Beta Finch - Blackstone Group - BX - EN copertina

Beta Finch - Blackstone Group - BX - EN

Beta Finch - Blackstone Group - BX - EN

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AI-powered earnings call analysis for Blackstone Group (BX). Two AI hosts break down quarterly results, key metrics, and market implications in digestible podcast episodes.2026 Beta Finch Economia Finanza personale
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  • Blackstone Group Q3 2026 Earnings Analysis

    Blackstone Group Q3 2026 Earnings Analysis
    Oct 22 2026
    More earnings analysis: https://betafinch.com
    Groups: BANKS (https://betafinch.com/groups/BANKS)
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    **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown! I'm Alex, joined as always by Jordan, and today we're diving into Blackstone's third quarter 2026 results — a report that came out against a pretty wild macro backdrop.

    **JORDAN:** Yeah, treasury yields hitting decade highs, geopolitical chaos, and this ongoing debate about whether the AI investment boom is sustainable. Lots to unpack.

    **ALEX:** Before we get into it, quick reminder: 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.

    **JORDAN:** Good call. Okay, let's start with the headline numbers.

    **ALEX:** Blackstone reported GAAP net income of $1.3 billion for the quarter, and distributable earnings of $1.7 billion, or $1.32 per share. They declared a dividend of $1.12 per share. Total assets under management climbed 10% year-over-year to roughly $1.4 trillion.

    **JORDAN:** That $1.4 trillion figure is just staggering when you sit with it. And inflows were a huge story here too — $63 billion in the quarter alone, pushing trailing-12-month inflows past $270 billion, the highest in four years.

    **ALEX:** Right, and fee-related earnings — which is really the engine of this business — grew to $1.6 billion, up 6% year-over-year. Base management fees hit a record $2 billion.

    **JORDAN:** What stood out to me is CFO Michael Chae flagging that net realizations were down 20% quarter-over-quarter — but they'd actually told investors to expect that seasonal dip last quarter. The more important signal is what's coming in Q4.

    **ALEX:** Yeah, let's talk about that. Chae said they expect a "significant step up" in net realizations in Q4 — driven by multiple company sales already under contract, plus BXMA's annual performance-fee crystallization and year-end credit fund crystallizations. He actually said the carry realizations alone expected to close in Q4 could surpass the entire firm's net realizations from Q3.

    **JORDAN:** That's a notable forward signal. And looking further out, management reaffirmed they expect a return to double-digit base management fee growth in 2027, driven by new private equity drawdown funds, insurance and credit growth, and momentum in their multi-asset business, BXMA.

    **ALEX:** Now let's get to the theme dominating this whole call: artificial intelligence. Chairman Steve Schwarzman didn't hold back — he compared the AI buildout to the industrial revolution and the commercialization of electricity, arguing we're in the "earliest stages."

    **JORDAN:** But he was also candid about the market's growing nervousness — rising concern about AI financing needs colliding with higher interest rates and stretched valuations. That tension is really the crux of the whole earnings call.

    **ALEX:** Right, and Blackstone's answer to that concern is: look at how we're positioned. They emphasized their data center portfolio is built on long-term contracts — 15 to 20 years — with what President Jon Gray called counterparties averaging $2.5 trillion market caps. Think hyperscalers like Google, Microsoft, Meta.

    **JORDAN:** They also highlighted some major partnerships — CoreWeave with Google, Adept with Anthropic, and in August, NVIDIA named Blackstone one of a small group of managers to help deploy $500 billion in large-scale GPU financing. That's an enormous mandate.

    **ALEX:** During Q&A, one analyst — Alexander Blostein from Goldman — pushed Gray on whether widening credit spreads for "neo-clouds" and AI infrastructure players were hurting Blackstone's own valuations. Gray's answer was essentially: new, unleased assets can actually command higher yields now because delivery is getting harder, and scarcity of compute keeps intensifying.

    **JORDAN

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    8 min
  • Blackstone Group Q2 2026 Earnings Analysis

    Blackstone Group Q2 2026 Earnings Analysis
    Jul 23 2026
    More earnings analysis: https://betafinch.com
    Groups: BANKS (https://betafinch.com/groups/BANKS)
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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

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    7 min
  • Blackstone Group Q1 2026 Earnings Analysis

    Blackstone Group Q1 2026 Earnings Analysis
    Apr 24 2026
    **BETA FINCH PODCAST SCRIPT - BLACKSTONE Q1 2026 EARNINGS**

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    **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we cut through the noise to bring you the key insights from corporate America's quarterly reports. I'm Alex, and I'm joined by my co-host Jordan. Today we're diving into Blackstone's first quarter 2026 results, and wow, what a quarter this was.

    Before we jump in, I need to mention that 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.

    Jordan, Blackstone just posted some absolutely massive numbers here - we're talking about $13 billion in GAAP net income for the quarter. That's not a typo, right?

    **JORDAN:** No typo, Alex! That's a record-breaking number, and it really shows the power of Blackstone's diversified platform. But let me break this down for our listeners because there's a lot to unpack here. Distributable earnings - which is really the metric investors focus on - came in at $1.8 billion, or $1.36 per share. That's up 25% year-over-year, which is impressive given the volatile market backdrop.

    **ALEX:** And speaking of that backdrop, CEO Steve Schwarzman really painted a picture of just how crazy this environment has been. Since 2020, they've navigated five major market-moving events around the same time of year - COVID, Ukraine invasion, regional banking crisis, tariff announcements in 2025, and now this conflict in Iran that triggered the largest quarterly oil price increase in over 35 years.

    **JORDAN:** That's a great point, Alex. What struck me was Schwarzman's emphasis on patience being key during these events. He said when the world normalizes, risk appetite returns and investors refocus on fundamentals. But here's what's really interesting - despite all this chaos, Blackstone's flagship strategies reported positive appreciation while major equity and credit indices were declining.

    **ALEX:** The AI angle is absolutely fascinating here. Schwarzman mentioned he personally got involved in AI back in 2015, way before it became trendy. Now they're claiming to be the largest investor in AI-related infrastructure globally. Jordan, walk us through their AI positioning because it's massive.

    **JORDAN:** It really is staggering, Alex. They have over $150 billion in data centers globally, including facilities under construction, with another $160 billion in prospective pipeline development. Two weeks ago, they even filed to launch a new public company to acquire stabilized data centers. They've also become one of the largest investors in modernizing the U.S. electric grid, and they own the longest cross-country network of natural gas pipelines in the U.S.

    **ALEX:** What I found interesting was their investment in the actual AI companies themselves - they mentioned stakes in Anthropic and OpenAI through their wealth platform. So they're basically betting on the entire AI ecosystem from infrastructure to the technology itself.

    **JORDAN:** Exactly. And this positioning really paid off in their infrastructure business, which grew 41% year-over-year to $84 billion. Their BIP strategy has generated 19% net returns annually since inception - nearly double their original target of 10-12%. That's the kind of performance that attracts institutional money.

    **ALEX:** Now let's talk about the elephant in the room - private credit. There's been a lot of negative press about this sector, and it definitely impacted their wealth channel flows. Jordan, what's the real story here?

    **JORDAN:** This was probably the most interesting part of the call, Alex. Schwarzman was pretty fired up about what he called "external assertions" ranging from systemic risk concerns to predictions of significant investor losses. He pushed back hard, noting that their institutional and insurance clients - represent

    This episode includes AI-generated content.
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    9 min
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