Blackstone Group LP (BX.N), the largest publicly listed alternative asset manager, said on Thursday that its third-quarter earnings increased by 3 percent year-on-year as its fee revenue and profits from sales of its holdings rose.
Blackstone, whose investments include The Weather Channel, Pinnacle Foods and SeaWorld Entertainment Inc (SEAS.N), said economic net income (ENI), a metric of its profitability that takes into account the mark-to-market valuation of its portfolio, was $640.2 million, up from $621.8 million in the third quarter of 2012.
This translates into ENI per unit of 56 cents, slightly higher than the average 55 cents forecast by analysts in a Thomson Reuters poll.
Distributable earnings, which show actual cash that is available to pay dividends, rose in the third quarter 59 percent to $312.7 million.
Total assets under management hit a record $248 billion as of the end of September, up 21 percent year-on-year. Fee-earning assets under management rose 12 percent to $188.7 billion.
Blackstone declared a quarterly distribution of 23 cents per common unit.
(Reporting by Greg Roumeliotis in New York; Editing by Gerald E. McCormick)