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Drop in performance fees hits Blackstone results

Jan. 28, 2016 7:46 AM ETBlackstone Inc. (BX) StockBXBy: Stephen Alpher, SA News Editor
  • Q4 economic net income of $435.7M or $0.37 per share down 70% from a year ago. Distributable earnings of $878M down 23%; per share of $0.72 down 22%.
  • Fee revenues of $659.9M down 4% Y/Y. Performance fees of $194M down 85%.
  • Fee earning AUM of $246.1B up 14% Y/Y. Dry powder of $80B.
  • Private-equity saw a 9.5% increase in fund carrying value for the year; real estate a 9.7% increase; hedge funds a 2.9% increase.
  • Credit is a different story with all strategies lower for the quarter. The company did put a record $2.6B to work during the quarter - mostly in energy and European direct lending.
  • Conference call at 11 ET
  • Previously: Blackstone misses by $0.09, misses on revenue (Jan. 28)
  • BX flat premarket

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