Blackstone Posts 43% Drop In Q2 Revenues, While Hitting $1 Trillion AUM Milestone

Blackstone Inc BX reported Q2 revenues of $2.35 billion, down 43% Y/Y and missing the consensus of $2.41 billion.

Distributable earnings (DE) fell 43% Y/Y to $1.35 billion, mainly on a 64% Y/Y decline in DE from the real estate business. 

Its opportunistic funds were flat, and core real estate funds appreciated by 1.7% in Q2.

DE per share of $0.93 was in-line with the consensus.

Fee-related earnings increased by 12% to $1.14 billion.

Fee-related earnings grew by 5% Y/Y in the real estate segment but rose 29% Y/Y in private equity and 22% in Credit & Insurance businesses.

Net accrued performance revenue declined to $6.47 billion in Q2 2023 from $7.48 billion in Q2 2022.

Asset under management rose 6% Y/Y to $1.0 trillion, with inflows of $30.1 billion in Q2.

Dividend: Blackstone declared a quarterly dividend per share of $0.79. 

Repurchase: The company repurchased $1.2 billion worth of stock, with shares available for authorization of $1.0 billion in Q1.

Chairman and Chief Executive Officer, Stephen A. Schwarzman, said, "Blackstone is the first alternative manager to surpass $1 trillion of assets under management."

Price Action: BX shares are down 3.73% to $104.14 during Thursday's premarket session.

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