Blackstone Inc

Strong Q2 results; earnings growth broad-based (good/surprising) - Distributable earnings: $2.0B, +26% YoY (=$1.52/share). - GAAP net income: $2.4B. - Fee related earnings (FRE): $1.8B, +22% YoY—described as one of the strongest quarters historically. - Net realizations: $414M, +27% YoY despite geopolitical uncertainty. - Dividend declared: $1.29/share, payable to holders of record Aug 3.

AI infrastructure drive = core performance engine (good) - Management emphasized AI-related investing across data centers, power/energy, and frontier AI companies as the most significant driver of results. - Notable monetization/realization examples: sale of under-construction data center assets at a multibillion-dollar gain; multiple energy dispositions. - AI impact on marks: “AI related holdings comprised 9 of the 10 largest markups” in Q2. - Infrastructure appreciation: +7.2% in the quarter and +29% LTM (with QTS data centers a key driver).

Fundraising & AUM momentum is strong; IPO window improving (good/opportunity) - Total inflows: nearly $70B in the quarter; >$260B over last 12 months. - AUM: $1.35T, +11% YoY (record level). - IPO activity improving: Blackstone completed 3 IPOs since May and has 8 IPOs on file globally; BXDC (stabilized data center REIT) launched recently. - Management expects IPO strength to support future realizations and performance revenue.