Blackstone Inc (NYSE:BX) shares are trading higher after it reported segment revenue of $2.434 billion in the third quarter of the fiscal year, slightly beating the consensus of $2.408 billion.
Distributable earnings (DE) increased 6% year-on-year to $1.279 billion. Compensation-related revenues rose 5% to $1.18 billion.
Fee-related revenues fell by 8% in the real estate sector, while they increased by 25% in the credit and insurance activities and by 9% in the private equity segments.
Net accrued performance revenue increased in the quarter to $7.0 billion from $6.44 billion in the prior year quarter.
Distributable earnings per share of $1.01 (+7% YoY), better than consensus of $0.94.
Assets under management rose 10% year-on-year 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 a remaining authorization of $1.9 billion as of the end of September.
Blackstone CEO and Chairman Stephen A. Schwarzman said: “We invested or committed $54 billion this quarter – the most in more than two years – and deployed $123 billion in the past twelve months since the cost of capital peaked. ”
“The third quarter also represented the highest amount of total fund appreciation in three years, and our limited partners entrusted us with inflows of more than $40 billion. Blackstone is exceptionally well positioned as a reference company in the alternative sector, with leading platforms in attractive, high-growth areas.”
Also read: Smartsheet to be acquired by Blackstone and Vista in $8.4 billion deal: details
In September, Blackstone announced an investment to build one of Europe’s largest AI data centers in the North East of England.
Blackstone and CPP Investments also announced an acquisition agreement AirTrunk from Macquarie Asset Management and the Public Sector Pension Investment Board.
According to Benzinga Pro, BX shares are up more than 51% in the past year. Investors can gain exposure to the shares through EA Series Trust WHITEWOLF listed private equity ETF (BATS:LBO) and Invesco Global listed Private Equity ETF (NYSE:PSP).
Price promotion: BX shares are up 4.50% to $166.89 premarket at last check Thursday.
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This article Blackstone Beats Third Quarter Expectations: $1.108 Trillion Under Management, Achieves Highest Fund Valuation in Three Years originally appeared on Benzinga.com
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