Blackstone shares dip after posting loss but its distributable earnings beat estimates

Blackstone Inc. shares fell 3.9% in premarket trades on Thursday after the private equity firm said it swung to a second-quarter loss of $29.4 million, or 4 cents a share, from net income of $1.31 billion, or $1.82 a share in the year-ago quarter. Distributable earnings rose to $1.49 a share from 82 cents a share. Revenue fell to $629.2 million including investment losses of $1.25 billion, compared to revenue of $5.29 billion in the year-ago quarter. The firm also booked about $3.5 billion in unrealized losses on the value of its investments. Total segment revenue nearly doubled to $4.15 billion from $2.12 billion. Blackstone…

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