Blackstone Beats Third Quarter Expectations: $1.108 Trillion in Assets Under Management, Highest Fund Growth in Three Years
Blackstone Corp. (NYSE:BX) shares rise after the company reported third-quarter fiscal segment revenue of $2.434 billion, slightly above consensus of $2.48 billion .
Distributable earnings (DE) increased 6% year over year to $1,279 million. Fee-related revenue increased 5% to $1.18 billion.
Fee-related revenue decreased 8% in real estate, but rose 25% in credit and insurance and 9% in private equity.
Accrued performance revenue for the quarter increased to $7.0 billion from $6.44 billion in the year-ago period.
Distributable earnings per share were $1.01 (up 7% year-over-year), beating consensus of $0.94.
Assets under management increased 10% year over year to $1,108 billion, with $40.5 billion inflows in the quarter.
Dividend: Blackstone announced that it will pay a quarterly dividend of $0.86 per share on November 4, 2024 to its shareholders listed on its record as of October 28, 2024.
Stock Repurchases: The company repurchased 1 million shares in the third quarter. Blackstone had $1.9 billion of available authorization remaining at the end of September.
“We invested or committed $54 billion in the quarter, the most in more than two years,” said Stephen A. Schwarzman, Blackstone CEO and Chairman. “We have deployed $123 billion in the last 12 months since the cost of capital peaked.”
“The third quarter also saw the highest overall fund appreciation in three years, with more than $40 billion in inflows from our limited partners. We offer a leading platform and are very well positioned as a reference company in the alternative industry.”
Also read: Smartsheet to be acquired by Blackstone, Vista in $8.4 billion deal: Details
In September, Blackstone announced an investment to build one of Europe’s largest AI data centers in northeast England.
Blackstone and CPP Investments also revealed a deal to acquire AirTrunk from Macquarie Asset Management and the Public Sector Pensions Investment Board.
BX stock has risen more than 51% in the past year, according to Benzinga Pro. Investors can gain exposure to equities through the EA Series Trust White Wolf Listed Private Equity ETF (BATS:LBO) and the Invesco Global Listed Private Equity ETF (NYSE:PSP).
Price Action: BX stock was up 4.50% at a pre-market price of $166.89 at last check on Thursday.
Image via Shutterstock
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The article Blackstone Beats Third Quarter Expectations: $1.108 Trillion in Assets Under Management, Highest Fund Valuation in Three Years originally appeared on Benzinga.com
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