Summary
Blackstone Inc. (BX) reported strong financial results for the first quarter of 2024, demonstrating significant growth and resilience across its diverse business segments. Total revenues surged by 167% year-over-year to $3.7 billion, primarily driven by a substantial rebound in investment income, which swung from a loss in the prior year's quarter to a gain of $1.6 billion. This was largely fueled by a significant increase in unrealized investment gains across its Real Estate, Private Equity, and Credit & Insurance segments, reflecting positive market movements and company-specific investment performance. Net income attributable to Blackstone Inc. soared by 887% to $847.4 million, or $1.11 per diluted share, compared to $85.8 million, or $0.11 per diluted share, in Q1 2023. This strong profitability was supported by disciplined expense management, with total expenses rising 51% but lagging revenue growth, largely due to increased performance allocation compensation tied to improved investment results. The company also saw healthy growth in Fee Related Earnings, up 12% in Real Estate and 25% in Credit & Insurance, highlighting the recurring and stable nature of its management fee business. Assets Under Management (AUM) also showed robust growth, with Fee-Earning AUM increasing by $18.8 billion to $781.4 billion and Total AUM up $21.1 billion to $1.06 trillion, indicating continued investor confidence and capital deployment.
Financial Highlights
40 data points| Revenue | $3.69B |
| Operating Expenses | $1.79B |
| Interest Expense | $108.20M |
| Net Income | $847.39M |
| EPS (Basic) | $1.12 |
| EPS (Diluted) | $1.11 |
| Shares Outstanding (Basic) | 759.80M |
| Shares Outstanding (Diluted) | 760.26M |
Key Highlights
- 1Total revenues increased 167% year-over-year to $3.7 billion, driven by a significant swing in Investment Income from a loss to a gain of $1.6 billion.
- 2Net income attributable to Blackstone Inc. grew 887% to $847.4 million ($1.11 per diluted share), compared to $85.8 million ($0.11 per diluted share) in Q1 2023.
- 3Fee Related Earnings demonstrated solid growth across key segments: Real Estate (12% increase) and Credit & Insurance (25% increase).
- 4Total Assets Under Management (AUM) increased by $21.1 billion to $1.06 trillion, and Fee-Earning AUM grew by $18.8 billion to $781.4 billion.
- 5The company repurchased $88.4 million of common stock in the quarter, with $668.4 million remaining under its share repurchase program.
- 6Blackstone declared a quarterly dividend of $0.83 per share for Q1 2024.