The following is a summary of the Blackstone Inc. (BX) Q1 2024 Earnings Call Transcript:

Financial Performance:

Blackstone reported a GAAP net income of $1.6 billion for Q1 2024.
Distributable earnings for the quarter were $1.3 billion or $0.98 per common share.
The company declared a quarterly dividend of $0.83 per share.
Blackstone’s fee-related earnings were at $1.2 billion, marking its highest level in six quarters.
Management fees for Q1 2024 reached a record level of $1.7 billion, marking the 57th consecutive quarter of year-over-year growth.
A significant $25 billion was invested in the first quarter, bringing the total to $56 billion in the past two quarters.

Business Progress:

The company successfully invested $25 billion in Q1 and committed an additional $15 million to pending deals.
Major investments were made in sectors like digital infrastructure, particularly data centers.
Sales in the Private Wealth channel increased by over 80% from Q4 to $6.6 billion in Q1.
Blackstone recorded strong inflow with $34 billion in Q1 and stated they have nearly $200 billion in dry powder ready for deployment.
Their credit business is expected to witness strong growth with anticipated inflows of $25 billion to $30 billion in the current year from four major insurance clients.
Expansion plans are in place for the private equity credit business, non-investment grade strategies, and the alternatives sector, particularly in Asia.
Persistent growth is expected with embedded drivers such as raising $80 billion that is not yet earning management fees and new drawdown fund vintages that haven’t yet turned on, along with certain other funds.
The firm expressed confidence in real estate recovery and has plans for an increased activity in the credit and insurance areas.