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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. Today we're digging into Blackstone's second quarter 2026 results — and Jordan, this one's basically a masterclass in "how do you play the AI boom without buying a chip stock."
JORDAN: Right, and before we get into it — this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.
ALEX: Solid reminder. So let's start with the headline numbers. Blackstone posted GAAP net income of $2.4 billion, and distributable earnings of $2 billion, or $1.52 a share — that's up 26% year-over-year. Fee-related earnings grew 22%, and total inflows hit almost $70 billion for the quarter, pushing assets under management to a record $1.35 trillion.
JORDAN: And that growth rate isn't a fluke — it basically matches what they delivered in Q1. What's striking is the driver behind it. CEO Steve Schwarzman was pretty blunt: this is an AI infrastructure story. Data centers, energy and power, and direct stakes in frontier AI companies like Anthropic, OpenAI, and SpaceX.
ALEX: They didn't just talk about it either — they announced four new AI-related ventures just in this quarter. A neocloud partnership with Google using TPU chips, up to $5 billion initially. A joint venture with Anthropic to help enterprises actually adopt AI. A $35 billion financing platform with Broadcom for AI compute — which they're calling the largest private credit investment in history. And then they launched BXDC, a data center REIT that pulled in $2 billion, the biggest blind-pool REIT IPO ever.
JORDAN: That data center platform is now worth $185 billion including stuff under construction — up from $130 billion at the start of the year. President Jon Gray said they expect to lease three times more capacity this year than any prior year. And here's the number that really got me: they think the market for stabilized data center ownership alone could eventually grow to $1 trillion.
ALEX: Which explains why nine of their ten biggest markups in the quarter were AI-related holdings. Their infrastructure platform was up 7.2% for the quarter and 29% over the last twelve months — a lot of that from QTS, their U.S. data center business.
JORDAN: Let's talk fundraising too, because it's not just AI juicing performance — it's juicing flows. Insurance AUM hit $290 billion, up 15%, including a new $10 billion partnership with Nippon Life. Private wealth AUM grew 16% to $324 billion, with their BXPE product delivering a 20% net annualized return since inception. And their multi-asset business, BXMA, just had its best single fundraising month ever in July.
ALEX: Not everything was rosy, though. Their credit vehicle BCRED saw net outflows of $1.2 billion, redemption requests exceeded their 5% limit. Jon Gray addressed that directly on the call — he basically said the panic headlines about private credit didn't come true, and now that the "noise" has died down, redemptions are already easing into Q3.
JORDAN: That was actually one of the more interesting Q&A moments. An analyst asked him almost point blank whether this looks like the BREIT redemption saga all over again, and Gray's answer was essentially: yes, we've seen this movie before, and it worked out — investors panicked, the disaster didn't materialize, and flows recovered. He's betting BCRED follows the same arc.
ALEX: There was also a great exchange about capital allocation. Given the stock's pulled back from its highs, one analyst asked if Blackstone might lean harder into buybacks. CFO Michael Chae's answer was pretty measured — no dramatic shift, they're sticking with their policy of returning basically all cash earnings via dividend plus a steady buyback, no opportu
This episode includes AI-generated content.
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2026/07/237 分