Form 8-K

8-K — Blackstone Inc.

Accession: 0001193125-26-313250

Filed: 2026-07-23

Period: 2026-07-23

CIK: 0001393818

SIC: 6282 (INVESTMENT ADVICE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d153439d8k.htm (Primary)

EX-99.1 (d153439dex991.htm)

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8-K

8-K (Primary)

Filename: d153439d8k.htm · Sequence: 1

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false 0001393818 0001393818 2026-07-23 2026-07-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 23, 2026

Blackstone Inc.

(Exact name of Registrant as specified in its charter)

Delaware

001-33551

20-8875684

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

345 Park Avenue

New York, New York

10154

(Address of principal executive offices)

(Zip Code)

(212) 583-5000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 23, 2026, Blackstone Inc. issued a press release and detailed presentation announcing financial results for its second quarter ended June 30, 2026.

The press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

Press release of Blackstone Inc. dated July 23, 2026.

104

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 23, 2026

Blackstone Inc.

By:

/s/ Michael S. Chae

Name:

Michael S. Chae

Title:

Chief Financial Officer

EX-99.1

Filename: d153439dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Blackstone

Reports Second Quarter 2026 Results

New York, July 23, 2026: Blackstone (NYSE:BX) today reported its second quarter 2026

results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered an outstanding second quarter, highlighted by strong

growth in earnings and nearly $70 billion of inflows. Our decision to lean into the artificial intelligence megatrend is leading to standout investment performance across numerous strategies and creating extraordinary opportunities for growth.

We’ve become a trusted partner at scale to many of the key innovators in this ecosystem, which positions our firm extremely well for the future.”

Blackstone issued a full detailed presentation of its second quarter 2026 results, which can be viewed at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.29 per share to record holders of common stock at the close of business on August 3, 2026.

This dividend will be paid on August 10, 2026.

Quarterly Investor Call Details

Blackstone will host its second quarter 2026 investor conference via public webcast on July 23, 2026, at 9:00 a.m. ET. To register, please use the

following link:

https://event.webcasts.com/starthere.jsp?ei=1767654&tp_key=310a533cbf. For those unable to listen to the live

Blackstone

345 Park

Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at

https://ir.blackstone.com/.

About Blackstone

Blackstone is the world’s largest

alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management

include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on

LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements

This presentation may contain

forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other

things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,”

“expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,”

“plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other

comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these

statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31,

2025, as such factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not

be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we

undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

This presentation does not constitute an offer of any Blackstone Fund.

Investor and Media Relations Contacts

Weston Tucker

Blackstone

Tel: +1 (212) 583-5231

tucker@blackstone.com

Christine Anderson

Blackstone

Tel: +1 (212) 583-5182

christine.anderson@blackstone.com

Blackstone’s Second

Quarter 2026 Earnings

JULY 23, 2026

BLACKSTONE’S SECOND QUARTER 2026 GAAP RESULTS

GAAP Net Income was $2.4 billion for the quarter and $3.6 billion year-to-date (“YTD”). GAAP Net Income Attributable

to Blackstone Inc. was $1.2 billion for the quarter and $1.9 billion YTD.

in thousands, except per share data) (unaudited)

2Q’25

2Q’26

2Q’25 YTD

2Q’26 YTD

2Q’25 LTM

2Q’26 LTM

Revenues

Management and Advisory Fees, Net

2,035,495

2,266,006

3,939,812

4,414,626

7,614,287

8,550,415

Incentive Fees

195,414

159,080

387,239

324,499

983,777

915,462

Performance Allocations

1,143,103

1,952,315

1,968,354

3,338,940

4,045,177

5,675,892

Principal Investments

462,562

520,406

806,817

278,424

937,177

417,543

Interest and Dividend Revenue

100,389

134,224

197,809

242,164

406,130

460,448

Other

(225,063

)

11,947

(298,673

)

62,920

(239,431

)

90,720

Total Revenues

3,711,900

5,043,978

7,001,358

8,661,573

13,747,117

16,110,480

Expenses

Compensation and Benefits

1,421,530

1,814,135

2,853,370

3,558,550

5,332,917

6,325,709

General, Administrative and Other

360,817

409,110

693,190

781,931

1,373,221

1,613,289

Interest Expense

135,822

145,023

253,937

282,076

480,806

536,453

Fund Expenses

14,434

7,344

26,538

15,348

36,304

38,026

Total Expenses

1,932,603

2,375,612

3,827,035

4,637,905

7,223,248

8,513,477

Other Income

136,330

140,086

193,905

239,841

215,576

469,924

Income Before Provision for

Taxes

1,915,627

2,808,452

3,368,228

4,263,509

6,739,445

8,066,927

Provision for Taxes

289,494

452,386

533,321

649,536

1,011,075

1,241,238

Net Income

1,626,133

2,356,066

2,834,907

3,613,973

5,728,370

6,825,689

Redeemable NCI in Consolidated

Entities

18,209

5,154

26,109

26,164

4,231

45,555

Non-Redeemable NCI in Consolidated Entities

843,680

1,121,723

1,429,702

1,708,891

2,860,335

3,261,098

Net Income Attributable to

Blackstone Inc.

764,244

1,229,189

1,379,096

1,878,918

2,863,804

3,519,036

Net Income Per Share of Common Stock,

Basic

0.98

1.54

1.77

2.37

3.71

4.47

Net Income Per Share of Common

Stock, Diluted

0.98

1.54

1.77

2.37

3.71

4.47

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and Dividend Policy, for definitions of

terms used throughout this presentation. NCI means non-controlling interests.

Blackstone | 1

BLACKSTONE’S SECOND QUARTER 2026 HIGHLIGHTS

Financial Measures

Fee Related Earnings (“FRE”) of $1.8 billion ($1.43/share) in the quarter

–

FRE

was $6.3 billion over the last twelve months (“LTM”) ($5.14/share)

Distributable Earnings (“DE”) of $2.0 billion ($1.52/share) in the quarter

–

was $7.9 billion over the LTM ($6.15/share)

Net Accrued Performance Revenues of $7.5 billion ($6.00/share)

Capital Metrics

Total Assets Under Management (“AUM”) of $1,346.3 billion

–

Fee-Earning AUM of $961.6 billion

–

Perpetual Capital AUM of $555.6 billion

Inflows of $68.3 billion in the quarter and $262.5 billion over the LTM

Deployment of $34.2 billion in the quarter and $138.5 billion over the LTM

Realizations of $31.8 billion in the quarter and $144.5 billion over the LTM

Capital Returned

to Shareholders

Dividend of $1.29 per common share payable on August 10, 2026

–

Dividends of $5.23 per common share over the LTM

Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM

$1.7 billion to be distributed to shareholders with respect to the second quarter and $6.9 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S SECOND QUARTER 2026 SEGMENT EARNINGS

($ in thousands, except per share

data)

2Q’25

2Q’26

% Change

vs. 2Q’25

2Q’25 YTD

2Q’26 YTD

Change

vs. 2Q’25 YTD

Management and Advisory Fees, Net

2,020,012

2,250,296

11%

3,912,010

4,383,104

12%

Fee Related Performance

Revenues

472,050

793,391

68%

765,965

1,281,489

67%

Fee Related Compensation

(700,316

)

(880,129

)

26%

(1,317,298

)

(1,609,599

)

22%

Other Operating Expenses

(332,243

)

(380,130

)

14%

(639,118

)

(723,585

)

13%

Fee Related Earnings

1,459,503

1,783,428

22%

2,721,559

3,331,409

22%

Realized Performance

Revenues

553,121

730,885

32%

1,013,144

1,511,379

49%

Realized Performance Compensation

(256,624

)

(344,124

)

34%

(477,548

)

(708,180

)

48%

Realized Principal Investment

Income

29,421

27,499

(7)%

147,331

59,472

(60)%

Net Realizations

325,918

414,260

27%

682,927

862,671

26%

Total Segment Distributable

Earnings

1,785,421

2,197,688

23%

3,404,486

4,194,080

23%

Distributable Earnings

1,565,763

1,977,249

26%

2,976,568

3,742,087

26%

Additional Metrics:

Net Income Per Share of Common Stock, Basic

0.98

1.54

57%

1.77

2.37

34%

FRE per Share

1.19

1.43

20%

2.22

2.69

21%

DE per Common Share

1.21

1.52

26%

2.30

2.88

25%

Total Segment Revenues

3,074,604

3,802,071

24%

5,838,450

7,235,444

24%

Total Assets Under Management

1,211,207,341

1,346,263,835

11%

1,211,207,341

1,346,263,835

11%

Fee-Earning Assets Under Management

887,114,205

961,592,654

887,114,205

961,592,654

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 23, Shareholder Dividends) and end of

period Participating Common Shares outstanding. YTD FRE per Share and DE per Common Share amounts represent the sum of the last two quarters. See pages 32-33 for the Reconciliation of GAAP to Total

Segments.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $7.5 billion ($6.00/share).

Investment Performance

(appreciation / gross returns)

2Q’26

2Q’26 LTM

Real Estate

Opportunistic

0.4%

(1.4)%

Core+

0.2%

3.2%

Private Equity

Corporate Private Equity

3.7%

14.4%

Tactical Opportunities

3.9%

9.9%

Secondaries

1.7%

8.1%

Infrastructure

7.2%

28.6%

Credit & Insurance

Private Credit

1.0%

6.8%

Liquid Credit

2.2%

3.9%

Multi-Asset Investing

Absolute Return Composite

5.8%

15.5%

Net Accrued Performance Revenues

($ in millions)

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing. Secondaries appreciation excludes GP Stakes. Private Credit net

returns were 0.4% and 3.9% for 2Q’26 and 2Q’26 LTM, respectively. Liquid Credit net returns were 2.1% and 3.4% for 2Q’26 and 2Q’26 LTM, respectively. Absolute Return Composite net returns were 5.4% and 14.1% for 2Q’26

and 2Q’26 LTM, respectively. See notes on page 34 for additional details on these strategies and our investment performance.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

Inflows were $68.3 billion in the quarter, bringing LTM inflows to $262.5 billion.

Deployed $34.2 billion in the quarter and $138.5 billion over the LTM.

–

Committed an additional $17.1 billion that was not yet deployed in the quarter.

Realizations were $31.8 billion in the quarter and $144.5 billion over the LTM.

Inflows

Capital Deployed

Realizations

($ in millions)

2Q’26

2Q’26 LTM

2Q’26

2Q’26 LTM

2Q’26

2Q’26 LTM

Real Estate

8,193

27,098

5,815

21,891

6,615

29,650

Opportunistic

1,319

2,355

2,542

7,777

2,715

10,792

Core+

4,733

13,498

772

3,100

2,018

8,320

Debt Strategies

2,140

11,245

2,501

11,013

1,882

10,538

Private Equity

24,520

76,006

14,515

47,404

11,023

45,682

Corporate Private Equity

15,182

34,852

8,579

26,986

5,834

24,255

Tactical Opportunities

891

3,864

1,264

2,899

1,150

6,387

Secondaries

5,662

23,983

3,263

12,919

2,614

11,523

Infrastructure

2,785

13,307

1,410

4,601

1,425

3,518

Credit & Insurance

31,012

142,998

12,733

65,365

13,495

65,720

Multi-Asset Investing

4,576

16,412

1,112

3,797

710

3,412

Total Blackstone

68,300

262,515

34,175

138,457

31,843

144,464

Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed.

Blackstone | 5

ASSETS UNDER MANAGEMENT

Total AUM increased to $1,346.3 billion, up 11% year-over-year, with $68.3 billion of inflows in the quarter and $262.5 billion over the LTM.

Fee-Earning AUM of $961.6 billion was up 8% year-over-year, with $43.3 billion of inflows in the quarter and $168.4 billion over the LTM.

Perpetual Capital AUM reached $555.6 billion, up 15% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $463.0 billion, representing 48% of Fee-Earning AUM.

Multi-Asset Investing had $186 million and $724 million of Perpetual Capital AUM as of 2Q’25 and 2Q’26, respectively.

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $653.4 billion at quarter end, up 8% year-over-year.

Total Dry Powder of $228.1 billion available for future investments.

Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.

Blackstone | 7

Segment Highlights

Blackstone | 8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

2Q’26 Total Segment Distributable Earnings were $2.2 billion.

LTM Total Segment Distributable Earnings were $8.7 billion.

Segment Distributable Earnings

($ in millions)

Blackstone | 9

REAL ESTATE

Total AUM: $314.1 billion with inflows of $8.2 billion in the quarter and $27.1 billion over the LTM.

–

Inflows in the quarter included $2.1 billion in BREDS, primarily from $1.1 billion in a drawdown fund focused on non-opportunistic real estate credit, $2.0 billion

from the initial public offering of Blackstone Digital Infrastructure Trust Inc. (“BXDC”), and $1.2 billion of capital raised in BREIT.

Capital Deployed: $5.8 billion in the quarter, including a BREP investment in a joint venture with Related Digital to develop a data center campus in Michigan and a BREP

investment in a large logistics platform in France, and $21.9 billion over the LTM.

Realizations: $6.6 billion in the quarter, including Digital Realty JV and Lumina, and $29.7 billion over the LTM.

Appreciation: Opportunistic funds appreciated 0.4% in the quarter and declined (1.4)% over the LTM; Core+ funds appreciated 0.2% in the quarter and 3.2% over the LTM.

% Change

($ in thousands)

2Q’25

2Q’26

vs. 2Q’25

2Q’25 YTD

2Q’26 YTD

vs. 2Q’25 YTD

Management and Advisory Fees, Net

711,292

727,081

1,412,140

1,404,558

(1)%

Fee Related Performance Revenues

89,590

242,718

171%

127,393

395,716

211%

Fee Related Compensation

(170,209

)

(262,168

)

54%

(340,734

)

(455,305

)

34%

Other Operating Expenses

(87,048

)

(94,624

)

(170,329

)

(184,824

)

Fee Related Earnings

543,625

613,007

13%

1,028,470

1,160,145

13%

Realized Performance Revenues

43,587

210,868

384%

62,597

252,942

304%

Realized Performance Compensation

(24,139

)

(85,259

)

253%

(32,909

)

(108,215

)

229%

Realized Principal Investment Income (Loss)

2,797

6,660

138%

3,146

(2,145

)

n/m

Net Realizations

22,245

132,269

495%

32,834

142,582

334%

Segment Distributable Earnings

565,870

745,276

32%

1,061,304

1,302,727

23%

Segment Revenues

847,266

1,187,327

40%

1,605,276

2,051,071

28%

Total AUM

324,994,725

314,149,797

(3)%

324,994,725

314,149,797

(3)%

Fee-Earning

AUM

285,826,676

277,420,420

(3)%

285,826,676

277,420,420

(3)%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 17% to $454.2 billion with inflows of $24.5 billion in the quarter and $76.0 billion over the LTM.

–

Inflows in the quarter included $5.7 billion for the fifth energy transition fund, $5.7 billion in Secondaries, primarily from the tenth flagship Secondaries strategy, and $2.8 billion in Infrastructure.

–

The third Corporate Private Equity Asia fund held its final close with $1.8 billion of capital raised in the quarter, bringing total capital commitments to $13.1 billion.

–

$2.4 billion of capital raised for BXPE and $861 million of capital raised for BXINFRA.

Capital Deployed: $14.5 billion in the quarter, including Hologic, Champions Group, and Arlington Industries, and $47.4 billion over the LTM.

–

Committed an additional $5.6 billion in the quarter, including Eurowind Energy, Dresser Utility Solutions, and Senior PLC.

Realizations: $11.0 billion in the quarter, including Sabre Industries and Desotec, and $45.7 billion over the LTM.

Appreciation: Corporate Private Equity appreciated 3.7% in the quarter and 14.4% over the LTM.

–

Tactical Opportunities appreciated 3.9% in the quarter and 9.9% over the LTM; Secondaries appreciated 1.7% in the quarter and 8.1% over the LTM; Infrastructure appreciated 7.2% in the quarter and 28.6% over the LTM.

% Change

($ in thousands)

2Q’25

2Q’26

vs. 2Q’25

2Q’25 YTD

2Q’26 YTD

vs. 2Q’25 YTD

Management and Advisory Fees, Net

706,298

794,580

12%

1,328,090

1,596,502

20%

Fee Related Performance Revenues

192,331

391,387

103%

253,235

562,084

122%

Fee Related Compensation

(266,925

)

(337,528

)

26%

(470,244

)

(600,341

)

28%

Other Operating Expenses

(112,300

)

(131,515

)

17%

(215,194

)

(244,443

)

14%

Fee Related Earnings

519,404

716,924

38%

895,887

1,313,802

47%

Realized Performance Revenues

408,980

490,807

20%

759,053

1,128,796

49%

Realized Performance Compensation

(196,824

)

(251,204

)

28%

(367,965

)

(545,740

)

48%

Realized Principal Investment Income

19,859

24,952

26%

29,035

70,300

142%

Net Realizations

232,015

264,555

14%

420,123

653,356

56%

Segment Distributable Earnings

751,419

981,479

31%

1,316,010

1,967,158

49%

Segment Revenues

1,327,468

1,701,726

28%

2,369,413

3,357,682

42%

Total AUM

388,907,242

454,152,320

17%

388,907,242

454,152,320

17%

Fee-Earning

AUM

232,160,209

267,817,860

15%

232,160,209

267,817,860

15%

BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXINFRA represents the aggregate BXINFRA fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised include amounts allocated to other strategies. Secondaries appreciation excludes GP Stakes.

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 15% to $469.3 billion with inflows of $31.0 billion in the quarter and $143.0 billion over the LTM.

–

Inflows in the quarter included $13.3 billion for the global direct lending strategy, inclusive of $1.0 billion of equity raised for BCRED.

–

Inflows also included $9.9 billion for the infrastructure and asset based credit strategies, inclusive of $7.5 billion for insurance SMAs.

Capital Deployed: $12.7 billion in the quarter driven by infrastructure and asset based credit strategies and global direct lending, and $65.4 billion over the LTM.

–

Committed an additional $9.7 billion in the quarter.

Realizations: $13.5 billion in the quarter and $65.7 billion over the LTM.

Returns: Private Credit gross return of 1.0% (0.4% net) and Liquid Credit gross return of 2.2% (2.1% net) in the quarter.

–

Private Credit gross return of 6.8% (3.9% net) and Liquid Credit gross return of 3.9% (3.4% net) over the LTM.

% Change

($ in thousands)

2Q’25

2Q’26

vs. 2Q’25

2Q’25 YTD

2Q’26 YTD

vs. 2Q’25 YTD

Management and Advisory Fees, Net

470,627

572,756

22%

917,671

1,081,243

18%

Fee Related Performance Revenues

190,129

159,286

(16)%

385,337

323,689

(16)%

Fee Related Compensation

(220,305

)

(237,568

)

(421,923

)

(464,061

)

10%

Other Operating Expenses

(107,426

)

(124,404

)

16%

(203,704

)

(238,967

)

17%

Fee Related Earnings

333,025

370,070

11%

677,381

701,904

Realized Performance Revenues

87,393

11,540

(87)%

178,990

89,666

(50)%

Realized Performance Compensation

(30,433

)

(3,746

)

(88)%

(70,928

)

(34,943

)

(51)%

Realized Principal Investment Income (Loss)

5,800

(4,622

)

n/m

113,703

(10,327

)

n/m

Net Realizations

62,760

3,172

(95)%

221,765

44,396

(80)%

Segment Distributable Earnings

395,785

373,242

(6)%

899,146

746,300

(17)%

Segment Revenues

753,949

738,960

(2)%

1,595,701

1,484,271

(7)%

Total AUM

407,296,172

469,317,440

15%

407,296,172

469,317,440

15%

Fee-Earning

AUM

288,931,236

318,240,694

10%

288,931,236

318,240,694

10%

See notes on page 34.

Blackstone | 12

MULTI-ASSET INVESTING

Total AUM: Increased 21% to $108.6 billion with inflows of $4.6 billion in the quarter and $16.4 billion over the LTM.

Returns: Absolute Return Composite gross return of 5.8% in the quarter (5.4% net), compared to the HFRX Global Hedge Fund Index, which was 5.4%.

–

Absolute Return benefited from positive performance across strategies, including equities, quantitative, macro, and credit during the quarter.

–

Gross return of 15.5% over the LTM (14.1% net), outperforming a 9.7% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.

% Change

($ in thousands)

2Q’25

2Q’26

vs. 2Q’25

2Q’25 YTD

2Q’26 YTD

vs. 2Q’25 YTD

Management and Advisory Fees, Net

131,795

155,879

18%

254,109

300,801

18%

Fee Related Compensation

(42,877

)

(42,865

)

(0)%

(84,397

)

(89,892

)

Other Operating Expenses

(25,469

)

(29,587

)

16%

(49,891

)

(55,351

)

11%

Fee Related Earnings

63,449

83,427

31%

119,821

155,558

30%

Realized Performance Revenues

13,161

17,670

34%

12,504

39,975

220%

Realized Performance Compensation

(5,228

)

(3,915

)

(25)%

(5,746

)

(19,282

)

236%

Realized Principal Investment Income

965

509

(47)%

1,447

1,644

14%

Net Realizations

8,898

14,264

60%

8,205

22,337

172%

Segment Distributable Earnings

72,347

97,691

35%

128,026

177,895

39%

Segment Revenues

145,921

174,058

19%

268,060

342,420

28%

Total AUM

90,009,202

108,644,278

21%

90,009,202

108,644,278

21%

Fee-Earning

AUM

80,196,084

98,113,680

22%

80,196,084

98,113,680

22%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS

($ in thousands)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

2Q’25 YTD

2Q’26 YTD

Base Management Fees

1,876,672

1,919,702

1,945,364

1,952,414

1,960,897

3,683,791

3,913,311

Transaction, Advisory and Other

Fees, Net

165,690

156,211

149,621

211,697

321,156

276,999

532,853

Management Fee Offsets

(22,350

)

(34,093

)

(32,766

)

(31,303

)

(31,757

)

(48,780

)

(63,060

)

Total Management and Advisory Fees,

Net

2,020,012

2,041,820

2,062,219

2,132,808

2,250,296

3,912,010

4,383,104

Fee Related Performance Revenues

472,050

453,018

606,445

488,098

793,391

765,965

1,281,489

Fee Related Compensation

(700,316

)

(658,091

)

(715,312

)

(729,470

)

(880,129

)

(1,317,298

)

(1,609,599

)

Other Operating Expenses

(332,243

)

(356,070

)

(418,051

)

(343,455

)

(380,130

)

(639,118

)

(723,585

)

Fee Related Earnings

1,459,503

1,480,677

1,535,301

1,547,981

1,783,428

2,721,559

3,331,409

Realized Performance

Revenues

553,121

744,953

1,057,432

780,494

730,885

1,013,144

1,511,379

Realized Performance Compensation

(256,624

)

(302,642

)

(310,405

)

(364,056

)

(344,124

)

(477,548

)

(708,180

)

Realized Principal Investment

Income

29,421

62,535

209,877

31,973

27,499

147,331

59,472

Total Net Realizations

325,918

504,846

956,904

448,411

414,260

682,927

862,671

Total Segment Distributable

Earnings

1,785,421

1,985,523

2,492,205

1,996,392

2,197,688

3,404,486

4,194,080

Distributable Earnings

1,565,763

1,889,487

2,244,809

1,764,838

1,977,249

2,976,568

3,742,087

Additional Metrics:

Total Segment Revenues

3,074,604

3,302,326

3,935,973

3,433,373

3,802,071

5,838,450

7,235,444

Total Assets Under

Management

1,211,207,341

1,241,731,296

1,274,931,234

1,304,017,634

1,346,263,835

1,211,207,341

1,346,263,835

Fee-Earning

Assets Under Management

887,114,205

906,221,028

921,674,454

937,596,454

961,592,654

887,114,205

961,592,654

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

Three Months Ended June 30, 2026

Twelve Months Ended June 30, 2026

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Beginning Balance

315,284

429,910

457,462

101,361

1,304,018

324,995

388,907

407,296

90,009

1,211,207

Inflows

8,193

24,520

31,012

4,576

68,300

27,098

76,006

142,998

16,412

262,515

Outflows

(2,157

)

(1,458

)

(7,626

)

(2,298

)

(13,539

)

(8,986

)

(9,245

)

(25,448

)

(8,233

)

(51,912

)

Net Flows

6,036

23,062

23,385

2,278

54,761

18,112

66,761

117,550

8,180

210,603

Realizations

(6,615

)

(11,023

)

(13,495

)

(710

)

(31,843

)

(29,650

)

(45,682

)

(65,720

)

(3,412

)

(144,464

)

Market Activity

(555

)

12,204

1,965

5,715

19,328

693

44,167

10,191

13,867

68,918

Ending Balance

314,150

454,152

469,317

108,644

1,346,264

314,150

454,152

469,317

108,644

1,346,264

% Change

(0)%

(3)%

17%

15%

21%

11%

Fee-Earning AUM Rollforward

($ in millions)

Three Months Ended June 30, 2026

Twelve Months Ended June 30, 2026

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Beginning Balance

277,503

255,841

313,255

90,998

937,596

285,827

232,160

288,931

80,196

887,114

Inflows

6,090

15,363

17,225

4,613

43,291

21,183

51,975

79,237

15,987

168,382

Outflows

(1,106

)

(4,117

)

(5,256

)

(2,122

)

(12,601

)

(6,083

)

(14,934

)

(19,381

)

(7,612

)

(48,010

)

Net Flows

4,985

11,246

11,969

2,490

30,690

15,101

37,041

59,856

8,375

120,372

Realizations

(4,474

)

(4,559

)

(8,037

)

(677

)

(17,747

)

(24,003

)

(19,222

)

(36,114

)

(3,178

)

(82,518

)

Market Activity

(593

)

5,289

1,054

5,303

11,053

496

17,839

5,568

12,721

36,624

Ending Balance

277,420

267,818

318,241

98,114

961,593

277,420

267,818

318,241

98,114

961,593

% Change

(0)%

(3)%

15%

10%

22%

Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments),

purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments). Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes

realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

At June 30, 2026, Blackstone had $12.2 billion in total cash, cash equivalents, corporate treasury, and other investments and $22.7 billion of cash and net investments, or $18.23 per share.

Blackstone has a $4.3 billion credit revolver ($3.5 billion undrawn) and maintains A+/A+ ratings.

($ in millions)

2Q’26

Cash and Cash Equivalents

2,507

Corporate Treasury and

Other Investments

9,735

GP/Fund Investments

2,968

Net Accrued Performance

Revenues

7,468

Cash and Net Investments

22,678

Outstanding Debt (at par)

13,192

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

October 2030 maturity

$12.2B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $9.1 billion as of June 30, 2026, which was comprised of

$8.5 billion of liquid investments and $601 million of

illiquid investments. See notes on pages 31 and 35 for additional details on non-GAAP balance sheet

measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL

($ in millions, except per share data)

2Q’25

1Q’26

2Q’26

Per Share

Real Estate

BREP Global

721

549

553

0.44

BREP Europe

0.07

BREP Asia

101

114

0.09

BPP

114

0.09

BREDS

0.02

Real Estate

923

833

891

0.72

Private Equity

BCP Global

1,869

1,860

1,764

1.42

BCP Asia

344

216

262

0.21

Energy/Energy Transition

515

1,007

1,052

0.85

Core Private Equity

266

276

256

0.21

Tactical Opportunities

227

152

150

0.12

Secondaries

1,270

1,088

1,148

0.92

Infrastructure

247

772

936

0.75

Life Sciences

239

228

253

0.20

BTAS

236

257

262

0.21

Private Equity

5,212

5,855

6,081

4.89

Credit & Insurance

369

255

252

0.20

Multi-Asset Investing

103

243

0.20

Net Accrued Performance

Revenues

6,608

7,000

7,468

6.00

2Q’26 QoQ Rollforward

($ in millions)

Net

Performance

Realized

1Q’26

Revenues

Distributions

2Q’26

Real Estate

833

339

(281

)

891

Private Equity

5,855

732

(506

)

6,081

Credit &

Insurance

255

117

(119

)

252

Multi-Asset

Investing

201

(14

)

243

Total

7,000

1,388

(920

)

7,468

QoQ Change

2Q’26 LTM Rollforward

($ in millions)

Net

Performance

Realized

2Q’25

Revenues

Distributions

2Q’26

Real Estate

923

884

(915

)

891

Private Equity

5,212

2,624

(1,755

)

6,081

Credit & Insurance

369

563

(680

)

252

Multi-Asset Investing

103

550

(410

)

243

Total

6,608

4,621

(3,760

)

7,468

YoY Change

13%

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed

as of the reporting date and clawback amounts, if any, which

are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per

Share calculations are based on end of period DE Shares

Outstanding (see page 24, Share Summary).

Blackstone | 18

INVESTMENT RECORDS AS OF JUNE 30, 2026 (a)

($/€ in

thousands, except where noted)

Fund (Investment Period Beginning Date / Ending Date)

Committed

Capital

Available

Capital (b)

Unrealized Investments

Realized Investments

Total Investments

Net IRRs (d)

Value

MOIC (c)

Value

MOIC (c)

Value

MOIC (c)

Realized

Total

Real Estate

Pre-BREP - BREP IV

(Jan 1992 / Dec 2005)

5,441,163

n/a

12,219,526

2.0x

12,219,526

2.0x

24%

BREP V (Dec 2005 / Feb 2007)

5,539,418

2,331

n/a

13,468,476

2.3x

13,470,807

2.3x

11%

BREP VI (Feb 2007 / Aug 2011)

11,060,122

1,748

n/a

27,765,450

2.5x

27,767,198

2.5x

13%

BREP VII (Aug 2011 / Apr 2015)

13,506,800

845,588

867,492

0.4x

29,432,126

2.1x

30,299,618

1.9x

17%

14%

BREP VIII (Apr 2015 / Jun 2019)

16,651,125

1,215,310

8,377,561

1.3x

24,654,936

2.1x

33,032,497

1.8x

19%

11%

BREP IX (Jun 2019 / Aug 2022)

21,374,992

2,812,950

16,292,849

1.0x

12,614,323

1.9x

28,907,172

1.3x

30%

*BREP X (Aug 2022 / Feb 2028)

30,643,847

16,025,374

18,765,019

1.3x

3,219,851

1.9x

21,984,870

1.3x

30%

12%

Total Global BREP

104,217,467

20,899,222

44,307,000

1.1x

123,374,688

2.2x

167,681,688

1.7x

16%

14%

BREP Int’l I-II

(Jan 2001 / Jun 2008) (e)

€

2,453,920

€

n/a

€

3,956,202

1.9x

€

3,956,202

1.9x

12%

BREP Europe III (Jun 2008 / Sep 2013)

3,205,420

86,085

17,071

0.1x

5,993,336

2.1x

6,010,407

2.0x

14%

13%

BREP Europe IV (Sep 2013 / Dec 2016)

6,676,611

598,954

624,365

0.6x

10,438,878

1.9x

11,063,243

1.7x

16%

11%

BREP Europe V (Dec 2016 / Oct 2019)

8,007,488

597,691

3,724,421

0.7x

6,902,190

3.8x

10,626,611

1.4x

40%

BREP Europe VI (Oct 2019 / Sep 2023)

9,941,770

2,763,031

6,117,864

0.9x

4,049,113

2.4x

10,166,977

1.2x

62%

*BREP Europe VII (Sep 2023 / Mar 2029)

9,762,262

5,734,678

4,873,649

1.3x

167,092

1.4x

5,040,741

1.3x

n/m

13%

Total BREP Europe

€

40,047,471

€

9,780,439

€

15,357,370

0.9x

€

31,506,811

2.2x

€

46,864,181

1.5x

16%

BREP Asia I (Jun 2013 / Dec 2017)

4,262,075

646,265

1,209,142

1.7x

7,685,485

2.0x

8,894,627

1.9x

15%

12%

BREP Asia II (Dec 2017 / Mar 2022)

7,361,035

1,178,550

4,995,177

1.1x

3,404,324

1.6x

8,399,501

1.3x

11%

*BREP Asia III (Mar 2022 / Sep 2027)

8,219,868

4,351,718

5,078,659

1.3x

503,885

1.8x

5,582,544

1.3x

34%

Total BREP Asia

19,842,978

6,176,533

11,282,978

1.3x

11,593,694

1.8x

22,876,672

1.5x

14%

BREP Co-Investment (f)

8,691,884

551,495

1,564,893

1.2x

15,372,186

2.2x

16,937,079

2.1x

16%

Total BREP

179,426,235

38,798,469

74,435,691

1.1x

188,783,012

2.2x

263,218,703

1.7x

16%

13%

*BREDS High-Yield (Various) (g)

27,606,074

8,615,842

3,704,090

1.0x

26,072,271

1.3x

29,776,361

1.3x

10%

Private Equity

Corporate Private Equity

BCP I-III (Oct 1987 / Nov 2002)

6,187,603

n/a

14,239,072

2.4x

14,239,072

2.4x

19%

BCOM (Jun 2000 / Jun 2006)

2,137,330

n/a

2,995,106

1.4x

2,995,106

1.4x

BCP IV (Nov 2002 / Dec 2005)

6,450,000

n/a

21,720,334

2.9x

21,720,334

2.9x

36%

BCP V (Dec 2005 / Jan 2011)

21,009,112

982,018

n/a

38,870,191

1.9x

38,870,191

1.9x

BCP VI (Jan 2011 / May 2016)

15,192,032

1,340,945

2,127,333

3.1x

30,730,898

2.2x

32,858,231

2.2x

13%

12%

BCP VII (May 2016 / Feb 2020)

18,873,411

1,309,645

13,928,047

1.5x

24,466,786

2.6x

38,394,833

2.1x

24%

12%

BCP VIII (Feb 2020 / Apr 2024)

25,820,052

5,881,691

25,743,798

1.4x

10,795,620

2.4x

36,539,418

1.6x

26%

10%

*BCP IX (Apr 2024 / Apr 2030)

21,829,911

18,396,522

5,316,361

1.5x

293,543

1.5x

5,609,904

1.5x

n/m

24%

Energy I (Aug 2011 / Feb 2015)

2,435,007

170,540

n/a

4,897,287

2.0x

4,897,287

2.0x

12%

Energy II (Feb 2015 / Feb 2020)

4,926,378

778,845

3,236,286

2.6x

6,342,126

1.8x

9,578,412

2.0x

Energy III (Feb 2020 / Jun 2024)

4,398,275

1,815,918

7,255,903

3.0x

5,060,366

3.0x

12,316,269

3.0x

33%

Energy Transition IV (Jun 2024 / Jun 2026)

5,880,459

2,763,373

6,518,880

2.0x

157,155

1.7x

6,676,035

2.0x

n/m

94%

*Energy Transition V (Jun 2026 / Jun 2032)

5,671,639

n/a

BCP Asia I (Dec 2017 / Sep 2021)

2,437,080

417,510

1,275,730

1.3x

3,676,038

3.0x

4,951,768

2.3x

33%

19%

*BCP Asia II (Sep 2021 / Sep 2027)

6,843,926

3,570,292

6,463,390

1.9x

1,041,893

3.4x

7,505,283

2.0x

93%

27%

BCP Asia III (TBD)

13,100,000

n/a

Core Private Equity I (Jan 2017 / Mar 2021) (h)

4,760,130

1,193,521

6,588,435

2.1x

4,220,471

3.7x

10,808,906

2.5x

32%

14%

*Core Private Equity II (Mar 2021 / Mar 2027) (h)

8,244,519

6,007,302

5,420,354

1.5x

2,081,525

4.2x

7,501,879

1.8x

38%

16%

Total Corporate Private Equity

176,196,864

63,399,761

83,874,517

1.7x

171,588,411

2.3x

255,462,928

2.0x

16%

15%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not

meaningful” generally due to the limited time

since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS –

Blackstone Real Estate Debt Strategies, BCP –

Blackstone Capital Partners, BCOM – Blackstone Communications.

* Represents funds that are

currently in their investment period.

Blackstone | 19

INVESTMENT RECORDS AS OF JUNE 30, 2026 (a)

– (CONT’D)

($/€ in

thousands, except where noted)

Fund (Investment Period Beginning Date / Ending Date)

Committed

Capital

Available

Capital (b)

Unrealized Investments

Realized Investments

Total Investments

Net IRRs (d)

Value

MOIC (c)

Value

MOIC (c)

Value

MOIC (c)

Realized

Total

Private Equity (continued)

Tactical Opportunities

*Tactical Opportunities (Various)

33,780,643

14,441,280

13,027,191

1.2x

32,984,254

1.9x

46,011,445

1.6x

15%

10%

*Tactical Opportunities Co-Investment

and Other (Various)

10,477,806

1,084,293

3,558,538

1.3x

12,089,490

1.8x

15,648,028

1.7x

18%

15%

Total Tactical Opportunities

44,258,449

15,525,573

16,585,729

1.2x

45,073,744

1.9x

61,659,473

1.6x

16%

11%

Growth

BXG I (Jul 2020 / Feb 2025)

4,961,566

292,405

5,152,451

1.2x

670,399

1.3x

5,822,850

1.2x

n/m

*BXG II (Feb 2025 / Feb 2030)

4,610,169

3,742,666

854,654

1.1x

9,154

n/m

863,808

1.1x

n/m

Total Growth

9,571,735

4,035,071

6,007,105

1.2x

679,553

1.3x

6,686,658

1.2x

n/m

Strategic Partners (Secondaries)

Strategic Partners I-V (Various)

(i)

11,035,527

9,572

2,126

n/a

16,796,758

n/a

16,798,884

1.7x

n/a

13%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)

4,362,772

379,409

420,348

n/a

4,665,673

n/a

5,086,021

1.7x

n/a

13%

Strategic Partners VII (May 2016 / Mar 2019) (i)

7,489,970

1,605,255

2,258,612

n/a

8,553,876

n/a

10,812,488

1.9x

n/a

15%

Strategic Partners Real Assets II (May 2017 / Jun 2020)

(i)

1,749,807

595,603

1,351,477

n/a

1,397,378

n/a

2,748,855

1.9x

n/a

15%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)

10,763,600

3,410,713

5,873,822

n/a

9,027,494

n/a

14,901,316

1.7x

n/a

17%

*Strategic Partners Real Estate, SMA and Other (Various)

(i)

7,055,591

1,224,720

3,165,936

n/a

2,940,627

n/a

6,106,563

1.4x

n/a

10%

Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)

3,250,100

666,246

2,626,038

n/a

884,418

n/a

3,510,456

1.6x

n/a

15%

Strategic Partners IX (Oct 2021 / Mar 2026) (i)

19,692,625

1,504,371

19,455,372

n/a

1,307,669

n/a

20,763,041

1.5x

n/a

17%

*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)

2,095,211

342,116

1,295,854

n/a

94,182

n/a

1,390,036

1.1x

n/a

(0)%

*Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029)

(i)

4,837,949

3,501,386

406,950

n/a

406,950

1.9x

n/a

n/m

*Strategic Partners X (Mar 2026 / May 2031) (i)

11,024,493

8,606,558

n/a

Total Strategic Partners (Secondaries)

83,357,645

21,845,949

36,856,535

n/a

45,668,075

n/a

82,524,610

1.6x

n/a

14%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)

910,000

40,291

517,753

2.0x

817,615

1.6x

1,335,368

1.7x

10%

BXLS V (Jan 2020 / Mar 2025)

5,056,620

2,303,560

5,195,969

2.1x

1,854,239

1.8x

7,050,208

2.0x

11%

17%

*BXLS VI (Mar 2025 / Mar 2031)

6,486,870

6,375,163

437,377

n/m

n/a

437,377

n/m

n/a

n/m

Credit

Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)

2,000,000

n/a

4,809,113

1.6x

4,809,113

1.6x

n/a

17%

Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)

4,120,000

993,260

57,792

0.5x

6,687,961

1.4x

6,745,753

1.4x

n/a

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)

6,639,133

1,081,586

787,485

1.2x

9,939,495

1.5x

10,726,980

1.5x

n/a

11%

Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)

5,016,771

1,368,541

3,047,474

1.1x

4,156,400

1.5x

7,203,874

1.3x

n/a

11%

*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029)

7,630,000

6,911,455

693,976

1.1x

206,964

1.2x

900,940

1.1x

n/a

n/m

Total Mezzanine / Opportunistic

25,405,904

10,354,842

4,586,727

1.1x

25,799,933

1.5x

30,386,660

1.4x

n/a

13%

Stressed / Distressed I (Sep 2009 / May 2013)

3,253,143

n/a

5,777,098

1.3x

5,777,098

1.3x

n/a

Stressed / Distressed II (Jun 2013 / Jun 2018)

5,125,000

547,430

n/a

5,564,200

1.1x

5,564,200

1.1x

n/a

Stressed / Distressed III (Dec 2017 / Dec 2022)

7,356,380

1,085,652

1,022,304

1.2x

5,934,391

1.3x

6,956,695

1.3x

n/a

Total Stressed / Distressed

15,734,523

1,633,082

1,022,304

1.2x

17,275,689

1.2x

18,297,993

1.2x

n/a

European Senior Debt I (Feb 2015 / Feb 2019)

€

1,964,689

€

67,044

€

159,420

0.3x

€

2,999,625

1.3x

€

3,159,045

1.1x

n/a

European Senior Debt II (Jun 2019 / Jun 2023) (j)

4,088,344

861,672

2,174,148

0.9x

4,891,963

1.7x

7,066,111

1.3x

n/a

Total European Senior Debt

€

6,053,033

€

928,716

€

2,333,568

0.8x

€

7,891,588

1.5x

€

10,225,156

1.2x

n/a

Energy I (Nov 2015 / Nov 2018)

2,856,867

1,154,819

70,845

1.3x

3,556,730

1.5x

3,627,575

1.5x

n/a

10%

Energy II (Feb 2019 / Jun 2023)

3,616,081

1,456,014

423,972

1.3x

3,554,034

1.4x

3,978,006

1.4x

n/a

16%

*Energy III (May 2023 / May 2028)

6,477,000

4,193,381

2,425,168

1.0x

3,298,003

1.3x

5,723,171

1.2x

n/a

15%

Total Energy

12,949,948

6,804,214

2,919,985

1.0x

10,408,767

1.4x

13,328,752

1.3x

n/a

12%

*Senior Direct Lending (Various) (k)

2,820,243

1,233,828

2,692,761

1.1x

341,891

1.2x

3,034,652

1.1x

n/a

Total Credit Drawdown Funds (l)

63,816,276

21,087,768

13,889,746

1.0x

63,217,193

1.4x

77,106,939

1.3x

n/a

10%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not

meaningful” generally due to the limited time

since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life

Sciences.

* Represents funds that are currently in their investment period.

Blackstone | 20

INVESTMENT RECORDS AS OF JUNE 30, 2026 (a)

– (CONT’D)

Selected Perpetual

Capital Strategies(m)

($/€ in thousands, except where noted)

Investment

Total

Total Net

Strategy (Inception Year)

Strategy

AUM

Return (n)

Real Estate

BPP - Blackstone Property Partners Platform (2013) (o)

Core+ Real Estate

57,749,790

BREIT - Blackstone Real Estate Income Trust (2017) (p)

Core+ Real Estate

56,551,910

BREIT - Class I (q)

Core+ Real Estate

BXMT - Blackstone Mortgage Trust (2013) (r)

Real Estate Debt

6,255,948

Private Equity

BXGP - Blackstone GP Stakes (2014) (s)

Minority GP Interests

10,017,197

12%

BIP - Blackstone Infrastructure Partners (2019) (t)

Infrastructure

74,964,704

18%

BXINFRA - Blackstone Infrastructure Strategies Fund Program (2025)

(u)

Infrastructure

5,979,642

15%

BXINFRA - Class I (v)

Infrastructure

16%

BXPE - Blackstone Private Equity Strategies Fund Program (2024)

(w)

Private Equity

25,312,193

19%

BXPE - Class I (x)

Private Equity

20%

Credit

BXSL - Blackstone Secured Lending Fund (2018) (y)

U.S. Direct Lending

16,585,488

11%

BCRED - Blackstone Private Credit Fund (2021) (z)

U.S. Direct Lending

94,623,700

BCRED - Class I (aa)

U.S. Direct Lending

ECRED - Blackstone European Credit Fund (2022) (ab)

European Direct Lending

€

5,248,866

ECRED - Class I (ac)

European Direct Lending

Investment Records as of June 30, 2026 - Notes

(a)

Excludes investment vehicles where Blackstone does not earn fees.

(b)

Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.

(c)

Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and

Performance Revenues, divided by invested capital.

(d)

Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to

June 30, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial

inception date of cash flows may differ from the Investment Period Beginning Date.

(e)

The 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment

opportunity. Overall BREP International I-II performance reflects a 10% Realized Net IRR and a 10% Total Net IRR.

(f)

BREP Co-Investment represents

co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized

value, as applicable, after management fees, expenses and Performance Revenues.

(g)

BREDS High-Yield represents the flagship real estate debt drawdown funds only.

(h)

Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and

longer hold period than traditional private equity.

(i)

Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total

MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized

and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.

(j)

European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within

the strategy. The total net returns were 12% and 7%, respectively, for the levered and unlevered funds of the strategy.

(k)

Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within

the strategy. The total net returns were 10% and 7%, respectively, for the levered and unlevered funds of the strategy.

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time

since initial investment. n/a represents “not applicable”. Notes continue on page 22.

Blackstone | 21

INVESTMENT RECORDS AS OF JUNE 30, 2026 (a) – (CONT’D)

(l)

Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of

the credit drawdown funds presented.

(m)

Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of

(1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.

(n)

Unless otherwise indicated, Total Net Return represents the annualized inception to June 30, 2026 IRR on total

invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred

during the Inception Year.

(o)

BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of June 30, 2026, these vehicles represented

$4.4 billion of Total AUM.

(p)

The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class,

reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total

Net Return is presented on an annualized basis and is from January 1, 2017.

(q)

Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies

by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an

annualized basis and is from January 1, 2017.

(r)

The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception,

May 22, 2013, assuming reinvestment of all dividends received during the period.

(s)

Blackstone GP Stakes (“BXGP”) represents the aggregate Total AUM and Total Net Return of BSCH I and II

funds that invest as part of the Secondaries GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of June 30, 2026, including

vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $13.1 billion.

(t)

BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of June 30, 2026, including co-investment vehicles that do not pay

fees, BIP Total AUM was $85.6 billion.

(u)

The BXINFRA Total Net Return reflects a per share blended return, assuming the BXINFRA Fund Program had a single

vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXINFRA. This return is not representative of the return experienced by any

particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Total net return is from

January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXINFRA Total AUM reflects net asset value as of June 30, 2026. BXINFRA AUM,

to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.

(v)

Represents the blended Total Net Return for BXINFRA Fund Program Class I shares, the largest share class

across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the

Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. The Class I Total Net Return

is from January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.

(w)

The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle

and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular

vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Total net return is from

January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects net asset value as of June 30, 2026. BXPE AUM, to the

extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.

(x)

Represents the blended Total Net Return for BXPE Fund Program Class I shares, the largest share class across

vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I

shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Class I Total Net Return is from

January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.

(y)

The BXSL Total AUM and Total Net Return are presented as of March 31, 2026. BXSL Total Net Return reflects the

change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an

annualized basis and are from November 20, 2018.

(z)

The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class,

reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total

Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of June 30, 2026

was $42.8 billion.

(aa)

Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies

annualized basis and is from January 7, 2021.

(ab)

The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class,

reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total

Net Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. ECRED net asset value as of June 30, 2026

was €2.6 billion.

(ac)

Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance varies

by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis

and is from October 3, 2022.

Blackstone | 22

SHAREHOLDER DIVIDENDS

Generated $1.52 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $2.88 per common share.

Blackstone declared a quarterly dividend of $1.29 per common share to record holders as of August 3, 2026; payable on August 10, 2026.

% Change

($ in thousands, except per share data)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

vs. 2Q’25

2Q’25 YTD

2Q’26 YTD

vs. 2Q’25 YTD

Distributable Earnings

1,565,763

1,889,487

2,244,809

1,764,838

$ 1,977,249

26%

2,976,568

3,742,087

26%

Add: Other Payables Attributable to Common

Shareholders

142,664

26,913

167,504

160,943

166,382

17%

281,089

327,325

16%

DE Before Certain Payables

1,708,427

1,916,400

2,412,313

1,925,781

2,143,631

25%

3,257,657

4,069,412

25%

Percent to Common Shareholders

64%

DE Before Certain Payables Attributable to Common Shareholders

1,086,833

1,220,339

1,537,540

1,229,664

1,378,635

27%

2,067,273

2,608,299

26%

Less: Other Payables Attributable to Common

Shareholders

(142,664

)

(26,913

)

(167,504

)

(160,943

)

(166,382)

17%

(281,089

)

(327,325

)

16%

DE Attributable to Common Shareholders

944,169

1,193,426

1,370,036

1,068,721

1,212,253

28%

1,786,184

2,280,974

28%

DE per Common Share

1.21

1.52

1.75

1.36

$ 1.52

26%

2.30

2.88

25%

Less: Retained Capital per Common Share

(0.18

)

(0.23

)

(0.26

)

(0.20

)

$ (0.23)

28%

(0.34

)

(0.43

)

26%

Actual Dividend per Common Share

1.03

1.29

1.49

1.16

$ 1.29

25%

1.96

2.45

25%

Record Date

Aug 3, 2026

Payable Date

Aug 10, 2026

A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy. See additional notes on

page 35.

Blackstone | 23

SHARE SUMMARY

Distributable Earnings Shares Outstanding as of quarter end of 1,244 million shares.

–

Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM.

–

Available authorization remaining was $1.6 billion at June 30, 2026.

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

Participating Common Shares

782,567,390

782,728,403

783,183,010

785,497,027

799,934,579

Participating Partnership Units

447,574,842

446,455,699

445,586,312

444,672,720

443,878,452

Distributable Earnings Shares Outstanding

1,230,142,232

1,229,184,102

1,228,769,322

1,230,169,747

1,243,813,031

Participating Common Shares and Participating Partnership Units include

both issued and outstanding shares and unvested shares that participate in dividends.

Blackstone | 24

Reconciliations and Disclosures

Blackstone | 25

BLACKSTONE’S SECOND QUARTER 2026 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share data) (unaudited)

2Q’25

2Q’26

2Q’25 YTD

2Q’26 YTD

2Q’25 LTM

2Q’26 LTM

Revenues

Management and

Advisory Fees, Net

2,035,495

2,266,006

3,939,812

4,414,626

7,614,287

8,550,415

Incentive Fees

195,414

159,080

387,239

324,499

983,777

915,462

Investment

Income

Performance Allocations

Realized

829,820

1,365,175

1,391,870

2,468,348

3,665,458

4,738,721

Unrealized

313,283

587,140

576,484

870,592

379,719

937,171

Principal

Investments

Realized

97,171

105,585

282,713

248,605

462,329

663,524

Unrealized

365,391

414,821

524,104

29,819

474,848

(245,981

)

Total Investment Income

1,605,665

2,472,721

2,775,171

3,617,364

4,982,354

6,093,435

Interest and

Dividend Revenue

100,389

134,224

197,809

242,164

406,130

460,448

Other

(225,063

)

11,947

(298,673

)

62,920

(239,431

)

90,720

Total

Revenues

3,711,900

5,043,978

7,001,358

8,661,573

13,747,117

16,110,480

Expenses

Compensation and

Benefits

Compensation

870,358

963,026

1,899,720

2,129,923

3,386,499

3,901,396

Incentive Fee

Compensation

67,363

49,716

124,392

104,084

347,132

254,594

Performance Allocations

Compensation

Realized

331,191

565,264

573,081

998,713

1,485,668

1,723,104

Unrealized

152,618

236,129

256,177

325,830

113,618

446,615

Total Compensation

and Benefits

1,421,530

1,814,135

2,853,370

3,558,550

5,332,917

6,325,709

General, Administrative and

Other

360,817

409,110

693,190

781,931

1,373,221

1,613,289

Interest

Expense

135,822

145,023

253,937

282,076

480,806

536,453

Fund Expenses

14,434

7,344

26,538

15,348

36,304

38,026

Total

Expenses

1,932,603

2,375,612

3,827,035

4,637,905

7,223,248

8,513,477

Other Income

Change in Tax

Receivable Agreement Liability

(41,246

)

6,591

Net Gains from Fund Investment

Activities

136,330

140,086

193,905

239,841

256,822

463,333

Total Other

Income

136,330

140,086

193,905

239,841

215,576

469,924

Income Before

Provision for Taxes

1,915,627

2,808,452

3,368,228

4,263,509

6,739,445

8,066,927

Provision for

Taxes

289,494

452,386

533,321

649,536

1,011,075

1,241,238

Net

Income

1,626,133

2,356,066

2,834,907

3,613,973

5,728,370

6,825,689

Net Income Attributable to

Redeemable Non-Controlling

Interests in Consolidated Entities

18,209

5,154

26,109

26,164

4,231

45,555

Net Income Attributable to

Non-Controlling

Interests in Consolidated Entities

240,836

175,649

341,383

293,016

611,799

612,201

Net Income Attributable to Non-Controlling

Interests in Blackstone Holdings

602,844

946,074

1,088,319

1,415,875

2,248,536

2,648,897

Net Income

Attributable to Blackstone Inc.

764,244

1,229,189

1,379,096

1,878,918

2,863,804

3,519,036

Net Income Per

Share of Common Stock, Basic

0.98

1.54

1.77

2.37

3.71

4.47

Net Income Per Share of Common

Stock, Diluted

0.98

1.54

1.77

2.37

3.71

4.47

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

QTD

YTD

LTM

($ in thousands)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

2Q’25

2Q’26

2Q’25

2Q’26

Net Income Attributable to Blackstone Inc.

764,244

624,917

1,015,201

649,729

1,229,189

1,379,096

1,878,918

2,863,804

3,519,036

Net Income Attributable to Non-Controlling

Interests in Blackstone Holdings

602,844

457,110

775,912

469,801

946,074

1,088,319

1,415,875

2,248,536

2,648,897

Net Income Attributable to

Non-Controlling

Interests in Consolidated Entities

240,836

125,890

193,295

117,367

175,649

341,383

293,016

611,799

612,201

Net Income (Loss) Attributable to Redeemable

Non-Controlling Interests in Consolidated Entities

18,209

29,008

(9,617

)

21,010

5,154

26,109

26,164

4,231

45,555

Net Income

1,626,133

1,236,925

1,974,791

1,257,907

2,356,066

2,834,907

3,613,973

5,728,370

6,825,689

Provision for Taxes

289,494

209,657

382,045

197,150

452,386

533,321

649,536

1,011,075

1,241,238

Income Before Provision for Taxes

1,915,627

1,446,582

2,356,836

1,455,057

2,808,452

3,368,228

4,263,509

6,739,445

8,066,927

Transaction-Related and Non-Recurring Items (a)

10,381

(9,412

)

(6,822

)

6,967

29,205

7,038

28,418

(9,196

)

Amortization of Intangibles (b)

7,333

7,327

7,288

14,666

14,576

29,332

29,236

Impact of Consolidation (c)

(259,045

)

(154,898

)

(183,678

)

(138,377

)

(180,803

)

(367,492

)

(319,180

)

(616,030

)

(657,756

)

Unrealized Performance Revenues (d)

(313,256

)

215,872

(282,372

)

(283,355

)

(587,150

)

(576,457

)

(870,505

)

(379,689

)

(937,005

)

Unrealized Performance Allocations Compensation

(e)

152,618

(31,547

)

152,332

89,701

236,129

256,177

325,830

113,618

446,615

Unrealized Principal Investment (Income) Loss (f)

(294,093

)

216,084

67,826

322,136

(443,186

)

(455,350

)

(121,050

)

(322,367

)

162,860

Other Revenues (g)

225,083

(28,702

)

1,174

(50,928

)

(11,898

)

298,718

(62,826

)

239,840

(90,354

)

Equity-Based Compensation (h)

312,018

301,562

358,364

561,217

353,753

783,320

914,970

1,329,267

1,574,896

Administrative Fee Adjustment (i)

4,112

4,097

3,942

4,568

4,426

8,298

8,994

14,946

17,033

Taxes and Related Payables (j)

(195,015

)

(77,484

)

(230,120

)

(209,436

)

(209,833

)

(382,745

)

(419,269

)

(752,069

)

(726,873

)

Distributable Earnings

1,565,763

1,889,487

2,244,809

1,764,838

1,977,249

2,976,568

3,742,087

6,424,711

7,876,383

Taxes and Related Payables (j)

195,015

77,484

230,120

209,436

209,833

382,745

419,269

752,069

726,873

Net Interest and Dividend (Income) Loss (k)

24,643

18,552

17,276

22,118

10,606

45,173

32,724

65,384

68,552

Total Segment Distributable

Earnings

1,785,421

1,985,523

2,492,205

1,996,392

2,197,688

3,404,486

4,194,080

7,242,164

8,671,808

Realized Performance Revenues (l)

(553,121

)

(744,953

)

(1,057,432

)

(780,494

)

(730,885

)

(1,013,144

)

(1,511,379

)

(2,220,893

)

(3,313,764

)

Realized Performance Compensation (m)

256,624

302,642

310,405

364,056

344,124

477,548

708,180

924,713

1,321,227

Realized Principal Investment (Income) Loss

(n)

(29,421

)

(62,535

)

(209,877

)

(31,973

)

(27,499

)

(147,331

)

(59,472

)

(213,347

)

(331,884

)

Fee Related Earnings

1,459,503

1,480,677

1,535,301

1,547,981

1,783,428

2,721,559

3,331,409

5,732,637

6,347,387

Adjusted EBITDA Reconciliation

Distributable Earnings

1,565,763

1,889,487

2,244,809

1,764,838

1,977,249

2,976,568

3,742,087

6,424,711

7,876,383

Interest Expense (o)

125,033

126,090

128,022

130,058

144,830

242,983

274,888

471,336

529,000

Taxes and Related Payables (j)

195,015

77,484

230,120

209,436

209,833

382,745

419,269

752,069

726,873

Depreciation and Amortization (p)

26,642

24,015

26,102

26,138

25,772

48,868

51,910

96,235

102,027

Adjusted EBITDA

1,912,453

2,117,076

2,629,053

2,130,470

2,357,684

3,651,164

4,488,154

7,744,351

9,234,283

Notes on pages 28-29.

Blackstone | 27

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

Note: See pages 36-38, Definitions and Dividend Policy.

(a)

This adjustment removes Transaction-Related and

Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including

acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses

on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s

operational performance.

(b)

This adjustment removes the amortization of transaction-related intangibles, which are excluded from

Blackstone’s segment presentation.

(c)

This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from

Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(d)

This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment

represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

QTD

YTD

LTM

($ in thousands)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

2Q’25

2Q’26

2Q’25

2Q’26

GAAP Unrealized Performance Allocations

313,283

(215,818

)

282,397

283,452

587,140

576,484

870,592

379,719

937,171

Segment Adjustment

(27

)

(54

)

(25

)

(97

)

(27

)

(87

)

(30

)

(166

)

Unrealized Performance Revenues

313,256

(215,872

)

282,372

283,355

587,150

576,457

870,505

379,689

937,005

(e) This adjustment removes Unrealized

Performance Allocations Compensation.

(f) This adjustment removes Unrealized Principal Investment Income

on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the

removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

QTD

YTD

LTM

($ in thousands)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

2Q’25

2Q’26

2Q’25

2Q’26

GAAP Unrealized Principal Investment Income (Loss)

365,391

(238,658

)

(37,142

)

(385,002

)

414,821

524,104

29,819

474,848

(245,981

)

Segment Adjustment

(71,298

)

22,574

(30,684

)

62,866

28,365

(68,754

)

91,231

(152,481

)

83,121

Unrealized Principal Investment Income (Loss)

294,093

(216,084

)

(67,826

)

(322,136

)

443,186

455,350

121,050

322,367

(162,860

)

(g) This adjustment removes Other

Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non-Recurring Items.

QTD

YTD

LTM

($ in thousands)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

2Q’25

2Q’26

2Q’25

2Q’26

GAAP Other Revenue

(225,063

)

28,702

(902

)

50,973

11,947

(298,673

)

62,920

(239,431

)

90,720

Segment Adjustment

(20

)

(272

)

(45

)

(49

)

(45

)

(94

)

(409

)

(366

)

Other Revenues

(225,083

)

28,702

(1,174

)

50,928

11,898

(298,718

)

62,826

(239,840

)

90,354

(h)

This adjustment removes Equity-Based Compensation on a segment basis.

(i)

This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders

of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

Blackstone | 28

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D)

(j)

Taxes represent the total GAAP tax provision adjusted to include only the current tax provision

(benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted for impacts of divestitures and tax contingencies. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related

Payables represent tax-related payables including the amount payable to holders of the Tax Receivable Agreements based on expected tax savings generated in the current period. Please refer to page 36 for the

full definition of Taxes and Related Payables.

QTD

YTD

LTM

($ in thousands)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

2Q’25

2Q’26

2Q’25

2Q’26

Taxes

167,162

49,719

196,234

178,757

179,996

329,697

358,753

636,676

604,706

Related Payables

27,853

27,765

33,886

30,679

29,837

53,048

60,516

115,393

122,167

Taxes and Related Payables

195,015

77,484

230,120

209,436

209,833

382,745

419,269

752,069

726,873

(k) This adjustment removes Interest and Dividend Revenue less Interest Expense on

a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated

with the Tax Receivable Agreement.

QTD

YTD

LTM

($ in thousands)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

2Q’25

2Q’26

2Q’25

2Q’26

GAAP Interest and Dividend Revenue

100,389

107,538

110,746

107,940

134,224

197,809

242,164

406,130

460,448

Segment Adjustment

(178

)

Interest and Dividend Revenue

100,390

107,538

110,746

107,940

134,224

197,810

242,164

405,952

460,448

GAAP Interest Expense

135,822

126,288

128,089

137,053

145,023

253,937

282,076

480,806

536,453

Segment Adjustment

(10,789

)

(198

)

(67

)

(6,995

)

(193

)

(10,954

)

(7,188

)

(9,470

)

(7,453

)

Interest Expense

125,033

126,090

128,022

130,058

144,830

242,983

274,888

471,336

529,000

Net Interest and Dividend Income (Loss)

(24,643

)

(18,552

)

(17,276

)

(22,118

)

(10,606

)

(45,173

)

(32,724

)

(65,384

)

(68,552

)

(l) This adjustment removes

the total segment amount of Realized Performance Revenues.

(m) This adjustment removes the

total segment amount of Realized Performance Compensation.

(n) This adjustment

removes the total segment amount of Realized Principal Investment Income.

(o) This

adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.

(p) This adjustment adds back Depreciation and Amortization on a segment basis.

Reconciliation of GAAP Shares of Common Stock Outstanding to

Distributable Earnings Shares Outstanding

QTD

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

GAAP Shares of Common Stock Outstanding

739,055,944

747,812,724

748,688,068

751,535,403

752,601,287

Unvested Participating Common Shares

43,511,446

34,915,679

34,494,942

33,961,624

47,333,292

Total Participating Common Shares

782,567,390

782,728,403

783,183,010

785,497,027

799,934,579

Participating Partnership Units

447,574,842

446,455,699

445,586,312

444,672,720

443,878,452

Distributable Earnings Shares Outstanding

1,230,142,232

1,229,184,102

1,228,769,322

1,230,169,747

1,243,813,031

Disclosure of Weighted-Average Shares Common Stock Outstanding

QTD

YTD

LTM

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

2Q’25

2Q’26

2Q’25

2Q’26

Total GAAP Weighted-Average Shares of Common Stock

Outstanding—Basic

782,386,121

782,633,394

783,106,052

785,332,239

799,882,459

777,120,501

792,647,549

772,754,797

787,718,453

Weighted-Average Shares of Unvested Deferred Restricted

Common Stock

15,116

47,741

87,397

964,071

14,976

326,667

489,524

195,783

278,546

Total GAAP Weighted-Average Shares of Common Stock

Outstanding—Diluted

782,401,237

782,681,135

783,193,449

786,296,310

799,897,435

777,447,168

793,137,073

772,950,580

787,996,999

Blackstone | 29

BLACKSTONE’S SECOND QUARTER 2026 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

($ in thousands) (unaudited)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

Assets

Cash and Cash Equivalents

2,235,499

2,430,690

2,631,241

2,448,485

2,507,073

Cash Held by Blackstone Funds and Other

313,950

401,558

223,441

261,955

266,230

Investments

31,135,504

31,528,443

32,212,111

32,747,619

34,587,729

Accounts Receivable

357,858

543,209

291,758

572,832

692,055

Due from Affiliates

5,516,820

5,845,843

6,357,462

6,395,165

6,218,066

Intangible Assets, Net

147,294

140,458

131,359

122,324

113,288

Goodwill

1,890,202

Other Assets

877,000

900,582

1,157,719

1,035,171

996,506

Right-of-Use Assets

793,690

773,030

757,459

786,276

743,127

Deferred Tax Assets

2,105,277

2,100,275

2,056,223

2,066,953

1,877,944

Total Assets

45,373,094

46,554,290

47,708,975

48,326,982

49,892,220

Liabilities and Equity

Loans Payable

12,008,870

12,002,650

12,445,144

13,280,285

13,194,730

Due to Affiliates

2,802,514

3,000,083

3,224,432

3,244,627

3,484,356

Accrued Compensation and

Benefits

6,065,974

6,385,958

6,411,389

6,396,285

6,844,156

Operating Lease Liabilities

918,887

886,135

861,021

881,566

832,586

Accounts Payable, Accrued Expenses

and Other Liabilities

2,497,969

2,918,023

2,885,817

3,107,508

3,103,164

Total Liabilities

24,294,214

25,192,849

25,827,803

26,910,271

27,458,992

Redeemable

Non-Controlling Interests in Consolidated Entities

1,487,129

1,476,212

1,380,503

1,400,419

1,371,083

Equity

Common Stock, $0.00001 par value

(752,601,287 shares issued

and outstanding as of June 30, 2026)

Series I Preferred Stock, $0.00001 par value (1

share issued

and outstanding as of June 30, 2026)

Series II Preferred Stock,

$0.00001 par value (1 share issued

and outstanding as of June 30, 2026)

Additional Paid-in-Capital

7,988,663

8,214,078

8,479,886

8,710,266

9,051,771

Retained Earnings

(Deficit)

362,614

184,040

191,641

(323,733

)

(18,646

)

Accumulated Other Comprehensive Income

(Loss)

1,055

(5,602

)

(6,008

)

(15,770

)

(18,589

)

Non-Controlling Interests in Consolidated

Entities

6,847,785

7,162,957

7,224,211

7,226,994

7,104,291

Non-Controlling Interests in Blackstone Holdings

4,391,627

4,329,749

4,610,932

4,418,528

4,943,311

Total Equity

19,591,751

19,885,229

20,500,669

20,016,292

21,062,145

Total Liabilities and Equity

45,373,094

46,554,290

47,708,975

48,326,982

49,892,220

See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.

Blackstone | 30

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

($ in thousands)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

Investments of Consolidated Blackstone Funds

5,101,278

5,507,078

5,180,879

5,189,519

5,233,815

Equity Method Investments

Partnership Investments

6,942,526

6,936,411

6,546,190

6,612,536

6,535,521

Accrued Performance Allocations

12,054,879

11,933,738

12,980,356

13,002,955

13,906,754

Corporate Treasury Investments

229,497

262,582

359,657

167,389

401,465

Other Investments

6,807,324

6,888,634

7,145,029

7,775,220

8,510,174

Total GAAP Investments

31,135,504

31,528,443

32,212,111

32,747,619

34,587,729

Accrued Performance Allocations - GAAP

12,054,879

11,933,738

12,980,356

13,002,955

13,906,754

Impact of Consolidation (a)

Due from Affiliates—GAAP (b)

229,359

215,647

577,467

204,866

169,131

Less: Net Realized Performance Revenues (c)

(456,507

)

(379,797

)

(1,081,738

)

(630,610

)

(591,552

)

Less: Accrued Performance Compensation - GAAP (d)

(5,220,188

)

(5,258,769

)

(5,733,563

)

(5,577,711

)

(6,016,432

)

Net Accrued Performance Revenues

6,607,543

6,510,819

6,742,522

6,999,500

7,467,901

Corporate Treasury and Other Investments - GAAP

7,036,821

7,151,216

7,504,686

7,942,609

8,911,639

Impact of Consolidation (a)

965,045

932,562

758,128

726,047

671,456

Other Assets (e)

337,228

563,415

409,248

568,481

494,212

Other Liabilities (f)

(3,190

)

(3,417

)

(3,357

)

(325,313

)

(342,730

)

Corporate Treasury and Other Investments - Deconsolidated

(g)

8,335,904

8,643,776

8,668,705

8,911,824

9,734,577

Partnership Investments - GAAP

6,942,526

6,936,411

6,546,190

6,612,536

6,535,521

Impact of Consolidation (h)

(3,653,037

)

(3,620,409

)

(3,639,431

)

(3,662,090

)

(3,567,345

)

GP/Fund Investments - Deconsolidated

3,289,489

3,316,002

2,906,759

2,950,446

2,968,176

Loans Payable - GAAP

12,008,870

12,002,650

12,445,144

13,280,285

13,194,730

Impact of Consolidation (i)

(128,335

)

(328,044

)

(126,420

)

(90,747

)

(123,897

)

Outstanding Debt - Carrying Value

11,880,535

11,674,606

12,318,724

13,189,538

13,070,833

Unamortized Discount

123,255

120,174

128,096

124,472

120,907

Outstanding Debt (at par) - Deconsolidated

12,003,790

11,794,780

12,446,820

13,314,010

13,191,740

(a)

This adjustment adds back investments in consolidated Blackstone Funds which have been

eliminated in consolidation.

(b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)

Represents Performance Revenues realized but not yet distributed as of the reporting date and

are included in Distributable Earnings in the period they are realized.

(d)

Represents GAAP accrued performance compensation associated with Accrued Performance

Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.

(e)

This adjustment adds other assets related to Treasury Operations that are recorded within

Accounts Receivable, Other Assets and Due from Affiliates.

(f)

This adjustment adds other liabilities related to Treasury Operations that are recorded within

Accounts Payable, Accrued Expenses and Other Liabilities.

(g)

Deconsolidated Other Investments was $9.1 billion as of June 30, 2026, which was

comprised of $8.5 billion of liquid investments and $601 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to

cash and may include securities and investments subject to lock-up periods.

(h)

This adjustment removes amounts associated with the ownership of Blackstone consolidated

operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

(i)

This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 31

RECONCILIATION OF GAAP TO TOTAL SEGMENTS

QTD

YTD

LTM

($ in thousands)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

2Q’25

2Q’26

2Q’25

2Q’26

Management and Advisory Fees, Net

GAAP

2,035,495

2,056,248

2,079,541

2,148,620

2,266,006

3,939,812

4,414,626

7,614,287

8,550,415

Segment Adjustment (a)

(15,483

)

(14,428

)

(17,322

)

(15,812

)

(15,710

)

(27,802

)

(31,522

)

(56,252

)

(63,272

)

Total Segment

2,020,012

2,041,820

2,062,219

2,132,808

2,250,296

3,912,010

4,383,104

7,558,035

8,487,143

GAAP Realized Performance Revenues to Total

Segment Fee Related Performance Revenues

GAAP

Incentive Fees

195,414

200,675

390,288

165,419

159,080

387,239

324,499

983,777

915,462

Investment Income - Realized Performance

Allocations

829,820

997,296

1,273,077

1,103,173

1,365,175

1,391,870

2,468,348

3,665,458

4,738,721

GAAP

1,025,234

1,197,971

1,663,365

1,268,592

1,524,255

1,779,109

2,792,847

4,649,235

5,654,183

Total Segment

Less: Realized Performance Revenues

(553,121

)

(744,953

)

(1,057,432

)

(780,494

)

(730,885

)

(1,013,144

)

(1,511,379

)

(2,220,893

)

(3,313,764

)

Segment Adjustment (b)

(63

)

512

1,000

533

Total Segment

472,050

453,018

606,445

488,098

793,391

765,965

1,281,489

2,429,342

2,340,952

GAAP Compensation to Total Segment Fee

Related Compensation

GAAP

Compensation

870,358

845,659

925,814

1,166,897

963,026

1,899,720

2,129,923

3,386,499

3,901,396

Incentive Fees Compensation

67,363

61,882

88,628

54,368

49,716

124,392

104,084

347,132

254,594

Realized Performance Allocations Compensation

331,191

354,765

369,626

433,449

565,264

573,081

998,713

1,485,668

1,723,104

GAAP

1,268,912

1,262,306

1,384,068

1,654,714

1,578,006

2,597,193

3,232,720

5,219,299

5,879,094

Total Segment

Less: Realized Performance Compensation

(256,624

)

(302,642

)

(310,405

)

(364,056

)

(344,124

)

(477,548

)

(708,180

)

(924,713

)

(1,321,227

)

Less: Equity-Based Compensation - Fee Related Compensation

(306,495

)

(296,506

)

(345,649

)

(549,703

)

(345,343

)

(770,548

)

(895,046

)

(1,308,662

)

(1,537,201

)

Less: Equity-Based Compensation - Performance

Compensation

(5,523

)

(5,056

)

(12,715

)

(11,514

)

(8,410

)

(12,772

)

(19,924

)

(20,605

)

(37,695

)

Segment Adjustment (c)

(11

)

(19,027

)

(15,689

)

Total Segment

700,316

658,091

715,312

729,470

880,129

1,317,298

1,609,599

2,949,630

2,983,002

GAAP General, Administrative and Other to

Total Segment Other Operating Expenses

GAAP

360,817

383,580

447,778

372,821

409,110

693,190

781,931

1,373,221

1,613,289

Segment Adjustment (d)

(28,574

)

(27,510

)

(29,727

)

(29,366

)

(28,980

)

(54,072

)

(58,346

)

(68,111

)

(115,583

)

Total Segment

332,243

356,070

418,051

343,455

380,130

639,118

723,585

1,305,110

1,497,706

Realized Performance Revenues

GAAP

Incentive Fees

195,414

200,675

390,288

165,419

159,080

387,239

324,499

983,777

915,462

Investment Income - Realized Performance

Allocations

829,820

997,296

1,273,077

1,103,173

1,365,175

1,391,870

2,468,348

3,665,458

4,738,721

GAAP

1,025,234

1,197,971

1,663,365

1,268,592

1,524,255

1,779,109

2,792,847

4,649,235

5,654,183

Total Segment

Less: Fee Related Performance Revenues

(472,050

)

(453,018

)

(606,445

)

(488,098

)

(793,391

)

(765,965

)

(1,281,489

)

(2,429,342

)

(2,340,952

)

Segment Adjustment (b)

(63

)

512

1,000

533

Total Segment

553,121

744,953

1,057,432

780,494

730,885

1,013,144

1,511,379

2,220,893

3,313,764

Blackstone | 32

RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D)

QTD

YTD

LTM

($ in thousands)

2Q’25

3Q’25

4Q’25

1Q’26

2Q’26

2Q’25

2Q’26

2Q’25

2Q’26

Realized Performance Compensation

GAAP

Incentive Fee Compensation

67,363

61,882

88,628

54,368

49,716

124,392

104,084

347,132

254,594

Realized Performance Allocations

Compensation

331,191

354,765

369,626

433,449

565,264

573,081

998,713

1,485,668

1,723,104

GAAP

398,554

416,647

458,254

487,817

614,980

697,473

1,102,797

1,832,800

1,977,698

Total Segment

Less: Fee Related Performance Compensation

(e)

(136,407

)

(108,949

)

(135,134

)

(112,247

)

(262,446

)

(207,153

)

(374,693

)

(887,482

)

(618,776

)

Less: Equity-Based Compensation - Performance Compensation

(5,523

)

(5,056

)

(12,715

)

(11,514

)

(8,410

)

(12,772

)

(19,924

)

(20,605

)

(37,695

)

Total Segment

256,624

302,642

310,405

364,056

344,124

477,548

708,180

924,713

1,321,227

Realized Principal Investment Income

(Loss)

GAAP

97,171

152,652

262,267

143,020

105,585

282,713

248,605

462,329

663,524

Segment Adjustment (f)

(67,750

)

(90,117

)

(52,390

)

(111,047

)

(78,086

)

(135,382

)

(189,133

)

(248,982

)

(331,640

)

Total Segment

29,421

62,535

209,877

31,973

27,499

147,331

59,472

213,347

331,884

GAAP Interest and Dividend Revenue net of

Interest Expense to Total Segment Net Interest and Dividend Income (Loss)

GAAP

Interest and Dividend Revenue

100,389

107,538

110,746

107,940

134,224

197,809

242,164

406,130

460,448

Interest Expense

(135,822

)

(126,288

)

(128,089

)

(137,053

)

(145,023

)

(253,937

)

(282,076

)

(480,806

)

(536,453

)

GAAP

(35,433

)

(18,750

)

(17,343

)

(29,113

)

(10,799

)

(56,128

)

(39,912

)

(74,676

)

(76,005

)

Segment Adjustment (g)

10,790

198

6,995

193

10,955

7,188

9,292

7,453

Total Segment

(24,643

)

(18,552

)

(17,276

)

(22,118

)

(10,606

)

(45,173

)

(32,724

)

(65,384

)

(68,552

)

This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the

Consolidated Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the

expense of equity-based awards and Transaction-Related and Non-Recurring Items.

(a)

Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been

eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction

of Management and Advisory Fees, Net in the Total Segment measures.

(b)

Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been

eliminated in consolidation.

(c)

Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment

measures.

(d)

Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total

Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and

Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution

under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

(e)

Fee related performance compensation may include equity based compensation based on fee related performance

revenues.

(f)

Represents (1) the add back of Principal Investment Income, including general partner income, earned from

consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(g)

Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have

been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

Blackstone | 33

NOTES

Notes to page 4 - Investment Performance

and Net Accrued Performance Revenues

The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of Blackstone.

Core+ appreciation represents a weighted average of BREIT’s per share appreciation, BEPIF’s per share appreciation, and BPP’s appreciation for the period and does not include BXDC. The returns are

weighted based on the average of BREIT’s monthly net asset values, BEPIF’s monthly net asset values, and the average of BPP’s net asset value.

Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries business refer to the appreciation of the Strategic Partners funds and do not

include results for GP Stakes. Strategic Partners results are reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented

herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters.

Throughout this presentation, Infrastructure refers to our infrastructure-focused funds, including Blackstone Infrastructure Partners’ funds (“BIP”) and Blackstone Infrastructure Strategies Fund

Program (“BXINFRA”). AUM, inflows, and related metrics for Infrastructure refer to BIP and the portion of BXINFRA assets that are managed in Infrastructure. Infrastructure appreciation represents a weighted average of BIP’s

appreciation and BXINFRA’s per share appreciation for the period. The returns are weighted based on the average of BIP’s quarterly net asset value and the average of BXINFRA’s monthly net asset values.

Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and

non-investment grade infrastructure and asset-based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered funds within a strategy that

has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of

fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone

Credit as part of Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.

The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing (“BXMA”) Absolute Return Composite, which includes only BXMA-managed commingled and customized multi-manager funds

and accounts and does not include BXMA’s liquid solutions group, seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in

liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no

guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the

performance of an actual fund or account.

Notes to page 12 – Credit & Insurance Segment Highlights

Beginning 2Q’26, capital markets advisory revenues generated in connection with certain financing transactions in infrastructure and asset based credit strategies are presented in the Credit & Insurance

segment. Previously, all capital markets advisory revenues were included in the Private Equity segment as part of the BXCM business.

Blackstone | 34

NOTES – (CONT’D)

Notes to page 17 – Deconsolidated

Balance Sheet Highlights

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $734 million, $1.7 billion, $366 million, and

$135 million, respectively, as of June 30, 2026. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

Notes to page 23 – Shareholder Dividends

DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax

benefits from deductions taken by Blackstone’ s corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables.

Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to shareholders as of the applicable record date.

Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share was $184 million for 2Q’26 and $341 million for

2Q’26 YTD.

Blackstone | 35

DEFINITIONS AND DIVIDEND POLICY

Blackstone discloses the following

operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”) in this

presentation:

Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess performance across

Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that

deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Segment

DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

–

Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee

Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).

–

Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income.

Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone

shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes

unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

–

Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone

Funds, and interest expense associated with the Tax Receivable Agreement.

–

Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and

including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are

excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The

economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s consolidated statements of operations

under U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings

generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision

adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.

Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring

basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and

(b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

Blackstone | 36

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

–

Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and

(b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.

–

Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis, and (b) not

dependent on realization events from the underlying investments.

–

Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the Transaction-Related and

Non-Recurring Items that are not recorded in the Total Segment measures, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in

Blackstone’s segment presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital

contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

–

Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors

through redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemption requests are limited in quantum. Includes co-investment capital

with an investor right to convert into Perpetual Capital.

–

FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and Fee Related Performance Revenues).

Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or “Adjusted EBITDA”, is a supplemental measure used to assess performance derived from

Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related

Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.

Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.

–

Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them

based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance

Compensation awarded for the year. The program, which typically has an impact on individual quarters based on the estimated amounts for the full year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the

full year. For 2Q’26 QTD, 2Q’26 YTD, 2Q’25 QTD and 2Q’25 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for

both the current year and prior year quarter and YTD periods.

Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other

charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event,

transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect

period-to-period comparability and are not reflective of Blackstone’s operational performance.

Blackstone | 37

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

Private Wealth AUM refers to the portion of assets under management attributable to the individual investor channel and comprises (a) all Assets Under Management in vehicles or share classes of

vehicles, in each case that are primarily targeted to the individual investor channel (including parallel or related vehicles) and (b) Assets Under Management attributable only to individual investors (including through private wealth

distribution agreements) in vehicles that are not primarily targeted to the individual investor channel.

Dividend Policy. Blackstone’s

intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of

directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to

provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any

one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone’s board of directors and our board of directors may change our

dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.

Blackstone | 38

FORWARD-LOOKING STATEMENTS

This presentation may

contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among

other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,”

“believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,”

“intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these

words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those

indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such

factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed

as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date

of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

This presentation does not constitute an offer of any Blackstone Fund.

Blackstone | 39

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