BX - Earnings call transcript Q3 2019

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Operator

Good day, everyone and welcome to the Blackstone Third Quarter 2019 Investor Call. [Operator Instructions] I would like to advise all parties this conference is being recorded for replay purposes.

And now I'd like to hand the call over to Weston Tucker, Head of Investor Relations. Please go ahead, sir.

Weston Tucker

Great. morning, to good conference third and call. Julie, and Blackstone's welcome quarter Thanks,

are and Vice Schwarzman, President today's Solutions. Joan Steve Joining call Private of Chairman Chief Officer; Operating Wealth Tony Solotar, Head Chae, and Officer; CEO; James, Michael Executive Chairman; Financial and Chief Gray, Jon

Earlier slide which this a available are and we release issued on morning, press presentation our website.

today's outside which our XX-Q and from like to the you undertake that I'd are control report to statements, any statements. forward-looking and month. file call next to may include expect actual of We We firm's results duty uncertain may do these remind differ update materially. not

purchase We'll discussion see page non-GAAP measures, also affect some of in sell without risks the and results, you'll Blackstone offer a find of the that of website. press Shareholders an section please call constitutes copyrighted Factors the duplicated reconciliations release on is may could Also XX-K. refer For an Risk Blackstone to interest on the this material of and to note, not of our or solicitation that our Audio of cast an be to consent. in nothing offer fund. any

as GAAP recap $X.XX to $XXX quarter. be paid So results. a November declared holders for of dividend of per record we X. a or net of income common billion We $X.XX Distributable quick $X.X reported million of were our the earnings share, of and to

that, I'll call With Steve. the to turn over

Stephen Schwarzman

joining continued the in you Thanks, momentum Weston, third and our call. for powerful Blackstone's thank quarter.

the well And earnings billion, months discuss and the industry year-to-date which in up later. will growing of and deployment nine both record $XXX for quarter period, of record rose we as the leader sector, fundraising rapidly achieved clear the year. for a fee-related the record As XX% Michael to our year-over-year, as first AUM alternative

performance over of capital. world their loss minimal by decades the investment of partner and limited with partner are trust We delivering choice earned have extraordinary very the for investors around

vital role we We proud what incredibly in are play of we Blackstone the the and society. do with

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to as well as Hilton in the America recently To number work commitment ever as for, investment transformed for just owned a the was profit, women. was billion with Worldwide, Hilton largest Our our last very one our exited people, which company XX year named years during and $XX Fortune companies our workplace ownership. for sense best by you and we positively their of a give to Magazine

reaching our XXXX veterans. the hired companies, made Administration then veterans’ a spouses veterans of commitment scale Obama XX,XXX the national actively XXX,XXX reach importance. next And in use hire to and also we've few goal years. We support the in of our and global portfolio across of and to initiatives to with We the since

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story have at tell and work We personally outstanding the be privileged we feel to with and to an people do. extraordinary Blackstone, associated our I

people Our values, and instilled highest operate the social excellence, standards our of everyone integrity and ethics and with teamwork. core entrepreneurialism, with is responsibility, meritocracy,

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around train and move next a those also culture years, built XX-plus preserving in great hires XX. it are past the We've the unique work people We and we our new the geographies. for over world and committed successfully to

I recently wrote you it. bought a book. Hopefully,

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on it get can You Amazon.

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structure now continue the stock reflect time, believe restraints we our over to will trajectory of business. former removed, the the our of higher re-rate With

to And thank with things call and Jon. you that, our joining for over turn I'll

Jonathan Gray

new outpacing in those our areas perpetual we and targets. the last continues I outlined Day am good say morning, lines several Investor meeting for and growth to firm to deliver. Thank financial and faster many in pleased capital we that including you, advanced are vehicles, cases, targets raised business We've outlined objectives. we and fall, multiple At our our Blackstone everyone. more successfully launched in the Steve, against

half the the that We billion. $XXX of and approximately expect $XXX now to line of a be We billion full-year XXXX. on sight describe number inflows of XXXX capital second for

beyond Our four have them. largest caps totaling with placed raised the demand we $XX been on flagship funds billion essentially

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at of $XX the manage now up $XX Day. billion of We time from billion capital, Investor our perpetual this

plus four BREIT, non-traded our Our up billion, has $XX past XX% the grown capital vehicles real estate perpetual across including core to year, platform over REIT.

of billion, approach. and investors' Demand one-year. exceeds we a differentiated and billion fold $XX distribution in $X.X growing in the desire at retail channels investment quarter of partners. up Inflows real access X.X our private AUM BREIT now potent reached the strength brand the is as to reflects estate, new in Blackstone This combination add

become believe economic potential to one the the to firm. has of a contributors We Blackstone as BREIT largest

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this We on of of are achieve firm billion remain Other as retail to nicely track ramping the a year. well. $XX inflows areas emerging record from

strong a billion performance, of up is $XX remarkable of on to year-over-year back the AUM business inception. annually XX% since XX% secondaries net returns Our

secondaries There expand complementary for secondaries of to now is capital such and structural enormous in private infrastructure deployment. shortage creating from as Impact into a adjacencies our secondaries equity opportunities We business. continue new

launched new flagship earlier In XX% fact, year is our committed. this over fund already

both growth We've sciences market dedicated the launched the pushing expect back and talked active. for also Asia. sciences, to fundraisers growth our say Overall, Asia be life in faster remains like year now areas in I'm vehicles Private about into life equity, equity pleased we growth pipeline with successor and Equity next in fundraising fund. very we've to

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revenues and performance seeds All value find significant dry billion and deployment is the nearly of to planting we for powder, $XXX future our have for this a limited partners. firepower with create of

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turn And Michael. over with I things to will that,

Michael Chae

billion. of the locked earning Thanks, remains nearly Jon to AUM the record XX%, growing firm's AUM perpetual pace is Along new rapid Jon to Fee levels, majority and that under capital or as sustained quality mentioned. everyone. exceptional. base AUM contracts, up growth, year-over-year XX% Total billion the with $XXX good vast $XXX morning, long-term rose including Steve the of The discussed. grew

unlike are traditional to to XX movements is around markets. world which in the on With up not asset and a years capital basis. exceeds contractual long-term subject to recurring are remaining of managers life that fees ability The our management identify liquid key average value locked create daily

growth increased to million, earnings segment. in related $XXX record strong every double-digit Fee XX% reflecting a

growth XX%, FRE last long-term per $X.XX the trending our in share, $X.X stream. well For trajectory billion, earnings XX mid-teens above ultra-high up or of quality months, this totaled

highly lines, the we I'll new XX.X% focused margin moment. in despite year-over-year As remain the discuss numerous the profitable area. full-year this to be Indeed, in expect strategies FRE XXXX more expands business a and launching on recently, margin outlook detail quarter expanded growth. firm in into to we FRE third

pace, our the sales billion capital, a equity public multiple million number real per earnings underpinned with consistent $X.XX active invested across $XXX the firm. reflecting and of of estate performance historical FRE. long-term nearly these diverse strong at quarter, an completed in in of the were Realizations growth $XX businesses private in the or aggregate private and Distributable opportunistic X.Xx strong were Realizations share, in were platforms. by

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reflective funds the well area, the with first had lag quarter Jon In X.X%. quarter our is in described, investments. secondaries reporting market the given of rebound occurred appreciation timeline This of year's the positive SP of that underlying standout as SPs fundamentals the that this a in as two-quarter underlying

In worth in in credit, X% to ability approximately a years funds credit position quarter. strategy noting, the muted positions. in the credit credit scarce. long-term energy of capital energy of and distressed a an to more performing capital this has backdrop, upstream into pools performance raise at us It for the is a in where largest one reported the due certain ahead in dedicated declined is environment to The opportunities the X.X% against decreases billion, largely third our $X.X very cluster pursue favorable to putting led gross return

along years, investment with our for in depreciation, in record depreciation and four balance billion, up year-over-year future the in performance and the up pace, $XXX XX% fund resulted in the AUM total, over XX% performance sustained pushed level realizations. in sheet quarter million receivable to year-to-date. net and of highest revenue $XXX $X.X firm the ground For Fund the of up positive well accrued boding drove revenues billion,

FRE Moving outlook. to the

previously outlined thereafter. At share $X.XX our these drivers in We $X of per per on about talked greater than the key Day, and XXXX we underpinning continue two targets confidently toward Investor path targets. share

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now come of billion billion three to few expected we've coming the respect over XX%, raised the or the With Global funds. the balance flagship outstanding $XX investment of closings funds, the are with four We've $XX months. Estate periods earning fees. the retail from a PE full and secondaries to Real launched for

and holiday month this its The earlier activated February. is fee third, European now in earn full was will Real in and Estate fees

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used X.X% to coupons comment a $XX in month, portion $XXX today proceeds on condition. $XX we expense charge our fourth in with of million X.X% a third resulting interest and issued respectively. notes quarter the remarks of We million XX-year with XXXXs, my balance retire Last close the a million I'll financial our and and of quarter. the sheet XX-year in and

further value. firm's debt the actions continue source no XXXX. cost These net ample maturities zero to position, weighted our debt shareholder a sheet maturity for years and reduced pushed liquidity to out drive average XX our X% balance before the below nearly the with of to and to after-tax With firm strength of remains average

we that, up I for call. like With now for you joining the to would it open thank questions.

Operator

Certainly.

will session Craig Instructions] go question first comes [Operator now the Please question-and-answer from line of begin. ahead. Your Siegenthaler. The

the live You're call. into

Craig Siegenthaler

everyone. morning, Hey. Good

Blackstone between logistics So and one investment now fairly even portfolio. closed pipeline, right just peers, you your your is after think, new and robust I the difference, that's GLP

logistics look here you when So retracting Global, portfolio. Merlin, in deals the Capital Wolf, Dream future like Colony Great

than themes, of can is, activity targets side, the competitors to this investment comment question your how in at? are and current are but lot valuations, on you your maybe my what be differentiated real So looks a looking more estate

Jonathan Gray

Good question, Craig. Hello, good morning.

things. a I couple So say would

is environment and our deals think not $X biggest of listed, in do First, transactions advantage ability obviously probably investment And all The many in helpful. an to our the billion. you those it's smallest cases group is the was easy I of large think I scale. very

on where hard larger given it's find helpful. particularly our And of environment so in is an ones, focusing funds, the to very interesting opportunities, scale

in the The increasingly way other thing would I say we're deploying are capital. is we thematic

you economic what multiples is where world around. pretty have a is real muted find you in So and conviction high, growth sectors are want to

the us, for a logistics two so been and We've nine it feet a than area the years, big to at last And more theme. major a global you billion about that has over and talked around continue like length. We bought world saw transactions. square we

they moving live are even do. entertainment a physical also around big want to online, because many still people We're fan things activities, things though need

BREIT. theme that with did that water which park largest is the see Wolf you with space, you operator so we even the in second Bellagio, the And Great in see park and Merlin

a where smaller it's think it's scale to on of make we difference. and businesses an emphasis can believing as would a in, number we're intervene So always, say I we big themes

say And I puts expansion us platform that in breadth position. a of of sort unique would finally of the the

not a you're just great BREIT of and in in of universe, capital risk you If Bellagio we But years or down spectrum, as that could do equity have is focused the have up sale sort we return the much. certain private Two narrowly the parts ago, can't runs leaseback. because credit example. done

gives platform to as in. us invest So a broader the broadens, universe it

environment it's things, not So overall to an we're still them. headline, find but easy finding interesting

Craig Siegenthaler

Jon. you, Thank

Operator

for Wells go Chris do ahead, line from Harris and your Fargo. the comes We question. question another it sir. you of Please Thank have from

Christopher Harris

morning. Thanks, good

exit challenges guys risk think having here some this look you you been we the your course have talk know I Can those for IPOs U.S., a what the year in the successful are. about recent of two? as ability to whether you Some view as investments or next out to

Stephen Schwarzman

at of in sort equity in becoming it's it's thing seeing a a lot not to increasingly the capital business are well, as nots markets and models, haves I'd the near-term look taking markets of We're have say that debt facing headwinds. the market only a IPOs. and investors in not is what particularly story So the and of profitability same underlying path closer equity a do is are have businesses which now consume

look some And own. we companies healthy in faster is at profitable, were that some growing last able if other the are you response to market in good. get We quarter done the actually businesses pretty secondaries

hey business making equity the sort can years that's seven up the in still companies. would increasingly start from markets good investors So are now show the becoming pretty good six But receptive say, and with I of say look, or are to you idea money shape, I'll difficult.

a think sign. participants, And market for I healthy that's

think I'll a The market get bubbles. in saying not I the investors danger get up. environment reward excesses when building me just you going when it's trust you fact excesses, that is are stock be to with markets and deliver you,

for that's good think the overall. market's I

Christopher Harris

you. Thank Great.

Stephen Schwarzman

Chris. Thanks,

Operator

do have of Thank ahead, another Stanley. you line go question. Cyprys for Please it sir. from We Morgan question and the your comes from Michael

Michael Cyprys

Hey, for taking good morning question. the Thanks guys.

of Just it's rates. with be lower world and rate it the like parts today negative increasingly, lot going that for longer a seems with low environment of that in we're the to

it's perfect it in for markets. like growth storm the would seem private the So

too few about the private how and this is to of outlook the or growth more it thinking it see the out industry, So the I growth biggest the of as opportunities curious, guess couple market I'm the next just Is regulatory deployment the risk sort markets? look risk you private in on are over you where curious to that you're side maybe Just to years. political?

Stephen Schwarzman

Mike. Yes,

the rates, globally rates the looking we're right flows. people capital U.S., into the leader I in all flows think well, are world, their the market space, and is Japan, as in alternatives, ago higher half returns. Europe, week for seeing frankly seeing and as we're over low the about the Koreans What a And lowered you're we're a the more biggest seeing is headline.

So backdrop. that is the positive

In is a it is think The a big challenges, terms is, deployment the obviously yes, world. question. I news good of investable

We lots in, that particularly geographies invest income challenge, have in fixed oriented. things but of lots of that's more we have a pools of always capital, are we can

our probably to scale as in a infrastructure and there's again bit makes estate, although proven advantage real earlier, I and little real harder it at has a us. said for So to again deploy capital be – times,

I in obviously, of a it growth, as could of a capital. then economic be slowdown, trade factors, terms to it think, And deploy result factors, geopolitical harder makes

Although be it also reset our dislocation current so billion values our could a of us. prices impacts with $XXX for positive can that capital

we when I market, But the percentage, privates world the think low look relatively universe. at investable the still, overall of in a corporate are particularly

So of we've can like we what feel invest penetrated and don't in. limited we're sort we therefore, in

Perpetual raising And which makes real to lower platforms be point longer and of credit, estate. some Private back easier. Capital, our periods. be it core-plus Could many of lending hold direct in has this That return Core cases, could expectations, Equity,

for As lower environment, you highest downturn, economic yes, there the harder wasn't an longer to a if strategies. in persist returning produce gets it

I to a and ahead. be lot this able today, we've overall sort capital. to continue Go of pretty of deploy be the for continues, continue will think business able of raise been been growth, in obviously low if has to good and to sort capital it But environment

Hamilton James

markets just get We're economies. us that. we an hundreds Mike, it's few intervene value market. our buying Tony. to idiosyncratic not add operationally and indices overpriced returns and a create we're own of companies even Remember, companies where and might allows can that and I buying

companies results there's management. under-managed one real business. decouple where if or indices way. our under-capitalized created have to drivers That's And always of estate there big core from that of out the be we pieces value or there's So our the you in of good

returns a really that's able over-priced our being activity driver So to key an and earn in to sustain environment. even

Michael Cyprys

you. Thank Great.

Operator

question question. sir. Carrier, Mike line and it ahead, Thank from comes you Please the go of have for do another Bank your America. of We

Michael Carrier

in but thanks when on and realizations up ticked levels, and think anything taking and is a looks you overall the the industry have like morning changed Good things, a exit market bit about the It bit, muted timing has still despite strategies? question. realized fees for but tough seem like Blackstone for typical predict to performance these

Jonathan Gray

No, say has I changed. would nothing

lumpy. news years, timing part when hard very the quarters be focused is, you these exiting. a it's indicator, pointed think as the is Michael the forward and our we good at can four little out, they which the because I And for strong. net good mean, have I that value is accrued the on level tough, maximizing moment, maturing the predicting realizations, very as investors investments, right is know – a on we're highest individual is carry, bit what can are is but therefore, you have is in

the in So about of approach return for always nothing think how exit. investors the has to right, fundamentally realizations. favorable when we about we our changed We're thinking most generating is terms and our timing and them

time, timing think realizations, so not we'll predicting is I continue produce just easy. And over to nice that

Michael Chae

Mike. Thanks

Operator

you. Thank Instructions] [Operator

Jonathan Gray

we in to if maybe queue a just the should here another – can we Julie, pick re-prompt we for the few give chance to everyone have queue, in. dial or more up

Operator

that Please Blostein and go from ahead. from again Right, line Alex yet. of have Goldman do do one I'll question the Sachs. it Instructions] Thank we comes [Operator you. Certainly,

Alexander Blostein

business. the Hi, you good opportunity you the morning, everybody. see around secondaries Question guys for in

latest So it half committed. sounds is believe was billion, $XX I fund, around like which almost the

that timing maybe business talk forward? for bit little thinking a So Blackstone you sizing most about and about importantly, going how

it What about don't importantly, Thanks. you does purchasing. in guys to of And I like opportunity on more dollar most in today talk terms make the for growth Blackstone? for attractive know I what's cents that look guess, pricing changed a the can you're marketplace of like, commitments if sort

Jonathan Gray

the liquidity. and trades same more market are digits, hands liquidity. in I we've and think Historically, the there is related about participants growth who what all high-single it's would X% relatively secondaries that limited been like time, also seen you at alternatives. growing of of is directly you in So the market at to have The know,

market So growing then number overall growing, is and and players. that you have of the a scale relatively X% small there

case really our range in transactions footprint business, owning SP where gives a competitive advantage, real they of interest which unique in of And on of larger thousands funds, there them a funds. is the particularly have a large scale

they of is I So positioned in SP think, vintage uniquely, strategy clear their want here to this alternatives, wants small trend I volume these really number we're XX CIO mega fund creates well out I and And hired LP, is growth of that to part is with older vintage, of say, seeing as a of change interests and hey, a sell funds, an say, new the there weighted is seven-year who to average because growing competitors. this opportunity want sellers.

this think potential has grow. continue to I So to the business

infrastructure just vintage next real completing I growing. secondaries We're We're platform. there. our our As mentioned, raising raising estate is

We impact and as deployed scale vehicle has scale. it the private quickly have mainline equity think continue and to alternative I could

as see it's BAAM alternative buy in the Again, markets we at capital really stakes the alternative. into which our stakes we increasingly we where in passive strategies, in in have in similar moving to same in time moving is where managers. this alternatives, managers liquid ETF also business, the growth It's shift large

are beyond our where So core beneficiaries for direct our business we inflows. secondaries stakes get

Michael Chae

say in basically Michael. relative it's stable our Alex, and asked and would I you to been NAV And just pricing have SP team pricing to discounts history. add, about

by do are the that they which environment to as it, into pricing So and they've both deals, larger lot capability less of do mentioned, somewhat to been efficient. able having a capital Jon deploy

high in volume efficient transactors. can And of smaller really and then for – card their are a been which that respect very also deals, has have they they years, high a really throughput calling

Alexander Blostein

much. very Great. Thanks

Operator

line question your from sir. the and ahead, have go you Schorr ISI. Thank of comes Glenn from question. for another We do Please it Evercore

Kaimon Chung

This Hi. Glenn is in Kaimon Schorr. Chung for

a…? also your credit positions You is capital, marks Though outsize flex a give but quarter's not you in raise some inhibiting negative driven by or last holding. and ability upstream negative public just to it's large certain Can again. energy marks

Michael Chae

Yes. We lost the end.

of energy area overall portfolio fundamentals. color portfolio our of on the is about midstream of single-digits. sort sector, and our want the Look, high energy great you majority and credit our business. think around a very the as and overall which for – XX% Credit is Energy I firm whole, healthy it's overall, in is The of segment the

The relatively the digit overall mid-single part whole we more is portfolio. upstream, sort but of small for that their low-single firm digit talk that GSO a percentage been and challenge more about percentage, of that's is for

it, distressed is the highlight, a of energy, of and is energy That's that. to talk I because structurally, part and Now sort cluster, about distress we do want big definitionally need lot sort much as within XX% and as though overall or the the XX% market. highlight for context. about we in business cluster that of talked a part we is just distressed GSO only of we of about put so to

to return GSO quarter, last overall, and quarter investments. in in positioned. last results from in the energy of certain And discrete from we as those as sort did of quarter our and that terrifically business is quarter, traction all energy both were in mention this We upstream equity this private well think upstream

the ahead opportunities with doesn't guy in have – see substantial money that mentioned, of of environment with and great firm out I dislocation. that's are market a it, in sort the we As an we and

So we're couple portion of performance of the in relatively driver challenges highlighting to a discrete that the that is a and That's a of business cluster. really have overall GSO distressed investment. the pertained performance manageable-sized

in last two week want asset actually portfolio, portfolio I of upstream in announced our fully on sale the that focused companies repay GSO its those the mention we also that monetization are deals. transactions to debt in

transaction on discussions we're in in in close, portfolio that another QX the With deleveraging upstream GSO. advanced

portfolio. momentum within the well there So as positive is

Operator

We that. the for go you Jefferies. Thank O'Hara from from line Please ahead, another sir. of do have question Jerry

the You're live call. into

Gerald O’Hara

Great, thanks.

Life Life touched know funding maybe there. to Fund I might early, the Growth the of to was little on how, highlight any helpful. how sense something is that of shaping kind there of the you. perhaps, initiative any Sciences Equity but kind on Sciences. kind discussed address necessary too able Thank launch be is of a demand up pool would anything to be You the that is give I sizing. and – on a provide be I Day, Investor large guess and But a this capital color of you gap but specific around of a little also, know – could the but Fund, you would

Jonathan Gray

to the So quite been I say the has strategy response good. would in the market team

to things differentiated just this investors a and fourth closing their it's that team We portfolio, terrific we I in and quarter. something a it's strategy. have because expect the first executing not many like other with in think have correlated

In think life our stay from terms very time is that is very the grow size, stage I'll with and science this invested probably most early area a BC of generate relatively to the sciences so could multiples there over just is excited a and be of away but little life business high the private big capital to area, think space such scale, opportunity of because I about in that, capital, quite we're it I large business.

Gerald O’Hara

you. Thank Great.

Operator

sir. another Thank line you, it have go And We Credit the Please Jerry. Siegenthaler, Craig of question. do from ahead, comes Suisse.

You're call. live into the

Jonathan Gray

Hey, Craig, live. you’re

Craig Siegenthaler

you. Thank

okay. me hear You guys can

risk, also updated a Okay, capital XX that any has see wanted so fixed more you migrating a I no if now with dividend downside to of investors. FRE long-only months the on and roughly provides that flexibility? have just last meeting you tracks large spent number thoughts to

Michael Chae

current this and in conversation which dividend in consistent, with happy committed Michael. – our the our past I perspective policy. Craig, is we've And had we're is our Hey, think it's to

to use As balance dividend flow our our shares. to balance DE mentioned, repurchase model cash Jon of and generation allows XX% also sheet light us and the our basically

is overall right change happy no this with and point. think I we market have the So plans at now to that

Stephen Schwarzman

ready like, Thanks, – for we're think Craig. more Julie, I question. looks it one

Operator

final comes from of The Please Certainly. the question line from ahead, Jeremy go sir. Campbell Barclays.

Jeremy Campbell

Hey, great, thanks.

now about Just around your XXXX billion, Investor at given would are like inflows million. $XXX Day your your through commentary back given that running $XXX commentary be

you and about what try to to you're had that map there? Just if out target FRE to higher going go – than your guys previously put think that

Stephen Schwarzman

to $X.XX back we'll is about on Jon over dots the my out versus supportive the of that comments time that that $XXX target outperformance $XXX think quite on million so confidence. – period just than and set you are great to, that alluded I that the call, Jeremy of which we better confident and refer inflows million we're – connecting

Jeremy Campbell

All right. Thanks guys.

Jonathan Gray

Jeremy. Thanks, Great.

Operator

for Thank like remarks. turn call I'd you. Tucker you, Weston And to to Thank over the now sir. any final

Weston Tucker

have Great. questions, Thanks you please us morning. the Thank if you. everyone any for And call. me this call after joining

Weston Tucker	Senior Managing Director of External Relations Group and Head of Investor Relations
Stephen Schwarzman	Chairman, Chief Executive Officer and Co-Founder
Jonathan Gray	President and Chief Operating Officer
Michael Chae	Senior Managing Director and Chief Financial Officer
Hamilton James	Executive Vice Chairman
Joan Solotar	Senior Managing Director and Head of Private Wealth Solutions and External Relations
Craig Siegenthaler	Credit Suisse
Christopher Harris	Wells Fargo Securities, LLC
Michael Cyprys	Morgan Stanley
Michael Carrier	Bank of America Merrill Lynch
Alexander Blostein	Goldman Sachs Group
Kaimon Chung	Evercore ISI
Gerald O’Hara	Jefferies LLC
Jeremy Campbell	Barclays Capital, Inc.

Blackstone (BX) 23 Oct 192019 Q3 Earnings call transcript