In what shouldn't be a surprise given the powerful IPO market, Blackstone (BX) flies past Q1 estimates, reporting Economic Net Income (ENI) of $814M or $0.70 per unit, up 30% from one year ago.
Total revenue of $1.509B gained 20% Y/Y, with performance fees of $779M up 29%, fee revenue of $613.3M up 18%. Fee-earning AUM of $203.6B up 19%.
Private equity revenue of $484M up 115% Y/Y, with ENI of $319M up 209%. "Robust realization activity," with $4.7B harvested in Q1, up from $2B a year ago.
Committed undrawn capital, otherwise known as "Dry Power" of $48B, up 34% Y/Y.
CC at 11 ET
Shares +2.8% premarket