Blackstone: 2Q26E: Private credit redemptions down big & limits gone by 2Q27; Reiterate Buy

研报英文原文证据摘录

Blackstone: 2Q26E: Private credit redemptions down big & limits gone by 2Q27; Reiterate Buy

Accessible version

Blackstone

2Q26E: Private credit redemptions down

big & limits gone by 2Q27; Reiterate Buy

Reiterate Rating: BUY | PO: 138.00 USD | Price: 124.50 USD

Strong 2Q from record transaction fees & fundraising beat 24 July 2026

BX beat on fundraising, realizations, transaction fees, FRPR, FRE and DE, while core Equity

management fees were light. Deployments were modestly below expectations and

returns were mixed with softer private credit and RE (drawdown + BPP, not BREIT)

Key Changesreturns offset by strong infra and PE performance.

(US$) Previous Current

Price Obj. 133.00 138.00BCRED redemption requests down significantly in 3Q

As expected, BCRED redemption requests are down big in 3Q26 as noise around private 2026E Rev (m) 14,154.5 15,522.9

credit has eased and significant credit quality deterioration has not materialized. While 2027E Rev (m) 19,765.1 20,281.5

some unfulfilled 2Q requests remain as expected, we view redemption pressure as 2028E Rev (m) 21,735.6 22,398.1

normalizing and still expect redemption limits to be gone by 1H27. 2026E EPS 5.68 6.18

2027E EPS 7.81 8.00

Green shoots emerging in real estate + competition weak 2028E EPS 8.55 8.72

Data centers, logistics and rental housing represent 80% of BX's equity RE NAV. Link 2026E DPS 4.83 5.26

Logistics leasing volume is +26%, hotel fundamentals are improving, NYC office

vacancies are falling and CMBS issuance is strengthening. The emerging bull market in Craig Siegenthaler, CFA

public REIT stocks are also signaling a broader recovery in RE which should translate into Research Analyst

BofAS

private returns and should drive a rebound in fundraising in 2027. In parallel, the +1 646 855 5004