Blackstone Inc. reported significant financial growth in its third quarter and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $3.7 billion, a 44% increase from $2.5 billion in Q3 2023. For the nine months, revenues rose to $10.1 billion, up 51% from $6.7 billion in the prior year. This growth was primarily driven by a substantial increase in investment income, which surged by 200% to $1.7 billion in Q3 2024, largely due to higher unrealized investment gains.
Net income for Q3 2024 was $1.6 billion, a 70% increase from $920.7 million in Q3 2023. For the nine months, net income reached $4.1 billion, up 76% from $2.3 billion in the same period last year. Net income attributable to Blackstone Inc. also saw a significant rise, reaching $780.8 million in Q3 2024, compared to $552.0 million in Q3 2023.
The company’s total assets increased to $42.6 billion as of September 30, 2024, up from $40.3 billion at the end of 2023. Total liabilities rose to $23.1 billion, reflecting an increase from $22.2 billion at year-end 2023. Stockholders’ equity increased to $18.6 billion, up from $16.9 billion.
Blackstone's Fee-Earning Assets Under Management (AUM) grew to $820.5 billion, an increase of $57.8 billion from $762.6 billion at the end of 2023. The growth in AUM was driven by inflows across various segments, particularly in Credit & Insurance, which saw inflows of $15.5 billion, and Private Equity, which attracted $9.8 billion.
The company also authorized a $2 billion stock repurchase program in July 2024, with $1.9 billion remaining available for repurchases as of September 30, 2024. Blackstone repurchased 1.0 million shares at a cost of $140.8 million during Q3 2024.
In terms of segment performance, the Real Estate segment reported a decrease in Fee-Earning AUM, primarily due to outflows related to the Residential Debt Transfer. Conversely, the Private Equity segment experienced significant inflows and market appreciation, contributing to its overall growth.
Overall, Blackstone's strong financial performance in Q3 2024 and the nine months ended September 30, 2024, reflects its robust investment strategies and market conditions, positioning the company favorably for future growth.
About Blackstone Inc.
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