10:18 AM EDT, 10/17/2024 (MT Newswires) -- Blackstone (BX) on Thursday reported third-quarter earnings above Wall Street's estimates, while its assets under management grew.

The alternative asset manager's distributable earnings increased to $1.01 per share for the September quarter from $0.94 a year earlier. The consensus on Capital IQ was for normalized EPS of $0.92. Shares of the company rose 5.8% in Thursday trading.

Overall revenue climbed to $3.66 billion from $2.54 billion the year before. Segment revenue rose 5% to $2.43 billion, ahead of the Street's view for $2.36 billion.

"Blackstone reported strong third-quarter results, highlighted by broad-based acceleration across our business," Chief Executive Stephen Schwarzman said in a statement. "We invested or committed $54 billion in the quarter -- the highest in over two years -- and deployed $123 billion in the last 12 months since the cost of capital peaked."

Fee-related earnings increased 5% to $1.18 billion, while the company reported $40.54 billion of inflows in the quarter. Assets under management gained 10% to about $1.108 trillion, with fee-earning AUM advancing 12% to $820.46 billion.

Real estate segment revenue ticked up 1%, while credit and insurance jumped 28%. Private equity segment revenue declined 5%.

The asset manager expects a "material step-up" in fee-related earnings in the fourth quarter, driven by factors including "the onset of full management fees for multiple funds exiting fee holidays," Chief Financial Officer Michael Chae said on an earnings call, according to a Capital IQ transcript. The company also anticipates "robust growth" in fee-related performance revenue and expects to sequentially lower fee-related margin in the ongoing quarter, according to Chae.

Price: 168.53, Change: +8.82, Percent Change: +5.52