Finance
Blackstone’s $1 Trillion Triumph Is Muted by Deal Slowdown
- The firm’s distributable earnings tumbled 39% to $1.2 billion
- There’s more focus on Blackstone ‘given our scale,’ Gray says
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Blackstone Inc. has become the first private equity firm to manage $1 trillion, an accomplishment tempered by a dealmaking slump that weighed on second-quarter results.
Distributable earnings, which measures profit available to shareholders, tumbled 39% to $1.2 billion, the lowest in two years. The 93 cent a share profit was 1 cent better than the average estimate of analysts surveyed by Bloomberg. The firm now oversees $1.001 trillion, up from $940.8 billion a year earlier.