Blackstone reported an unexpected third- quarter loss as an 11 percent drop in the value of its buyout holdings forced the reversal of previously booked fees. Economic net income, a measure of earnings excluding some costs tied to the firm’s initial public offering, showed a loss of $341.9 million, or 31 cents a share, compared with a profit of $339.3 million, or 31 cents, a year earlier...“The third quarter presented extremely challenging market conditions, dominated by risk aversion and volatility,” Schwarzman said in today’s statement. “Our earnings were not immune to the sharp downward trajectory of global markets.” [Bloomberg, related]
Stephen Schwarzman Can't Help But Making Money Hand Over Fist: A Continuing Series
2014 Stephen Schwarzman was a regular pauper compared to 2015 Stephen Schwarzman.