Blackstone 3Q Net Up as AI Infrastructure Investments Gain

By Rob Curran

Blackstone's third-quarter net income rose as weakness in some areas of private-equity and real-estate investment was offset by gains in investments in its artificial intelligence build-out.

The New York investment firm posted third-quarter earnings of $662.4 million, or 83 cents a share, up from $624.9 million, or 80 cents a share, a year earlier.

The firm's distributable earnings, a closely tracked metric for publicly traded investment firms that pay dividends, amounted to $1.7 billion, or $1.32 a share. That was down from $1.52 a share a year earlier.

Revenue fell slightly to $3.06 billion.

At the private-equity unit, distributable earnings fell 6.7% to $813.1 million.

Within private equity Blackstone's infrastructure investments gained 6.4% in value during the quarter and 28.9% in the trailing 12 months.

Blackstone has made long-term AI-related investments at its private-equity unit. The unit includes a fund for wealthy individuals with stakes in SpaceX, which went public in June; Anthropic, which is expected to go public soon; and OpenAI, which also has IPO plans.

Blackstone has also become one of the biggest investors in data centers and the broader AI build-out.

Blackstone's fee-related earnings, another metric watched by analysts, were $1.6 billion, or $1.26 a share.

Total assets under management rose 10% to $1.368 trillion, including inflows of $63.3 billion during the three-month period.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

October 22, 2026 07:31 ET (11:31 GMT)