Blackstone Q4 FY24 earnings call BX

One of the best quarters in our history.

The firm delivered strong results amid a complex external environment in 2024.

Declared a dividend of $1.44 per share.

Reflecting strong momentum at the institutional, insurance and private wealth channels.

Expanding the foundation of future value.

Including $23 billion in the perpetual strategies.

Including the launch of our new infrastructure vehicle.

Multiples the size of our next largest competitor.

Largest single contributor to the firm's financial results in the fourth quarter.

Remarkable investment performance since inception.

Exceptional growth.

One of the world's largest infrastructure businesses.

The largest alternative asset manager in the world.

Planting the seeds of future value in what we believe is a favorable time.

Our most active pace in 2.5 years.

Largest third-party business of its kind in the world.

Comprising 60% of the firm's total inflows.

Extraordinary results for performing credit.

Extraordinary results for performing credit.

Now seeing receptivity from pensions and other LPs.

Reached nearly $230 billion.

For our private IG-focused clients.

In addition to our 4 large strategic relationships.

Blackstone had taken a small 6% stake in Resolution in 2023.

Nippon Life announced it would acquire the remainder of the company it didn't already own at a $10.6 billion valuation.

BCRED led the way.

Driving 36% year-over-year growth in NAV.

Already grown to over $8 billion in its first year, including January sales.

Flows trended favorably.

Through a real estate superstorm.

Marking their best month of fundraising from individuals in over 2.5 years.

Largest ever first close for a vehicle of its kind.

Over 50% allocated to all 4 of our perpetual flagships.

We see enormous opportunity ahead.

Bringing it to $7.1 billion so far.

Which has raised $9.5 billion to date.

Which has raised $5.2 billion.

Bringing it to over $4 billion.

Held initial closings of $1.6 billion for our new Life Sciences flagship.

Given our conviction, we deployed $25 billion in real estate in 2024.

The best quarter of fee-related earnings in the firm's history.

Increased 21% to a full year record.

Including the 60th straight quarter of year-over-year base management fee growth.

Driven by BIP's major scheduled crystallization event.

A 47% year-over-year increase in these revenues for the credit and insurance segment.

The highest level in 10 quarters.

Supported by the strong performance in BXMA.

BXMA crystallizes incentive fees for most of its open-ended strategies annually in Q4.

Along with continued notable margin strength.

Remained under 50 basis points.

The 19th consecutive quarter of positive performance.

Helping to insulate our LPs from the volatility of the past several years.

Impacted by the sharp increase in treasury yields and the stronger U.S. dollar.

Impacted by the sharp increase in treasury yields and the stronger U.S. dollar.

Driven by the achievement of positive milestones for multiple treatments under development.

Underpinned by resilient credit performance in its real estate loan portfolio.

Reflecting its focus on top-performing managers in private markets.

Now comprising 46% of the firm's fee-earning AUM.

Strong indicators of our future realization potential.

Reached a record $561 billion.

Debt markets have vastly improved.

From the [ 2023 rise ]

Down dramatically from virtually all types of real estate.

Interestingly, BREIT last year was up 4% in same-store NOI.

At the end of '24 across the big 4, we had $156 billion of AUM.

Approximate math is across our current BCRED platform that a 50 basis point decline in base rates impacts our fee-related performance revenues on a run rate basis by about 4%.

If you think about our institutional partners, they're 30% allocated.

We have teams around the globe, more than 300 people dedicated to our private wealth area.