Blackstone fourth-quarter earnings drop six percent

The profit decline was smaller than most analysts expected, as performance fees in the New York-based company's private equity division soared. Blackstone shares rose 1.6 percent to $37.34 in premarket trading. Realized performance fees in its real estate division almost tripled and its private real estate fund portfolio increased in value by 6.8 percent in the quarter, less than the 13.1 percent appreciation seen last year. Blackstone's private equity fund portfolio appreciated 4.2 percent in the quarter, also less than last year.

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