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(Sharecast News) - Blackstone, the world's largest private equity firm, reported marginally better than expected first-quarter earnings on Thursday.
The New York-based firm said total revenues came in at $3.7bn, compared to $1.4bn a year previously, while net income rose to $1.6bn from $210.7m.
Distributable earnings, a key financial measure, came in at $1.27bn, compared to $1.25bn a year previously.
Distributable earnings per common share were $0.98, marginally higher than Wall Street estimates for $0.96.
Fewer asset sales meant net realisations fell 25% $293.3m. But that was partially offset by a 12% rise in fee-related earnings, including management and advisory fees, to $1.2bn.
Total assets under management were $1.06trn, up from $991.3bn a year previously.
Stephen Schwarzman, chief executive, said: "Blackstone reported strong first quarter results, highlighted by accelerating momentum in our private credit and private wealth business.
"We are seeing a strengthening transaction environment and attractive opportunities to deploy capital. We are well positioned to navigate today's dynamic market landscape, with a portfolio concentrated in compelling sectors and nearly $200bn of dry powder available to invest."
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