Adam Gault In this article, we discuss the latest quarterly results from the Business Development Company (“BDC”) Blackstone Secured Lending Fund (NYSE:BXSL). The company delivered a 4.2% total NAV return, one of the best Q2 results in our coverage. BXSL is a large BDC with a focus on upper middle-market borrowers. It has overweight exposure to software and healthcare companies, something we see across most other BDCs. BXSL is trading at an 11% premium to book value (about 8% rich to the average in our ...

文章核心观点 - 近期Blackstone加速了交易和资本部署,这将在未来几个季度为公司的与费用相关的收益带来显著提升[2][3] - Blackstone的加速资本部署对维持其出色的ROE至关重要,过去5年平均ROE约为32%[4] - Blackstone的基本面改善尚未完全反映在其股价中,股价仍有上涨空间[6][7] - 房地产和私募股权市场已经到达拐点,有望受益于经济进入新的货币宽松周期[8] 公司概况 - Blackstone在过去30年中交付了16%的净内部收益率,展现了出色的资本部署能力[9] - Blackstone正在加大对住宅房地产、数据中心和能源转型等领域的投资,看好这些领域的供给短缺带来的资产价格上涨和丰厚收益[9] - Blackstone在数据中心领域的早期投资已经开始产生回报,行业需求持续加速[9] 行业趋势 - 私募股权和房地产行业交易活动正在反弹,四大私募巨头在2022年第二季度共部署了1620亿美元资本[8] - 数据中心行业供需失衡,主要市场的空置率持续下降,新增供给仍难以满足不断增长的需求[9]

Blackstone Inc. (BX) remains well-poised for growth on the back of rising assets under management (AUM), a solid revenue mix and improving fee income. However, a rising expense base and a tough macroeconomic backdrop triggering fund outflows remain concerns.Blackstone’s solid global presence enables broad diversification and organic growth prospects. While segment revenues dipped in 2023, the metric reflected a six-year (2017-2023) compound annual growth rate (CAGR) of 5.3%. The growth was primarily driven ...

Henrik Sorensen Blackstone Secured Lending (NYSE:BXSL) easily managed to cover its second quarter dividend pay-out with net investment income, and the business development company maintained high credit quality in its portfolio in 2Q24 as well. With a non-accrual ratio, based on fair value, of 0.3%, Blackstone Secured Lending has one of the most attractive credit profiles that I have seen in the business development company sector. Investors have to pay a premium of 10% for the BDC’s net asset value, bu ...

ST. LOUIS and NEW YORK, Aug. 13, 2024 /PRNewswire/ -- Emerson (NYSE: EMR) announced today that it has completed the sale of its remaining interest in the Copeland joint venture, the 40% common equity ownership stake, to private equity funds managed by Blackstone ("Blackstone").As a standalone company focused on serving the global HVAC and refrigeration market, Copeland's product portfolio includes market-leading compressors, controls, thermostats, valves, software and monitoring solutions for residential, c ...

benjaminalbiach John Bogle was the founder of Vanguard and was an early proponent of index investing. The idea is that investing in a broadly diversified fund like the S&P 500 (SPY) gets you market returns without too much hassle, and in the meantime, you get to beat most active-managed funds out there. The problem with this model is, however, that it assumes everyone is in the same boat, and that a 1% dividend yield coupled with a mid- to high-single digit EPS growth rate gets you a decent total return ...

HAKINMHAN Blackstone Secured Lending (NYSE:BXSL) is one of the few large cap BDCs that I have not covered so far. As probably most of my followers have noticed it, I am rather bullish on the BDC space given the secular tailwinds and the attractiveness of yields that can be accessed in this particular field. However, in the meantime, I think that it just makes sense from the risk and reward perspective to really focus on high quality and relatively de-risked BDCs. This is because, at the end of the day, ...

Key TakeawaysEquity Residential has agreed to pay Blackstone Real Estate $964 million for 11 apartment properties.The complexes are situated in Atlanta, Dallas/Fort Worth, and Denver, locations it is targeting for expansion.Equity Residential said the units are attractive to its "higher end renter demographic." Shares of Equity Residential (EQR) fell Wednesday after the real estate investment trust (REIT) announced it had agreed to purchase 11 apartment properties from Blackstone's (BX) real estate unit in ...

公司业务概况 - 公司业务包括资产管理、资本市场服务、投资收益等多个方面[324] - 公司业务分为房地产、私募股权、信用与保险、多资产投资四大板块[324] 房地产业务 - 房地产业务包括全球房地产投资、房地产债券投资等[325][326][327][328] - 公司的全球机会房地产和核心+房地产投资组合集中在具有有利长期基本面的高确信行业，如数字基础设施、物流和租赁住房[491] - 公司的房地产业务在第二季度中最大的增值驱动因素是其数据中心平台，预计未来对数字基础设施的需求将持续增长[492] - 公司认为房地产市场环境的改善将随着时间的推移支持房地产估值，但预计从市场改善到变现加速之间会存在一定滞后[494] - 公司房地产基金在2024年上半年的部署达146亿美元，约为2023年同期的2.5倍，这是一个积极信号[494] - 公司的永续资本策略如BREIT在2024年第二季度的净流入达到了一年多来的最高水平，同时赎回请求在2024年6月较2023年1月的峰值下降了85%[494] - 公司认为即使市场环境恶化,强劲的投资业绩和投资者对永续资本策略的配置不足应该会长期推动资金流入[494] - 公司的房地产业务的费用相关收益在2024年第二季度下降了107.8百万美元，主要由于费用相关业绩收入和其他运营费用的增加[495,497] - 公司的房地产业务的净变现在2024年第二季度下降了14.8百万美元，主要由于实现的业绩收入下降[499,500] - 公司的房地产业务的费用相关收益在2024年上半年下降了46.2百万美元，主要由于运营费用和费用相关薪酬的增加[503,504,505] 私募股权业务 - 私募股权业务包括全球私募股权基金、机会投资、次级基金、基础设施、生命科学等[329][330][331][332][333][334][335][336][337] 信用与保险业务 - 信用与保险业务包括私人信贷、流动性信贷、基础设施和资产抵押贷款等[338][339][340][341] 多资产投资业务 - 多资产投资业务包括绝对收益和多策略投资[342] 公司业绩表现 - 公司业务受到金融市场和经济环境的重大影响[343] - 第二季度主要股票和信用市场均有所上涨[344] - 美国经济增长有所加快但通胀和失业率有所上升[345][346] - 欧洲和中国货币政策有所放松以应对经济放缓[348] - 公司使用Distributable Earnings、Segment Distributable Earnings和Fee Related Earnings等非GAAP财务指标来评估业务表现[353,356,361] - 公司将Realized Performance Compensation和Fee Related Compensation进行了调整,这对各季度的收益指标产生了影响,但全年影响不大[358,359] - 公司总收入为28亿美元，同比下降1%[382] - 投资收益总额下降17%，主要由于未实现投资收益下降[383,384] - 管理和顾问费收入增加5%，主要来自信贷与保险板块的增长[385] - 总费用增加11%，主要由于绩效分成补偿增加[387] - 其他收益下降49%，主要由于基金投资收益减少[388,389] - 总收入为64.84亿美元，同比增长55%，主要由于未实现投资收益大幅增加[391,392] - 总费用增加28%，主要由于绩效分成补偿大幅增加[393] - 其他收益下降82%，主要由于基金投资收益减少[394] - 管理费及咨询费净收入为5.15亿美元，与上年同期基本持平[518] - 实现业绩收入为8.31亿美元，同比增加15%[519] - 实现业绩补偿为4亿美元，同比增加24%[519] - 实现主投收入为2815.4万美元，同比下降39%[519] - 分部可分配收益为9.86亿美元，同比增加2%[519] 资产管理规模 - 公司的总资产管理规模(AUM)包括承诺资本、投资资本公允价值、净资产价值等[368] - 公司的可赚取费用资产管理规模(Fee-Earning AUM)包括承诺资本、剩余投资资本、资产公允价值等,与总AUM有所不同[370] - 公司将永续资本(Perpetual Capital)作为一个重要指标,代表无固定期限、无需在正常业务过程中向投资者返还资本的资产[374] - 公司总资产管理规模从2023年6月30日的1,001,355,959千美元增加至2024年6月30日的1,076,371,811千美元，增加了7.5%[420] - 房地产板块总资产管理规模从2023年6月30日的333,241,514千美元减少至2024年6月30日的336,100,271千美元，减少了0.3%[420] - 股权投资板块总资产管理规模从2023年6月30日的305,277,730千美元增加至2024年6月30日的330,589,586千美元，增加了8.3%[420] - 保险板块总资产管理规模从2023年6月30日的288,410,617千美元增加至2024年6月30日的330,117,204千美元，增加了14.4%[420] - 多资产投资板块总资产管理规模从2023年6月30日的74,426,098千美元增加至2024年6月30日的79,564,750千美元，增加了6.9%[420] - 管理费收益率从2023年6月30日的3%增加至2024年6月30日的3%[420] - 房地产板块管理费收益率从2023年6月30日的2%增加至2024年6月30日的2%[420] - 股权投资板块管理费收益率从2023年6月30日的2%增加至2024年6月30日的5%[420] - 保险板块管理费收益

While growth-focused public companies tend to attract the most attention on Wall Street, safe stocks also present a viable pathway to long-term success. Yes, these ideas might be boring – no, they are boring. We’re talking about entities that like insurance companies, consumer goods, critical services: yes, they’re important but they’re not what you would call sexy.Still, if you keep targeting growth names, chances are quite high that you’ll eventually encounter some serious regrets. It’s just like a footba ...