Blackstone third-quarter earnings drop less than expected

Earnings

Stephen Schwarzman, billionaire and co-founder of Blackstone Group LP, does not believe a meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Osaka, Japan at the end of June is likely to result in a major trade deal.

Patrick T. Fallon | Bloomberg | Getty Images

Blackstone, the world’s largest manager of alternative assets such as private equity and real estate, said on Wednesday that its distributable earnings in the third quarter fell 8% year-on-year, surpassing most analyst estimates.

Blackstone reported a drop in proceeds in asset sales in its private-equity business, offset partly by a rise in distributable earnings in its real estate, corporate credit, and hedge funds divisions.

Blackstone’s distributable earnings per share came in at 58 cents per share, higher than the 53 cents that analysts estimated on average, according to data compiled by Refinitiv.

Read Blackstone’s earnings release here.

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