Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Presentation

The following tables present the financial data for Blackstone’s four segments for the three months ended March 31, 2026 and 2025.

	$			$			$			$			$
	March 31, 2026 and the Three Months Then Ended
	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total Segments
Management and Advisory Fees, Net
Base Management Fees	$	636,047		$	659,991		$	509,847		$	146,529		$	1,952,414
Transaction, Advisory and Other Fees, Net		51,738			150,938			10,628			(1,607	)		211,697
Management Fee Offsets		(10,308	)		(9,007	)		(11,988	)		—			(31,303	)

Total Management and Advisory Fees, Net		677,477			801,922			508,487			144,922			2,132,808
Fee Related Performance Revenues		152,998			170,697			164,403			—			488,098
Fee Related Compensation		(193,137	)		(262,813	)		(226,493	)		(47,027	)		(729,470	)
Other Operating Expenses		(90,200	)		(112,928	)		(114,563	)		(25,764	)		(343,455	)

Fee Related Earnings		547,138			596,878			331,834			72,131			1,547,981

Realized Performance Revenues		42,074			637,989			78,126			22,305			780,494
Realized Performance Compensation		(22,956	)		(294,536	)		(31,197	)		(15,367	)		(364,056	)
Realized Principal Investment Income (Loss)		(8,805	)		45,348			(5,705	)		1,135			31,973

Total Net Realizations		10,313			388,801			41,224			8,073			448,411

Total Segment Distributable Earnings	$	557,451		$	985,679		$	373,058		$	80,204		$	1,996,392

Segment Assets	$	12,933,328		$	20,529,092		$	7,671,327		$	2,446,510		$	43,580,257

	$			$			$			$			$
	Three Months Ended March 31, 2025
	Real			Private			Credit &			Multi-Asset			Total
	Estate			Equity			Insurance			Investing			Segments
Management and Advisory Fees, Net
Base Management Fees	$	664,601		$	578,444		$	443,223		$	120,851		$	1,807,119
Transaction, Advisory and Other Fees, Net		40,146			54,220			15,480			1,463			111,309
Management Fee Offsets		(3,899	)		(10,872	)		(11,659	)		—			(26,430	)

Total Management and Advisory Fees, Net		700,848			621,792			447,044			122,314			1,891,998
Fee Related Performance Revenues		37,803			60,904			195,208			—			293,915
Fee Related Compensation		(170,525	)		(203,319	)		(201,618	)		(41,520	)		(616,982	)
Other Operating Expenses		(83,281	)		(102,894	)		(96,278	)		(24,422	)		(306,875	)

Fee Related Earnings		484,845			376,483			344,356			56,372			1,262,056

Realized Performance Revenues		19,010			350,073			91,597			(657	)		460,023
Realized Performance Compensation		(8,770	)		(171,141	)		(40,495	)		(518	)		(220,924	)
Realized Principal Investment Income		349			9,176			107,903			482			117,910

Total Net Realizations		10,589			188,108			159,005			(693	)		357,009

Total Segment Distributable Earnings	$	495,434		$	564,591		$	503,361		$	55,679		$	1,619,065

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes

The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2026 and 2025 along with Total Assets as of March 31, 2026:

	$			$
	Three Months Ended March 31,
	2026			2025
Revenues
Total GAAP Revenues	$	3,617,595		$	3,289,458
Less: Unrealized Performance Revenues (a)		(283,355	)		(263,201	)
Less: Unrealized Principal Investment (Income) Loss (b)		322,136			(161,257	)
Less: Interest and Dividend Revenue (c)		(107,940	)		(97,420	)
Less: Other Revenue (d)		(50,928	)		73,635
Impact of Consolidation (e)		(64,213	)		(77,124	)
Transaction-Related and Non-Recurring Items (f)		(46	)		(400	)
Intersegment Eliminations		124			155

Total Segment Revenue (g)	$	3,433,373		$	2,763,846

	$			$
	Three Months Ended March 31,
	2026			2025
Expenses
Total GAAP Expenses	$	2,262,293		$	1,894,432
Less: Unrealized Performance Allocations Compensation (h)		(89,701	)		(103,559	)
Less: Equity-Based Compensation (i)		(561,217	)		(471,302	)
Less: Interest Expense (j)		(130,058	)		(117,950	)
Impact of Consolidation (e)		(25,591	)		(26,252	)
Amortization of Intangibles (k)		(7,288	)		(7,333	)
Transaction-Related and Non-Recurring Items (f)		(7,013	)		(19,224	)
Administrative Fee Adjustment (l)		(4,568	)		(4,186	)
Intersegment Eliminations		124			155

Total Segment Expenses (m)	$	1,436,981		$	1,144,781


	Three Months Ended March 31,
	2026			2025
Other Income
Total GAAP Other Income (Loss)	$	99,755		$	57,575
Impact of Consolidation (e)		(99,755	)		(57,575	)

Total Segment Other Income	$	—		$	—


	Three Months Ended March 31,
	2026			2025
Income Before Provision for Taxes
Total GAAP Income Before Provision for Taxes	$	1,455,057		$	1,452,601
Less: Unrealized Performance Revenues (a)		(283,355	)		(263,201	)
Less: Unrealized Principal Investment (Income) Loss (b)		322,136			(161,257	)
Less: Interest and Dividend Revenue (c)		(107,940	)		(97,420	)
Less: Other Revenue (d)		(50,928	)		73,635
Plus: Unrealized Performance Allocations Compensation (h)		89,701			103,559
Plus: Equity-Based Compensation (i)		561,217			471,302
Plus: Interest Expense (j)		130,058			117,950
Impact of Consolidation (e)		(138,377	)		(108,447	)
Amortization of Intangibles (k)		7,288			7,333
Transaction-Related and Non-Recurring Items (f)		6,967			18,824
Administrative Fee Adjustment (l)		4,568			4,186

Total Segment Distributable Earnings	$	1,996,392		$	1,619,065

	$
	As of
	March 31,
	2026
Total Assets
Total GAAP Assets	$	48,326,982
Impact of Consolidation (e)		(4,746,725	)

Total Segment Assets	$	43,580,257

Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related and

Non-Recurring

Items.

(a)	This adjustment removes Unrealized Performance Revenues on a segment basis.

(b)	This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.

(c)	This adjustment removes Interest and Dividend Revenue on a segment basis.

(d)	This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2026 and 2025, Other Revenue on a GAAP basis was $51.0 million and $(73.6) million, and included $50.6 million and $(73.8) million of foreign exchange gains (losses), respectively.

(e)

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, 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, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by

non-controlling

interests.

(f)

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.

(g)	Total Segment Revenues is comprised of the following:

	$		$
	Three Months Ended March 31,
	2026		2025
Total Segment Management and Advisory Fees, Net	$	2,132,808	$	1,891,998
Total Segment Fee Related Performance Revenues		488,098		293,915
Total Segment Realized Performance Revenues		780,494		460,023
Total Segment Realized Principal Investment Income		31,973		117,910

Total Segment Revenues	$	3,433,373	$	2,763,846

(h)	This adjustment removes Unrealized Performance Allocations Compensation.

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

(j)	This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the tax receivable agreement.

(k)	This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.

(l)

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.

(m)	Total Segment Expenses is comprised of the following:

	$		$
	Three Months Ended March 31,
	2026		2025
Total Segment Fee Related Compensation	$	729,470	$	616,982
Total Segment Realized Performance Compensation		364,056		220,924
Total Segment Other Operating Expenses		343,455		306,875

Total Segment Expenses	$	1,436,981	$	1,144,781

Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations

The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2026 and 2025:

	$			$
	Three Months Ended March 31,
	2026			2025
Management and Advisory Fees, Net
GAAP	$	2,148,620		$	1,904,317
Segment Adjustment (a)		(15,812	)		(12,319	)

Total Segment	$	2,132,808		$	1,891,998


	Three Months Ended March 31,
	2026			2025
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees	$	165,419		$	191,825
Investment Income - Realized Performance Allocations		1,103,173			562,050

GAAP		1,268,592			753,875
Total Segment
Less: Realized Performance Revenues		(780,494	)		(460,023	)
Segment Adjustment (b)		—			63

Total Segment	$	488,098		$	293,915

	$			$
	Three Months Ended March 31,
	2026			2025
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation	$	1,166,897		$	1,029,362
Incentive Fee Compensation		54,368			57,029
Realized Performance Allocations Compensation		433,449			241,890

GAAP		1,654,714			1,328,281
Total Segment
Less: Realized Performance Compensation		(364,056	)		(220,924	)
Less: Equity-Based Compensation—Fee Related Compensation		(549,703	)		(464,053	)
Less: Equity-Based Compensation—Performance Compensation		(11,514	)		(7,249	)
Segment Adjustment (c)		29			(19,073	)

Total Segment	$	729,470		$	616,982


	Three Months Ended March 31,
	2026			2025
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP	$	372,821		$	332,373
Segment Adjustment (d)		(29,366	)		(25,498	)

Total Segment	$	343,455		$	306,875


	Three Months Ended March 31,
	2026			2025
Realized Performance Revenues
GAAP
Incentive Fees	$	165,419		$	191,825
Investment Income - Realized Performance Allocations		1,103,173			562,050

GAAP		1,268,592			753,875
Total Segment
Less: Fee Related Performance Revenues		(488,098	)		(293,915	)
Segment Adjustment (b)		—			63

Total Segment	$	780,494		$	460,023

	$			$
	Three Months Ended March 31,
	2026			2025
Realized Performance Compensation
GAAP
Incentive Fee Compensation	$	54,368		$	57,029
Realized Performance Allocations Compensation		433,449			241,890

GAAP		487,817			298,919
Total Segment
Less: Fee Related Performance Compensation (e)		(112,247	)		(70,746	)
Less: Equity-Based Compensation - Performance Compensation		(11,514	)		(7,249	)

Total Segment	$	364,056		$	220,924


	Three Months Ended March 31,
	2026			2025
Realized Principal Investment Income
GAAP	$	143,020		$	185,542
Segment Adjustment (f)		(111,047	)		(67,632	)

Total Segment	$	31,973		$	117,910

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.