Blackstone Group on Thursday reported a record $205 billion in assets under management in the third quarter, up 7.5% from three months earlier and 30% above the previous year.
The firm has $36 billion of unspent committed capital, or dry powder, and it declared a dividend of 10 cents a share, to be paid on Nov. 30, according to a Blackstone statement.
Blackstone reported a third-quarter profit as the carrying value of its holdings gained at a quicker pace than a year ago. Economic net income, a measure of earnings excluding some costs tied to the firm's 2007 IPO, was $621.8 million, or 55 cents a share, compared with a loss of $380 million, or 34 cents, a year earlier.
Blackstone's ENI doesn't comply with U.S. generally accepted accounting principles. Under GAAP standards, Blackstone had a net gain of $128.8 million, compared with a net loss of $274.6 million a year earlier.
Performance fees in the third quarter rose to $603 million as fund holdings appreciated at a faster pace compared with a year earlier.
Blackstone earned $1.2 billion in total revenues in the third quarter, up from $140 million loss in the third quarter of 2011. Nearly half, $509.2 million, was fee income, with the remainder made up of $603 million in performance fees and $107 million investment income.
Arleen Jacobius contributed to this story.