Episode Details

Alpha Brands Research initiates on Blackstone at 107 dollars, 46 percent below its high. The fee engine is intact: 1.35 trillion in assets, record inflows of 262.5 billion, distributable earnings up 26 percent, and 7.47 billion of accrued gains waiting for exits. But three liquidity questions arrived at once: the BCRED private credit fund is gated at twice its redemption cap, exits are in a four-year drought, and the 185 billion dollar data center platform is financed with debt that has started to trade down. Alex and Jordan work through the BCRED mechanics, the BREIT precedent, the honest chart history, and the dashboard that decides the stock: third-quarter results on October 22 and BCRED's December tender. This information is for informational purposes only and is not financial advice; please do your own research.