Blackstone's Q3 profit falters as rising interest rates chill dealmaking

Blackstone Inc.’s third-quarter profit faltered as wild markets and rising borrowing costs chilled the pace of dealmaking at the world’s largest alternative-asset manager. 

Distributable earnings in the quarter ended Sept. 30 fell 16% to $1.37 billion, Blackstone reported on Thursday. That measure of earnings available to shareholders amounted to $1.06 a share, beating analyst expectations of 99 cents. 

The results promise austere times for an industry that minted wealth and amassed reach across the economy during an era of low interest rates. Now, dealmakers are finding it harder to get cheap debt to grease returns or sell bets at profits. Banks are