net_left adver left

Blackstone warns asset sales will slow amid downturn, shares fall

Friday, July 22, 2022
Blackstone warns asset sales will slow amid downturn, shares fall © Reuters. FILE PHOTO: Signage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly

By Chibuike Oguh

NEW YORK (Reuters) -Blackstone Inc, the world's largest alternative asset manager, posted an 86% surge in second-quarter distributable earnings on Thursday but warned that the asset sales fueling this growth would slow down amid the economic downturn.

Blackstone (NYSE:BX) shares fell more than 6% on Thursday morning as investors focused on the downbeat outlook given by the firm's president, Jonathan Gray, rather than on the earnings beat.

"Volatile markets do mean realizations will likely be muted for some time," Gray told analysts on a conference call, referring to asset sales which drive the firm's distributable earnings by allowing it to book lucrative performance fees.

He added that the management fees Blackstone charges fund investors would provide a "meaningful ballast" in the downturn.

Blackstone completed the sale of several assets, primarily in real estate, during the quarter, including the divestment for $5.65 billion of luxury hotel and casino the Cosmopolitan of Las Vegas and the 21 billion-euro ($23.81 billion) recapitalization of Mileway, the biggest operator of urban warehouses in Europe.

Some of these deals had been signed before Russia's invasion of Ukraine in February and subsequent interest rate hikes by central banks sent markets into a downward spiral. The divestments were completed in the second quarter, allowing Blackstone to book the performance fees.

Distributable earnings - which represent the cash available for paying dividends to shareholders - rose to $2 billion in the three months to June 30, from $1.1 billion a year ago. This beat average analysts' estimate of $1.03 billion, according to financial data provider Refinitiv.

Blackstone said its private equity portfolio depreciated by 6.7% during the quarter, while its opportunistic real estate funds fell 1%. Funds managed under its hedge fund unit were flat at 0.6%. By comparison, the benchmark S&P 500 index was down 16.5% during the period.

Lower corporate valuations sent Blackstone scouring for bargains. The firm spent $48 billion on new acquisitions, including several real estate income trusts - American Campus (NYSE:ACC) Communities Inc and Preferred Apartment Communities (NYSE:APTS) Inc. It also agreed to pay $6.3 billion for Crown Resorts, Australia's largest casino operator.

Under generally accepted accounting principles (GAAP), Blackstone reported a net loss of $29.4 million, compared with net income of $1.3 billion a year ago. This is because that metric takes into account the big drop in the valuation of the company's funds.

Assets under management hit a record $940.8 billion, up 3% from $915 billion in the prior quarter, driven by strong fundraising.

Unspent capital grew to a record $170.1 billion, up from $139.3 billion three months earlier. Blackstone declared a quarterly dividend of $1.27 per share, up from 70 cents a year ago.

Leave your comment
HOT AUTO TRADE BOT SOFTWARE adver right
APPROVED BROKERS
net_home_top HOT AUTO TRADE BOT SOFTWARE
16-08-2022 20:11:50 (UTC+7)

EUR/USD

1.0151

-0.0008 (-0.08%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (4)

EUR/USD

1.0151

-0.0008 (-0.08%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (4)

GBP/USD

1.2056

+0.0002 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

USD/JPY

134.49

+1.17 (+0.88%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.7008

-0.0014 (-0.20%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

USD/CAD

1.2891

-0.0013 (-0.10%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

EUR/JPY

136.54

+1.09 (+0.80%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (3)

Sell (6)

EUR/CHF

0.9641

+0.0027 (+0.28%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (2)

Gold Futures

1,789.05

-9.05 (-0.50%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (7)

Sell (1)

Silver Futures

19.992

-0.280 (-1.38%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

Copper Futures

3.6210

+0.0035 (+0.10%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (3)

Crude Oil WTI Futures

89.19

-0.22 (-0.25%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

94.70

-0.40 (-0.42%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

Natural Gas Futures

9.242

+0.514 (+5.89%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (6)

US Coffee C Futures

222.88

-2.62 (-1.16%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Euro Stoxx 50

3,792.25

+2.63 (+0.07%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (1)

S&P 500

4,297.14

+16.99 (+0.40%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

DAX

13,845.60

+28.99 (+0.21%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (1)

FTSE 100

7,543.60

+34.45 (+0.46%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (4)

Hang Seng

19,830.52

-210.34 (-1.05%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

US Small Cap 2000

2,020.40

+7.30 (+0.36%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,479.50

+52.50 (+0.62%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

BASF SE NA O.N.

44.157

+0.097 (+0.22%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

Bayer AG NA

54.05

+0.49 (+0.91%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

Allianz SE VNA O.N.

179.40

+0.62 (+0.35%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Adidas AG

170.63

-2.31 (-1.34%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Deutsche Lufthansa AG

6.720

-0.014 (-0.21%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (4)

Siemens AG Class N

111.38

-0.82 (-0.73%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (0)

Deutsche Bank AG

8.982

+0.040 (+0.45%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

 EUR/USD1.0151Buy
 GBP/USD1.2056↑ Buy
 USD/JPY134.49↑ Sell
 AUD/USD0.7008↑ Buy
 USD/CAD1.2891Buy
 EUR/JPY136.54Neutral
 EUR/CHF0.9641↑ Buy
 Gold1,789.05↑ Sell
 Silver19.992Buy
 Copper3.6210Neutral
 Crude Oil WTI89.19↑ Sell
 Brent Oil94.70↑ Sell
 Natural Gas9.242Neutral
 US Coffee C222.88↑ Sell
 Euro Stoxx 503,792.25Buy
 S&P 5004,297.14Neutral
 DAX13,845.60↑ Buy
 FTSE 1007,543.60Neutral
 Hang Seng19,830.52↑ Buy
 Small Cap 20002,020.40↑ Buy
 IBEX 358,479.50Neutral
 BASF44.157Buy
 Bayer54.05↑ Buy
 Allianz179.40↑ Sell
 Adidas170.63↑ Buy
 Lufthansa6.720Neutral
 Siemens AG111.38↑ Buy
 Deutsche Bank AG8.982Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,580/ 6,680
(-10/ -10) # 1,639
SJC HCM6,600/ 6,700
(-10/ -10) # 1,659
SJC Hanoi6,600/ 6,702
(-10/ -10) # 1,661
SJC Danang6,600/ 6,702
(-10/ -10) # 1,661
SJC Nhatrang6,600/ 6,702
(-10/ -10) # 1,661
SJC Cantho6,600/ 6,702
(-10/ -10) # 1,661
Cập nhật 16-08-2022 20:11:52
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,775.13-3.35-0.19%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$89.19-1.34-1.50%
Brent$94.70-0.92-0.97%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.230,0023.540,00
EUR23.145,5524.441,71
GBP27.456,8428.627,78
JPY171,08181,12
KRW15,4318,80
Cập nhật lúc 18:54:08 16/08/2022
Xem bảng tỷ giá hối đoái
adver main right