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

Blackstone's first-quarter profit fell by 36% to $1.25 billion due to a slowdown in dealmaking caused by rising interest rates. However, assets under management rose by 8% to $991.3 billion. Blackstone's real estate arm was the biggest source of net inflows in the quarter, offsetting some of the pain from a backlog of redemptions from the $70 billion Blackstone Real Estate Income Trust. The firm has been paring its exposure to US offices and now counts them as less than 2% of its real estate portfolio, down from 61% in 2007.