Blackstone Posts Profit Jump as Deals Hit ‘Escape Velocity’

Blackstone Inc. reported a surprise jump in distributable earnings as dealmaking reignited and reached what President Jon Gray calls “escape velocity.” For executives, that unleashed some of their richest rewards since the pandemic.

Distributable earnings — or profits available to shareholders — rose 3% to $2.24 billion in the fourth quarter, despite analysts’ predictions of a drop from a year earlier to $1.94 billion. That amounted to $1.75 a share, beating the $1.54 average estimate of analysts surveyed by Bloomberg.