Blackstone Group’s profits declined as tightening financial conditions and plunging stock market valuations caused the world’s largest alternative asset manager to dramatically slow its sale of investments.
In third-quarter results released on Thursday, Blackstone sold just $15bn in assets, half the amount the company sold in the previous quarter, cutting into the earnings it generated from selling investments for a profit.
As a result of the slowing asset sales, Blackstone’s distributable earnings — a metric that is favoured by analysts as a proxy for overall cash flows — fell 16 per cent from this time a year ago to $1.4bn, or $1.06 a share. The results, however, beat analyst forecasts polled by Bloomberg.
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