Blackstone Profit Doubles

Apr 18 2013 | 12:53pm ET

The Blackstone Group doubled its first-quarter profit this year for its best quarterly earnings since going public.

The alternative investments giant said its profit rose from $58.3 million in the first quarter of last year to $167.6 million this year. Economic net income rose 28% from last year to $628.3 million, and distributable earnings more than doubled to $378.8 million.

Much of the improvement was due to the quarter's improved deal-making environment, allowing Blackstone to sell some $2 billion in assets.

Blackstone's assets under management rose 15% to $218 billion, $170.9 billion of which are fee-earning assets. Fee revenue rose 3% to $520.9 million, while performance fees jumped 57% and investment income 62%.

"Although several of our investment businesses are already the largest of their kind in the world, every one reported year-over-year double-digit growth in total assets under management," CEO Stephen Schwarzman said.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...