Blackstone gains following Q2 beat; performance fees soar

Blackstone (BX +2.7%) had $279B in assets under management (AUM) at the end of Q2, up from $272B at the end of Q1 and +21% Y/Y. Gross asset inflows totaled $14.1B, and have totaled $62.4B over the last 12 months (LTM).

Economic net income (ENI) for the last 12 months amounts to $4.3B, up from $3.7B at the end of Q1. ENI +85% Y/Y in Q2 to $1.15/unit, distributable earnings +128% to $0.65/unit.

Q2 fee revenue +7% Y/Y to $663M, performance fees +94% to $1.4B, investment income +81% to $176M. Total expenses +24% to $886M.

Blackstone's P-E fund carrying value rose 8.4% in Q2, and is up 28.3% LTM. The BCP V fund has crossed the preferred return threshold.

Real estate fund carrying value rose 6%, hedge fund solutions had a gross composite return of 2%, and credit fee-earning AUM is up 16% LTM to $56.1B.

$20.3B in capital has been invested LTM (+31% Y/Y), and $50B returned to investors.

Shares are nearing a 52-week high of $35.39.

Q1 results, earnings slides (.pdf)

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Comments (4)
  • zorro2828
    , contributor
    Comments (740) | Send Message
    Blackstone shots the lights out and the stock is only up .30 cents? Seriously? What is wrong with people?
    17 Jul 2014, 12:03 PM Reply Like
  • jdl51
    , contributor
    Comments (300) | Send Message
    Time to buy more.
    17 Jul 2014, 12:24 PM Reply Like
  • DrewMcVay
    , contributor
    Comments (1196) | Send Message
    Few securities are in the green today. BX really hit it out of the park though, can't question management that's for sure. Hefty dividend increase too.
    17 Jul 2014, 01:56 PM Reply Like
  • Tai Yu
    , contributor
    Comments (1216) | Send Message
    BX has broken out from a rectangular trading range today, high $34 and low $32.51 and disregard the false break outs on July 2 and July 10 & 11. If the breakout is for real this time, target price is $35.49. If the market melts down, BX will drop as a falling tide lowers all the boats.


    We are paid $1.71 dividend in the recent 4 quarters and the yield is nearly 5% against the current prices. Let us see
    17 Jul 2014, 12:37 PM Reply Like
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