Blackstone: Beats on Revenue & Earnings

The World's Biggest Alternative Investment Manager, Blackstone, Beats On Revenue & Earnings — Credit & Insurance Business Overtakes Private Equity and Real Estate

Here are the key takeaways from their latest earnings:

• Total Segment Revenue: $2.43B vs $2.36B exp (+4.8% YoY)

• Fee-Related Earnings: $1.18B ($0.96 per share) vs $1.15B exp (+4.5% YoY)

• Net Income: $1.56B (+70% YoY), $4.1B YTD

• Total AUM: $1.11T vs $1.1T exp (+10% YoY)

• Credit & Insurance AUM: $354.74B vs $341.01B exp (+22% YoY)

• Private Equity AUM: $344.71B vs $337.25B exp (+12% YoY)

• Real Estate AUM: $325.08B vs $341.06B exp (-1.9% YoY)

• Total Inflows: $40.5B vs $35.8B exp

• Outflows: $11.32B

• Net Inflows: $29.22B

• Capital Deployed: $34.0B vs. $25.81B exp

• Total Dry Powder: $171.6B

“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.”

At $355B, its Credit & Insurance business AUM is now bigger than its Private Equity ($344B) and Real Estate business ($325B)!

Going forward, Blackstone believes Private Credit is a $30 trillion opportunity.

Shares are now up +50% over the past year.