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Blackstone Q3 distributable earnings hurt by 37% decline in PE segment

Blackstone Group Inc. reported third-quarter distributable earnings of $709.9 million, or 58 cents per share, compared to $769.3 million, or 63 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 55 cents.

Third-quarter distributable earnings for the company's real estate segment were $401.9 million, a 10% increase from the year-ago figure of $363.9 million, and assets under management surged to $157.08 billion from $119.94 billion.

Distributable earnings for the hedge fund segment increased 20% to $84.3 million from $70.2 million, and AUM there posted a slight increase to $81.15 billion from $80.01 billion.

Distributable earnings for the credit segment surged 42% to $71.9 million from $50.8 million. AUM increased to $141.93 billion from $130.56 billion.

Distributable earnings for the private equity segment posted a 37% decline to $195.4 million from $308.4 million. AUM for the segment, however, increased on a year-over-year basis to $173.86 billion from $126.18 billion.

On a GAAP basis, net income attributable to the company for the third quarter was $779.4 million, or $1.15 per share, compared to $442.7 million, or 64 cents per share, in the year-ago quarter. Total revenues decreased year over year to $1.74 billion from $1.93 billion. Total investment income sharply dropped on a year over year basis to $713.0 million from $1.08 billion.

Total AUM as of Sept. 30 was $554.02 billion, compared to $456.69 billion at Sept. 30, 2018. Chairman and CEO Stephen Schwarzman noted in a release that there were nearly $150 billion of inflows over the last year, which helped grow AUM.

The private equity giant's board declared a quarterly dividend of 49 cents per common share to record holders as of Nov. 4. The dividend will be paid Nov. 12. The payout represents an increase from the 48-cent dividend announced in July.