Blackstone Inc stated its Q1 distributable earnings soared 63% due to strong performance from its real estate and credit units, according to a press release by Blackstone on Thursday.

  • The world’s largest manager of alternative assets reported distributable earnings jumped to $1.9 billion from $1.2 billion a year earlier. That resulted in distributable earnings of $1.55, topping the average of $1.06 per share.
  • Blackstone stated it changed the way it accounts for the fee-related performance revenue at its real estate income trust business and reported such earnings quarterly rather than yearly.
  • For its quarterly fund performance, real estate opportunistic and core plus jumped by 10.3% and 7.9%, accordingly. Private credit funds rose 1.7% as its private equity portfolio jumped to 2.8%.

Blackstone earned $23.2 billion in proceeds from asset divestments across its portfolio. That included the sale of its majority stake in medical services provider Apria Healthcare in a $1.6B take-private deal. BX up +5.12%, SPY up +0.87%, Pre-market trading.