Blackstone doubles second quarter earnings on surging asset sales

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The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

July 22 (Reuters) – Blackstone Group Inc (BX.N) said on Thursday its second-quarter distributable earnings nearly doubled year-on-year, driven by a surge in asset sales across its real estate, private equity and credit businesses.

Blackstone’s shares rose 4.5% on Thursday morning, pushing its market capitalization to a record high of $131 billion, overtaking Goldman Sachs Group Inc (GS.N), another Wall Street heavyweight.

Shares of other publicly listed private equity firms also staged record rallies as they capitalized on frothy market valuations to cash out on assets for top dollar. Private equity firms that had previously been wary of a stock market debut, such as TPG and L Catterton, are now considering following suit, Reuters has reported. read more

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