Blackstone soars as IPOs boost results

|About: The Blackstone Group L.P. (BX)|By:, SA News Editor

It's been a long run, but Blackstone's (BX) stock is finally set to top its IPO price today - up 7.7% in the premarket  to $33.30 after blowing through Q4 estimates, partly thanks to the reopening of the IPO window which allowed the offerings of Merlin, Hilton, Extended Stay and Brixmor in Q4.

Stephen Schwarzman: 2013 shows how "our long-term fund structures benefit our investors, and how our patient approach towards improving assets can ultimately drive better earnings growth and fund performance." Indeed.

Performance fees of $1.69B gained 259% from a year ago. Investment income of $356.7M up 219%. Economic net income of $1.54B up 130% Y/Y. ENI per unit of $1.35 compares to $0.59 last year. Distributable earnings of $0.68 per unit up 51% from a year ago.

CC at 11 ET

Supplemental financial data