), the world’s largest manager of alternative assets such as private equity and real estate, said on Thursday its distributable earnings in the second quarter rose 1% year-on-year, more than most analysts expected.
However, Blackstone’s distributable earnings of 57 cents per share was higher than the 49 cents that analysts forecast on average, according to data compiled by Refinitiv. “We view this earnings release as very positive. Blackstone reported of $10.6 billion, which was above our estimate of $8.9 billion and higher quarter-over-quarter,” Credit Suisse analysts wrote in a research note.
Blackstone does not plan to give voting rights to outside shareholders in order to be allowed to join the Russell 1000 Index and gain more exposure to investors, Gray added.Blackstone said the value of its private equity portfolio appreciated by 0.7%, compared to a 3.8% rise in the benchmark S&P 500 stock index .SXP. Opportunistic funds and core real estate funds appreciated 4.4% and 0.8% in the quarter, respectively.
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