not vested
Blackstone posts third-quarter loss as asset values drop By Greg Roumeliotis
Blackstone Group LP (BX.N), the world's largest alternative asset manager, reported its first quarterly economic net loss in four years on Thursday, as the stock market plunge weighed on the value of its portfolio, even as it generated more cash.
Blackstone's private equity, real estate, corporate credit and hedge fund assets all declined in value. Most of the New York-based firm's capital however is locked in long-term funds, which do not have to sell assets if valuations are low, so the losses were mostly on paper rather than realized.
In the third quarter, the firm continued to generate cash by selling assets selectively at high valuations, and said it expected bargains to come to the market.
Blackstone said economic net income (ENI), which takes into account the mark-to-market valuation of its portfolio, was a loss of $416 million in the quarter, versus a $758.4 million profit a year ago.
The negative ENI per share was 35 cents, versus the average negative 29 cents expected by analysts in a Thomson Reuters poll.
Blackstone's private equity funds depreciated 2.3 percent in the quarter, while the value of its opportunistic real estate funds was down 0.1 percent.
Distributable earnings, which show actual cash available to pay dividends, rose 1 percent year on year to $692 million on strong asset divestments.
Source: Reuters
http://www.reuters.com/article/2015/10/ ... orethebell
It's all about "how much you made when you were right" & "how little you lost when you were wrong"