Oct 15 (Reuters) - Blackstone Group LP, the world's largest alternative asset manager, reported a third-quarter economic net loss on Thursday as the stock market plunge weighed on the value of its portfolio, though it generated more cash through asset sales.
Blackstone said economic net income (ENI), a metric of its profitability that takes into account the mark-to-market valuation of its portfolio, was a loss of $416 million in the quarter, versus a $758.4 million profit a year ago.
This translated into a negative ENI per share of 35 cents, more than the average 29 cents forecast by analysts in a Thomson Reuters poll.
Distributable earnings, which show actual cash that is available to pay dividends, rose 1 percent year-on-year to $692 million.
Total assets under management were a record $333.9 billion as of the end of September, up 17 percent year-on-year.
Blackstone declared a quarterly distribution of 49 cents per common unit. (Reporting by Greg Roumeliotis in New York; Editing by Chizu Nomiyama)