Summary
Blackstone Inc. (BX) reported strong financial performance for the nine months ended September 30, 2017, with total revenues increasing significantly driven by robust Performance Fees across its segments, particularly in Real Estate and Private Equity, and substantial growth in Management and Advisory Fees, Net. The company saw a substantial increase in net income attributable to The Blackstone Group L.P. year-over-year. Total Assets Under Management grew to $387.4 billion, reflecting strong inflows and market appreciation, with Fee-Earning Assets Under Management also seeing a healthy increase. The company's liquidity position remains strong, supported by operating cash flows, reserves, and access to its credit facility, with strategic debt management activities undertaken during the period, including note redemptions and new issuances. Blackstone's Private Equity segment demonstrated strong revenue growth, driven by higher base management fees and significant increases in Performance Fees, particularly from realized carried interest and unrealized appreciation in investments. The Real Estate segment also experienced robust revenue growth, largely due to strong performance in opportunistic funds and increased management fees from new fund launches. The Hedge Fund Solutions segment showed considerable growth in Performance Fees and Investment Income, reflecting positive market performance and higher fee-earning assets. The Credit segment, while facing some headwinds in Performance Fees, saw growth in Management Fees and Interest and Dividend Revenue. Overall, Blackstone's diversified business model and strategic capital deployment have positioned it well amidst favorable market conditions.
Financial Highlights
33 data points| Revenue | $1.74B |
| Operating Expenses | -$904.51M |
| Interest Expense | $41.55M |
| Net Income | $377.92M |
| EPS (Basic) | $0.57 |
| EPS (Diluted) | $0.55 |
| Shares Outstanding (Basic) | 667.38M |
| Shares Outstanding (Diluted) | 1.20B |
Key Highlights
- 1Total Revenues increased by 47% year-over-year for the nine months ended September 30, 2017, reaching $5.2 billion.
- 2Net Income Attributable to The Blackstone Group L.P. grew by 77% year-over-year for the nine months ended September 30, 2017, totaling $1.2 billion.
- 3Total Assets Under Management (AUM) increased by 7% to $387.4 billion as of September 30, 2017, reflecting strong capital inflows and market appreciation across all segments.
- 4Fee-Earning Assets Under Management (FEAUM) increased by 7% to $285.7 billion as of September 30, 2017, driven by inflows and market appreciation, particularly in the Credit and Real Estate segments.
- 5Performance Fees more than doubled year-over-year for the nine months ended September 30, 2017, reaching $2.7 billion, primarily fueled by strong realized and unrealized gains in Real Estate and Private Equity.
- 6Management and Advisory Fees, Net increased by 11% year-over-year for the nine months ended September 30, 2017, driven by growth in Base Management Fees, notably in the Private Equity and Real Estate segments.
- 7Blackstone's liquidity remains strong with $1.3 billion in cash and cash equivalents and $1.9 billion in investments, supported by its $1.5 billion revolving credit facility, alongside proactive debt management including note redemptions and new issuances.