Group 1 - Brad Thomas, along with HOYA Capital, leads the investing group iREIT®+HOYA Capital, focusing on REITs, BDCs, MLPs, Preferreds, and other income-oriented alternatives [1] - The team of analysts has over 100 years of combined experience, including backgrounds as a hedge fund manager, due diligence officer, portfolio manager, PhD, military veteran, and advisor to a former U.S. President [1] - Brad Thomas has over 30 years of real estate investing experience, having acquired, developed, or brokered over $1 billion in commercial real estate transactions [2] Group 2 - Brad Thomas has been featured in major media outlets such as Barron's, Bloomberg, and Fox Business, and is the author of four books, including "REITs For Dummies" [2]

Core Insights - Stratos Capital Partners (S.C) was founded in 2017 by a team of investment professionals focused on financial markets, macroeconomics, and investment strategy [1] - The firm initially concentrated on algorithmic trend-following strategies but has evolved towards a multi-asset and multi-strategy investment model [1] - The portfolio manager has over 15 years of experience in the investment industry, managing portfolios for ultra-high-net-worth families, with a focus on systematic strategies [1] Investment Philosophy - The investment philosophy emphasizes systematic design, multi-asset composition, and multi-strategy execution [1] - Rigorous risk management is considered fundamental to the multi-asset and multi-strategy investment model [1] - For equities, the firm relies on value investing principles and other factors that generate consistent beta across market cycles [1] Qualitative Assessments - While the approach is heavily quantitative, a degree of judgment and strategic thinking is necessary for qualitative assessments at the individual stock level [1]

Group 1 - The investing group iREIT®+HOYA Capital is led by Brad and HOYA Capital, focusing on REITs, BDCs, MLPs, Preferreds, and other income-oriented alternatives [1] - The team of analysts has over 100 years of combined experience, including diverse backgrounds such as a former hedge fund manager and a military veteran [1] - Brad Thomas has over 30 years of experience in real estate investing, having been involved in over $1 billion in commercial real estate transactions [2] Group 2 - Brad Thomas has been featured in major media outlets like Barron's, Bloomberg, and Fox Business, and is the author of four books, including "REITs For Dummies" [2]

Company Overview - Blackstone Inc. has an Assets Under Management (AUM) of $1.1 trillion, making it the largest alternative investment business globally [4] - The firm has experienced significant growth, with AUM increasing approximately 13 times since its IPO in 2007 [4] - Blackstone operates a highly diversified business model, with leading positions in real estate, private equity, credit, and hedge funds [4] - The company has established strategic partnerships with four life insurance companies, while maintaining no exposure to their liabilities [4] Leadership Insights - Michael Chae serves as the Chief Financial Officer and Vice Chairman of Blackstone, having joined the firm in 1997 and held various senior roles [2] - Chae is a member of the management committee and participates in several investment committees across the firm's operations [2]

Group 1 - The company emphasizes a diversified investment approach, particularly in the REIT sector, highlighting its investment in Blackstone (NYSE: BX) as a key example [1] - The introduction of iREIT® provides comprehensive research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers [1] - The iREIT® Tracker offers data on over 250 tickers, including quality scores, buy targets, and trim targets, enhancing investment decision-making [1] Group 2 - A new Ratings Tracker called iREIT Buy Zone has been added to assist members in screening for value investments [2] - The company offers a 2-week free trial for new members, allowing them to explore the services without any initial cost [2][3] - The promotional offer includes a free book, adding additional value to the trial experience [3]

Shares of Blackstone (BX) tanked 4.1% yesterday despite reporting better-than-expected fourth-quarter 2024 results. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.BX’s distributable earnings of $1.69 per share surpassed the Zacks Consensus Estimate of $1.46. Also, the figure reflected a surge of 52% from the prior-year quarter. Additionally, total segment revenues were $4.15 billion, soaring 64% year over year. The top line outpaced the Zacks Consensus Estimate of $3.79 billion. On ...

Core Viewpoint - Blackstone's investments in data centers remain strong despite the emergence of low-cost AI models from DeepSeek, as the need for physical infrastructure for AI is still critical [1][3]. Group 1: Company Strategy - Blackstone has $80 billion worth of leased data centers and emphasizes a "very prudent approach" in its strategy for this segment [2][5]. - The company highlights its partnerships with major global firms, reinforcing its position in the data center market [2][5]. Group 2: Market Dynamics - The rise of DeepSeek has raised concerns about potential slowdowns in data center investments due to its low-cost AI offerings [3][5]. - However, Blackstone's COO Jonathan Gray believes that lower costs could lead to increased AI adoption, ultimately boosting demand for data centers [3][4]. Group 3: Industry Outlook - As AI usage increases significantly, the necessity for data centers remains vital, according to Blackstone [4]. - Analysts from Jefferies support this view, indicating that the data center segment will continue to be important [4].

Core Insights - Blackstone reported strong earnings for Q4 2024, exceeding analyst expectations with distributable EPS of $1.69 and total segment revenues of $4.15 billion, reflecting a 64% year-over-year increase [1][2][3] Financial Performance - Distributable EPS reached $1.69, surpassing the $1.47 estimate and showing a 52.3% increase from $1.11 in Q4 2023 [3] - Total segment revenues were $4.15 billion, exceeding the $3.78 billion estimate and marking a 64% increase from $2.54 billion in Q4 2023 [3] - Net income attributable to Blackstone was $703.9 million, a significant increase of 364% from $151.8 million in the previous year [3] - Assets under management (AUM) rose to $1.13 trillion, an 8.5% increase year-over-year [3][7] Strategic Initiatives - Blackstone's growth was supported by record-setting asset management growth and strategic diversification across various asset classes, including real estate, infrastructure, and life sciences [2][5][8] - The firm expanded into private wealth channels, which contributed to an increasing share of total AUM [8] - Fee-earning AUM grew by 9% to $830.7 billion, indicating a solid foundation for future revenue generation [7] Dividend and Investor Returns - Blackstone declared a quarterly dividend of $1.44 per common share, leading to a total annual dividend of $3.95 per share, reflecting confidence in growth prospects [9] Future Outlook - Management anticipates a constructive market environment in 2025, focusing on leveraging technological advancements, particularly AI, to enhance investment decisions [10][11] - The firm plans to capitalize on investment opportunities in the private credit market and infrastructure investments, aiming for long-term growth [12]

Core Insights - Blackstone Inc. reported a revenue of $4.15 billion for the quarter ended December 2024, marking a 63.7% increase year-over-year, with EPS at $1.69 compared to $1.11 in the previous year [1] - The revenue exceeded the Zacks Consensus Estimate of $3.79 billion by 9.60%, and the EPS also surpassed the consensus estimate of $1.48 by 14.19% [1] Financial Performance Metrics - Fee-Earning Assets Under Management totaled $830.71 billion, slightly below the average estimate of $842.77 billion [4] - Private Equity assets were reported at $212.18 billion, compared to the average estimate of $214.42 billion [4] - Real Estate assets were $278.92 billion, below the average estimate of $289.02 billion [4] - Credit & Insurance assets were $264.62 billion, slightly above the average estimate of $262.49 billion [4] Segment Revenue Performance - Realized Performance Revenues reached $865.08 million, exceeding the average estimate of $670.78 million, representing a 24.8% increase year-over-year [4] - Realized Principal Investment Income was reported at $25.61 million, compared to the average estimate of $45.68 million, reflecting a 33.4% year-over-year increase [4] - Base Management Fees totaled $1.77 billion, slightly below the average estimate of $1.78 billion, with a year-over-year increase of 10.4% [4] - Total Management and Advisory Fees, Net, were $1.86 billion, compared to the average estimate of $1.87 billion, showing a 12.4% year-over-year increase [4] - Fee Related Performance Revenues surged to $1.40 billion, significantly exceeding the average estimate of $1.19 billion, with a remarkable year-over-year change of 728% [4] - Credit & Insurance Base Management Fees were $411.84 million, below the average estimate of $425.44 million, with a year-over-year increase of 21.3% [4] - Multi-Asset Investing Realized Principal Investment Income (Loss) was reported at $3.04 million, compared to the average estimate of $5.73 million, reflecting a 105.1% year-over-year change [4] - Multi-Asset Investing Transaction, Advisory and Other Fees, Net, were $0.94 million, below the average estimate of $1.21 million, showing a 44% decrease year-over-year [4] Stock Performance - Blackstone Inc. shares returned +7.5% over the past month, outperforming the Zacks S&P 500 composite's +1.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Earnings Performance - Blackstone's Q4 2024 distributable earnings per share were $1.69, beating the Zacks Consensus Estimate of $1.46 and reflecting a 52% YoY increase [1] - For full-year 2024, distributable earnings per share were $4.64, surpassing the consensus estimate of $4.41 and growing 17% YoY [3] - Net income attributable to Blackstone in Q4 2024 was $703.9 million, compared to $151.8 million in the prior-year quarter [2] - Full-year 2024 net income attributable to Blackstone was $2.78 billion, doubling from $1.39 billion in 2023 [3] Revenue and Expenses - Q4 2024 total segment revenues were $4.15 billion, a 64% YoY increase and beating the Zacks Consensus Estimate of $3.79 billion [4] - Full-year 2024 total segment revenues reached $11.65 billion, up 20% YoY and surpassing the consensus estimate of $11.28 billion [5] - GAAP basis revenues for 2024 were $13.23 billion, a 65% YoY increase [5] - Total GAAP expenses for 2024 were $1.5 billion, surging 59% YoY [5] Assets Under Management (AUM) - Fee-earning AUM grew 9% YoY to $830.71 billion as of Dec 31, 2024 [6] - Total AUM reached $1.13 trillion, up 8% YoY, driven by $57.5 billion in Q4 inflows [6] - Undrawn capital available for investment stood at $168.6 billion as of Dec 31, 2024 [6] Financial Position - As of Dec 31, 2024, Blackstone had $9.7 billion in total cash, cash equivalents, and corporate treasury investments [5] - The company held $19.1 billion in cash and net investments [5] - Blackstone maintained a $4.3 billion undrawn credit revolver [5] Share Repurchases - Blackstone repurchased 0.3 million shares during Q4 2024 [7] - As of Dec 31, 2024, $1.8 billion worth of buyback authorization remained available [7] Peer Performance - Invesco's Q4 2024 adjusted earnings per share were 52 cents, beating the consensus estimate of 49 cents and increasing 10.6% YoY [9] - BlackRock's Q4 2024 adjusted earnings per share were $11.93, surpassing the consensus estimate of $11.44 and reflecting a 23.5% YoY rise [10] - BlackRock's AUM reached $11.55 trillion, driven by net inflows, partially offset by market depreciation and negative forex impact [10]