Blackstone Profit Beats Forecasts on AI Asset Gains

Key Moments

Blackstone’s distributable earnings per share increased 26% to $1.52, topping estimates of $1.35.
Assets under management rose to $1.35 trillion, supported by strong inflows and asset sales totaling $31.8 billion.
Nine of Blackstone’s ten best-performing investments are tied to artificial intelligence, including stakes in Anthropic and data center platforms.

Quarterly Earnings and Asset Growth

Blackstone’s second-quarter results surpassed market projections, as rising assets under management and gains from artificial intelligence investments lifted performance. The firm reported that quarterly inflows pushed total assets to $1.35 trillion.

Distributable earnings – the profit measure available to shareholders – rose 26% on a per-share basis to $1.52. This exceeded analyst expectations of $1.35 per share, based on LSEG data.

Monetizations and Deal Activity

Blackstone significantly accelerated monetization activity after market volatility constrained some transactions in the first quarter. In the latest period, the firm generated $31.8 billion from asset sales.

Key transactions included selling a stake in three data centers to Digital Realty and a majority interest in power infrastructure company Sabre Industries to TPG. The firm also benefited from listings of several portfolio-related entities, including advertising technology company Liftoff Mobile, data center investment vehicle Blackstone Digital Infrastructure Trust, and Indian office REIT Bagmane.

Transaction / Activity	Type	Details
Data centers stake sale to Digital Realty	Asset sale	Stake in three data centers monetized
Sabre Industries (sale to TPG)	Asset sale	Majority holding in power infrastructure company
Liftoff Mobile	Listing	Advertising technology company
Blackstone Digital Infrastructure Trust	Listing	Data center investment vehicle
Bagmane	Listing	Indian office REIT

Market Reaction and Stock Performance

Despite the earnings beat, Blackstone’s shares fell 2.1% in premarket trading. The stock has declined 20% this year through the last close.

AI-Focused Investment Strategy

Blackstone is heavily positioning itself around the growth of artificial intelligence. The firm is joining peer Apollo in a $35 billion financing package for custom chips to be used by Claude Code creator Anthropic.

Blackstone said that nine of its top ten best-appreciating investments are linked to AI. These include a stake in Anthropic and interests in data center businesses. The firm previously took data center platform QTS private for $10 billion in 2021.

CEO Stephen Schwarzman said the firm had decided to “lean into the artificial intelligence megatrend”. He said the company becoming “a trusted partner at scale to many of the key innovators” had positioned it well for the future.

Valuation Scrutiny and AI-Driven Uncertainty

Concerns that AI could disrupt software companies have weighed on private equity and credit managers that have both invested in and lent to such businesses. This environment has intensified attention on how firms value their assets.

Wealthy Investors and Fund Flows

High-net-worth individuals, whose capital accounts for nearly one quarter of Blackstone’s total assets under management, have been seeking to redeem capital from certain private credit vehicles amid broader uncertainty.

The Blackstone Private Credit Fund BCRED, its flagship retail credit product, raised $1 billion in the quarter. This was down from $1.9 billion in the prior quarter and $3.7 billion in the same period of 2025.

Vehicle	Category	Capital Raised in Quarter
BCRED (Blackstone Private Credit Fund)	Private credit – retail flagship	$1 billion
Blackstone Private Equity Strategies	Private equity (wealth-focused)	$2.4 billion
BXINFRA	Infrastructure (wealth-focused)	$861 million
BREIT	Real estate investment trust	$1.2 billion

Performance in Private Credit and Wealth Platforms

Net returns from private credit improved to 0.4% in the quarter, compared with flat performance in the first quarter, but remained below the 2.2% recorded a year earlier.

Blackstone Private Equity Strategies and infrastructure fund BXINFRA, both offered to wealthy individual investors, raised $2.4 billion and $861 million, respectively. Real estate investment trust BREIT, which began exercising a right to limit investor redemptions in 2022, brought in $1.2 billion over the period.