Revenue during the quarter surged 474.82 percent to $290.23 million from $50.49 million in the previous year period.

Total expenses were $202.34 million for the quarter, down 6.20 percent or $11.82 million from year-ago period. Operating margin for the quarter contracted 30761 basis points over the previous year period to 169.72 percent.

Operating income for the quarter was $492.57 million, compared with $241.01 million in the previous year period.

Revenue from real estate activities during the quarter surged 474.82 percent or $239.74 million to $290.23 million.

Income from management fees during the quarter jumped 305.41 percent or $143.87 million to $190.97 million. Revenue from other real estate activities during the quarter was $99.26 million, up 2,832.23 percent or $95.87 million from year-ago period.

Jay Wintrob, Chief Executive Officer, said, “We delivered good results in the third quarter, primarily driven by strong investment returns and incentive income from realizations. Fee-related earnings grew 23 percent year-over-year, reflecting additional closed-end fund management fees and prudent cost containment. Distributable earnings rose 46 percent over last year’s third quarter, mainly due to a substantial increase in incentive income. It’s natural that a strong realization environment will not simultaneously offer plentiful bargains, and thus we’re maintaining our ‘move forward, but with caution’ investing posture. That said, our investment teams continue to be resourceful in identifying attractive investments and we remain well positioned, with record levels of dry powder to deploy at a faster pace if market conditions change and the opportunity set widens.”