Blackstone’s First-Quarter Earnings Surge as It Cashes Out on Property


By Chibuike Oguh

Dealmaking exercise surged within the quarter as a booming inventory market and low borrowing prices emboldened personal fairness corporations to promote a few of their property for high greenback. [L8N2LR63L]

Blackstone reported distributable earnings per share of $96, surpassing the common Wall Avenue analyst estimate of 76 cents, in keeping with monetary information supplier Refinitiv.

In its push to money out on property within the quarter, Blackstone floated app Bumble Inc within the inventory market in a $2.2 billion preliminary public providing. Blackstone had paid $3 billion for a majority stake in Bumble in 2019. [L4N2KH2L]

Blackstone stated its personal fairness portfolio appreciated 15.3% within the quarter, in contrast with an 5.8% rise within the benchmark S&P 500 inventory index over the identical interval. Opportunistic and core actual property funds rose 5.3% and three.2%, respectively.

Whole property beneath administration rose to $648.8 billion, from $618.6 billion within the earlier quarter, pushed by sturdy fundraising. It ended the quarter with $148.2 billion of unspent capital.

Blackstone stated it will pay a quarterly dividend of 82 cents per share.

(Reporting by Chibuike Oguh in New York)

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