Blackstone Achieves $1 Trillion in Assets Despite Earnings Slump
Blackstone Inc, the alternative investment manager, reached a significant milestone by becoming the first firm to amass $1 trillion in assets, but its second-quarter distributable earnings dropped 39% due to a slump in asset sales. The decline in earnings was primarily driven by reduced net profits from asset sales in the real estate and credit divisions. However, the private-equity business saw a 20% growth in performance fees. Blackstone also reported a net income of $601.3 million under GAAP and declared a quarterly dividend of 79 cents per share.