Blackstone Digital Infrastructure Trust, Inc. (BXDC) Q2 2026 Earnings Report

The call emphasized substantial positives: a landmark $2.0 billion IPO, a strong cash and liquidity position with no debt, highly supportive market fundamentals (very low vacancy and rent growth >100% vs 2021), robust hyperscaler-driven demand and sizable comparable transaction activity at attractive cap rates. Management acknowledged quarter-to-quarter limitations because no operating assets were owned during Q2 and highlighted execution, development/NIMBY, and market/financing risks. Overall the positives around capital, market tailwinds, pipeline depth, and Blackstone strategic support outweigh the near-term operating limitations and risks noted.

Management's guidance centered on near‑term capital deployment and balance‑sheet targets: BXDC raised $2.0 billion of gross IPO proceeds and ended the quarter with ~$2.0 billion of total assets (all cash), earning $9.3 million of interest income while incurring $0.8 million of interest expense and $1.4 million of G&A (including $0.535 million of IPO/formation costs); reported GAAP net income $0.14/share (50 million weighted average shares) and non‑GAAP FFO $0.07/share and AFFO $0.08/share (based on an adjusted 99 million share count); management said it is "well on track" to deploy the IPO proceeds into stabilized data centers in the near term (roadshow timing ~3 quarters), expects to target ~40% leverage over time, currently has no debt and $1.0 billion of unused revolver capacity, and sees attractive acquisition comps of roughly $30 billion transacted YTD at low‑ to mid‑6% cap rates against market fundamentals of U.S. vacancy ~1% (0.4% in BXDC target markets), >100% rent growth since 2021, U.S. leasing north of ~20 GW this year vs 13 GW last year, and hyperscaler CapEx of >$800 billion this year (top 5) toward ~$3 trillion over five years.