Shares of Blackstone BX gained 4.1%, following the release of its second-quarter 2021 results. Distributable earnings of 82 cents per share surpassed the Zacks Consensus Estimate of 80 cents. The figure reflects a rise of 90.7% from the prior-year quarter.Results for the quarter primarily benefited from an improvement in revenues. A rise in assets under management (AUM) balance, mainly driven by inflows, was another positive for the company. However, higher operating expenses were the undermining factor.Net income attributable to Blackstone was $1.31 billion, up significantly from $568.3 million recorded in the year-ago quarter.Segment Revenues Improve, Expenses RiseTotal quarterly segment revenues were $2.12 billion, jumping 90.3% year over year. The reported figure surpassed the Zacks Consensus Estimate of $1.94 billion. On a GAAP basis, revenues were $5.29 billion, up significantly from $2.52 billion reported in the prior-year quarter.Total expenses (GAAP basis) were $2.27 billion, increasing 93.8% from the year-ago quarter. A rise in all expense components, except for fund expenses led to the increase.As of Jun 30, 2021, Blackstone had $5.1 billion in total cash, cash equivalents and corporate treasury investments as well as $14.5 billion in cash and net investments. Further, the company has a $2.3-BILLION undrawn credit revolver.AUM ImprovesFee-earning AUM grew 14.5% year over year to $498.93 billion as of Jun 30, 2021. Total AUM amounted to $684.03 billion as of the same date, up 21.2% year over year. The rise in total AUM was largely driven by $37.3 billion of inflows.As of Jun 30, 2021, undrawn capital available for investment was $129.9 billion.ConclusionOn Jul 14, Blackstone agreed to acquire a 9.9% stake in AIG’s Life & Retirement business for $2.2 billion in cash. Also, AIG agreed to enter a long-term strategic asset management relationship with Blackstone to manage an initial $50 billion of Life & Retirement’s existing investment portfolio upon the closing of the equity investment.Notably, Blackstone remains well-poised for top-line growth, supported by a continued rise in AUM. The company is expected to keep gaining from its fund-raising ability. However, elevated expenses are expected to hamper the bottom line to an extent in the near term.Blackstone Group Inc The Price, Consensus and EPS Surprise Blackstone Group IncThe price-consensus-eps-surprise-chart | Blackstone Group IncThe QuoteCurrently, Blackstone carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance & Upcoming Release Dates of Other Investment ManagersBlackRock, Inc.’s BLK second-quarter 2021 adjusted earnings of $10.03 per share outpaced the Zacks Consensus Estimate of $9.24. The figure reflects a rise of 27.8 % from the year-ago quarter’s number.Ameriprise Financial, Inc. AMP and Invesco Ltd. IVZ will release quarterly numbers on Jul 26 and Jul 27, respectively. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Blackstone Group IncThe (BX): Free Stock Analysis Report BlackRock, Inc. (BLK): Free Stock Analysis Report Invesco Ltd. (IVZ): Free Stock Analysis Report Ameriprise Financial, Inc. (AMP): Free Stock Analysis Report To read this article on Zacks.com click here.