Blackstone Group reported Thursday a record $271.7 billion in assets under management as of March 31, up 2.2% from Dec. 31 and up 24.5% from a year earlier.
The firm also reported a record $48 billion in unspent committed capital, known as dry powder, according to the company's first-quarter earnings statement. The firm reported $46.8 billion the previous quarter and $35.8 billion the previous year.
Blackstone's real estate AUM totaled $81.3 billion as of March 31, a 2.4% increase from three months earlier and up 36.6% from the year before. The company invested $1.7 billion with an additional $1.9 billion committed during the quarter, bringing the total for the year ended March 31 to $12.7 billion.
Performance fees for the first quarter totaled $779 million, down 54% from the previous quarter but up 30% from the first quarter of 2013.
Economic net income for the quarter was $813.9 million, down 77% from the company's record $3.5 billion the previous quarter but up 29.5% from the previous year.
ENI differs from U.S. generally accepted accounting principles. Under those standards, known as GAAP, Blackstone had net income of $265.6 million, down 57% from the previous quarter but up 58% from the first quarter of 2013.