Summary
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.
Financial Highlights
32 data points| Revenue | $1.22B |
| Operating Expenses | $851.39M |
| Interest Expense | $19.07M |
| Net Income | $128.82M |
| EPS (Basic) | $0.24 |
| EPS (Diluted) | $0.24 |
| Shares Outstanding (Basic) | 544.72M |
| Shares Outstanding (Diluted) | 546.92M |
Key Highlights
- 1Total Revenues increased by 20% to $2.8 billion for the nine months ended September 30, 2012, compared to the same period in 2011.
- 2Performance Fees surged by 36% year-over-year to $1.1 billion, driven by strong market appreciation and improved performance across Private Equity, Real Estate, and Credit segments.
- 3Investment Income (Loss) increased significantly by 51% to $222.6 million for the nine months ended September 30, 2012.
- 4Total Assets Under Management (AUM) grew by 23% year-over-year to $204.6 billion as of September 30, 2012.
- 5Fee-Earning Assets Under Management (FEAUM) increased by 23% year-over-year to $168.6 billion as of September 30, 2012.
- 6Total Assets increased by $5.9 billion to $27.8 billion, primarily due to a $5.6 billion increase in Investments.
- 7Total Liabilities increased by $4.3 billion to $17.0 billion, primarily due to a $4.0 billion increase in Loans Payable.