Blackstone said on Thursday its first-quarter distributable earnings jumped 63% as a strong performance from its real estate and credit businesses offset a weak showing from its hedge funds unit.
The world’s largest manager of alternative assets saw distributable earnings, which represent the cash used to pay dividends to shareholders, rise to $1.9 billion from $1.2 billion a year earlier.
Blackstone said it generated $23.2 billion in proceeds from asset divestments across its portfolio. That included the sale of its majority stake in medical services provider Apria Healthcare to Owens & Minor Inc in a $1.6 billion take-private deal.
Read more: Reuters
