Key Takeaways

• Blackstone's profit for the third quarter soared and revenue rose as the firm brought in more investment money.

• The firm's assets under management (AUM) were up 9.9% from a year ago, and its total inflows were $40.5 billion for the quarter.

• The news sent shares of Blackstone to an all-time high in intraday trading Thursday.

Blackstone (BX) shares soared to a record high Thursday after the world's largest alternative asset manager reported its profit skyrocketed as a result of bringing in more investments.

Net income for the third quarter soared 41.5% from a year ago to $780.8 million, or $1.02 per share. Revenue from management and advisory fees was 8.4% higher at $1.79 billion.

Assets under management (AUM) at Blackstone jumped 9.9% to $1.11 trillion, exceeding analyst expectations, with total inflows of $40.5 billion for the quarter. The gains were led by Blackstone’s credit and insurance unit, which had inflows of $21.4 billion.

Highest Fund Appreciation in 3 Years

Chief Executive Officer (CEO) Stephen Schwarzman said Blackstone had the “highest amount of overall fund appreciation in three years“ in the quarter. He added that the firm “invested or committed $54 billion in the quarter—the highest in over two years—and deployed $123 billion in the last 12 months since the cost of capital peaked.”

Blackstone shares were up over 7% at $171.77 a share in Thursday afternoon trading, and have added nearly one-third of their value so far in 2024.

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