Summary
Blackstone Inc. reported its third-quarter 2023 financial results, showcasing a significant increase in total revenues to $2.54 billion, up from $1.06 billion in the prior year's quarter. This growth was primarily driven by a substantial recovery in investment income, which swung from a net loss of $922.2 million in Q3 2022 to a gain of $554.1 million in Q3 2023, largely due to improved unrealized investment performance across its segments, particularly in Private Equity and Credit & Insurance. Despite a notable increase in total expenses, primarily driven by higher compensation and benefits related to improved investment performance, Blackstone managed to achieve strong net income attributable to Blackstone Inc. of $552.0 million, a significant improvement from $2.3 million in the prior year's quarter. The company also reported solid growth in both Fee-Earning Assets Under Management (FEAUM) and Total Assets Under Management (AUM), ending the quarter with $734.5 billion and $1,007.4 billion, respectively. This growth reflects the firm's ability to attract capital across its diverse business segments, even amidst challenging market conditions characterized by rising interest rates and economic uncertainty.
Financial Highlights
40 data points| Revenue | $2.54B |
| Operating Expenses | $1.37B |
| Interest Expense | $110.60M |
| Net Income | $551.99M |
| EPS (Basic) | $0.73 |
| EPS (Diluted) | $0.73 |
| Shares Outstanding (Basic) | 757.96M |
| Shares Outstanding (Diluted) | 758.05M |
Key Highlights
- 1Total Revenues surged to $2.54 billion in Q3 2023, a 140% increase from $1.06 billion in Q3 2022, driven by a strong rebound in investment income.
- 2Investment Income (Loss) improved significantly, turning from a loss of $922.2 million in Q3 2022 to a gain of $554.1 million in Q3 2023, primarily due to better unrealized investment performance.
- 3Net Income Attributable to Blackstone Inc. rose to $552.0 million in Q3 2023, a substantial increase from $2.3 million in Q3 2022.
- 4Fee-Earning Assets Under Management (FEAUM) increased by 3% year-over-year to $734.5 billion as of September 30, 2023.
- 5Total Assets Under Management (AUM) grew by 1% year-over-year to $1,007.4 billion as of September 30, 2023.
- 6Management and Advisory Fees, Net increased by 8% year-over-year to $5.02 billion for the nine months ended September 30, 2023.
- 7The company repurchased approximately 1.3 million shares of common stock for $134.3 million during the third quarter of 2023, with $797.6 million remaining under its share repurchase program.