Blackstone's fourth-quarter loss managed to narrow as the hedge-fund and private-equity firm managed to swing to a profit which was better-than-expected.

On the news, shares of the company gained 1.07%, to trade at $14.15 in premarket. As of Wednesday, the stock had managed to more than triple from the year-earlier level recorded, which was near the stock's lowest level since the company went public in 2007.

Stephen A. Schwarzman, Chairman and Chief Executive of Blackstone, stressed that despite the fact that the recovery of the western economies will continue to be slow and "choppy", the worst seems to have passed.

"The availability of debt is back to normal and possibly even a little above normal in terms of leverage levels", said Hamilton James, Blackstone's President.

For the past year's fourth-quarter, Blackstone posted a loss of $143.3 Million, compared with the previous year's loss of $415.2 Million.

Revenue was reported as $725.3 Million.