Blackstone Digital Infrastructure Trust: Patience

Research evidence excerpt

M

Update

August 5, 2026 06:53 AM GMT

Blackstone Digital Infrastructure Trust | North

America

Morgan Stanley & Co. LLC

Cameron McVeigh, CFA

Equity Analyst

Patience

Ronald Kamdem, CFA

Equity Analyst

Garo K Amerkanian

Research Associate

AlphaSignals Earnings Reaction

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

While no acquisitions yet, we remain constructive on BXDC's

strategy and positioning. We look for accretive acquisitions to

jump-start the positive acquisition flywheel. Remain EW.

Key Takeaways

Inaugural quarterly results show no acquisitions yet completed, while

negotiations ongoing. We continue to expect $2.5bn total deployment in 2026.

We remain constructive on view of data center industry demand tailwinds, and

see BXDC positioned well once acquisition flywheel gets into motion.

TAM remains consistent targeting newly constructed data centers, 20-100MWs

Blackstone Digital Infrastructure Trust (BXDC.N, BXDC

US)

Communications Infrastructure | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Fiscal Year Ending

0.19

104.2

0.37

1.6

(0.14)

NM

0.05

3.6

(0.07)

NM

(0.17)

4.1

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Quarterly EPS ($)

BXDC noted a desire to become a programmatic buyer over time among

Quarter

traditional data center developers and private operators.

Q1

Q2

Q3

Q4

AFFO/sh CAGR from '27 - '30.

Equal-weight

In-Line

$23.00

$20.20

ND

$22.83-19.21

12/25 12/26e 12/27e 12/28e

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

in size, located in Tier 1 markets with hyperscaler tenants, 5.75-7%+ cap rate.

We adjust estimates to reflect no acquisitions in 2Q, and now expect ~9.5%

2025

2026e 2026e

Prior Current

2027e 2027e

Prior Current

e = Morgan Stanley Research estimates

Investment Outlook: We recently initiated on BXDC at Equal-weight with a $23 PT

(see here).…