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Ng Han Gua / AP

The Blackstone Group this morning fell into the maddening Wall Street boomerang of growing earnings but missing analyst estimates. Economic net income in Q2 2017 was 36% higher than during the year-earlier period, which works out to 59 cents per share but was below the Thomson Reuters estimate of 62 cents per share. Shares are down just slightly in early morning trading.

  • Headline: Real estate investments soared, credit investments sagged.
  • ROI: Blackstone has now been public for just over a decade. Investors who bought at the IPO price and reinvested their dividends into BX stock would be up 106%, per a firm statement.
  • Infrastructure: Blackstone expects to hold a first close on its massive infrastructure fund in Q1 2018.
  • Future leaders: Blackstone has no plans to follow KKR's recent lead in publicly announcing a succession plan. Firm president Tony James said during a media call: "We have succession plans for every critical seat, going out years, and are comfortable that we have the best succession planning in the industry. In private equity, for example, we're on our fourth or fifth leader and have never missed a beat. I don't know what you gain by pre-announcing things."

Go deeper

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Empire State Building among hundreds to light up in Biden inauguration coronavirus tribute.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.