Blackstone (BX) Q3 2024 earnings summary

Executive summary

• Reported GAAP net income of $1.6 billion for Q3 2024, with distributable earnings of $1.3 billion and the highest fund appreciation in three years.

• Total AUM reached $1.1 trillion, up 10% year over year, with Q3 inflows exceeding $40 billion and robust capital deployment of $123 billion over the last twelve months.

• Fee-related earnings were $1.2 billion ($0.96/share), and distributable earnings per share rose 7% to $1.01.

• Declared a quarterly dividend of $0.86 per share, with $3.45/share distributed over the last twelve months.

• Major investments and commitments in data centers, AI-related assets, and the acquisition of AirTrunk for $16 billion.

Financial highlights

• Q3 2024 revenues were $3.7 billion, up 44% year over year, with expenses of $1.9 billion.

• Net income attributable to Blackstone Inc. was $781 million for the quarter and $2.1 billion year-to-date.

• Net accrued performance revenues rose to $7.0 billion ($5.72/share), up 9% year over year.

• Distributable earnings for Q3 were $1.3 billion ($1.01/share), up 6% year over year.

• Management fees hit a record $1.8 billion in Q3, up 8% year over year.

Outlook and guidance

• Management expects continued growth in AUM and fee-earning AUM, supported by strong inflows and capital deployment.

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

• Expects a more constructive environment for realizations in 2025, with improving transaction activity and investor sentiment.

• Margin for full year 2024 expected to remain within a reasonable range of 2023.

• Cautions on risks and uncertainties, referencing risk factors in the latest 10-K and SEC filings.