Blackstone's results were hit hard by the coronavirus-led market selloff, but significant holdings of e-commerce warehouses helped its real-estate business
Blackstone Group Inc.’s first-quarter results were hit hard by the coronavirus-led market selloff, and the firm’s president, Jonathan Gray, said he sees the economic recovery taking some time to gain steam.
The private-equity giant swung to a loss as declining markets forced it to write down the value of its investment portfolio. Its assets under management fell from the prior quarter for just the third time since the financial crisis.
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