Private Equity Firms Are Undervalued On Possible Long-Term Capital Appreciation

 

Wall Street research equity research analysts, when they build MS Excel models for the leading private equity firms Blackstone, KKR, Appolo, Carlyle etc. earnings statement, balance and cash flows Wall Street equity research analysts put in 0, zero for the for the private equity firms' possible return on investments from their mainly private equity investments. Wolfteam Ltd.

Wall Street research analysts put also 0, zero for the private equity firms Blackstone, KKR, Appolo, Carlyle etc. return on investment from their real estate, credit and lending investments.

History, however, clearly shows that private equity firms Blackstone, KKR, Appolo, Carlyle etc. do make returns on their investment capital.

Having the Wall Street equity research analysts' MS Excel models and forecasts in mind, this makes private equity firms Blackstone, KKR, Appolo, Carlyle etc. undervalued, according to Wolfteam Ltd.'s projections and estimates.

Private Equity Firms Are Undervalued On Regulation

 

Private equity firms are still undervalued on the fact that proprietary investments are still gradually moving away from investment and corporate banks to private equity firms, private credit and lending firms, according to Wolfteam Ltd.'s projections and estimates.

Private equity firms are less regulated which allows them to invest in nonpublic investments for the long-term via taking proprietary investments positions and thus compounding their returns better than their more strictly regulated competitors investment banks.

Thus via higher risk taking private equity firms achieve higher returns and high market capitalization and higher valuations than their investment bank counterparts. 

Of course, there is the probability that private equity firms' investments are overvalued. Until there is a possible regulatory reset, though, private equity firms are going to be very successful, in Wolfteam Ltd.'s view.

Robinhood Markets Is Undervalued On Bitcoin and Deregulation

Robinhood markets, the stocks, derivatives, fixed income and cryptocurrencies brokerage is undervalued on Bitcoin, other currencies price appreciation and possible deregulation efforts by the President elect Donald Trump incoming administration, according to Wolfteam Ltd.'s estimates.

Robinhood markets' intrinsic value is 90 billion USD, compared to Robinhood markets' current market capitalization of 32.27 billion USD, in Wolfteam Ltd.'s view.

Coinbase Is Undervalued On Possible Broad Cryptocurrencies Adoption On Wealth Effects

Coinbase Global Inc, the cryptocurrencies exchange is undervalued on the possibility of Bitcoin reaching and surpassing 200 000 USD in 2025 on broader adoption due to measures, which Donald Trump's administration could undertake, according to Wolfteam Ltd.'s projections and estimates.

Coinbase's market capitalization could surpass 400 billion USD, compared with Coinbase's current market capitalization of 76.27 billion USD.

With Bitcoin's possible broader adoption there could be many more initial coin offerings, ICO's which cryptocurrencies tokens could begin trading on the Coinbase exchange and thus raise dramatically Coinbase's revenues and profits.

As Bitcoin's price increased by more than 50 % from 68 317 USD to 99 266 USD after the US presidential election, there is bound to be more Bitcoin adoption by the general public on possible wealth creation opportunities, in Wolfteam Ltd.'s view.

Apollo Global Management Third Quarter 2024 Earnings Statement Analysis

  

Apollo Global Management reported strong third quarter 2024 earnings:

Apollo continues to reinvest the long-term perpetual capital insurance premiums fees from its insurance business into its private equity and credit business lines. The long-term in nature insurance premiums fee help Apollo generate long-term capital appreciation.

Wall Street investment research analysts put 0, zero to model future investment returns in their financial models of Apollo, KKR, Carlyle, Blackstone and other alternative asset management businesses with large private equity businesses. Apollo's investment track record clearly shows that such an assumption is farfetched.

Apollo is undervalued, according to Wolfteam Ltd.'s projections and estimates. Apollo's intrinsic value is double Apollo's current market capitalization of 101.25 billion USD.

(In millions, except per share amounts) 3Q'23 2Q'24 3Q'24 YTD'23 YTD'24
Revenues
Asset Management
Management fees $462 $462 $476 $1,328 $1,376
Advisory and transaction fees, net 157 267 181 482 617
Investment income (loss) 292 278 230 882 910
Incentive fees 18 47 35 59 108
Retirement Services
Premiums 26 673 389 9,163 1,163
Product charges 217 251 267 622 756
Net investment income 3,166 3,804 4,101 8,726 11,481
Investment related gains (losses) (2,624) (134) 1,539 (1,193) 3,082
Revenues of consolidated variable interest entities 318 366 552 946 1,329
Other revenues 563 4 3 583 9
Total Revenues 2,595 6,018 7,773 21,598 20,831
Expenses
Asset Management
Compensation and benefits (557) (604) (605) (1,743) (1,876)
Interest expense (36) (53) (55) (98) (159)
General, administrative and other (220) (319) (326) (643) (885)
Retirement Services
Interest sensitive contract benefits (333) (1,824) (2,599) (3,634) (7,307)
Future policy and other policy benefits (368) (1,095) (793) (10,346) (2,431)
Market risk benefits remeasurement gains (losses) 441 16 (524) 166 (354)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired (211) (227) (244) (502) (678)
Policy and other operating expenses (467) (478) (670) (1,356) (1,601)
Total Expenses (1,751) (4,584) (5,816) (18,156) (15,291)
Other Income (Loss) – Asset Management
Net gains (losses) from investment activities (32) (21) 15 (14) 33
Net gains (losses) from investment activities of consolidated variable interest entities 49 1 44 95 70
Other income (loss), net 22 24 70 102 68
Total Other Income (Loss) 39 4 129 183 171
Income (loss) before income tax (provision) benefit 883 1,438 2,086 3,625 5,711
Income tax (provision) benefit (243) (261) (317) (697) (1,000)
Net income (loss) 640 1,177 1,769 2,928 4,711
Net (income) loss attributable to non-controlling interests 42 (324) (958) (637) (1,620)
Net income (loss) attributable to Apollo Global Management, Inc. 682 853 811 2,291 3,091
Preferred stock dividends (22) (25) (24) (22) (73)
Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $660 $828 $787 $2,269 $3,018
Earnings (Loss) per share
Net income (loss) attributable to Common Stockholders - Basic $1.10 $1.36 $1.30 $3.77 $4.96
Net income (loss) attributable to Common Stockholders - Diluted $1.10 $1.35 $1.29 $3.75 $4.94
Weighted average shares outstanding – Basic 579 587 585 581 587
Weighted average shares outstanding – Diluted 579 590 589 582 590

Bitcoin Could Surpass 200 000 USD In 2025

Bicoin's price, driven by wider acceptance and less regulation could surpass 200 000 USD in 2025.

Bitcoin stocks like Coinbase, Robinhood Markets and Microstrategy could triple in value in 2025, according to Wolfteam Ltd.'s projections and estimates.

Global Private Equity Fund Management Companies Are Undervalued On Wall Street Research And Intrinsic Factors

 

Global private equity fund management companies like Blackstone, KKR, Apollo, Carlyle, Permira, CVC etc. are undervalued on Wall Street research reports and other intrinsic factors, according to Wolfteam Ltd.'s projections and estimates.

Wall Street equity research analysts model 0, zero for the return on investment on global private equity investment management companies to reflect the possible return on investment of these companies investments in private and public companies via private equity leveraged buyout types of investment. Historic returns on investments of the private equity investments of global private equity investment management companies clearly show such an assumption by Wall Street research analysts is not entirely correct.

Global private equity fund management companies like Blackstone, KKR, Apollo, Carlyle, Permira, CVC etc. do generally make return on investment from their private equity type leveraged buyout investments.

Other intrinsic reasons why global private equity fund management companies like Blackstone, KKR, Apollo, Carlyle, Permira, CVC etc. are undervalued is the fact that Wall Street does not appreciate fully the fact that Global private equity fund management companies like Blackstone, KKR, Apollo, Carlyle, Permira, CVC etc. are using insurance fees premiums from the insurance businesses they own to invest for long-term capital appreciation in their private equity, real estate and private credit and lending asset management divisions. The long-term insurance fees make for easier long-term investment compounding and capital appreciation.

In addition to the above, regulators have pushed risky proprietary investments away from investment banks and corporate and savings banks into private capital firms like global private equity fund management companies like Blackstone, KKR, Apollo, Carlyle, Permira, CVC etc, which are constantly raising astounding tens of billions of USDs sums to invest on behalf of pension funds, endowments and affluent individuals, which drives their revenues, profits and ultimately market capitalization higher.

Global private equity fund management companies like Blackstone, KKR, Apollo, Carlyle, Permira, CVC etc. could double in value from current levels, in Wolfteam Ltd.'s view.

 

Carlyle Third Quarter 2024 Earnings Analysis

 

Carlyle Group Inc., the global alternative investment management group reported strong third quarter 2024 earnings with revenue tripling and net income more than quintupling in the third quarter of 2024 compared to the second quarter of 2024, according to Wolfteam Ltd.'s projections and estimates:

Dollars in millions, except per share amounts) 3Q'23 3Q'24 YTD 3Q'23 YTD 3Q'24
REVENUES
Fund management fees $ 502.6 $ 532.7 $ 1,511.2 $ 1,590.7
Incentive fees 21.1 38.7 61.9 96.2
Investment income (loss), including performance allocations (17.7) 1,831.5 (99.2) 2,033.9
Revenue from consolidated entities 152.7 180.1 411.7 510.6
All other revenues 57.9 52.2 152.1 161.9
Total Revenues 716.6 2,635.2 2,037.7 4,393.3
EXPENSES
Cash-based compensation and benefits 267.6 207.5 798.4 635.7
Equity-based compensation 64.4 121.6 186.8 355.1
Performance allocations and incentive fee related compensation (53.9) 1,151.0 (40.4) 1,222.4
General, administrative and other expenses 143.0 176.6 470.7 512.2
Expenses from consolidated entities 102.5 162.0 298.3 438.7
Interest and other non-operating expenses 31.5 30.2 92.0 91.3
Total Expenses 555.1 1,848.9 1,805.8 3,255.4
Net investment income (loss) of consolidated funds (9.3) 2.5 9.9 (9.6)
Income (loss) before provision for income taxes1 152.2 788.8 241.8 1,128.3
Provision (benefit) for income taxes 41.2 173.1 68.2 264.5
Net income (loss) 111.0 615.7 173.6 863.8
Net income attributable to non-controlling interests 29.7 20.0 90.0 54.3
Net income (loss) attributable to The Carlyle Group Inc. Common Stockholders $ 81.3 $ 595.7 $ 83.6 $ 809.5
Net income (loss) attributable to The Carlyle Group Inc. per common share:
Basic $ 0.23 $ 1.67 $ 0.23 $ 2.26
Diluted $ 0.22 $ 1.63 $ 0.23 $ 2.21
Income (loss) before provision for taxes margin2 21.2 % 29.9 % 11.9 % 25.7 %
Effective tax rate 27.1 % 21.9 % 28.2 % 23.4 %
Net performance revenues3 $ (64.4) $ 634.5 $ (163.9) $ 604.3

One of the best quarterly results in Carlyle Group Inc.'s history was generated partly by previous strategic decisions like investing the long-term insurance fees for the long-term in private equity, real estate and credit business lines,  partly to pick up in investment activity.

Assets Under
Management
• Total Assets Under Management: $447 billion, up 17% year-over-year
• Fee-earning Assets Under Management: $314 billion, up 15% year-over-year
• Perpetual Capital Fee-earning AUM: $95 billion, representing 30% of total Fee-earning AUM
• Pending Fee-earning AUM: $21 billion, up 101% year-over-year
• Available Capital for investment: $85 billion, up 20% year-over-year

So called perpetual capital fee-earning Assets Under Management, AUM or 95 billion USD constitutes 30 % of total fee-earning AUM. The long-term insurance fees from Carlyle's proprietary insurance business provides for flexibility in investing securing long-term capital appreciation.  Private equity firms' long-term capital appreciation is underappreciated by Wall Street research analysts who put in 0, zero for the possible future investment returns from mainly the private equity business investments of the largest global alternative investment management firms.

Blackstone, KKR, Apollo, Carlyle and other alternative asset managers, mainly with private equity business lines have shown time and time again such assumptions by Wall Street equity research analysts are simply not entirely correct.

Fundraising by Carlyle was also strong:

Fundraising was $8.8 billion in Q3 2024, driven by additional commitments raised in our latest U.S. Real Estate fund, as well as capital
raised across our Global Credit and Global Investment Solutions segments. Fundraising of $43.5 billion for the LTM increased 73%
compared to the prior LTM period
• Invested Capital in carry funds was $3.9 billion in Q3 2024, led by investment activity in our Secondaries & Portfolio Finance and Co-
Investment strategies as well as our Opportunistic Credit and Real Estate funds. Invested Capital of $20.0 billion for the LTM
increased 3% compared to the prior LTM period
• Realized Proceeds from carry funds were $6.8 billion in Q3 2024, driven by realizations in our U.S. Buyout, Europe Technology, and
Opportunistic Credit funds, as well as in our Primary Investments strategy in Global Investment Solutions. Realized Proceeds of $23.8
billion for the LTM were flat compared to the prior LTM period

Carlyle Group Inc.'s main business line private equity did good during the third quarter of 2024:

17
Global Private Equity
• Total AUM was $169 billion as of September 30, 2024, up 3% from the prior
quarter as Q3 2024 Fundraising of $3.7 billion and portfolio appreciation
more than offset realizations. Fundraising in Q3 2024 was primarily driven
by our latest U.S. Real Estate fund. Total AUM increased 5% from the prior
year, including LTM Fundraising of $13.1 billion
• Invested Capital was $1.6 billion in Q3 2024 and $7.2 billion for the LTM.
Q3 2024 activity was driven by our Real Estate strategy, the purchase of
KFC Holdings Japan, Ltd. (CJP IV / CAP V), and follow-on activity across
the segment
• Realized Proceeds totaled $4.1 billion in Q3 2024 and $14.7 billion for the
LTM. Notable Q3 2024 realization activity included SER Group (CETP III),
Tokiwa Corporation (CJP III), and PNB Housing Finance Limited (CAP IV) 

Private equity assets under management comprise around 34 % of Carlyle's assets under management and Carlyle is showing stable investment prowess in investing in private equity deals.

Global Credit, the hottest asset class currently also reflects 194 billion USD or circa 40 % Carlyle's total 447 billion USD assets under management and is performing strongly for Carlyle:

Credit fundraising was strong and liquid credit CLO's performed nicely for Carlyle as well:

Global Credit
• Total AUM was $194 billion as of September 30, 2024, up 2% quarter-over-
quarter, as market activity and Fundraising of $2.8 billion more than offset
outflows. Fundraising activity reflects capital raised across the platform,
notably in our Direct Lending and Opportunistic Credit funds. Total AUM
increased 30% from one year ago, including $18.7 billion of Fundraising and
inflows of $24 billion from Fortitude’s transaction with Lincoln Financial in
the LTM
• Invested Capital in traditional carry funds was $0.6 billion in Q3 2024 and
$3.5 billion for the LTM
• Liquid Credit closed five CLO resets in Q3 2024, covering $2.8 billion in
AUM. For the LTM, Liquid Credit issued seven new CLOs for $3.3 billion and
closed 12 CLO resets covering $6.2 billion in AUM. Direct Lending had gross
originations of $1.3 billion in Q3 2024 and $3.9 billion LTM
• Realized Proceeds in traditional carry funds totaled $1.0 billion in Q3 2024
and $3.2 billion for the LTM

Blackstone Third Quarter Earnings Analysis

 

Blackstone reported excellent third quarter 2024 earnings:

Blackstone insurance and private equity based strategy is yielding good results, according to Wolfteam Ltd.'s projections and estimates.

Wall Street equity research analysts keep writing in 0 (zero) for return on investment in their equity research models, when they model private equity firms like Blackstone. In short, Wall Street equity research analysts assume Blackstone and other private equity firms will not make a return on their private equity investments. History has shown this to be not an entirely exact assumption.

($ in thousands, except per share data) (unaudited) 3Q'23 3Q'24 3Q'23 YTD 3Q'24 YTD 3Q'23 LTM 3Q'24 LTM
Revenues
Management and Advisory Fees, Net 1,655,443$ 1,794,894$ 5,023,128$ 5,309,355$ 6,671,566$ 6,957,487$
Incentive Fees 158,801 191,794 454,754 559,434 665,018 799,851
Performance Allocations 390,486 1,569,673 894,647 3,322,003 841,443 2,959,529
Principal Investments 163,653 93,371 (782) 675,860 38,429 377,311
Interest and Dividend Revenue 109,133 109,774 348,123 312,612 450,755 480,986
Other 63,769 (96,312) 17,951 (31,861) (225,331) (142,741)
Total Revenues 2,541,285$ 3,663,194$ 6,737,821$ 10,147,403$ 8,441,880$ 11,432,423$
Expenses
Compensation and Benefits 946,186 1,440,344 2,769,892 3,954,850 3,429,221 4,497,928
General, Administrative and Other 279,186 340,945 827,614 1,022,823 1,119,954 1,312,514
Interest Expense 110,599 111,337 323,136 328,156 423,465 436,888
Fund Expenses 38,934 3,470 118,918 13,380 137,449 13,449
Total Expenses 1,374,905$ 1,896,096$ 4,039,560$ 5,319,209$ 5,110,089$ 6,260,779$
Other Income (Loss) (49,078)$ 42,842$ 104,373$ 70,009$ 73,038$ (118,361)$
Income Before Provision for Taxes 1,117,302$ 1,809,940$ 2,802,634$ 4,898,203$ 3,404,829$ 5,053,283$
Provision for Taxes 196,560 245,303 467,504 789,220 326,358 835,177
Net Income 920,742$ 1,564,637$ 2,335,130$ 4,108,983$ 3,078,471$ 4,218,106$
Redeemable NCI in Consolidated Entities (92,577) (22,184) (81,589) (61,595) (281,179) (225,524)
Non-Redeemable NCI in Consolidated Entities 461,325 805,986 1,177,639 2,097,943 1,562,716 2,219,195
Net Income Attributable to Blackstone Inc. (''BX'') 551,994$ 780,835$ 1,239,080$ 2,072,635$ 1,796,934$ 2,224,435$
Net Income Per Share of Common Stock, Basic 0.73$ 1.02$ 1.64$ 2.71$ 2.39$ 2.91$
Net Income Per Share of Common Stock, Diluted 0.73$ 1.02$ 1.64$ 2.71$ 2.39$ 2.91

Blackstone's strategy of investing long-term insurance fees from its proprietary insurance companies investments into private equity seems to be showing excellent results. In addition, Blackstone is showing savvy in managing its private equity, real estate and credit and insurance assets under management.

Apollo Is Undervalued

 

Apollo is undervalued on long-term investment of insurance fees, according to Wolfteam Ltd.'s projections and estimates.

Apollo recorded excellent third quarter 2024 earnings:

(In millions, except per share amounts) 3Q'23 2Q'24 3Q'24 YTD'23 YTD'24
Revenues
Asset Management
Management fees $462 $462 $476 $1,328 $1,376
Advisory and transaction fees, net 157 267 181 482 617
Investment income (loss) 292 278 230 882 910
Incentive fees 18 47 35 59 108
Retirement Services
Premiums 26 673 389 9,163 1,163
Product charges 217 251 267 622 756
Net investment income 3,166 3,804 4,101 8,726 11,481
Investment related gains (losses) (2,624) (134) 1,539 (1,193) 3,082
Revenues of consolidated variable interest entities 318 366 552 946 1,329
Other revenues 563 4 3 583 9
Total Revenues 2,595 6,018 7,773 21,598 20,831
Expenses
Asset Management
Compensation and benefits (557) (604) (605) (1,743) (1,876)
Interest expense (36) (53) (55) (98) (159)
General, administrative and other (220) (319) (326) (643) (885)
Retirement Services
Interest sensitive contract benefits (333) (1,824) (2,599) (3,634) (7,307)
Future policy and other policy benefits (368) (1,095) (793) (10,346) (2,431)
Market risk benefits remeasurement gains (losses) 441 16 (524) 166 (354)
Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired (211) (227) (244) (502) (678)
Policy and other operating expenses (467) (478) (670) (1,356) (1,601)
Total Expenses (1,751) (4,584) (5,816) (18,156) (15,291)
Other Income (Loss) – Asset Management
Net gains (losses) from investment activities (32) (21) 15 (14) 33
Net gains (losses) from investment activities of consolidated variable interest entities 49 1 44 95 70
Other income (loss), net 22 24 70 102 68
Total Other Income (Loss) 39 4 129 183 171
Income (loss) before income tax (provision) benefit 883 1,438 2,086 3,625 5,711
Income tax (provision) benefit (243) (261) (317) (697) (1,000)
Net income (loss) 640 1,177 1,769 2,928 4,711
Net (income) loss attributable to non-controlling interests 42 (324) (958) (637) (1,620)
Net income (loss) attributable to Apollo Global Management, Inc. 682 853 811 2,291 3,091
Preferred stock dividends (22) (25) (24) (22) (73)
Net income (loss) attributable to Apollo Global Management, Inc. Common Stockholders $660 $828 $787 $2,269 $3,018
Earnings (Loss) per share
Net income (loss) attributable to Common Stockholders - Basic $1.10 $1.36 $1.30 $3.77 $4.96
Net income (loss) attributable to Common Stockholders - Diluted $1.10 $1.35 $1.29 $3.75 $4.94
Weighted average shares outstanding – Basic 579 587 585 581 587
Weighted average shares outstanding – Diluted 579 590 589 582 590

Via collecting and investing the long-term insurance fees from its insurance business and reinvesting them in its private equity business Apollo should be able to achieve long-term capital appreciation, which will unlock billions of unrealized value for Apollo.

Apollo's intrinsic value is 140 billion USD compared to Apollo's current market capitalization of 95.50 billion USD, in Wolfteam Ltd.'s view.

Carlyle Is Undervalued

Carlyle, the alternative investments company is undervalued on reinvestment of long-term insurance fees, according to Wolfteam Ltd.'s projections and estimates.

According to Carlyle's second quarter 2024 earnings statement Carlyle has 90 billion USD of insurance premiums, so called perpetual capital fee-earning AUM at its disposal which to invest long-term in its main private equity business.

Total Assets Under Management: $435 billion, up 13% year-over-year
• Fee-earning Assets Under Management: $307 billion, up 13% year-over-year
• Perpetual Capital Fee-earning AUM: $90 billion, representing 29% of total Fee-earning AUM
• Pending Fee-earning AUM: $18 billion, up 19% year-over-year
• Available Capital for investment: $83 billion, up 15% year-over-year

Such a long-term cash pile enables Carlyle to achieve superior investment results by investing billions of USD for the long-term, not pressed by the requirements of the capital owners like pension funds, endowments, wealthy individuals.

In addition, Carlyle can thus achieve long-term dividend yields income from its developed private equity firms' investments.

Carlyle's intrinsic worth is 34 billion USD compared to Carlyle's market capitalization of 17.48 billion USD, in Wolfteam Ltd.'s view.

Blackstone Is Undervalued

 

Blackstone Inc., the world's largest alternative assets manager is undervalued on the potential of long-term capital appreciation in the private equity business, from reinvesting the long-term, stable insurance premium fees, according to Wolfteam Ltd.'s projections and estimates.

Wall Street equity research analysts put 0, zero in their models when they evaluate the return on future investments from Blackstone's private equity portfolios. History has shown that on the contrary, Blackstone is able to achieve return on investment from its private equity companies portfolio, as well as from its real assets and credit and insurance business lines.

Furthermore, the long-term fees from Blackstone's insurance business are invested with a longer-term horizon, which could bring further capital appreciation. 

In addition, Blackstone's third quarter 2024 financial results showed marked operational improvement measured on both revenue and net profit. 

Blackstone | 1
BLACKSTONE’S THIRD QUARTER 2024 GAAP RESULTS
▪ GAAP Net Income was $1.6 billion for the quarter and $4.1 billion year-to-date (“YTD”). GAAP Net Income
Attributable to Blackstone Inc. was $781 million for the quarter and $2.1 billion YTD.
Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and
Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.($ in thousands, except per share data) (unaudited) 3Q'23 3Q'24 3Q'23 YTD 3Q'24 YTD 3Q'23 LTM 3Q'24 LTM
Revenues
Management and Advisory Fees, Net 1,655,443$ 1,794,894$ 5,023,128$ 5,309,355$ 6,671,566$ 6,957,487$
Incentive Fees 158,801 191,794 454,754 559,434 665,018 799,851
Performance Allocations 390,486 1,569,673 894,647 3,322,003 841,443 2,959,529
Principal Investments 163,653 93,371 (782) 675,860 38,429 377,311
Interest and Dividend Revenue 109,133 109,774 348,123 312,612 450,755 480,986
Other 63,769 (96,312) 17,951 (31,861) (225,331) (142,741)
Total Revenues 2,541,285$ 3,663,194$ 6,737,821$ 10,147,403$ 8,441,880$ 11,432,423$
Expenses
Compensation and Benefits 946,186 1,440,344 2,769,892 3,954,850 3,429,221 4,497,928
General, Administrative and Other 279,186 340,945 827,614 1,022,823 1,119,954 1,312,514
Interest Expense 110,599 111,337 323,136 328,156 423,465 436,888
Fund Expenses 38,934 3,470 118,918 13,380 137,449 13,449
Total Expenses 1,374,905$ 1,896,096$ 4,039,560$ 5,319,209$ 5,110,089$ 6,260,779$
Other Income (Loss) (49,078)$ 42,842$ 104,373$ 70,009$ 73,038$ (118,361)$
Income Before Provision for Taxes 1,117,302$ 1,809,940$ 2,802,634$ 4,898,203$ 3,404,829$ 5,053,283$
Provision for Taxes 196,560 245,303 467,504 789,220 326,358 835,177
Net Income 920,742$ 1,564,637$ 2,335,130$ 4,108,983$ 3,078,471$ 4,218,106$
Redeemable NCI in Consolidated Entities (92,577) (22,184) (81,589) (61,595) (281,179) (225,524)
Non-Redeemable NCI in Consolidated Entities 461,325 805,986 1,177,639 2,097,943 1,562,716 2,219,195
Net Income Attributable to Blackstone Inc. (''BX'') 551,994$ 780,835$ 1,239,080$ 2,072,635$ 1,796,934$ 2,224,435$
Net Income Per Share of Common Stock, Basic 0.73$ 1.02$ 1.64$ 2.71$ 2.39$ 2.91$
Net Income Per Share of Common Stock, Diluted 0.73$ 1.02$ 1.64$ 2.71$ 2.39$ 2.91

Blackstone Inc.'s intrinsic value is 250 billion USD compared to Blackstone's market capitalization of 205.40 billion USD.