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Blackstone’s earnings more than double on strong asset sales -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : Blackstone Group’s ticker and trading details are displayed on the platform where they trade on the New York Stock Exchange (NYSE). April 4, 2016. REUTERS/Brendan McDermid

By Chibuike Oguh

(Reuters) – Blackstone Inc (NYSE:) Inc reported Thursday that distributable earnings more then doubled to $1.6billion in the third quarter. The increase was due to strong asset sales, mainly from real estate and private-equity portfolios.

Blackstone and other equity firms continued to deal at an accelerated pace as they capitalized on the low interest rates and economic recovery following the COVID-19 pandemic.

Blackstone posted distributable earnings at $1.28 per share. This was higher than the Wall Street average analyst estimate (91 cents), according to Refinitiv.

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