The world’s largest private equity firm Blackstone has reported a 1% year-on-year increase in first-quarter distributable earnings – the cash used to pay dividends to shareholders – to $1.27bn from $1.25bn in Q1 2024, according to a report by Reuters.
The report cites LSEG data in highlighting said growth, which was due to an increase in fee-related earnings and partly offset by a decline in income from asset divestments, translated to distributable earnings per share of 98 cents, slightly higher than the average Wall Street analyst estimate of 96 cents.
Blackstone’s fee-related earnings, which the firm generates from management and advisory fees, rose 12% to $1.2bn as strong fundraising helped the assets under management remain above the $1tn mark. Net profit from asset sales meanwhile, fell 25% to $293.3m as it the firm exited fewer assets across its private equity and credit portfolios.
During the quarter, Blackstone raised $34bn of new capital, while unspent capital reached $191.2bn, with the firm declaring a quarterly dividend of 83 cents per share.
