Q2 2026 Blackstone Inc Earnings Call Transcript
Key Points
- Blackstone Inc (BX) reported outstanding second quarter results with distributable earnings up 26% year over year to $2 billion.
- Fee-related earnings grew 22% year over year, and net realizations rose 27% despite geopolitical volatility.
- Total inflows reached nearly $70 billion in the quarter, lifting assets under management by 11% year over year to a record $1.35 trillion.
- Significant investments in AI-related areas, including data centers and energy, are driving standout results and supporting momentum in fundraising and deployment.
- Blackstone Inc (BX) has become one of the largest private capital providers in the AI ecosystem, offering unique access to emerging opportunities.
- There are investment risks and uncertainties associated with the rapid growth of AI, including potential for excessive exuberance.
- The geopolitical volatility has pushed out exit pipelines and slowed realization activity in the near term.
- The real estate segment experienced a decline in base management fees due to harvesting activity and headwinds in institutional core business.
- The private wealth channel faced muted inflows in credit, particularly affecting BCRED, due to geopolitical turbulence.
- Despite strong performance, the private real estate returns have lagged behind public REITs, impacting demand across the LP base.
Good day, and welcome to the Blackstone second quarter 2026 investor call. Today's conference is being recorded. (Operator Instructions)
At this time, I'd like to turn the conference over to Weston Tucker, Head of Shareholder Relations. Please go ahead.
Thank you, Katie, and good morning, and welcome to Blackstone's second quarter conference call. Joining today are Steve Schwarzman, Chairman and Chief Executive Officer; 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 everyone 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. A discussion of some of the factors that could affect results, please see the Risk Factors
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