Summary
Blackstone Inc. reported strong financial performance for the nine months ended September 30, 2024, driven by significant growth in Investment Income, primarily from unrealized appreciation across its Private Equity and Real Estate segments. Total revenues increased by 51% year-over-year to $10.1 billion, with Net Income Attributable to Blackstone Inc. rising 67% to $2.07 billion. The company also saw substantial growth in its Assets Under Management (AUM), reaching $1.11 trillion in total AUM, up 6% from the previous year. Fee-earning AUM also grew by 8% to $820.5 billion. The company's growth was propelled by strong market activity and favorable economic conditions, including decelerating inflation and anticipated interest rate reductions. Blackstone's key segments, particularly Real Estate and Private Equity, demonstrated robust appreciation in their investment portfolios. Despite an increase in expenses, largely due to higher compensation tied to performance, Blackstone maintained healthy profitability and cash flow, supporting its share repurchase program and dividend distributions.
Financial Highlights
39 data points| Revenue | $3.66B |
| Operating Expenses | $1.90B |
| Interest Expense | $111.34M |
| Net Income | $780.84M |
| EPS (Basic) | $1.02 |
| EPS (Diluted) | $1.02 |
| Shares Outstanding (Basic) | 768.23M |
| Shares Outstanding (Diluted) | 768.28M |
Key Highlights
- 1Total Revenues surged by 51% to $10.1 billion for the nine months ended September 30, 2024, compared to $6.7 billion in the prior year period.
- 2Net Income Attributable to Blackstone Inc. increased significantly by 67% to $2.07 billion for the nine months ended September 30, 2024.
- 3Total Assets Under Management (AUM) grew to $1.11 trillion, a 6% increase year-over-year, reflecting strong capital deployment and market appreciation.
- 4Fee-Earning Assets Under Management (FEAUM) increased by 8% to $820.5 billion, indicating growth in the revenue-generating asset base.
- 5Investment Income (Loss) was a major driver of revenue growth, increasing by $3.1 billion year-over-year due to strong unrealized appreciation, particularly in Private Equity and Real Estate.
- 6Expenses rose by 32% to $5.3 billion, largely driven by a $1.2 billion increase in Compensation and Benefits, primarily linked to performance-based compensation.
- 7The company repurchased approximately 3.7 million shares of common stock for $473.5 million during the nine months ended September 30, 2024, with $1.9 billion remaining under its authorization.