Key facts
- Blackstone's distributable earnings per share rose 26% in the second quarter.
- Total assets under management grew to $1.35 trillion.
- Asset monetization deals brought in $31.8 billion.
- The firm is making significant investments in AI, including a stake in Anthropic.
- Nine of Blackstone's top 10 investments are linked to AI.
Blackstone, the world's largest alternative asset manager, reported a 26% increase in distributable earnings per share for the second quarter, reaching $1.52. The firm's total assets under management grew to $1.35 trillion, boosted by strong inflows and successful asset monetization, which generated $31.8 billion. Blackstone is making substantial investments in artificial intelligence, with nine of its top ten appreciating assets linked to the sector, including a stake in AI firm Anthropic. CEO Stephen Schwarzman stated the firm is strategically focusing on the AI megatrend and partnering with key innovators. Despite market volatility impacting some deals, Blackstone accelerated its pace in the second quarter, benefiting from listings of its investment vehicles like Liftoff Mobile and Blackstone Digital Infrastructure Trust. However, the firm saw a slowdown in fundraising for its private credit fund, BCRED, and net returns in private credit remain below the previous year's levels, reflecting broader investor concerns about the sector.