Blackstone Inc. (BX) CEO Steve Schwarzman on Q1 2022 Results - Earnings Call Transcript

Blackstone Inc. (NYSE:BX) Q1 2022 Earnings Conference Call April 21, 2022 9:00 AM ET

Company Participants

Weston Tucker - Head, Shareholder Relations

Steve Schwarzman - Chairman and Chief Executive Officer

Jon Gray - President and Chief Operating Officer

Michael Chae - Chief Financial Officer

Conference Call Participants

Glenn Schorr - Evercore ISI

Craig Siegenthaler - Bank of America

Alexander Blostein - Goldman Sachs

Michael Cyprys - Morgan Stanley

Gerald O’Hara - Jefferies

Brian Bedell - Deutsche Bank

Robert Lee - KBW

Adam Beatty - UBS

Patrick Davitt - Autonomous

Brian McKenna - JMP Securities

Bill Katz - Citigroup

Finian O’Shea - Wells Fargo Securities

Rufus Hone - BMO

Operator

Good day and welcome everyone to the Blackstone First Quarter 2022 Investor Call hosted by Weston Tucker, Head of Shareholder Relations. My name is Christophe and I am the event manager for today. [Operator Instructions] I would like to advise all parties that this conference is being recorded.

And with that, I will hand it over to Weston. Please proceed.

Weston Tucker

Great. Thank you and good morning and welcome to Blackstone’s first quarter conference call. Joining today are Steve Schwarzman, Chairman and CEO; Jon Gray, President and Chief Operating Officer; and Michael Chae, Chief Financial Officer. Earlier this morning, we issued a press release and slide presentation, which are available on our website. We expect to file our 10-Q report in a few weeks.

I’d like to remind you that today’s call may include forward-looking statements, which are uncertain and outside of the firm’s control and may differ from actual results materially. We do not undertake any duty to update these statements. And for a discussion of some of the risks that could affect results, please see the Risk Factors section of our 10-K. We will also refer to certain non-GAAP measures and you will find reconciliations in the press release on the shareholders page of our website. Also note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Blackstone fund. This audiocast is copyrighted material of Blackstone and may not be duplicated without consent.

On results, we reported GAAP net income for the quarter of $2.5 billion. Distributable earnings were $1.9 billion or $1.55 per common share and we declared a dividend of $1.32 per share to be paid to holders of record as of May 2.