Blackstone Inc. (NYSE:BX) shares were trading lower Thursday after the firm reported first-quarter results that topped Wall Street expectations.

Details

Distributable earnings per share rose to $1.36, up 25% from a year earlier and above the analyst consensus estimate of $1.35. Total distributable earnings increased 25% year over year to $1.76 billion.

Segment revenue climbed 24% to $3.433 billion, exceeding estimates of $3.397 billion. Fee-related earnings rose 23% to $1.55 billion. Within segments, fee-related earnings increased 13% in real estate, declined 4% in credit and insurance, surged 59% in private equity and rose 28% in multi-asset investing.

Net accrued performance revenue increased to $7.0 billion from $6.4 billion a year earlier.

Assets under management grew 12% to $1.30 trillion, supported by inflows of $68.5 billion during the quarter.

Dividend & Buyback

The company declared a quarterly dividend of $1.16 per share, payable May 11 to shareholders of record as of May 4, ...