Blackstone Inc. (NYSE:BX) Q3 2024 Earnings Conference Call October 17, 2024 9:00 AM ET

For the period ending September 30, 2024

October 17, 2024 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and welcome to the Blackstone Third Quarter 2024 Investor Call. Today's conference is being recorded. At this time all participants are in a listen-only mode. [Operator Instructions]

At this time, we'd like to turn the conference over to Weston Tucker, Head of Shareholder Relations. Please go ahead.

Weston Tucker

Great. Thank you, Katie, and good morning and welcome to Blackstone's third 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 may differ from actual results materially. We do not undertake any duty to update these statements. And for a discussion of some of the factors that could affect results, please see the risk factors section of our 10-K. We'll also refer to non-GAAP measures and you'll find reconciliations in the press release on the shareholders' page of our website.

Also, please 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 audio cast is copyrighted material of Blackstone and may not be duplicated without consent.

On results, we reported GAAP net income for the quarter of $1.6 billion. Distributable earnings were $1.3 billion or $1.01 per common share and we declared a dividend of $0.86 per share, which will be paid to holders of record as of October 28.

With that, I'll turn the call over to Steve.

Steve Schwarzman

Thank you, Weston. Good morning and thank you for joining our call.

Blackstone reported strong third quarter results including distributable earnings of $1.3 billion as well as, as Weston mentioned and the highest fee-related earnings in two years. Since the Fed began its interest rate tightening cycle in 2022, we've spent considerable time on our earnings calls discussing how we see the macro environment unfold. This included sharing our view on inflation, when we saw it moderating more quickly than many other market participants, which paved the way for the Fed to begin cutting interest rates last month.