Q2 2024 Blackstone Inc Earnings Call Transcript
Key Points
- Blackstone Inc (BX) reported GAAP net income of $948 million for the quarter.
- Distributable earnings were $1.3 billion or $0.96 per common share.
- The company deployed $34 billion in the second quarter, the highest level in two years.
- Blackstone Inc (BX) has nearly $1.1 trillion of assets under management (AUM).
- The firm is positioning itself to be the largest financial investor in AI infrastructure globally.
- The office sector remains under substantial pressure with more troubled assets likely to emerge.
- Fee-related performance revenues in the real estate segment declined, impacting the firm's FRE margin.
- The fundraising environment has been challenging, particularly for real estate.
- The redemption queue for the core plus institutional business has seen a slight pickup.
- The European market for private wealth products is more challenging due to regulatory constraints.
Good day, and welcome to Blackstone, second quarter 2024 investor call. Today's call is being recorded. (operator instructions) At this time I'd like to turn the conference over to Weston Tucker, Head of Shareholder Relations. Please go ahead.
Thank you and good morning and welcome to Blackstone's, second quarter conference call. Joining today are Steve Schwarzman, Chairman and CEO, Jon Gray, President and Chief Operating Officer, and Michael Chea, 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.
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
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