Quarterly earnings charge ahead at Blackstone
By Abigail Townsend
Date: Thursday 30 Jan 2025
(Sharecast News) - Fourth-quarter profits at Blackstone smashed expectations on Thursday, as assets under management at the alternative investment giant reached a record $1.13trn.
The Wall Street firm said distributable earnings in the three months to December end surged 56% to $2.17bn, fuelled by a 76% hike in fee related earnings (FRE) to $1.8bn.
Distributable earnings per common share came in at $1.69 for the quarter, a 52% increase year-on-year and comfortably ahead of analyst expectations for $1.46 per share.
Total assets under management, meanwhile, stood at $1.127bn.
Blackstone, along with others across the finance sector, have benefited from an uplift in deals in months, which in turned has been fuelled by lower interest rates and improving economic confidence.
Stephen Schwarzman, chief executive, said: "Blackstone reported one of the best quarters in our history.
"Earnings growth accelerated sharply, while the key drivers of our business - inflows, investment activity and realisations - all reached their highest levels in two and a half years.
"As we move forward into 2025, the firm is exhibiting significant momentum."
On an annual basis, FRE rose 21% at $5.28bn while distributable earnings per common share were ahead 17% at $4.64.
Blackstone shares were down 4% at 1505 GMT at $177.94.
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