The Blackstone Group reports another strong quarter.
FORTUNE -- The Blackstone Group (BX) this morning crushed analyst expectations, reporting $703 million of economic net income for the second quarter. That works out to $0.62 per share, compared to expectations of around $0.52 per share. Blackstone reported earnings of just $0.19 per share in the year-earlier period.
A big chunk of the increase came from investment performance fees, which grew to $258 million (they were just $68 million in Q2 2012). Most of that was in the form of net realized carried interest.
Total assets under management hit a firm record of $230 billion, with double-digit growth over the past year in all of Blackstone's different investment verticals. Approximately $176 million of that AUM is characterized as "fee-earning."