Blackstone Inc. (NYSE: BX) reported its fourth-quarter results, revealing a continued stride in profitability and asset growth. The company posted distributable earnings per share (EPS) of $1.75, representing a 4% increase year over year and surpassing the analyst consensus estimate of $1.53. For the quarter, distributable earnings rose 3% year over year, totaling $2.24 billion.
Despite recording segment revenues of $3.94 billion, which was a 5% decline compared with the prior year period, Blackstone still outperformed the analyst consensus estimate of $3.72 billion. Fee-related earnings experienced an overall 16% decline year over year, coming in at $1.54 billion. However, this figure was buoyed by strong performances in specific sectors: real estate fee-related earnings increased 39% year over year, while the credit and insurance business saw a 14% year-over-year gain. Conversely, fee-related earnings in Blackstone's private equity business dropped sharply by 52% year over year, and those in the Multi-Asset Investing segment declined by 4%.
Performance revenue accrued during the quarter also saw an uplift, rising to $6.74 billion from $6.28 billion in the same quarter a year earlier. Assets under management (AUM) climbed 13% year over year, closing the quarter at $1.27 trillion. The firm attracted inflows totaling $71.5 billion over the quarter, reflecting solid investor appetite and confidence.
In terms of capital return to shareholders, Blackstone declared a quarterly dividend of $1.49 per share, scheduled for payment on February 17, 2025, to shareholders of record as of February 9, 2025. The company repurchased approximately 0.2 million shares during the quarter and intends to return $2.0 billion to shareholders for the quarter. This raises the total dividends and share repurchases for the full year to $6.2 billion. Blackstone’s total liquidity position remains strong, with $11.3 billion held in cash, cash equivalents, corporate treasury, and other investments.
Chief Executive Officer Stephen A. Schwarzman emphasized the firm’s accomplishments, stating, "Blackstone's extraordinary fourth-quarter results capped a record year for the firm. We delivered again for our limited partners, leading to $71 billion of inflows in the quarter, the highest in over three years. Our focus on investing at massive scale in the buildout of digital and energy infrastructure continues to create significant value for our investors."
Following these results, Blackstone’s shares showed positive movement, rising 1.85% to $149.50 during premarket trading on Thursday, according to market data.