Blackstone Group (BX) reported lower-than-expected third-quarter earnings, but said it was well positioned to profit from market jitters and put more of its $42.3 billion in undrawn investor capital to work, an article in Reuters said.
"With one of the largest pools of available dry powder capital and the broadest alternative investment platform, we are well-positioned to capitalize on the dislocation in asset values created by greater market volatility," Blackstone co-founder and CEO Stephen Schwarzman said in a statement.
Blackstone, whose investments include the Weather Channel and SeaWorld Entertainment Inc, said economic net income, a metric of profitability that takes into account the mark-to-market valuation of its portfolio, was $758 million for the quarter, up from $640 million a year earlier.
