BX · Blackstone Inc. Q2 FY2026 earnings call record财报电话会记录

“Third, we joined Broadcom and another manager to create a financing platform in support of Broadcom's deployment of large-scale AI compute for their end customers.”

“Meanwhile, in energy, we continue to actively invest to help meet rising global demand, including in utilities, utility services, renewables, pipelines, LNG, and electrical equipment across both equity and debt.”

“AUM reached a record $109 billion, up 21% year-over-year, representing its fastest organic growth in nearly 15 years, when the segment was less than half of its current size.”

“Three of these funds hit their hard cap so far in 2026, with excess demand in opportunistic private credit, life sciences, and Asia private equity, and we expect our new private equity energy transition flagship to hit its hard cap soon as well.”

“In secondaries, we have raised over $14 billion to date for our new buyout flagship with a target of at least $22 billion.”

“We announced a new partnership with Japan's largest life insurer, Nippon Life, in which we will deploy approximately $10 billion in private credit over the next several years and also invest in their domestic real estate portfolio.”

“BREIT raised $1.2 billion in the second quarter, while repurchases continued to decline sharply, falling 42% year-over-year and down 33% sequentially from Q1, resulting in the best regular way net flows in nearly four years.”

“Repurchase requests remain elevated and exceeded the 5% limit, with approximately 50% fulfilled, resulting in net outflows of $1.2 billion.”

“Starting with results, distributed earnings increased 26% year-over-year to $2 billion in the second quarter, or $1.52 per share, underpinned by one of the three best quarters of fee-related earnings in our history, along with robust growth in net realizations.”

“Fee revenues also rose 22% to $3 billion, with double-digit year-over-year growth in all four of our segments.”

“We're also seeing, you mentioned the public REIT market, which is strong, but the public debt market, the CMBS market, volumes are up 23%.”

“I guess based on the outlook you gave for management fees for the second half and next year, how should we think about margins in that context, particularly as we think about next year, given the growth rates that are expected from the management fee side?”