in fee-generating assets under management. While Investment Income (Loss) saw a slight decrease of 2%, this was largely due to a significant ($523.5 million) decrease in unrealized gains, a common occurrence in market volatility, which was partially offset by a substantial $498.6 million increase in realized investment gains, particularly within the Private Equity segment. Total expenses rose by 19%, largely driven by a 22% increase in Compensation and Benefits, reflecting increased performance-based compensation tied to the segment's strong realized gains. Net income attributable to Blackstone Inc. grew by 6% to $649.7 million, translating to diluted EPS of $0.83, up from $0.80 in the prior year. The company also maintained a healthy liquidity position with $2.4 billion in cash and cash equivalents and demonstrated continued capital management with $1.7 billion remaining under its share repurchase program.

    May 8, 2026
  3. 2025-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2025

    Blackstone's Q3 2025 10-Q shows a quarter dominated by lower investment income rather than weaker core fee businesses. Total revenues were $3.09 billion, down 16% year over year, as Investment Income fell to $695 million from $1.66 billion on a $1.6 billion swing in unrealized performance allocations. Net income attributable to Blackstone Inc. was $625 million ($0.80 per diluted share) versus $781 million ($1.02) a year earlier. Management and Advisory Fees, Net rose 15% to $2.06 billion, and Fee Related Earnings grew 26% at the segment level to $1.48 billion, reflecting higher base management fees across Private Equity and Credit & Insurance and crystallized performance revenues in BXPE and BIP. Balance sheet and capital activity was active. Total assets reached $46.6 billion and total assets under management rose to $1.24 trillion, up 10% year to date, with Perpetual Capital at $500.6 billion. Blackstone paid $3.25 per share in dividends declared through the first three quarters of 2025 and repurchased only $93.7 million of stock year to date, leaving $1.7 billion authorized. Subsequent to quarter end, the company amended its revolving credit facility to $4.325 billion with a 2030 maturity, issued $1.2 billion of senior notes, and repaid the $550 million revolver balance. Investors should note the sensitivity of reported earnings to fund valuations and the timing of realizations, as well as a continuing legal matter (the Kentucky Retirement System litigation) for which an accrual has been recorded and a settlement was terminated in May 2025. Clawback exposure and tax receivable agreement obligations of about $2.1 billion remain significant long-term liabilities.

    Nov 7, 2025
  4. 2025-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2025

    Blackstone's Q2 2025 10-Q shows a quarter driven by strong fee growth and large unrealized investment gains. Total revenues rose 33% year over year to $3.71 billion, while GAAP net income attributable to Blackstone Inc. was $764.2 million, up 72%. Management and advisory fees, net increased 14% to $2.04 billion, led by the Private Equity segment, where fee holiday expirations for BCP IX and BETP IV lifted base management fees. Unrealized performance allocations and principal investment gains were the main driver of the GAAP top-line jump, so investors should separate that mark-to-market activity from recurring fee economics. The segment metrics that management emphasizes point to a healthier fee base. Fee Related Earnings rose 31% to $1.46 billion in the quarter, and Segment Distributable Earnings reached $1.79 billion, up 26%. Total Assets Under Management ended the quarter at $1.21 trillion, up 4% from the prior year's quarter, with Fee-Earning AUM at $887 billion. Perpetual Capital reached $484.6 billion, which supports more durable fee streams. Net accrued performance revenues rose to $6.6 billion. Balance sheet and liquidity remain solid but carry some watch items. Loans payable rose to $12.0 billion, reflecting a $750 million revolver draw and the issuance of new senior notes, while cash and equivalents were $2.2 billion. Total equity was $19.6 billion. The filing also discloses a Kentucky Retirement System litigation settlement that was terminated in May 2025, leaving the matter unresolved, and a material exposure to euro-denominated bonds and cross-currency swaps that drove a $299 million foreign exchange loss in Other Revenue for the six months. Dividends declared were $0.93 per share for the quarter, and a $1.8 billion buyback authorization remained available at quarter end.

    Aug 8, 2025
  5. 2025-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2025

    Blackstone's first-quarter 2025 10-Q shows GAAP total revenues of $3.29 billion, down 11% from $3.69 billion a year earlier, as unrealized investment income fell sharply (unrealized Performance Allocations down 41% and unrealized Principal Investments down 66%). Net income attributable to Blackstone Inc. declined 27% to $614.9 million, and diluted EPS was $0.80 versus $1.11. The headline GAAP decline is largely mark-to-market driven, so investors should focus on the segment and fee metrics, which were healthier: management and advisory fees, net rose 10% to $1.90 billion, Fee-Earning Assets Under Management reached a record $860.1 billion (up $29.4 billion in the quarter), and Total Segment Distributable Earnings grew 11% to $1.62 billion. Fee Related Earnings rose 9% to $1.26 billion. Balance sheet and liquidity moved in several notable ways. Loans payable increased to $12.45 billion from $11.32 billion, driven by a $900 million draw on the $4.325 billion revolver, and the company issued $1.0 billion of loans payable during the quarter. Cash and cash equivalents rose to $2.39 billion. Total Assets Under Management reached $1.17 trillion, and Perpetual Capital grew to $464.4 billion. Management also disclosed an accrual related to the Kentucky Retirement System litigation, with a court approval decision still pending; an $82.5 million settlement is in process, with Blackstone's portion expected to be covered by insurance. Management flagged meaningful macro uncertainty from U.S. tariffs, slowing U.S. GDP (-0.3% in Q1), and muted realization activity. Realized performance revenues fell 14% at the segment level in some lines and realizations across the platform were described as expected to remain muted, which is a key watch item for the carry-driven earnings profile. Shareholder returns continued, with $1.44 declared dividends per share year to date and $31.0 million of share repurchases during the quarter.

    May 2, 2025
  6. 2024-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2024

    Blackstone's Q3 2024 10-Q shows a strong quarter driven by large unrealized investment gains. Total revenues rose 44% year over year to $3.66 billion for the three months ended September 30, 2024, and net income attributable to Blackstone Inc. increased 41% to $780.8 million ($1.02 per diluted share versus $0.73). The jump is mostly unrealized performance allocations ($1.15 billion versus a $63 million loss a year earlier), which carry offsetting unrealized compensation expense, so the headline GAAP figures overstate the recurring earnings base. The company's own non-GAAP measures tell a steadier story. Fee Related Earnings rose 4.6% to $1.18 billion and Distributable Earnings reached $1.28 billion. Segment Distributable Earnings were $1.40 billion, up 1.2%. Fee-Earning Assets Under Management reached $820.5 billion, and Total Assets Under Management reached $1.11 trillion, with perpetual capital at $434.7 billion. Credit & Insurance was the standout segment, with Segment Distributable Earnings up 26% for the quarter. Real Estate and Private Equity earnings were flat to down, and Real Estate's Fee Related Performance Revenues fell 43%. Balance sheet and capital return items were stable. Cash and equivalents were $2.35 billion against $10.75 billion of loans payable, and the company repurchased $473.5 million of stock year to date under a $2.0 billion authorization, with $1.9 billion remaining. Management expects a quarterly dividend of about 85% of Distributable Earnings. Risks include a Kentucky Retirement System litigation matter with ongoing motions and appeals, an SEC inquiry on electronic communications retention where an accrual has been recorded, and a $7.1 billion hypothetical clawback exposure that management considers remote.

    Nov 1, 2024
  7. 2024-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2024

    Blackstone's Q2 2024 10-Q shows a quarter with lower GAAP earnings but solid underlying fee and realization trends. Total revenues were $2.80 billion for the three months ended June 30, 2024, roughly flat versus $2.81 billion a year earlier, as a $139.3 million decline in investment income (driven by lower unrealized gains in Real Estate) was offset by higher management fees. Net income attributable to Blackstone Inc. fell 26% to $444.4 million ($0.58 per diluted share) from $601.3 million, with the effective tax rate rising to 21.5% from 15.6%. For the six months, GAAP results were much stronger, with net income attributable to Blackstone of $1.29 billion ($1.69 per share) versus $687 million, largely because of a swing to unrealized performance allocation gains and principal investment gains in the first half. The segment view, which management emphasizes, shows Segment Distributable Earnings of $1.42 billion for the quarter, up 5% from $1.35 billion, and $2.87 billion for the six months, up 3%. Fee Related Earnings were $1.11 billion, down 3% year over year, as a $130.7 million drop in Real Estate fee related performance revenues offset gains elsewhere. Credit & Insurance was the standout, with segment distributable earnings up 51% in the quarter, driven by management fee growth tied to BCRED and direct lending. Total AUM reached $1.08 trillion (up 1% sequentially and 7% year over year) and Fee-Earning AUM reached $808.7 billion. Perpetual Capital rose to $418.6 billion. Balance sheet liquidity stayed strong, with $2.4 billion of cash and $10.6 billion of senior notes outstanding. Investors should weigh the quarter's GAAP softness against the stronger segment earnings, while noting that Real Estate remains under pressure from office exposure and the valuation lag that the filing describes. Capital return continued, with 2.0 million shares repurchased in Q2 for $244.3 million and a new $2.0 billion repurchase authorization approved on July 16, 2024. The quarterly dividend declared for Q2 was $0.82 per share.

    Aug 2, 2024
  8. 2024-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2024

    Blackstone's first-quarter 2024 Form 10-Q shows a sharp swing back to profitability on the GAAP line. Total revenues were $3.69 billion versus $1.38 billion a year earlier, driven almost entirely by a $1.64 billion Total Investment Income swing (from a $496 million loss to a $1.64 billion gain) on unrealized appreciation in Corebridge stock, Corporate Private Equity, and Core+ real estate. Net income attributable to Blackstone Inc. rose to $847.4 million ($1.11 diluted EPS) from $85.8 million ($0.11). Because much of this is unrealized and carries through to compensation expense, the GAAP figures overstate the underlying operating trend. Total expenses rose 51% to $1.79 billion, including a $496 million jump in Performance Allocations Compensation tied to the investment gains. The segment-level picture, which strips out unrealized items, is steadier. Distributable Earnings were $1.27 billion, Total Segment Distributable Earnings were $1.45 billion (up about 2%), and Fee Related Earnings rose 12% to $1.16 billion, helped by $295.5 million of Fee Related Performance Revenues, nearly double the prior-year figure. Net Realizations, the more volatile measure of realized carry and principal income, fell to $293 million from $389 million, reflecting muted exit activity, which management says it expects to lag any improvement in markets. Fee-Earning Assets Under Management reached $781.4 billion and Total Assets Under Management reached $1.06 trillion, both at record levels for the period. Perpetual Capital AUM grew to $408.1 billion. Balance sheet items were mixed. Cash and equivalents fell to $2.5 billion, and borrowings were $10.7 billion, with no revolver draw against the $4.325 billion facility. Shareholders received $1.18 billion in dividends and distributions, and the company repurchased 0.7 million shares for $88.4 million. Declared dividends were $0.94 per share, against $0.83 per share actually paid in the quarter. Contingent items to watch include a $231 million clawback accrual, a $6.5 billion theoretical clawback exposure in a severe scenario, and ongoing Kentucky Retirement System litigation, where the court denied the Blackstone defendants' motion to dismiss on May 1, 2024, after the filing date.

    May 3, 2024
  9. 2023-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2023

    Blackstone's Q3 2023 10-Q shows a quarter driven by strong unrealized investment gains after a weak 2022 comparison period. Total Revenues were $2.54 billion for the three months ended September 30, 2023, up from $1.06 billion a year earlier, and Net Income Attributable to Blackstone Inc. rose to $552.0 million from $2.3 million. Diluted EPS was $0.73 versus essentially zero in the prior-year quarter. Much of the swing reflects a $1.8 billion improvement in unrealized investment income, so investors should weigh the quarter's headline earnings against their unrealized, non-cash nature. The more durable indicators are the fee-based metrics. Management and Advisory Fees, Net rose 2% to $1.66 billion in the quarter and 8% to $5.02 billion year to date. Segment Distributable Earnings were $1.38 billion for the quarter, down from $1.58 billion, and Fee Related Earnings were $1.12 billion, down from $1.18 billion. Fee Related Performance Revenues fell sharply in Real Estate, mainly due to lower BREIT performance fees. Realized performance revenues also declined year over year, consistent with a subdued realization environment that management describes as likely to persist for some time. The balance sheet remains substantial, with $3.0 billion in cash, $10.6 billion of senior notes, and a $4.135 billion undrawn revolver. Total Fee-Earning Assets Under Management reached $734.5 billion and Total Assets Under Management reached $1.007 trillion. Management flagged continued BREIT net outflows, weakness in traditional U.S. office, rising default risk in credit, and headwinds to fundraising in corporate private equity. The company also repurchased 3.3 million shares for $310.4 million year to date and has $797.6 million remaining under its repurchase authorization.

    Nov 3, 2023
  10. 2023-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2023

    Blackstone's Form 10-Q for the quarter ended June 30, 2023 shows a strong rebound in GAAP profitability driven mainly by unrealized investment gains, not by a change in the core fee engine. Q2 2023 GAAP net income attributable to Blackstone Inc. was $601.3 million ($0.79 per diluted share), versus a loss of $29.4 million in Q2 2022, while total revenues rose to $2.81 billion from $629.2 million. The swing reflects unrealized performance allocations of +$114.4 million (versus -$3.47 billion a year earlier) and unrealized principal investment gains of +$164.1 million, against a 2022 base depressed by sharp markdowns. Six-month GAAP net income attributable to Blackstone fell 42% to $687.1 million because realized performance allocations dropped sharply versus the exceptional first half of 2022. The underlying franchise remained healthy. Management and advisory fees, net, rose 9% in the quarter to $1.71 billion and 11% for the half-year to $3.37 billion, supported by fee-earning AUM growth in Real Estate (BREP, BREDS) and Private Equity (BIP, Strategic Partners), and Credit & Insurance growth in BCRED and BIS. Total assets under management reached $1.0 trillion at June 30, 2023, and Perpetual Capital AUM rose to $384.3 billion. Segment Distributable Earnings were $1.35 billion in Q2 2023 versus $2.34 billion a year earlier, a decline driven by lower Net Realizations in Real Estate, which management attributes to muted realizations and BREIT outflows. Balance sheet and liquidity remain solid. Cash and cash equivalents were $3.28 billion, loans payable were $12.30 billion (almost all senior notes at Blackstone Operating level), and there was no drawn balance on the $4.135 billion revolver. Stockholders' equity of Blackstone Inc. was $7.22 billion. The company repurchased 1.0 million shares in Q2 for $86.0 million, leaving $931.9 million under its buyback authorization, and declared dividends of $0.82 per share in the quarter. Risk items to monitor include ongoing BREIT redemptions and real estate office exposure, the Kentucky Retirement System litigation, an SEC inquiry on electronic communications, and the $1.6 billion of expected future Tax Receivable Agreement payments.

    Aug 4, 2023
  11. 2023-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2023

    Blackstone's first-quarter 2023 results were sharply lower year over year, driven by investment income rather than core fee business. Total revenues fell 73% to $1.38 billion from $5.13 billion, as Performance Allocations swung to net unrealized depreciation of $759 million (versus a $1.29 billion unrealized gain a year earlier) and Principal Investments posted a $491 million unrealized loss, largely from the Corebridge stake. Net income attributable to Blackstone Inc. fell 93% to $85.8 million, or $0.11 diluted EPS, versus $1.66 a year earlier. GAAP figures are heavily affected by carry accounting, so investors are steered to the segment measures. The fee-related business was steadier. Management and advisory fees, net rose 12% to $1.66 billion, Fee-Earning AUM reached $732.0 billion (up $13.6 billion in the quarter), and Total AUM reached $991.3 billion. Segment Distributable Earnings declined 32% to $1.43 billion, and Fee Related Earnings fell about 9% to $1.04 billion, held back by lower Fee Related Performance Revenues at BREIT. Within segments, Credit & Insurance Segment Distributable Earnings rose 34%, while Real Estate fell 58%, reflecting muted realizations and BREIT's redemption-driven outflows. Balance sheet and liquidity remain strong, with $2.8 billion of cash, $10.7 billion of senior notes, and an undrawn $4.1 billion revolver. Blackstone repurchased 1.0 million shares for $90.1 million and declared $0.91 per share in dividends. Management flagged elevated BREIT and BCRED repurchase requests, muted realizations expected to persist, and a higher effective tax rate of 18.5%. The filing also notes the Kentucky (KRS) litigation has been partly favorable following an April 2023 appellate ruling.

    May 5, 2023
  12. 2022-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2022

    Blackstone's Q3 2022 10-Q shows a sharp GAAP earnings decline driven by unrealized investment losses, while its non-GAAP fee-based business held up well. Net income attributable to Blackstone Inc. fell to $2.3 million for the quarter from $1.40 billion a year earlier, and to $1.19 billion for the nine months from $4.46 billion. Total revenues were $1.06 billion for the quarter versus $6.22 billion, reflecting $922 million of total investment losses, against $4.76 billion of gains in the prior-year quarter. Expenses fell to $961 million from $2.65 billion as performance allocation compensation reversed with the investment losses. Underlying operating momentum was stronger. Management and advisory fees rose 22% to $1.62 billion for the quarter, and Fee-Related Earnings grew 51% year over year to $1.18 billion, helped by BREIT performance revenues that now crystallize quarterly. Fee-Earning AUM reached $705.9 billion and Total AUM reached $950.9 billion, with Perpetual Capital at $359.6 billion. Segment Distributable Earnings were $1.58 billion for the quarter, down from $1.81 billion, as realized performance revenues declined sharply from the prior year. Balance sheet and capital activity remained solid, with $3.5 billion of cash and $9.4 billion of senior notes outstanding. Blackstone issued $1.5 billion of new notes on November 3, 2022 and continued share repurchases, with $1.1 billion remaining under the $2.0 billion authorization. The filing also flags headwinds: fund-level unrealized depreciation, weaker private wealth flows in BREIT and BCRED with rising repurchase requests, and a more challenging fundraising and realization environment.

    Nov 4, 2022
  13. 2022-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2022

    Blackstone's second-quarter 2022 10-Q shows a sharp swing from strong prior-year results to a loss-making quarter, driven almost entirely by mark-to-market investment activity rather than by the fee-based franchise. Total revenues fell 88% to $629.2 million for the three months ended June 30, 2022, from $5.29 billion a year earlier, because unrealized performance allocations turned negative (-$3.47 billion). Net loss attributable to Blackstone Inc. was $(29.4) million, or $(0.04) per share, versus net income of $1.31 billion ($1.82 per share) in Q2 2021. For the six months, net income attributable to Blackstone was $1.19 billion ($1.61 per share), down 61% year over year. Underlying operating performance was considerably healthier. Management and advisory fees, net rose 29% in the quarter to $1.56 billion, supported by fee-earning AUM growth in Core+ real estate (BREIT, BPP), BREDS, direct lending (BCRED) and BIS. Fee Related Earnings increased 45% to $1.02 billion and Segment Distributable Earnings rose to $2.34 billion from $1.22 billion, helped by large realized performance revenues from BREP. Total AUM reached $940.8 billion and Fee-Earning AUM reached $683.8 billion at June 30, 2022, while Perpetual Capital grew to $355.9 billion. Management flagged a weaker outlook, citing inflation at multi-decade highs, Federal Reserve tightening, a 20% first-half S&P 500 decline, and expectations of muted realizations and pressure on private equity and real estate valuations. Balance sheet liquidity remains substantial. Cash and cash equivalents were $4.18 billion, corporate treasury and other investments were additional liquid assets, and senior notes outstanding were $9.5 billion after a €500 million 3.500% note issuance in June 2022. The $4.1 billion revolver was extended to June 2027. Blackstone repurchased 1.9 million shares for $195.3 million in the quarter, leaving $1.3 billion authorized, and declared a Q2 dividend of $1.27 per share. The 10-Q also discloses ongoing litigation involving the Kentucky Retirement System (Mayberry and Taylor actions), which management considers without merit, and contingent clawback exposure of $6.2 billion on an after-tax basis under a remote-loss scenario.

    Aug 5, 2022
  14. 2022-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2022

    Blackstone's first-quarter 2022 10-Q shows a business that remained highly profitable but with lower reported earnings versus a year earlier, driven mainly by a sharp drop in unrealized investment income. Total revenues were $5.13 billion, down 3% from $5.30 billion, and Net Income Attributable to Blackstone Inc. fell 30% to $1.22 billion ($1.66 diluted EPS vs. $2.46). The decline reflects $1.7 billion less unrealized Private Equity and other investment appreciation, partly offset by a $1.2 billion increase in realized investment income, largely from BREP real estate realizations and Strategic Partners. The more durable signals are in the segment and fee metrics. Management and Advisory Fees, Net rose 25% to $1.48 billion, Fee Related Earnings climbed 55% to $1.15 billion, and Segment Distributable Earnings rose 63% to $2.10 billion. Fee-Earning AUM reached $677.9 billion and Total AUM reached $915.5 billion, with Perpetual Capital at $338.2 billion. Part of the Fee Related Earnings jump came from a change in BREIT performance revenue crystallization, which moved from annual to quarterly, so the company's reported quarter is not fully comparable to the prior year. Management also flagged rising inflation (8.5% in March), Federal Reserve tightening, and geopolitical risk as headwinds, particularly for private equity valuations and the hospitality and industrial sectors. Balance sheet and liquidity remain strong: cash and equivalents rose to $3.9 billion after $1.5 billion of senior notes were issued in January 2022, total borrowings are $9.06 billion in principal, and the $2.25 billion revolver is undrawn. Dividends declared were $1.45 per share for the quarter, and $1.5 billion remains under the $2.0 billion repurchase authorization, though no shares were repurchased in the period.

    May 5, 2022
  15. 2021-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2021

    Blackstone's Q3 2021 10-Q shows a sharply higher quarter driven by investment performance. Total Revenues were $6.22 billion for the three months ended September 30, 2021, up 105% from $3.03 billion, and Net Income Attributable to Blackstone Inc. rose to $1.40 billion from $794.7 million. Growth was led by unrealized Performance Allocations of $2.72 billion and realized Performance Allocations of $1.52 billion, with Real Estate and Private Equity the primary contributors. Nine-month results were even stronger, with Net Income Attributable to Blackstone of $4.46 billion versus $296.5 million a year earlier, though these figures are heavily influenced by non-cash carried-interest accruals that reverse with fund valuations. The firm's fee-based earnings also improved. Management and Advisory Fees, Net rose 25% to $1.32 billion in the quarter, and Fee Related Earnings grew to $779 million from $611 million. Segment Distributable Earnings reached $1.81 billion, up from $825 million. Total Assets Under Management reached $730.7 billion, up 18% year-to-date, and Fee-Earning AUM reached $528.4 billion. Perpetual Capital and credit (including BXSL and BCRED) were key growth drivers. Dry powder and net accrued performance revenues ($8.3 billion) point to significant future realizations, though these depend on market conditions. Balance sheet and capital allocation changed meaningfully. Cash and equivalents rose to $5.0 billion, and loans payable increased to $7.5 billion after $2.0 billion of senior notes were issued on August 5, 2021. Accrued compensation rose to $7.4 billion, largely reflecting performance pay. The company repurchased 6.0 million shares for $644.9 million year-to-date and had $402.6 million remaining under its $1.0 billion program. The effective tax rate was 7.3% for the nine months, and management noted that proposed U.S. corporate minimum tax and international tax changes could raise future tax costs. The Kentucky Retirement System litigation remains pending, and management does not expect it to have a material adverse effect.

    Nov 4, 2021
  16. 2021-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2021

    Blackstone's Q2 2021 10-Q shows a sharply higher quarter driven by performance revenues. Total revenues were $5.29 billion for the three months ended June 30, 2021, up 110% year over year, and net income attributable to The Blackstone Group Inc. was $1.31 billion ($1.82 per diluted share) versus $568 million a year earlier. The growth came mainly from unrealized performance allocations ($2.70 billion) and realized performance revenues ($808.6 million on the investment income line). Management and advisory fees, net, rose 25% to $1.21 billion, supported by base fee growth in Core+ real estate, BCP VIII, BXLS V, BXG and Credit. Fee-Earning Assets Under Management reached $498.9 billion and Total Assets Under Management reached $684.0 billion at June 30, 2021, up 11% from year-end 2020. The balance sheet strengthened, with total equity of $18.5 billion and cash plus corporate treasury investments of about $4.9 billion against $5.7 billion of senior notes. Blackstone repurchased 3.2 million shares for $289.1 million under a new $1.0 billion authorization, and quarterly dividends declared rose to $0.82 per share. Performance-related compensation rose in step with performance revenues, so total compensation and benefits reached $2.02 billion in the quarter. Management also flagged that Realized Performance Compensation was increased by $15.0 million under a new program, with an offsetting reduction in Fee Related Compensation. Subsequent events matter for the outlook. On July 14, 2021, Blackstone agreed to buy a 9.9% stake in SAFG Retirement Services for $2.2 billion, with a long-term partnership to manage AIG's Life and Retirement business. On August 5, 2021, it issued $2.0 billion of senior notes. The company also disclosed a Kentucky litigation matter (Mayberry and the Attorney General action), which management considers without merit.

    Aug 6, 2021
  17. 2021-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2021

    Blackstone's first-quarter 2021 Form 10-Q shows a sharp swing to profitability. GAAP net income attributable to The Blackstone Group Inc. was $1.75 billion, or $2.46 diluted EPS, versus a loss of $1.07 billion (-$1.58) a year earlier. The swing is driven mainly by investment income: total investment income was $3.99 billion versus a $4.20 billion loss in Q1 2020, reflecting unrealized appreciation across private equity, real estate and credit portfolios as markets recovered from the COVID-19 drawdown. Total revenues were $5.30 billion, and Management and Advisory Fees, Net rose 26% to $1.18 billion, a more durable, recurring driver. Expenses rose sharply because performance allocations compensation tracks performance allocations, so the gain in carried interest flowed largely through to compensation. On a non-GAAP basis, Distributable Earnings were $1.19 billion and Total Segment Distributable Earnings were $1.29 billion, up from $584 million a year earlier, and Fee Related Earnings rose to $741 million from $468 million. Fee-Earning Assets Under Management reached $481.2 billion and Total Assets Under Management reached $648.8 billion, both at period-end highs for the period shown. Net Accrued Performance Revenues rose to $5.2 billion from $2.2 billion, a sizable unrealized pipeline that depends on future fund performance and realizations. Balance sheet and capital allocation were steady. Total assets were $29.7 billion, cash and equivalents were $2.9 billion, and senior notes outstanding were $5.66 billion with a $2.25 billion undrawn revolver. No shares were repurchased in the quarter, with $307.2 million remaining under the program, and a new $1.0 billion authorization was approved on May 6, 2021. The company disclosed a $1.25 billion dividend/distribution outflow in the quarter and a quarterly common dividend of $0.82 per share paid, with a stated policy of paying roughly 85% of Distributable Earnings. Notable items include the Patria IPO gain, the deconsolidation of nine CLOs in 2020, and an ongoing Kentucky Retirement System (Mayberry) derivative litigation that management views as without merit.

    May 7, 2021
  18. 2020-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2020

    Blackstone's Q3 2020 10-Q shows a sharp swing in GAAP results driven by investment marks rather than fee performance. Net income attributable to The Blackstone Group Inc. was $794.7 million for the quarter (basic EPS $1.14), versus $779.4 million a year earlier, but nine-month net income fell to $296.5 million (EPS $0.43) from $1.57 billion, as COVID-19 drove unrealized depreciation in Performance Allocations (nine-month unrealized Performance Allocations of -$981.7 million). Total revenues were $2.47 billion for the nine months, down 53%, while Management and Advisory Fees, Net rose 17% to $2.96 billion, reflecting Real Estate base fee growth from BREP IX and BREP Europe VI. The firm's non-GAAP view is more stable. Fee Related Earnings rose 31% to $1.62 billion for the nine months, and Total Segment Distributable Earnings were $2.03 billion, down about 2%. Realized performance revenues fell sharply year over year (nine-month Realized Performance Revenues of $589.4 million versus $1.01 billion), which weighed on Net Realizations. Assets Under Management reached $584.4 billion and Fee-Earning Assets Under Management reached $444.5 billion, both up year over year. Balance sheet activity included deconsolidation of nine CLO vehicles, which cut total assets by $6.8 billion, and a $900 million senior notes issuance on September 29, 2020 (1.600% due 2031 and 2.800% due 2050). Total debt principal is $5.66 billion, and the company repurchased 9.0 million shares for $474.0 million during the nine months. The Q3 quarterly dividend was $0.54 per share, with $1.30 declared for the first nine months of 2020. The Mayberry litigation was dismissed on standing grounds by the Kentucky Supreme Court, though related proceedings remain pending.

    Nov 6, 2020
  19. 2020-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2020

    Blackstone's Q2 2020 10-Q shows a sharply mixed quarter. GAAP net income attributable to The Blackstone Group Inc. was $568.3 million ($0.81 per diluted share) for the three months ended June 30, 2020, rebounding from $305.8 million a year earlier. For the six months, however, the company reported a net loss of $(498.2) million, or $(0.74) per share, versus $787.1 million of income in the prior-year period. The swing is driven almost entirely by COVID-19-related unrealized investment losses: unrealized performance allocations were $(2.39) billion for the half-year, compared with $821.7 million a year earlier, and total GAAP revenues were $(559.9) million for the six months. The company's economic engine, Segment Distributable Earnings, was more resilient at $1.21 billion for the six months versus $1.32 billion in 2019, supported by Fee Related Earnings of $1.01 billion, up from $796.3 million, as base management fees grew on new fund investment periods such as BREP IX and BREP Europe VI. Total assets fell to $28.8 billion from $32.6 billion at year-end 2019, and total equity declined to $12.4 billion. Fee-Earning Assets Under Management reached a record $435.8 billion and Total Assets Under Management were $564.3 billion, though the latter was down modestly from $571.1 billion at December 31, 2019 because market depreciation of $(25.4) billion outweighed $47.6 billion of inflows. Liquidity remained strong, with $2.0 billion of cash, $2.2 billion of corporate treasury investments, $4.7 billion of senior notes outstanding, and an undrawn $1.6 billion revolver. The company declared a $0.39 quarterly dividend per share for the quarter and repurchased 7.0 million shares for $368.4 million year-to-date. Investors should weigh the GAAP volatility against the more stable fee-based economics. Management notes the Real Estate and Private Equity portfolios are most exposed to COVID-19 impacts, that realizations have been constrained near term, and that the outcome of the Mayberry litigation remains uncertain, though management considers it without merit. The clawback exposure if all carry fund investments were worthless is $3.6 billion, which management views as remote.

    Aug 7, 2020
  20. 2020-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2020

    Blackstone's first-quarter 2020 10-Q shows a sharp deterioration in reported GAAP results driven by COVID-19 and energy market dislocation. GAAP total revenues were $(3.08) billion versus $2.02 billion a year earlier, reflecting a $4.20 billion investment loss, including $3.45 billion of unrealized performance allocation (carried interest) reversals. Net income attributable to The Blackstone Group Inc. was $(1.07) billion, or $(1.58) per diluted Class A share, compared with $481.3 million, or $0.71, in Q1 2019. Investors should weigh these GAAP figures against the segment-basis metrics, which are less volatile: Segment Distributable Earnings rose 4% to $584.1 million, Fee Related Earnings grew to $467.9 million, and Management and Advisory Fees, Net increased 15% to $934.8 million, reflecting fee growth from newly launched BREP IX, BREP Europe VI and Strategic Partners VIII investment periods. The balance sheet also reflects the shock. Total assets fell to $26.9 billion from $32.6 billion, total equity declined to $11.5 billion, and accrued performance allocations dropped from $7.2 billion to $3.8 billion. Management emphasized that liquidity has not been materially affected to date, citing $2.1 billion of cash and cash equivalents, $1.7 billion of corporate treasury investments, $4.7 billion of senior notes, and an undrawn $1.6 billion revolving credit facility. Total Assets Under Management fell $33.1 billion to $538.0 billion, mainly from $47.1 billion of market depreciation, partly offset by $27.3 billion of inflows. Fee-Earning AUM rose to $423.1 billion. The company continued returning capital, repurchasing 5.0 million shares for $253.5 million and paying $0.61 per share in declared dividends. Management warned that realization activity will likely be limited over the next year, which would weigh on future Realized Performance Revenues. Net Accrued Performance Revenues fell to $2.2 billion from $3.8 billion a year earlier. Clawback obligations rose to $295.0 million, and the company disclosed a Kentucky Mayberry lawsuit it considers without merit.

    May 8, 2020
  21. 2019-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2019

    The Blackstone Group Inc. (BX) 10-Q for the quarter ended September 30, 2019 reflects a quarter dominated by the July 1, 2019 conversion from a Delaware limited partnership to a Delaware corporation. Q3 2019 GAAP net income attributable to Blackstone was $779.4 million ($1.15 per diluted Class A share), up from $442.7 million ($0.64) a year earlier, but this was boosted by a one-time $174.6 million reduction in the Tax Receivable Agreement liability and a $231.1 million net tax benefit recorded on conversion. Total revenues fell 10% to $1.74 billion, driven by a 34% drop in Investment Income (Performance Allocations and principal investments) as corporate private equity appreciation slowed, partially offset by 13% growth in Management and Advisory Fees, Net to $878 million. Underlying fee-generating economics improved. Segment Distributable Earnings were $753.5 million for the quarter versus $793.2 million a year earlier, with Fee Related Earnings rising to $440.4 million from $346.2 million, while Net Realizations fell to $313.1 million from $447.0 million. Fee-Earning Assets Under Management reached $394.1 billion (up 15% year-to-date) and Total AUM reached $554.0 billion. Balance sheet and capital structure items included issuance of $900 million of new senior notes (2030 and 2049 maturities), a partial tender and subsequent redemption of 2021 notes, and continued share repurchases of $136 million in the quarter under a $1.0 billion authorization. Investors should weigh the quality of earnings: the GAAP tax line is now a corporate tax burden going forward, so effective tax rates and per-share comparisons versus prior periods are less comparable, and realization activity (carried interest) declined sharply year over year. Ongoing items include the Mayberry litigation (management believes it is without merit) and clawback exposure, which management views as remote.

    Nov 8, 2019
  22. 2019-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2019

    Blackstone's Q2 2019 10-Q (filed August 8, 2019) shows a quarter with sharply lower investment-driven earnings but steady, growing fee income. Total revenues fell 44% year over year to $1.49 billion, driven by a $692.5 million decline in Other Revenue (which in 2018 included a one-time $580.9 million FS Investments sub-advisory payment) and a $578.4 million drop in Investment Income as corporate private equity appreciation slowed sharply. Net Income Attributable to The Blackstone Group L.P. fell 59% to $305.8 million, or $0.45 per common unit, versus $1.09 a year earlier. Diluted EPS for the six months was $1.16 versus $1.63. The underlying fee franchise remained healthy. Management and Advisory Fees, Net rose 16% to $840.4 million in the quarter, and Fee-Earning Assets Under Management reached $387.9 billion, up 10% from March 31, 2019 and 13% year to date. Segment Distributable Earnings were $761.3 million, up 3% from the prior year's comparable quarter on a segment basis; Fee Related Earnings grew 24% to $421.8 million. Base management fees are increasingly concentrated in Real Estate and Private Equity, and the annualized base management fee rate in Real Estate fell to 0.91% because BREP IX is under a fee holiday until Q4 2019. The filing is dominated by the July 1, 2019 conversion of The Blackstone Group L.P. into a Delaware corporation, The Blackstone Group Inc. Following the conversion, all income attributable to the corporation becomes subject to U.S. federal and state corporate income taxes, so management expects a higher effective tax rate going forward, even though the quarter's effective rate was just 5.6%. The company also issued EUR 600 million of 1.500% senior notes due 2029 in April, and the board authorized a new $1.0 billion repurchase program on July 16, 2019. Dividend policy targets about 85% of Distributable Earnings, and $0.48 per share was paid for Q2. Investors should also note the ongoing Mayberry litigation in Kentucky, which management considers without merit.

    Aug 8, 2019
  23. 2019-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2019

    Blackstone Inc. (BX) reported its first quarter 2019 financial results, showcasing robust growth and strong performance. Total revenues increased by 14% year-over-year to $2.0 billion, driven by a significant 9% rise in Investment Income and a 11% increase in Management and Advisory Fees, Net. This revenue growth was supported by strong performance across its Private Equity and Real Estate segments. Despite a 6% increase in total expenses, primarily due to higher compensation and administrative costs, Blackstone's Net Income attributable to The Blackstone Group L.P. surged by 31% to $481.3 million. This performance reflects the company's ability to generate value for its investors and manage its operations effectively amidst a generally positive market environment characterized by a rebound in global equity and credit markets.

    May 9, 2019
  24. 2018-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2018

    Blackstone Inc. (BX) reported its third-quarter 2018 financial results, showing a robust increase in total revenues to $1.93 billion, up 11% year-over-year, driven by strong performance across its segments, particularly Private Equity and Real Estate. Net income attributable to The Blackstone Group L.P. rose by 17% to $442.7 million, with diluted earnings per common unit at $0.64. The company's Assets Under Management (AUM) demonstrated significant growth, reaching $456.7 billion, a 4% increase from the previous quarter and an 18% increase year-over-year, reflecting continued success in capital raising and investment deployment. Fee-earning AUM also saw a healthy increase, highlighting the growth in revenue-generating assets. The company's liquidity position remains strong, with substantial cash reserves and access to a revolving credit facility. Blackstone also continued its unit repurchase program, repurchasing $218.4 million worth of common units in the third quarter, underscoring its commitment to returning capital to shareholders. The company's diversified business segments and strong AUM growth position it favorably within the alternative asset management industry.

    Nov 7, 2018
  25. 2018-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2018

    Blackstone Inc. (BX) reported its financial results for the period ending June 29, 2018. The company demonstrated strong revenue growth, with total revenues reaching $2.63 billion for the quarter, a significant increase of 71% year-over-year, primarily driven by a substantial boost in "Other Revenue" and "Investment Income". This surge in revenue was largely influenced by proceeds from the conclusion of a sub-advisory relationship with FS Investments and strong performance across private equity and credit segments. Despite increased expenses, particularly in compensation and benefits, Blackstone maintained a robust net income of $1.55 billion for the quarter, representing a 111% increase year-over-year. The company's balance sheet showed total assets of $30.1 billion, down from $34.4 billion at the end of 2017, largely due to the deconsolidation of certain CLOs and fund entities. Total liabilities also decreased. Blackstone's "Fee-Earning Assets Under Management" stood at $333.0 billion, reflecting an active quarter for inflows despite outflows and realizations. The company also continued its unit repurchase program, demonstrating a commitment to returning capital to shareholders.

    Aug 8, 2018
  26. 2018-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2018

    Blackstone Inc. (BX) reported its first quarter 2018 financial results, showing a decrease in total revenues to $1.77 billion from $1.91 billion in the prior year's first quarter. This decline was primarily driven by a significant drop in Investment Income, largely due to lower performance in Real Estate, Credit, and Hedge Fund Solutions segments, coupled with a decrease in Incentive Fees. However, Management and Advisory Fees, Net, saw a notable increase, particularly in the Credit and Real Estate segments, driven by new fund launches and asset growth. Expenses also rose, primarily due to increased compensation driven by higher management fees, though Incentive Fee Compensation decreased in line with lower incentive fees. Despite the revenue decline, Blackstone's operational segments demonstrated varied performance. Private Equity revenues grew due to strong Performance Revenues from Strategic Partners and Tactical Opportunities, while Real Estate revenues decreased mainly due to lower Performance Revenues. The Hedge Fund Solutions segment experienced a revenue decline driven by lower Performance Revenues and Principal Investment Income, while the Credit segment's revenues fell due to reduced Performance Revenues, although Management Fees saw an increase. The company ended the quarter with $27.9 billion in total assets and $13.3 billion in total partners' capital, reflecting continued strategic capital deployment and management across its diverse business lines.

    May 8, 2018
  27. 2017-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2017

    Blackstone's Q3 2017 10-Q shows a quarter of strong earnings driven by performance fees. Total revenues rose 22% year over year to $1.75 billion, and Net Income Attributable to The Blackstone Group L.P. increased 23% to $384.6 million. Performance fees were the main driver, up 33% to $893.8 million, led by real estate carried interest. Management and advisory fees, net, grew 14% to $680.6 million, reflecting higher base management fees from BCP VII's fee holiday ending and the launch of BREP Europe V. Basic earnings per common unit were $0.58 versus $0.48 a year earlier. Fee-earning assets under management reached $285.7 billion, and total assets under management reached $387.4 billion. Both grew year over year, supported by Credit and Real Estate inflows and strong market appreciation. Over the nine months, net income attributable to Blackstone rose 77%, and the firm declared $1.88 per common unit in distributions. The balance sheet expanded materially. Total assets rose to $31.8 billion from $26.4 billion, and loans payable rose to $12.6 billion, largely due to new consolidated CLO vehicles. Management also issued $600 million of 3.150% and 4.000% senior notes in October 2017 and tendered for its 2019 notes. Investors should weigh the strong fee and carry momentum against the high reliance on volatile performance fees, rising consolidated leverage, and pending tax reform that could affect the partnership structure.

    Nov 7, 2017
  28. 2017-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2017

    Blackstone's Q2 2017 10-Q shows a strong quarter driven by performance fees. Total revenues rose 30% year over year to $1.55 billion for the quarter and 64% to $3.49 billion for the six months, led by a surge in realized carried interest ($602 million in Q2 versus $324 million a year earlier). Net income attributable to The Blackstone Group L.P. was $342.8 million for the quarter ($0.51 diluted per unit on a fully-exchanged basis, $0.52 basic), up from $198.6 million, and distributions declared rose to $0.87 per common unit for the quarter. Fee-related fundamentals improved more modestly. Management and advisory fees, net, grew 13% to $686.6 million in Q2, helped by the end of the BCP VII fee holiday and BREP Europe V fee holiday expirations. Fee-Earning Assets Under Management reached $281.9 billion, up from $266.0 billion a year earlier, and Total Assets Under Management hit $371.1 billion. Expenses rose 24%, largely because performance fee compensation climbed in line with fee revenue, so the earnings gain is concentrated in lumpy realizations rather than recurring fees. The balance sheet expanded materially, with total assets at $30.1 billion (up $3.7 billion since year-end) and loans payable up to $11.2 billion. Most of the increase reflects consolidated CLO vehicles, whose debt is non-recourse to Blackstone, but corporate senior notes were also issued (a 1.000% euro note due 2026). Blackstone's corporate debt of about $3.5 billion, $1.7 billion of cash, and an undrawn $1.5 billion revolver underpin liquidity. Investors should weigh the strength of realized carry against the reliance on fund exits and the tax and carried-interest policy uncertainty flagged in the filing.

    Aug 8, 2017
  29. 2017-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2017

    Blackstone Inc. (BX) reported strong financial performance for the quarter ended March 31, 2017, with total revenues significantly increasing by 108% year-over-year to $1.94 billion. This growth was primarily driven by a substantial surge in Performance Fees, up 238% to $1.06 billion, and a notable increase in Investment Income, which swung from a net loss of $8.5 million in the prior year to a gain of $211.2 million. Management and Advisory Fees also saw a healthy 5% increase to $642.1 million. The company's Net Income attributable to The Blackstone Group L.P. grew by an impressive 189% to $461.8 million, translating to diluted earnings per common unit of $0.69, a significant improvement from $0.23 in the prior year's quarter. The company also reported robust growth in Assets Under Management (AUM), with Fee-Earning AUM reaching $280.2 billion and Total AUM at $368.2 billion, indicating continued success in capital raising and investment deployment across its four business segments: Private Equity, Real Estate, Hedge Fund Solutions, and Credit.

    May 9, 2017
  30. 2016-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2016

    Blackstone Inc. (BX) reported its quarterly results for the period ending September 29, 2016. Total Revenues increased significantly year-over-year, primarily driven by a substantial recovery in Performance Fees, which swung from a net loss in the prior year's period to a significant gain, largely due to improved performance in Private Equity and Real Estate segments. Investment Income also saw a notable increase, contributing to the overall revenue growth. However, Management and Advisory Fees, Net, experienced a decline, partly due to the spin-off of the Financial Advisory segment. Expenses increased year-over-year, primarily driven by higher Performance Fee Compensation related to the surge in Performance Fees. Despite the increase in expenses, Net Income Attributable to The Blackstone Group L.P. showed a substantial positive swing, reflecting the strong revenue recovery. Total Assets grew to $24.41 billion from $22.53 billion at the end of the previous year, with a notable increase in Investments. Total Liabilities also increased, largely due to higher Loans Payable, reflecting expanded borrowing or fund-level financing. The company's Fee-Earning Assets Under Management and Total Assets Under Management showed positive growth across segments, indicating continued asset gathering. The company also refinanced and increased its credit facility, demonstrating ongoing financial flexibility.

    Nov 8, 2016
  31. 2016-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2016

    Blackstone Inc. (BX) reported its financial results for the quarter ended June 30, 2016. Total Revenues saw a slight decrease of 3% year-over-year to $1.2 billion, primarily driven by a significant drop in Performance Fees, which were down 21% to $449 million. This was partially offset by a 6% increase in Management and Advisory Fees, Net, reaching $608 million, and a notable 85% surge in Investment Income to $105 million. Expenses decreased by 22% to $713 million, largely due to lower compensation and benefits, reflecting reduced performance-based compensation following the decline in performance fees. Net Income Attributable to The Blackstone Group L.P. increased by 48% to $199 million, or $0.30 per diluted common unit, compared to $134 million, or $0.21 per diluted common unit, in the prior year period. This improvement in net income, despite lower revenues, was largely driven by the significant reduction in operating expenses, particularly compensation. The company's total Assets Under Management (AUM) grew to $356.3 billion, up 4% from the previous quarter and 7% year-over-year, indicating continued growth in assets managed by the firm.

    Aug 4, 2016
  32. 2016-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2016

    Blackstone Inc. (BX) reported its first quarter 2016 results, showing a significant decrease in total revenues to $932.4 million from $2.5 billion in the prior year's quarter. This decline was primarily driven by a substantial drop in Performance Fees, down 81% to $314.5 million, largely due to lower unrealized carried interest across its Private Equity and Real Estate segments. Consequently, Net Income Attributable to The Blackstone Group L.P. fell sharply by 76% to $150.0 million, or $0.23 per diluted common unit. Despite the lower revenue and net income, Blackstone's Fee Related Earnings (FRE) remained robust, indicating the stability of its management fee-based business. Fee-earning assets under management saw a slight decrease to $244.5 billion from $246.1 billion, impacted by realizations and outflows, though partially offset by inflows and market appreciation in certain segments like Real Estate. The company maintained a strong liquidity position with $1.4 billion in cash and cash equivalents, underscoring its financial resilience amidst market volatility.

    May 5, 2016
  33. 2015-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2015

    Blackstone's Q3 2015 10-Q shows a quarter dominated by a sharp drop in performance fees, which turned negative. Total revenues fell to $11.6 million from $1.68 billion a year earlier, driven by a $1.06 billion unrealized carried interest reversal and a $639 million total performance fee deficit. Management and advisory fees rose 10% to $703.6 million, and Blackstone reported a GAAP net loss attributable to The Blackstone Group L.P. of $(254.7) million, or $(0.40) per common unit, versus net income of $250.5 million a year earlier. Results were pressured by public market volatility in the quarter, with the S&P 500 down 7%. Nine-month results remain profitable but weaker: net income attributable to the Partnership was $508.9 million ($0.80 diluted), down 51% from $1.03 billion, and total revenues were $3.75 billion, down 31%. Fee-earning assets under management reached $240.9 billion, up 11% year-to-date, and total AUM reached $333.9 billion, up 15%. Distributions declared were $0.74 per unit in the quarter and $2.41 for the nine months. Balance sheet activity is driven largely by the adoption of ASU 2015-02, which deconsolidated certain funds and reduced total assets by about $7.9 billion year-to-date. Investors should note the October 1, 2015 spin-off of the Financial Advisory business into PJT Partners, the $1.1 billion revolver, and an SEC settlement involving $36.9 million in disgorgement, interest and penalties.

    Nov 5, 2015
  34. 2015-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2015

    Blackstone's Q2 2015 10-Q shows a sharp drop in GAAP earnings driven by performance fees, not by the core fee-earning franchise. Total revenues were $1.23 billion for the quarter, down 46% from $2.26 billion, as net performance fees fell to $568 million from $1.40 billion. Net income attributable to The Blackstone Group L.P. was $134 million ($0.21 per common unit diluted), versus $517 million ($0.85) a year earlier. The decline was concentrated in unrealized carried interest, which swung to a $442 million reversal from a $661 million gain, while realized carried interest was a record $937 million, led by the Private Equity segment's BCP V fund. The fee-related franchise was steadier. Management and advisory fees, net, were $574 million for the quarter, down 7%, and for the six months were flat at $1.19 billion. Fee-earning assets under management rose 7% sequentially to $239.3 billion, supported by large inflows such as the $14.8 billion raised for BREP VIII. Total assets under management reached $332.7 billion. Fee related earnings were $178 million for the quarter and $359 million for the half year. Management also reported a $1.0 billion distributable earnings figure for the quarter, and the board's distribution was $0.89 per unit for Q2 (declared in Q2) with $1.67 for the first half. Balance sheet changes are largely mechanical. Total assets fell to $24.7 billion from $31.5 billion, and loans payable fell by $3.1 billion, mainly because ASU 2015-02 forced the deconsolidation of certain Blackstone funds and CLOs effective January 1, 2015. Corporate liquidity was about $2.2 billion in cash, plus Treasury strategy holdings, against $2.8 billion of senior notes, and the company issued a $350 million 4.45% note due 2045 and a EUR 300 million 2.0% note due 2025. Pending items include the planned spin-off of the financial advisory and Park Hill businesses into PJT Partners, expected to close near the end of Q3 or early Q4 2015, and an informal SEC inquiry into historical monitoring fee and vendor discount practices, which management says it is discussing toward a potential resolution.

    Aug 6, 2015
  35. 2015-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2015

    Blackstone Inc. (BX) reported strong financial performance for the quarter ended March 31, 2015, with total revenues reaching $2.5 billion, a significant 63% increase year-over-year. This growth was largely driven by a substantial surge in Performance Fees, up 116% to $1.7 billion, primarily fueled by strong appreciation in its Private Equity and Real Estate segments. The company's net income also saw a substantial increase, more than doubling to $1.48 billion, with net income attributable to The Blackstone Group L.P. rising by 137% to $629 million. Despite increased compensation expenses, up 33% to $963 million, reflecting the performance-driven nature of its compensation structure and business growth, Blackstone demonstrated robust profitability and effective expense management. Key operational metrics also showed positive trends, with Fee-Earning Assets Under Management increasing to $223.5 billion and Total Assets Under Management reaching $310.5 billion, indicating continued growth in assets managed across its various segments. The company maintained a strong liquidity position with $1.1 billion in cash and cash equivalents and significant investments in liquid assets. Distributions to common unitholders were also strong, reflecting the company's commitment to returning capital to shareholders.

    May 8, 2015
  36. 2014-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2014

    Blackstone Inc. (BX) reported solid financial performance for the nine months ended September 30, 2014, with total revenues increasing by 40% year-over-year to $5.5 billion. This growth was primarily driven by a significant surge in Performance Fees, up 64% to $3.1 billion, largely attributed to strong returns in their Private Equity and Real Estate segments. Management and Advisory Fees also saw a healthy increase of 15%, reaching $1.8 billion, reflecting growth across their key business segments. The company's total assets grew to $30.5 billion, while total liabilities decreased to $14.1 billion, demonstrating improved financial leverage. Blackstone's Fee Related Earnings (FRE) and Distributable Earnings also showed positive trends, underscoring the recurring nature of their fee-based income and effective management of operating expenses. Despite strong revenue growth, expenses also increased by 20% to $3.0 billion, primarily driven by higher compensation and benefits costs, which were largely a consequence of increased performance-based compensation linked to higher revenues and strategic headcount additions. The company maintained robust fee-earning assets under management, reaching $214.8 billion, indicating continued investor confidence. Overall, the report highlights Blackstone's ability to generate substantial performance-based revenue in favorable market conditions while managing its operational costs effectively.

    Nov 6, 2014
  37. 2014-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2014

    Blackstone Inc. (BX) reported solid financial results for the six months ended June 30, 2014. Total revenues grew by 41% year-over-year to $3.8 billion, primarily driven by a significant 65% increase in Performance Fees, which benefited from strong market appreciation across Private Equity and Real Estate segments. Management and Advisory Fees also saw a healthy 12% increase, reflecting growth in Fee-Earning Assets Under Management. Expenses rose by 13%, largely due to increased compensation to support business growth and performance-based payouts. Net income attributable to The Blackstone Group L.P. more than doubled to $782.6 million for the six-month period. Assets Under Management (AUM) increased across all segments, reaching $278.9 billion, demonstrating continued expansion in the firm's global reach and investment capabilities. The company's liquidity remains strong, supported by substantial cash reserves and available credit facilities.

    Aug 8, 2014
  38. 2014-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2014

    Blackstone Inc. (BX) reported a strong first quarter in 2014, with total revenues increasing by 22% year-over-year to $1.53 billion. This growth was primarily driven by a significant 28% increase in performance fees, fueled by robust performance across its private equity and real estate segments, and a 19% rise in management and advisory fees. The company's net income attributable to The Blackstone Group L.P. surged by 58% to $265.6 million, or $0.44 per common unit, reflecting the positive impact of strong investment performance. Operationally, Blackstone saw substantial growth in its Fee-Earning Assets Under Management (FEAUM) and Total Assets Under Management (AUM), reaching $203.6 billion and $271.7 billion respectively by the end of the quarter. This growth was supported by strong inflows across its credit, real estate, and hedge fund solutions segments, alongside positive market appreciation. The company's Private Equity segment, in particular, experienced a 115% revenue increase, largely due to favorable market conditions and successful exits. Blackstone maintained a solid liquidity position with $787.5 million in cash and significant investments in Treasury Cash Management Strategies. The company also managed its leverage prudently, with total liabilities remaining stable. The increase in total expenses was primarily attributed to higher compensation and administrative costs, which increased by 6% and 24% respectively, reflecting business expansion and revenue growth.

    May 8, 2014
  39. 2013-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2013

    The Blackstone Group L.P. reported a strong third quarter of 2013 and nine-month results, with Total Revenues of $1.22 billion for Q3 (flat year over year) and $3.90 billion for the nine months (up 39%). Growth in the first nine months was driven by Performance Fees, which rose 66% to $1.86 billion, led by Real Estate carry funds (BREP V, VI, VII and Europe III). Management and Advisory Fees, Net grew 11% to $1.59 billion, supported by Fee-Earning Assets Under Management reaching $188.6 billion (up 12% year to date), and the acquisition of Strategic Partners on August 5, 2013. Q3 alone was softer: Performance Fees fell 10% as Private Equity returns on BCP VI and BEP lagged the prior-year period, though Real Estate carry offset much of the decline. Net Income Attributable to The Blackstone Group L.P. rose to $171.2 million in Q3 (from $128.8 million) and $549.9 million for the nine months (from $112.2 million). Diluted EPS was $0.29 for Q3 and $0.93 for the nine months. Non-GAAP measures improved as well: Fee Related Earnings were $178.6 million in Q3 versus $135.1 million, and Distributable Earnings were $312.7 million versus $196.4 million. Distributions declared were $0.23 per common unit for Q3 and $0.95 year to date. Consolidated balance sheet deleveraging continued, with Loans Payable falling to $10.8 billion from $13.1 billion, largely from the deconsolidation of certain CLO vehicles, while total assets declined to $28.0 billion. Key risks remain. The Dahl antitrust class action (eight transactions remaining) continues, and the Landmen IPO securities suit has a proposed $85 million settlement covered by insurance. Tax policy risk around carried interest persists, and a large $1.2 billion Tax Receivable Agreement liability is outstanding. Earnings are also highly volatile because performance fees depend on fund valuations and realizations.

    Nov 8, 2013
  40. 2013-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2013

    The Blackstone Group L.P. reported a strong second quarter 2013, with total revenues of $1.44 billion, up 130% from $627.2 million a year earlier, and net income attributable to The Blackstone Group L.P. of $211.1 million, or $0.36 per common unit, versus a net loss of $75.0 million in Q2 2012. The surge was driven almost entirely by performance fees, which rose to $717.0 million from $135.4 million, led by realized and unrealized carried interest from the Real Estate (BREP V, VI, VII) and Private Equity (BCP IV, BCP VI, BEP) carry funds. Management and advisory fees also grew 19% to $578.7 million, supported by higher base management fees and advisory revenue. Fee-earning assets under management reached $176.3 billion, and assets under management reached $229.6 billion, including the August 2, 2013 acquisition of Credit Suisse's Strategic Partners, which added roughly $10 billion of AUM after quarter end. Investors should note that performance fees are volatile and fund-dependent, and that Q2 included meaningful one-time items such as SeaWorld and Pinnacle Foods IPO-related monitoring fee terminations. Fee Related Earnings rose to $168.4 million from $145.7 million, and Distributable Earnings were $338.5 million versus $195.2 million, though the company changed its Distributable Earnings definition in the quarter to exclude equity-based compensation expense, with prior periods conformed. Balance sheet leverage declined materially, with loans payable falling to $11.4 billion from $13.1 billion, largely from deconsolidation of CLO vehicles, and total assets fell to $27.7 billion. Blackstone's own senior notes total about $1.6 billion, and the $1.1 billion revolver was undrawn. Litigation remains a watch item: the Landmen IPO-related securities suit was set for summary judgment argument on August 14, 2013 with a possible trial in September 2013, and the Extended Stay fraudulent conveyance suits were settled for $10 million and dismissed. The company also disclosed a $1.2 billion undiscounted tax receivable agreement obligation and a $175.3 million clawback liability, both of which are relevant to the economic value attributable to public unitholders.

    Aug 8, 2013
  41. 2013-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2013

    Blackstone Inc. (BX) reported a strong first quarter of 2013, with total revenues increasing by 31% year-over-year to $1.25 billion. This growth was primarily driven by a significant surge in Performance Fees, up 56% to $601 million, and a 67% increase in Investment Income to $149 million. The robust performance in Performance Fees was fueled by realizations across its Private Equity and Real Estate segments, reflecting favorable market conditions and strong fund performance. Despite an overall increase in expenses due to higher performance fee compensation, Net Income Attributable to The Blackstone Group L.P. surged by 187% to $167.6 million. Fee Related Earnings (FRE) saw a slight decrease to $137.7 million from $146.9 million in the prior year, indicating continued operational costs while performance-driven income grew substantially. The company maintained a healthy liquidity position with $815.3 million in cash and cash equivalents at the end of the quarter.

    May 8, 2013
  42. 2012-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2012

    Blackstone Inc. (BX) reported strong financial performance for the nine months ended September 30, 2012, driven by significant increases in Performance Fees and Investment Income. Total revenues grew by 20% year-over-year to $2.8 billion, largely due to a 36% increase in Performance Fees, which benefited from favorable market conditions and strong appreciation in investments across its Private Equity, Real Estate, and Credit segments. Despite an increase in Performance Fee Compensation expenses, overall expenses decreased by 6% due to lower compensation and benefits, primarily driven by a reduction in equity-based compensation compared to the prior year. The company's assets under management (AUM) also saw substantial growth, reaching $204.6 billion, up 23% year-over-year, reflecting successful capital raises and market appreciation across its business segments. The company's balance sheet shows a significant increase in total assets to $27.8 billion, primarily driven by a $5.6 billion rise in investments. Total liabilities also increased to $17.0 billion, mainly due to a $4.0 billion rise in loans payable, reflecting the issuance of new senior notes and growth in consolidated CLO vehicles. Blackstone ended the period with $833.5 million in cash and a $1.1 billion revolving credit facility, demonstrating a healthy liquidity position to support ongoing operations and growth initiatives.

    Nov 2, 2012
  43. 2012-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2012

    The Blackstone Group's Q2 2012 10-Q shows a sharp earnings decline driven by volatile public markets. Total revenues fell 52% to $627.2 million for the quarter (from $1.31 billion), as total performance fees dropped to $135.4 million from $672.3 million and investment income turned negative at $(4.8) million. Net income attributable to The Blackstone Group L.P. was a loss of $(75.0) million, or $(0.14) per common unit, versus income of $86.2 million a year earlier. For the six months, the net loss was $(16.6) million, compared with income of $128.9 million in the prior-year period. The cost base moved with revenue. Total expenses declined 25% to $739.8 million, mainly from lower compensation tied to performance fees and the absence of IPO-related equity compensation. Fee-related metrics held up better: management and advisory fees net were $488.0 million for the quarter, and Fee Related Earnings were $145.7 million versus $156.3 million a year earlier. Distributable Earnings were $188.4 million, roughly flat year over year. Fee-Earning Assets Under Management reached $157.6 billion and Assets Under Management $190.3 billion at June 30, 2012, with the Harbourmaster acquisition adding a large credit platform in January. Balance sheet growth was driven largely by consolidated Blackstone Funds, particularly consolidated CLO vehicles, which lifted total assets to $26.1 billion and loans payable to $12.1 billion. Blackstone's own corporate debt is modest at about $1.0 billion of senior notes, with no revolver borrowings outstanding, and the revolving credit facility was upsized to $1.1 billion in July 2012. Investors should weigh the heavy reliance on volatile performance fees and carried interest, the $1.2 billion tax receivable agreement obligation, the $261 million clawback accrual, and pending litigation including the Extended Stay fraudulent conveyance suits seeking $2.1 billion plus punitive damages.

    Aug 7, 2012
  44. 2012-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2012

    Blackstone Inc. (BX) reported a mixed financial performance for the first quarter of 2012, with a significant increase in total assets driven by acquisitions, but a notable decrease in total revenues. Total assets grew to $26.5 billion from $21.9 billion, largely due to the acquisition of Harbourmaster. However, total revenues declined by 17% year-over-year to $952 million, primarily due to a substantial drop in Performance Fees, especially in the Real Estate and Private Equity segments, which decreased by 36% and 67% respectively. Management and Advisory Fees saw a healthy increase of 14% to $471.7 million, driven by growth across most segments. Expenses also decreased by 21% to $783.8 million, largely due to lower compensation and benefits, resulting in a significant increase in Net Income Attributable to The Blackstone Group L.P. by 37% to $58.3 million. Despite the revenue headwinds from performance fees, the company demonstrated strong growth in Fee-Earning Assets Under Management (AUM) and total AUM, increasing by 14% and 17% respectively year-over-year, reaching $156.3 billion and $190.1 billion. This growth was fueled by strategic acquisitions and continued capital inflows across its segments, particularly in Credit Businesses and Real Estate. The company's liquidity remains robust, with significant cash and Treasury cash management strategies, enabling it to meet its operational needs and strategic investments.

    May 7, 2012
  45. 2011-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2011

    Blackstone Inc. (BX) reported its third-quarter 2011 results, showcasing continued growth in assets under management (AUM) despite a challenging macroeconomic environment characterized by declining global equity markets and increased volatility. The firm saw a year-over-year increase in total AUM to $157.7 billion by the end of the quarter, driven by strong inflows across its Private Equity, Hedge Fund Solutions, and Credit Businesses segments. Management and advisory fees saw a healthy increase, reflecting higher fee-earning AUM and increased transaction activity. However, the firm's reported net income was negative for the quarter and year-to-date, primarily due to significant unrealized losses in investment income and performance fees, largely driven by the downturn in public markets. Compensation expenses also played a role in the net loss. Despite the reported net loss, the company highlighted its Distributable Earnings and Net Fee Related Earnings from Operations, which exclude the impact of market volatility and are generally positive, indicating the underlying strength of its fee-generating business. Liquidity remains robust, supported by cash reserves and available credit facilities.

    Nov 9, 2011
  46. 2011-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2011

    Blackstone Inc. (BX) reported strong financial performance for the second quarter and first half of 2011, driven by significant growth in its Performance Fees and Management and Advisory Fees. Total Revenues saw a substantial increase year-over-year, fueled by robust performance across its Private Equity and Real Estate segments, with notable contributions from the commencement of the BCP VI fund's investment period and strong performance in the BREP funds. The company also saw a decrease in Compensation and Benefits expenses year-over-year, primarily due to lower equity-based compensation. Despite an increase in interest expense following a debt issuance, Blackstone maintained a healthy financial position with growing Assets Under Management and Fee-Earning Assets Under Management across all segments. The company's overall financial health appears robust, with a significant increase in total revenues and a notable decrease in key expenses, leading to a substantial improvement in net income attributable to The Blackstone Group L.P. The strong growth in Assets Under Management and Fee-Earning Assets Under Management indicates continued investor confidence and successful capital deployment. Investors should monitor the company's ability to sustain this growth, particularly in light of the ongoing economic and market uncertainties highlighted in the report.

    Aug 5, 2011
  47. 2011-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2011

    Blackstone Inc. (BX) reported strong revenue growth in the first quarter of 2011, with total revenues increasing by 64% year-over-year to $1.15 billion. This surge was primarily driven by a significant increase in Performance Fees, up 228%, reflecting improved operating performance across its real estate, credit, and private equity segments. Management and Advisory Fees also saw a healthy increase of 16%. Despite a slight increase in operating expenses, largely due to higher general, administrative, and other costs, Blackstone achieved a substantial turnaround from the prior year's net loss, reporting a net income of $78.4 million for the quarter. This performance was bolstered by strong fee-earning assets under management growth across all segments, particularly in Private Equity and Hedge Fund Solutions, signaling robust client demand and effective asset growth strategies.

    May 6, 2011
  48. 2010-Q3

    Blackstone Inc. Quarterly Report for Q3 Ended Sep 30, 2010

    Blackstone Inc. (BX) reported its third-quarter 2010 financial results, showing a significant increase in total revenues to $784.0 million, up 31% year-over-year, driven primarily by a strong rebound in performance fees and allocations and a notable increase in investment income. The company experienced a substantial growth in its Credit and Marketable Alternatives segment, bolstered by acquisitions and strong performance in its credit-oriented funds and funds of hedge funds. Despite an overall increase in revenues, Blackstone reported a net loss attributable to the Group of $44.4 million for the quarter, compared to a net loss of $176.2 million in the prior year's comparable period. This was influenced by significant compensation expenses, including equity-based compensation, and the consolidation of certain CDO and CLO vehicles which added to both assets and liabilities. The company's fee-earning assets under management (AUM) and total AUM saw healthy growth, indicating continued investor confidence and successful capital deployment across its various business segments.

    Nov 5, 2010
  49. 2010-Q2

    Blackstone Inc. Quarterly Report for Q2 Ended Jun 30, 2010

    Blackstone Inc. (BX) reported its second-quarter 2010 financial results, indicating a significant shift in performance compared to the same period in the prior year. Total revenues increased by 35% year-over-year to $550.1 million, driven by a strong rebound in investment income and growth in management and advisory fees. However, total expenses also rose by 7% to $1.13 billion, primarily due to higher compensation and benefits. Despite the revenue growth, the company reported a net loss attributable to The Blackstone Group L.P. of $193.3 million, or $0.55 per common unit, a widening of the net loss from the prior year's $164.3 million. This was largely impacted by a substantial increase in performance fee-related compensation and equity-based compensation expenses. Assets under management grew by 19% to $111.1 billion, reflecting positive market appreciation and capital inflows, particularly in the Credit and Marketable Alternatives segment. The company's liquidity remains solid with $506.7 million in cash and significant access to credit facilities.

    Aug 6, 2010
  50. 2010-Q1

    Blackstone Inc. Quarterly Report for Q1 Ended Mar 31, 2010

    Blackstone Inc. (BX) reported its first quarter 2010 results, showing a significant turnaround from the prior year's losses, driven by a recovery in market conditions. Total revenues surged to $701.2 million from $44.9 million in Q1 2009, largely due to a substantial increase in Performance Fees and Allocations and positive Investment Income (Loss), reflecting improved fund performance across its private equity, real estate, and credit segments. The company managed to reduce its net loss attributable to Blackstone Group L.P. to $121.4 million from $231.6 million in the prior year's first quarter. Operationally, Assets Under Management (AUM) grew to $104.5 billion, up 13% year-over-year, indicating a rebound in investor confidence and asset growth. Fee-earning AUM also saw a healthy increase, growing 6% to $98.1 billion. The company's segment analysis reveals strong performance recovery in Private Equity and Real Estate, with significant positive investment income and performance fees. The Credit and Marketable Alternatives segment also demonstrated robust revenue growth. Despite the overall improvement, the Financial Advisory segment experienced a revenue decline, largely due to a drop in restructuring and reorganization advisory fees, though an increase in other advisory services provided some offset.

    May 10, 2010