Blackstone Inc. reported total revenues of $13.2 billion for the year ended December 31, 2024, a 65% increase from $8.0 billion in 2023. This surge was primarily driven by a $4.3 billion increase in investment income, encompassing a $3.0 billion rise in unrealized investment income and a $1.3 billion increase in realized investment income. Expenses rose to $6.8 billion, a 37% increase from $5.0 billion in 2023, largely due to a $1.7 billion increase in total compensation and benefits, with a significant portion attributed to performance allocations compensation. Net income attributable to Blackstone Inc. reached $2.8 billion, a substantial increase of 100% compared to $1.4 billion in 2023.
Significant changes compared to the previous fiscal year included a 39% increase in incentive fees, reaching $964.2 million in 2024. Realized investment income increased by 55%, while unrealized investment income showed a dramatic improvement, rising from a loss of $1.7 billion in 2023 to a gain of $371.4 million in 2024. These changes were influenced by market conditions, including volatility in Treasury yields and the strength of the U.S. dollar, impacting real estate and credit valuations. The company also noted a decrease in the pace of investment deployment in certain sectors.
Strategic developments included the issuance of $750 million in senior notes due December 6, 2034. The company also highlighted its ongoing initiatives to expand its offerings to individual investors, noting the associated increased risks in litigation, regulatory enforcement, and compliance. Organizational changes involved the transfer of the residential debt business from the Real Estate segment to the Credit & Insurance segment during the third quarter of 2024.
Key operational developments included Total Assets Under Management reaching $1.1 trillion as of December 31, 2024, an 8% increase from the previous year. Fee-earning Assets Under Management increased by 9% to $830.7 billion. The company also reported approximately 4,895 employees as of December 31, 2024, including 254 senior managing directors. Perpetual Capital assets under management, a significant and growing portion of the business, increased to $444.8 billion.
Blackstone's outlook statement indicated an expectation to continue expanding the number and type of investment products offered to individual investors. The company acknowledged ongoing risks related to market conditions, interest rates, geopolitical factors, and regulatory scrutiny, particularly concerning sustainability matters and the use of artificial intelligence. The company also noted the potential for volatility in quarterly earnings due to its reliance on performance revenues.
About Blackstone Inc.
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