Blackstone said April 18 that it is converting to a C corp from a publicly traded partnership. BX also released first quarter 2019 results. “We believe the decision to convert will make it significantly easier for both domestic and international investors to own our stock and should drive greater value for all of our shareholders over time,” said Stephen A. Schwarzman, chairman, CEO and co-founder, in a statement.
Blackstone Announces Conversion to Corporation, Reports First Quarter 2019 Results
New York, April 18, 2019 – Blackstone (NYSE: BX) today announced that it is converting to a corporation from a publicly traded partnership and released its first quarter 2019 results. For more information on these announcements, please visit the following links: (1) Investor Presentation on Blackstone’s Conversion to a Corporation; (2) Blackstone’s First Quarter 2019 Results.
Stephen A. Schwarzman, Chairman, CEO and Co-Founder said, “I am pleased to announce the compelling next step in Blackstone’s evolution as a public company: the firm’s conversion to a corporation. Blackstone has established itself as one of the leading public companies in the world, with robust long-term revenue and earnings growth and one of the most powerful brands in financial services. We believe the decision to convert will make it significantly easier for both domestic and international investors to own our stock and should drive greater value for all of our shareholders over time.”
Steve Schwarzman and President & COO Jon Gray also discussed Blackstone’s conversion to a corporation, significant growth since its IPO to more than half a trillion dollars in assets under management, and strong financial performance in the below video.
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Commenting on first quarter results, Steve Schwarzman continued: “In terms of results, the power of the Blackstone franchise was again demonstrated by our first-quarter performance. Our funds delivered attractive returns for our limited partners, as they have for over thirty years, helping us capture $43 billion of capital inflows in the quarter and a record $126 billion over the last twelve months. Blackstone’s Total Assets Under Management now exceed half a trillion dollars, at $512 billion, up 14% year over year.”
Additionally, Blackstone will host a conference call on Thursday, April 18, 2019 at 9:00 a.m. ET to discuss first quarter results and this announcement. You can listen to the call by dialing +1 (877) 391-6747 (U.S. domestic) or +1 (617) 597-9291 (international) passcode number 149 943 55#.
The conference call will also be broadcast live over the internet and you can listen to it through the Shareholders section of Blackstone’s website www.blackstone.com. For those unable to listen to the live broadcast, there will be a replay on our website or you can dial +1 (888) 286-8010 (U.S. domestic) or +1 (617) 801-6888 (international) passcode number 134 965 18# beginning about two hours after the event.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our businesses, with $512 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on twitter @Blackstone.