NEW YORK, July 20 (Reuters) - Blackstone Inc (BX.N) said on Thursday its second-quarter distributable earnings slumped nearly 40%, owing to a sharp drop in asset sales mostly from its real estate and credit businesses.
Distributable earnings, which represent cash used to pay dividends to shareholders, fell to $1.2 billion from nearly $2 billion a year earlier.
A major share of the reduced asset disposals came from Blackstone's real estate unit, where its net profit sank 94%, while that of its credit division dropped 46%.
Its private credit funds gained 3.3% while hedge fund assets grew 1.9%.
Opportunistic real estate funds were flat.
Persons:
Blackstone, Chibuike Oguh, Sherry Jacob, Phillips
Organizations:
YORK, Blackstone Inc, London Stock Exchange, Gates Industrial Corporation, Thomson
Locations:
New York