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Blackstone’s Second-Quarter Profit Rises 2% on Real Estate Sales

Blackstone Group LP, the world’s largest manager of alternative assets, said second-quarter profit rose 2 percent as it earned more from real estate sales.

Economic net income, a measure of earnings that reflects both realized and unrealized investment gains, increased to $520 million, or 44 cents a share, from $508 million, or 43 cents, a year earlier, New York-based Blackstone said in a statement Thursday. Analysts had expected earnings of 39 cents a share, the average of 15 estimates compiled by Bloomberg.

Blackstone mined a string of mostly small gains during a period when U.S. equity markets rose despite a late-June swoon. Its private equity and real estate realizations totaled $7.2 billion for the quarter, driven by sales of office property investments and private equity secondaries, or stakes in other buyout firms’ funds.

“Despite the notable market disturbances in the quarter, our funds delivered good investment performance across our businesses,” Chief Executive Officer Steve Schwarzman said in the statement.

Blackstone reported results before the start of regular trading in New York. The stock closed Wednesday at...