NEW YORK CITY-The Blackstone Group showed a 24% increase in economic net income in Q3 2012, making it the third best quarter since the company went public in 2007, according to its quarterly earnings call on Oct. 18. The private equity giant reported economic net income of $622 million during the quarter, up significantly from $379 million in Q3 2011.
Stephen A. Schwarzman, chairman and chief executive officer of Blackstone, said all sectors of the business – including private equity, real estate, credit and hedge funds – performed well. Notably, the company saw a 5% increase in real estate in Q3, going up to $34 billion in total property investments.
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