Blackstone(US:BX)2025-01-30 11:55Financial Performance - Blackstone reported GAAP Net Income of $1.3 billion for Q4 2024 and $5.4 billion for the full year 2024, with Net Income Attributable to Blackstone Inc. at $704 million for the quarter and $2.8 billion for the year[13]. - Total Revenues for Q4 2024 were $3.1 billion, a significant increase from $1.3 billion in Q4 2023, while full year revenues reached $13.2 billion, up from $8.0 billion in FY 2023[14]. - Fee Related Earnings (FRE) for Q4 2024 were $1.8 billion ($1.50/share), representing a 76% increase from Q4 2023, and FRE for the full year was $5.3 billion ($4.32/share), a 21% increase year-over-year[16]. - Distributable Earnings (DE) for Q4 2024 were $2.2 billion ($1.69/share), a 56% increase compared to Q4 2023, with full year DE at $6.0 billion ($4.64/share), an 18% increase[16]. - Total Segment Distributable Earnings were $2.4 billion for 4Q'24 and $6.7 billion for the full year[33]. - Distributable Earnings for FY'24 were reported at $5,966,742, up from $5,060,955 in FY'23, indicating a growth of 17.9%[81]. - Total Revenues rose significantly from $1,285,020 in Q4'23 to $3,082,565 in Q4'24, marking an increase of 139.9%[80]. - Net Income attributable to Blackstone Inc. increased from $151,800 in Q4'23 to $703,873 in Q4'24, reflecting a growth of 363.5%[80]. Assets Under Management (AUM) - Blackstone's Total Assets Under Management (AUM) reached $1.127 trillion, an 8% increase from the previous year, with Fee-Earning AUM at $830.7 billion[16]. - Total AUM increased to $1,127.2 billion, up 8% year-over-year, with fee-earning AUM of $830.7 billion, up 9% year-over-year[28]. - Invested Performance Eligible AUM reached $560.6 billion at quarter end, with undrawn capital available for investment of $168.6 billion[30]. - Real Estate segment total AUM was $315.4 billion, with inflows of $8.1 billion in the quarter and $27.9 billion for the year[36]. - Private Equity segment total AUM increased 12% to $352.2 billion, with inflows of $11.6 billion in the quarter and $41.3 billion for the year[39]. - Total AUM for BSCH is $12.3 billion, while BIP's Total AUM stands at $54.8 billion[71]. Capital Flows - The company experienced inflows of $57.5 billion in Q4 2024 and $171.5 billion for the full year, with deployments of $41.6 billion in the quarter and $133.9 billion for the year[16]. - Total inflows were $57.5 billion in 4Q'24, bringing full year inflows to $171.5 billion[26]. - Capital deployed was $41.6 billion in 4Q'24 and $133.9 billion for the year, with an additional $20.5 billion committed but not yet deployed[26]. - Total Global BREP committed capital reached $104.17 billion with a net IRR of 17%[59]. Shareholder Returns - Blackstone declared a quarterly dividend of $1.44 per share, payable on February 18, 2025, with total dividends for the year amounting to $3.95 per share[16]. - The company repurchased 0.3 million common shares in Q4 2024 and 4.0 million shares for the full year, returning $1.9 billion to shareholders in Q4 and $5.6 billion for the year through dividends and share repurchases[16]. - Common shareholders' retained capital was $529 million for FY'24, with $192 million for Q4'24[111]. Performance Metrics - Liquid Credit net returns were 2.3% for 4Q'24 and 9.0% for FY'24, while Private Credit net returns were 2.2% and 11.6% respectively[22]. - Absolute Return Composite net returns were 3.3% for 4Q'24 and 12.0% for FY'24[22]. - Fee Related Performance Revenues rose by 47% to $227.986 million in Q4'24 compared to Q4'23, and increased by 32% to $747.092 million for FY'24[41]. - Realized Performance Revenues surged by 144% to $337.635 million in Q4'24 compared to Q4'23, and by 145% to $380.518 million for FY'24[44]. - Incentive Fees for Q4'24 were $404.74 million, significantly higher than $191.79 million in Q3'24, indicating a quarterly increase of over 110%[100]. Financial Position - Total Assets increased from $40,287,530 thousand in 4Q'23 to $43,469,875 thousand in 4Q'24, indicating growth in the company's asset base[93]. - Total Liabilities rose from $22,212,316 thousand in 4Q'23 to $23,974,860 thousand in 4Q'24, suggesting an increase in financial obligations[93]. - Cash and Cash Equivalents decreased from $2,955,866 thousand in 4Q'23 to $1,972,140 thousand in 4Q'24, indicating a reduction in liquidity[93]. - The company had $19.1 billion in cash and net investments, equating to $15.61 per share[54]. Performance Challenges - Net Accrued Performance Revenues stood at $6.3 billion ($5.14/share), reflecting a decline due to realized distributions across strategies[19]. - Market activity for Q4 2024 resulted in a net loss of $2.894 billion across various segments[50]. - The company reported a significant unrealized performance allocation of $(983,647) thousand in 4Q'23, highlighting challenges in performance-based revenue generation[83]. - GAAP Unrealized Performance Revenues for 4Q'23 were $(983,642) thousand, with a projected FY'24 total of $(1,691,788) thousand, indicating a significant decline[83]. Strategic Initiatives - Blackstone intends to pay a quarterly dividend representing approximately 85% of its share of Distributable Earnings, subject to board discretion and potential adjustments[115]. - The declaration and payment of dividends are at the sole discretion of Blackstone's board of directors, which may change the dividend policy at any time[115]. - Forward-looking statements reflect current views on operations, taxes, earnings, and financial performance, subject to various risks and uncertainties[117].