Investors redeemed 10% of Blackstone’s private credit fund BCRED in Q2, but earnings rose 26% to nearly $2 billion.
Blackstone reported a 26% surge in second-quarter distributable earnings to nearly $2 billion, driven by 22% growth in fee-related earnings and 27% in net realizations. Year-to-date earnings also climbed 26% to $3.7 billion, defying concerns over outflows from its private credit fund BCRED.
Investors requested to redeem 10% of BCRED in Q2, exceeding Blackstone’s 5% quarterly withdrawal cap and up from 7.9% in Q1. Despite the outflows, the firm attracted $70 billion in total inflows during the quarter, bolstering its asset base.
Blackstone’s stock has fallen over 30% from its 52-week high amid broader concerns about private credit, though its financial performance remains resilient.