Net income attributable to the Blackstone Group was $305 million, or $0.45 per share, compared to $742 million, or $1.09 per share, in the year-ago quarter. Adjusted earnings rose 1% year-over-year to $709 million, or $0.57 per share, beating forecasts of $0.49 per share.
Fee-related earnings rose 24% year-over-year to $422 million. Total assets under management (AUM) was up 24% to $545.5 billion, driven by inflows of $151 billion over the last 12 months and positive investment performance.
Also read: Blackstone Q1 2019 Earnings Report
ADVERTISEMENT
Real Estate AUM increased 29% to $153.6 billion with inflows
of $14.4 billion. Realizations totaled $4 billion in the quarter. Total AUM in
Private Equity rose 43% to $171.2 billion with inflows of $16.8 billion.
Realizations were $4.7 billion, including the sale of Cloverleaf.
Total AUM in Hedge Fund Solutions grew 5% to $81.4 billion
with inflows of $3.8 billion. Credit AUM increased 13% to $139.3 billion with
inflows of $10.1 billion. Realizations were $1.6 billion.
Blackstone completed its conversion to a corporation on July
1, 2019. The company repurchased 7 million shares during the quarter and
increased its share repurchase authorization to $1 billion.
Blackstone declared a quarterly dividend of $0.48 per common share, payable on August 5, 2019 to shareholders of record on July 29, 2019.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.