Blackstone Beats Q3 Estimates, Shares Jump 6.2% as Gray Eyes Wider AI Credit Spreads
BX is trading near its 52-week low of $101.73 (15% above the low).
Summary
Blackstone beat third-quarter profit expectations, and the stock rose 6.2% in afternoon trading. Assets under management reached $1.37 trillion, with fee-related earnings up 6% and PE fee-related earnings up 26% to $619 million. The weak spot: net realizations fell 34% to about $332 million as dealmaking slowed, though executives said exits should step up significantly this quarter. President and COO Jon Gray told analysts that widening credit spreads on AI-related debt are an opportunity — on new assets not yet leased, Blackstone can command a higher yield. That matters because Blackstone is a major lender to CoreWeave, whose shares slumped last week and sparked a global AI selloff. Credit and insurance pulled in nearly $36 billion of inflows, private equity $12.6 billion. The stock is still down nearly 30% this year through Wednesday's close, so this is a bounce off a badly beaten base, not a recovery yet.
At the time of this announcement, BX was trading at $116.52 on NYSE in the Finance sector, with a market capitalization of approximately $144.7B. The 52-week trading range was $101.73 to $165.14. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.