Blackstone releases transcript of second-quarter 2026 earnings investor call

Blackstone reviewed Q2 2026 results on a July 23 investor call attended by Chairman and CEO Steve Schwarzman, President and COO Jon Gray, and Vice Chairman and CFO Michael Chae.

• Distributable earnings totaled USD 2 billion, or USD 1.52 a share; GAAP net income reached USD 2.4 billion; dividend set at USD 1.29.
• Management tied performance to AI exposure, citing nearly USD 70 billion of quarterly inflows, record AUM of USD 1.35 trillion, and data center platform value of USD 185 billion.
• New AI initiatives included up to USD 5 billion with Google for a TPU-based “neocloud,” a USD 35 billion Broadcom compute financing platform, and the BXDC data center REIT.
• The CFO flagged 2027 as a return to double-digit base fee growth, citing drawdowns, perpetual strategy scaling, credit dry powder of USD 84 billion, and real estate fee stabilization.