Signage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly, the biggest manager of assets such as private equity and real estate, said on Thursday its first-quarter distributable earnings fell 36% year-on-year, as a weak property market stopped it from cashing out on some holdings.
— triggered by higher interest rates, fears about an economic slowdown and businesses consolidating office space in the aftermath of the COVID-19 pandemic — has also prevented Blackstone from selling assets for top dollar in many of its real estate funds. Blackstone's fee-related earnings fell 9% to $1.04 billion, as fewer asset sales led to lower performance fees.
Looks great.
That’s ok they’ll still run the world.
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There’s no slowdown. It’s greed. COVID-19 pandemic — has also prevented Blackstone from selling assets for top dollar in many of its real estate funds.