Blackstone Exceeds Q3 Expectations: $1.108T AUM, Achieves Highest Amount Of Fund Appreciation In 3 Years

Blackstone Inc BX shares are trading higher after it reported third-quarter fiscal year segment revenues of $2.434 billion, slightly beating the consensus of $2.408 billion. 

Distributable earnings (DE) rose 6% year-over-year to $1.279 billion. Fee-related earnings increased 5% to $1.18 billion.

Fee-related earnings fell 8% in the Real Estate while rising 25% in the Credit & Insurance business and 9% in the Private Equity segments.

Net accrued performance revenue rose to $7.0 billion in the quarter from $6.44 billion in the prior year quarter. 

Distributable earnings per share of $1.01 (+7% Y/Y), beating the consensus of $0.94.

Asset under management rose 10% Y/Y to $1.108 trillion, with inflows of $40.5 billion in the quarter.

Dividend: Blackstone declared a quarterly dividend per share of $0.86, payable on November 4, 2024, to shareholders of record as of October 28, 2024.

Buyback: The company repurchased 1.0 million shares in the third quarter. Blackstone has available authorization remaining of $1.9 billion as of September-end.

Blackstone CEO and Chairman Stephen A. Schwarzman said, “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.”

Also Read: Smartsheet To Be Acquired By Blackstone, Vista In $8.4B Deal: Details

In September, Blackstone announced an investment to build one of Europe’s largest AI data centers in the North East of England.

Also, Blackstone and CPP Investments disclosed a deal to acquire AirTrunk from Macquarie Asset Management and the Public Sector Pension Investment Board.

According to Benzinga Pro, BX stock has gained over 51% in the past year. Investors can gain exposure to the stock via EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF LBO and Invesco Global Listed Private Equity ETF PSP.

Price Action: BX shares are up 4.50% at $166.89 premarket at the last check Thursday.

Image via Shutterstock

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