Blackstone Profit Unexpectedly Rises as Gray Touts ‘Virtuous Cycle’
- BREIT may be able to lift withdrawal cap this quarter, he says
- Fee-related earnings slipped 2% in last year’s final months
Blackstone Inc.’s profit climbed 4% in the final quarter of 2023 as President Jon Gray sees an inflection point for private equity after one of the industry’s worst years.
The world’s largest alternative-asset manager reported distributable earnings of $1.4 billion, or $1.11 a share, beating analysts’ 96-cent average estimate. The surprise increase snapped a run of consecutive quarterly declines that began in late 2022.