Blackstone (NYSE:BX) reported fourth-quarter results, with distributable earnings per share of $1.75 (+4% Y/Y), beating the analyst consensus estimate of $1.53.
Distributable earnings rose 3% Y/Y to $2.24 billion in the quarter.
The alternative asset manager firm reported segment revenues of $3.94 billion, down 5% year over year (Y/Y), beating the analyst consensus estimate of $3.72 billion.
Fee-related earnings declined 16% Y/Y to $1.54 billion, with Fee-related earnings rising 39% Y/Y in real estate and 14% Y/Y in the credit and insurance business.
However, Fee-related earnings declined 52% Y/Y in the private equity and 4% Y/Y in the Multi-Asset Investing segments.
Net accrued performance revenue rose to $6.74 billion in the quarter from $6.28 billion in the prior year quarter.
Assets under management rose 13% Y/Y to $1.27 trillion, with inflows of $71.5 billion in the quarter.
Dividend & Buyback
Blackstone declared a quarterly dividend per share of $1.49, payable on February 17, to shareholders of record as of February 9, 2025.
The company repurchased 0.2 million shares and plans to return $2.0 billion to shareholders for the fourth quarter, bringing total dividends and share repurchases for the year to $6.2 billion.
Blackstone has $11.3 billion in total cash, cash equivalents, corporate treasury, and other investments.
Management Commentary
CEO Stephen A. Schwarzman said, “Blackstone’s extraordinary fourth-quarter results capped a record year for the firm. We delivered again for our limited partners, leading to $71 billion of inflows in the quarter, the highest in over three years. Our focus on investing at massive scale in the buildout of digital and energy infrastructure continues to create significant value for our investors.”
BX Price Action: Blackstone shares were up 1.85% at $149.50 during premarket trading on Thursday, according to Benzinga Pro data.
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