Blackstone Q2 Economic Net Income Per Unit Up 55% YoY

(RTTNews) - Blackstone (BX) reported that its second-quarter economic net income was $1.1 billion or $0.90 per unit in the quarter, up 56% from prior year. Distributable earnings was $700 million or $0.56 per unit in the quarter, driven by $523 million of realized performance revenues, comprised of realized incentive fees and realized performance allocations. GAAP net income to the Blackstone Group L.P. was $742 million for the quarter. Earnings per share was $1.09 compared to $0.50.

Second-quarter total revenues were $2.63 billion compared to $1.54 billion, prior year. Total assets under management were $439.4 billion, up 18% year-over-year.

Stephen Schwarzman, CEO, said, "Despite renewed turbulence in global markets, our investment funds delivered compelling returns to our limited partner investors, driving excellent second-quarter results for the firm's shareholders. Revenue and earnings rose sharply from the prior year, while our fundraising hit new record levels, with gross inflows of $120 billion over the last twelve months including $20 billion of inflows in the quarter. We continue to expand our leading position in a growth industry, and we now head into another fundraising supercycle with our global flagship funds beginning to raise capital in the next several months."

Blackstone has declared a quarterly distribution of $0.58 per common unit to record holders of common units at the close of business on July 30, 2018. The distribution will be paid on August 6, 2018.