EX-99.1

Exhibit 99.1

LOGO

Blackstone Reports Second Quarter 2026 Results

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

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered an outstanding second quarter, highlighted by strong growth in earnings and nearly $70 billion of inflows. Our decision to lean into the artificial intelligence megatrend is leading to standout investment performance across numerous strategies and creating extraordinary opportunities for growth. We’ve become a trusted partner at scale to many of the key innovators in this ecosystem, which positions our firm extremely well for the future.”

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

Dividend

Blackstone has declared a quarterly dividend of $1.29 per share to record holders of common stock at the close of business on August 3, 2026. This dividend will be paid on August 10, 2026.

Quarterly Investor Call Details

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

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

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at https://ir.blackstone.com/.

About Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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

Investor and Media Relations Contacts

Weston Tucker

Blackstone

Tel: +1 (212) 583-5231

tucker@blackstone.com

Christine Anderson

Blackstone

Tel: +1 (212) 583-5182

christine.anderson@blackstone.com

LOGO

Blackstone’s Second

Quarter 2026 Earnings

JULY 23, 2026

BLACKSTONE’S SECOND QUARTER 2026 GAAP RESULTS

GAAP Net Income was $2.4 billion for the quarter and $3.6 billion year-to-date (“YTD”). GAAP Net Income Attributable to Blackstone Inc. was $1.2 billion for the quarter and $1.9 billion YTD.



($ in thousands, except per share data) (unaudited)	2Q’25			2Q’26		2Q’25 YTD			2Q’26 YTD		2Q’25 LTM			2Q’26 LTM

Revenues

Management and Advisory Fees, Net	$	2,035,495		$	2,266,006	$	3,939,812		$	4,414,626	$	7,614,287		$	8,550,415

Incentive Fees		195,414			159,080		387,239			324,499		983,777			915,462

Performance Allocations		1,143,103			1,952,315		1,968,354			3,338,940		4,045,177			5,675,892

Principal Investments		462,562			520,406		806,817			278,424		937,177			417,543

Interest and Dividend Revenue		100,389			134,224		197,809			242,164		406,130			460,448

Other		(225,063	)		11,947		(298,673	)		62,920		(239,431	)		90,720

Total Revenues	$	3,711,900		$	5,043,978	$	7,001,358		$	8,661,573	$	13,747,117		$	16,110,480

Expenses

Compensation and Benefits		1,421,530			1,814,135		2,853,370			3,558,550		5,332,917			6,325,709

General, Administrative and Other		360,817			409,110		693,190			781,931		1,373,221			1,613,289

Interest Expense		135,822			145,023		253,937			282,076		480,806			536,453

Fund Expenses		14,434			7,344		26,538			15,348		36,304			38,026

Total Expenses	$	1,932,603		$	2,375,612	$	3,827,035		$	4,637,905	$	7,223,248		$	8,513,477

Other Income	$	136,330		$	140,086	$	193,905		$	239,841	$	215,576		$	469,924

Income Before Provision for Taxes	$	1,915,627		$	2,808,452	$	3,368,228		$	4,263,509	$	6,739,445		$	8,066,927

Provision for Taxes		289,494			452,386		533,321			649,536		1,011,075			1,241,238

Net Income	$	1,626,133		$	2,356,066	$	2,834,907		$	3,613,973	$	5,728,370		$	6,825,689

Redeemable NCI in Consolidated Entities		18,209			5,154		26,109			26,164		4,231			45,555

Non-Redeemable NCI in Consolidated Entities		843,680			1,121,723		1,429,702			1,708,891		2,860,335			3,261,098

Net Income Attributable to Blackstone Inc.	$	764,244		$	1,229,189	$	1,379,096		$	1,878,918	$	2,863,804		$	3,519,036

Net Income Per Share of Common Stock, Basic	$	0.98		$	1.54	$	1.77		$	2.37	$	3.71		$	4.47

Net Income Per Share of Common Stock, Diluted	$	0.98		$	1.54	$	1.77		$	2.37	$	3.71		$	4.47

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.

Blackstone | 1

BLACKSTONE’S SECOND QUARTER 2026 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.8 billion ($1.43/share) in the quarter – FRE was $6.3 billion over the last twelve months (“LTM”) ($5.14/share) § Distributable Earnings (“DE”) of $2.0 billion ($1.52/share) in the quarter – DE was $7.9 billion over the LTM ($6.15/share) § Net Accrued Performance Revenues of $7.5 billion ($6.00/share)


Capital Metrics		§ Total Assets Under Management (“AUM”) of $1,346.3 billion – Fee-Earning AUM of $961.6 billion – Perpetual Capital AUM of $555.6 billion § Inflows of $68.3 billion in the quarter and $262.5 billion over the LTM § Deployment of $34.2 billion in the quarter and $138.5 billion over the LTM § Realizations of $31.8 billion in the quarter and $144.5 billion over the LTM

Capital Returned to Shareholders		§ Dividend of $1.29 per common share payable on August 10, 2026 – Dividends of $5.23 per common share over the LTM § Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM § $1.7 billion to be distributed to shareholders with respect to the second quarter and $6.9 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S SECOND QUARTER 2026 SEGMENT EARNINGS



($ in thousands, except per share data)	2Q’25				2Q’26				% Change vs. 2Q’25		2Q’25 YTD				2Q’26 YTD				% Change vs. 2Q’25 YTD

Management and Advisory Fees, Net		$	2,020,012			$	2,250,296			11%		$	3,912,010			$	4,383,104		12%

Fee Related Performance Revenues			472,050				793,391			68%			765,965				1,281,489		67%

Fee Related Compensation			(700,316	)			(880,129	)		26%			(1,317,298	)			(1,609,599	)	22%

Other Operating Expenses			(332,243	)			(380,130	)		14%			(639,118	)			(723,585	)	13%

Fee Related Earnings		$	1,459,503			$	1,783,428			22%		$	2,721,559			$	3,331,409		22%


Realized Performance Revenues			553,121				730,885			32%			1,013,144				1,511,379		49%

Realized Performance Compensation			(256,624	)			(344,124	)		34%			(477,548	)			(708,180	)	48%

Realized Principal Investment Income			29,421				27,499			(7)%			147,331				59,472		(60)%

Net Realizations			325,918				414,260			27%			682,927				862,671		26%

Total Segment Distributable Earnings		$	1,785,421			$	2,197,688			23%		$	3,404,486			$	4,194,080		23%


Distributable Earnings		$	1,565,763			$	1,977,249			26%		$	2,976,568			$	3,742,087		26%


Additional Metrics:

Net Income Per Share of Common Stock, Basic		$	0.98			$	1.54			57%		$	1.77			$	2.37		34%

FRE per Share		$	1.19			$	1.43			20%		$	2.22			$	2.69		21%

DE per Common Share		$	1.21			$	1.52			26%		$	2.30			$	2.88		25%

Total Segment Revenues		$	3,074,604			$	3,802,071			24%		$	5,838,450			$	7,235,444		24%

Total Assets Under Management		$	1,211,207,341			$	1,346,263,835			11%		$	1,211,207,341			$	1,346,263,835		11%

Fee-Earning Assets Under Management		$	887,114,205			$	961,592,654			8%		$	887,114,205			$	961,592,654		8%

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. YTD FRE per Share and DE per Common Share amounts represent the sum of the last two quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segments.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

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

Investment Performance

(appreciation / gross returns)



	2Q’26		2Q’26 LTM

Real Estate

Opportunistic		0.4%		(1.4)%

Core+		0.2%		3.2%

Private Equity

Corporate Private Equity		3.7%		14.4%

Tactical Opportunities		3.9%		9.9%

Secondaries		1.7%		8.1%

Infrastructure		7.2%		28.6%

Credit & Insurance

Private Credit		1.0%		6.8%

Liquid Credit		2.2%		3.9%

Multi-Asset Investing

Absolute Return Composite		5.8%		15.5%

Net Accrued Performance Revenues

($ in millions)

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 0.4% and 3.9% for 2Q’26 and 2Q’26 LTM, respectively. Liquid Credit net returns were 2.1% and 3.4% for 2Q’26 and 2Q’26 LTM, respectively. Absolute Return Composite net returns were 5.4% and 14.1% for 2Q’26 and 2Q’26 LTM, respectively. See notes on page 34 for additional details on these strategies and our investment performance.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

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

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

–

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

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



	Inflows				Capital Deployed				Realizations

($ in millions)	2Q’26		2Q’26 LTM		2Q’26		2Q’26 LTM		2Q’26		2Q’26 LTM

Real Estate	$	8,193	$	27,098	$	5,815	$	21,891	$	6,615	$	29,650

Opportunistic		1,319		2,355		2,542		7,777		2,715		10,792

Core+		4,733		13,498		772		3,100		2,018		8,320

Debt Strategies		2,140		11,245		2,501		11,013		1,882		10,538

Private Equity		24,520		76,006		14,515		47,404		11,023		45,682

Corporate Private Equity		15,182		34,852		8,579		26,986		5,834		24,255

Tactical Opportunities		891		3,864		1,264		2,899		1,150		6,387

Secondaries		5,662		23,983		3,263		12,919		2,614		11,523

Infrastructure		2,785		13,307		1,410		4,601		1,425		3,518

Credit & Insurance		31,012		142,998		12,733		65,365		13,495		65,720


Multi-Asset Investing		4,576		16,412		1,112		3,797		710		3,412


Total Blackstone	$	68,300	$	262,515	$	34,175	$	138,457	$	31,843	$	144,464

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

Blackstone | 5

ASSETS UNDER MANAGEMENT

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

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

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

–

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

LOGO

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

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

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

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

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’26 Total Segment Distributable Earnings were $2.2 billion.

LTM Total Segment Distributable Earnings were $8.7 billion.

Segment Distributable Earnings

($ in millions)

Blackstone | 9

REAL ESTATE

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

–

Inflows in the quarter included $2.1 billion in BREDS, primarily from $1.1 billion in a drawdown fund focused on non-opportunistic real estate credit, $2.0 billion from the initial public offering of Blackstone Digital Infrastructure Trust Inc. (“BXDC”), and $1.2 billion of capital raised in BREIT.

Capital Deployed: $5.8 billion in the quarter, including a BREP investment in a joint venture with Related Digital to develop a data center campus in Michigan and a BREP investment in a large logistics platform in France, and $21.9 billion over the LTM.

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

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



							% Change							% Change

($ in thousands)	2Q’25			2Q’26			vs. 2Q’25	2Q’25 YTD			2Q’26 YTD			vs. 2Q’25 YTD

Management and Advisory Fees, Net	$	711,292		$	727,081		2%	$	1,412,140		$	1,404,558		(1)%

Fee Related Performance Revenues		89,590			242,718		171%		127,393			395,716		211%

Fee Related Compensation		(170,209	)		(262,168	)	54%		(340,734	)		(455,305	)	34%

Other Operating Expenses		(87,048	)		(94,624	)	9%		(170,329	)		(184,824	)	9%

Fee Related Earnings	$	543,625		$	613,007		13%	$	1,028,470		$	1,160,145		13%


Realized Performance Revenues		43,587			210,868		384%		62,597			252,942		304%

Realized Performance Compensation		(24,139	)		(85,259	)	253%		(32,909	)		(108,215	)	229%

Realized Principal Investment Income (Loss)		2,797			6,660		138%		3,146			(2,145	)	n/m

Net Realizations		22,245			132,269		495%		32,834			142,582		334%

Segment Distributable Earnings	$	565,870		$	745,276		32%	$	1,061,304		$	1,302,727		23%


Segment Revenues	$	847,266		$	1,187,327		40%	$	1,605,276		$	2,051,071		28%

Total AUM	$	324,994,725		$	314,149,797		(3)%	$	324,994,725		$	314,149,797		(3)%

Fee-Earning AUM	$	285,826,676		$	277,420,420		(3)%	$	285,826,676		$	277,420,420		(3)%

Blackstone | 10

PRIVATE EQUITY

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

–

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

–

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

–

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

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

–

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

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

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

–

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



							% Change							% Change

($ in thousands)	2Q’25			2Q’26			vs. 2Q’25	2Q’25 YTD			2Q’26 YTD			vs. 2Q’25 YTD

Management and Advisory Fees, Net	$	706,298		$	794,580		12%	$	1,328,090		$	1,596,502		20%

Fee Related Performance Revenues		192,331			391,387		103%		253,235			562,084		122%

Fee Related Compensation		(266,925	)		(337,528	)	26%		(470,244	)		(600,341	)	28%

Other Operating Expenses		(112,300	)		(131,515	)	17%		(215,194	)		(244,443	)	14%

Fee Related Earnings	$	519,404		$	716,924		38%	$	895,887		$	1,313,802		47%


Realized Performance Revenues		408,980			490,807		20%		759,053			1,128,796		49%

Realized Performance Compensation		(196,824	)		(251,204	)	28%		(367,965	)		(545,740	)	48%

Realized Principal Investment Income		19,859			24,952		26%		29,035			70,300		142%

Net Realizations		232,015			264,555		14%		420,123			653,356		56%

Segment Distributable Earnings	$	751,419		$	981,479		31%	$	1,316,010		$	1,967,158		49%


Segment Revenues	$	1,327,468		$	1,701,726		28%	$	2,369,413		$	3,357,682		42%

Total AUM	$	388,907,242		$	454,152,320		17%	$	388,907,242		$	454,152,320		17%

Fee-Earning AUM	$	232,160,209		$	267,817,860		15%	$	232,160,209		$	267,817,860		15%

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

Blackstone | 11

CREDIT & INSURANCE

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

–

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

–

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

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

–

Committed an additional $9.7 billion in the quarter.

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

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

–

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



							% Change							% Change

($ in thousands)	2Q’25			2Q’26			vs. 2Q’25	2Q’25 YTD			2Q’26 YTD			vs. 2Q’25 YTD

Management and Advisory Fees, Net	$	470,627		$	572,756		22%	$	917,671		$	1,081,243		18%

Fee Related Performance Revenues		190,129			159,286		(16)%		385,337			323,689		(16)%

Fee Related Compensation		(220,305	)		(237,568	)	8%		(421,923	)		(464,061	)	10%

Other Operating Expenses		(107,426	)		(124,404	)	16%		(203,704	)		(238,967	)	17%

Fee Related Earnings	$	333,025		$	370,070		11%	$	677,381		$	701,904		4%


Realized Performance Revenues		87,393			11,540		(87)%		178,990			89,666		(50)%

Realized Performance Compensation		(30,433	)		(3,746	)	(88)%		(70,928	)		(34,943	)	(51)%

Realized Principal Investment Income (Loss)		5,800			(4,622	)	n/m		113,703			(10,327	)	n/m

Net Realizations		62,760			3,172		(95)%		221,765			44,396		(80)%

Segment Distributable Earnings	$	395,785		$	373,242		(6)%	$	899,146		$	746,300		(17)%


Segment Revenues	$	753,949		$	738,960		(2)%	$	1,595,701		$	1,484,271		(7)%

Total AUM	$	407,296,172		$	469,317,440		15%	$	407,296,172		$	469,317,440		15%

Fee-Earning AUM	$	288,931,236		$	318,240,694		10%	$	288,931,236		$	318,240,694		10%

See notes on page 34.

Blackstone | 12

MULTI-ASSET INVESTING

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

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

–

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

–

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



							% Change							% Change

($ in thousands)	2Q’25			2Q’26			vs. 2Q’25	2Q’25 YTD			2Q’26 YTD			vs. 2Q’25 YTD

Management and Advisory Fees, Net	$	131,795		$	155,879		18%	$	254,109		$	300,801		18%

Fee Related Compensation		(42,877	)		(42,865	)	(0)%		(84,397	)		(89,892	)	7%

Other Operating Expenses		(25,469	)		(29,587	)	16%		(49,891	)		(55,351	)	11%

Fee Related Earnings	$	63,449		$	83,427		31%	$	119,821		$	155,558		30%


Realized Performance Revenues		13,161			17,670		34%		12,504			39,975		220%

Realized Performance Compensation		(5,228	)		(3,915	)	(25)%		(5,746	)		(19,282	)	236%

Realized Principal Investment Income		965			509		(47)%		1,447			1,644		14%

Net Realizations		8,898			14,264		60%		8,205			22,337		172%

Segment Distributable Earnings	$	72,347		$	97,691		35%	$	128,026		$	177,895		39%


Segment Revenues	$	145,921		$	174,058		19%	$	268,060		$	342,420		28%

Total AUM	$	90,009,202		$	108,644,278		21%	$	90,009,202		$	108,644,278		21%

Fee-Earning AUM	$	80,196,084		$	98,113,680		22%	$	80,196,084		$	98,113,680		22%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS



($ in thousands)	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			2Q’25 YTD			2Q’26 YTD

Base Management Fees	$	1,876,672		$	1,919,702		$	1,945,364		$	1,952,414		$	1,960,897		$	3,683,791		$	3,913,311

Transaction, Advisory and Other Fees, Net		165,690			156,211			149,621			211,697			321,156			276,999			532,853

Management Fee Offsets		(22,350	)		(34,093	)		(32,766	)		(31,303	)		(31,757	)		(48,780	)		(63,060	)

Total Management and Advisory Fees, Net		2,020,012			2,041,820			2,062,219			2,132,808			2,250,296			3,912,010			4,383,104

Fee Related Performance Revenues		472,050			453,018			606,445			488,098			793,391			765,965			1,281,489

Fee Related Compensation		(700,316	)		(658,091	)		(715,312	)		(729,470	)		(880,129	)		(1,317,298	)		(1,609,599	)

Other Operating Expenses		(332,243	)		(356,070	)		(418,051	)		(343,455	)		(380,130	)		(639,118	)		(723,585	)

Fee Related Earnings	$	1,459,503		$	1,480,677		$	1,535,301		$	1,547,981		$	1,783,428		$	2,721,559		$	3,331,409


Realized Performance Revenues		553,121			744,953			1,057,432			780,494			730,885			1,013,144			1,511,379

Realized Performance Compensation		(256,624	)		(302,642	)		(310,405	)		(364,056	)		(344,124	)		(477,548	)		(708,180	)

Realized Principal Investment Income		29,421			62,535			209,877			31,973			27,499			147,331			59,472

Total Net Realizations	$	325,918		$	504,846		$	956,904		$	448,411		$	414,260		$	682,927		$	862,671

Total Segment Distributable Earnings	$	1,785,421		$	1,985,523		$	2,492,205		$	1,996,392		$	2,197,688		$	3,404,486		$	4,194,080


Distributable Earnings	$	1,565,763		$	1,889,487		$	2,244,809		$	1,764,838		$	1,977,249		$	2,976,568		$	3,742,087


Additional Metrics:

Total Segment Revenues	$	3,074,604		$	3,302,326		$	3,935,973		$	3,433,373		$	3,802,071		$	5,838,450		$	7,235,444

Total Assets Under Management	$	1,211,207,341		$	1,241,731,296		$	1,274,931,234		$	1,304,017,634		$	1,346,263,835		$	1,211,207,341		$	1,346,263,835

Fee-Earning Assets Under Management	$	887,114,205		$	906,221,028		$	921,674,454		$	937,596,454		$	961,592,654		$	887,114,205		$	961,592,654

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)



	Three Months Ended June 30, 2026															Twelve Months Ended June 30, 2026


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

Beginning Balance	$	315,284		$	429,910		$	457,462		$	101,361		$	1,304,018		$	324,995		$	388,907		$	407,296		$	90,009		$	1,211,207

Inflows		8,193			24,520			31,012			4,576			68,300			27,098			76,006			142,998			16,412			262,515

Outflows		(2,157	)		(1,458	)		(7,626	)		(2,298	)		(13,539	)		(8,986	)		(9,245	)		(25,448	)		(8,233	)		(51,912	)

Net Flows		6,036			23,062			23,385			2,278			54,761			18,112			66,761			117,550			8,180			210,603

Realizations		(6,615	)		(11,023	)		(13,495	)		(710	)		(31,843	)		(29,650	)		(45,682	)		(65,720	)		(3,412	)		(144,464	)

Market Activity		(555	)		12,204			1,965			5,715			19,328			693			44,167			10,191			13,867			68,918

Ending Balance	$	314,150		$	454,152		$	469,317		$	108,644		$	1,346,264		$	314,150		$	454,152		$	469,317		$	108,644		$	1,346,264

% Change		(0)%			6%			3%			7%			3%			(3)%			17%			15%			21%			11%

Fee-Earning AUM Rollforward

($ in millions)



	Three Months Ended June 30, 2026															Twelve Months Ended June 30, 2026


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

Beginning Balance	$	277,503		$	255,841		$	313,255		$	90,998		$	937,596		$	285,827		$	232,160		$	288,931		$	80,196		$	887,114

Inflows		6,090			15,363			17,225			4,613			43,291			21,183			51,975			79,237			15,987			168,382

Outflows		(1,106	)		(4,117	)		(5,256	)		(2,122	)		(12,601	)		(6,083	)		(14,934	)		(19,381	)		(7,612	)		(48,010	)

Net Flows		4,985			11,246			11,969			2,490			30,690			15,101			37,041			59,856			8,375			120,372

Realizations		(4,474	)		(4,559	)		(8,037	)		(677	)		(17,747	)		(24,003	)		(19,222	)		(36,114	)		(3,178	)		(82,518	)

Market Activity		(593	)		5,289			1,054			5,303			11,053			496			17,839			5,568			12,721			36,624

Ending Balance	$	277,420		$	267,818		$	318,241		$	98,114		$	961,593		$	277,420		$	267,818		$	318,241		$	98,114		$	961,593

% Change		(0)%			5%			2%			8%			3%			(3)%			15%			10%			22%			8%

Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments). Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

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

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



($ in millions)	2Q’26

Cash and Cash Equivalents	$	2,507

Corporate Treasury and Other Investments		9,735

GP/Fund Investments		2,968

Net Accrued Performance Revenues		7,468

Cash and Net Investments	$	22,678

Outstanding Debt (at par)		13,192

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

October 2030 maturity

$12.2B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $9.1 billion as of June 30, 2026, which was comprised of
$8.5 billion of liquid investments and $601 million of illiquid investments. See notes on pages 31 and 35 for additional details on non-GAAP balance sheet
measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL

($ in millions, except per share data)



	2Q’25		1Q’26		2Q’26		2Q’26
	2Q’25		1Q’26		2Q’26		Per Share

Real Estate

BREP Global	$	721	$	549	$	553	$	0.44

BREP Europe		27		70		81		0.07

BREP Asia		98		101		114		0.09

BPP		45		86		114		0.09

BREDS		32		27		30		0.02

Real Estate	$	923	$	833	$	891	$	0.72

Private Equity

BCP Global		1,869		1,860		1,764		1.42

BCP Asia		344		216		262		0.21

Energy/Energy Transition		515		1,007		1,052		0.85

Core Private Equity		266		276		256		0.21

Tactical Opportunities		227		152		150		0.12

Secondaries		1,270		1,088		1,148		0.92

Infrastructure		247		772		936		0.75

Life Sciences		239		228		253		0.20

BTAS		236		257		262		0.21

Private Equity	$	5,212	$	5,855	$	6,081	$	4.89


Credit & Insurance	$	369	$	255	$	252	$	0.20


Multi-Asset Investing	$	103	$	56	$	243	$	0.20


Net Accrued Performance Revenues	$	6,608	$	7,000	$	7,468	$	6.00

2Q’26 QoQ Rollforward

($ in millions)



			Net		Net

			Performance		Realized

	1Q’26		Revenues		Distributions			2Q’26

Real Estate	$	833	$	339	$	(281	)	$	891

Private Equity		5,855		732		(506	)		6,081

Credit & Insurance		255		117		(119	)		252

Multi-Asset Investing		56		201		(14	)		243

Total	$	7,000	$	1,388	$	(920	)	$	7,468

QoQ Change									7%

2Q’26 LTM Rollforward

($ in millions)


			Net		Net
			Performance		Realized
	2Q’25		Revenues		Distributions			2Q’26

Real Estate	$	923	$	884	$	(915	)	$	891

Private Equity		5,212		2,624		(1,755	)		6,081

Credit & Insurance		369		563		(680	)		252

Multi-Asset Investing		103		550		(410	)		243

Total	$	6,608	$	4,621	$	(3,760	)	$	7,468

YoY Change									13%

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed
as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per
Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).

Blackstone | 18

INVESTMENT RECORDS AS OF JUNE 30, 2026^(a)



($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
	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		-		2,331	n/a		13,468,476	2.3x		13,470,807	2.3x	11%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,122		-		1,748	n/a		27,765,450	2.5x		27,767,198	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,506,800		845,588		867,492	0.4x		29,432,126	2.1x		30,299,618	1.9x	17%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,651,125		1,215,310		8,377,561	1.3x		24,654,936	2.1x		33,032,497	1.8x	19%	11%
BREP IX (Jun 2019 / Aug 2022)		21,374,992		2,812,950		16,292,849	1.0x		12,614,323	1.9x		28,907,172	1.3x	30%	4%
*BREP X (Aug 2022 / Feb 2028)		30,643,847		16,025,374		18,765,019	1.3x		3,219,851	1.9x		21,984,870	1.3x	30%	12%
Total Global BREP	$	104,217,467	$	20,899,222	$	44,307,000	1.1x	$	123,374,688	2.2x	$	167,681,688	1.7x	16%	14%
BREP Int’l I-II (Jan 2001 / Jun 2008) (e)	€	2,453,920	€	-	€	-	n/a	€	3,956,202	1.9x	€	3,956,202	1.9x	12%	12%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,420		86,085		17,071	0.1x		5,993,336	2.1x		6,010,407	2.0x	14%	13%
BREP Europe IV (Sep 2013 / Dec 2016)		6,676,611		598,954		624,365	0.6x		10,438,878	1.9x		11,063,243	1.7x	16%	11%
BREP Europe V (Dec 2016 / Oct 2019)		8,007,488		597,691		3,724,421	0.7x		6,902,190	3.8x		10,626,611	1.4x	40%	5%
BREP Europe VI (Oct 2019 / Sep 2023)		9,941,770		2,763,031		6,117,864	0.9x		4,049,113	2.4x		10,166,977	1.2x	62%	2%
*BREP Europe VII (Sep 2023 / Mar 2029)		9,762,262		5,734,678		4,873,649	1.3x		167,092	1.4x		5,040,741	1.3x	n/m	13%
Total BREP Europe	€	40,047,471	€	9,780,439	€	15,357,370	0.9x	€	31,506,811	2.2x	€	46,864,181	1.5x	16%	9%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	646,265	$	1,209,142	1.7x	$	7,685,485	2.0x	$	8,894,627	1.9x	15%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,361,035		1,178,550		4,995,177	1.1x		3,404,324	1.6x		8,399,501	1.3x	11%	3%
*BREP Asia III (Mar 2022 / Sep 2027)		8,219,868		4,351,718		5,078,659	1.3x		503,885	1.8x		5,582,544	1.3x	34%	9%
Total BREP Asia	$	19,842,978	$	6,176,533	$	11,282,978	1.3x	$	11,593,694	1.8x	$	22,876,672	1.5x	14%	7%
BREP Co-Investment (f)		8,691,884		551,495		1,564,893	1.2x		15,372,186	2.2x		16,937,079	2.1x	16%	16%
Total BREP	$	179,426,235	$	38,798,469	$	74,435,691	1.1x	$	188,783,012	2.2x	$	263,218,703	1.7x	16%	13%
*BREDS High-Yield (Various) (g)		27,606,074		8,615,842		3,704,090	1.0x		26,072,271	1.3x		29,776,361	1.3x	10%	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		-		-	n/a		2,995,106	1.4x		2,995,106	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,450,000		-		-	n/a		21,720,334	2.9x		21,720,334	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		982,018		-	n/a		38,870,191	1.9x		38,870,191	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,192,032		1,340,945		2,127,333	3.1x		30,730,898	2.2x		32,858,231	2.2x	13%	12%
BCP VII (May 2016 / Feb 2020)		18,873,411		1,309,645		13,928,047	1.5x		24,466,786	2.6x		38,394,833	2.1x	24%	12%
BCP VIII (Feb 2020 / Apr 2024)		25,820,052		5,881,691		25,743,798	1.4x		10,795,620	2.4x		36,539,418	1.6x	26%	10%
*BCP IX (Apr 2024 / Apr 2030)		21,829,911		18,396,522		5,316,361	1.5x		293,543	1.5x		5,609,904	1.5x	n/m	24%
Energy I (Aug 2011 / Feb 2015)		2,435,007		170,540		-	n/a		4,897,287	2.0x		4,897,287	2.0x	12%	12%
Energy II (Feb 2015 / Feb 2020)		4,926,378		778,845		3,236,286	2.6x		6,342,126	1.8x		9,578,412	2.0x	9%	9%
Energy III (Feb 2020 / Jun 2024)		4,398,275		1,815,918		7,255,903	3.0x		5,060,366	3.0x		12,316,269	3.0x	33%	33%
Energy Transition IV (Jun 2024 / Jun 2026)		5,880,459		2,763,373		6,518,880	2.0x		157,155	1.7x		6,676,035	2.0x	n/m	94%
*Energy Transition V (Jun 2026 / Jun 2032)		5,671,639		5,671,639		-	n/a		-	n/a		-	n/a	n/a	n/a
BCP Asia I (Dec 2017 / Sep 2021)		2,437,080		417,510		1,275,730	1.3x		3,676,038	3.0x		4,951,768	2.3x	33%	19%
*BCP Asia II (Sep 2021 / Sep 2027)		6,843,926		3,570,292		6,463,390	1.9x		1,041,893	3.4x		7,505,283	2.0x	93%	27%
BCP Asia III (TBD)		13,100,000		13,100,000		-	n/a		-	n/a		-	n/a	n/a	n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,760,130		1,193,521		6,588,435	2.1x		4,220,471	3.7x		10,808,906	2.5x	32%	14%
*Core Private Equity II (Mar 2021 / Mar 2027) (h)		8,244,519		6,007,302		5,420,354	1.5x		2,081,525	4.2x		7,501,879	1.8x	38%	16%
Total Corporate Private Equity	$	176,196,864	$	63,399,761	$	83,874,517	1.7x	$	171,588,411	2.3x	$	255,462,928	2.0x	16%	15%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time
since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP –
Blackstone Capital Partners, BCOM – Blackstone Communications.

* Represents funds that are currently in their investment period.

Blackstone | 19

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



($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
	Committed Capital		Available Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total

Private Equity (continued)
Tactical Opportunities
*Tactical Opportunities (Various)		33,780,643		14,441,280		13,027,191	1.2x		32,984,254	1.9x		46,011,445	1.6x	15%	10%
*Tactical Opportunities Co-Investment and Other (Various)		10,477,806		1,084,293		3,558,538	1.3x		12,089,490	1.8x		15,648,028	1.7x	18%	15%
Total Tactical Opportunities	$	44,258,449	$	15,525,573	$	16,585,729	1.2x	$	45,073,744	1.9x	$	61,659,473	1.6x	16%	11%

Growth

BXG I (Jul 2020 / Feb 2025)		4,961,566		292,405		5,152,451	1.2x		670,399	1.3x		5,822,850	1.2x	n/m	2%

*BXG II (Feb 2025 / Feb 2030)		4,610,169		3,742,666		854,654	1.1x		9,154	n/m		863,808	1.1x	n/m	n/m
Total Growth	$	9,571,735	$	4,035,071	$	6,007,105	1.2x	$	679,553	1.3x	$	6,686,658	1.2x	n/m	2%

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (i)		11,035,527		9,572		2,126	n/a		16,796,758	n/a		16,798,884	1.7x	n/a	13%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		379,409		420,348	n/a		4,665,673	n/a		5,086,021	1.7x	n/a	13%

Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,605,255		2,258,612	n/a		8,553,876	n/a		10,812,488	1.9x	n/a	15%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		595,603		1,351,477	n/a		1,397,378	n/a		2,748,855	1.9x	n/a	15%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		3,410,713		5,873,822	n/a		9,027,494	n/a		14,901,316	1.7x	n/a	17%

*Strategic Partners Real Estate, SMA and Other (Various) (i)		7,055,591		1,224,720		3,165,936	n/a		2,940,627	n/a		6,106,563	1.4x	n/a	10%

Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)		3,250,100		666,246		2,626,038	n/a		884,418	n/a		3,510,456	1.6x	n/a	15%

Strategic Partners IX (Oct 2021 / Mar 2026) (i)		19,692,625		1,504,371		19,455,372	n/a		1,307,669	n/a		20,763,041	1.5x	n/a	17%

*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)		2,095,211		342,116		1,295,854	n/a		94,182	n/a		1,390,036	1.1x	n/a	(0)%

*Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i)		4,837,949		3,501,386		406,950	n/a		-	n/a		406,950	1.9x	n/a	n/m

*Strategic Partners X (Mar 2026 / May 2031) (i)		11,024,493		8,606,558		-	n/a		-	n/a		-	n/a	n/a	n/a
Total Strategic Partners (Secondaries)	$	83,357,645	$	21,845,949	$	36,856,535	n/a	$	45,668,075	n/a	$	82,524,610	1.6x	n/a	14%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)		910,000		40,291		517,753	2.0x		817,615	1.6x		1,335,368	1.7x	10%	9%

BXLS V (Jan 2020 / Mar 2025)		5,056,620		2,303,560		5,195,969	2.1x		1,854,239	1.8x		7,050,208	2.0x	11%	17%

*BXLS VI (Mar 2025 / Mar 2031)		6,486,870		6,375,163		437,377	n/m		-	n/a		437,377	n/m	n/a	n/m

Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	-	$	-	n/a	$	4,809,113	1.6x	$	4,809,113	1.6x	n/a	17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		993,260		57,792	0.5x		6,687,961	1.4x		6,745,753	1.4x	n/a	9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		1,081,586		787,485	1.2x		9,939,495	1.5x		10,726,980	1.5x	n/a	11%
Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)		5,016,771		1,368,541		3,047,474	1.1x		4,156,400	1.5x		7,203,874	1.3x	n/a	11%
*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029)		7,630,000		6,911,455		693,976	1.1x		206,964	1.2x		900,940	1.1x	n/a	n/m
Total Mezzanine / Opportunistic	$	25,405,904	$	10,354,842	$	4,586,727	1.1x	$	25,799,933	1.5x	$	30,386,660	1.4x	n/a	13%
Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		-		-	n/a		5,777,098	1.3x		5,777,098	1.3x	n/a	9%
Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		547,430		-	n/a		5,564,200	1.1x		5,564,200	1.1x	n/a	0%
Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		1,085,652		1,022,304	1.2x		5,934,391	1.3x		6,956,695	1.3x	n/a	9%
Total Stressed / Distressed	$	15,734,523	$	1,633,082	$	1,022,304	1.2x	$	17,275,689	1.2x	$	18,297,993	1.2x	n/a	7%
European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	67,044	€	159,420	0.3x	€	2,999,625	1.3x	€	3,159,045	1.1x	n/a	1%

European Senior Debt II (Jun 2019 / Jun 2023) (j)		4,088,344		861,672		2,174,148	0.9x		4,891,963	1.7x		7,066,111	1.3x	n/a	8%

Total European Senior Debt	€	6,053,033	€	928,716	€	2,333,568	0.8x	€	7,891,588	1.5x	€	10,225,156	1.2x	n/a	6%
Energy I (Nov 2015 / Nov 2018)	$	2,856,867	$	1,154,819	$	70,845	1.3x	$	3,556,730	1.5x	$	3,627,575	1.5x	n/a	10%
Energy II (Feb 2019 / Jun 2023)		3,616,081		1,456,014		423,972	1.3x		3,554,034	1.4x		3,978,006	1.4x	n/a	16%

*Energy III (May 2023 / May 2028)		6,477,000		4,193,381		2,425,168	1.0x		3,298,003	1.3x		5,723,171	1.2x	n/a	15%

Total Energy	$	12,949,948	$	6,804,214	$	2,919,985	1.0x	$	10,408,767	1.4x	$	13,328,752	1.3x	n/a	12%
*Senior Direct Lending (Various) (k)		2,820,243		1,233,828		2,692,761	1.1x		341,891	1.2x		3,034,652	1.1x	n/a	9%
Total Credit Drawdown Funds (l)	$	63,816,276	$	21,087,768	$	13,889,746	1.0x	$	63,217,193	1.4x	$	77,106,939	1.3x	n/a	10%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time
since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences.

* Represents funds that are currently in their investment period.

Blackstone | 20

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

Selected Perpetual Capital Strategies^(m)

($/€ in thousands, except where noted)

Investment

Total

Total Net

Strategy (Inception Year)

Strategy

AUM

Return (n)

Real Estate

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

Core+ Real Estate

57,749,790

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

Core+ Real Estate

56,551,910

BREIT - Class I (q)

Core+ Real Estate

BXMT - Blackstone Mortgage Trust (2013) (r)

Real Estate Debt

6,255,948

Private Equity

BXGP - Blackstone GP Stakes (2014) (s)

Minority GP Interests

10,017,197

12%

BIP - Blackstone Infrastructure Partners (2019) (t)

Infrastructure

74,964,704

18%

BXINFRA - Blackstone Infrastructure Strategies Fund Program (2025) (u)

Infrastructure

5,979,642

15%

BXINFRA - Class I (v)

Infrastructure

16%

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

Private Equity

25,312,193

19%

BXPE - Class I (x)

Private Equity

20%

Credit

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

U.S. Direct Lending

16,585,488

11%

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

U.S. Direct Lending

94,623,700

BCRED - Class I (aa)

U.S. Direct Lending

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

European Direct Lending

€

5,248,866

ECRED - Class I (ac)

European Direct Lending

Investment Records as of June 30, 2026 - Notes

(a)

Excludes investment vehicles where Blackstone does not earn fees.

(b)

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

(c)

Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.

(d)

Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to June 30, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

(e)

The 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International I-II performance reflects a 10% Realized Net IRR and a 10% Total Net IRR.

(f)

BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(g)

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

(h)

Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

(i)

Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.

(j)

European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 12% and 7%, respectively, for the levered and unlevered funds of the strategy.

(k)

Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 10% and 7%, respectively, for the levered and unlevered funds of the strategy.

Blackstone | 21

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

(l)

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

(m)

Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.

(n)

Unless otherwise indicated, Total Net Return represents the annualized inception to June 30, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year.

(o)

BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of June 30, 2026, these vehicles represented $4.4 billion of Total AUM.

(p)

The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017.

(q)

Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from January 1, 2017.

(r)

The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during the period.

(s)

Blackstone GP Stakes (“BXGP”) represents the aggregate Total AUM and Total Net Return of BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of June 30, 2026, including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $13.1 billion.

(t)

BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of June 30, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $85.6 billion.

(u)

The BXINFRA Total Net Return reflects a per share blended return, assuming the BXINFRA Fund Program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXINFRA. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Total net return is from January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXINFRA Total AUM reflects net asset value as of June 30, 2026. BXINFRA AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.

(v)

Represents the blended Total Net Return for BXINFRA Fund Program Class I shares, the largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. The Class I Total Net Return is from January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.

(w)

The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects net asset value as of June 30, 2026. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.

(x)

Represents the blended Total Net Return for BXPE Fund Program Class I shares, the largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.

(y)

The BXSL Total AUM and Total Net Return are presented as of March 31, 2026. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.

(z)

The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of June 30, 2026 was $42.8 billion.

(aa)

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

(ab)

The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. ECRED net asset value as of June 30, 2026 was €2.6 billion.

(ac)

Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance varies by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis and is from October 3, 2022.

Blackstone | 22

SHAREHOLDER DIVIDENDS

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

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



															% Change								% Change

($ in thousands, except per share data)	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26		vs. 2Q’25		2Q’25 YTD			2Q’26 YTD			vs. 2Q’25 YTD

Distributable Earnings	$	1,565,763		$	1,889,487		$	2,244,809		$	1,764,838			$ 1,977,249		26%	$	2,976,568		$	3,742,087			26%

Add: Other Payables Attributable to Common Shareholders		142,664			26,913			167,504			160,943			166,382		17%		281,089			327,325			16%

DE Before Certain Payables		1,708,427			1,916,400			2,412,313			1,925,781			2,143,631		25%		3,257,657			4,069,412			25%

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

DE Before Certain Payables Attributable to Common Shareholders		1,086,833			1,220,339			1,537,540			1,229,664			1,378,635		27%		2,067,273			2,608,299			26%

Less: Other Payables Attributable to Common Shareholders		(142,664	)		(26,913	)		(167,504	)		(160,943	)		(166,382)		17%		(281,089	)		(327,325	)		16%

DE Attributable to Common Shareholders		944,169			1,193,426			1,370,036			1,068,721			1,212,253		28%		1,786,184			2,280,974			28%

DE per Common Share	$	1.21		$	1.52		$	1.75		$	1.36			$ 1.52		26%	$	2.30		$	2.88			25%

Less: Retained Capital per Common Share	$	(0.18	)	$	(0.23	)	$	(0.26	)	$	(0.20	)		$ (0.23)		28%	$	(0.34	)	$	(0.43	)		26%

Actual Dividend per Common Share	$	1.03		$	1.29		$	1.49		$	1.16			$ 1.29		25%	$	1.96		$	2.45			25%

Record Date														Aug 3, 2026

Payable Date														Aug 10, 2026

A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy. See additional notes on page 35.

Blackstone | 23

SHARE SUMMARY

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

–

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

–

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



	2Q’25		3Q’25		4Q’25		1Q’26		2Q’26

Participating Common Shares		782,567,390		782,728,403		783,183,010		785,497,027		799,934,579

Participating Partnership Units		447,574,842		446,455,699		445,586,312		444,672,720		443,878,452

Distributable Earnings Shares Outstanding		1,230,142,232		1,229,184,102		1,228,769,322		1,230,169,747		1,243,813,031

Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.

Blackstone | 24

Reconciliations and Disclosures

Blackstone | 25

BLACKSTONE’S SECOND QUARTER 2026 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS



($ in thousands, except per share data) (unaudited)	2Q’25			2Q’26		2Q’25 YTD			2Q’26 YTD		2Q’25 LTM			2Q’26 LTM

Revenues

Management and Advisory Fees, Net	$	2,035,495		$	2,266,006	$	3,939,812		$	4,414,626	$	7,614,287		$	8,550,415

Incentive Fees		195,414			159,080		387,239			324,499		983,777			915,462

Investment Income

Performance Allocations

Realized		829,820			1,365,175		1,391,870			2,468,348		3,665,458			4,738,721

Unrealized		313,283			587,140		576,484			870,592		379,719			937,171

Principal Investments

Realized		97,171			105,585		282,713			248,605		462,329			663,524

Unrealized		365,391			414,821		524,104			29,819		474,848			(245,981	)

Total Investment Income		1,605,665			2,472,721		2,775,171			3,617,364		4,982,354			6,093,435

Interest and Dividend Revenue		100,389			134,224		197,809			242,164		406,130			460,448

Other		(225,063	)		11,947		(298,673	)		62,920		(239,431	)		90,720

Total Revenues	$	3,711,900		$	5,043,978	$	7,001,358		$	8,661,573	$	13,747,117		$	16,110,480

Expenses

Compensation and Benefits

Compensation		870,358			963,026		1,899,720			2,129,923		3,386,499			3,901,396

Incentive Fee Compensation		67,363			49,716		124,392			104,084		347,132			254,594

Performance Allocations Compensation

Realized		331,191			565,264		573,081			998,713		1,485,668			1,723,104

Unrealized		152,618			236,129		256,177			325,830		113,618			446,615

Total Compensation and Benefits		1,421,530			1,814,135		2,853,370			3,558,550		5,332,917			6,325,709

General, Administrative and Other		360,817			409,110		693,190			781,931		1,373,221			1,613,289

Interest Expense		135,822			145,023		253,937			282,076		480,806			536,453

Fund Expenses		14,434			7,344		26,538			15,348		36,304			38,026

Total Expenses	$	1,932,603		$	2,375,612	$	3,827,035		$	4,637,905	$	7,223,248		$	8,513,477

Other Income

Change in Tax Receivable Agreement Liability		-			-		-			-		(41,246	)		6,591

Net Gains from Fund Investment Activities		136,330			140,086		193,905			239,841		256,822			463,333

Total Other Income	$	136,330		$	140,086	$	193,905		$	239,841	$	215,576		$	469,924

Income Before Provision for Taxes	$	1,915,627		$	2,808,452	$	3,368,228		$	4,263,509	$	6,739,445		$	8,066,927

Provision for Taxes		289,494			452,386		533,321			649,536		1,011,075			1,241,238

Net Income	$	1,626,133		$	2,356,066	$	2,834,907		$	3,613,973	$	5,728,370		$	6,825,689

Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		18,209			5,154		26,109			26,164		4,231			45,555

Net Income Attributable to Non-Controlling Interests in Consolidated Entities		240,836			175,649		341,383			293,016		611,799			612,201

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		602,844			946,074		1,088,319			1,415,875		2,248,536			2,648,897

Net Income Attributable to Blackstone Inc.	$	764,244		$	1,229,189	$	1,379,096		$	1,878,918	$	2,863,804		$	3,519,036

Net Income Per Share of Common Stock, Basic	$	0.98		$	1.54	$	1.77		$	2.37	$	3.71		$	4.47

Net Income Per Share of Common Stock, Diluted	$	0.98		$	1.54	$	1.77		$	2.37	$	3.71		$	4.47

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES



	QTD															YTD						LTM



($ in thousands)	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			2Q’25			2Q’26			2Q’25			2Q’26

Net Income Attributable to Blackstone Inc.	$	764,244		$	624,917		$	1,015,201		$	649,729		$	1,229,189		$	1,379,096		$	1,878,918		$	2,863,804		$	3,519,036

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		602,844			457,110			775,912			469,801			946,074			1,088,319			1,415,875			2,248,536			2,648,897

Net Income Attributable to Non-Controlling Interests in Consolidated Entities		240,836			125,890			193,295			117,367			175,649			341,383			293,016			611,799			612,201

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		18,209			29,008			(9,617	)		21,010			5,154			26,109			26,164			4,231			45,555

Net Income	$	1,626,133		$	1,236,925		$	1,974,791		$	1,257,907		$	2,356,066		$	2,834,907		$	3,613,973		$	5,728,370		$	6,825,689

Provision for Taxes		289,494			209,657			382,045			197,150			452,386			533,321			649,536			1,011,075			1,241,238

Income Before Provision for Taxes	$	1,915,627		$	1,446,582		$	2,356,836		$	1,455,057		$	2,808,452		$	3,368,228		$	4,263,509		$	6,739,445		$	8,066,927

Transaction-Related and Non-Recurring Items (a)		10,381			(9,412	)		(6,822	)		6,967			71			29,205			7,038			28,418			(9,196	)

Amortization of Intangibles (b)		7,333			7,333			7,327			7,288			7,288			14,666			14,576			29,332			29,236

Impact of Consolidation (c)		(259,045	)		(154,898	)		(183,678	)		(138,377	)		(180,803	)		(367,492	)		(319,180	)		(616,030	)		(657,756	)

Unrealized Performance Revenues (d)		(313,256	)		215,872			(282,372	)		(283,355	)		(587,150	)		(576,457	)		(870,505	)		(379,689	)		(937,005	)

Unrealized Performance Allocations Compensation (e)		152,618			(31,547	)		152,332			89,701			236,129			256,177			325,830			113,618			446,615

Unrealized Principal Investment (Income) Loss (f)		(294,093	)		216,084			67,826			322,136			(443,186	)		(455,350	)		(121,050	)		(322,367	)		162,860

Other Revenues (g)		225,083			(28,702	)		1,174			(50,928	)		(11,898	)		298,718			(62,826	)		239,840			(90,354	)

Equity-Based Compensation (h)		312,018			301,562			358,364			561,217			353,753			783,320			914,970			1,329,267			1,574,896

Administrative Fee Adjustment (i)		4,112			4,097			3,942			4,568			4,426			8,298			8,994			14,946			17,033

Taxes and Related Payables (j)		(195,015	)		(77,484	)		(230,120	)		(209,436	)		(209,833	)		(382,745	)		(419,269	)		(752,069	)		(726,873	)

Distributable Earnings	$	1,565,763		$	1,889,487		$	2,244,809		$	1,764,838		$	1,977,249		$	2,976,568		$	3,742,087		$	6,424,711		$	7,876,383

Taxes and Related Payables (j)		195,015			77,484			230,120			209,436			209,833			382,745			419,269			752,069			726,873

Net Interest and Dividend (Income) Loss (k)		24,643			18,552			17,276			22,118			10,606			45,173			32,724			65,384			68,552

Total Segment Distributable Earnings	$	1,785,421		$	1,985,523		$	2,492,205		$	1,996,392		$	2,197,688		$	3,404,486		$	4,194,080		$	7,242,164		$	8,671,808

Realized Performance Revenues (l)		(553,121	)		(744,953	)		(1,057,432	)		(780,494	)		(730,885	)		(1,013,144	)		(1,511,379	)		(2,220,893	)		(3,313,764	)

Realized Performance Compensation (m)		256,624			302,642			310,405			364,056			344,124			477,548			708,180			924,713			1,321,227

Realized Principal Investment (Income) Loss (n)		(29,421	)		(62,535	)		(209,877	)		(31,973	)		(27,499	)		(147,331	)		(59,472	)		(213,347	)		(331,884	)

Fee Related Earnings	$	1,459,503		$	1,480,677		$	1,535,301		$	1,547,981		$	1,783,428		$	2,721,559		$	3,331,409		$	5,732,637		$	6,347,387

Adjusted EBITDA Reconciliation

Distributable Earnings	$	1,565,763		$	1,889,487		$	2,244,809		$	1,764,838		$	1,977,249		$	2,976,568		$	3,742,087		$	6,424,711		$	7,876,383

Interest Expense (o)		125,033			126,090			128,022			130,058			144,830			242,983			274,888			471,336			529,000

Taxes and Related Payables (j)		195,015			77,484			230,120			209,436			209,833			382,745			419,269			752,069			726,873

Depreciation and Amortization (p)		26,642			24,015			26,102			26,138			25,772			48,868			51,910			96,235			102,027

Adjusted EBITDA	$	1,912,453		$	2,117,076		$	2,629,053		$	2,130,470		$	2,357,684		$	3,651,164		$	4,488,154		$	7,744,351		$	9,234,283

Notes on pages 28-29.

Blackstone | 27

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

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

(a)

This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

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

(c)

This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(d)	This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.



	QTD															YTD						LTM

($ in thousands)	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			2Q’25			2Q’26			2Q’25			2Q’26

GAAP Unrealized Performance Allocations	$	313,283		$	(215,818	)	$	282,397		$	283,452		$	587,140		$	576,484		$	870,592		$	379,719		$	937,171

Segment Adjustment		(27	)		(54	)		(25	)		(97	)		10			(27	)		(87	)		(30	)		(166	)

Unrealized Performance Revenues	$	313,256		$	(215,872	)	$	282,372		$	283,355		$	587,150		$	576,457		$	870,505		$	379,689		$	937,005

(e) This adjustment removes Unrealized Performance Allocations Compensation. (f) This adjustment removes Unrealized Principal Investment Income on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

	QTD															YTD						LTM

($ in thousands)	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			2Q’25			2Q’26			2Q’25			2Q’26

GAAP Unrealized Principal Investment Income (Loss)	$	365,391		$	(238,658	)	$	(37,142	)	$	(385,002	)	$	414,821		$	524,104		$	29,819		$	474,848		$	(245,981	)

Segment Adjustment		(71,298	)		22,574			(30,684	)		62,866			28,365			(68,754	)		91,231			(152,481	)		83,121

Unrealized Principal Investment Income (Loss)	$	294,093		$	(216,084	)	$	(67,826	)	$	(322,136	)	$	443,186		$	455,350		$	121,050		$	322,367		$	(162,860	)

(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non-Recurring Items.

	QTD															YTD						LTM

($ in thousands)	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			2Q’25			2Q’26			2Q’25			2Q’26

GAAP Other Revenue	$	(225,063	)	$	28,702		$	(902	)	$	50,973		$	11,947		$	(298,673	)	$	62,920		$	(239,431	)	$	90,720

Segment Adjustment		(20	)		-			(272	)		(45	)		(49	)		(45	)		(94	)		(409	)		(366	)

Other Revenues	$	(225,083	)	$	28,702		$	(1,174	)	$	50,928		$	11,898		$	(298,718	)	$	62,826		$	(239,840	)	$	90,354

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

(i)

This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

Blackstone | 28

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

(j)

Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted for impacts of divestitures and tax contingencies. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable to holders of the Tax Receivable Agreements based on expected tax savings generated in the current period. Please refer to page 36 for the full definition of Taxes and Related Payables.



	QTD															YTD						LTM

($ in thousands)	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			2Q’25			2Q’26			2Q’25			2Q’26

Taxes	$	167,162		$	49,719		$	196,234		$	178,757		$	179,996		$	329,697		$	358,753		$	636,676		$	604,706

Related Payables		27,853			27,765			33,886			30,679			29,837			53,048			60,516			115,393			122,167

Taxes and Related Payables	$	195,015		$	77,484		$	230,120		$	209,436		$	209,833		$	382,745		$	419,269		$	752,069		$	726,873

(k) This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

	QTD															YTD						LTM

($ in thousands)	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			2Q’25			2Q’26			2Q’25			2Q’26

GAAP Interest and Dividend Revenue	$	100,389		$	107,538		$	110,746		$	107,940		$	134,224		$	197,809		$	242,164		$	406,130		$	460,448

Segment Adjustment		1			-			-			-			-			1			-			(178	)		-

Interest and Dividend Revenue	$	100,390		$	107,538		$	110,746		$	107,940		$	134,224		$	197,810		$	242,164		$	405,952		$	460,448

GAAP Interest Expense	$	135,822		$	126,288		$	128,089		$	137,053		$	145,023		$	253,937		$	282,076		$	480,806		$	536,453

Segment Adjustment		(10,789	)		(198	)		(67	)		(6,995	)		(193	)		(10,954	)		(7,188	)		(9,470	)		(7,453	)

Interest Expense	$	125,033		$	126,090		$	128,022		$	130,058		$	144,830		$	242,983		$	274,888		$	471,336		$	529,000
Net Interest and Dividend Income (Loss)	$	(24,643	)	$	(18,552	)	$	(17,276	)	$	(22,118	)	$	(10,606	)	$	(45,173	)	$	(32,724	)	$	(65,384	)	$	(68,552	)



(l) This adjustment removes the total segment amount of Realized Performance Revenues. (m) This adjustment removes the total segment amount of Realized Performance Compensation. (n) This adjustment removes the total segment amount of Realized Principal Investment Income. (o) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (p) This adjustment adds back Depreciation and Amortization on a segment basis. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding
	QTD

	2Q’25	3Q’25	4Q’25	1Q’26	2Q’26

GAAP Shares of Common Stock Outstanding	739,055,944	747,812,724	748,688,068	751,535,403	752,601,287

Unvested Participating Common Shares	43,511,446	34,915,679	34,494,942	33,961,624	47,333,292

Total Participating Common Shares	782,567,390	782,728,403	783,183,010	785,497,027	799,934,579

Participating Partnership Units	447,574,842	446,455,699	445,586,312	444,672,720	443,878,452

Distributable Earnings Shares Outstanding	1,230,142,232	1,229,184,102	1,228,769,322	1,230,169,747	1,243,813,031



Disclosure of Weighted-Average Shares Common Stock Outstanding

	QTD										YTD				LTM

	2Q’25		3Q’25		4Q’25		1Q’26		2Q’26		2Q’25		2Q’26		2Q’25		2Q’26

Total GAAP Weighted-Average Shares of Common Stock Outstanding—Basic		782,386,121		782,633,394		783,106,052		785,332,239		799,882,459		777,120,501		792,647,549		772,754,797		787,718,453

Weighted-Average Shares of Unvested Deferred Restricted Common Stock		15,116		47,741		87,397		964,071		14,976		326,667		489,524		195,783		278,546

Total GAAP Weighted-Average Shares of Common Stock Outstanding—Diluted		782,401,237		782,681,135		783,193,449		786,296,310		799,897,435		777,447,168		793,137,073		772,950,580		787,996,999

Blackstone | 29

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



($ in thousands) (unaudited)	2Q’25		3Q’25			4Q’25			1Q’26			2Q’26

Assets

Cash and Cash Equivalents	$	2,235,499	$	2,430,690		$	2,631,241		$	2,448,485		$	2,507,073

Cash Held by Blackstone Funds and Other		313,950		401,558			223,441			261,955			266,230

Investments		31,135,504		31,528,443			32,212,111			32,747,619			34,587,729

Accounts Receivable		357,858		543,209			291,758			572,832			692,055

Due from Affiliates		5,516,820		5,845,843			6,357,462			6,395,165			6,218,066

Intangible Assets, Net		147,294		140,458			131,359			122,324			113,288

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

Other Assets		877,000		900,582			1,157,719			1,035,171			996,506

Right-of-Use Assets		793,690		773,030			757,459			786,276			743,127

Deferred Tax Assets		2,105,277		2,100,275			2,056,223			2,066,953			1,877,944

Total Assets	$	45,373,094	$	46,554,290		$	47,708,975		$	48,326,982		$	49,892,220

Liabilities and Equity

Loans Payable	$	12,008,870	$	12,002,650		$	12,445,144		$	13,280,285		$	13,194,730

Due to Affiliates		2,802,514		3,000,083			3,224,432			3,244,627			3,484,356

Accrued Compensation and Benefits		6,065,974		6,385,958			6,411,389			6,396,285			6,844,156

Operating Lease Liabilities		918,887		886,135			861,021			881,566			832,586

Accounts Payable, Accrued Expenses and Other Liabilities		2,497,969		2,918,023			2,885,817			3,107,508			3,103,164

Total Liabilities		24,294,214		25,192,849			25,827,803			26,910,271			27,458,992

Redeemable Non-Controlling Interests in Consolidated Entities		1,487,129		1,476,212			1,380,503			1,400,419			1,371,083

Equity

Common Stock, $0.00001 par value (752,601,287 shares issued and outstanding as of June 30, 2026)		7		7			7			7			7

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2026)		-		-			-			-			-

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2026)		-		-			-			-			-

Additional Paid-in-Capital		7,988,663		8,214,078			8,479,886			8,710,266			9,051,771

Retained Earnings (Deficit)		362,614		184,040			191,641			(323,733	)		(18,646	)

Accumulated Other Comprehensive Income (Loss)		1,055		(5,602	)		(6,008	)		(15,770	)		(18,589	)

Non-Controlling Interests in Consolidated Entities		6,847,785		7,162,957			7,224,211			7,226,994			7,104,291

Non-Controlling Interests in Blackstone Holdings		4,391,627		4,329,749			4,610,932			4,418,528			4,943,311

Total Equity		19,591,751		19,885,229			20,500,669			20,016,292			21,062,145

Total Liabilities and Equity	$	45,373,094	$	46,554,290		$	47,708,975		$	48,326,982		$	49,892,220

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

Blackstone | 30

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES



($ in thousands)	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26

Investments of Consolidated Blackstone Funds	$	5,101,278		$	5,507,078		$	5,180,879		$	5,189,519		$	5,233,815

Equity Method Investments

Partnership Investments		6,942,526			6,936,411			6,546,190			6,612,536			6,535,521

Accrued Performance Allocations		12,054,879			11,933,738			12,980,356			13,002,955			13,906,754

Corporate Treasury Investments		229,497			262,582			359,657			167,389			401,465

Other Investments		6,807,324			6,888,634			7,145,029			7,775,220			8,510,174

Total GAAP Investments		31,135,504			31,528,443			32,212,111			32,747,619			34,587,729



Accrued Performance Allocations - GAAP	$	12,054,879		$	11,933,738		$	12,980,356		$	13,002,955		$	13,906,754

Impact of Consolidation (a)		-			-			-			-			-

Due from Affiliates—GAAP (b)		229,359			215,647			577,467			204,866			169,131

Less: Net Realized Performance Revenues (c)		(456,507	)		(379,797	)		(1,081,738	)		(630,610	)		(591,552	)

Less: Accrued Performance Compensation - GAAP (d)		(5,220,188	)		(5,258,769	)		(5,733,563	)		(5,577,711	)		(6,016,432	)

Net Accrued Performance Revenues	$	6,607,543		$	6,510,819		$	6,742,522		$	6,999,500		$	7,467,901

Corporate Treasury and Other Investments - GAAP	$	7,036,821		$	7,151,216		$	7,504,686		$	7,942,609		$	8,911,639

Impact of Consolidation (a)		965,045			932,562			758,128			726,047			671,456

Other Assets (e)		337,228			563,415			409,248			568,481			494,212

Other Liabilities (f)		(3,190	)		(3,417	)		(3,357	)		(325,313	)		(342,730	)

Corporate Treasury and Other Investments - Deconsolidated (g)	$	8,335,904		$	8,643,776		$	8,668,705		$	8,911,824		$	9,734,577

Partnership Investments - GAAP	$	6,942,526		$	6,936,411		$	6,546,190		$	6,612,536		$	6,535,521

Impact of Consolidation (h)		(3,653,037	)		(3,620,409	)		(3,639,431	)		(3,662,090	)		(3,567,345	)

GP/Fund Investments - Deconsolidated	$	3,289,489		$	3,316,002		$	2,906,759		$	2,950,446		$	2,968,176

Loans Payable - GAAP	$	12,008,870		$	12,002,650		$	12,445,144		$	13,280,285		$	13,194,730

Impact of Consolidation (i)		(128,335	)		(328,044	)		(126,420	)		(90,747	)		(123,897	)

Outstanding Debt - Carrying Value		11,880,535			11,674,606			12,318,724			13,189,538			13,070,833

Unamortized Discount		123,255			120,174			128,096			124,472			120,907

Outstanding Debt (at par) - Deconsolidated	$	12,003,790		$	11,794,780		$	12,446,820		$	13,314,010		$	13,191,740

(a)

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

(b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)

Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.

(d)

Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.

(e)

This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, Other Assets and Due from Affiliates.

(f)

This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities.

(g)

Deconsolidated Other Investments was $9.1 billion as of June 30, 2026, which was comprised of $8.5 billion of liquid investments and $601 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.

(h)

This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

(i)

This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 31

RECONCILIATION OF GAAP TO TOTAL SEGMENTS



	QTD															YTD						LTM



($ in thousands)	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			2Q’25			2Q’26			2Q’25			2Q’26

Management and Advisory Fees, Net

GAAP	$	2,035,495		$	2,056,248		$	2,079,541		$	2,148,620		$	2,266,006		$	3,939,812		$	4,414,626		$	7,614,287		$	8,550,415

Segment Adjustment (a)		(15,483	)		(14,428	)		(17,322	)		(15,812	)		(15,710	)		(27,802	)		(31,522	)		(56,252	)		(63,272	)

Total Segment	$	2,020,012		$	2,041,820		$	2,062,219		$	2,132,808		$	2,250,296		$	3,912,010		$	4,383,104		$	7,558,035		$	8,487,143

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees		195,414			200,675			390,288			165,419			159,080			387,239			324,499			983,777			915,462

Investment Income - Realized Performance Allocations		829,820			997,296			1,273,077			1,103,173			1,365,175			1,391,870			2,468,348			3,665,458			4,738,721

GAAP	$	1,025,234		$	1,197,971		$	1,663,365		$	1,268,592		$	1,524,255		$	1,779,109		$	2,792,847		$	4,649,235		$	5,654,183

Total Segment

Less: Realized Performance Revenues		(553,121	)		(744,953	)		(1,057,432	)		(780,494	)		(730,885	)		(1,013,144	)		(1,511,379	)		(2,220,893	)		(3,313,764	)

Segment Adjustment (b)		(63	)		-			512			-			21			-			21			1,000			533

Total Segment	$	472,050		$	453,018		$	606,445		$	488,098		$	793,391		$	765,965		$	1,281,489		$	2,429,342		$	2,340,952

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation		870,358			845,659			925,814			1,166,897			963,026			1,899,720			2,129,923			3,386,499			3,901,396

Incentive Fees Compensation		67,363			61,882			88,628			54,368			49,716			124,392			104,084			347,132			254,594

Realized Performance Allocations Compensation		331,191			354,765			369,626			433,449			565,264			573,081			998,713			1,485,668			1,723,104

GAAP	$	1,268,912		$	1,262,306		$	1,384,068		$	1,654,714		$	1,578,006		$	2,597,193		$	3,232,720		$	5,219,299		$	5,879,094

Total Segment

Less: Realized Performance Compensation		(256,624	)		(302,642	)		(310,405	)		(364,056	)		(344,124	)		(477,548	)		(708,180	)		(924,713	)		(1,321,227	)

Less: Equity-Based Compensation - Fee Related Compensation		(306,495	)		(296,506	)		(345,649	)		(549,703	)		(345,343	)		(770,548	)		(895,046	)		(1,308,662	)		(1,537,201	)

Less: Equity-Based Compensation - Performance Compensation		(5,523	)		(5,056	)		(12,715	)		(11,514	)		(8,410	)		(12,772	)		(19,924	)		(20,605	)		(37,695	)

Segment Adjustment (c)		46			(11	)		13			29			-			(19,027	)		29			(15,689	)		31

Total Segment	$	700,316		$	658,091		$	715,312		$	729,470		$	880,129		$	1,317,298		$	1,609,599		$	2,949,630		$	2,983,002

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

GAAP	$	360,817		$	383,580		$	447,778		$	372,821		$	409,110		$	693,190		$	781,931		$	1,373,221		$	1,613,289

Segment Adjustment (d)		(28,574	)		(27,510	)		(29,727	)		(29,366	)		(28,980	)		(54,072	)		(58,346	)		(68,111	)		(115,583	)

Total Segment	$	332,243		$	356,070		$	418,051		$	343,455		$	380,130		$	639,118		$	723,585		$	1,305,110		$	1,497,706

Realized Performance Revenues

GAAP

Incentive Fees		195,414			200,675			390,288			165,419			159,080			387,239			324,499			983,777			915,462

Investment Income - Realized Performance Allocations		829,820			997,296			1,273,077			1,103,173			1,365,175			1,391,870			2,468,348			3,665,458			4,738,721

GAAP	$	1,025,234		$	1,197,971		$	1,663,365		$	1,268,592		$	1,524,255		$	1,779,109		$	2,792,847		$	4,649,235		$	5,654,183

Total Segment

Less: Fee Related Performance Revenues		(472,050	)		(453,018	)		(606,445	)		(488,098	)		(793,391	)		(765,965	)		(1,281,489	)		(2,429,342	)		(2,340,952	)

Segment Adjustment (b)		(63	)		-			512			-			21			-			21			1,000			533

Total Segment	$	553,121		$	744,953		$	1,057,432		$	780,494		$	730,885		$	1,013,144		$	1,511,379		$	2,220,893		$	3,313,764

Blackstone | 32

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



	QTD															YTD						LTM



($ in thousands)	2Q’25			3Q’25			4Q’25			1Q’26			2Q’26			2Q’25			2Q’26			2Q’25			2Q’26

Realized Performance Compensation

GAAP

Incentive Fee Compensation	$	67,363		$	61,882		$	88,628		$	54,368		$	49,716		$	124,392		$	104,084		$	347,132		$	254,594

Realized Performance Allocations Compensation		331,191			354,765			369,626			433,449			565,264			573,081			998,713			1,485,668			1,723,104

GAAP	$	398,554		$	416,647		$	458,254		$	487,817		$	614,980		$	697,473		$	1,102,797		$	1,832,800		$	1,977,698

Total Segment

Less: Fee Related Performance Compensation (e)		(136,407	)		(108,949	)		(135,134	)		(112,247	)		(262,446	)		(207,153	)		(374,693	)		(887,482	)		(618,776	)

Less: Equity-Based Compensation - Performance Compensation		(5,523	)		(5,056	)		(12,715	)		(11,514	)		(8,410	)		(12,772	)		(19,924	)		(20,605	)		(37,695	)

Total Segment	$	256,624		$	302,642		$	310,405		$	364,056		$	344,124		$	477,548		$	708,180		$	924,713		$	1,321,227

Realized Principal Investment Income (Loss)

GAAP	$	97,171		$	152,652		$	262,267		$	143,020		$	105,585		$	282,713		$	248,605		$	462,329		$	663,524

Segment Adjustment (f)		(67,750	)		(90,117	)		(52,390	)		(111,047	)		(78,086	)		(135,382	)		(189,133	)		(248,982	)		(331,640	)

Total Segment	$	29,421		$	62,535		$	209,877		$	31,973		$	27,499		$	147,331		$	59,472		$	213,347		$	331,884

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

GAAP

Interest and Dividend Revenue		100,389			107,538			110,746			107,940			134,224			197,809			242,164			406,130			460,448

Interest Expense		(135,822	)		(126,288	)		(128,089	)		(137,053	)		(145,023	)		(253,937	)		(282,076	)		(480,806	)		(536,453	)

GAAP	$	(35,433	)	$	(18,750	)	$	(17,343	)	$	(29,113	)	$	(10,799	)	$	(56,128	)	$	(39,912	)	$	(74,676	)	$	(76,005	)

Segment Adjustment (g)		10,790			198			67			6,995			193			10,955			7,188			9,292			7,453

Total Segment	$	(24,643	)	$	(18,552	)	$	(17,276	)	$	(22,118	)	$	(10,606	)	$	(45,173	)	$	(32,724	)	$	(65,384	)	$	(68,552	)

This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.

(a)

Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.

(b)	Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

(c)	Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.

(d)

Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

(e)	Fee related performance compensation may include equity based compensation based on fee related performance revenues.

(f)

Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(g)	Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

Blackstone | 33

NOTES

Notes to page 4 - Investment Performance and Net Accrued Performance Revenues

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

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

Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries business refer to the appreciation of the Strategic Partners funds and do not include results for GP Stakes. Strategic Partners results are reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters.

Throughout this presentation, Infrastructure refers to our infrastructure-focused funds, including Blackstone Infrastructure Partners’ funds (“BIP”) and Blackstone Infrastructure Strategies Fund Program (“BXINFRA”). AUM, inflows, and related metrics for Infrastructure refer to BIP and the portion of BXINFRA assets that are managed in Infrastructure. Infrastructure appreciation represents a weighted average of BIP’s appreciation and BXINFRA’s per share appreciation for the period. The returns are weighted based on the average of BIP’s quarterly net asset value and the average of BXINFRA’s monthly net asset values.

Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and non-investment grade infrastructure and asset-based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.

The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing (“BXMA”) Absolute Return Composite, which includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA’s liquid solutions group, seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account.

Notes to page 12 – Credit & Insurance Segment Highlights

Beginning 2Q’26, capital markets advisory revenues generated in connection with certain financing transactions in infrastructure and asset based credit strategies are presented in the Credit & Insurance segment. Previously, all capital markets advisory revenues were included in the Private Equity segment as part of the BXCM business.

Blackstone | 34

NOTES – (CONT’D)

Notes to page 17 – Deconsolidated Balance Sheet Highlights

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $734 million, $1.7 billion, $366 million, and $135 million, respectively, as of June 30, 2026. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

Notes to page 23 – Shareholder Dividends

DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deductions taken by Blackstone’ s corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables.

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

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

Blackstone | 35

DEFINITIONS AND DIVIDEND POLICY

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

Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

–

Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).

–

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

Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

–

Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement.

–

Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.

Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

Blackstone | 36

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

–

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

–

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

–

Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone’s segment presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

–

Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemption requests are limited in quantum. Includes co-investment capital with an investor right to convert into Perpetual Capital.

–

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

Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or “Adjusted EBITDA”, is a supplemental measure used to assess performance derived from Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

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

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

–

Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. The program, which typically has an impact on individual quarters based on the estimated amounts for the full year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the full year. For 2Q’26 QTD, 2Q’26 YTD, 2Q’25 QTD and 2Q’25 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for both the current year and prior year quarter and YTD periods.

Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

Blackstone | 37

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

Private Wealth AUM refers to the portion of assets under management attributable to the individual investor channel and comprises (a) all Assets Under Management in vehicles or share classes of vehicles, in each case that are primarily targeted to the individual investor channel (including parallel or related vehicles) and (b) Assets Under Management attributable only to individual investors (including through private wealth distribution agreements) in vehicles that are not primarily targeted to the individual investor channel.

Dividend Policy. Blackstone’s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone’s board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.

Blackstone | 38

FORWARD-LOOKING STATEMENTS

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

Blackstone | 39