Blackstone’s profit has declined as it adopted a wait and see approach amid tightening financial conditions and plunging valuations.
In third-quarter results released last night, Blackstone sold $15bn of assets, half the amount it sold in the previous quarter.
As a result, distributable earnings fell by 16% from this time a year ago to $1.4bn, or $1.06 a share. However, the results were ahead of analyst forecasts.
The New York-based group has also marked down the value of its real estate funds. Real estate funds dropped by 0.6%, while its “secondaries” – funds designed to buy interests in existing private capital funds – declined by 2.3%.
