Blackstone Reports 9.2% Profit Drop Amid Inflation and Higher Rates

• Blackstone Inc. reported a 9.2% drop in third-quarter income.
• Surging energy prices contributed to inflation, impacting financial results.
• Higher interest rates have subdued dealmaking activities.
• Blackstone's president, Jonathan Gray, noted rising market volatility stalled cash returns to investors.
• The group has cut property valuations due to the impact of higher rates on returns.