American investment firm Blackstone has registered a net income of $743m for the fourth quarter of 2022, a drop of 75% as against $2.94bn a year ago.

The firm’s net attributable income was $558m during the quarter compared to $1.3bn in the year ago period.

Total revenues dropped 70% to $1.7bn from $5.76bn in the fourth quarter of 2021.

The company’s fee-earning assets under management (AUM) totalled $718.4bn, up 10.5% from $649.9bn in the corresponding quarter of 2021.

Total AUM rose 10.6% to $974.7bn from $ 880,9bn a year ago.

Besides, the firm incurred $1bn of total expenses in the quarter versus $2.4bn in the year ago quarter.

Blackstone CEO Stephen Schwarzman said: “Despite one of the most challenging market backdrops in history, Blackstone delivered for our clients in 2022.

“We protected investor capital by focusing on the right sectors, leading to an additional $226bn of inflows for the year, including $43bn in the fourth quarter.

“Our total assets under management grew to a record $975bn, up 11% year over year. We now have a record $187bn of dry powder capital to take advantage of compelling investment opportunities in a dislocated environment.” The latest results come shortly after a Reuters report that stated that Blackstone could sell around half of its stake in Indian real estate investment trust (REIT) Embassy Office Parks to private equity firm Bain Capital for approximately $480m.