Blackstone Group today reported assets under management of $119.41 billion in the second quarter, up 5% from the previous quarter and 30% higher than a year earlier.
Blackstone also reported a pre-tax net income loss under GAAP of $185.5 million for the second quarter, up from the first-quarter net loss of $246.7 million and down from $771.9 million for the second quarter 2007. The changes were due to lower performance fees and allocations and lower transactions fees. However, they were partially offset by higher base management fees across all asset management segments.
Blackstone also reported that it expects net losses for the next five years because of transaction charges from Blackstones 2007 reorganization, its June 2007 IPO, equity interests held by senior managing directors and other employees that are subject to future vesting, and other corporate actions including acquisitions.