Finance

Blackstone’s first-quarter earnings surge as it cashes out on assets By Reuters

© Reuters. FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange

By Chibuike Oguh

NEW YORK (Reuters) – Blackstone Group (NYSE:) Inc, the world’s largest manager of alternative assets such as private equity and real estate, said on Thursday that its distributable earnings more than doubled in the first quarter to $1.2 billion as it cashed out on holdings.

Dealmaking activity surged in the quarter as a booming stock market and low borrowing costs emboldened private equity firms to sell some of their assets for top dollar. [L8N2LR63L]

Blackstone reported distributable earnings per share of $96, surpassing the average Wall Street analyst estimate of 76 cents, according to financial data provider Refinitiv.

In its push to cash out on assets in the quarter, Blackstone floated app Bumble Inc in the stock market in a $2.2 billion initial public offering. Blackstone had paid $3 billion for a majority stake in Bumble in 2019. [L4N2KH2L]

Blackstone said its private equity portfolio appreciated 15.3% in the quarter, compared with an 5.8% rise in the benchmark stock index over the same period. Opportunistic and core real estate funds rose 5.3% and 3.2%, respectively.

Total assets under management rose to $648.8 billion, from $618.6 billion in the previous quarter, driven by strong fundraising. It ended the quarter with $148.2 billion of unspent capital.

Blackstone said it would pay a quarterly dividend of 82 cents per share.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button