Blackstone Inc. · NYSE:BX
Blackstone — Q4 2024 Earnings Presentation
43 slides from Blackstone's earnings presentation, Jan 30, 2025
Slide 1: Blackstone Reports Fourth Quarter and Full Year 2024 Results
Blackstone Reports Fourth Quarter and Full Year 2024 Results New York, January 30, 2025: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2024 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported one of the best quarters in our history.
Slide 2: About Blackstone and Forward-Looking Statements
broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at https://ir.blackstone.com/. About Blackstone Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening
Slide 3: Investor and Media Relations Contacts
This presentation does not constitute an offer of any Blackstone Fund. Investor and Media Relations Contacts Weston Tucker Christine Anderson Blackstone Blackstone Tel: +1 (212) 583-5231 Tel: +1 (212) 583-5182 tucker@blackstone.com christine.anderson@blackstone.com 3
Slide 4: Blackstone's Fourth Quarter and Full Year 2024 Earnings
Blackstone’s Fourth Quarter and Full Year 2024 Earnings JANUARY 30, 2025
Slide 5: Fourth Quarter and Full Year 2024 GAAP Results
BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2024 GAAP RESULTS ▪ GAAP Net Income was $1.3 billion for the quarter and $5.4 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $704 million for the quarter and $2.8 billion for the year. ($ in thousands, except per share data) (unaud
Slide 6: Fourth Quarter and Full Year 2024 Highlights
BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2024 HIGHLIGHTS ▪ Fee Related Earnings (“FRE”) of $1.8 billion ($1.50/share) in the quarter – FRE was $5.3 billion for the year ($4.32/share) ▪ Distributable Earnings (“DE”) of $2.2 billion ($1.69/share) in the quarter Financial Measures – DE was $6.0 billio
Slide 7: Fourth Quarter and Full Year 2024 Segment Earnings
BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2024 SEGMENT EARNINGS % Change % Change ($ in thousands, except per share data) 4Q'23 4Q'24 vs. 4Q'23 FY'23 FY'24 vs. FY'23 Management and Advisory Fees, Net $ 1,653,831 $ 1,859,291 12% $ 6,663,244 $ 7,133,534 7% Fee Related Performance Revenues 168,994 1,39
Slide 8: Investment Performance and Net Accrued Performance Revenues
INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES ▪ Net Accrued Performance Revenues declined quarter-over-quarter to $6.3 billion ($5.14/share) primarily due to realized distributions across strategies. Investment Performance Net Accrued Performance Revenues (appreciation / gross returns)
Slide 9: Capital Metrics – Additional Detail
CAPITAL METRICS – ADDITIONAL DETAIL ▪ Inflows were $57.5 billion in the quarter, bringing full year inflows to $171.5 billion. ▪ Deployed $41.6 billion in the quarter and $133.9 billion for the year. – Committed an additional $20.5 billion that was not yet deployed in the quarter. ▪ Realizations wer
Slide 10: Assets Under Management
ASSETS UNDER MANAGEMENT ▪ Total AUM increased to $1,127.2 billion, up 8% year-over-year, with $57.5 billion of inflows in the quarter and $171.5 billion for the year. ▪ Fee-Earning AUM of $830.7 billion was up 9% year-over-year, with $39.2 billion of inflows in the quarter and $155.4 billion for the
Slide 11: Additional Capital Detail
ADDITIONAL CAPITAL DETAIL ▪ Invested Performance Eligible AUM reached $560.6 billion at quarter end. ▪ Undrawn capital (“Total Dry Powder”) available for investment of $168.6 billion. Invested Performance Eligible AUM Total Dry Powder ($ in billions) ($ in billions) 4Q'24 total: $168.6 $560.6 Multi-
Slide 12: Segment Highlights
Segment Highlights Blackstone | 8
Slide 13: Segment Distributable Earnings Composition
SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION ▪ 4Q'24 Total Segment Distributable Earnings were $2.4 billion. ▪ Full year Total Segment Distributable Earnings were $6.7 billion. Segment Distributable Earnings ($ in millions) 4Q'24 total: $2,437 FY'24 total: $6,710 Multi-Asset Multi-Asset Investing Inve
Slide 14: Real Estate
REAL ESTATE ▪ Total AUM: $315.4 billion with inflows of $8.1 billion in the quarter and $27.9 billion for the year. – Inflows in the quarter included $1.9 billion in the fifth real estate debt strategies fund, $1.0 billion in the seventh European opportunistic fund, $905 million of capital raised in
Slide 15: Private Equity
PRIVATE EQUITY ▪ Total AUM: Increased 12% to $352.2 billion with inflows of $11.6 billion in the quarter and $41.3 billion for the year. – Inflows in the quarter included $2.8 billion in Infrastructure, $1.9 billion in Life Sciences, $1.8 billion in Secondaries, $1.1 billion in Tactical Opportunitie
Slide 16: Credit & Insurance
CREDIT & INSURANCE ▪ Total AUM: Increased 20% to $375.5 billion with inflows of $34.2 billion in the quarter and $91.2 billion for the year. – Inflows in the quarter included $14.5 billion for the global direct lending strategy, inclusive of $3.1 billion of equity raised for BCRED, and $9.9 billion
Slide 17: Multi-Asset Investing
MULTI-ASSET INVESTING ▪ Total AUM: Increased 10% to $84.2 billion with inflows of $3.6 billion in the quarter and $11.0 billion for the year. ▪ Returns: Absolute Return Composite gross return of 3.7% in the quarter (3.3% net), outperforming the HFRX Global Hedge Fund Index, which was 0.2%. – Absolut
Slide 18: Supplemental Details
Supplemental Details Blackstone | 14
Slide 19: Total Segments
TOTAL SEGMENTS ($ in thousands) 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 FY'23 FY'24 Base Management Fees $ 1,605,948 $ 1,644,730 $ 1,651,566 $ 1,710,941 $ 1,773,645 $ 6,465,847 $ 6,780,882 Transaction, Advisory and Other Fees, Net 52,836 66,938 132,536 82,506 117,708 235,892 399,688 Management Fee Offsets (4,
Slide 20: Assets Under Management - Rollforward
ASSETS UNDER MANAGEMENT - ROLLFORWARD Total AUM Rollforward ($ in millions) Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2024 Real Private Credit & Multi-Asset Real Private Credit & Multi-Asset Total Total Estate Equity Insurance Investing Estate Equity Insurance Investing B
Slide 21: Deconsolidated Balance Sheet Highlights
DECONSOLIDATED BALANCE SHEET HIGHLIGHTS ▪ At December 31, 2024, Blackstone had $9.7 billion in total cash, cash equivalents, corporate treasury, and other investments and $19.1 billion of cash and net investments, or $15.61 per share. ▪ Blackstone has a $4.3 billion credit revolver and maintains A+/
Slide 22: Net Accrued Performance Revenues – Additional Detail
NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL ($ in millions, except per share data) 4Q'24 4Q'24 QoQ Rollforward 4Q'23 3Q'24 4Q'24 Per Share ($ in millions) Real Estate Net Net Performance Realized BREP Global $ 1,323 $ 1,313 $ 873 $ 0.71 3Q'24 Revenues Distributions 4Q'24 BREP Europe 109 130
Slide 23: Investment Records as of December 31, 2024
INVESTMENT RECORDS AS OF DECEMBER 31, 2024 (a) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MOIC (c)
Slide 24: Investment Records as of December 31, 2024 (Cont'd)
INVESTMENT RECORDS AS OF DECEMBER 31, 2024 (a) – (CONT’D) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Valu
Slide 25: Investment Records – Selected Perpetual Capital Strategies
INVESTMENT RECORDS AS OF DECEMBER 31, 2024 (a) – (CONT’D) Selected Perpetual Capital Strategies(l) ($ in thousands, except where noted) Investment Total Total Net Strategy (Inception Year) Strategy AUM Return (m) Real Estate BPP - Blackstone Property Partners Platform (2013) (n) Core+ Real Estate $
Slide 26: Investment Records Notes
INVESTMENT RECORDS AS OF DECEMBER 31, 2024 (a) – (CONT’D) (m) Unless otherwise indicated, Total Net Return represents the annualized inception to December 31, 2024 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Perfor
Slide 27: Shareholder Dividends
SHAREHOLDER DIVIDENDS ▪ Generated $1.69 of Distributable Earnings per common share during the quarter, bringing the full year amount to $4.64 per common share. ▪ Blackstone declared a quarterly dividend of $1.44 per common share to record holders as of February 10, 2025; payable on February 18, 2025
Slide 28: Share Summary
SHARE SUMMARY ▪ Distributable Earnings Shares Outstanding as of quarter end of 1,221 million shares. – Repurchased 0.3 million common shares in the quarter and 4.0 million common shares for the year. – Available authorization remaining was $1.8 billion at December 31, 2024. 4Q'23 1Q'24 2Q'24 3Q'24 4
Slide 29: Reconciliations and Disclosures
Reconciliations and Disclosures Blackstone | 25
Slide 30: GAAP Consolidated Statements of Operations
BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2024 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except per share data) (unaudited) 4Q'23 4Q'24 FY'23 FY'24 Revenues Management and Advisory Fees, Net $ 1,648,132 $ 1,879,581 $ 6,671,260 $ 7,188,936 Incentive Fees 240,417 404,744 695,171 964,
Slide 31: Reconciliation of GAAP to Non-GAAP Measures
RECONCILIATION OF GAAP TO NON-GAAP MEASURES QTD FY ($ in thousands) 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 FY'23 FY'24 Net Income Attributable to Blackstone Inc. $ 151,800 $ 847,386 $ 444,414 $ 780,835 $ 703,873 $ 1,390,880 $ 2,776,508 Net Income Attributable to Non-Controlling 82,118 685,439 403,108 603,057
Slide 32: Reconciliation of GAAP to Non-GAAP Measures – Notes
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES Note: See pages 36-38, Definitions and Dividend Policy. (a) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corpo
Slide 33: Reconciliation of GAAP to Non-GAAP Measures – Notes (Cont'd)
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D) (j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. For
Slide 34: GAAP Condensed Consolidated Statements of Financial Condition
BLACKSTONE’S FOURTH QUARTER 2024 GAAP CONDENSED CONSOLIDATED STA TEMENTS OF FINANCIAL CONDITION ($ in thousands) (unaudited) 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Assets Cash and Cash Equivalents $ 2,955,866 $ 2,504,471 $ 2,381,436 $ 2,353,332 $ 1,972,140 Cash Held by Blackstone Funds and Other 316,197 167,
Slide 35: Reconciliation of GAAP to Non-GAAP Balance Sheet Measures
RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES ($ in thousands) 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Investments of Consolidated Blackstone Funds $ 4,319,483 $ 3,458,911 $ 3,621,676 $ 3,873,027 $ 3,890,732 Equity Method Investments Partnership Investments 5,924,275 6,100,640 6,107,429 6,295,704
Slide 36: Reconciliation of GAAP to Total Segments
RECONCILIATION OF GAAP TO TOTAL SEGMENTS QTD FY Y ($ in thousands) 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 FY'23 FY'24 Management and Advisory Fees, Net GAAP $ 1,648,132 $ 1,727,148 $ 1,787,313 $ 1,794,894 $ 1,879,581 $ 6,671,260 $ 7,188,936 Segment Adjustment (a) 5,699 (19,577) (7,375) (8,160) (20,290) (8,01
Slide 37: Reconciliation of GAAP to Total Segments – (Cont'd)
RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D) QTD FY Y ($ in thousands) 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 FY'23 FY'24 Realized Performance Compensation GAAP Incentive Fee Compensation $ 88,127 $ 73,707 $ 77,139 $ 73,464 $ 149,276 $ 281,067 $ 373,586 Realized Performance Allocations Compensation 23
Slide 38: Notes
NOTES Notes to page 4 - Investment Performance and Net Accrued Performance Revenues ▪ The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of Blackstone. ▪ Core+ appreciation represen
Slide 39: Notes – (Cont'd)
NOTES – (CONT’D) Notes to page 23 – Shareholder Dividends ▪ DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deduction
Slide 40: Definitions and Dividend Policy
DEFINITIONS AND DIVIDEND POLICY Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”) in this pres
Slide 41: Definitions and Dividend Policy – (Cont'd)
DEFINITIONS AND DIVIDEND POLICY – (CONT’D) – Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Re
Slide 42: Definitions and Dividend Policy – (Cont'd)
DEFINITIONS AND DIVIDEND POLICY – (CONT’D) Dividend Policy. Blackstone’s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of direc
Slide 43: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, ou