Blackstone (BX) Q2 2024 earnings summary

Executive summary

• Q2 2024 GAAP net income was $948 million, with distributable earnings of $1.3 billion ($0.96/share) and a declared dividend of $0.82 per share; total AUM reached $1.08 trillion, up 7% year-over-year, with $39.4 billion in inflows and $34 billion deployed, the highest in two years.

• Fee-earning AUM was $808.7 billion, up 11% year-over-year; management and advisory fees rose 5% to $1.8 billion for Q2.

• The firm is investing heavily in AI infrastructure, data centers, private credit, logistics, and renewables, with significant capital committed to CoreWeave and NextEra projects.

• Real estate portfolio is weighted toward logistics, rental housing, and data centers, now comprising 75% of global real estate equity; real estate AUM increased 1% to $336.1 billion.

• Increased share repurchase authorization to $2.0 billion and repurchased 2.0 million shares in Q2.

Financial highlights

• Fee Related Earnings (FRE) were $1.1 billion ($0.91/share) for Q2; distributable earnings up 3% year-over-year; total segment distributable earnings were $1.4 billion, up 5% year-over-year.

• Net Accrued Performance Revenues reached $6.2 billion ($5.08/share) at quarter end.

• Adjusted EBITDA for Q2 2024 was $1.55 billion.

• GAAP net income per share was $0.58 for Q2 2024, down from $0.79 in Q2 2023.

• Dividends declared for Q2 2024 totaled $0.82 per share, with $1.3 billion to be distributed to shareholders.

Outlook and guidance

• Management expects continued AUM growth, supported by strong fundraising in Credit & Insurance and Private Equity, and positive momentum in perpetual capital strategies.

• Anticipates a material step-up in FRE in Q4 as flagship funds exit fee holidays and performance revenues crystallize.

• Full-year 2025 will benefit from new flagship vehicles and continued expansion of perpetual strategies.

• Increased share repurchase authorization to $2.0 billion and expects to return significant capital to shareholders.

• Forward-looking statements caution on risks and uncertainties, referencing risk factors in the latest 10-K.