Blackstone Deal Exits Ease Pain From Investment Writedowns (2)

Blackstone Inc., the world’s largest alternative-asset manager, cashed out of big deals in the second quarter, mitigating the sting from writedowns on investments and the tumult rippling through markets.

Second-quarter distributable earnings surged 86% from a year earlier to $2 billion, or $1.49 a share, after the firm took profits from large investments, Blackstone said Thursday in a statement. That exceeded the average estimate of $1.47.

Writedowns on holdings, including those tied to the technology and industrials sectors, contributed to a net loss of $29.4 million. Blackstone’s corporate private equity depreciated by 6.7% in the quarter. Credit bets were ...