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Blackstone sees decline in Q2 performance fees

BlackstoneGroup LP reported second-quarter economic net income of $520.0million, or 44 cents per unit, versus $508.4 million, or 43 cents per unit, inthe year-ago period.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 39 cents.

Distributable earnings for the quarter were $503.5 million,or 42 cents per unit, compared to $1.03 billion, or 88 cents per unit, in theyear-ago quarter.

GAAP net income attributable to the company was $198.6million, or 30 cents per unit, up from $134.2 million, or 21 cents per unit, inthe prior-year quarter.

Revenues on GAAP basis totaled $1.19 billion, down from$1.23 billion year over year. Net management and advisory fees increased 6%year over year to $607.8 million, while total performance fees declined 21% to$449.2 million. Investment income totaled $105.1 million, up 85% from theprior-year period.

Total AUM reached $356.28 billion at the end of the quarter,up from $343.71 billion as of March 31 and $332.72 billion as of June 30, 2015.

Blackstone also declared a quarterly distribution of 36cents per common unit, an increase from the previous payout of 28 cents per common unit. Thedistribution is payable Aug. 8 to holders of common units as of Aug. 1.