Blackstone Inc (NYSE:BX) stock fell 0.45% (As on October 21, 11:53:36 AM UTC-4, Source: Google Finance) after the company’s distributable earnings in the quarter ended Sept. 30 fell 16% to $1.37 billion. The third-quarter profit faltered as wild markets and rising borrowing costs chilled the pace of deal-making at the world’s largest alternative-asset manager. Blackstone’s net income fell by more than 99% to $2.3 million, reflecting writedowns on investments. One drag on profit was stock of public companies including insurer Corebridge Financial Inc. The firm had net inflows of $32.2 billion in the third quarter, down from some $40 billion in the year-ago quarter. Its push to bring private equity beyond big pensions and institutions to smaller investors faces headwinds as retail investors seek more liquid investments. The firm has also been engineering ways to manage more of the money of insurers, in a bid to lock in permanent capital and generate steady streams of fees. This month, it announced a $500 million investment in Resolution Life, which buys life policies, as part of a deal providing new assets to manage.

Among Blackstone strategies that declined in the latest quarter, opportunistic real estate, corporate private equity and so-called tactical opportunities investments depreciated. Private credit notched 3% returns. Its hedge fund unit had gains, buoyed by quantitative and macro bets.

BX in the third quarter of FY 22 has reported the adjusted earnings per share of $1.06, beating the analysts’ estimates for the adjusted earnings per share of 96 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 35.9 percent to $2.59 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $2.56 billion. Fee-related earnings for the third quarter rose 51% year over year to $1.2 billion, representing the second best quarter on record. The assets under management increased 30% year over year to a record $951 billion, with strong demand for the products across the institutional private wealth and insurance channels. Just last week, BX had announced the fourth major partnership in the insurance space with Resolution Life, a leading life and annuity block consolidator, which it expects to comprise approximately $25 billion of AUM in the first year and over $60 billion over time as their platform grows. In corporate private equity, the emphasis on faster-growing companies has resulted in a 17% year-over-year revenue growth in the operating companies in the third quarter, led by the travel leisure-related holdings.