Blackstone's Profit Beats Estimates as Assets Hit $1.11T, Dealmaking Surges

Oct 17, 2024, 11:08 AM

Blackstone Group reported an increase in third-quarter profit, surpassing analysts' estimates, as its assets under management reached a record $1.11 trillion. The firm's credit division became its largest business by assets, boosted by strong investor inflows totaling $40.5 billion, exceeding the estimated $35.8 billion. Total segment revenue was $2.43 billion, topping the estimated $2.36 billion. Earnings per share were $1.01, above the forecasted $0.98. Revenue also beat expectations at $3.66 billion versus the forecasted $2.68 billion. Fee-related earnings rose to $1.18 billion, up 4.5% year-over-year, with fee-related earnings per share at $0.96. GAAP net income stood at $1.6 billion for the quarter and $4.1 billion year-to-date. Blackstone reported that dealmaking surged with $54 billion committed, and its private equity division's assets under management reached $344.71 billion. Blackstone is also planning to list some of its largest investments. The stock was up 1.5% in pre-market trading.