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Analyzing Blackstone's Performance in 1H17

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Part 4
Analyzing Blackstone's Performance in 1H17 PART 4 OF 7

Why Performance Fees Rose for Blackstone’s Real Estate Division

Total performance fees

Blackstone’s (BX) real estate division saw total revenue of $897.9 million in 1H16, compared with $1.5 billion in 1H17, which reflects a substantial increase of 73%. This rise was due to investment income and performance fees.

Why Performance Fees Rose for Blackstone’s Real Estate Division

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In 1H16, the real estate division had total investment income of $21.8 million, versus $72.8 million in 1H17. Between 1H16 and 1H17, the division’s performance fees rose from $396.4 million to $1.0 billion due to opportunistic funds. In 1H16, its economic income was $440 million, compared with $835.7 million in 1H17.

Operating income

Blackstone’s TTM (trailing-12-month) operating income stands at $3.1 billion. To compare, other alternative asset managers’ (XLF) TTM operating income is as follows:

  • KKR (KKR), $0.68 billion
  • Apollo Global Management (APO), $0.97 billion
  • The Carlyle Group (CG), $0.53 billion
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