Earnings Per Share and Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Earnings Per Share and Stockholders' Equity

13.	Earnings Per Share and Stockholders’ Equity

Earnings Per Share

Basic and diluted net income per share of common stock for the three and six months ended June 30, 2026 and 2025 was calculated as follows:

	$		$		$		$
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net Income for Per Share of Common Stock Calculations
Net Income Attributable to Blackstone Inc., Basic and Diluted	$	1,229,189	$	764,244	$	1,878,918	$	1,379,096

Shares/Units Outstanding
Weighted-Average Shares of Common Stock Outstanding, Basic		799,882,459		782,386,121		792,647,549		777,120,501
Weighted-Average Shares of Unvested Deferred Restricted Common Stock		14,976		15,116		489,524		326,667

Weighted-Average Shares of Common Stock Outstanding, Diluted		799,897,435		782,401,237		793,137,073		777,447,168

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

Diluted	$	1.54	$	0.98	$	2.37	$	1.77

Dividends Declared Per Share of Common Stock (a)	$	1.16	$	0.93	$	2.65	$	2.37

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

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

non-controlling

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

non-controlling

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

The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2026 and 2025:

	$		$		$		$
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Weighted-Average Blackstone Holdings Partnership Units		444,174,696		447,849,475		444,629,540		449,037,044

Share Repurchase Program

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

During the three and six months ended June 30, 2026, Blackstone repurchased 0.2 million and 0.4 million shares of common stock, pursuant to its repurchase program, at a total cost of $24.0 million and $48.4 million, respectively. During the three and six months ended June 30, 2025, Blackstone repurchased 0.2 million and 0.4 million shares of common stock at a total cost of $27.8 million and $58.8 million, respectively. As of June 30, 2026, the amount remaining available for repurchases under the program was $1.6 billion.

Shares Eligible for Dividends and Distributions

As of June 30, 2026, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows:

	$
	Shares/Units
Common Stock Outstanding		752,601,287
Unvested Participating Common Stock		47,333,292

Total Participating Common Stock		799,934,579
Participating Blackstone Holdings Partnership Units		443,878,452

		1,243,813,031