Why did BX's Q2 2024 EPS fall short?

The EPS of Blackstone in Q2 2024 fell short for several reasons: 1. **Higher GAAP Expenses**: Despite a rise in segment revenues and improvement in the assets under management (AUM), higher GAAP expenses weighed on the results. This indicates that while the company was profitable, the increased costs ate into a portion of their earnings. 2. **Challenging Operating Backdrop**: The company operates in a challenging operating backdrop, which could impact its financial performance. This could be due to various factors such as market conditions, competition, or economic uncertainties. In summary, Blackstone's Q2 2024 EPS was affected by higher GAAP expenses and a challenging operating backdrop, despite improvements in segment revenues and AUM.