By Dan Primack
July 18, 2013

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.

Total revenue climbed from $644 million in Q2 2012 to $1.4 billion in Q2 2013, of which $719 million was from performance-based fees. Real estate investment activities accounted for $605 million of total revenue (including $402 million of performance fees), followed by private equity with $356 million in revenue ($186 million in performance fees). Blackstone also reported triple-digit million revenue for its hedge fund and credit groups.

Distributable earnings grew to $338 million, largely from a nearly fourfold year-over-year growth in realized performance fees from fund activities.

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.”

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