PE giant Blackstone's Q3 profit drops 12% on weak real estate asset sales

PE giant Blackstone's Q3 profit drops 12% on weak real estate asset sales

FILE PHOTO: Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon

Blackstone Inc, the world’s largest private equity firm, said on Thursday that its third-quarter distributable earnings fell by a steeper-than-expected 12% year-on-year owing to a decline in asset sales from its real estate business.