Blackstone Inc., grappling with higher interest rates and stung by a pullback in dealmaking, reported a 12% decline in quarterly profit available to shareholders.
Distributable earnings for the third quarter totaled $1.21 billion, or 94 cents a share, missing the $1.01 average estimate of analysts surveyed by Bloomberg. That was roughly in line with Blackstone’s second-quarter profit, which was the lowest in two years.
The private equity giant’s stock was among the worst performers Thursday in the S&P 500, tumbling 7.9% to $94.22, the biggest one day drop since June of last year.
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