So really, what do to get a little more of what you hear in real-time from your institutional LPs as far as your retail distribution partners? For the discussion of some of the risks that could affect results, please see the Risk Factors section of our 10-K. 10 stocks we like better thanThe Blackstone Group Inc.When our award-winning analyst team hasa stock tip, it can pay to listen. Cost basis and return based on previous market day close. And since then, AUM is up 42%, fee-earning AUM is up 38%, and perpetual capital AUM more than doubled to $313 billion across 18 separate vehicles. We have distributed with some of the global firms, our BREIT product, our BCRED products, but now having more targeted products in Europe in euros will make a difference. Compare BX With Other Stocks From: To: Zoom: 0 5 10 15 20 TTM Revenue And what we're anticipating, of course, there thematically is a big recovery of travel as we come out of COVID. The trailing PE ratio is 108.54 and the forward PE ratio is 14.51. You're live in the call, please go ahead. It was reflective of the sea change underway in asset management and our positioning within it, which is now playing out even more powerfully than we had previously anticipated. Profit Ratios. Discounted offers are only available to new members. You're live in the call, please go ahead. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Thank you very much. Steve Schwarzman -- Chairman and Chief Executive Officer. We do not undertake any duty to update these statements. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. From a fundraising perspective, I expect our strong momentum to continue in the current environment. In real estate, we talk a lot about BREIT, but don't forget the power of our institutional core plus strategy, BPP, which grew over 30% last year to $61 billion. We've made a big push into edtech. Blackstone Inc. is an asset manager of alternative investments and a provider of financial advisory services globally. We've been telling you for years about these powerful trends and what we've told you, has come true. Will ChatGPT be Homer Simpsons salvation? The combination of 60% year-over-year growth in total fee revenues and the firm's robust margin position drove FRE margins to 56.3% for the year, the highest level ever. Standard Digital includes access to a wealth of global news, analysis and expert opinion. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Thank you. We should be the 300 people by the end of the year, that we've created products, not just our traditional drawdown but these perpetual vehicles that meet customer needs that have taken, I think, a much more investor-friendly approach on fees and also have delivered Blackstone best-in-class focus on returns has really made a difference. So as the Fed raises rates, it benefits from that. We see an opportunity to invest $100 billion in support for energy transition and climate change solutions over the next decade. And how you can deploy so much capital across so many businesses in mostly private assets at scale? Obviously, it runs across the gamut. The total amount of income generated by the sale of goods or services related to the company's primary operations, Represents the total incurred expenses through normal operations, Companys earnings for a period net of operating costs, taxes, and interest. We've nearly tripled annual FRE and doubled DE over this period. The best people want to come, that we continue to be a meritocracy and also make sure we maintain our investment discipline. And so I think, the way this is less about us and more about them and what the world thinks it's going to need. or We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. The good news is we've got some terrifically talented people leading that effort force in Europe, and we have been committing significant resources to this and we will continue to move. USA . We still have centralized investment control. Compare BXMT With Other Stocks From: To: Zoom: 90 95 100 105 TTM Gross Margin 20 40 60 80 100 TTM Operating Margin 2012 2014 2016 2018 2020 2022 -500 0 500 TTM Net Margin 2012 2014 2016 2018 2020 2022 Blackstone Mortgage Trust Annual Profit Margins And then bigger picture what unmet needs do you see from the retail client space and white space more broadly for Blackstone to provide other solutions to retail customers over time? Revenues have been growing at an average rate of 19.8% per year. Maybe I could just ask one quick follow-up on rates and growth stocks because you just touched on it. That that is a core value of this firm and not, whatever comes out from a regulatory environment. I hope you're all doing well, and congrats on the $155 billion rate this quarter. Alternatives today are a $10 trillion industry which sounds big, except they're basically equal in size to five technology companies on the west coast of the United States, and they compare to $250 trillion of stocks and bonds that are out there. Good morning, and thank you for joining our call. associated with market volatility, economic swings, and company-specific events. And should that be a once-a-year thing? Blackstone pre-tax profit margin for the three months ending March 31, 2023 was . Check if your Calculated by Time-Weighted Return since 2002. It's on a couple of platforms. And I think this is another market where we could have a meaningful first-mover advantage where the strength of the brand really matters. Blackstone intends to be a global leader in investing and a force for good in this critically important area. Thank you. You're live in the call, please go ahead. Distributable earnings were $2.3 billion, or $1.71 per common share. Chris Kotowski -- Oppenheimer and Company -- Analyst. Thank you. Of course, the S&P, despite the trade-off total return is up nearly 40% in two years. I guess the SEC recently came out with some proposals on new disclosure for private equity or private investments may be the way to describe it. And also, I would say what's interesting is to remember our clients, institutional and retail clients have large exposure to fixed income. In total, management fees rose 26% for the year to $5.2 billion. Your next question comes from Michael Cyprys from Morgan Stanley. We've achieved these results while sticking to our motto of managing third-party capital, relying on our brand and track record to grow. But then I would expect at some point I'd probably pick back up. First, with respect to FRE, which reached $1.8 billion in the fourth quarter and rose a remarkable 71% for the year to $4.1 billion or $3.37 per share. Gross margin is 100.00%, with operating and profit margins of 24.36% and 12.92%. You're live in the call, please go ahead. When you look at our firm's progression, including today's exceptional results, it should be clear that the fundamentals of Blackstone are dramatically accelerating. 85.70 +2.17 (2.60%) At close: May 26, 2023, 4:00 PM 86.02 +0.32 (0.38%) Pre-market: May 30, 2023, 8:21 AM EDT Overview Financials Statistics Forecast Dividends Profile Chart Statistics Market Cap Total Valuation Blackstone has a market cap or net worth of $103.82 billion. Learn more. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good day, everyone, and welcome to the Blackstone fourth quarter and. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. CSIMarket Company, Sector, Industry, Market Analysis, Stock Quotes, Earnings, Economy, News and Research. Just kind of curious. offers FT membership to read for free. And that's not a surprise because even though there's been a pullback in markets, there are big secular trends that are still underway. Gross Profit Margin Total But it's really important to maintain, control and discipline as we have these really tremendous levels of growth. We have the most recognized brand, which has been continually reinforced through market cycles. And then, the investment committees are still run out of New York, centralized, different investment committees for different groups but a number of people who are similar, including folks on this call, on multiple of these investment committees. I'd like to remind you that today's call may include forward-looking statements which are uncertain and outside of the firm's control and may differ from actual results materially. We've hired a number of senior leaders to lead new initiatives or to move into existing businesses something in the past we hadn't done as much of. You're live in the call, please go ahead. Current and historical pre-tax profit margin for Blackstone (BX) from 2010 to 2023. The fact that we've been at this for more than a decade, that we've got several hundred people already dedicated to private wealth under Jones Solotar. When running Blackstone's price analysis, check to, Track or share privately all of your investments from the convenience of any device, View associations between returns expected from investment and the risk you assume, Determine portfolio positions ratings based on digital equity recommendations. We're not surprised investors are responding. It also provide capital markets services. And so the good news is we haven't been really big into industrials and areas where exposure to rising input costs, labor, and materials can really squeeze margin. Some of that people thought in anticipation of tax changes, there were probably more sellers. Net Profit Margin (2022) XYZ-20.9% (2022 vs 2021) * As of and is in US$ View Blackstone Inc financials. Unlike more traditional methods such as. Great. As I commented earlier, the real estate market certainly not -- I think in private equity there was just such a surge at the end of last year. And your next question comes from the line of Arnaud Giblat from BNP. We continue to benefit from our thematic approach to deployment emphasizing faster-growing areas of the economy, which were again the largest drivers of appreciation in our funds. And then has there been any pick-up in deployment opportunities into growth recently, just given the dislocation in the public markets? And that's creating a huge tailwind. Yeah. [Operator instructions] I'd like to advise all parties that the conference is being recorded for replay purposes, and I would like to hand you over to your host for today, Weston. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. But if you remember back in 2020, despite not being able to visit with our clients despite all the turmoil, we still had a very good year raising capital. Yeah. Distributable earnings rose 55% to $2.3 billion in the fourth quarter and increased 85% to $6.2 billion for the year. Markets often overcorrect in a way that is disconnected from fundamentals. We call it Blackstone University, where we have the FAs from different firms at our firm, spending a day or two, learning about selling these types of products, which for some of them was new, and the fact they've been rewarded with performance. But over time, for a number of different factors, the visibility, and sort of predictability of this, I think, will only be enhanced over time, even as it scales and grows. If you look at the kind of regulatory environment out there, both here and outside the US. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. I think the response from investors to this kind of environment as it relates to their fixed income portfolio is they're going to be looking for ways to maintain yield, but not take duration risk. cookies We close on a sizable transaction with a company called VFS that processes visas for people from developing markets to visit developed markets. The firm typically invests in early-stage companies. So this is something we're really focused on.used on. Associates. We raised over $13 billion of equity capital in the fourth quarter across 3 products: BREIT, BCRED, and BPIF, the equivalent of a large drawdown fund every quarter. Today, it's between 1% and 2%. In the context of the four growth verticals that Jon discussed, across three of them, the majority of the capital is perpetual, with a significant and compounding financial contribution that I described. And when you look at our products in those particular areas, focus on the larger ones now, BREIT and BCRED, those products are actually quite well targeted for a higher-growth, higher-inflationary environment. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. BLACKSTONE'S FOURTH QUARTER AND FULL YEAR 2020 HIGHLIGHTS. We expect t file our 10-K report later next month. But how sensitive do you think the momentum we've seen, particularly in retail for Blackstone over the last 12 months? Jan 27, 2022, 9:00 a.m. Some are geographic in nature. Think about all the different channels. If you use our datasets on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. Blackstone fundamental comparison: Profit Margin vs Total Debt. Importantly, as the firm has grown there's been no diminution of investment performance, the measure of the ongoing value creation in the capital we've cumulatively deployed. All rights reserved. But my expectation is there should be a decent year for deal volume. And that's what we're doing and we're doing it all over the world. 17 funds targeting approximately $150 billion in aggregate, reflecting a 25% increase over the prior cycle. We have our real estate debt business. And then it ended up -- the year-end performance fee ended up being $1.5 billion. We use both quantitative as well as qualitative analysis to arrive at, Investor biases related to Blackstone's public news can be used, Some investors attempt to determine whether the market's mood is bullish or bearish by monitoring changes in market sentiment. But I wouldn't expect it to move as quickly just because it requires a lot of effort country by country. Upgrade now. Blackstone Gso Profit Margin is currently at 0.00%. All of us are getting more Amazon boxes to our homes. Or is there an opportunity to expand the business' product line in the future? Blackstone net profit margin for the three months ending March 31, 2023 was. And so, there's a very small percentage of outstanding NAV that trades every year. When we invest in tech and it's often tech services businesses. Income Before Provision for Taxes Margin 59.4% 58.9% 21.7% 60.6% 33.8% 60.0%. And there will be some headwinds from rising rates on values. Gross Profit of $132 million, representing estimated 35% growth compared to 2021. In closing, the firm is truly firing on all cylinders. Cloud migration continues to accelerate. And we have obviously -- we have our nontraded BDC, BCRED. Nobody's talking much about it. Most of Blackstone's fundamental indicators, such as Profit Margin, are part of a valuation analysis module that helps investors searching for stocks that are currently trading at higher or lower prices than their real value. Earnings Before Interest Taxes and Depreciation Amortization EBITDA, Earnings Before Interest Taxes and Depreciation Amortization USD, Net Cash Flow or Change in Cash and Cash Equivalents, Net Cash Flow Business Acquisitions and Disposals, Payment of Dividends and Other Cash Distributions, Shareholders Equity Attributable to Parent, Selling General and Administrative Expense. And so when you see the NAPR receivable that we disclose every quarter, that's obviously on a net basis. Arnaud Giblat -- Exane BNP Paribas -- Analyst. 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We've got really unique shelf space in these platforms, relationships with the distributors, the financial institutions, with the financial advisors, and with the underlying customers. We derive many important indicators used in calculating different scores of Blackstone from analyzing Blackstone's financial statements. Profit margin tells investors how well the Blackstone Gso Senior executes on its overall pricing strategies as . Whether it's a retail distributor or an institutional investor that needs to deploy billions of dollars across the capital structure. This year -- 2021, of course, was no exception. And so the idea of trading some liquidity for the yield-oriented products where yield actually grows with rising interest rates, I think becomes increasingly attractive. Adjusted EBITDA of $81 million, representing estimated 15% growth compared to 2021. It's now at $700 million. Thanks. And so the amount of boots on the ground, you need to distribute this and the legal work you need to do is significant. Blackstone net profit margin for the three months ending March 31, 2023 was . The number of shares has increased by 1.59% in one year. Great, thanks, and good morning. While this remains a terrific and vital business to us, we've added three more engines, all growing rapidly. [Operator instructions] And your first question comes from Craig Siegenthaler from Bank of America. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. No other alternative firm in the world has approached this level of absolute growth in a single year. That's really stunning 23% revenues. In the retail channel, individuals in the US have accumulated $2.8 trillion of excess savings since the start of the pandemic. Finian O'Shea -- Wells Fargo Securities -- Analyst. Politics Blackstone's Schwarzman becomes latest Trump ally to throw in the towel, acknowledge Biden's win. Thank you. Oh, thanks for taking my questions, and congrats on another good quarter. I think for us, what we focus on is the fact that we've done such a good job for customers, for such a long period of time that we've delivered solid returns. They invest across classes on behalf of their investors, including pension funds, insurance companies and individual investors. I'd just add to that particularly in private equity, yes, these are businesses with great secular tailwinds that grew in the fourth quarter in the order of 20% top line, but they're highly profitable. First, the sustained robust AUM growth and the scaling of perpetual strategies would accelerate fee-related earnings. And that is in that category along with the BPP funds that have periodic but recurring incentive fee events, typically three years from the -- three-year anniversary of the investor inflows. The Motley Fool has a disclosure policy. I think if the economy stays healthy, we'll still see decent transaction volume. Yeah. And while higher rates can be a headwind for liquid markets with $136 billion of dry capital -- dry powdered capital across the firm, we can move quickly to invest when pricing becomes more favorable. Backlinks from other websites are the lifeblood of our site and a primary source of new traffic. 25.9%. For cost savings, you can change your plan at any time online in the Settings & Account section. Blackstone net profit margin as of March 31, 2023 is. In fact, in logistics, we think in some markets between landing cost -- replacement cost has gone up close to double. Our perpetual products in real estate and credit are uniquely designed with inflation in mind to protect capital and generate substantial current income. Our holdings are concentrated in areas with strong secular growth that are more resilient to rising input costs. A few weeks ago, we announced a $3 billion investment in Invenergy, the largest private renewables company in North America. Observing third quarter 2022 results within Investment Services industry Blackstone Inc has achieved highest . And you have much less consolidation generally among distributors, wealth managers. Pre-tax profit margin can be defined as earnings before taxes as a portion of total revenue. This stock does not have any record of stock splits. And what you see on a consolidated and by segment basis in our 8-K, when that becomes realized revenues, is gross revenues, and so with the cost and comp against that in the overall fee-related compensation line. Profit Margin measures overall efficiency of Blackstone Gso and shows its ability to withstand competition as well as defend against adverse conditions such as rising costs, falling prices, decline in sales or management distress. They've set up this product now with more than 80% in rental housing and logistics. The leadership of our real estate group, Ken Caplan, Kathleen McCarthy, Nadeem Meghji who runs our US business. Stocks . BCRED is all floating rate debt. Hi, thanks, this is Brian McKenna for Devin. And so because of the confidence we've built, that enables us to offer other products like a really great consumer brand company. And since I guess in my experience, no good financial services business seems to go unpunished over time. Measures how much net income or profit is generated as a percentage of revenue. This stock pays an annual dividend of $3.28, which amounts to a dividend yield of 3.69%. *Average returns of all recommendations since inception. It was only a year ago that we effectively hit our Investor Day target of $2 per share. So I applied to a range of industries, private equity, hedge funds, and others. We also have a public BDC, Blackstone Secured Lending Trust. And because we're in this inflationary environment and there are supply chain challenges, it's hard for a new supply to respond as quickly as one would expect. Profit margin tells investors how well the Blackstone Secured Lending executes on its overall pricing . Are you getting closer to entering partnerships with some of the key European wealth managers? That is the European version of BREIT. On the market environment again. So my question is on capital deployment. We support credit card, debit card and PayPal payments. You may change or cancel your subscription or trial at any time online. Premium access for businesses and educational institutions. I think one, not all, but one of the reasons where lots of growth stocks have cracked, as you noticed, was just a higher discount rate and its impact on multiples. And the second factor that I think is very important is we're always striving. Please check your download folder. So there's something really powerful that's happening here at our scale and the way we work together is helping that. The largest new commitments were in some of our favorite secular neighborhoods, including renewables, rental housing, logistics, and content creation. And I'd just say, overall, in terms of this area, as I mentioned, you saw NAV growth ingest BREIT and BCRED of a triple in the year. Hey, good morning, everybody. We've been focused on leisure and all forms of travel, and we've done this in real estate, but also in private equity. We put a lot of effort on to make sure we have people as integrated as possible. Blackstone has an unrivaled position in our industry. So I think both of these are well-positioned in this kind of environment. If the real value is higher than the market price, Blackstone Group is considered to be undervalued, and we provide a buy recommendation. . They've gone from spending 5% to 7% more on software and digital today to 15% plus digital infrastructure, of course, benefiting because you need data centers and towers. So our optimism of deploying capital is high. analyse how our Sites are used. There's also just the breadth of the private markets. What is it that kind of keeps you up at night, if anything? Earlier this morning, we issued a press release and slide presentation, which are available on our website. This article is a transcript of this conference call produced for The Motley Fool. Cumulative Growth of a $10,000 Investment in Stock Advisor, Join Over Half a 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. And so there is secular growth in these areas. Investment performance was exceptional, including over 40% appreciation in our opportunistic real estate and corporate private equity funds for 2021. Use BPIF as an example. Good morning, folks, and congrats on a great quarter again in a year. So Blackstone partially pivoted more toward growth investing as another avenue for growth. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 14.2%. There seems to be some structural inefficiency because of the lack of liquidity, and it's growing fast. And the fourth quarter was our busiest ever, with $66 billion deployed and an additional $19 billion committed to pending transactions. Current and historical net profit margin for Blackstone (BX) from 2010 to 2023. 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Could you give us a bit more color on how on -- what you're doing in Europe? In the institutional channel, LPs are increasing their allocations to alternatives. We use Reported on 4/26/23. I have personally lived through many cycles here in Blackstone in the past 36 years, and each time our firm has come out stronger than before. Blackstone Inc. is an asset manager of alternative investments and a provider of financial advisory services globally. The correlation of Blackstone is a statistical measure of how it moves in relation to other equities. We may see a little bit of a slowdown on the corporate side here as people readjust. Blackstone Group. Our momentum has never been stronger with enormous structural tailwinds and multiple engines of growth, we are very optimistic about the future of Blackstone. Thanks for taking the question. Blackstone | 2 BLACKSTONE'S THIRD QUARTER 2021 HIGHLIGHTS Notes on page 32. In our $280 billion real estate business, which generated nearly half of our earnings last year. The BREP opportunistic funds appreciated 44%; corporate private equity 42%; secondaries 50%; Tac Opps 35%; infrastructure 30%; growth equity 28%; real estate Core plus 25%; and private credit 22%. This list is generated from recent searches, followed securities, and other activity. So the number we talk about, 29,000 young people last year applying for 120 jobs. It could be controlled private equity, it could be a minority stake, it could be structured equity in Tac Opps, it could be credit. personalising content and ads, providing social media features and to View Blackstone Resources AG's Gross Profit Margin trends, charts, and more. Blackstone 345 Park Avenue New York NY 10154 T 212 583 5000 www.blackstone.com Blackstone Reports Fourth Quarter and Full Year 2020 Results . Below are some of Blackstone's important valuation drivers and their relationship over time. Blackstone Group, co-founded by billionaire Stephen Schwarzman, overtook Goldman Sachs in market value, capping an epic regime change on Wall Street. And so what's happening is you have an asset class that's growing very large and liquidity that was already too small for the existing asset class. The Blackstone innovation machine is creating a level of activity that is unprecedented for both the firm and our industry at large. Thank you, and I would like to hand it back to Weston for closing comments. On a result, we reported GAAP net income for the quarter of $2.9 billion. Thanks. Profit Margin Definition Profit Margin is calculated using Net Income/Revenue. Capital flows continue to shift toward two ends of a barbell. The average number of shares traded each day over the past 30 days. And that to us is really important. We're the leading player in leveraged loans and CLOs. Turning to our drawdown funds, given the strong pace of deployment across the firm, we're now moving into a new flagship fundraising cycle. We've got to make sure we maintain process and discipline as we grow because that's the way investment managers get into trouble. Twelve years later, her hosiery company was netting 20% profit margins on nearly $250 million in annual sales, and Wall Street analysts valued Spanx at $1 billion. So we see this area as having very significant potential. We also deployed the most capital because investors are trying to free up capacity. And we've noted investor concerns around the impact of inflation, the prospect of rising interest rates, and the ability to continue raising capital. With minimal net debt, no insurance liabilities, we have no need to retain capital and have been able to return 100% of earnings to shareholders. These Dividend Stocks Are Setting Their Sights on This $150 Trillion Market Opportunity, This Dynamic Dividend Stock Is Closing In on a $1 Trillion Milestone, This Dividend Stock Has an Enormous War Chest to Hunt for Real Estate Bargains, A Bull Market Is Coming: 1 Top Dividend Stock to Buy Before the Rally. Of course, the foundation of our business remains investment performance and our funds posted outstanding returns in 2021. I think -- well, first of all, you have to look obviously the difference between gross and net. Strong investment performance powered $2.2 billion of net performance revenues in the fourth quarter and lifted the balance sheet receivable to $8.7 billion or $7.28 per share, the highest level in our history. And so we're working on a number of things. The stock price has decreased by -26.88% in the last 52 weeks. I guess understanding that the secular underpinnings remain quite strong. Well, the average Nasdaq stock is down 44%. Thank you, Weston. Finally, on delivering value to shareholders, our strong financial position and limited use of capital have allowed us to fully distribute our earnings to shareholders through dividends and share repurchases. Blackstone Profit Margin is currently at 0.22%. So looking at the broader private equity portfolio. At age 41, Blakely became the. It will grow over time. BX Stock : USD 85.01 4.49 5.58% : Blackstone : Check Blackstone financial statements over time to gain insight into future company performance. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and The Blackstone Group Inc.wasn't one of them! Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. And some of the other products will sustain in the more turbulent market backdrop that we see so far in January. Well, right now, we're not hearing any change. Today it's still small maybe it goes up, but if rates continue to move, inflation stays high, they have the risk of capital impairment. So when Jon's really excited about this, he's got a reason to be. So many of them are thinking about how can I change that and think about our private credit business, which is so well positioned with direct lending. I do think in the technology and growth areas, as the public markets had a more dramatic reset than that there it may take a little bit more time to adjust the private market to the public market pricing. Just in thinking about the potential positive correlation of inflation and real estate performance and maybe in the context of BREIT, in particular, given the performance fees that were generated, how should we think about that return profile for BREIT as we go into '22 and potentially have an inflationary backdrop that persists for the year? And retail traders should know. That's perfect, right on. Thank you. This network effect extends to new platforms that we launch. But overall, we feel very confident about the BREIT portfolio and continuing to deliver for shareholders in the kind of environment we face today. We still have very significant embedded gains given where we bought these businesses. That's right -- theythink these 10stocks are even better buys. And I think for individual investors as context, that's an $80 trillion market that today is probably, I don't know, 1% to 2% allocated to retail. Good morning, thank you for taking the question. And your next question comes from Adam Beatty from UBS. We still value investors since we bought them at reasonable prices and multiples of things like EBIT that you rarely -- in metric you really hear about in this space and cash flows. Current and historical gross margin, operating margin and net profit margin for Blackstone (BX) over the last 10 years. We've tried to focus on businesses with secular tailwinds where we have pricing power, and that's why we feel quite good about the positioning of our private equity portfolio, even as we move into this bit of a different environment. Together, these four engines helped drive total inflows of $155 billion in the fourth quarter and $270 billion for the year. We underwrote them to long-term exit multiples that assumed normalization of rates and multiples and so forth. We have a large company in Europe that's done quite well. And it's essential that they come up with good products and that's what we do. And two-thirds saw a margin expansion in the year. We help investors to determine the real value of Blackstone using virtually all public information available. We are focused on keeping this firm connected. Brian McKenna -- JMP Securities -- Analyst. And we're really extremely engaged with new product development that will meet the needs of these types of customers. In fact, I tried to talk to a CEO at least one or two every day because it's important to stay close to your customers and to put things in context. So all that's great. You're live in the call, please go ahead. But I would say overall on the ground today, we're continuing to see very positive momentum in our outlook is quite good given where we sit. Petrol strategies now comprise 42% of the firm's fee-earning AUM, and their growth in number and scale is contributing to FRE in 2 important ways, management fees that compound with accelerating inflows and appreciation in NAV, and fee-related performance revenues that crystallize on a recurring basis without asset sales.

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