Blackstone, one of the most dominant financial firms blacklisted by Oklahoma over the company’s ESG policies that discriminate against the oil and gas industry, reported a drop in earnings for the second quarter.
The company announced it made profit gains in credit and private equity but also suffered a drop from fee-related earnings that fell 3% to $1.11 billion. The firm’s distributable earnings or the profit to shareholders grew by the same amount from the previous year and totaled $1.25 billion or 96 cents a share reported Bloomberg.
Blackstone, the world’s largest owner of commercial estate blamed the real estate market and fee-related earnings. The company was banned by Oklahoma following the adoption of a 2022 Energy Discrimination Elimination Act. The company remains on the list of at least 10 firms that are not allowed to do business with state agencies because of their energy and social policies that oppose investments with the oil and gas industry.
Bloomberg reported that Blackstone made $33.7 billion in new investments during the second quarter, which represented a 73% increase from a year earlier.
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