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NEW YORK - Blackstone (NYSE:BX) reported better-than-expected first quarter earnings and revenue on Thursday.
The company’s shares were up 0.81% in premarket trading following the release.
The world’s largest alternative asset manager posted distributable earnings of $1.09 per share, beating analyst estimates of $1.06. Revenue came in at $3.29 billion, surpassing the consensus forecast of $2.94 billion.
Fee-related earnings, a key metric for the firm, rose 9% year-over-year to $1.26 billion. Total (EPA:TTEF) assets under management grew 10% to $1.17 trillion.
"Blackstone reported another quarter of strong results despite turbulent markets," said CEO Stephen Schwarzman. "Inflows reached $62 billion — the highest level in nearly three years — reflecting the deep trust we’ve built with our investors over decades."
The firm saw robust inflows across its real estate, private equity, and credit segments. Blackstone’s perpetual capital AUM increased 14% year-over-year to $464.4 billion.
Blackstone declared a quarterly dividend of $0.93 per share, payable on May 5 to shareholders of record as of April 28.
While market volatility remains a headwind, Blackstone’s diversified platform and $177 billion of dry powder position it well to capitalize on investment opportunities, according to Schwarzman.
The stock’s modest gain suggests investors were largely expecting the earnings beat. Blackstone shares are up about 15% year-to-date.
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