Blackstone fourth-quarter distributable earnings down 42 percent on year at $722 million

Blackstone fourth-quarter distributable earnings down 42 percent on year at $722 million

FILE PHOTO – The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid

NEW YORK (Reuters) – Blackstone Group LP, the largest manager of alternative assets such as private equity and real estate, said on Thursday fourth-quarter distributable earnings fell 42 percent from a year earlier to $722 million.

Distributable earnings — the actual cash available for paying dividends — per unit came in at 57 cents in the last three months of 2018, compared to $1 per unit a year earlier when earnings were boosted by a windfall from performance fees.

Blackstone said it would pay a quarterly distribution of 58 cents per common unit, slightly ahead of analysts’ estimates for 57 cents, according to Refinitiv.

Reporting by Joshua Franklin in New York; Editing by Bernadette Baum

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