Equity-Based Compensation

6 Months Ended

Jun. 30, 2026

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

14.	Equity-Based Compensation

Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors,

non-partner

professionals,

non-professionals

and selected external advisers under Blackstone’s Amended and Restated 2007 Equity Incentive Plan (the “Equity Plan”). The Equity Plan allows for the granting of options, share appreciation rights or other share-based awards (shares, restricted shares, restricted shares of common stock, deferred restricted shares of common stock, phantom restricted shares of common stock or other share-based awards based in whole or in part on the fair value of shares of common stock or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January 1, 2026, Blackstone had the ability to grant 176,596,501 shares under the Equity Plan.

For the three and six months ended June 30, 2026, Blackstone recorded compensation expense of $354.6 million and $915.5 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $68.3 million and $124.5 million, respectively. For the three and six months ended June 30, 2025, Blackstone recorded compensation expense of $312.4 million and $783.4 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $67.5 million and $131.6 million, respectively.

As of June 30, 2026, there was $2.9 billion of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 3.2 years.

Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,243,849,052 as of June 30, 2026. Total outstanding phantom shares were 99,274 as of June 30, 2026.

A summary of the status of Blackstone’s unvested equity-based awards as of June 30, 2026 and of changes during the period January 1, 2026 through June 30, 2026 is presented below:

	$			$		$			$		$			$
	Blackstone Holdings					Blackstone Inc.
						Equity Settled Awards					Cash Settled Awards
Unvested Shares/Units	Partnership Units			Weighted- Average Grant Date Fair Value		Deferred Restricted Shares of Common Stock			Weighted- Average Grant Date Fair Value		Phantom Shares			Weighted- Average Grant Date Fair Value
Balance, December 31, 2025		226,888		$	32.02		29,420,712		$	122.07		66,941		$	146.70
Granted		—			—		16,390,636			119.55		26,745			116.54
Vested		(226,888	)		32.02		(4,918,237	)		122.28		(5,196	)		115.55
Forfeited		—			—		(495,244	)		125.74		(2,566	)		132.13

Balance, June 30, 2026		—		$	—		40,397,867		$	121.07		85,924		$	116.94