Buyout firm Blackstone Group LP (BX.N) on Thursday reported quarterly earnings that grew but was a touch lower than expected, as strong gains in real estate holdings were eroded by a pullback in credit investment performance.

Blackstone earned an economic net income (ENI) of $705 million in the second quarter, or 59 cents a share, up 36 percent from a year ago, but below the 62 cents a share forecast of analysts, according to Thomson Reuters I/B/E/S.

ENI is a key metric for U.S. private equity that accounts for unrealized investment gains or losses.

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