Earnings summaries and quarterly performance for Blackstone.
Research analysts who have asked questions during Blackstone earnings calls.
Alexander Blostein
Goldman Sachs
6 questions for BX
Also covers: AB, AMG, AMP +31 more
Craig Siegenthaler
Bank of America
6 questions for BX
Also covers: AB, AMP, AMTD +26 more
KW
Kenneth Worthington
JPMorgan Chase & Co.
6 questions for BX
Also covers: APO, ARES, BAM +27 more
Michael Cyprys
Morgan Stanley
6 questions for BX
Also covers: AAMI, AMP, AMTD +30 more
SC
Steven Chubak
Wolfe Research
6 questions for BX
Also covers: AMP, AMTD, APO +17 more
Brian Bedell
Deutsche Bank
5 questions for BX
Also covers: AMG, AMTD, APO +22 more
GS
Glenn Schorr
Evercore ISI
5 questions for BX
Also covers: APO, BAC, BEN +14 more
Patrick Davitt
Autonomous Research
5 questions for BX
Also covers: ABL, AMG, APO +10 more
AG
Arnaud Giblat
BNP Paribas
4 questions for BX
Also covers: KKR, TPG
BH
Brennan Hawken
UBS Group AG
4 questions for BX
Also covers: AMP, AMTD, APO +26 more
BM
Brian McKenna
Citizens JMP Securities
4 questions for BX
Also covers: ARCC, ARES, CG +14 more
WK
William Katz
TD Cowen
4 questions for BX
Also covers: AB, AMG, AMTD +25 more
Ben Budish
Barclays PLC
3 questions for BX
Also covers: AB, APO, ARES +19 more
Benjamin Budish
Barclays PLC
3 questions for BX
Also covers: AB, APO, ARES +23 more
Crispin Love
Piper Sandler
3 questions for BX
Also covers: ABL, ABR, AGNC +24 more
DF
Dan Fannon
Jefferies & Company Inc.
3 questions for BX
Also covers: AB, AMG, AMTD +22 more
MB
Michael Brown
Wells Fargo Securities
3 questions for BX
Also covers: APO, ARES, BAM +18 more
BK
Bill Katz
TD Securities
2 questions for BX
Also covers: AB, AMTD, ARES +7 more
DF
Daniel Fannon
Jefferies Financial Group Inc.
2 questions for BX
Also covers: AB, AMG, AMTD +27 more
Kyle Voigt
Keefe, Bruyette & Woods
2 questions for BX
Also covers: AMTD, APO, ARES +17 more
KC
Kaman Chung
Evercore ISI
1 question for BX
Recent press releases and 8-K filings for BX.
Athira Pharma acquires lasofoxifene Phase 3 rights and raises up to $236 M
BX
M&A
New Projects/Investments
- Athira Pharma entered an exclusive global license agreement with Sermonix Pharmaceuticals to develop and commercialize lasofoxifene for ESR1-mutated metastatic breast cancer in a Phase 3 trial (ELAINE-3 >50% enrolled; topline data expected mid-2027)
- The company secured $90 million in upfront private placement financing and warrants for up to $146 million co-led by Commodore Capital, Perceptive Advisors and TCGX, providing runway into 2028
- As part of the Sermonix deal, Athira will issue a pre-funded warrant for ~5.5 million shares at $0.001 exercise price and may pay up to $100 million in milestones plus tiered royalties on net sales
- Prior Phase 2 data show lasofoxifene improved median progression-free survival (5.6 vs. 3.7 months) and objective response rate (13.3% vs. 2.9%) in ELAINE-1, and a 13-month median PFS with 56% ORR in ELAINE-2 ** **
Dec 18, 2025, 12:02 PM
Blackstone announces partnership with Phoenix Financial
BX
New Projects/Investments
- Blackstone (NYSE: BX) and Phoenix Financial (TASE: PHOE) form a strategic partnership to co-invest across corporate, real estate and asset-based credit strategies.
- Under the agreement, Phoenix will commit up to $5 billion to these credit strategies, leveraging Blackstone’s global origination capabilities and co-investment opportunities.
- Blackstone manages over $1.2 trillion in assets, including $508 billion in credit, while Phoenix is the largest asset manager in Israel with over $180 billion in AUM.
Dec 17, 2025, 12:30 PM
Blackstone outlines 2026 macro outlook and investment priorities
BX
New Projects/Investments
- Blackstone sees U.S. economic resilience despite high rates, with private equity portfolio revenue up 9% in Q3 and EBITDA growth, expecting Fed rate cuts as inflation and hiring pressures ease.
- Infrastructure around AI and power is a top theme, with major investments in long-term leased data centers and energy transition assets across both equity and debt strategies.
- Private credit now manages $500 bn of non-balance-sheet assets, delivering a 170 bps yield premium for insurance clients and maintaining low average loan-to-value at origination.
- Wealth management AUM reached $290 bn, with product innovation including multi-asset credit and partnerships (e.g., Vanguard), targeting individual investors’ 1% private asset allocation versus 33% for institutions.
- Real estate has underperformed over 3½ years, but supply constraints, 40% lower borrowing costs and rising deal activity underpin a recovery, highlighted by the $2.3 bn Alexander & Baldwin REIT privatization.
Dec 10, 2025, 5:20 PM
Blackstone outlines 2026 outlook at Goldman Sachs US Financial Services Conference
BX
Guidance Update
New Projects/Investments
- Resilient US economy with Q3 private equity portfolio revenue growth of 9%, low default rates and profit-margin expansion, driven by an AI-CapEx cycle and easing inflation and labor tightness suggesting potential Fed cuts.
- AI infrastructure remains the top investment theme—data centers with long-term leases and power generation/transmission—alongside secondaries, private-credit corporate solutions; avoiding high-risk emerging markets and AI-vulnerable legacy businesses.
- Private credit platform of $500 billion AUM delivering 170 bps investment-grade and 300 bps high-yield premiums year-to-date, with average loan-to-value of 40% and portfolio EBITDA growth of 9%, evidencing a durable structural shift.
- Wealth management AUM at $290 billion (~50% market share) with Q3 inflows doubling YoY; rolling out simplified multi-asset credit solutions and partnerships (e.g., Vanguard/Wellington) to expand retail access.
- Exit and fundraising outlook: IPO pipeline highest since 2021 and M&A activity ~2× quarter-to-date, underpinning expectations for robust 2026 fundraising and realizations as capital costs decline.
Dec 10, 2025, 5:20 PM
Blackstone outlines macro outlook and investment strategy at Goldman Sachs Conference
BX
- Blackstone sees a resilient US economy with 9% revenue growth at its private equity portfolio in Q3 and anticipates Fed rate cuts as inflation pressures ease.
- The firm is deploying capital into AI-related infrastructure—long-lease data centers, power and energy transition assets—across equity, debt and real estate strategies.
- Its private credit business has grown to $500 billion AUM, delivering a 170 bp yield premium over investment-grade peers and 300 bp over non-investment-grade, with average LTVs at 40% and 9% EBITDA growth.
- Wealth management AUM reached $290 billion, driven by new semi-liquid products and multi-asset credit solutions, with Q3 net inflows doubling year-over-year.
- Real estate values have retraced, borrowing costs are down 40%, and Blackstone is pursuing opportunistic deals such as the $2.3 billion Alexander & Baldwin privatization to position for a market recovery.
Dec 10, 2025, 5:20 PM
Blackstone assisted-living asset sale financed by $10.5M New Wave loan
BX
Debt Issuance
New Projects/Investments
M&A
- New Wave Loans provided a $10.5 million acquisition loan (including CAPEX reserves) to finance BH GSC Boca LLC’s purchase of The Atrium Boca from Blackstone.
- The Atrium Boca, located at 1080 NW 15th St, Boca Raton, Florida, was acquired for $12.25 million, a significant discount to Blackstone’s 2017 purchase price of $21.8 million.
- BH GSC Boca LLC, a partnership of BH Group and an experienced assisted-living operator, plans to reposition and stabilize the community through targeted operational improvements and enhanced resident care services.
Dec 9, 2025, 10:47 PM
Kelun Biotech plans approval discussions for ADC-Keytruda combo
BX
Product Launch
New Projects/Investments
- Sacituzumab tirumotecan plus Keytruda showed a statistically significant improvement in progression-free survival versus Keytruda alone in first-line PD-L1-positive advanced NSCLC in the Phase III OptiTROP-Lung05 trial in China.
- Kelun intends to seek regulatory approval in China based on these Phase III results, potentially reshaping the standard first-line NSCLC treatment paradigm.
- Merck holds ex-China commercialization rights and secured $700 million from Blackstone Life Sciences for low-to-mid single-digit royalties on sac-TMT net sales outside Greater China.
- Sac-TMT has received clearance in China for second-line EGFR-mutant NSCLC—its third indication after demonstrating strong PFS and OS versus chemotherapy.
Nov 24, 2025, 12:51 PM
Blackstone-backed plant anchors West Virginia's $4.2B energy investments
BX
New Projects/Investments
- West Virginia secured $4.2 billion in private energy investments, creating over 4,200 jobs in four weeks.
- Blackstone Energy Transition Partners is leading a $1.2 billion Wolf Summit Energy combined-cycle gas plant (600 MW), creating 500 construction jobs and fully contracted to serve Old Dominion Electric Cooperative’s 1.5 million customers.
- Additional investments include First Energy’s $2.5 billion 1.2 GW gas baseload plant (3,200 construction jobs) and $1.44 billion for coal plant life extensions.
- Just $1 million (0.02%) of the total comes from state funds, highlighting strong private-sector confidence.
Nov 13, 2025, 2:51 PM
Blackstone Secured Lending Fund Reports Q3 2025 Results
BX
Earnings
Dividends
New Projects/Investments
- Record net investment income per share of $0.82, exceeding the quarterly dividend of $0.77.
- Maintained 97.5% first-lien senior secured debt portfolio with low non-accruals; new investments topped $1 billion, the highest since Q4 2024.
- Declared a $0.77 dividend for Q4 2025, payable Jan 23, 2026, to shareholders of record on Dec 31, 2025.
- Ended Q3 with $13.8 billion in fair value of investments as of Sept 30, 2025.
Nov 10, 2025, 11:50 AM
Black Stone Minerals reports Q3 2025 results
BX
Earnings
CEO Change
CFO Change
- Mineral and royalty production averaged 34.7 MBoe/d, driving total volumes of 36.3 MBoe/d in Q3 2025.
- Net income of $91.7 million, Adjusted EBITDA of $86.3 million, and distributable cash flow of $76.8 million for the quarter.
- Declared a $0.30 per-unit distribution, with coverage ratio of 1.21x.
- Announced leadership succession effective Jan 1, 2026: Tom Carter to Executive Chairman; Fowler Carter and Taylor DeWalch as co-CEOs; Chris Bonner as CFO.
- Total debt reduced to $73.0 million as of Oct 31, 2025, with $3.6 million of cash on hand.
Nov 3, 2025, 10:30 PM
Quarterly earnings call transcripts for Blackstone.
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