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Thursday, January 29, 2015

Blackstone's quarterly earnings drop on real estate, (NYSE: BX)

Blackstone Group LP, the world's largest alternative asset manager, reported a 6 percent decline in 2014 fourth-quarter profit on Thursday as its real estate funds appreciated less than they did a year ago. Blackstone said economic net income (ENI), a metric of its profitability takes into account the mark-to-market valuation of its portfolio, was $1.45 billion in the quarter, down from $1.54 billion a year ago.Distributable earnings, which show actual cash that is available to pay dividends, rose 38 percent in the fourth quarter to $1.13 billion, as Blackstone continued to generate cash by selling several of its assets.Total assets under management were $290.4 billion as of the end of December, up 9 percent year-on-year. Fee-earning assets under management also rose 9 percent to $216.7 billion.Blackstone declared a quarterly distribution of 78 cents per common unit.

Blackstone Group LP (Blackstone) is an asset manager and provider of financial advisory services. Shares of BX traded higher by 0.44% or $0.16/share to $36.74. In the past year, the shares have traded as low as $26.56 and as high as $37.17. On average, 4174010 shares of BX exchange hands on a given day and today's volume is recorded at 6708892.