Blackstone Group shares fell before the opening bell in New York Thursday as the asset management firm said its second-quarter distributable earnings fell 39% over the year-ago quarter.
For the period, the company posted distributable earnings, being the profit available to shareholders, of $1.2 billion ($0.93 per share), down from almost $2 billion this time in 2022.
The decline was driven by a drop in asset sales, largely in Blackstone’s real estate and credit businesses, amid macroeconomic challenges such as high inflation and rising interest rates.
Distributable earnings per share of $0.93 were in line with analysts’ expectations per Refinitiv.
Meanwhile, its assets under management grew 6% year-over-year to $1 trillion, a milestone achievement for the firm.
Blackstone shares fell 3.3% to US$104.60 in pre-market trading.
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