Blackstone Digital Infrastructure Trust Inc. (BXDC)

Price$20.33Cached quoteAs of 2026-09-05 06:37 UTC

AI: Fair-priced

Price checkThe stock trades only modestly above its June cash-backed book value, leaving little margin for execution mistakes.

At the latest regular close, BXDC’s market value is roughly 6% above June 30 equity per share. That is a modest premium because the balance sheet was still almost entirely cash, not operating property. Analysts generally see upside, but their targets assume Blackstone can deploy capital into attractive stabilized assets. With no owned data centers at quarter-end, conventional REIT measures such as price-to-FFO are not yet very informative. I view the current premium as reasonable rather than clearly cheap.

Big pictureNear-term cash is durable, but real estate earnings have not yet replaced interest income.

Blackstone Digital Infrastructure Trust Inc. (NYSE: BXDC) reported second-quarter net income of $7.1 million and AFFO, a REIT cash-earnings measure adjusted for selected noncash or one-time items, of $7.7 million. Those results mainly reflected interest earned while IPO proceeds sat in cash; BXDC had no data center assets at June 30. Operating cash flow was $3.7 million, and management expected distributions to stay nominal until capital is substantially invested. Current earnings are therefore unusually defensive but temporary, with future durability depending on lease economics after acquisitions close.

Business strengthBlackstone’s sourcing reach and a debt-free starting balance sheet are meaningful execution advantages.

BXDC ended June with about $1.94 billion of cash, no borrowings under its $1.0 billion revolver, and the ability to expand that facility subject to lender commitments. It targets newly built, stabilized data centers leased long term to investment-grade hyperscale tenants, with contractual rent increases and tenant expense reimbursements. Those features can make property cash flow more predictable. The offset is external management: fees are tied to market capitalization, although base and incentive fees are waived for the first six months after the IPO.

What could change the storyReturns now hinge on acquisition pricing, financing costs, tenant demand, and disciplined future capital raises.

The bull case assumes BXDC deploys its cash into stabilized facilities at property yields comfortably above borrowing costs, keeps leverage moderate, and captures rent growth from scarce power and AI-driven demand. The bear case is that data center prices stay expensive, financing remains costly, hyperscaler spending cools, or power and permitting bottlenecks delay deployment. Because REITs distribute most taxable income, expansion often requires new debt or equity. Future share issuance below underlying value would dilute existing holders, while aggressive leverage would weaken today’s unusually strong liquidity.

AI: News

First Public QuarterAugust results showed profits driven by cash interest while the acquisition portfolio remained undeployed.

On August 4, BXDC reported second-quarter net income of $7.1 million and AFFO of $7.7 million for roughly 46 days of post-IPO operations. The company had not acquired any data centers by June 30, so earnings came primarily from interest on IPO cash rather than rent. It also reported about $1.94 billion of cash and no revolver borrowings, giving management substantial liquidity but leaving the core property strategy still unproven.

Credit Line EstablishedA May financing agreement added acquisition capacity without adding funded debt at quarter-end.

BXDC entered a $1.0 billion senior secured revolving credit facility on May 15, disclosed in a May 19 SEC filing. The facility matures in 2030 and can potentially expand to $4.0 billion if conditions and lender commitments are met. Borrowings are floating-rate, based on SOFR plus a leverage-dependent spread, so the line improves purchasing flexibility but introduces interest-rate sensitivity once used. At June 30, nothing was drawn.

IPO Option Fully ExercisedUnderwriters bought the full additional allotment, lifting gross IPO proceeds above $2 billion.

On May 20, the underwriters exercised their option in full for 13.1 million additional common shares. That completed the IPO with more than $2.0 billion of gross proceeds and about 100.6 million shares outstanding. The extra equity increased the pool available for acquisitions and reduced the need for immediate leverage, but it also established a capital-intensive model in which future growth may require additional debt or share issuance once the initial cash is invested.

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Revenue

No reported data

Net income

No reported data

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2025

Financial statements

No annual filing data is available.

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

16.36%of listed shares

COHEN & STEERS, INC.16.46M shares · Jun 30, 2026

View holders

Top 20 reported holders of BXDC
Holder	% owned
COHEN & STEERS, INC.	16.36%16.46M shares
Blackstone Inc. / Blackstone Group Management L.L.C. / Blackstone Holdings III GP Management L.L.C. / SCHWARZMAN STEPHEN A / Blackstone Holdings III GP L.P. / Blackstone Treasury Holdings III L.L.C. / Blackstone Holdings III L.P.	≈9.43%9.49M shares
PRINCIPAL FINANCIAL GROUP INC	8.11%8.16M shares
BAMCO INC /NY/	7.57%7.62M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	6.77%6.82M shares
BlackRock, Inc.	6.64%6.68M shares
WELLINGTON MANAGEMENT GROUP LLP	3.83%3.85M shares
RUSH ISLAND MANAGEMENT, LP	3.56%3.59M shares
T. Rowe Price Investment Management, Inc.	3.11%3.13M shares
Empyrean Capital Partners, LP	2.97%2.99M shares
Alyeska Investment Group, L.P.	2.39%2.4M shares
Land & Buildings Investment Management, LLC	2.18%2.19M shares
AEW CAPITAL MANAGEMENT L P	2.16%2.17M shares
Daiwa Securities Group Inc.	1.95%1.96M shares
CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC	1.92%1.93M shares
ALLIANCEBERNSTEIN L.P.	1.51%1.52M shares
Alberta Investment Management Corp	1.49%1.49M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.33%1.34M shares
Nuveen, LLC	1.29%1.29M shares
FRANKLIN RESOURCES INC	1.24%1.24M shares

Percentages use 100.65M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys9$191.25M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 15, 2026Form 4	Diverio Michael A.Director	BuyCommon Stock	5.0K	$20.00	$100.0K	5.0K
May 15, 2026Form 4	Pell Nicholas L.See Remarks	BuyCommon Stock	25.0K	$20.00	$500.0K	25.0K
May 15, 2026Form 4	Blackstone Inc. +6TenPercentOwner	BuyCommon Stock · indirect	9.11M	$20.00	$182.24M	9.11M
May 15, 2026Form 4	Blackstone Inc. +6TenPercentOwner	BuyCommon Stock · indirect	375.0K	$20.00	$7.50M	375.0K
May 15, 2026Form 4	Morefield Diane MDirector	BuyCommon Stock	5.0K	$20.00	$100.0K	12.5K