Investor concerns about Blackstone’s big retail real estate fund have weighed on its stock in recent months and comments by management last week didn’t appear to help.

Although Blackstone reported an earnings beat on 20 October, its shares dropped 4.2% after the report before rebounding on 21 October to finish up 1.7% at $85.43. The stock is off more than 40% from its November 2021 peak of about $150.