Q1 2026 Blackstone Inc Earnings Call Transcript
Key Points
- Blackstone Inc (BX) reported a 25% year-over-year increase in distributable earnings to $1.8 billion, driven by strong growth in fee-related earnings and net realizations.
- Total assets under management grew 12% year-over-year to over $1.3 trillion, with significant inflows of $69 billion in the first quarter.
- The company has become the largest investor in AI-related infrastructure globally, with a substantial portfolio of data centers and energy infrastructure.
- Blackstone's infrastructure platform grew 41% year-over-year, driven by exceptional investment performance, particularly in data centers and energy infrastructure.
- The firm's private wealth platform saw a 14% year-over-year increase in AUM to $310 billion, with strong brand recognition and product differentiation driving growth.
- The private credit sector faced negative campaigns, impacting capital flows in the wealth channel, particularly affecting BCRED.
- There is a slowdown in demand for private credit strategies from individual investors, resulting in net outflows for BCRED in the first quarter.
- Real estate base management fees declined moderately year-over-year due to harvesting activity and headwinds in the institutional Core+ platform.
- The software sector is identified as at-risk for disruption due to AI, with potential winners and losers, impacting Blackstone's portfolio.
- The significant recent market volatility and geopolitical uncertainty have pushed out exit pipelines and slowed realization activity in the near term.
Good day, and welcome to the Blackstone first quarter 2026 investor call. Today's conference is being recorded. (Operator Instructions)
At this time, I'd like to turn the call over to Weston Tucker, Head of Shareholder Relations. Please go ahead.
Great. Thank you, Katie, and good morning, and welcome to Blackstone's first quarter conference call. Joining me today are Steve Schwarzman, Chairman and CEO; Jon Gray, President and Chief Operating Officer; and Michael Chae, Vice Chairman and Chief Financial Officer.
Earlier this morning, we issued a press release and slide presentation, which are available on our website. We expect to file our 10-Q report in a few weeks. I'd like to remind you that today's call may include forward-looking statements, which are uncertain and may differ from actual results materially. We do not undertake any duty to update these statements. For a discussion of some of the factors that could affect results, please see the Risk Factors section of our 10
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