EX-99.1

Exhibit 99.1

LOGO

Blackstone Reports Second Quarter 2025 Results

New York, July 24, 2025: Blackstone (NYSE:BX) today reported its second quarter 2025 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered outstanding second-

quarter results, reflective of the broader underlying expansion of the firm’s business and earnings power,

particularly in private wealth, credit and insurance, and infrastructure. Despite the volatile market backdrop, we

grew earnings significantly and total assets under management increased 13% year-over-year to more than

$1.2 trillion—a new industry record. Most importantly, we continued to deliver strong investment performance for

our LPs, with the highest overall amount of fund appreciation in nearly four years.”

Blackstone issued a full detailed presentation of its second quarter 2025 results, which can be viewed at

www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.03 per share to record holders of common stock at the close of

business on August 4, 2025. This dividend will be paid on August 11, 2025.

Quarterly Investor Call Details

Blackstone will host its second quarter 2025 investor conference via public webcast on July 24, 2025 at

9:00 a.m. ET. To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1725493&tp_key=ccdd76990b. 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

$1.2 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, 2024, as such factors may be updated from time to time in

our periodic 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

LOGO

Blackstone’s Second
Quarter 2025 Earnings

JULY 24, 2025

BLACKSTONE’S SECOND QUARTER 2025 GAAP RESULTS

GAAP Net Income was $1.6 billion for the quarter and $2.8 billion year-to-date (“YTD”). GAAP Net Income
Attributable to Blackstone Inc. was $764 million for the quarter and $1.4 billion YTD.



($ in thousands, except per share data) (unaudited)	2Q’24		2Q’25			2Q’24 YTD			2Q’25 YTD			2Q’24 LTM			2Q’25 LTM

Revenues

Management and Advisory Fees, Net	$	1,787,313	$	2,035,495		$	3,514,461		$	3,939,812		$	6,818,036		$	7,614,287

Incentive Fees		188,299		195,414			367,640			387,239			766,858			983,777

Performance Allocations		653,870		1,143,103			1,752,330			1,968,354			1,780,342			4,045,177

Principal Investments		42,269		462,562			582,489			806,817			447,593			937,177

Interest and Dividend Revenue		104,999		100,389			202,838			197,809			480,345			406,130

Other		19,631		(225,063	)		64,451			(298,673	)		17,340			(239,431	)

Total Revenues	$	2,796,381	$	3,711,900		$	6,484,209		$	7,001,358		$	10,310,514		$	13,747,117

Expenses

Compensation and Benefits		1,206,202		1,421,530			2,514,506			2,853,370			4,003,770			5,332,917

General, Administrative and Other		311,928		360,817			681,878			693,190			1,250,755			1,373,221

Interest Expense		108,616		135,822			216,819			253,937			436,150			480,806

Fund Expenses		5,960		14,434			9,910			26,538			48,913			36,304

Total Expenses	$	1,632,706	$	1,932,603		$	3,423,113		$	3,827,035		$	5,739,588		$	7,223,248

Other Income (Loss)	$	44,934	$	136,330		$	27,167		$	193,905		$	(210,281	)	$	215,576

Income Before Provision for Taxes	$	1,208,609	$	1,915,627		$	3,088,263		$	3,368,228		$	4,360,645		$	6,739,445

Provision for Taxes		260,246		289,494			543,917			533,321			786,434			1,011,075

Net Income	$	948,363	$	1,626,133		$	2,544,346		$	2,834,907		$	3,574,211		$	5,728,370

Redeemable NCI in Consolidated Entities		258		18,209			(39,411	)		26,109			(295,917	)		4,231

Non-Redeemable NCI in Consolidated Entities		503,691		843,680			1,291,957			1,429,702			1,874,534			2,860,335

Net Income Attributable to Blackstone Inc.	$	444,414	$	764,244		$	1,291,800		$	1,379,096		$	1,995,594		$	2,863,804

Net Income Per Share of Common Stock, Basic	$	0.58	$	0.98		$	1.69		$	1.77		$	2.62		$	3.71

Net Income Per Share of Common Stock, Diluted	$	0.58	$	0.98		$	1.69		$	1.77		$	2.62		$	3.71

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 2025 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.5 billion ($1.19/share) in the quarter – FRE was $5.7 billion over the last twelve months (“LTM”) ($4.68/share) § Distributable Earnings (“DE”) of $1.6 billion ($1.21/share) in the quarter – DE was $6.4 billion over the LTM ($5.00/share) § Net Accrued Performance Revenues of $6.6 billion ($5.37/share)

Capital Metrics		§ Total Assets Under Management (“AUM”) of $1,211.2 billion – Fee-Earning AUM of $887.1 billion – Perpetual Capital AUM of $484.6 billion § Inflows of $52.1 billion in the quarter and $211.8 billion over the LTM § Deployment of $33.1 billion in the quarter and $145.1 billion over the LTM § Realizations of $23.4 billion in the quarter and $97.5 billion over the LTM

Capital Returned to Shareholders		§ Dividend of $1.03 per common share payable on August 11, 2025 – Dividends of $4.26 per common share over the LTM § Repurchased 0.2 million common shares in the quarter and 1.7 million common shares over the LTM § $1.4 billion to be distributed to shareholders with respect to the second quarter and $5.8 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S SECOND QUARTER 2025 SEGMENT EARNINGS



							% Change								% Change

($ in thousands, except per share data)	2Q’24			2Q’25			vs. 2Q’24		2Q’24 YTD			2Q’25 YTD			vs. 2Q’24 YTD

Management and Advisory Fees, Net	$	1,779,938		$	2,020,012			13%	$	3,487,509		$	3,912,010		12%

Fee Related Performance Revenues		177,067			472,050			167%		472,568			765,965		62%

Fee Related Compensation		(552,913	)		(700,316	)		27%		(1,106,990	)		(1,317,298	)	19%

Other Operating Expenses		(293,122	)		(332,243	)		13%		(582,100	)		(639,118	)	10%

Fee Related Earnings	$	1,110,970		$	1,459,503			31%	$	2,270,987		$	2,721,559		20%


Realized Performance Revenues		542,889			553,121			2%		1,079,282			1,013,144		(6)%

Realized Performance Compensation		(251,057	)		(256,624	)		2%		(504,081	)		(477,548	)	(5)%

Realized Principal Investment Income		16,572			29,421			78%		26,510			147,331		456%

Net Realizations		308,404			325,918			6%		601,711			682,927		13%

Total Segment Distributable Earnings	$	1,419,374		$	1,785,421			26%	$	2,872,698		$	3,404,486		19%


Distributable Earnings	$	1,252,221		$	1,565,763			25%	$	2,518,599		$	2,976,568		18%


Additional Metrics:

Net Income Per Share of Common Stock, Basic	$	0.58		$	0.98			69%	$	1.69		$	1.77		5%

FRE per Share	$	0.91		$	1.19			31%	$	1.86		$	2.22		19%

DE per Common Share	$	0.96		$	1.21			26%	$	1.94		$	2.30		19%

Total Segment Revenues	$	2,516,466		$	3,074,604			22%	$	5,065,869		$	5,838,450		15%

Total Assets Under Management	$	1,076,371,811		$	1,211,207,341			13%	$	1,076,371,811		$	1,211,207,341		13%

Fee-Earning Assets Under Management	$	808,656,801		$	887,114,205			10%	$	808,656,801		$	887,114,205		10%

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 Segment Measures.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

Appreciation across nearly all strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of
$6.6 billion ($5.37/share).

Investment Performance

(appreciation / gross returns)



	2Q’25		2Q’25 LTM

Real Estate

Opportunistic		0.1%		(3.6)%

Core+		(0.4)%		(0.5)%


Private Equity

Corporate Private Equity		5.1%		17.2%

Tactical Opportunities		4.1%		14.3%

Secondaries		6.6%		10.9%

Infrastructure		2.9%		19.1%


Credit & Insurance

Private Credit		3.0%		13.3%

Liquid Credit		2.4%		7.9%


Multi-Asset Investing

Absolute Return Composite		2.8%		11.8%

Net Accrued Performance Revenues

($ in millions)

LOGO

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 2.2% and 9.5% for 2Q’25 and 2Q’25 LTM, respectively. Liquid Credit net returns

were 2.3% and 7.4% for 2Q’25 and 2Q’25 LTM, respectively. Absolute Return Composite net returns were 2.5% and 10.6% for 2Q’25 and 2Q’25 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 $52.1 billion in the quarter, bringing LTM inflows to $211.8 billion.

Deployed $33.1 billion in the quarter and $145.1 billion over the LTM.

–

Committed an additional $19.5 billion that was not yet deployed in the quarter.

Realizations were $23.4 billion in the quarter and $97.5 billion over the LTM.



	Inflows				Capital Deployed				Realizations

($ in millions)	2Q’25		2Q’25 LTM		2Q’25		2Q’25 LTM		2Q’25		2Q’25 LTM

Real Estate	$	7,222	$	27,327	$	6,168	$	22,071	$	5,249	$	22,418

Opportunistic		383		4,137		1,230		10,186		636		4,249

Core+		4,479		14,502		1,857		4,896		2,141		8,977

Debt Strategies		2,360		8,688		3,081		6,989		2,472		9,192

Private Equity		15,323		58,826		11,759		51,655		7,316		29,604

Corporate Private Equity		7,714		31,178		5,088		23,450		3,875		15,471

Tactical Opportunities		550		3,491		231		4,794		1,042		4,452

Secondaries		3,289		12,983		2,453		14,856		1,687		7,265

Infrastructure		3,770		11,174		3,986		8,554		712		2,417

Credit & Insurance		26,818		112,738		14,098		68,146		9,962		42,179


Multi-Asset Investing		2,714		12,861		1,055		3,231		825		3,274


Total Blackstone	$	52,077	$	211,752	$	33,080	$	145,104	$	23,352	$	97,475

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 $1,211.2 billion, up 13% year-over-year, with $52.1 billion of inflows in the quarter
and $211.8 billion over the LTM.

Fee-Earning AUM of $887.1 billion was up 10% year-over-year, with $41.9 billion of inflows in the quarter
and $159.4 billion over the LTM.

Perpetual Capital AUM reached $484.6 billion, up 16% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $415.9 billion, representing 47% of Fee-Earning AUM.

LOGO

Multi-Asset Investing had $200 million and $186 million of Perpetual Capital AUM as of 2Q’24 and 2Q’25, respectively.

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $604.4 billion at quarter end, up 14% year-over-year.

Total Dry Powder of $181.2 billion available for future investments.

LOGO

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’25 Total Segment Distributable Earnings were $1.8 billion.

LTM Total Segment Distributable Earnings were $7.2 billion.

Segment Distributable Earnings

($ in millions)

LOGO

Blackstone | 9

REAL ESTATE

Total AUM: $325.0 billion with inflows of $7.2 billion in the quarter and $27.3 billion over the LTM.

–

Inflows in the quarter included $2.4 billion in BREDS, of which $1.2 billion was from Insurance SMAs, $1.1 billion of capital raised in BREIT, and $1.0 billion in Blackstone Americas Logistics within Core+.

Capital Deployed: $6.2 billion in the quarter, including acquisitions of a portfolio of performing commercial real estate loans in BREDS and a Texas Industrial portfolio in Core+, and $22.1 billion over the LTM.

Realizations: $5.2 billion in the quarter and $22.4 billion over the LTM.

Appreciation: Opportunistic funds appreciated 0.1% in the quarter and declined (3.6)% over the LTM; Core+ funds declined (0.4)% in the quarter and (0.5)% over the LTM.



							% Change							% Change

($ in thousands)	2Q’24			2Q’25			vs. 2Q’24	2Q’24 YTD			2Q’25 YTD			vs. 2Q’24 YTD

Management Fees, Net	$	757,457		$	711,292		(6)%	$	1,477,896		$	1,412,140		(4)%

Fee Related Performance Revenues		606			89,590		n/m		130,564			127,393		(2)%

Fee Related Compensation		(184,404	)		(170,209	)	(8)%		(358,973	)		(340,734	)	(5)%

Other Operating Expenses		(92,378	)		(87,048	)	(6)%		(182,140	)		(170,329	)	(6)%

Fee Related Earnings	$	481,281		$	543,625		13%	$	1,067,347		$	1,028,470		(4)%


Realized Performance Revenues		53,472			43,587		(18)%		103,439			62,597		(39)%

Realized Performance Compensation		(25,295	)		(24,139	)	(5)%		(47,158	)		(32,909	)	(30)%

Realized Principal Investment Income		7,053			2,797		(60)%		9,246			3,146		(66)%

Net Realizations		35,230			22,245		(37)%		65,527			32,834		(50)%

Segment Distributable Earnings	$	516,511		$	565,870		10%	$	1,132,874		$	1,061,304		(6)%


Segment Revenues	$	818,588		$	847,266		4%	$	1,721,145		$	1,605,276		(7)%

Total AUM	$	336,100,271		$	324,994,725		(3)%	$	336,100,271		$	324,994,725		(3)%

Fee-Earning AUM	$	299,066,252		$	285,826,676		(4)%	$	299,066,252		$	285,826,676		(4)%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 18% to $388.9 billion with inflows of $15.3 billion in the quarter and $58.8 billion over the
LTM.

–

Inflows in the quarter included $3.8 billion in Infrastructure, $3.5 billion for the third Corporate Private Equity
Asia fund, and $3.3 billion in Secondaries.

–

$1.7 billion of capital raised for BXPE and $577 million of capital raised for BXINFRA.

Capital Deployed: $11.8 billion in the quarter, including Safe Harbor Marinas, Citrin Cooperman, and AGS Airports,
and $51.7 billion over the LTM; committed an additional $9.5 billion in the quarter, including to TXNM Energy.

Realizations: $7.3 billion in the quarter, including HealthEdge, Vine Energy, and Liftoff, and $29.6 billion over the
LTM.

Appreciation: Corporate Private Equity appreciated 5.1% in the quarter and 17.2% over the LTM.

–

Tactical Opportunities appreciated 4.1% in the quarter and 14.3% over the LTM; Secondaries appreciated 6.6% in the quarter and 10.9% over the LTM; Infrastructure appreciated 2.9% in the quarter and 19.1% over the LTM.



							% Change							% Change

($ in thousands)	2Q’24			2Q’25			vs. 2Q’24	2Q’24 YTD			2Q’25 YTD			vs. 2Q’24 YTD

Management and Advisory Fees, Net	$	514,851		$	706,298		37%	$	1,016,058		$	1,328,090		31%

Fee Related Performance Revenues		8,703			192,331		n/m		8,703			253,235		n/m

Fee Related Compensation		(158,068	)		(266,925	)	69%		(320,627	)		(470,244	)	47%

Other Operating Expenses		(87,436	)		(112,300	)	28%		(177,471	)		(215,194	)	21%

Fee Related Earnings	$	278,050		$	519,404		87%	$	526,663		$	895,887		70%


Realized Performance Revenues		381,797			408,980		7%		831,671			759,053		(9)%

Realized Performance Compensation		(179,761	)		(196,824	)	9%		(400,242	)		(367,965	)	(8)%

Realized Principal Investment Income		5,725			19,859		247%		28,154			29,035		3%

Net Realizations		207,761			232,015		12%		459,583			420,123		(9)%

Segment Distributable Earnings	$	485,811		$	751,419		55%	$	986,246		$	1,316,010		33%


Segment Revenues	$	911,076		$	1,327,468		46%	$	1,884,586		$	2,369,413		26%

Total AUM	$	330,589,586		$	388,907,242		18%	$	330,589,586		$	388,907,242		18%

Fee-Earning AUM	$	200,486,740		$	232,160,209		16%	$	200,486,740		$	232,160,209		16%

BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised includes amounts allocated to other strategies.

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 23% to $407.3 billion with inflows of $26.8 billion in the quarter and $112.7 billion over the
LTM.

–

Inflows in the quarter included $8.9 billion for the global direct lending strategy, inclusive of $3.7 billion of equity raised for BCRED, and $7.1 billion for infrastructure and asset based credit strategies.

–

Closed 8 new CLOs (6 U.S. and 2 European) for $4.3 billion.

–

Subsequent to quarter end, announced a partnership with Legal and General (“L&G”) to provide access to investment-grade assets to support L&G’s business growth, and to develop public/private credit solutions.

Capital Deployed: $14.1 billion in the quarter and $68.1 billion over the LTM driven by U.S. direct lending as well as infrastructure and asset based credit strategies; committed an additional $8.5 billion that was not yet deployed in
the quarter.

Realizations: $10.0 billion in the quarter and $42.2 billion over the LTM.

Returns: Private Credit gross return of 3.0% (2.2% net) and Liquid Credit gross return of 2.4% (2.3% net) in the
quarter.

–

Private Credit gross return of 13.3% (9.5% net) and Liquid Credit gross return of 7.9% (7.4% net) over the LTM.



							% Change							% Change

($ in thousands)	2Q’24			2Q’25			vs. 2Q’24	2Q’24 YTD			2Q’25 YTD			vs. 2Q’24 YTD

Management Fees, Net	$	390,200		$	470,627		21%	$	760,015		$	917,671		21%

Fee Related Performance Revenues		167,758			190,129		13%		333,301			385,337		16%

Fee Related Compensation		(172,551	)		(220,305	)	28%		(351,072	)		(421,923	)	20%

Other Operating Expenses		(88,348	)		(107,426	)	22%		(172,924	)		(203,704	)	18%

Fee Related Earnings	$	297,059		$	333,025		12%	$	569,320		$	677,381		19%


Realized Performance Revenues		91,247			87,393		(4)%		106,367			178,990		68%

Realized Performance Compensation		(37,738	)		(30,433	)	(19)%		(43,059	)		(70,928	)	65%

Realized Principal Investment Income		3,511			5,800		65%		7,072			113,703		n/m

Net Realizations		57,020			62,760		10%		70,380			221,765		215%

Segment Distributable Earnings	$	354,079		$	395,785		12%	$	639,700		$	899,146		41%


Segment Revenues	$	652,716		$	753,949		16%	$	1,206,755		$	1,595,701		32%

Total AUM	$	330,117,204		$	407,296,172		23%	$	330,117,204		$	407,296,172		23%

Fee-Earning AUM	$	237,285,546		$	288,931,236		22%	$	237,285,546		$	288,931,236		22%

Blackstone | 12

MULTI-ASSET INVESTING

Total AUM: Increased 13% to $90.0 billion with inflows of $2.7 billion in the quarter and $12.9 billion over the LTM.

Returns: Absolute Return Composite gross return of 2.8% in the quarter (2.5% net), outperforming the HFRX Global Hedge Fund Index, which was 1.8%.

–

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

–

Gross return of 11.8% over the LTM (10.6% net), compared to 4.7% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.



							% Change							% Change

($ in thousands)	2Q’24			2Q’25			vs. 2Q’24	2Q’24 YTD			2Q’25 YTD			vs. 2Q’24 YTD

Management Fees, Net	$	117,430		$	131,795		12%	$	233,540		$	254,109		9%

Fee Related Compensation		(37,890	)		(42,877	)	13%		(76,318	)		(84,397	)	11%

Other Operating Expenses		(24,960	)		(25,469	)	2%		(49,565	)		(49,891	)	1%

Fee Related Earnings	$	54,580		$	63,449		16%	$	107,657		$	119,821		11%



Realized Performance Revenues		16,373			13,161		(20)%		37,805			12,504		(67)%

Realized Performance Compensation		(8,263	)		(5,228	)	(37)%		(13,622	)		(5,746	)	(58)%

Realized Principal Investment Income (Loss)		283			965		241%		(17,962	)		1,447		n/m

Net Realizations		8,393			8,898		6%		6,221			8,205		32%

Segment Distributable Earnings	$	62,973		$	72,347		15%	$	113,878		$	128,026		12%


Segment Revenues	$	134,086		$	145,921		9%	$	253,383		$	268,060		6%

Total AUM	$	79,564,750		$	90,009,202		13%	$	79,564,750		$	90,009,202		13%

Fee-Earning AUM	$	71,818,263		$	80,196,084		12%	$	71,818,263		$	80,196,084		12%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS



($ in thousands)	2Q’24				3Q’24				4Q’24				1Q’25				2Q’25				2Q’24 YTD				2Q’25 YTD

Base Management Fees		$	1,651,566			$	1,710,941			$	1,773,645			$	1,807,119			$	1,876,672			$	3,296,296			$	3,683,791

Transaction, Advisory and Other Fees, Net			132,536				82,506				117,708				111,309				165,690				199,474				276,999

Management Fee Offsets			(4,164	)			(6,713	)			(32,062	)			(26,430	)			(22,350	)			(8,261	)			(48,780	)

Total Management and Advisory Fees, Net			1,779,938				1,786,734				1,859,291				1,891,998				2,020,012				3,487,509				3,912,010

Fee Related Performance Revenues			177,067				264,101				1,399,276				293,915				472,050				472,568				765,965

Fee Related Compensation			(552,913	)			(554,855	)			(1,077,477	)			(616,982	)			(700,316	)			(1,106,990	)			(1,317,298	)

Other Operating Expenses			(293,122	)			(320,823	)			(345,169	)			(306,875	)			(332,243	)			(582,100	)			(639,118	)

Fee Related Earnings		$	1,110,970			$	1,175,157			$	1,835,921			$	1,262,056			$	1,459,503			$	2,270,987			$	2,721,559



Realized Performance Revenues			542,889				342,669				865,080				460,023				553,121				1,079,282				1,013,144

Realized Performance Compensation			(251,057	)			(157,570	)			(289,595	)			(220,924	)			(256,624	)			(504,081	)			(477,548	)

Realized Principal Investment Income			16,572				40,403				25,613				117,910				29,421				26,510				147,331

Total Net Realizations		$	308,404			$	225,502			$	601,098			$	357,009			$	325,918			$	601,711			$	682,927

Total Segment Distributable Earnings		$	1,419,374			$	1,400,659			$	2,437,019			$	1,619,065			$	1,785,421			$	2,872,698			$	3,404,486



Distributable Earnings		$	1,252,221			$	1,278,650			$	2,169,493			$	1,410,805			$	1,565,763			$	2,518,599			$	2,976,568



Additional Metrics:

Total Segment Revenues		$	2,516,466			$	2,433,907			$	4,149,260			$	2,763,846			$	3,074,604			$	5,065,869			$	5,838,450

Total Assets Under Management		$	1,076,371,811			$	1,107,628,362			$	1,127,179,996			$	1,167,461,910			$	1,211,207,341			$	1,076,371,811			$	1,211,207,341

Fee-Earning Assets Under Management		$	808,656,801			$	820,457,203			$	830,708,603			$	860,069,950			$	887,114,205			$	808,656,801			$	887,114,205

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)



	Three Months Ended June 30, 2025															Twelve Months Ended June 30, 2025


	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total			Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total

Beginning Balance	$	319,989		$	370,990		$	388,720		$	87,763		$	1,167,462		$	336,100		$	330,590		$	330,117		$	79,565		$	1,076,372

Inflows		7,222			15,323			26,818			2,714			52,077			27,327			58,826			112,738			12,861			211,752

Outflows		(1,883	)		(1,805	)		(5,287	)		(1,796	)		(10,772	)		(22,233	)		(9,774	)		(9,333	)		(8,161	)		(49,500	)

Net Flows		5,339			13,518			21,531			917			41,306			5,095			49,053			103,405			4,700			162,252

Realizations		(5,249	)		(7,316	)		(9,962	)		(825	)		(23,352	)		(22,418	)		(29,604	)		(42,179	)		(3,274	)		(97,475	)

Market Activity		4,916			11,715			7,007			2,154			25,792			6,218			38,869			15,953			9,018			70,059

Ending Balance	$	324,995		$	388,907		$	407,296		$	90,009		$	1,211,207		$	324,995		$	388,907		$	407,296		$	90,009		$	1,211,207

% Change		2%			5%			5%			3%			4%			(3)%			18%			23%			13%			13%

Fee-Earning AUM Rollforward

($ in millions)



	Three Months Ended June 30, 2025															Twelve Months Ended June 30, 2025


	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total			Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total

Beginning Balance	$	282,060		$	226,219		$	274,120		$	77,670		$	860,070		$	299,066		$	200,487		$	237,286		$	71,818		$	808,657

Inflows		7,587			7,550			23,817			2,945			41,900			26,464			39,825			82,637			10,475			159,401

Outflows		(1,713	)		(805	)		(5,873	)		(1,689	)		(10,080	)		(20,706	)		(6,142	)		(12,773	)		(7,576	)		(47,197	)

Net Flows		5,874			6,746			17,944			1,255			31,820			5,759			33,683			69,864			2,899			112,205

Realizations		(5,406	)		(3,289	)		(7,006	)		(782	)		(16,483	)		(23,027	)		(11,376	)		(26,990	)		(2,971	)		(64,364	)

Market Activity		3,297			2,484			3,873			2,053			11,707			4,029			9,367			8,772			8,450			30,617

Ending Balance	$	285,827		$	232,160		$	288,931		$	80,196		$	887,114		$	285,827		$	232,160		$	288,931		$	80,196		$	887,114

% Change		1%			3%			5%			3%			3%			(4)%			16%			22%			12%			10%

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, 2025, Blackstone had $10.6 billion in total cash, cash equivalents, corporate treasury, and other
investments and $20.5 billion of cash and net investments, or $16.64 per share.

Blackstone has a $4.3 billion credit revolver ($3.6 billion undrawn) and maintains A+/A+ ratings.



($ in millions)	2Q’25

Cash and Cash Equivalents	$	2,235

Corporate Treasury and Other Investments		8,336

GP/Fund Investments		3,289

Net Accrued Performance Revenues		6,608

Cash and Net Investments	$	20,468

Outstanding Debt (at par)		12,004

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

December 2028 maturity

$10.6B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $6.8 billion as of June 30, 2025, which was comprised of $6.3 billion

of liquid investments and $514 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

($ in millions, except per share data)



	2Q’24		1Q’25		2Q’25		2Q’25
	2Q’24		1Q’25		2Q’25		Per Share

Real Estate

BREP Global	$	1,294	$	904	$	721	$	0.59

BREP Europe		117		69		27		0.02

BREP Asia		97		98		98		0.08

BPP		73		37		45		0.04

BREDS		16		32		32		0.03

Real Estate	$	1,595	$	1,140	$	923	$	0.75

Private Equity

BCP Global		1,508		1,739		1,869		1.52

BCP Asia		190		253		344		0.28

Energy/Energy Transition		417		545		515		0.42

Core Private Equity		243		257		266		0.22

Tactical Opportunities		159		200		227		0.18

Secondaries		813		1,144		1,270		1.03

Infrastructure		478		248		247		0.20

Life Sciences		125		214		239		0.19

BTAS/BXPE		217		238		236		0.19

Private Equity	$	4,150	$	4,838	$	5,212	$	4.24


Credit & Insurance	$	391	$	374	$	369	$	0.30


Multi-Asset Investing	$	78	$	46	$	103	$	0.08


Net Accrued Performance Revenues	$	6,214	$	6,399	$	6,608	$	5.37

2Q’25 QoQ Rollforward

($ in millions)



			Net			Net

			Performance			Realized

	1Q’25		Revenues			Distributions			2Q’25

Real Estate	$	1,140	$	(111	)	$	(106	)	$	923

Private Equity		4,838		707			(332	)		5,212

Credit & Insurance		374		179			(184	)		369

Multi-Asset Investing		46		65			(8	)		103

Total	$	6,399	$	840		$	(631	)	$	6,608

QoQ Change										3%

2Q’25 LTM Rollforward

($ in millions)


			Net		Net
			Performance		Realized
	2Q’24		Revenues		Distributions			2Q’25

Real Estate	$	1,595	$	(405)	$	(267	)	$	923

Private Equity		4,150		2,636		(1,573	)		5,212

Credit & Insurance		391		719		(741	)		369

Multi-Asset Investing		78		301		(276	)		103

Total	$	6,214	$	3,251	$	(2,857	)	$	6,608

YoY Change									6%

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, 2025^(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)
	Committed Capital		Available Capital (b)		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%	24%
BREP V (Dec 2005 / Feb 2007)		5,539,418		-		2,336	n/a		13,468,476	2.3x		13,470,812	2.3x	11%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,122		-		1,752	n/a		27,764,962	2.5x		27,766,714	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,506,798		898,732		1,584,660	0.5x		28,788,970	2.2x		30,373,630	1.9x	18%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,638,999		1,415,060		10,524,212	1.3x		23,084,365	2.3x		33,608,577	1.8x	23%	12%
BREP IX (Jun 2019 / Aug 2022)		21,356,236		3,197,042		21,704,362	1.2x		9,310,853	2.1x		31,015,215	1.4x	52%	8%
*BREP X (Aug 2022 / Feb 2028)		30,662,078		19,129,490		14,101,112	1.2x		1,071,053	1.2x		15,172,165	1.2x	7%	10%
Total Global BREP	$	104,204,814	$	24,640,324	$	47,918,434	1.2x	$	115,708,205	2.3x	$	163,626,639	1.8x	17%	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%	12%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,420		385,566		56,204	0.3x		5,926,938	2.1x		5,983,142	2.0x	14%	13%
BREP Europe IV (Sep 2013 / Dec 2016)		6,676,604		1,047,011		940,560	0.7x		10,217,388	1.9x		11,157,948	1.7x	17%	11%
BREP Europe V (Dec 2016 / Oct 2019)		7,997,397		757,584		4,192,061	0.8x		6,762,819	3.8x		10,954,880	1.5x	41%	6%
BREP Europe VI (Oct 2019 / Sep 2023)		9,935,641		2,869,990		7,798,015	1.1x		3,512,882	2.6x		11,310,897	1.4x	72%	8%
*BREP Europe VII (Sep 2023 / Mar 2029)		9,783,376		7,332,218		2,917,076	1.2x		47,242	1.1x		2,964,318	1.2x	n/m	15%
Total BREP Europe	€	40,052,358	€	12,392,369	€	15,903,916	1.0x	€	30,423,471	2.3x	€	46,327,387	1.5x	16%	10%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	898,761	$	1,509,465	1.8x	$	7,369,699	2.0x	$	8,879,164	1.9x	15%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,358,270		1,236,069		6,202,463	1.2x		2,387,241	1.8x		8,589,704	1.3x	23%	4%
*BREP Asia III (Mar 2022 / Sep 2027)		8,225,740		4,628,445		3,884,536	1.1x		70,976	2.3x		3,955,512	1.1x	42%	(2)%
Total BREP Asia	$	19,846,085	$	6,763,275	$	11,596,464	1.2x	$	9,827,916	1.9x	$	21,424,380	1.5x	16%	8%
BREP Co-Investment (f)		7,782,389		136,284		1,142,965	1.4x		15,277,156	2.2x		16,420,121	2.1x	16%	16%
Total BREP	$	178,512,387	$	45,899,019	$	78,518,657	1.1x	$	177,993,322	2.2x	$	256,511,979	1.7x	17%	13%
*BREDS High-Yield (Various) (g)		27,607,180		9,640,706		5,402,248	1.1x		22,923,144	1.3x		28,325,392	1.3x	10%	9%
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%	19%
BCOM (Jun 2000 / Jun 2006)		2,137,330		24,575		187	n/a		2,995,106	1.4x		2,995,293	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		195,824		329	n/a		21,720,334	2.9x		21,720,663	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		982,018		7,751	n/a		38,862,488	1.9x		38,870,239	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,195,794		1,341,577		3,749,193	2.1x		29,465,219	2.3x		33,214,412	2.2x	15%	12%
BCP VII (May 2016 / Feb 2020)		18,872,738		1,464,882		17,109,476	1.7x		21,685,432	2.7x		38,794,908	2.1x	25%	13%
BCP VIII (Feb 2020 / Apr 2024)		25,753,034		7,205,084		27,089,459	1.4x		5,102,888	2.3x		32,192,347	1.5x	35%	10%
*BCP IX (Apr 2024 / Apr 2030)		21,699,785		20,652,930		1,454,909	1.6x		-	n/a		1,454,909	1.6x	n/a	n/m
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		390,794	2.0x		4,456,022	2.0x		4,846,816	2.0x	13%	12%
Energy II (Feb 2015 / Feb 2020)		4,931,260		783,727		3,917,459	1.9x		4,954,266	1.9x		8,871,725	1.9x	12%	8%
Energy III (Feb 2020 / Jun 2024)		4,355,417		1,675,267		5,203,019	2.1x		2,301,128	2.4x		7,504,147	2.2x	38%	25%
*Energy Transition IV (Jun 2024 / Jun 2030)		5,852,687		4,738,767		1,458,397	1.5x		-	n/a		1,458,397	1.5x	n/a	n/m
BCP Asia I (Dec 2017 / Sep 2021)		2,437,080		417,510		2,715,503	2.2x		2,886,025	3.0x		5,601,528	2.6x	43%	24%
*BCP Asia II (Sep 2021 / Sep 2027)		6,794,242		4,558,655		4,495,291	2.3x		858,688	3.4x		5,353,979	2.4x	106%	41%
BCP Asia III (TBD)		7,906,614		7,906,614		-	n/a		-	n/a		-	n/a	n/a	n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,760,130		1,184,250		7,607,485	2.0x		3,086,102	5.5x		10,693,587	2.5x	59%	16%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,231,069		5,028,913		5,067,196	1.5x		502,247	n/a		5,569,443	1.6x	n/a	14%
Total Corporate Private Equity	$	165,338,635	$	58,335,085	$	80,266,448	1.7x	$	153,115,017	2.3x	$	233,381,465	2.0x	16%	15%
Tactical Opportunities
*Tactical Opportunities (Various)		31,299,857		12,676,036		14,449,563	1.3x		27,911,570	1.8x		42,361,133	1.6x	14%	11%
*Tactical Opportunities Co-Investment and Other (Various)		10,719,054		1,232,593		4,710,265	1.4x		11,033,570	1.8x		15,743,835	1.6x	18%	15%
Total Tactical Opportunities	$	42,018,911	$	13,908,629	$	19,159,828	1.3x	$	38,945,140	1.8x	$	58,104,968	1.6x	16%	12%

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, 2025^(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)
	Committed Capital		Available Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total

Private Equity (continued)

Growth

BXG I (Jul 2020 / Feb 2025)	$	4,968,719	$	724,615	$	4,111,011	1.0x	$	561,134	2.7x	$	4,672,145	1.1x	n/m	(1)%

*BXG II (Feb 2025 / Feb 2030)		4,389,899		4,342,078		-	n/a		-	n/a		-	n/a	n/a	n/a

Total Growth	$	9,358,618	$	5,066,693	$	4,111,011	1.0x	$	561,134	2.7x	$	4,672,145	1.1x	n/m	(1)%

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (i)		11,035,527		9,572		1,962	n/a		16,796,758	n/a		16,798,720	1.7x	n/a	13%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		590,701		529,398	n/a		4,543,440	n/a		5,072,838	1.7x	n/a	13%

Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,633,510		2,657,693	n/a		8,036,195	n/a		10,693,888	1.9x	n/a	15%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		517,352		1,395,364	n/a		1,240,984	n/a		2,636,348	1.8x	n/a	16%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		3,587,242		7,459,822	n/a		7,549,779	n/a		15,009,601	1.8x	n/a	21%

*Strategic Partners Real Estate, SMA and Other (Various) (i)		7,055,591		1,708,630		2,543,735	n/a		2,650,956	n/a		5,194,691	1.4x	n/a	11%

Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)		3,250,100		789,234		2,569,431	n/a		640,888	n/a		3,210,319	1.5x	n/a	18%

*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,692,625		3,697,398		13,603,694	n/a		1,107,668	n/a		14,711,362	1.5x	n/a	21%

*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)		2,095,211		578,490		1,038,195	n/a		11,152	n/a		1,049,347	1.0x	n/a	(2)%

*Strategic Partners Infrastructure IV (Jul 2024 / Jun 2029) (i)		4,637,949		4,190,514		69,750	n/a		-	n/a		69,750	n/m	n/a	n/m

Total Strategic Partners (Secondaries)	$	72,133,152	$	17,302,643	$	31,869,044	n/a	$	42,577,820	n/a	$	74,446,864	1.6x	n/a	14%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)		910,000		55,270		699,827	2.1x		586,139	1.4x		1,285,966	1.7x	6%	9%

BXLS V (Jan 2020 / Mar 2025)		4,993,165		2,566,835		4,705,006	2.1x		1,088,641	1.6x		5,793,647	2.0x	9%	20%

Credit

Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	-	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		72,977	0.6x		6,678,087	1.4x		6,751,064	1.4x	n/a	9%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		1,076,877		1,525,686	1.0x		9,260,802	1.6x		10,786,488	1.5x	n/a	12%

*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		1,369,196		4,206,195	1.2x		2,526,842	1.6x		6,733,037	1.3x	n/a	13%

Mezzanine / Opportunistic V (TBD)		3,916,540		3,916,540		-	n/a		-	n/a		-	n/a	n/a	n/a

Total Mezzanine / Opportunistic	$	21,692,444	$	7,452,987	$	5,804,858	1.1x	$	23,274,844	1.5x	$	29,079,702	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	9%

Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		547,430		66,642	0.1x		5,504,072	1.2x		5,570,714	1.1x	n/a	1%

Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		1,068,577		1,454,800	0.8x		5,516,944	1.5x		6,971,744	1.3x	n/a	10%

Total Stressed / Distressed	$	15,734,523	$	1,616,007	$	1,521,442	0.7x	$	16,798,114	1.3x	$	18,319,556	1.2x	n/a	7%

European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	65,796	€	172,113	0.3x	€	2,981,872	1.3x	€	3,153,985	1.1x	n/a	1%

European Senior Debt II (Jun 2019 / Jun 2023) (j)		4,088,344		916,352		2,799,584	0.9x		4,166,690	1.7x		6,966,274	1.3x	n/a	9%

Total European Senior Debt	€	6,053,033	€	982,148	€	2,971,697	0.8x	€	7,148,562	1.5x	€	10,120,259	1.2x	n/a	6%

Energy I (Nov 2015 / Nov 2018)	$	2,856,867	$	1,154,819	$	173,338	0.8x	$	3,422,576	1.6x	$	3,595,914	1.5x	n/a	10%

Energy II (Feb 2019 / Jun 2023)		3,616,081		1,464,279		619,526	1.0x		3,216,072	1.4x		3,835,598	1.3x	n/a	15%

*Energy III (May 2023 / May 2028)		6,477,000		3,043,157		3,936,437	1.1x		328,904	1.2x		4,265,341	1.1x	n/a	13%

Total Energy	$	12,949,948	$	5,662,255	$	4,729,301	1.1x	$	6,967,552	1.5x	$	11,696,853	1.3x	n/a	12%

*Senior Direct Lending I (Dec 2023 / Dec 2025) (k)		2,057,661		736,905		2,162,525	1.1x		64,476	1.1x		2,227,001	1.1x	n/a	11%

Total Credit Drawdown Funds (l)	$	59,340,235	$	16,621,050	$	19,149,462	1.0x	$	55,671,872	1.5x	$	74,821,334	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, 2025^(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

64,298,098

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

Core+ Real Estate

53,050,569

BREIT - Class I (q)

Core+ Real Estate

BXMT - Blackstone Mortgage Trust (2013) (r)

Real Estate Debt

6,129,160

Private Equity

BXGP - Blackstone GP Stakes (2014) (s)

Minority GP Interests

11,656,689

14%

BIP - Blackstone Infrastructure Partners (2019) (t)

Infrastructure

51,540,327

17%

BXPE - Blackstone Private Equity Strategies Fund Program (2024) (u)

Private Equity

12,515,293

16%

BXPE - Class I (v)

Private Equity

17%

Credit

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

U.S. Direct Lending

16,311,870

11%

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

U.S. Direct Lending

83,511,801

10%

BCRED - Class I (y)

U.S. Direct Lending

10%

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

European Direct Lending

€

2,613,129

10%

ECRED - Class I (aa)

European Direct Lending

11%

Investment Records as of June 30, 2025 - 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, 2025 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 14% and 8%, respectively, for the levered and unlevered funds of the strategy.

(k)

Senior Direct Lending I IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 14% and 8%, 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, 2025^(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, 2025 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 funds, 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, 2025, 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, 2025, including co-investment vehicles that do not pay fees, BXGP Total AUM is $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, 2025, including co-investment vehicles that do not pay fees, BIP Total AUM is $62.4 billion.

(u)

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, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of June 30, 2025. 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, 2025. BXPE 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 BXPE Fund Program Class I shares, the Program’s 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, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of June 30, 2025. 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.

(w)

The BXSL Total AUM and Total Net Return are presented as of March 31, 2025. 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.

(x)

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, 2025 was $44.3 billion.

(y)

Represents the Total Net Return for BCRED’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 BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021.

(z)

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, 2025 was €1.3 billion.

(aa)

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 $1.21 of Distributable Earnings per common share during the quarter, bringing the YTD amount to
$2.30 per common share.

Blackstone declared a quarterly dividend of $1.03 per common share to record holders as of August 4, 2025; payable
on August 11, 2025.



																% Change								% Change

($ in thousands, except per share data)	2Q’24			3Q’24			4Q’24			1Q’25			2Q’25			vs. 2Q’24		2Q’24 YTD			2Q’25 YTD			vs. 2Q’24 YTD

Distributable Earnings	$	1,252,221		$	1,278,650		$	2,169,493		$	1,410,805		$	1,565,763			25%	$	2,518,599		$	2,976,568			18	%

Add: Other Payables Attributable to Common Shareholders		124,280			73,491			185,782			138,425			142,664			15%		255,200			281,089			10	%

DE Before Certain Payables		1,376,501			1,352,141			2,355,275			1,549,230			1,708,427			24%		2,773,799			3,257,657			17	%

Percent to Common Shareholders		63%			63%			63%			63%			64%					63%			63%

DE Before Certain Payables Attributable to Common Shareholders		864,033			849,966			1,482,636			980,440			1,086,833			26%		1,735,920			2,067,273			19	%

Less: Other Payables Attributable to Common Shareholders		(124,280	)		(73,491	)		(185,782	)		(138,425	)		(142,664	)		15%		(255,200	)		(281,089	)		10	%

DE Attributable to Common Shareholders		739,753			776,475			1,296,854			842,015			944,169			28%		1,480,720			1,786,184			21	%

DE per Common Share	$	0.96		$	1.01		$	1.69		$	1.09		$	1.21			26%	$	1.94		$	2.30			19	%

Less: Retained Capital per Common Share	$	(0.14	)	$	(0.15	)	$	(0.25	)	$	(0.16	)	$	(0.18	)		29%	$	(0.29	)	$	(0.34	)		17	%

Actual Dividend per Common Share	$	0.82		$	0.86		$	1.44		$	0.93		$	1.03			26%	$	1.65		$	1.96			19	%

Record Date														Aug 4, 2025

Payable Date														Aug 11, 2025



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 1,230 million shares.

–

Repurchased 0.2 million common shares in the quarter and 1.7 million common shares over the LTM.

–

Available authorization remaining was $1.8 billion at June 30, 2025.



	2Q’24		3Q’24		4Q’24		1Q’25		2Q’25

Participating Common Shares		768,224,405		767,895,244		768,722,241		773,038,934		782,567,390

Participating Partnership Units		455,642,926		453,685,697		452,448,896		448,468,715		447,574,842

Distributable Earnings Shares Outstanding		1,223,867,331		1,221,580,941		1,221,171,137		1,221,507,649		1,230,142,232



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 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS



($ in thousands, except per share data) (unaudited)	2Q’24			2Q’25			2Q’24 YTD			2Q’25 YTD			2Q’24 LTM			2Q’25 LTM

Revenues

Management and Advisory Fees, Net	$	1,787,313		$	2,035,495		$	3,514,461		$	3,939,812		$	6,818,036		$	7,614,287

Incentive Fees		188,299			195,414			367,640			387,239			766,858			983,777

Investment Income

Performance Allocations

Realized		531,641			829,820			1,184,158			1,391,870			2,259,021			3,665,458

Unrealized		122,229			313,283			568,172			576,484			(478,679	)		379,719

Principal Investments

Realized		74,045			97,171			152,642			282,713			293,572			462,329

Unrealized		(31,776	)		365,391			429,847			524,104			154,021			474,848

Total Investment Income		696,139			1,605,665			2,334,819			2,775,171			2,227,935			4,982,354

Interest and Dividend Revenue		104,999			100,389			202,838			197,809			480,345			406,130

Other		19,631			(225,063	)		64,451			(298,673	)		17,340			(239,431	)

Total Revenues	$	2,796,381		$	3,711,900		$	6,484,209		$	7,001,358		$	10,310,514		$	13,747,117

Expenses

Compensation and Benefits

Compensation		766,647			870,358			1,561,450			1,899,720			2,893,595			3,386,499

Incentive Fee Compensation		77,139			67,363			150,846			124,392			304,405			347,132

Performance Allocations Compensation

Realized		260,736			331,191			519,630			573,081			918,499			1,485,668

Unrealized		101,680			152,618			282,580			256,177			(112,729	)		113,618

Total Compensation and Benefits		1,206,202			1,421,530			2,514,506			2,853,370			4,003,770			5,332,917

General, Administrative and Other		311,928			360,817			681,878			693,190			1,250,755			1,373,221

Interest Expense		108,616			135,822			216,819			253,937			436,150			480,806

Fund Expenses		5,960			14,434			9,910			26,538			48,913			36,304

Total Expenses	$	1,632,706		$	1,932,603		$	3,423,113		$	3,827,035		$	5,739,588		$	7,223,248

Other Income (Loss)

Change in Tax Receivable Agreement Liability		-			-			-			-			(29,083	)		(41,246	)

Net Gains (Losses) from Fund Investment Activities		44,934			136,330			27,167			193,905			(181,198	)		256,822

Total Other Income (Loss)	$	44,934		$	136,330		$	27,167		$	193,905		$	(210,281)		$	215,576

Income Before Provision for Taxes	$	1,208,609		$	1,915,627		$	3,088,263		$	3,368,228		$	4,360,645		$	6,739,445

Provision for Taxes		260,246			289,494			543,917			533,321			786,434			1,011,075

Net Income	$	948,363		$	1,626,133		$	2,544,346		$	2,834,907		$	3,574,211		$	5,728,370

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		258			18,209			(39,411	)		26,109			(295,917	)		4,231

Net Income Attributable to Non-Controlling Interests in Consolidated Entities		100,583			240,836			203,410			341,383			263,260			611,799

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		403,108			602,844			1,088,547			1,088,319			1,611,274			2,248,536

Net Income Attributable to Blackstone Inc.	$	444,414		$	764,244		$	1,291,800		$	1,379,096		$	1,995,594		$	2,863,804

Net Income Per Share of Common Stock, Basic	$	0.58		$	0.98		$	1.69		$	1.77		$	2.62		$	3.71

Net Income Per Share of Common Stock, Diluted	$	0.58		$	0.98		$	1.69		$	1.77		$	2.62		$	3.71

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES



	QTD															YTD						LTM



($ in thousands)	2Q’24			3Q’24			4Q’24			1Q’25			2Q’25			2Q’24			2Q’25			2Q’24			2Q’25

Net Income Attributable to Blackstone Inc.	$	444,414		$	780,835		$	703,873		$	614,852		$	764,244		$	1,291,800		$	1,379,096		$	1,995,594		$	2,863,804

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		403,108			603,057			557,160			485,475			602,844			1,088,547			1,088,319			1,611,274			2,248,536

Net Income Attributable to Non-Controlling Interests in Consolidated Entities		100,583			202,929			67,487			100,547			240,836			203,410			341,383			263,260			611,799

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		258			(22,184	)		306			7,900			18,209			(39,411	)		26,109			(295,917	)		4,231

Net Income	$	948,363		$	1,564,637		$	1,328,826		$	1,208,774		$	1,626,133		$	2,544,346		$	2,834,907		$	3,574,211		$	5,728,370

Provision for Taxes		260,246			245,303			232,451			243,827			289,494			543,917			533,321			786,434			1,011,075

Income Before Provision for Taxes	$	1,208,609		$	1,809,940		$	1,561,277		$	1,452,601		$	1,915,627		$	3,088,263		$	3,368,228		$	4,360,645		$	6,739,445

Transaction-Related and Non-Recurring Items (a)		4,962			(394	)		(393	)		18,824			10,381			57,159			29,205			72,291			28,418

Amortization of Intangibles (b)		7,333			7,333			7,333			7,333			7,333			14,666			14,666			29,370			29,332

Impact of Consolidation (c)		(100,841	)		(180,745	)		(67,793	)		(108,447	)		(259,045	)		(163,999	)		(367,492	)		32,657			(616,030	)

Unrealized Performance Revenues (d)		(122,239	)		(1,154,905	)		1,351,673			(263,201	)		(313,256	)		(568,175	)		(576,457	)		478,676			(379,689	)

Unrealized Performance Allocations Compensation (e)		101,680			465,099			(607,658	)		103,559			152,618			282,580			256,177			(112,729	)		113,618

Unrealized Principal Investment (Income) Loss (f)		38,125			90,254			42,729			(161,257	)		(294,093	)		(404,851	)		(455,350	)		(129,968	)		(322,367	)

Other Revenues (g)		(19,541	)		96,329			(155,207	)		73,635			225,083			(64,288	)		298,718			(17,103	)		239,840

Equity-Based Compensation (h)		295,396			262,798			283,149			471,302			312,018			613,175			783,320			1,054,760			1,329,267

Administrative Fee Adjustment (i)		2,465			3,219			3,429			4,186			4,112			4,942			8,298			9,789			14,946

Taxes and Related Payables (j)		(163,728	)		(120,278	)		(249,046	)		(187,730	)		(195,015	)		(340,873	)		(382,745	)		(659,998	)		(752,069	)

Distributable Earnings	$	1,252,221		$	1,278,650		$	2,169,493		$	1,410,805		$	1,565,763		$	2,518,599		$	2,976,568		$	5,118,390		$	6,424,711

Taxes and Related Payables (j)		163,728			120,278			249,046			187,730			195,015			340,873			382,745			659,998			752,069

Net Interest and Dividend (Income) Loss (k)		3,425			1,731			18,480			20,530			24,643			13,226			45,173			(55,892	)		65,384

Total Segment Distributable Earnings	$	1,419,374		$	1,400,659		$	2,437,019		$	1,619,065		$	1,785,421		$	2,872,698		$	3,404,486		$	5,722,496		$	7,242,164

Realized Performance Revenues (l)		(542,889	)		(342,669	)		(865,080	)		(460,023	)		(553,121	)		(1,079,282	)		(1,013,144	)		(2,110,435	)		(2,220,893	)

Realized Performance Compensation (m)		251,057			157,570			289,595			220,924			256,624			504,081			477,548			925,704			924,713

Realized Principal Investment (Income) Loss (n)		(16,572	)		(40,403	)		(25,613	)		(117,910	)		(29,421	)		(26,510	)		(147,331	)		(101,212	)		(213,347	)

Fee Related Earnings	$	1,110,970		$	1,175,157		$	1,835,921		$	1,262,056		$	1,459,503		$	2,270,987		$	2,721,559		$	4,436,553		$	5,732,637

Adjusted EBITDA Reconciliation

Distributable Earnings	$	1,252,221		$	1,278,650		$	2,169,493		$	1,410,805		$	1,565,763		$	2,518,599		$	2,976,568		$	5,118,390		$	6,424,711

Interest Expense (o)		108,424			111,326			117,027			117,950			125,033			216,064			242,983			434,246			471,336

Taxes and Related Payables (j)		163,728			120,278			249,046			187,730			195,015			340,873			382,745			659,998			752,069

Depreciation and Amortization (p)		25,336			24,685			22,682			22,226			26,642			51,389			48,868			98,238			96,235

Adjusted EBITDA	$	1,549,709		$	1,534,939		$	2,558,248		$	1,738,711		$	1,912,453		$	3,126,925		$	3,651,164		$	6,310,872		$	7,744,351

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’24			3Q’24			4Q’24			1Q’25			2Q’25			2Q’24			2Q’25			2Q’24			2Q’25

GAAP Unrealized Performance Allocations	$	122,229		$	1,154,918		$	(1,351,683	)	$	263,201		$	313,283		$	568,172		$	576,484		$	(478,679	)	$	379,719

Segment Adjustment		10			(13	)		10			-			(27	)		3			(27	)		3			(30	)

Unrealized Performance Revenues	$	122,239		$	1,154,905		$	(1,351,673	)	$	263,201		$	313,256		$	568,175		$	576,457		$	(478,676	)	$	379,689
(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’24			3Q’24			4Q’24			1Q’25			2Q’25			2Q’24			2Q’25			2Q’24			2Q’25

GAAP Unrealized Principal Investment Income (Loss)	$	(31,776	)	$	(1,864	)	$	(47,392	)	$	158,713		$	365,391		$	429,847		$	524,104		$	154,021		$	474,848

Segment Adjustment		(6,349	)		(88,390	)		4,663			2,544			(71,298	)		(24,996	)		(68,754	)		(24,053	)		(152,481	)

Unrealized Principal Investment Income (Loss)	$	(38,125	)	$	(90,254	)	$	(42,729	)	$	161,257		$	294,093		$	404,851		$	455,350		$	129,968		$	322,367

(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’24			3Q’24			4Q’24			1Q’25			2Q’25			2Q’24			2Q’25			2Q’24			2Q’25

GAAP Other Revenue	$	19,631		$	(96,312	)	$	155,554		$	(73,610	)	$	(225,063	)	$	64,451		$	(298,673	)	$	17,340		$	(239,431	)

Segment Adjustment		(90	)		(17	)		(347	)		(25	)		(20	)		(163	)		(45	)		(237	)		(409	)

Other Revenues	$	19,541		$	(96,329	)	$	155,207		$	(73,635	)	$	(225,083	)	$	64,288		$	(298,718	)	$	17,103		$	(239,840	)

(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 to exclude the tax impact of any divestitures. 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’24			3Q’24			4Q’24			1Q’25			2Q’25			2Q’24			2Q’25			2Q’24			2Q’25

Taxes	$	141,656		$	95,483		$	211,496		$	162,535		$	167,162		$	297,529		$	329,697		$	570,496		$	636,676

Related Payables		22,072			24,795			37,550			25,195			27,853			43,344			53,048			89,502			115,393

Taxes and Related Payables	$	163,728		$	120,278		$	249,046		$	187,730		$	195,015		$	340,873		$	382,745		$	659,998		$	752,069
(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’24			3Q’24			4Q’24			1Q’25			2Q’25			2Q’24			2Q’25			2Q’24			2Q’25

GAAP Interest and Dividend Revenue	$	104,999		$	109,774		$	98,547		$	97,420		$	100,389		$	202,838		$	197,809		$	480,345		$	406,130

Segment Adjustment		-			(179	)		-			-			1			-			1			9,793			(178	)

Interest and Dividend Revenue	$	104,999		$	109,595		$	98,547		$	97,420		$	100,390		$	202,838		$	197,810		$	490,138		$	405,952

GAAP Interest Expense	$	108,616		$	111,337		$	115,532		$	118,115		$	135,822		$	216,819		$	253,937		$	436,150		$	480,806

Segment Adjustment		(192	)		(11	)		1,495			(165	)		(10,789	)		(755	)		(10,954	)		(1,904	)		(9,470	)

Interest Expense	$	108,424		$	111,326		$	117,027		$	117,950		$	125,033		$	216,064		$	242,983		$	434,246		$	471,336

Net Interest and Dividend Income (Loss)	$	(3,425	)	$	(1,731	)	$	(18,480	)	$	(20,530	)	$	(24,643	)	$	(13,226	)	$	(45,173	)	$	55,892		$	(65,384	)

(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’24		3Q’24		4Q’24		1Q’25		2Q’25

GAAP Shares of Common Stock Outstanding		722,540,712		730,699,964		731,925,965		737,929,437		739,055,944

Unvested Participating Common Shares		45,683,693		37,195,280		36,796,276		35,109,497		43,511,446

Total Participating Common Shares		768,224,405		767,895,244		768,722,241		773,038,934		782,567,390

Participating Partnership Units		455,642,926		453,685,697		452,448,896		448,468,715		447,574,842

Distributable Earnings Shares Outstanding		1,223,867,331		1,221,580,941		1,221,171,137		1,221,507,649		1,230,142,232
Disclosure of Weighted-Average Shares Common Stock Outstanding

	QTD										YTD				LTM

	2Q’24		3Q’24		4Q’24		1Q’25		2Q’25		2Q’24		2Q’25		2Q’24		2Q’25

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		769,187,351		768,230,595		768,689,957		771,796,385		782,386,121		764,492,944		777,120,501		761,256,453		772,754,797

Weighted-Average Shares of Unvested Deferred Restricted Common Stock		47,326		49,771		80,028		638,217		15,116		253,218		326,667		188,840		195,783

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		769,234,677		768,280,366		768,769,985		772,434,602		782,401,237		764,746,162		777,447,168		761,445,293		772,950,580

Blackstone | 29

BLACKSTONE’S SECOND QUARTER 2025 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION



($ in thousands) (unaudited)	2Q’24			3Q’24			4Q’24			1Q’25			2Q’25

Assets

Cash and Cash Equivalents	$	2,381,436		$	2,353,332		$	1,972,140		$	2,386,979		$	2,235,499

Cash Held by Blackstone Funds and Other		219,393			180,545			204,052			1,012,958			313,950

Investments		26,426,289			28,322,715			29,800,566			30,259,429			31,135,504

Accounts Receivable		247,538			300,004			237,930			221,200			357,858

Due from Affiliates		4,868,069			5,163,883			5,409,315			5,434,078			5,516,820

Intangible Assets, Net		183,246			174,265			165,243			156,269			147,294

Goodwill		1,890,202			1,890,202			1,890,202			1,890,202			1,890,202

Other Assets		1,083,400			933,990			947,859			929,107			877,000

Right-of-Use Assets		995,524			978,699			838,620			807,487			793,690

Deferred Tax Assets		2,289,932			2,277,807			2,003,948			2,157,920			2,105,277

Total Assets	$	40,585,029		$	42,575,442		$	43,469,875		$	45,255,629		$	45,373,094

Liabilities and Equity

Loans Payable	$	10,688,193		$	10,752,246		$	11,320,956		$	12,454,559		$	12,008,870

Due to Affiliates		2,364,099			2,620,530			2,808,148			3,361,900			2,802,514

Accrued Compensation and Benefits		5,703,156			6,398,365			6,087,700			6,164,503			6,065,974

Operating Lease Liabilities		1,142,317			1,136,671			965,742			937,369			918,887

Accounts Payable, Accrued Expenses and Other Liabilities		2,012,969			2,202,689			2,792,314			2,472,395			2,497,969

Total Liabilities		21,910,734			23,110,501			23,974,860			25,390,726			24,294,214

Redeemable Non-Controlling Interests in Consolidated Entities		888,868			892,846			801,399			1,382,374			1,487,129

Equity

Common Stock, $0.00001 par value (739,055,944 shares issued and outstanding as of June 30, 2025)		7			7			7			7			7

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2025)		-			-			-			-			-

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2025)		-			-			-			-			-

Additional Paid-in-Capital		6,260,619			6,257,788			7,444,561			7,686,980			7,988,663

Retained Earnings		607,564			760,471			808,079			320,160			362,614

Accumulated Other Comprehensive Loss		(34,617	)		(10,609	)		(40,326	)		(29,027	)		1,055

Non-Controlling Interests in Consolidated Entities		5,682,606			6,015,967			6,154,943			6,400,585			6,847,785

Non-Controlling Interests in Blackstone Holdings		5,269,248			5,548,471			4,326,352			4,103,824			4,391,627

Total Equity		17,785,427			18,572,095			18,693,616			18,482,529			19,591,751

Total Liabilities and Equity	$	40,585,029		$	42,575,442		$	43,469,875		$	45,255,629		$	45,373,094

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’24			3Q’24			4Q’24			1Q’25			2Q’25

Investments of Consolidated Blackstone Funds	$	3,621,676		$	3,873,027		$	3,890,732		$	4,589,194		$	5,101,278

Equity Method Investments

Partnership Investments		6,107,429			6,295,704			6,546,728			6,740,598			6,942,526

Accrued Performance Allocations		11,132,801			12,411,485			12,397,366			12,522,848			12,054,879

Corporate Treasury Investments		176,330			147,642			1,147,328			106,684			229,497

Other Investments		5,388,053			5,594,857			5,818,412			6,300,105			6,807,324

Total GAAP Investments		26,426,289			28,322,715			29,800,566			30,259,429			31,135,504



Accrued Performance Allocations - GAAP	$	11,132,801		$	12,411,485		$	12,397,366		$	12,522,848		$	12,054,879

Impact of Consolidation (a)		-			-			-			-			-

Due from Affiliates - GAAP (b)		235,767			253,490			489,086			249,376			229,359

Less: Net Realized Performance Revenues (c)		(146,832	)		(141,896	)		(1,050,026	)		(927,240	)		(456,507	)

Less: Accrued Performance Compensation - GAAP (d)		(5,007,547	)		(5,531,520	)		(5,555,870	)		(5,446,352	)		(5,220,188	)

Net Accrued Performance Revenues	$	6,214,189		$	6,991,559		$	6,280,556		$	6,398,632		$	6,607,543

Corporate Treasury and Other Investments - GAAP	$	5,564,383		$	5,742,499		$	6,965,740		$	6,406,789		$	7,036,821

Impact of Consolidation (a)		590,551			580,076			622,411			857,457			965,045

Other Assets (e)		218,728			250,996			159,011			180,761			337,228

Other Liabilities (f)		(6,874	)		(6,584	)		(4,024	)		(3,653	)		(3,190	)

Corporate Treasury and Other Investments - Deconsolidated (g)	$	6,366,788		$	6,566,987		$	7,743,138		$	7,441,354		$	8,335,904

Partnership Investments - GAAP	$	6,107,429		$	6,295,704		$	6,546,728		$	6,740,598		$	6,942,526

Impact of Consolidation (h)		(3,401,589	)		(3,482,920	)		(3,482,497	)		(3,559,722	)		(3,653,037	)

GP/Fund Investments - Deconsolidated	$	2,705,840		$	2,812,784		$	3,064,231		$	3,180,876		$	3,289,489

Loans Payable - GAAP	$	10,688,193		$	10,752,246		$	11,320,956		$	12,454,559		$	12,008,870

Impact of Consolidation (i)		(130,321	)		(107,715	)		(87,488	)		(266,568	)		(128,335	)

Outstanding Debt - Carrying Value		10,557,872			10,644,531			11,233,468			12,187,991			11,880,535

Unamortized Discount		124,677			122,418			127,281			125,209			123,255

Outstanding Debt (at par) - Deconsolidated	$	10,682,549		$	10,766,949		$	11,360,749		$	12,313,200		$	12,003,790

(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, reverse repurchase agreements 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, Repurchase Agreements and securities sold short, not yet purchased.

(g)

Deconsolidated Other Investments was $6.8 billion as of June 30, 2025, which was comprised of $6.3 billion of liquid investments and $514 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’24			3Q’24			4Q’24			1Q’25			2Q’25			2Q’24			2Q’25			2Q’24			2Q’25

Management and Advisory Fees, Net

GAAP	$	1,787,313		$	1,794,894		$	1,879,581		$	1,904,317		$	2,035,495		$	3,514,461		$	3,939,812		$	6,818,036		$	7,614,287

Segment Adjustment (a)		(7,375	)		(8,160	)		(20,290	)		(12,319	)		(15,483	)		(26,952	)		(27,802	)		(22,856	)		(56,252	)

Total Segment	$	1,779,938		$	1,786,734		$	1,859,291		$	1,891,998		$	2,020,012		$	3,487,509		$	3,912,010		$	6,795,180		$	7,558,035

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees		188,299			191,794			404,744			191,825			195,414			367,640			387,239			766,858			983,777

Investment Income - Realized Performance Allocations		531,641			414,755			1,858,833			562,050			829,820			1,184,158			1,391,870			2,259,021			3,665,458

GAAP	$	719,940		$	606,549		$	2,263,577		$	753,875		$	1,025,234		$	1,551,798		$	1,779,109		$	3,025,879		$	4,649,235

Total Segment

Less: Realized Performance Revenues		(542,889	)		(342,669	)		(865,080	)		(460,023	)		(553,121	)		(1,079,282	)		(1,013,144	)		(2,110,435	)		(2,220,893	)

Segment Adjustment (b)		16			221			779			63			(63	)		52			—			669			1,000

Total Segment	$	177,067		$	264,101		$	1,399,276		$	293,915		$	472,050		$	472,568		$	765,965		$	916,113		$	2,429,342

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation		766,647			732,041			754,738			1,029,362			870,358			1,561,450			1,899,720			2,893,595			3,386,499

Incentive Fees Compensation		77,139			73,464			149,276			57,029			67,363			150,846			124,392			304,405			347,132

Realized Performance Allocations Compensation		260,736			169,740			742,847			241,890			331,191			519,630			573,081			918,499			1,485,668

GAAP	$	1,104,522		$	975,245		$	1,646,861		$	1,328,281		$	1,268,912		$	2,231,926		$	2,597,193		$	4,116,499		$	5,219,299

Total Segment

Less: Realized Performance Compensation		(251,057	)		(157,570	)		(289,595	)		(220,924	)		(256,624	)		(504,081	)		(477,548	)		(925,704	)		(924,713	)

Less: Equity-Based Compensation - Fee Related Compensation		(291,540	)		(259,265	)		(278,849	)		(464,053	)		(306,495	)		(604,940	)		(770,548	)		(1,039,916	)		(1,308,662	)

Less: Equity-Based Compensation - Performance Compensation		(3,856	)		(3,533	)		(4,300	)		(7,249	)		(5,523	)		(8,235	)		(12,772	)		(14,844	)		(20,605	)

Segment Adjustment (c)		(5,156	)		(22	)		3,360			(19,073	)		46			(7,680	)		(19,027	)		(18,714	)		(15,689	)

Total Segment	$	552,913		$	554,855		$	1,077,477		$	616,982		$	700,316		$	1,106,990		$	1,317,298		$	2,117,321		$	2,949,630

GAAP General, Administrative and Other to Total Segment Other Operating Expenses

GAAP	$	311,928		$	340,945		$	339,086		$	332,373		$	360,817		$	681,878		$	693,190		$	1,250,755		$	1,373,221

Segment Adjustment (d)		(18,806	)		(20,122	)		6,083			(25,498	)		(28,574	)		(99,778	)		(54,072	)		(93,336	)		(68,111	)

Total Segment	$	293,122		$	320,823		$	345,169		$	306,875		$	332,243		$	582,100		$	639,118		$	1,157,419		$	1,305,110

Realized Performance Revenues

GAAP

Incentive Fees		188,299			191,794			404,744			191,825			195,414			367,640			387,239			766,858			983,777

Investment Income - Realized Performance Allocations		531,641			414,755			1,858,833			562,050			829,820			1,184,158			1,391,870			2,259,021			3,665,458

GAAP	$	719,940		$	606,549		$	2,263,577		$	753,875		$	1,025,234		$	1,551,798		$	1,779,109		$	3,025,879		$	4,649,235

Total Segment

Less: Fee Related Performance Revenues		(177,067	)		(264,101	)		(1,399,276	)		(293,915	)		(472,050	)		(472,568	)		(765,965	)		(916,113	)		(2,429,342	)

Segment Adjustment (b)		16			221			779			63			(63	)		52			—			669			1,000

Total Segment	$	542,889		$	342,669		$	865,080		$	460,023		$	553,121		$	1,079,282		$	1,013,144		$	2,110,435		$	2,220,893

Blackstone | 32

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



	QTD															YTD						LTM



($ in thousands)	2Q’24			3Q’24			4Q’24			1Q’25			2Q’25			2Q’24			2Q’25			2Q’24			2Q’25

Realized Performance Compensation

GAAP

Incentive Fee Compensation	$	77,139		$	73,464		$	149,276		$	57,029		$	67,363		$	150,846		$	124,392		$	304,405		$	347,132

Realized Performance Allocations Compensation		260,736			169,740			742,847			241,890			331,191			519,630			573,081			918,499			1,485,668

GAAP	$	337,875		$	243,204		$	892,123		$	298,919		$	398,554		$	670,476		$	697,473		$	1,222,904		$	1,832,800

Total Segment

Less: Fee Related Performance Compensation (e)		(82,962	)		(82,101	)		(598,228	)		(70,746	)		(136,407	)		(158,160	)		(207,153	)		(282,356	)		(887,482	)

Less: Equity-Based Compensation - Performance Compensation		(3,856	)		(3,533	)		(4,300	)		(7,249	)		(5,523	)		(8,235	)		(12,772	)		(14,844	)		(20,605	)

Total Segment	$	251,057		$	157,570		$	289,595		$	220,924		$	256,624		$	504,081		$	477,548		$	925,704		$	924,713

Realized Principal Investment Income (Loss)

GAAP	$	74,045		$	95,235		$	84,381		$	185,542		$	97,171		$	152,642		$	282,713		$	293,572		$	462,329

Segment Adjustment (f)		(57,473	)		(54,832	)		(58,768	)		(67,632	)		(67,750	)		(126,132	)		(135,382	)		(192,360	)		(248,982	)

Total Segment	$	16,572		$	40,403		$	25,613		$	117,910		$	29,421		$	26,510		$	147,331		$	101,212		$	213,347

GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)

GAAP

Interest and Dividend Revenue		104,999			109,774			98,547			97,420			100,389			202,838			197,809			480,345			406,130

Interest Expense		(108,616	)		(111,337	)		(115,532	)		(118,115	)		(135,822	)		(216,819	)		(253,937	)		(436,150	)		(480,806	)

GAAP	$	(3,617	)	$	(1,563	)	$	(16,985	)	$	(20,695	)	$	(35,433	)	$	(13,981	)	$	(56,128	)	$	44,195		$	(74,676	)

Segment Adjustment (g)		192			(168	)		(1,495	)		165			10,790			755			10,955			11,697			9,292

Total Segment	$	(3,425	)	$	(1,731	)	$	(18,480	)	$	(20,530	)	$	(24,643	)	$	(13,226	)	$	(45,173	)	$	55,892		$	(65,384	)

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. 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 (“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 17 – Deconsolidated Balance Sheet Highlights

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $623 million, $1.5 billion, $1.1 billion, and $119 million, respectively, as of June 30, 2025. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

Blackstone | 34

NOTES – (CONT’D)

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 $141 million for 2Q’25 and $265 million for 2Q’25 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 contingencies and 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 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 as a result of a compensation program that commenced in 2Q’21. The expectation is that for the full year 2025, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. For 2Q’25 QTD, 2Q’25 YTD, 2Q’24 QTD and 2Q’24 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. These changes typically have an impact on individual quarters but do not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings for the full year.

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)

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, 2024, as such factors may be updated from time to time in our periodic 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