BX changes
Pick any two versions below to diff them.
- Price
- $108.59 → $122.01(+12.4%)
- Next earnings
- Oct 22, 2026 → Jan 22, 2027
- Next earnings is estimate
- No → Yes
- About
- Blackstone is the largest alternative asset manager in the world, with removed: $1.35 added: $1.37 trillion of assets under management at removed: June added: September 30, 2026. It invests money for pension funds, insurers, sovereign wealth funds and individual investors in real estate, private equity, private credit, infrastructure, secondaries and hedge funds. It reports four segments: Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing. It earns management fees on removed: $962 added: $990 billion of fee-earning assets, and performance revenues when its funds sell investments at a profit. More than 40% of its assets are perpetual capital, such as the BREIT real estate fund and the BCRED private credit fund, which sell shares to wealthy individuals and pay steady fees. Blackstone pays out most of its distributable earnings as a dividend each quarter. Stephen Schwarzman is the Chairman and CEO, and Jon Gray is the President.
- Thesis
- The market prices Blackstone with a discount because investors fear that private credit losses and withdrawals by individual investors will slow its growth. Individual investors drove much of Blackstone's growth through perpetual funds such as BCRED. BCRED had its first monthly loss since 2022 in February 2026, from write-downs on some loans, including one to the software company Medallia, and investors fear that AI hurts many software borrowers. Repurchase requests then rose above the 5% quarterly cap. BCRED received about $4.5 billion of requests in Q2 2026 and about $4.3 billion in Q3 2026, and paid only up to the cap. Realizations also stay low, so performance revenues depend on markets that let Blackstone sell assets. added: In Q3 2026, realized performance revenues fell 38% from a year earlier. For the gap to close, three things must be true. Total inflows must stay near the added: $63.3 billion of Q3 2026 and the $68.3 billion of Q2 2026, and fee related earnings must removed: keep growing added: grow again at removed: about 20% a removed: year. added: double-digit rate, after only 6% growth in Q3 2026. BCRED repurchase requests must fall back to the 5% cap or below, while its loans keep performing. Realized performance revenues must rise as Blackstone sells more assets and lists more companies. The removed: first test is the Q3 2026 report on October 22, removed: 2026, followed by added: 2026 failed the added: first test, because fee related earnings grew only 6% and distributable earnings per share fell 13%. The next tests are the BCRED repurchase window for Q4 2026 and the Q4 report in late January 2027. If flows hold and private credit losses stay small, the gap can close over the next four to six quarters. A credit cycle with large defaults would keep the discount for longer.
- Balance sheet
- Cash: removed: $12.2B Debt: $13.2B added: Debt: $13.1B Net removed: debt: $950M added: cash: $117M Undrawn credit line: removed: $3.5B, added: $3.6B, to October 2030 Ratings: S&P A+, Fitch A+ The figures are from Blackstone's deconsolidated balance sheet, which excludes the consolidated Blackstone funds. At removed: June added: September 30, 2026, cash includes removed: $2.5 added: $3.0 billion of cash and cash equivalents and removed: $9.7 added: $10.2 billion of corporate treasury and other removed: investments, added: investments. Of the $9.5 billion of removed: which most are added: other investments, $8.9 billion were liquid. Blackstone also had removed: $3.0 added: $3.1 billion of GP and fund investments and removed: $7.5 added: $7.3 billion of net accrued performance revenues, for removed: $22.7 added: $23.5 billion of cash and net removed: investments. added: investments, or $18.91 per share. Debt is the outstanding debt at removed: par. added: par, $13.1 billion. The firm has removed: more added: about as much cash and liquid investments removed: than about all of its added: as debt. added: The credit revolver is $4.3 billion, of which $3.6 billion was undrawn, and it ends in October 2030. GAAP interest expense was removed: $282 added: $415 million in the first removed: half added: nine months of 2026. The ratings are from the removed: Q2 added: Q3 2026 results of removed: July 23, added: October 22, 2026. added: On October 27, 2026, a Blackstone finance unit started an offering of new senior notes for general corporate purposes. As of removed: Jun added: Sep 30, 2026.
- Checkpoints
- Oct 22, 2026: Q3 2026 results: inflows, fee earnings and BCRED. removed: Pending. added: Failed. Watch: A pass is inflows near Q2's $68.3 billion and fee related earnings growth near 20%; a fail is a clear drop in inflows or rising credit losses. added: Outcome: Inflows held at $63.3 billion, but fee related earnings grew only 6% and distributable earnings per share fell 13% on lower realizations. Dec 2026 (estimate): BCRED Q4 2026 repurchase requests. Pending. Watch: A pass is requests at or below the 5% cap; a fail is requests that stay near 10% of shares. Jan added: 22, 2027 (estimate): Q4 2026 results: realizations. Pending. Watch: A pass is higher realized performance revenues than in Q4 2025; a fail is lower realizations and flat distributable earnings.
- Recent events
- added: Oct 22, 2026: Blackstone reported Q3 2026 results. Fee related earnings were $1.57 billion, up 6%, or $1.26 per share. Distributable earnings were $1.32 per share, down 13%, because realized performance revenues fell 38% to $464 million. Inflows were $63.3 billion, and assets under management reached $1.37 trillion, up 10%. Private credit returned 2.6% gross in the quarter. BCRED's net asset value was $41.1 billion at September 30, 2026. Blackstone declared a dividend of $1.12 per share. Oct 15, 2026: Blackstone said that Joseph Baratta told the board on October 9, 2026 that he will leave the board on December 31, 2026, in connection with his planned retirement from Blackstone. The board will then have seven members. Sep 24, 2026: Blackstone said that it will host its Q3 2026 investor call on October 22, 2026, at 9:00 a.m. ET. Sep 22, 2026: Blackstone said that it expects realized performance revenues and realized principal investment income of more than $350 million for July 1 to September 22, 2026. Its update for the same part of Q2 2026 was more than $500 million. Sep 3, 2026: BCRED, Blackstone's $77 billion private credit fund for individual investors, said that Q3 2026 repurchase requests were about $4.3 billion, and that it will repurchase only 5% of shares, its quarterly cap. It filled about half of the $4.5 billion of Q2 requests, and much of the $2.3 billion that it did not fill came back in Q3. BCRED said that loan repayments and new inflows were more than repurchases. Jul 23, 2026: Blackstone reported Q2 2026 results. Fee related earnings were $1.8 billion, up 22%, and distributable earnings were $1.52 per share, up 26%. Inflows were $68.3 billion, and assets under management reached $1.35 trillion. Inflows included $2.0 billion from the initial public offering of Blackstone Digital Infrastructure Trust (BXDC). Blackstone declared a dividend of $1.29 per share. Jun 4, 2026: Press reports said that BCRED limited Q2 2026 withdrawals to its 5% quarterly cap, after repurchase requests reached about 10% of shares.