Blackstone reaches another AUM record, net income up nearly 50% in quarter

Blackstone Group's assets under management grew to a record $361 billion as of Sept. 30, up 1.3% from three months earlier and up 8.1% from 12 months earlier, said the firm's third-quarter earnings report released Thursday.

The alternative investment firm reported $14.7 billion in gross inflows for the third quarter, and $68.5 billion for the 12 months ended Sept. 30. Deployed capital totaled $4.3 billion in the quarter and $15 billion year-to-date through Sept. 30.

Private equity AUM was $99.7 billion at the end of the third quarter, unchanged from the end of the second quarter and up 9% year-over-year. Real estate assets under management totaled $101.9 billion as of Sept. 30, down 1.3% from the previous quarter but up 9.3% from the year-earlier quarter. Hedge fund AUM was $70.1 billion at the end of the third quarter, up 2.2% and 2.5% from three and 12 months earlier, respectively. Credit AUM was $89.3 billion as of Sept. 30, up 5.4% from June 30 and up 10.5% from Sept. 30, 2015.

Dry powder totaled $102.2 billion as of Sept. 30, up 3.8% from June 30 and up 20% year-over-year.

Economic net income reached $687 million for the third quarter, vs. $519.8 million in the second quarter and a loss of $415.9 million in the year-earlier quarter.

Net income under GAAP was $691.6 million for the quarter, compared to $463 million in the prior quarter and a loss of $483.9 million in the third quarter of 2015. Total revenue under GAAP was $1.4 billion in the quarter, vs. $1.19 billion in the second quarter and $11.6 million in the year-earlier quarter.