Blackstone (BX) Company Report

Blackstone’s $82 billion Private Credit Fund (BCRED) saw redemption requests of $3.7 billion (7.9% of assets) and $2 billion in subscriptions, resulting in a $1.7 billion net outflow this quarter.
To avoid forced selling, the firm raised the fund’s 5% redemption cap and, with employee participation, injected $400 million to fulfill all redemption requests.
The episode is viewed as a liquidity stress test for the broader ~$2 trillion private-credit market but is considered tactical given BCRED’s size and continued gross inflows.
Last year, BCRED generated $1.2 billion in fees, representing 13% of Blackstone’s total revenues, underscoring its profitability importance.

1 day ago

Barron's

Blackstone completes 694MW Magnolia Power Generating Station in Louisiana

New Projects/Investments

694 MW greenfield combined-cycle gas turbine power plant in Plaquemine, Louisiana, has commenced commercial operations.
Facility is expected to generate enough electricity to power 500,000 homes annually and construction created over 400 local jobs.
Project is the first hydrogen-capable advanced-class generator in MISO South, developed by Kindle Energy since 2021.

6 days ago

Press Release

Blackstone agrees to acquire Champions Group

M&A

New Projects/Investments

Blackstone’s perpetual private equity strategy (BXPE) funds will acquire Champions Group, a leading residential services platform, from Odyssey Investment Partners.
Champions Group operates 1,800 field technicians and serves 150,000 active members across HVAC, plumbing, and electrical services.
Odyssey and management will retain a significant minority stake; terms undisclosed; transaction expected to close in H1 2026, subject to customary conditions.
Blackstone intends to leverage its strategic and financial resources to accelerate growth and strengthen Champions Group’s market leadership in residential services.

Feb 17, 2026, 2:00 PM

Press Release

Blackstone nears Champions Group acquisition

M&A

Funds managed by Blackstone’s perpetual private equity strategy have agreed to acquire Champions Group for roughly $2.5 billion, with closing expected in H1 2026, subject to approvals.
Champions Group is a scaled residential services platform covering HVAC, plumbing, electrical, and related home repairs, operating with about 1,800 field technicians and 150,000 active members.
Odyssey Investment Partners and Champions management will retain a significant minority stake post-transaction.
Blackstone’s scale includes $1.242 trillion in assets under management and $906.2 billion in fee-earning assets as of September 2025; market cap ~$101.88 billion, with a three-year revenue decline of 14.9% and net margin of 24.3%.

Feb 17, 2026, 1:19 PM

Bloomberg

Blackstone leads $1.2B funding for AI startup Neysa

New Projects/Investments

Blackstone is leading a $1.2 billion financing for AI cloud startup Neysa, committing up to $600 million in equity and backing a further $600 million in debt to secure a majority stake.
The round values Neysa at around $1.4 billion, following prior funding of roughly $50 million.
Proceeds will support deployment of more than 20,000 GPUs in India to build GPU-first sovereign compute and software tools for enterprises, government clients, and AI labs.
Blackstone intends to leverage its global data-center platforms (QTS, AirTrunk, CoreWeave, and Firmus) to expand Neysa beyond India, anticipating India’s GPU capacity to grow from under 60,000 to over two million GPUs.

Feb 16, 2026, 12:34 AM

Bloomberg

Blackstone raises Anthropic stake to $1 billion

New Projects/Investments

Blackstone injected $200 million into its Anthropic holding, lifting its total stake to about $1 billion and valuing the AI developer at roughly $350 billion.
The fundraising round has exceeded its initial $10 billion target by more than double, and Blackstone had earlier joined a $13 billion round at a $183 billion valuation.
Anthropic counts major tech firms Amazon and Alphabet among its backers.
Following the new investment, Blackstone, which manages $1.242 trillion in assets, saw its share price climb approximately 1.7%.

Feb 10, 2026, 9:08 PM

Bloomberg

Blackstone outlines 2026 deployment, fundraising and AI strategy

Guidance Update

New Projects/Investments

$138 billion deployed in 2025 (a four-year high), including $42 billion in Q4, with continued focus on AI infrastructure, electrification, life sciences and private credit in 2026.
$239 billion of inflows in 2025 (+40% YoY), led by institutional (+50%), individual (+50%) and insurance (+20%); drawdown fundraising in 2026 is expected to surpass 2025 levels.
Base management fees grew mid-teens across three of four segments in Q4 2025; fee-earning AUM up 14% in open-ended strategies (BXMA) and strong transaction fee outlook underpin multi-year fee-related earnings growth.
Applying AI in operations (e.g., coding, cybersecurity, legal review, valuations) to boost efficiency by 30–100%; holds 7% of AUM in software while investing in AI infrastructure and application companies to capitalize on the AI revolution.

Feb 10, 2026, 2:40 PM

Transcript

Blackstone outlines 2026 strategy at Bank of America conference

Guidance Update

New Projects/Investments

Strong portfolio performance: corporate private equity revenue grew 9% in Q4 and QTS data center leasing expanded 50% in 2025, reflecting robust macro and AI-driven trends.
Record investment and fundraising: deployed $138 billion in 2025 (including $42 billion in Q4) and generated $239 billion of inflows, up 40% year-over-year.
2026 financial outlook: expects mid-teens growth in base management fees across most segments, driven by new drawdown funds totaling over $50 billion, private wealth expansion, and continued momentum in credit and BXMA strategies.
Private credit and real estate strength: maintains a $520 billion credit platform with 16% fee-related earnings growth and 37% distributable earnings growth in 2025; real estate fundamentals improving with BREIT net inflows of 8.1%.

Feb 10, 2026, 2:40 PM

Transcript

Blackstone outlines 2026 growth outlook at BofA conference

Guidance Update

New Projects/Investments

Blackstone sees a healthy macro backdrop with 9% Q4 revenue growth in its corporate PE portfolio, stable margins, and anticipates AI-driven productivity gains; its U.S. data center platform QTS grew leasing 50% in 2025.
Deployed a record $138 bn in investments in 2025—incl. 8 public-to-private deals, record credit and secondaries activity—with focus on AI/data centers, power and electrification (31 investments, $10 bn equity), life sciences, private credit, and Asia expansion.
Achieved $239 bn of fundraising inflows in 2025 (+40% YoY), driven by institutional (+50%), individual (+50%), and insurance (+20%) channels, and expects 2026 drawdown fundraising to exceed 2025 levels.
Projects multi-year financial strength: mid-teens base management fee growth in three segments in Q4; launching 5 new PE drawdown funds totalling $50 bn+ in 2026; and foresees ramping dispositions and incentive-fee crystallizations in 2027.
Private wealth AUM surpassed $300 bn, leveraging partnerships (Wellington/Vanguard, L&G, Empower), rolling out ERISA-compatible CITs (BREIT, private equity) for retirement, and expanding distribution in key markets (Japan, Canada, Australia, Korea).

Feb 10, 2026, 2:40 PM

Transcript

Blackstone Real Estate secures full-building lease with Anthropic

New Projects/Investments

Anthropic signed a full-building lease for the 466,000 sq ft 300 Howard and 18,000 sq ft 342 Howard in San Francisco from a DivcoWest–Blackstone Real Estate JV, marking one of the city’s largest office commitments.
The lease anchors Anthropic’s expansion into AI Alley, underscoring AI-driven demand and contributing to downtown San Francisco’s revitalization.
Anthropic, with over 1,300 Bay Area employees, will consolidate its local footprint previously split across two nearby buildings.
Blackstone Real Estate highlights its long-term commitment to San Francisco, citing the AI revolution as a key driver of office utilization and demand.