Blackstone took in $68.3bn in the quarter and its assets under management reached a record $1.35tn

$68.3 billion. That is what flowed into Blackstone in the three months to June 30, the firm reported on July 23. Assets under management reached a record $1,346.3bn, up 11 percent from $1,211.2bn a year earlier. Stephen Schwarzman, the chairman and chief executive, tied the quarter to a decision to lean into artificial intelligence, and said the firm had become a partner at scale to the companies building it.

GAAP net income was $2.4 billion. Distributable earnings, the measure the firm prefers because it tracks the cash actually available to shareholders, were $2.0bn in the quarter, or $1.52 per share, and $7.9bn over the trailing twelve months. Total segment revenues rose 24 percent, to $3.8bn from $3.07bn a year earlier. Fee-related earnings were $1.8bn.

The firm deployed $34.2bn and realized $31.8bn from asset sales. Perpetual capital, the money that does not have to be returned on a fixed schedule, reached $555.6bn. It declared a dividend of $1.29 per share, to holders of record on August 3 and payable August 10.