Blackstone Group, the world’s largest private-equity firm, said first-quarter profit fell 24% as slower gains in the value of its holdings hurt performance fees. according to Bloomberg.

Economic net income, a measure of earnings excluding some costs tied to the firm’s 2007 initial public offering, dropped to $432.3 million, or 39 cents a share, from $571 million, or 51 cents, a year earlier, New York-based Blackstone said today in a statement. Analysts had expected earnings of 40 cents a share, according to the average of nine estimates in a Bloomberg survey.