Blackstone (BX) – Get Report, the New York private-equity titan, reported second-quarter earnings leaped amid a booming stock market.The fairness surge boosted the value of Blackstone’s holdings.Web revenue totaled $568.Three million, or 81 cents a share, for the quarter, up from $305.Eight million, or 45 cents, within the year-ago interval.The most recent outcomes characterize a stark enchancment from the $1.1 billion loss for the primary quarter, when stocks hit the skids.Blackstone’s distributable earnings slid to $548 million, or 43 cents a share, from $708.9 million, or 57 cents, a 12 months earlier. That displays fewer asset gross sales by the agency.The 43-cent determine matched Wall Street expectations, in accordance with CNBC.Blackstone’s private-equity holdings appreciated 12.8% in value in the course of the second quarter. The agency set a quarterly dividend of 37 cents a share, down from 48 cents a 12 months earlier.“It was a strong quarter for our firm despite the continued market volatility,” Blackstone Chief Government Steve Schwarzman stated in an announcement.“Investment performance rebounded sharply, we continued to deploy capital in high conviction sectors, and our limited partners entrusted us with another $20 billion of inflows across our expanding platform.”Which means “we are very well positioned to navigate the road ahead with our long-term committed capital model and an industry-record $156 billion of dry powder,” he stated. Dry powder is the private-equity trade’s time period for cash accessible for funding.Blackstone’s earnings had been “mostly positive,” Credit score Suisse analyst Craig Siegenthaler wrote in a commentary cited by Bloomberg. Payment-related earnings and the $20 billion fundraising complete beat his estimates. Blackstone shares eventually verify traded at $58.19, up 0.3%. They’ve gained 2% 12 months to this point.