Real estate powers Blackstone’s best quarter ever
October 27, 2021 | Suzannah Cavanaugh
Blackstone reported a blockbuster third-quarter this week — the best in its 36-year history.
Earnings more than doubled year-over-year to $1.28 per share, trouncing the average Wall Street analyst estimate of 91 cents. And assets under management swelled 25 percent to $731 billion, besting industry records, said Stephen Schwarzman, the firm’s chairman and CEO.
A workhorse behind that growth: real estate.
A look at the firm’s assets under management shows real estate investment grew to $230 billion — the highest percentage increase among Blackstone’s segments, which include private equity, hedge fund solutions and credit and insurance.
