Blackstone Credit and Retail Lines Drive Narrow Profit Beat
- Distributable earnings grew just 1% on slow pace of deal exits
- Investment giant’s fee-related earnings rose 12% last quarter
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Blackstone Inc. collected more fees from big retail funds and credit strategies during the first quarter, compensating for the slower pace of deal exits.
Distributable earnings increased 1% from a year earlier to $1.27 billion, or 98 cents a share, the world’s biggest alternative-asset manager said Thursday in a statement. That was 2 cents more than the average estimate of analysts surveyed by Bloomberg.