Blackstone gains following Q2 beat; performance fees soar

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

Blackstone (BX +2.7%) had $279B in assets under management (AUM) at the end of Q2, up from $272B at the end of Q1 and +21% Y/Y. Gross asset inflows totaled $14.1B, and have totaled $62.4B over the last 12 months (LTM).

Economic net income (ENI) for the last 12 months amounts to $4.3B, up from $3.7B at the end of Q1. ENI +85% Y/Y in Q2 to $1.15/unit, distributable earnings +128% to $0.65/unit.

Q2 fee revenue +7% Y/Y to $663M, performance fees +94% to $1.4B, investment income +81% to $176M. Total expenses +24% to $886M.

Blackstone's P-E fund carrying value rose 8.4% in Q2, and is up 28.3% LTM. The BCP V fund has crossed the preferred return threshold.

Real estate fund carrying value rose 6%, hedge fund solutions had a gross composite return of 2%, and credit fee-earning AUM is up 16% LTM to $56.1B.

$20.3B in capital has been invested LTM (+31% Y/Y), and $50B returned to investors.

Shares are nearing a 52-week high of $35.39.

Q1 results, earnings slides (.pdf)