With almost $140 billion on hand for deals, Blackstone Inc. President Jon Gray is ready to bet the firm can profit from recent technology selloffs, the economy’s reopening and a rebound in travel.
Blackstone’s first-quarter earnings beat predictions as it locked in profits on past deals and boosted its stream of fees from assets. Distributable earnings jumped 63% to $1.9 billion, compared with the first three months of the prior year. That amounted to $1.55 per share, surpassing the $1.05 average of analysts’ estimates compiled by Bloomberg. The metric is closely watched by Wall Street because it represents earnings available to shareholders. Assets under management are up 41% from a year earlier to more than $915 billion.
Successful exits generated $23.2 billion, up by more than half from a year earlier. Some $519 million in profits tied to those exits went to dealmakers and executives, more than triple what they collected back then.
Read more: BNN Bloomberg
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