Blackstone : Third-Quarter 2024 Earnings
BX
Blackstone Reports Third Quarter 2024 Results
New York, October 17, 2024: Blackstone (NYSE:BX) today reported its third quarter 2024 results.
Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "Blackstone reported strong third-quarter results, highlighted by broad-based acceleration across our business. We invested or committed $54 billion in the quarter - the highest in over two years - and deployed $123 billion in the last twelve months since the cost of capital peaked. The third quarter also represented the highest amount of overall fund appreciation in three years, and our limited partners entrusted us with over $40 billion of inflows. Blackstone is exceptionally well positioned as the reference firm in the alternatives industry, with leading platforms in compelling, high-growth areas."
Blackstone issued a full detailed presentation of its third quarter 2024 results, which can be viewed at www.blackstone.com.
Dividend
Blackstone has declared a quarterly dividend of $0.86 per share to record holders of common stock at the close of business on October 28, 2024. This dividend will be paid on November 4, 2024.
Quarterly Investor Call Details
Blackstone will host its third quarter 2024 investor conference via public webcast on October 17, 2024 at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1690507&tp_key=3b0cbcd4f1. For those unable to listen to the live
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Blackstone
345 Park Avenue, New York, NY 10154 T 212 583 5000 www.blackstone.com
This presentation does not constitute an offer of any Blackstone Fund.
Investor and Media Relations Contacts
Weston Tucker
Christine Anderson
Blackstone
Blackstone
Tel: +1 (212) 583-5231
Tel: +1 (212) 583-5182
3
Blackstone's Third
Quarter 2024 Earnings
OCTOBER 17, 2024
BLACKSTONE'S THIRD QUARTER 2024 GAAP RESULTS
($ in thousands, except per share data) (unaudited)
3Q'23
Revenues
Management and Advisory Fees, Net
$
1,655,443
$
Incentive Fees
158,801
Performance Allocations
390,486
Principal Investments
163,653
Interest and Dividend Revenue
109,133
Other
63,769
Total Revenues
$
2,541,285
$
Expenses
Compensation and Benefits
946,186
General, Administrative and Other
279,186
Interest Expense
110,599
Fund Expenses
38,934
Total Expenses
$
1,374,905
$
Other Income (Loss)
$
(49,078)
$
Income Before Provision for Taxes
$
1,117,302
$
Provision for Taxes
196,560
Net Income
$
920,742
$
Redeemable NCI in Consolidated Entities
(92,577)
Non-Redeemable NCI in Consolidated Entities
461,325
Net Income Attributable to Blackstone Inc. (''BX'')
$
551,994
$
Net Income Per Share of Common Stock, Basic
$
0.73
$
Net Income Per Share of Common Stock, Diluted
$
0.73
$
3Q'24
3Q'23 YTD
3Q'24 YTD
3Q'23 LTM
3Q'24 LTM
1,794,894
$
5,023,128
$
5,309,355
$
6,671,566
$
6,957,487
191,794
454,754
559,434
665,018
799,851
1,569,673
894,647
3,322,003
841,443
2,959,529
93,371
(782)
675,860
38,429
377,311
109,774
348,123
312,612
450,755
480,986
(96,312)
17,951
(31,861)
(225,331)
(142,741)
3,663,194
$
6,737,821
$
10,147,403
$
8,441,880
$
11,432,423
1,440,344
2,769,892
3,954,850
3,429,221
4,497,928
340,945
827,614
1,022,823
1,119,954
1,312,514
111,337
323,136
328,156
423,465
436,888
3,470
118,918
13,380
137,449
13,449
1,896,096
$
4,039,560
$
5,319,209
$
5,110,089
$
6,260,779
42,842
$
104,373
$
70,009
$
73,038
$
(118,361)
1,809,940
$
2,802,634
$
4,898,203
$
3,404,829
$
5,053,283
245,303
467,504
789,220
326,358
835,177
1,564,637
$
2,335,130
$
4,108,983
$
3,078,471
$
4,218,106
(22,184)
(81,589)
(61,595)
(281,179)
(225,524)
805,986
1,177,639
2,097,943
1,562,716
2,219,195
780,835
$
1,239,080
$
2,072,635
$
1,796,934
$
2,224,435
1.02
$
1.64
$
2.71
$
2.39
$
2.91
1.02
$
1.64
$
2.71
$
2.39
$
2.91
Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and
Blackstone | 1
Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.
BLACKSTONE'S THIRD QUARTER 2024 HIGHLIGHTS
▪ Fee Related Earnings ("FRE") of $1.2 billion ($0.96/share) in the quarter
- FRE was $4.5 billion over the last twelve months ("LTM") ($3.68/share)
▪ Distributable Earnings ("DE") of $1.3 billion ($1.01/share) in the quarter
Financial Measures
- DE was $5.2 billion over the LTM ($4.06/share)
▪ Net Accrued Performance Revenues of $7.0 billion ($5.72/share)
▪ Total Assets Under Management ("AUM") of $1,107.6 billion
- Fee-Earning AUM of $820.5 billion
- Perpetual Capital AUM of $434.7 billion
Capital Metrics
▪
Inflows of $40.5 billion in the quarter and $166.7 billion over the LTM
▪ Deployment of $34.0 billion in the quarter and $123.4 billion over the LTM
▪
Realizations of $22.7 billion in the quarter and $77.0 billion over the LTM
Capital Returned to Shareholders
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BLACKSTONE'S THIRD QUARTER 2024 SEGMENT EARNINGS
% Change
% Change
($ in thousands, except per share data)
3Q'23
3Q'24
vs. 3Q'23
3Q'23 YTD
3Q'24 YTD
vs. 3Q'23 YTD
Management and Advisory Fees, Net
$
1,653,840
$
1,786,734
8%
$
5,009,413
$
5,274,243
5%
Fee Related Performance Revenues
274,551
264,101
(4)%
689,533
736,669
7%
Fee Related Compensation
(539,923)
(554,855)
3%
(1,617,702)
(1,661,845)
3%
Other Operating Expenses
(264,445)
(320,823)
21%
(773,459)
(902,923)
17%
Fee Related Earnings
$
1,124,023
$
1,175,157
5%
$
3,307,785
$
3,446,144
4%
Realized Performance Revenues
337,940
342,669
1%
1,367,889
1,421,951
4%
Realized Performance Compensation
(133,995)
(157,570)
18%
(608,389)
(661,651)
9%
Realized Principal Investment Income
55,500
40,403
(27)%
91,730
66,913
(27)%
Net Realizations
259,445
225,502
(13)%
851,230
827,213
(3)%
Total Segment Distributable Earnings
$
1,383,468
$
1,400,659
1%
$
4,159,015
$
4,273,357
3%
Distributable Earnings
$
1,211,611
$
1,278,650
6%
$
3,672,775
$
3,797,249
3%
Additional Metrics:
Net Income Per Share of Common Stock, Basic
$
0.73
$
1.02
40%
$
1.64
$
2.71
65%
FRE per Share
$
0.92
$
0.96
4%
$
2.72
$
2.82
4%
DE per Common Share
$
0.94
$
1.01
7%
$
2.84
$
2.95
4%
Total Segment Revenues
$
2,321,831
$
2,433,907
5%
$
7,158,565
$
7,499,776
5%
Total Assets Under Management
$
1,007,353,458
$
1,107,628,362
10%
$
1,007,353,458
$
1,107,628,362
10%
Fee-Earning Assets Under Management
$
734,541,603
$
820,457,203
12%
$
734,541,603
$
820,457,203
12%
Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable
to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. YTD FRE per Share and DE per
Common Share amounts represent the sum of the last three quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segment Measures.
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INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES
Investment Performance
Net Accrued Performance Revenues
(appreciation / gross returns)
($ in millions)
3Q'24
3Q'24 LTM
Real Estate
Opportunistic
1.1%
(2.1)%
Core+
(0.5)%
(3.8)%
Private Equity
Corporate Private Equity
6.2%
15.2%
Tactical Opportunities
4.3%
9.8%
Secondaries
0.7%
3.6%
Infrastructure
5.5%
18.0%
Credit & Insurance
Private Credit
3.6%
16.7%
Liquid Credit
2.4%
10.4%
Multi-Asset Investing
Absolute Return Composite
2.2%
11.7%
$1,149
$6,992
$6,214
$372
2Q'24
Net
Net
3Q'24
Performance
Realized
Revenues
Distributions
Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing. Secondaries appreciation excludes GP Stakes. Private Credit net returns were 2.7% and 12.4% for 3Q'24 and 3Q'24 LTM, respectively. Liquid Credit net returns
were 2.2% and 9.9% for 3Q'24 and 3Q'24 LTM, respectively. Absolute Return Composite net returns were 2.0% and 10.6% for 3Q'24 and 3Q'24 LTM, respectively. Blackstone | 4 See notes on page 34 for additional details on investment performance.
CAPITAL METRICS - ADDITIONAL DETAIL
Inflows
Capital Deployed
Realizations
($ in millions)
3Q'24
3Q'24 LTM
3Q'24
3Q'24 LTM
3Q'24
3Q'24 LTM
Real Estate
$
5,835
$
39,752
$
3,655
$
24,527
$
7,405
$
21,274
Opportunistic
555
5,417
1,634
10,401
1,783
3,606
Core+
3,703
11,654
744
4,010
3,263
10,734
Debt Strategies
1,577
22,681
1,277
10,116
2,359
6,934
Private Equity
10,201
36,865
11,395
36,632
5,256
23,800
Corporate Private Equity
4,650
15,754
5,857
17,208
2,220
12,264
Tactical Opportunities
1,190
4,589
2,484
5,678
421
3,304
Secondaries
1,524
8,411
2,176
9,011
1,643
6,895
Infrastructure
2,838
8,111
879
4,735
971
1,338
Credit & Insurance
21,390
80,154
18,417
58,754
9,632
29,705
Multi-Asset Investing
3,115
9,889
572
3,452
445
2,248
Total Blackstone
$
40,541
$
166,659
$
34,039
$
123,365
$
22,737
$
77,027
Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are
Blackstone |
5
managed.
ASSETS UNDER MANAGEMENT
Total AUM
($ in billions)
$1,107.6
$1,007.4
Fee-Earning AUM
($ in billions)
$820.5
Perpetual Capital AUM
($ in billions)
$331.5
$308.6
$290.9
$325.1
$344.7
$354.7
$734.5
$285.5
$284.9
$208.7
$175.9
$205.0
$251.6
$388.3
$185.4
$52.4
$150.4
$434.7
$169.6
$72.3
$192.6
$76.4$83.1
3Q'233Q'24
Real Estate
$68.8
$74.7
3Q'23
3Q'24
Private Equity
Credit & Insurance
3Q'233Q'24
Multi-Asset Investing
Multi-Asset Investing had zero and $206 million of Perpetual Capital AUM as of 3Q'23 and 3Q'24, respectively.
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Disclaimer
The Blackstone Group Inc. published this content on October 17, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on October 17, 2024 at 11:08:18.999.