- Economic net income of $640.2M is up 3% Y/Y. Fee revenue grew 14%, while performance fees fell 10% (see P-E business summary in next bullet), and investment income declined 8%. Distributable earnings of $312.7M grew 59% from a year ago. Fee-earning AUM of $188.6M grew 12%.
- Private equity revenue of $150M fell 54% from a year ago, primarily due to zero performance fees this quarter as declines in certain stock holdings led to a reduction in unrealized performance fees.
- Real estate revenue of $660.8M gained 42%, with overall carrying value of BREP investments appreciating 5.8% during the Q.
- Hedge fund solutions revenues of $146M gained 10%. Credit revenue of $181.8M fell 22%, again thanks to big drop in performance fees. Dry powder: committed capital not yet paying fees of $9.5BB as of end of quarter.
- Q3 results, press release.
- The conference call is always a good one and starts at 11 ET.
- BX unchanged premarket.
Blackstone takes performance fee hit in Q3
Oct 17 2013, 07:22 ET