Earnings Per Share and Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Earnings Per Share and Stockholders' Equity

13.	Earnings Per Share and Stockholders’ Equity

Earnings Per Share

Basic and diluted net income per share of common stock for the three months ended March 31, 2026 and 2025 was calculated as follows:

	$		$
	Three Months Ended March 31,
	2026		2025
Net Income for Per Share of Common Stock Calculations
Net Income Attributable to Blackstone Inc., Basic and Diluted	$	649,729	$	614,852

Share/Units Outstanding
Weighted-Average Shares of Common Stock Outstanding, Basic		785,332,239		771,796,385
Weighted-Average Shares of Unvested Deferred Restricted Common Stock		964,071		638,217

Weighted-Average Shares of Common Stock Outstanding, Diluted		786,296,310		772,434,602

Net Income Per Share of Common Stock
Basic	$	0.83	$	0.80

Diluted	$	0.83	$	0.80

Dividends Declared Per Share of Common Stock (a)	$	1.49	$	1.44

(a)	Dividends declared reflects the calendar date of the declaration for each distribution.

In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of

non-controlling

interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the Blackstone Inc. level that has not previously been attributed to the

non-controlling

interests or if there is a change in tax rate as a result of a hypothetical conversion.

The following table summarizes the anti-dilutive securities for the three months ended March 31, 2026 and 2025:

	$		$
	Three Months Ended March 31,
	2026		2025
Weighted-Average Blackstone Holdings Partnership Units		445,089,438		450,237,809

Share Repurchase Program

On July 16, 2024, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. This authorization replaced Blackstone’s prior $2.0 billion repurchase authorization. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.

During the three months ended March 31, 2026, Blackstone repurchased 0.2

million shares of common stock, pursuant to its repurchase program, at a total cost of $

24.4 million. During the three months ended March 31, 2025, Blackstone repurchased 0.2 million shares of common stock at a total cost of $31.0 million. As of March 31, 2026, the amount remaining available for repurchases under the program was $1.7 billion.

Shares Eligible for Dividends and Distributions

As of March 31, 2026, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows:

	$
	Shares/Units
Common Stock Outstanding		751,535,403
Unvested Participating Common Stock		33,961,624

Total Participating Common Stock		785,497,027
Participating Blackstone Holdings Partnership Units		444,672,720

		1,230,169,747