Blackstone Inc. (NYSE:BX) just posted one of its stronger quarters in years.
Profit available to shareholders jumped 26% to $1.52 a share, beating estimates that were clustered around $1.33 to $1.35
Total assets under management grew 11% to $1.35 trillion, and revenue jumped 36% to $5.04 billion. Nine of the firm’s ten best-performing investments right now are tied to artificial intelligence. Yet Blackstone’s stock is down about 20% so far this year as of July 23, roughly in line with its peers.
Why the Beat Didn’t Move the Stock Part of the answer is that not every number was strong. Base management fees, one of the metrics analysts watch most closely, came in lighter than expected. The private credit business, which lends money to companies rather than owning them outright, had its second straight quarter of falling profit, down 6% to $373 million.