Blackstone(US:BX)2025-04-17 10:56Financial Performance - GAAP Net Income for Q1 2025 was $1.2 billion, with Net Income Attributable to Blackstone Inc. at $615 million[11]. - Total Revenues for Q1 2025 were $3.29 billion, a decrease from $3.69 billion in Q1 2024[12]. - Distributable Earnings for Q1 2025 reached $1,410,805 thousand, representing an 11% increase compared to Q1 2024[70]. - The company reported a net income per share of $0.80 for Q1 2025, down from $1.12 in Q1 2024[77]. - Total expenses rose to $1,894,432 in Q1 2025, an increase of 5.8% from $1,790,407 in Q1 2024[77]. - Adjusted EBITDA for Q1 2025 was $1,738,711, up from $1,577,216 in Q1 2024, representing a growth of 10.2%[78]. - The actual dividend per common share for Q1 2025 was $0.93, a 12% increase from the previous quarter[71]. Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $1.167 trillion, with Fee-Earning AUM at $860.1 billion[14]. - Total AUM increased to $1,167.5 billion, up 10% year-over-year, with inflows of $61.6 billion in the quarter and $199.1 billion over the LTM[26]. - As of March 31, 2025, Blackstone reported a total Fee-Earning AUM of $860.07 billion, reflecting a 4% increase from the previous year[49]. - Total AUM for Multi-Asset Investing increased by 12% to $87.8 billion with inflows of $3.4 billion in the quarter[44]. Inflows and Deployments - Blackstone reported inflows of $62 billion in Q1 2025, the highest level in nearly three years[2]. - The company deployed $36.4 billion in Q1 2025, with realizations of $25.5 billion during the same period[14]. - Inflows for Real Estate were $6.2 billion in the quarter and $26.0 billion over the LTM, with capital deployed of $5.2 billion in the quarter[35]. - Private Equity total AUM increased 16% to $371.0 billion, with inflows of $21.7 billion in the quarter and $55.6 billion over the LTM[38]. Performance Metrics - Private Credit net returns were 2.0% for 1Q'25 and 10.8% for 1Q'25 LTM; Liquid Credit net returns were 0.4% for 1Q'25 and 6.9% for 1Q'25 LTM[20]. - Realized Performance Revenues surged by 506% to $91.6 million in 1Q'25 compared to 1Q'24, and increased by 88% to $389.6 million over the LTM[40]. - Fee Related Earnings (FRE) for Q1 2025 were $1.3 billion ($1.03/share), with Distributable Earnings (DE) at $1.4 billion ($1.09/share)[14]. - Total Management and Advisory Fees, Net reached $1.89 billion in 1Q'25, reflecting a growth from $1.71 billion in 1Q'24[47]. Shareholder Returns - Blackstone declared a quarterly dividend of $0.93 per share, payable on May 5, 2025[3]. - The remaining available authorization for share repurchase was $1.8 billion as of March 31, 2025[74]. - Blackstone repurchased 0.2 million common shares in Q1 2025, totaling 3.5 million shares over the last twelve months[14]. Market Conditions and Strategy - The company is well-positioned with $177 billion of dry powder to deploy in the current market environment[2]. - The company expects current market activity to impact reported results in upcoming quarters, indicating a focus on adapting to market conditions[105]. - Forward-looking statements reflect the company's current views on operations, earnings, and financial performance, subject to various risks and uncertainties[111]. Investment Performance - Total investments as of March 31, 2025, amount to $58.92 billion, with a net IRR of 10%[62]. - Total net returns for the levered and unlevered funds of the European Senior Debt II strategy were 14% and 8%, respectively[65]. - Blackstone's GP/Fund Investments as of March 31, 2025, included $594 million in Real Estate, $1.5 billion in Private Equity, $988 million in Credit & Insurance, and $113 million in Multi-Asset Investing[104].