Latest news with #TheBlackstoneGroup
CTV News
5 days ago
- Business
- CTV News
Blackstone's profit tops estimate on credit strength, fee gains
A sign for The Blackstone Group L.P. investment firm stands in front of their offices, Oct. 15, 2018, in New York. (AP Photo/Mark Lennihan, File) Blackstone beat second-quarter profit expectations on Thursday on strong gains in its credit and private equity businesses and a pickup in performance-related fees tied to perpetual capital funds. Shares of the world's largest alternative asset manager rose 3.2 per cent, turning positive for the year. Even though tariffs uncertainties remain a source of concern for the economy, resilient investors have propelled equity markets to record highs, enabling large asset managers such as Blackstone to capitalize. Asset sales in the credit and insurance segment were US$10 billion, while the company also sold US$7.3 billion of private equity assets. It had US$181.2 billion of capital available for deployment. Fee-related performance revenue more than doubled to US$472.1 million, powered by a 16 per cent growth in perpetual capital assets under management. Perpetual capital refers to long-term assets under management that does not have a fixed end date and cannot typically be redeemed by investors on demand. Distributable earnings, which represent cash that can be used to pay dividends, grew 25 per cent to US$1.6 billion, or US$1.21 per share, for the three months ended June 30. It exceeded analysts' expectation of US$1.10, according to data compiled by LSEG. Blackstone has said it remains capable of executing deals even in uncertain environments, underscoring its resilience should trade tensions escalate further. As of last close, Blackstone's shares were down slightly this year, compared with an eight per cent gain in the benchmark S&P 500 index. Strong inflows Inflows of US$52.1 billion helped push Blackstone's total AUM to US$1.2 trillion, up 13 per cent from a year ago. The credit and insurance segment attracted more than half of the total inflows. The unit is a key driver of Blackstone's growing influence in private credit, as more companies turn to investment firms for flexible financing. The private equity arm also recorded segment distributable earnings of US$751.4 million, up 55 per cent from a year ago. AUM at the real estate division fell three per cent, but segment distributable earnings grew 10 per cent. 'Blackstone is deploying more in real estate than it is realizing, indicating some bullishness on its part as it is putting more money to work than it's taking off the table,' Oppenheimer analyst Chris Kotowski wrote in a note. The company had said tariffs could drive up construction costs and reduce new supply, potentially elevating real estate values if the economy avoids a recession. --- Reporting by Niket Nishant in Bengaluru and Isla Binnie in New York; Editing by Arun Koyyur
Yahoo
16-03-2025
- Business
- Yahoo
Top Palm Beach County professionals, business people on the move for the week of March 16
In our weekly list of business people on the move, we highlight Palm Beach County professionals who are making a difference. These are people from across the spectrum of public and private endeavors, those working in charities, court houses, private practices and beyond. They are moving up within their industry, advancing their careers and standing out for their services within our community. Here are this week's professional standouts: SROA Capital, LLC, a leading private equity firm specializing in self-storage, has announced the appointment of Julie Freedman as its new chief innovation officer. Freedman brings a diverse career background, including her most recent role as vice president of Private Wealth Solutions and Marketing Technology at The Blackstone Group. Headquarter in West Palm Beach, SROA Capital is a vertically-integrated private equity real estate and technology platform that has a record of providing risk adjusted returns to its partners. The law office of Mindful Divorce, P.A. in Palm Beach is pleased to announce the arrival of Maria Fisher. Fisher is a certified paralegal, and holds a bachelor's degree from Suffolk University and a master's in education. She focuses on providing families with excellent legal service, and helping to provide customized solutions for divorce. The Susan and Dom Telesco Center for Creative Education is pleased to announce the appointment of four new board members: Susan Telesco, Pauline Pitt, Alex Vargas-Rajegowda and Eddie Schmidt. Susan Telesco is a Palm Beach resident, local philanthropist and longtime supporter of education who has dedicated her efforts to initiatives that empower children through learning. Pitt is a Palm Beach resident and philanthropist recognized for her contributions to education, historic preservation and animal welfare. Vargas-Rajegowda's background includes serving as a senior experiential marketing professional with over 15 years of industry experience. Schmidt brings a strategic vision for increasing awareness of the center's school programs. He is the co-owner of West Palm Beach dining mainstay Table 26 Palm Beach. the center's mission is to transform teaching and learning through creativity and the arts. Dr. Chris Snyder, CEO of the Dreyfoos School of the Arts Foundation, has been recognized as the 2024 Arts and Education Advocate of the Year by Inner City Youth Golfers, Inc. Snyder has been instrumental in securing vital funding, resources, and opportunities that empower young artists to pursue their creative passions. Under his leadership, the foundation has strengthened its support for arts programs, scholarships, and community partnerships, ensuring that students at Dreyfoos School of the Arts receive the highest quality education. Headquartered in West Palm Beach, Jones Foster recently announced that attorney Peter J. Henn has joined the firm as senior counsel in its land use and governmental practice group, which is co-chaired by shareholder Thomas J. Baird, a Florida Bar board certified city, county, and local government attorney, and shareholder Alan J. Ciklin. Henn is a certified professional planner by the American Institute of Certified Planners who has more than 30 years of experience in land use and zoning law, local government relations, urban planning and design, and real estate development in Florida and throughout the U.S. GMF Group, a vertically-integrated real estate investment firm in Palm Beach, has announced the appointment of Hunter Baraldi as acquisitions associate. With over $500 million in real estate transactions and development under his belt, Baraldi will support the firm's due diligence, underwriting, financing, and closing processes for new acquisitions. Before joining GMF Group, Baraldi served as senior investment analyst at KeyCity Capital, where he led efforts in new acquisitions, development, recapitalizations, refinancing, asset management, and dispositions of multifamily, mixed-use, and suburban office propertie. The law firm of Comiter Singer has elevated Brad Gould and Antonio P. Romano to partners at the firm. Their leadership, expertise, and dedication to serving clients in complex tax, estate, and litigation matters further strengthen Comiter Singer's commitment to excellence in legal services. Gould, formerly of Dean Mead, is a Florida Bar board-certified tax attorney and a Fellow of the American College of Tax Counsel. Romano focuses his practice on probate, trust, and guardianship administration and litigation, handling contested and uncontested estates, as well as complex, high-stakes disputes involving multi-million-dollar estates and trusts. B'nai Torah Congregation, the largest conservative synagogue in Southeast Florida, has announced that Cathy Berkowitz, who has led the synagogue's Mirochnick Religious School for over two decades, will serve as the next president of the Jewish Educators Assembly. She will be officially installed during the 73rd Annual JEA Conference which runs today, Sunday, March 16 to 19. Berkowitz joined B'nai Torah Congregation in 2004 as education director of the Religious School. If you are looking for more insight into the movers and shakers operating in the Palm Beaches, subscribe to our real estate newsletter, The Dirt, keep an eye out for stories and perspective from veteran reporters Kimberly Miller and Alexandra Clough. If you have an announcement for Business People on the Move, please send it to Pbbusiness@ Eddie Ritz is a journalist at The Palm Beach Post, part of the USA TODAY Florida Network. You can reach him at eritz@ Help support our journalism. Subscribe today. This article originally appeared on Palm Beach Post: Best businesses, professionals, business people in Palm Beach County
