By Miriam Gottfried
Blackstone (BX) reported higher quarterly earnings as the value of investments rose across its major strategies. The private-equity giants infrastructure portfolio led the way, climbing 4.8% in the quarter thanks in large part to a big bet on data centers.
Blackstones private-wealth business had its highest inflows since 2022, raking in $8 billion as resurgent public markets gave investors the renewed confidence and wherewithal to invest in private markets.
Here are some key metrics from Blackstones first-quarter report:
— Net income was $847.4 million, or $1.11 a share. That was nearly ten times the $85.8 million it earned in the first quarter of 2023.
— Distributable earnings were $1.27 billion, or 98 cents a share. This item, representing cash that could be returned to shareholders, totaled $1.25 billion a year earlier.
— Blackstone raised $34 billion. As in recent quarters, a large portion of thatsome 60%came from credit strategies.
— Assets under management were $1.06 trillion, up from $1.04 trillion in the prior quarter and $991 billion a year earlier.
— The firm has ramped up activity as capital markets reopen. Blackstone deployed $24.5 billion during the quarter, more than double what it invested in the first three months of 2023.
Blackstone will discuss the results on a conference call at 9 a.m. ET.