Private equity company Blackstone has reported a net income of $834m in quarter three results, up 21% year-over-year, with $1.7bn of total segment revenues from management fee growth and strong fund returns.
The firm reported third-quarter economic net income of $0.69 per share and the result exceeded the 54-cent consensus estimate of analysts polled by FactSet. Assets under management also rose to $387.4bn from $371.1bn in the prior quarter and $361bn a year earlier.
Assets under management hit a record
Revenue exceeded the estimates of $1.38bn by 20% at $1.69bn. Gross inflows accelerated to nearly $20bn, pushing Blackstone's assets under management to hit a record $387bn, up 7% from a year ago.
Of Blackstone's four core businesses, real estate performance fees were the single greatest contributor, adding some $582m while its private equity unit added $182m.