Blackstone Achieves Record $1.11 Trillion in Assets Under Management
The firm's Q3 profits and revenue surpassed expectations, driven by significant fund appreciation and strategic investments.
- Blackstone's net income for Q3 rose 41.5% to $780.8 million, with revenue from management and advisory fees increasing by 8.4%.
- The firm's assets under management reached a record $1.11 trillion, with $40.5 billion in inflows during the quarter.
- Distributable earnings grew by 6% year-over-year to $1.3 billion, translating to $1.01 per share, beating analyst estimates.
- Significant investments included a $16 billion acquisition of AirTrunk and an $8.4 billion deal to acquire Smartsheet.
- CEO Stephen Schwarzman highlighted the highest fund appreciation in three years and noted a broad-based acceleration across Blackstone's business.
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