(Reuters) – Blackstone Group LP, the largest publicly listed alternative asset manager, reported an 18 percent rise in third-quarter profit on Thursday, missing many analysts’ expectations.
Blackstone, whose investments include the Weather Channel, shoemaker Crocs Inc and SeaWorld Entertainment Inc , said economic net income, a metric of profitability that takes into account the mark-to-market valuation of its portfolio, was $758 million for the quarter, up from $640 million a year earlier.
This translated into ENI of 66 cents per share. Analysts in a Thomson Reuters poll had forecast 81 cents on average.
Distributable earnings, which show actual cash that is available to pay dividends, rose 115 percent in the third quarter to $672 million.
Assets under management were $284 billion at the end of September, up from $279 billion at the end of June.
Blackstone declared a quarterly distribution of 44 cents per common unit.