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Blackstone tops Q2 earnings but investors question sustainable growth
Blackstone reported second-quarter distributable earnings of $1.52 per share, and said income from investment exits should slow over the next three months before rebounding.
Blackstone Inc. delivered a broad earnings beat, reporting second-quarter distributable earnings of $1.52 per share on July 23, 2026, up 26% and above the $1.35 LSEG estimate, while total assets under management rose to $1.35 trillion on strong inflows, according to Yahoo Finance.
The firm said it monetized $31.8 billion in investments during the quarter, including realizing gains from its artificial intelligence investments, and it completed or advanced several transactions, such as selling its majority stake in Sabre Industries to TPG and completing listings for Liftoff Mobile, Blackstone Digital Infrastructure Trust, and Indian office REIT Bagmane.
On the earnings call, management addressed lingering investor concerns around realizations and redemption pressure, with Chief Financial Officer Michael Chae saying income from exiting investments should slow over the next three months before turning “robust” again. President Jon Gray added that redemption requests at retail credit fund BCRED have slowed “materially” in July.
Blackstone also disclosed that after market volatility eased, it picked up deal activity in the first half of the year, and it outlined plans for a new Dubai office as part of a broader Gulf expansion. Yahoo Finance reported that net returns from private credit improved to 0.4% in the quarter, compared with flat in the first quarter, but remained below 2.2% a year earlier, with wealthy investors leading the retreat in private credit.