NEW YORK - Blackstone Inc. (NYSE:BX) reported third-quarter earnings and revenue that surpassed analyst expectations, sending shares up 1.9% in early trading Thursday.
The world's largest alternative asset manager posted adjusted earnings per share of $1.01, exceeding the consensus estimate of $0.98. Revenue came in at $3.66 billion, significantly above analysts' projections of $2.68 billion.
Blackstone's total assets under management reached $1.01 trillion, up 6% YoY. Fee-earning assets under management grew 4% to $734.5 billion, while perpetual capital AUM increased 8% to $388.3 billion.
The firm raised over $25 billion in new capital during the quarter, bringing total inflows over the last twelve months to $138.9 billion. Blackstone deployed $12.4 billion in the quarter and $61.4 billion over the past year.
"Blackstone delivered resilient third-quarter results despite challenging markets," said Stephen A. Schwarzman, Chairman and CEO. "Our exceptional long-term track record, unique breadth and the power of our brand allowed us to raise over $25 billion of capital, and we are well positioned with record dry powder of $200 billion to deploy in a dislocated environment."
The company declared a quarterly dividend of $0.80 per share, payable on November 6 to shareholders of record as of October 30.
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