- The investment company posted a profit of US$1.75 billion against a loss of US$1.07 billion in the year-ago period.
- Total revenue during the quarter came in at US$5.30 billion, compared to the negative US$3.08 billion in the first quarter last year.
- The value of Blackstone’s private equity segment increased 15.3 percent in the three months.
- Blackstone’s stock, which has grown around 28 percent YTD, rallied to its 52-week high of US$84.47 on Thursday.
Asset management company Blackstone (NYSE:BX) on April 23 posted a record profit of US$1.75billion for the first quarter ended March 31. Diluted EPS jumped to US$2.46 in the quarter.
The New York-based company had reported a loss of US$1.07 billion, or US$1.58 per share in the year-ago period.
Blackstone’s total revenue during the quarter came in at US$5.30 billion, compared to the negative US$3.08 billion in the first quarter last year. The company had reported an investment loss of US$4.20 billion in the year-ago period.
Total asset under management, or AUM, totaled US$648.80 billion, up 21 percent year over year. Fee-earning assets under manager also grew 14 percent to US$481.22 billion.
Distributable earnings rose 114 percent year over year to US$1.2 billion, or 96 cents per share. Fee-related earnings came in at US$741 million, or 62 cents per share, up 58 percent year over year.
Segment wise results
Blackstone’s total AUM in the real estate segment rose 22 percent year over year to US$196.3 billion with US$8.6 billion inflows during the quarter. Real estate distributable earnings soared 102 percent to US$540.8 million.
Blackstone’s private equity value increased 15.3 percent during the quarter. Total AUM in the private equity segment grew 21 percent to US$211.8 billion. Private equity distributable earnings jumped 160 percent to US$474.84 billion.
Meanwhile, total AUM in hedge fund solutions was US$81.8 billion, up 11 percent. The distributable earnings in this segment rose 107 percent to US$157.01 million.
The credit and insurance segment recorded 24 percent growth in AUM to US$158.9 billion while it doubled distributable earnings to US$116.7 million.
Shares of Blackstone rallied to its 52-week high of US$84.47 on Thursday. The shares ended trading on April 23 at US$82.96, up 3.30 percent.
In 2020, Blackstone saw its share price fall around 13 percent. The shares hit a 52-week low of US$46.57 in April 2020.
However, the stock jumped approximately 28 percent year to date.