What factors drove BX's EPS surprises in 2024?

Blackstone's (BX) EPS surprises in 2024 can be attributed to several key factors:

1. **TikTok Investment Potential**: Blackstone's consideration of a minority investment in TikTok's U.S. operations presents a significant opportunity. TikTok's vast user base and strategic importance in the social media landscape make this investment potentially lucrative.
2. **Market Positioning and Fund Performance**: Blackstone's ability to capitalize on market opportunities, such as the TikTok investment, underscores its strong market positioning. The firm's performance in managing its funds and generating returns for investors is a primary driver of its earnings. The details of its fund performance, though not directly disclosed in the earnings report, are a critical component of its EPS.
3. **Strategic Acquisitions and Investments**: Blackstone's track record of strategic acquisitions and investments in various sectors allows it to diversify its income streams and contribute to higher EPS. The firm's ability to identify and capitalize on value creation opportunities in companies it invests in can lead to substantial returns.
4. **Geopolitical Factors and Regulatory Environment**: The geopolitical landscape, particularly the regulatory environment surrounding TikTok and other Chinese-owned companies, presents both challenges and opportunities. Blackstone's ability to navigate these complexities and capitalize on them can positively impact its EPS.

In conclusion, Blackstone's potential investment in TikTok, combined with its established market position, strategic acumen, and ability to navigate complex regulatory environments, have likely contributed to its positive EPS surprises in 2024.