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Blackstone’s Profit Rises 2% on Real Estate Sales, Credit

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Blackstone Group LP, the world’s largest manager of alternative assets, said second-quarter profit rose 2 percent as it earned more from real estate sales and its credit portfolio gained.

Economic net income, a measure of earnings that reflects both realized and unrealized investment gains, increased to $520 million, or 44 cents a share, from $508 million, or 43 cents, a year earlier, New York-based Blackstone said in a statement Thursday. Analysts had expected earnings of 39 cents a share, the average of 15 estimates compiled by Bloomberg.