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Buyout firm Blackstone Q2 earnings grow but miss forecasts

  • Blackstone reported slightly lower-than-expected quarterly earnings on Thursday.
  • Strong gains in its real estate holdings were offset by a pullback in credit investment performance.
Steve Schwarzman, CEO of Blackstone Group.
Cameron Costa | CNBC
Steve Schwarzman, CEO of Blackstone Group.

Buyout firm Blackstone reported slightly lower-than-expected quarterly earnings on Thursday, after strong gains in real estate holdings were offset by a pullback in credit investment performance.

Blackstone said it earned an economic net income (ENI), a key metric for U.S. private equity that accounts for unrealized investment gains or losses, of $705 million in the second quarter, or 59 cents a share.

That translated to a 36 percent increase in ENI compared to a year ago, but was below the 62 cents a share forecast of analysts, according to Thomson Reuters I/B/E/S.