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Blackstone Second-Quarter Profit Falls 62% as Stocks Fall

Run by billionaire Stephen Schwarzman, Blackstone has become the largest private equity real estate investor, more than tripling its money in Hilton Worldwide Holdings Inc.

Run by billionaire Stephen Schwarzman, Blackstone has become the largest private equity real estate investor, more than tripling its money in Hilton Worldwide Holdings Inc.

Photographer: Michael Nagle/Bloomberg
David Carey and Devin Banerjee
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Blackstone Group LP, the world’s biggest manager of alternative assets, said second-quarter profit fell 62 percent as companies it had taken public fell during a lackluster quarter for stocks.

Economic net income, a measure of earnings that reflects realized and unrealized investment gains, fell to $508.4 million, or 43 cents a share, from $1.33 billion, or $1.15 a share, a year earlier, New York-based Blackstone said Thursday in a statement. Analysts expected earnings of 44 cents a share, according to the average of 15 estimates in a Bloomberg survey.