The firm’s assets under management rose to nearly $1.35 trillion as AI investments drove a 26% jump in distributable earnings.
Blackstone posted Q2 distributable earnings of $1.52 per share, up 26% from $1.21 a year earlier and above the $1.35 estimate. Total revenue surged 36% to $5.04 billion, while fee-related earnings climbed 22% to $1.78 billion, or $1.43 per share.
The results were boosted by AI-related holdings, including stakes in Anthropic and data center businesses, which accounted for nine of the firm’s ten top-performing positions. Infrastructure investments delivered 7.2% gross returns, and private equity gains included exposure to SpaceX and OpenAI.
Assets under management reached nearly $1.35 trillion, supported by record inflows. The firm highlighted asset sales, including data center and power infrastructure deals, as key contributors to the quarter’s performance.