Blackstone Group Falls Despite Q3 Earnings Beat

Blackstone Group reported distributable earnings of $772 million, up from $710 million a year ago.
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Shares of hedge fund Blackstone Group  (BX) - Get Report were rising Wednesday after the company reported third quarter results that topped analyst estimates. 

The company reported distributable earnings, or the cash available for paying dividends to shareholders, of $772 million, up from $710 million a year ago. 

That translates into distributable earnings per share of 63 cents per share, which tops analyst estimates of 57 cents per share. The firm also reported net income of $794.7 million. 

“Blackstone reported excellent results in the third quarter, characterized by strong investment performance and earnings growth. We are also seeing positive forward momentum in both realizations and deployment," said CEO Stephen Schwarzman. 

Total assets under management rose to $584.4 billion, up from $564.3 billion at the end of the previous quarter driven by strong fundraising. The company also reported having $152.4 billion of unspent capital at the end of the third quarter. 

"We remain the partner of choice for limited partners globally, who face a challenging investment environment of historically low interest rates. As the pandemic continues to disrupt the global economy and society at large, our people remain unwavering in their dedication to serving our clients," Schwarzman said. 

Blackstone also said it would pay a quarterly dividend of 54 cents per share payable November 16. 

Shares of Blackstone were falling more than 4.2% to $49.70 per share amid a wider market selloff on Wednesday.