Blackstone Group Inc. the world’s largest alternative investment management company, recorded strong net income growth in the third quarter of 2023 and an increase in assets under management.
According to a company press release, net income for the July-September period totaled $552 million, or 73 cents per share, compared with $2.3 million, or less than 1 cent per share, for the same period a year earlier.
Meanwhile, distributable earnings fell to $1.2 billion from $1.4 billion.
Revenue jumped to $2.54 billion from $1.06 billion.
The volume of assets under management of Blackstone at the end of the third quarter amounted to $1.01 trillion, up 6% over the year.
The company will pay a dividend of 80 cents per share at the end of the third quarter.
Blackstone’s stock price is down 5.8% in Thursday trading. Since the beginning of this year, the company’s capitalization has increased by almost 30% to $124.3 billion.
