Blackstone's Q1 earnings hit by real estate and market turbulence.

Blackstone's distributable earnings fell 36% YoY in Q1 2021 due to a weak property market that prevented it from cashing out on some holdings. The slowdown in commercial real estate, 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 ended the first quarter with $991.3 billion in total assets under management, up 8% YoY.