Blackstone Group LP (BX) Reports Tumbling Profit In 1Q by PitchBook
Blackstone’s economic net income was roughly $370.7 million in 1Q, a sharp 77% drop from the $1.62 billion in the first quarter of last year. Similarly, BX’s distributable earnings amounted to about $388 million in 1Q, a 69% drop YoY. Chairman and CEO Stephen A. Schwarzman noted in a statement that some of BX’s liquid strategies “were not immune to the market turbulence in the period.”
Each of BX’s business segments saw economic income more than halved in 1Q compared to last year: private equity fell by 89%, real estate by 64%, hedge fund solutions by 59% and credit by 65%. In contrast, Blackstone reported its AUM reached a record $343.7 billion last quarter; $95.5 billion of that total falls within the firm’s PE strategy, up 25% YoY thanks to fundraising across multiple flagship vehicles. BX’s stock closed Thursday at $28.23, down 4%.
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Greenlight Masters, the fund of funds managed by David Einhorn, returned 26.2% net of fees in 2020, outperforming the S&P 500, which returned 18.4% throughout the year. Q4 2020 hedge fund letters, conferences and more According to a copy of the firm's letter, which ValueWalk has been able to review, the dispersion of returns in Read More
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