Blackstone Loses & Contracts, Yet Assets Grow To Record (BX)

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The Blackstone Group L.P. (NYSE: BX) has reported earnings this morning, and it’s really hard to find anything pretty in the release. 

The private equity leader posted a GAAP net loss of $246.7 million after items, and its "economic net income" was listed also a s a loss at -$93.6 million.  Its total net reportable segment revenues were $32.3 million, driven down by declines in all business segments from $1.23 billion in 2007.  Its GAAP revenues were $68.5 million.

This will show you the magnitude of the drops in segments reported:

  • Corporate Private Equity had negative first quarter revenues;
  • Real Estate revenues down 94%;
  • Marketable Alternative Asset Management down 81%;
  • Financial Advisory Revenues decreased 24%.

You can look through the entire release, but as the company noted, most business segments were indeed lower.

Interestingly enough, the company now has $113.53 billion in assets under management.  That assets under management figure represents a 37% increase from last year. It has also decided to make a dividend payment of $0.30.

Shares of Blackstone are down about 4% at $18.70 in pre-market trading with about 30 minutes to the open.

Jon C. Ogg
May 15, 2008