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Blackstone tallied $1.4 billion in net income in the fourth quarter of 2021, nearly doubling its quarterly total from a year before.

The private equity giant raked in $5.9 billion in net income for all of 2021. Blackstone saw its real estate business flourish in Q4 with investments climbing a total of 19.2%, while its private equity investments rose 4.8%, according to the firm's latest earnings report.

Blackstone's distributable earnings—the allocation of cash that can be returned to investors—climbed to $2.27 billion, or $1.71 a share, up 55% year-over-year. Blackstone's stock closed up over 6.5% following the earnings call.

The firm reported its assets under management had grown to nearly $881 billion in Q4, up 42% year-over-year. After originally setting a goal of reaching $1 trillion in AUM by 2026, Blackstone CEO Stephen Schwarzman stated he now believes the firm can reach that figure this year.

Here's a look at how Blackstone's AUM figure has grown over the past 10 quarters:
   

Featured image by SOPA Images/Getty Images

This article originally appeared on PitchBook News