Blackstone (BX, Financial) experienced a surge, hitting a new all-time high with a nearly 3% increase, reaching $174.23. The company's latest earnings report revealed a 5.5% year-over-year growth in distributable earnings, amounting to $1.28 billion, or $1.01 per share, which surpassed analysts' expectations of $0.91 per share.
In the quarter ending September 30, Blackstone's credit and insurance divisions attracted $21.4 billion in inflows, accounting for more than half of the funds raised across all its businesses during the period. By the end of the quarter, credit assets totaled $354.7 billion, representing the largest portion of the company's $1.1 trillion assets, surpassing real estate holdings. The company also reclassified part of its real estate loan business under its credit segment, enabling it to offset weak performance in private equity and real estate.
