Blackstone Earnings Call Transcripts
Fiscal Year 2026
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Economic resilience, AI-driven investment, and robust fundraising are driving growth, with major capital deployed in infrastructure, data centers, and private credit. The IPO market is recovering, wealth and insurance channels are expanding, and real estate is poised for a rebound.
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First quarter results showed strong year-over-year growth in earnings, AUM, and fundraising, led by infrastructure, AI, and credit strategies. Despite market volatility and negative sentiment in private credit, institutional and private wealth channels continued to expand.
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Strong macro fundamentals and robust capital markets are fueling record investment deployment and fundraising momentum, with a focus on AI, infrastructure, and private credit. Expansion into global wealth and retirement channels, operational AI adoption, and sector-focused real estate strategies underpin a positive multi-year financial outlook.
Fiscal Year 2025
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Record distributable earnings and AUM growth were driven by strong inflows, robust investment performance, and significant fundraising across all channels. Infrastructure, credit, and private wealth segments led performance, while management expects continued momentum and fee growth into 2026 and 2027.
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The session highlighted optimism for the U.S. economy, driven by AI and resilient corporate health, with major investments in AI infrastructure, private credit, and select Asian markets. Product innovation and strong fundraising continue, while real estate and capital markets show signs of recovery.
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Distributable earnings surged 50% year-over-year to $1.9B, with AUM reaching a record $1.24T and strong inflows across all channels. Robust fundraising, improved capital markets activity, and sector leadership in private credit, infrastructure, and real estate underpin a positive outlook.
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Resilient macro conditions and declining capital costs are fueling a surge in transaction activity, with strong momentum in private equity, credit, and infrastructure. Regulatory shifts could open retirement markets to alternatives, while product innovation and global expansion drive growth across wealth, insurance, and real estate.
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Q2 2025 saw distributable earnings and net income of $1.6B, with AUM up 13% to $1.2T and strong growth in private credit, wealth, and infrastructure. Robust investment performance and a record IPO pipeline support a positive outlook, despite ongoing market uncertainties.
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Q1 saw record AUM of $1.2T, distributable earnings up 11% year-over-year, and strong inflows across private credit, insurance, and wealth channels. Strategic alliances and product launches position the firm for growth despite tariff-driven uncertainty.
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Portfolio companies are showing strong growth and margins, with inflation under control and a positive macro outlook. Fundraising momentum is high, with new products and global expansion driving AUM growth. The firm’s capital-light insurance model, digital infrastructure focus, and AI integration provide competitive advantages.
Fiscal Year 2024
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Distributable earnings surged 56% year-over-year to $2.2B, driven by record fee-related earnings, robust inflows, and strong performance in infrastructure, credit, and private wealth. AUM surpassed $1.1T, with positive outlooks for 2025 across all segments.
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Economic momentum is strong with moderating inflation and robust capital deployment, especially in digital infrastructure, real estate, and private credit. Realizations and fundraising are set to improve in 2025, while private wealth and insurance partnerships continue to expand.
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Q3 2024 saw strong earnings, record AUM, and robust capital deployment, with fee-related earnings and management fees reaching new highs. Major investments in data centers and private credit fueled growth, while outlook for 2025 is positive amid improving market conditions.
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Inflation and economic activity are cooling, with optimism for a soft landing and a robust 2025 transaction market. Scale and innovation drive growth across private markets, credit, real estate, and infrastructure, while technology and AI are leveraged for operational and investment advantages.
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Q2 saw record AUM of $1.1 trillion, $34 billion deployed, and strong fundraising in private wealth and credit. Real estate and infrastructure outperformed, with significant investments in AI and renewables. Outlook is positive, with expectations for higher realizations and earnings as markets improve.
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US growth is slowing but remains resilient, with optimism for rate cuts and strong consumer spending. Real estate faces challenges in office space but offers opportunities in warehouses and student housing, especially in Europe. Private credit and AI-driven data centers are key growth drivers, while a strong culture and leadership support ongoing expansion.