Apr. 23 at 6:46 PM
$BX reports 1Q26:
- DE:
$1.36 [up +24.77% y/y] vs est of
$1.34 [Beat by +1.5%]
- Revs:
$3.62B [up +10% y/y] vs est of
$3.41B [Beat by +6.2%]
Key Metrics:
- Fee-Related Earnings:
$1.55B [up +23% y/y]
- Total AUM:
$1.304T [up +13 y/y] vs est of
$1.29T [Beat by 0.9%]
- Fee-Earning AUM:
$937.6B [up +9% y/y]
- Infrastructure AUM:
$84B [up +41% y/y]
- Total Inflows:
$68.5B [up +103% y/y2]
- Realizations:
$35.9B
- Dry Powder:
$213.3B
Financials:
- GAAP Net Income:
$649.7M [up +5.7% y/y]
- Total Cash:
$11.4B
- Total Cash & Investments:
$21.3B [
$17.32/share]
- Dividend: Declared
$1.16/share [Payable May 11, 2026]
- Div Yield: 3.65%
- Buyback: 0.2M shares
- S&P & Moodys Rating: A+
Segment & Strategy Notables:
- Credit & Insurance: Segment AUM grew +18% y/y to
$457.5B, though segment DE dipped -26% due to lower realization timing
- Private Equity: Inflows of
$20.4B; notable appreciation in flagship strategies
- AI Data Centers: Reached
$150B in active investments, maintaining its position as the largest global AI infrastructure investor
- Private Credit: Credit AUM rose to
$536B, driven by demand for investment-grade private credit
- BCRED has returned +9.4% since it started 4 years ago & has handily outperformed more liquid credit investment categories
- Only 7% of BCRED's
$47B in net assets cashed out in March
- Real Estate: Net accrued performance revenue rose +9% to
$7B (
$5.69/share)
Guides FY26:
- Mgmt fee outside of real estate rising +15% y/y
- Growth is expected to accelerate in 2H26, driven by new flagship funds (including PE, energy transition, & strategic partners funds) coming out of fee holidays
