Blackstone Digital Infrastructure Trust

BXDC

市值 US$15.7億

REITs have sold off sharply again. Higher rates may create a buying opportunity. Two dipped REITs could rebound strongly.

REITs are refusing to break despite another rate shock: the 10-Year Treasury reached 5%, yet REITs remain higher by roughly 7% in 2026 as the once-dominant rate correlation weakens further. Solid fundamentals are increasingly doing the heavy lifting, with healthy property-level cash flows, improving earnings visibility, strong dividend coverage, and better balance sheets helping REITs absorb the rate shock. Cooling supply increasingly reinforces fundamentals: excluding Data Centers, REIT development pipelines are roughly 40% below their 2022 peak and 2019 levels; Data Centers remain the exception at seven times 2019 levels.

AI winners are not limited to low-yielding tech stocks. Alternative asset managers are funding the data center boom. Energy companies and REITs may quietly benefit too.

Alternative asset managers sold off on AI fears. Data center AUM could drive major fee growth. AI losers may become AI winners.

Baron Small Cap Fund (the Fund) was up 12.57% (Institutional Shares) in the second quarter, trailing the Russell 2000 Growth Index (the Index) by 13.14%, as the Index was up 25.71%. Shares increased during the quarter as Vertiv reported strong Q1 financial results (adjusted earnings per share increased 83% year-over-year) and increased fiscal year guidance fueled by organic sales growth of around 30%. Planet Fitness, Inc. , the leading high-value, low-cost gym operator, detracted from performance in the second quarter after the company lowered full-year guidance following weaker-than-expected member additions in the first quarter.

Blackstone Digital Infrastructure Trust is structurally positioned for subpar shareholder returns, with high upfront and ongoing expenses eroding potential gains. BXDC's blank check REIT structure and generic data center acquisition strategy yield a projected 4.9%–5.2% return, even in ideal scenarios. Management fees, incentive fees, and slow capital deployment further diminish returns, while competitive bidding may compress cap rates below targeted 6.2%.

We see a long runway for growth as Samsara expands in existing accounts and wins new logos. We believe Shake Shack is one of the most compelling growth stories in restaurants today, with a differentiated brand, improving unit economics, and an accelerating unit growth algorithm. We initiated a position in Rubrik, a subscription software company focused on automating backup, storage, and recovery of corporate data, as well as creating resilience to cyberattacks on that data.

Data centers face soaring AI-driven demand amid mounting barriers to new supply, creating a scarcity effect and widening moats for established platforms. Digital Realty, Equinix, and Iron Mountain are industry leaders, but current valuations appear rich; I recommend waiting for a pullback. New entrants like Blackstone Digital Infrastructure Trust and Fermi America offer differentiated strategies, but BXDC lacks operating history and FRMI remains high-risk, pre-revenue.

Blackstone Digital Infrastructure Trust NYSE: BXDC reported second-quarter results following its May initial public offering, while emphasizing that the period did not include real estate operations and was not indicative of its expected performance after capital deployment.

Blackstone Digital Infrastructure Trust Inc. (BXDC) Q2 2026 Earnings Call Transcript