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Blackstone's earnings rebound with market surge
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Blackstone Group Inc.'s second-quarter results rebounded as the surging stock market lifted the value of the private-equity giant's portfolio.
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The New York firm swung to a profit after posting a steep loss in the first quarter as the S&P 500 recorded its biggest percentage gain in more than two decades and finished up 20% in the period. The value of its private-equity portfolio climbed by 12.8% compared with a 21.6% decline in the first quarter.
Blackstone posted net income of $568.3 million, or 81 cents a share, for the second quarter. That compares with a profit of $305.8 million, or 45 cents, a year earlier.
Blackstone's distributable earnings, or the amount of cash that could be returned to shareholders, fell to $548 million, or 43 cents a share, from $708.9 million, or 57 cents, as the firm sold off fewer investments.
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Assets under management were about $564 billion, up from $538 billion at the end of the first quarter. The firm has set a goal of reaching $1 trillion in assets by 2026.