Blackstone Profit Drops 9.2% as Higher Rates Curb Dealmaking
Seven Lights
Blackstone Inc. reported a drop in third-quarter income as higher interest rates subdued dealmaking, with the money the firm deployed reaching a low for this year, Bloomberg reported. Bloomberg put the decline in third-quarter profit at 9.2%.
The firm also cut property valuations as higher rates hit returns, the Financial Times reported.
Group president Jonathan Gray said rising market volatility had stalled a quick return of cash to investors through initial public offerings, according to the Financial Times.