Key facts
- Net realizations fell 34% to $332 million.
- Fee-related earnings rose 6%.
- Distributable earnings fell 13% to $1.32 per share.
- Assets under management reached $1.37 trillion.
Blackstone, the world's largest alternative asset manager, reported a 13% drop in third-quarter distributable earnings to $1.32 per share, as market volatility and higher interest rates hampered investment exits. Net realizations fell 34% to approximately $332 million, largely due to a nearly 50% decline in its private equity business. Global M&A activity decreased by 41% sequentially in the third quarter. Despite the challenges, Blackstone's assets under management grew to $1.37 trillion, driven by over $63 billion in net inflows, particularly into its credit and insurance business. Fee-related earnings from its private equity funds increased by 26% to $619 million.