Blackstone Group on Thursday reported $190 billion in assets under management as of March 31, up almost 27% from a year earlier.
The firm's net income under GAAP was $58 million as of March 31, up 35% in the first quarter of 2011.
Total revenue in the first quarter was $952 million, down 21% from previous year. Total expenses were $784 million, also down 21%.
Total segment revenue was $974.1 million, down 19% for the first quarter 2011, because of lower performance fees and investment income. However, total management fees increased to $496.8 million, up nearly 17% from the first quarter of 2011.
Total segment expenses were $473.8 million for the first quarter of 2012, a 6.1% drop, primarily because of the decrease of performance fee compensation.
Blackstone's credit business had the most total AUM of its four business segments in the latest quarter, at $50.8 billion, up 61% from last year. Real estate had $48.3 billion, up 38%; total private equity, $47.6 billion, up 8.2%; and hedge funds, $43.4 billion, up 9.9%.
Real estate earned the most revenue during the first quarter at $427.2 million, down 23.1%.