Form 8-K

8-K — Blackstone Inc.

Accession: 0001193125-26-428297

Filed: 2026-10-22

Period: 2026-10-22

CIK: 0001393818

SIC: 6282 (INVESTMENT ADVICE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d160590d8k.htm (Primary)

EX-99.1 (d160590dex991.htm)

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8-K

8-K (Primary)

Filename: d160590d8k.htm · Sequence: 1

8-K

false 0001393818 0001393818 2026-10-22 2026-10-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 22, 2026

Blackstone Inc.

(Exact name of Registrant as specified in its charter)

Delaware

001-33551

20-8875684

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

345 Park Avenue

New York, New York

10154

(Address of principal executive offices)

(Zip Code)

(212) 583-5000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 22, 2026, Blackstone Inc. issued a press release and detailed presentation announcing financial results for its third quarter ended September 30, 2026.

The press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

Press release of Blackstone Inc. dated October 22, 2026.

104

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 22, 2026

Blackstone Inc.

By:

/s/ Michael S. Chae

Name:

Michael S. Chae

Title:

Chief Financial Officer

EX-99.1

Filename: d160590dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Blackstone

Reports Third Quarter 2026 Results

New York, October 22, 2026: Blackstone (NYSE:BX) today reported its third quarter 2026 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered strong third-quarter results amid a volatile external environment.

Our flagship strategies outperformed comparable public market indices and inflows reached $63 billion, with positive momentum across our major fund-raising channels. We’ve established leading platforms to address the key investment themes

powering the global economy and markets today – including AI and energy infrastructure – which gives our investors unique access to remarkable opportunities.”

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

Dividend

Blackstone has declared a quarterly dividend of $1.12 per share to record holders of common stock at the close of business on November 2, 2026.

This dividend will be paid on November 9, 2026.

Quarterly Investor Call Details

Blackstone will host its third quarter 2026 investor conference via public webcast on October 22, 2026, at 9:00 a.m. ET. To register, please use

the following link:

https://event.webcasts.com/starthere.jsp?ei=1777525&tp_key=e1c5d41eb8. 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 nearly $1.4 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

Blackstone’s Third

Quarter 2026 Earnings

OCTOBER 22, 2026

BLACKSTONE’S THIRD QUARTER 2026 GAAP RESULTS

GAAP Net Income was $1.3 billion for the quarter and $4.9 billion year-to-date (“YTD”). GAAP Net Income Attributable to Blackstone Inc. was $662 million for the quarter and $2.5 billion YTD.

in thousands, except per share data) (unaudited)

3Q’25

3Q’26

3Q’25 YTD

3Q’26 YTD

3Q’25 LTM

3Q’26 LTM

Revenues

Management and Advisory Fees, Net

2,056,248

2,178,108

5,996,060

6,592,734

7,875,641

8,672,275

Incentive Fees

200,675

172,729

587,914

497,228

992,658

887,516

Performance Allocations

781,478

204,637

2,749,832

3,543,577

3,256,982

5,099,051

Principal Investments

(86,006

)

369,729

720,811

648,153

757,800

873,278

Interest and Dividend Revenue

107,538

125,941

305,347

368,105

403,894

478,851

Other

28,702

11,744

(269,971

)

74,664

(114,417

)

73,762

Total Revenues

3,088,635

3,062,888

10,089,993

11,724,461

13,172,558

16,084,733

Expenses

Compensation and Benefits

1,230,759

1,066,272

4,084,129

4,624,822

5,123,332

6,161,222

General, Administrative and Other

383,580

416,358

1,076,770

1,198,289

1,415,856

1,646,067

Interest Expense

126,288

132,936

380,225

415,012

495,757

543,101

Fund Expenses

10,060

9,733

36,598

25,081

42,894

37,699

Total Expenses

1,750,687

1,625,299

5,577,722

6,263,204

7,077,839

8,388,089

Other Income

108,634

93,418

302,539

333,259

281,368

454,708

Income Before Provision for

Taxes

1,446,582

1,531,007

4,814,810

5,794,516

6,376,087

8,151,352

Provision for Taxes

209,657

258,564

742,978

908,100

975,429

1,290,145

Net Income

1,236,925

1,272,443

4,071,832

4,886,416

5,400,658

6,861,207

Redeemable NCI in Consolidated

Entities

29,008

3,486

55,117

29,650

55,423

20,033

Non-Redeemable NCI in Consolidated Entities

583,000

606,585

2,012,702

2,315,476

2,637,349

3,284,683

Net Income Attributable to

Blackstone Inc.

624,917

662,372

2,004,013

2,541,290

2,707,886

3,556,491

Net Income Per Share of Common Stock,

Basic

0.80

0.83

2.57

3.20

3.49

4.49

Net Income Per Share of Common

Stock, Diluted

0.80

0.83

2.57

3.19

3.49

4.49

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 THIRD QUARTER 2026 HIGHLIGHTS

Financial Measures

Fee Related Earnings (“FRE”) of $1.6 billion ($1.26/share) in the quarter

–

FRE

was $6.4 billion over the last twelve months (“LTM”) ($5.20/share)

Distributable Earnings (“DE”) of $1.7 billion ($1.32/share) in the quarter

–

was $7.7 billion over the LTM ($5.95/share)

Net Accrued Performance Revenues of $7.3 billion ($5.84/share)

Capital Metrics

Total Assets Under Management (“AUM”) of $1,368.3 billion

–

Fee-Earning AUM of $989.7 billion

–

Perpetual Capital AUM of $562.3 billion

Inflows of $63.3 billion in the quarter and $271.6 billion over the LTM

Deployment of $30.1 billion in the quarter and $142.0 billion over the LTM

Realizations of $33.1 billion in the quarter and $147.0 billion over the LTM

Capital Returned

to Shareholders

Dividend of $1.12 per common share payable on November 9, 2026

–

Dividends of $5.06 per common share over the LTM

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

$1.5 billion to be distributed to shareholders with respect to the quarter and $6.7 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S THIRD QUARTER 2026 SEGMENT EARNINGS

($ in thousands, except per share

data)

3Q’25

3Q’26

% Change

vs. 3Q’25

3Q’25 YTD

3Q’26 YTD

% Change

vs. 3Q’25 YTD

Management and Advisory Fees, Net

2,041,820

2,159,457

5,953,830

6,542,561

10%

Fee Related Performance

Revenues

453,018

540,129

19%

1,218,983

1,821,618

49%

Fee Related Compensation

(658,091

)

(745,083

)

13%

(1,975,389

)

(2,354,682

)

19%

Other Operating Expenses

(356,070

)

(382,451

)

(995,188

)

(1,106,036

)

11%

Fee Related Earnings

1,480,677

1,572,052

4,202,236

4,903,461

17%

Realized Performance

Revenues

744,953

464,386

(38)%

1,758,097

1,975,765

12%

Realized Performance Compensation

(302,642

)

(185,452

)

(39)%

(780,190

)

(893,632

)

15%

Realized Principal Investment

Income

62,535

52,599

(16)%

209,866

112,071

(47)%

Net Realizations

504,846

331,533

(34)%

1,187,773

1,194,204

Total Segment Distributable

Earnings

1,985,523

1,903,585

(4)%

5,390,009

6,097,665

13%

Distributable Earnings

1,889,487

1,715,678

(9)%

4,866,055

5,457,765

12%

Additional Metrics:

Net Income Per Share of Common Stock, Basic

0.80

0.83

2.57

3.20

25%

FRE per Share

1.20

1.26

3.42

3.95

15%

DE per Common Share

1.52

1.32

(13)%

3.82

4.20

10%

Total Segment Revenues

3,302,326

3,216,571

(3)%

9,140,776

10,452,015

14%

Total Assets Under Management

1,241,731,296

1,368,346,601

10%

1,241,731,296

1,368,346,601

10%

Fee-Earning Assets Under

Management

906,221,028

989,664,711

906,221,028

989,664,711

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 three quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segments.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

Realized distributions across strategies led to lower Net Accrued Performance Revenues quarter-over-quarter of $7.3 billion ($5.84/share).

Investment Performance

(appreciation / gross returns)

3Q’26

3Q’26 LTM

Real Estate

Opportunistic

(3.2

(4.0

Core+

1.6

4.3

Private Equity

Corporate Private Equity

2.8

14.7

Tactical Opportunities

2.2

8.9

Secondaries

4.3

9.3

Infrastructure

6.4

28.9

Credit & Insurance

Private Credit

2.6

6.7

Liquid Credit

1.5

3.7

Multi-Asset Investing

Absolute Return Composite

0.5

12.8

Net Accrued Performance Revenues

($ in millions)

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 1.8% and 3.9% for 3Q’26 and 3Q’26 LTM, respectively. Liquid Credit net returns were 1.4% and 3.2% for 3Q’26 and 3Q’26 LTM, respectively. Absolute Return Composite net returns were 0.3% and 11.5% for 3Q’26

and 3Q’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 $63.3 billion in the quarter, bringing LTM inflows to $271.6 billion.

Deployed $30.1 billion in the quarter and $142.0 billion over the LTM.

–

Committed an additional $17.0 billion that was not yet deployed in the quarter.

Realizations were $33.1 billion in the quarter and $147.0 billion over the LTM.

Inflows

Capital Deployed

Realizations

($ in millions)

3Q’26

3Q’26 LTM

3Q’26

3Q’26 LTM

3Q’26

3Q’26 LTM

Real Estate

6,298

29,577

6,075

24,354

6,999

29,300

Opportunistic

712

2,944

1,764

8,070

3,136

11,162

Core+

3,325

14,200

787

3,271

2,140

8,424

Debt Strategies

2,261

12,434

3,524

13,013

1,723

9,714

Private Equity

12,627

77,821

8,842

50,682

9,839

46,228

Corporate Private Equity

4,564

34,942

4,190

28,193

4,600

24,772

Tactical Opportunities

1,293

4,371

641

2,799

2,352

7,387

Secondaries

3,080

25,144

1,950

13,241

1,836

10,548

Infrastructure

3,690

13,364

2,062

6,449

1,050

3,522

Credit & Insurance

35,796

142,795

13,413

62,122

15,423

68,183

Multi-Asset Investing

8,590

21,436

1,758

4,837

874

3,291

Total Blackstone

63,311

271,629

30,088

141,995

33,135

147,002

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 $1,368.3 billion, up 10% year-over-year, with $63.3 billion of inflows in the quarter and $271.6 billion over the LTM.

Fee-Earning AUM of $989.7 billion was up 9% year-over-year, with $55.4 billion of inflows in the quarter and $184.8 billion over the LTM.

Perpetual Capital AUM reached $562.3 billion, up 12% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $469.5 billion, representing 47% of Fee-Earning AUM.

Multi-Asset Investing had $286 million and $907 million of Perpetual Capital AUM as of 3Q’25 and 3Q’26, respectively.

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $662.8 billion at quarter end, up 8% year-over-year.

Total Dry Powder of $228.9 billion available for future investments.

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

3Q’26 Total Segment Distributable Earnings were $1.9 billion.

LTM Total Segment Distributable Earnings were $8.6 billion.

Segment Distributable Earnings

($ in millions)

Blackstone | 9

REAL ESTATE

Total AUM: $309.0 billion with inflows of $6.3 billion in the quarter and $29.6 billion over the LTM.

–

Inflows in the quarter included $2.3 billion in BREDS, primarily from insurance SMAs, and $1.3 billion of capital raised in BREIT.

Capital Deployed: $6.1 billion in the quarter, including BREP’s acquisition of the Hyatt Regency Embarcadero in San Francisco, and $24.4 billion over the LTM.

–

Committed an additional $1.6 billion in the quarter, including an investment in a large European hotel owner by BREP.

Realizations: $7.0 billion in the quarter, including BREP’s realizations in India office and Japan logistics and hotels, and $29.3 billion over the LTM.

Appreciation: Opportunistic funds declined (3.2)% in the quarter and (4.0)% over the LTM; Core+ funds appreciated 1.6% in the quarter and 4.3% over the LTM.

% Change

($ in thousands)

3Q’25

3Q’26

vs. 3Q’25

3Q’25 YTD

3Q’26 YTD

vs. 3Q’25 YTD

Management and Advisory Fees, Net

688,799

628,812

(9)%

2,100,939

2,033,370

(3)%

Fee Related Performance Revenues

124,647

160,551

29%

252,040

556,267

121%

Fee Related Compensation

(168,377

)

(196,045

)

16%

(509,111

)

(651,350

)

28%

Other Operating Expenses

(95,228

)

(94,083

)

(1)%

(265,557

)

(278,907

)

Fee Related Earnings

549,841

499,235

(9)%

1,578,311

1,659,380

Realized Performance Revenues

132,792

99,924

(25)%

195,389

352,866

81%

Realized Performance Compensation

(69,623

)

(49,489

)

(29)%

(102,532

)

(157,704

)

54%

Realized Principal Investment Income

5,303

3,982

(25)%

8,449

1,837

(78)%

Net Realizations

68,472

54,417

(21)%

101,306

196,999

94%

Segment Distributable Earnings

618,313

553,652

(10)%

1,679,617

1,856,379

11%

Segment Revenues

951,541

893,269

(6)%

2,556,817

2,944,340

15%

Total AUM

320,490,495

308,995,068

(4)%

320,490,495

308,995,068

(4)%

Fee-Earning

AUM

282,579,289

277,822,726

(2)%

282,579,289

277,822,726

(2)%

See notes on page 34.

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 18% to $465.4 billion with inflows of $12.6 billion in the quarter and $77.8 billion over the LTM.

–

Inflows in the quarter included $3.7 billion in Infrastructure, $3.1 billion in Secondaries, primarily from the tenth flagship Secondaries strategy and the ninth Secondaries Real Estate strategy, and $2.5 billion for

the fifth energy transition fund.

–

$2.9 billion of capital raised for BXPE and $1.1 billion of capital raised for BXINFRA.

Capital Deployed: $8.8 billion in the quarter, including Urbaser, Falcata, and Eurowind Energy, and $50.7 billion over the LTM.

–

Committed an additional $8.6 billion in the quarter, including Flow Control Holdings and Safe Harbor Marinas.

Realizations: $9.8 billion in the quarter, including Recognition Music Group, Ennovi, and SP.LINKS, and $46.2 billion over the LTM.

Appreciation: Corporate Private Equity appreciated 2.8% in the quarter and 14.7% over the LTM.

–

Tactical Opportunities appreciated 2.2% in the quarter and 8.9% over the LTM; Secondaries appreciated 4.3% in the quarter and 9.3% over the LTM; Infrastructure appreciated 6.4% in the quarter and 28.9% over the LTM.

% Change

($ in thousands)

3Q’25

3Q’26

vs. 3Q’25

3Q’25 YTD

3Q’26 YTD

vs. 3Q’25 YTD

Management and Advisory Fees, Net

717,390

838,078

17%

2,045,480

2,434,580

19%

Fee Related Performance Revenues

126,652

215,181

70%

379,887

777,265

105%

Fee Related Compensation

(231,915

)

(295,205

)

27%

(702,159

)

(895,546

)

28%

Other Operating Expenses

(120,743

)

(139,111

)

15%

(335,937

)

(383,554

)

14%

Fee Related Earnings

491,384

618,943

26%

1,387,271

1,932,745

39%

Realized Performance Revenues

559,383

285,498

(49)%

1,318,436

1,414,294

Realized Performance Compensation

(205,967

)

(102,408

)

(50)%

(573,932

)

(648,148

)

13%

Realized Principal Investment Income

26,686

11,059

(59)%

55,721

81,359

46%

Net Realizations

380,102

194,149

(49)%

800,225

847,505

Segment Distributable Earnings

871,486

813,092

(7)%

2,187,496

2,780,250

27%

Segment Revenues

1,430,111

1,349,816

(6)%

3,799,524

4,707,498

24%

Total AUM

395,607,045

465,427,514

18%

395,607,045

465,427,514

18%

Fee-Earning

AUM

235,003,905

286,312,835

22%

235,003,905

286,312,835

22%

See notes on page 35.

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 11% to $480.0 billion with inflows of $35.8 billion in the quarter and $142.8 billion over the LTM.

–

Inflows in the quarter included $18.0 billion for the infrastructure and asset based credit strategies, inclusive of $16.5 billion for insurance SMAs, and $11.9 billion for the global direct lending strategy.

–

Closed 3 new CLOs (2 European and 1 U.S.) for $1.3 billion.

Capital Deployed: $13.4 billion in the quarter, driven by infrastructure and asset based credit strategies and U.S. direct lending, including transactions with Williams and Air Canada, and $62.1 billion over the

LTM.

–

Committed an additional $5.8 billion in the quarter.

Realizations: $15.4 billion in the quarter and $68.2 billion over the LTM.

Returns: Private Credit gross return of 2.6% (1.8% net) and Liquid Credit gross return of 1.5% (1.4% net) in the quarter.

–

Private Credit gross return of 6.7% (3.9% net) and Liquid Credit gross return of 3.7% (3.2% net) over the LTM.

% Change

($ in thousands)

3Q’25

3Q’26

vs. 3Q’25

3Q’25 YTD

3Q’26 YTD

vs. 3Q’25 YTD

Management and Advisory Fees, Net

497,175

524,412

1,414,846

1,605,655

13%

Fee Related Performance Revenues

201,719

164,397

(19)%

587,056

488,086

(17)%

Fee Related Compensation

(218,425

)

(205,399

)

(6)%

(640,348

)

(669,460

)

Other Operating Expenses

(113,120

)

(120,298

)

(316,824

)

(359,265

)

13%

Fee Related Earnings

367,349

363,112

(1)%

1,044,730

1,065,016

Realized Performance Revenues

40,124

58,467

46%

219,114

148,133

(32)%

Realized Performance Compensation

(21,123

)

(25,261

)

20%

(92,051

)

(60,204

)

(35)%

Realized Principal Investment Income

29,855

36,668

23%

143,558

26,341

(82)%

Net Realizations

48,856

69,874

43%

270,621

114,270

(58)%

Segment Distributable Earnings

416,205

432,986

1,315,351

1,179,286

(10)%

Segment Revenues

768,873

783,944

2,364,574

2,268,215

(4)%

Total AUM

432,315,679

479,995,343

11%

432,315,679

479,995,343

11%

Fee-Earning

AUM

305,193,225

322,111,989

305,193,225

322,111,989

Blackstone | 12

MULTI-ASSET INVESTING

Total AUM: Increased 22% to $113.9 billion with inflows of $8.6 billion in the quarter and $21.4 billion over the LTM.

Returns: Absolute Return Composite gross return of 0.5% in the quarter (0.3% net), outperforming the HFRX Global Hedge Fund Index, which was (0.8)%.

–

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

–

Gross return of 12.8% over the LTM (11.5% net), outperforming a 5.4% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.

% Change

($ in thousands)

3Q’25

3Q’26

vs. 3Q’25

3Q’25 YTD

3Q’26 YTD

vs. 3Q’25 YTD

Management and Advisory Fees, Net

138,456

168,155

21%

392,565

468,956

19%

Fee Related Compensation

(39,374

)

(48,434

)

23%

(123,771

)

(138,326

)

12%

Other Operating Expenses

(26,979

)

(28,959

)

(76,870

)

(84,310

)

10%

Fee Related Earnings

72,103

90,762

26%

191,924

246,320

28%

Realized Performance Revenues

12,654

20,497

62%

25,158

60,472

140%

Realized Performance Compensation

(5,929

)

(8,294

)

40%

(11,675

)

(27,576

)

136%

Realized Principal Investment Income

691

890

29%

2,138

2,534

19%

Net Realizations

7,416

13,093

77%

15,621

35,430

127%

Segment Distributable Earnings

79,519

103,855

31%

207,545

281,750

36%

Segment Revenues

151,801

189,542

25%

419,861

531,962

27%

Total AUM

93,318,077

113,928,676

22%

93,318,077

113,928,676

22%

Fee-Earning

AUM

83,444,609

103,417,161

24%

83,444,609

103,417,161

24%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS

($ in thousands)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

3Q’25 YTD

3Q’26 YTD

Base Management Fees

1,919,702

1,945,364

1,952,414

1,960,897

1,992,046

5,603,493

5,905,357

Transaction, Advisory and Other Fees, Net

156,211

149,621

211,697

321,156

209,856

433,210

742,709

Management Fee Offsets

(34,093

)

(32,766

)

(31,303

)

(31,757

)

(42,445

)

(82,873

)

(105,505

)

Total Management and Advisory Fees, Net

2,041,820

2,062,219

2,132,808

2,250,296

2,159,457

5,953,830

6,542,561

Fee Related Performance Revenues

453,018

606,445

488,098

793,391

540,129

1,218,983

1,821,618

Fee Related Compensation

(658,091

)

(715,312

)

(729,470

)

(880,129

)

(745,083

)

(1,975,389

)

(2,354,682

)

Other Operating Expenses

(356,070

)

(418,051

)

(343,455

)

(380,130

)

(382,451

)

(995,188

)

(1,106,036

)

Fee Related Earnings

1,480,677

1,535,301

1,547,981

1,783,428

1,572,052

4,202,236

4,903,461

Realized Performance Revenues

744,953

1,057,432

780,494

730,885

464,386

1,758,097

1,975,765

Realized Performance Compensation

(302,642

)

(310,405

)

(364,056

)

(344,124

)

(185,452

)

(780,190

)

(893,632

)

Realized Principal Investment Income

62,535

209,877

31,973

27,499

52,599

209,866

112,071

Total Net Realizations

504,846

956,904

448,411

414,260

331,533

1,187,773

1,194,204

Total Segment Distributable

Earnings

1,985,523

2,492,205

1,996,392

2,197,688

1,903,585

5,390,009

6,097,665

Distributable Earnings

1,889,487

2,244,809

1,764,838

1,977,249

1,715,678

4,866,055

5,457,765

Additional Metrics:

Total Segment Revenues

3,302,326

3,935,973

3,433,373

3,802,071

3,216,571

9,140,776

10,452,015

Total Assets Under Management

1,241,731,296

1,274,931,234

1,304,017,634

1,346,263,835

1,368,346,601

1,241,731,296

1,368,346,601

Fee-Earning Assets Under Management

906,221,028

921,674,454

937,596,454

961,592,654

989,664,711

906,221,028

989,664,711

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

Three Months Ended September 30, 2026

Twelve Months Ended September 30, 2026

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Beginning Balance

314,150

454,152

469,317

108,644

1,346,264

320,490

395,607

432,316

93,318

1,241,731

Inflows

6,298

12,627

35,796

8,590

63,311

29,577

77,821

142,795

21,436

271,629

Outflows

(1,018

)

(1,125

)

(9,140

)

(2,752

)

(14,036

)

(8,394

)

(5,953

)

(31,861

)

(9,290

)

(55,498

)

Net Flows

5,279

11,502

26,656

5,838

49,275

21,183

71,868

110,934

12,146

216,131

Realizations

(6,999

)

(9,839

)

(15,423

)

(874

)

(33,135

)

(29,300

)

(46,228

)

(68,183

)

(3,291

)

(147,002

)

Market Activity

(3,435

)

9,612

(555

)

320

5,943

(3,379

)

44,181

4,928

11,756

57,486

Ending Balance

308,995

465,428

479,995

113,929

1,368,347

308,995

465,428

479,995

113,929

1,368,347

% Change

(2)%

(4)%

18%

11%

22%

10%

Fee-Earning AUM Rollforward

($ in millions)

Three Months Ended September 30, 2026

Twelve Months Ended September 30, 2026

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Beginning Balance

277,420

267,818

318,241

98,114

961,593

282,579

235,004

305,193

83,445

906,221

Inflows

6,558

22,049

19,509

7,322

55,437

23,646

66,111

75,492

19,575

184,823

Outflows

(1,042

)

(3,517

)

(5,460

)

(1,518

)

(11,538

)

(5,475

)

(14,882

)

(24,097

)

(7,481

)

(51,935

)

Net Flows

5,516

18,531

14,048

5,804

43,899

18,170

51,229

51,394

12,094

132,888

Realizations

(5,179

)

(4,556

)

(8,666

)

(808

)

(19,210

)

(23,080

)

(19,218

)

(35,661

)

(3,067

)

(81,027

)

Market Activity

4,520

(1,511

)

307

3,382

154

19,298

1,186

10,946

31,583

Ending Balance

277,823

286,313

322,112

103,417

989,665

277,823

286,313

322,112

103,417

989,665

% Change

(2)%

22%

24%

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 September 30, 2026, Blackstone had $13.2 billion in total cash, cash equivalents, corporate treasury, and other investments and $23.5 billion of cash and net investments, or $18.91 per share.

Blackstone has a $4.3 billion credit revolver ($3.6 billion undrawn) and maintains A+/A+ ratings.

($ in millions)

3Q’26

Cash and Cash Equivalents

3,038

Corporate Treasury and Other Investments

10,155

GP/Fund Investments

3,061

Net Accrued Performance Revenues

7,263

Cash and Net Investments

23,517

Outstanding Debt (at par)

13,076

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

October 2030 maturity

$13.2B

total cash, corporate

treasury and other

investments

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $9.5 billion as of September 30, 2026, which was comprised of $8.9 billion of liquid investments and $649 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)

3Q’26

3Q’25

2Q’26

3Q’26

Per Share

Real Estate

BREP Global

547

553

521

0.42

BREP Europe

0.07

BREP Asia

114

111

0.09

BPP

114

143

0.11

BREDS

0.02

Real Estate

763

891

883

0.71

Private Equity

BCP Global

1,843

1,764

1,158

0.93

BCP Asia

309

262

190

0.15

Energy/Energy Transition

598

1,052

1,271

1.02

Core Private Equity

269

256

281

0.23

Tactical Opportunities

203

150

156

0.13

Secondaries

1,169

1,148

1,196

0.96

Infrastructure

347

936

1,100

0.88

Life Sciences

240

253

270

0.22

BTAS

250

262

245

0.20

Private Equity

5,228

6,081

5,868

4.72

Credit & Insurance

372

252

241

0.19

Multi-Asset Investing

148

243

271

0.22

Net Accrued Performance Revenues

6,511

7,468

7,263

5.84

3Q’26 QoQ Rollforward

($ in millions)

Net

Performance

Realized

2Q’26

Revenues

Distributions

3Q’26

Real Estate

891

157

(166

)

883

Private Equity

6,081

112

(325

)

5,868

Credit & Insurance

252

141

(153

)

241

Multi-Asset Investing

243

(12

)

271

Total

7,468

451

(655

)

7,263

QoQ Change

(3)%

3Q’26 LTM Rollforward

($ in

millions)

Net

Performance

Realized

3Q’25

Revenues

Distributions

3Q’26

Real Estate

763

1,013

(893

)

883

Private Equity

5,228

2,288

(1,648

)

5,868

Credit & Insurance

372

542

(673

)

241

Multi-Asset Investing

148

539

(416

)

271

Total

6,511

4,382

(3,630

)

7,263

YoY Change

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and exclude 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 SEPTEMBER 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)

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%

BREP V (Dec 2005 / Feb 2007)

5,539,418

3,141

n/a

13,468,476

2.3x

13,471,617

2.3x

11%

BREP VI (Feb 2007 / Aug 2011)

11,060,122

2,356

n/a

27,765,450

2.5x

27,767,806

2.5x

13%

BREP VII (Aug 2011 / Apr 2015)

13,506,800

851,746

869,438

0.4x

29,450,777

2.1x

30,320,215

1.9x

17%

14%

BREP VIII (Apr 2015 / Jun 2019)

16,651,125

955,019

7,705,515

1.1x

25,080,583

2.1x

32,786,098

1.7x

19%

11%

BREP IX (Jun 2019 / Aug 2022)

21,374,992

2,626,478

14,610,413

0.9x

13,118,733

1.9x

27,729,146

1.2x

27%

*BREP X (Aug 2022 / Feb 2028)

30,651,981

15,699,009

19,380,408

1.3x

3,689,183

1.8x

23,069,591

1.4x

28%

11%

Total Global BREP

104,225,601

20,132,252

42,571,271

1.1x

124,792,728

2.2x

167,363,999

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%

BREP Europe III (Jun 2008 / Sep 2013)

3,205,420

86,279

14,906

0.1x

5,998,531

2.1x

6,013,437

2.0x

14%

13%

BREP Europe IV (Sep 2013 / Dec 2016)

6,676,611

601,640

608,061

0.6x

10,448,903

1.9x

11,056,964

1.7x

16%

11%

BREP Europe V (Dec 2016 / Oct 2019)

8,007,488

607,505

3,305,532

0.6x

6,902,190

3.8x

10,207,722

1.4x

40%

BREP Europe VI (Oct 2019 / Sep 2023)

9,941,770

2,499,870

5,903,899

0.8x

4,105,789

2.4x

10,009,688

1.1x

61%

*BREP Europe VII (Sep 2023 / Mar 2029)

9,766,011

5,685,237

4,962,100

1.3x

238,303

1.5x

5,200,403

1.3x

n/m

11%

Total BREP Europe

€

40,051,220

€

9,480,531

€

14,794,498

0.8x

€

31,649,918

2.2x

€

46,444,416

1.4x

16%

BREP Asia I (Jun 2013 / Dec 2017)

4,262,075

617,930

1,064,832

1.7x

7,853,183

1.9x

8,918,015

1.9x

14%

12%

BREP Asia II (Dec 2017 / Mar 2022)

7,361,035

1,073,998

3,937,312

1.0x

4,209,323

1.6x

8,146,635

1.2x

10%

*BREP Asia III (Mar 2022 / Sep 2027)

8,222,721

4,539,258

4,856,226

1.3x

1,056,389

1.8x

5,912,615

1.4x

34%

Total BREP Asia

19,845,831

6,231,186

9,858,370

1.2x

13,118,895

1.8x

22,977,265

1.5x

14%

BREP Co-Investment (f)

8,695,156

572,800

1,532,020

1.3x

15,400,970

2.2x

16,932,990

2.1x

16%

Total BREP

179,444,787

37,677,680

70,624,024

1.0x

191,912,966

2.1x

262,536,990

1.7x

16%

13%

*BREDS High-Yield (Various) (g)

27,606,074

8,731,502

3,390,981

1.0x

26,362,492

1.3x

29,753,473

1.3x

10%

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%

BCOM (Jun 2000 / Jun 2006)

2,137,330

n/a

2,995,106

1.4x

2,995,106

1.4x

BCP IV (Nov 2002 / Dec 2005)

6,450,000

n/a

21,720,334

2.9x

21,720,334

2.9x

36%

BCP V (Dec 2005 / Jan 2011)

21,009,112

982,018

n/a

38,870,378

1.9x

38,870,378

1.9x

BCP VI (Jan 2011 / May 2016)

15,192,032

1,340,945

2,103,888

3.0x

30,772,856

2.2x

32,876,744

2.2x

13%

12%

BCP VII (May 2016 / Feb 2020)

18,873,515

1,309,749

13,655,838

1.7x

25,817,867

2.5x

39,473,705

2.1x

22%

12%

BCP VIII (Feb 2020 / Apr 2024)

25,820,032

5,845,936

24,386,474

1.3x

11,277,806

2.5x

35,664,280

1.6x

27%

*BCP IX (Apr 2024 / Apr 2030)

21,816,025

18,254,250

4,387,096

1.3x

297,133

1.5x

4,684,229

1.3x

n/m

(8)%

Energy I (Aug 2011 / Feb 2015)

2,435,007

170,540

n/a

4,897,287

2.0x

4,897,287

2.0x

12%

Energy II (Feb 2015 / Feb 2020)

4,926,378

778,845

3,269,223

2.6x

6,393,163

1.9x

9,662,386

2.1x

Energy III (Feb 2020 / Jun 2024)

4,399,070

1,811,199

6,777,068

2.8x

5,060,366

3.0x

11,837,434

2.9x

33%

30%

Energy Transition IV (Jun 2024 / Jun 2026)

5,880,446

2,825,257

9,205,066

2.9x

272,525

1.6x

9,477,591

2.8x

n/m

123%

*Energy Transition V (Jun 2026 / Jun 2032)

8,169,213

7,998,577

745

n/a

745

n/a

BCP Asia I (Dec 2017 / Sep 2021)

2,437,192

417,623

1,194,426

1.4x

3,790,199

2.9x

4,984,625

2.3x

30%

19%

BCP Asia II (Sep 2021 / Sep 2026)

6,838,030

3,514,898

5,533,572

1.8x

2,070,374

4.0x

7,603,946

2.1x

78%

24%

*BCP Asia III (Sep 2026 / Sep 2032)

13,171,899

n/a

Core Private Equity I (Jan 2017 / Mar 2021) (h)

4,760,130

1,195,771

6,718,079

2.1x

4,232,731

3.7x

10,950,810

2.5x

32%

14%

*Core Private Equity II (Mar 2021 / Mar 2027) (h)

8,244,519

5,979,008

5,818,049

1.6x

2,094,643

4.2x

7,912,692

1.9x

38%

16%

Total Corporate Private Equity

178,747,533

65,596,515

83,049,524

1.7x

174,801,840

2.3x

257,851,364

2.1x

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 SEPTEMBER 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)

Value

MOIC (c)

Value

MOIC (c)

Value

MOIC (c)

Realized

Total

Private Equity (continued)

Tactical Opportunities

*Tactical Opportunities (Various)

33,800,436

14,895,316

12,339,293

1.2x

34,618,208

1.9x

46,957,501

1.6x

15%

10%

*Tactical Opportunities Co-Investment and Other (Various)

10,553,563

1,103,162

3,140,551

1.3x

12,577,239

1.8x

15,717,790

1.7x

18%

15%

Total Tactical Opportunities

44,353,999

15,998,478

15,479,844

1.2x

47,195,447

1.8x

62,675,291

1.6x

16%

11%

Growth

BXG I (Jul 2020 / Feb 2025)

4,961,566

281,243

4,994,104

1.2x

705,496

1.3x

5,699,600

1.2x

n/m

*BXG II (Feb 2025 / Feb 2030)

4,612,803

3,263,604

1,320,815

1.0x

9,155

n/m

1,329,970

1.0x

n/m

Total Growth

9,574,369

3,544,847

6,314,919

1.2x

714,651

1.4x

7,029,570

1.2x

n/m

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (i)

11,035,527

9,572

2,121

n/a

16,796,758

n/a

16,798,879

1.7x

n/a

13%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)

4,362,772

377,908

394,569

n/a

4,693,038

n/a

5,087,607

1.7x

n/a

13%

Strategic Partners VII (May 2016 / Mar 2019) (i)

7,489,970

1,604,636

2,191,491

n/a

8,698,176

n/a

10,889,667

1.9x

n/a

15%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)

1,749,807

595,400

1,304,471

n/a

1,436,164

n/a

2,740,635

1.9x

n/a

14%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)

10,763,600

3,410,159

5,882,642

n/a

9,269,183

n/a

15,151,825

1.7x

n/a

17%

*Strategic Partners Real Estate, SMA and Other (Various) (i)

7,055,591

1,127,655

3,082,993

n/a

3,109,699

n/a

6,192,692

1.4x

n/a

10%

Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)

3,250,100

666,122

2,576,153

n/a

1,033,329

n/a

3,609,482

1.6x

n/a

14%

Strategic Partners IX (Oct 2021 / Mar 2026) (i)

19,692,626

2,114,263

19,855,303

n/a

1,307,669

n/a

21,162,972

1.5x

n/a

16%

*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)

2,095,211

303,710

1,332,147

n/a

183,708

n/a

1,515,855

1.1x

n/a

*Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i)

4,838,206

3,196,410

665,705

n/a

665,705

2.5x

n/a

n/m

*Strategic Partners X (Mar 2026 / May 2031) (i)

12,349,058

7,788,368

504,070

n/a

504,070

n/a

Total Strategic Partners (Secondaries)

84,682,468

21,194,203

37,791,665

n/a

46,527,724

n/a

84,319,389

1.7x

n/a

14%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)

910,000

38,924

522,691

2.1x

818,286

1.6x

1,340,977

1.8x

BXLS V (Jan 2020 / Mar 2025)

5,060,707

2,215,067

5,417,746

2.1x

1,883,875

1.8x

7,301,621

2.0x

12%

17%

*BXLS VI (Mar 2025 / Mar 2031)

6,487,871

6,231,782

582,369

4.1x

n/a

582,369

4.1x

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

76,958

0.7x

6,688,441

1.4x

6,765,399

1.4x

n/a

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)

6,639,133

1,082,093

790,958

1.2x

9,943,092

1.5x

10,734,050

1.5x

n/a

11%

Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)

5,016,771

1,298,409

2,255,613

1.2x

4,948,824

1.4x

7,204,437

1.3x

n/a

11%

*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029)

7,630,000

6,538,256

961,610

1.1x

272,473

1.3x

1,234,083

1.1x

n/a

n/m

Total Mezzanine / Opportunistic

25,405,904

9,912,018

4,085,139

1.1x

26,661,943

1.5x

30,747,082

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

Stressed / Distressed II (Jun 2013 / Jun 2018)

5,125,000

547,430

n/a

5,567,183

1.1x

5,567,183

1.1x

n/a

Stressed / Distressed III (Dec 2017 / Dec 2022)

7,356,380

1,085,652

1,016,103

1.2x

5,955,720

1.3x

6,971,823

1.3x

n/a

Total Stressed / Distressed

15,734,523

1,633,082

1,016,103

1.2x

17,300,001

1.2x

18,316,104

1.2x

n/a

European Senior Debt I (Feb 2015 / Feb 2019)

€

1,964,689

€

67,385

€

170,517

0.4x

€

3,002,740

1.3x

€

3,173,257

1.1x

n/a

European Senior Debt II (Jun 2019 / Jun 2023) (j)

4,088,344

864,089

2,152,044

0.9x

4,946,025

1.7x

7,098,069

1.3x

n/a

Total European Senior Debt

€

6,053,033

€

931,474

€

2,322,561

0.8x

€

7,948,765

1.5x

€

10,271,326

1.3x

n/a

Energy I (Nov 2015 / Nov 2018)

2,856,867

1,154,819

51,192

1.5x

3,577,048

1.5x

3,628,240

1.5x

n/a

10%

Energy II (Feb 2019 / Jun 2023)

3,616,081

1,456,014

368,953

1.2x

3,618,903

1.4x

3,987,856

1.4x

n/a

16%

*Energy III (May 2023 / May 2028)

6,477,000

3,916,620

2,901,862

1.0x

3,490,357

1.4x

6,392,219

1.2x

n/a

17%

Total Energy

12,949,948

6,527,453

3,322,007

1.0x

10,686,308

1.4x

14,008,315

1.3x

n/a

12%

*Senior Direct Lending (Various) (k)

2,855,243

1,268,828

2,925,841

1.1x

390,769

1.2x

3,316,610

1.2x

n/a

Total Credit Drawdown Funds (l)

63,851,276

20,398,251

14,297,185

1.0x

64,151,594

1.4x

78,448,779

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 SEPTEMBER 30, 2026

(a) – (CONT’D)

Selected Perpetual Capital Strategies(m)

($/€ in thousands, except where noted)

Investment

Total

Total Net

Strategy (Inception Date)

Strategy

AUM (n)

Return (o)

Real Estate

BPP - Blackstone Property Partners Platform (Dec 2013) (p)

Core+ Real Estate

57,792,821

BREIT - Blackstone Real Estate Income Trust (Jan 2017)

Core+ Real Estate

57,715,461

BREIT - Class I

Core+ Real Estate

BXMT - Blackstone Mortgage Trust (May 2013) (q)

Real Estate Debt

5,265,823

Private Equity

BXGP - Blackstone GP Stakes (Feb 2014) (r)

Minority GP Interests

9,999,814

BIP - Blackstone Infrastructure Partners (Mar 2019) (s)

Infrastructure

80,983,780

BXINFRA - Blackstone Infrastructure Strategies Fund Program (Jan

2025)

Infrastructure

7,374,776

BXINFRA - Class I

Infrastructure

BXPE - Blackstone Private Equity Strategies Fund Program (Jan

2024)

Private Equity

28,546,620

BXPE - Class I

Private Equity

Credit

BXSL - Blackstone Secured Lending Fund (Nov 2018) (t)

U.S. Direct Lending

16,633,800

BCRED - Blackstone Private Credit Fund (Jan 2021) (u)

U.S. Direct Lending

93,210,950

BCRED - Class I

U.S. Direct Lending

ECRED - Blackstone European Credit Fund (Oct 2022) (u)

European Direct Lending

€

5,192,601

ECRED - Class I

European Direct Lending

Investment Records as of September 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

September 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.

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 continue on page 22.

Blackstone | 21

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026

(a) – (CONT’D)

(k)

Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within

the strategy. The total net returns were 9% and 7%, respectively, for the levered and unlevered funds of the strategy.

(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)

To the extent AUM is managed by a different business, such AUM is reported in such businesses for the purposes of

segment AUM reporting.

(o)

Unless otherwise indicated, Total Net Return represents the annualized per share blended return from a fund’s

or fund program’s inception date to September 30, 2026, assuming the applicable fund or fund program had a single share class and a single vehicle, as applicable, reinvestment of dividends received during the period, and no upfront

selling commission, net of all fees and expenses incurred by the applicable fund or fund program. Fund or fund program returns are not representative of the return experienced by any particular vehicle, investor or share class. Functional currency

equivalent returns are included when calculating the blended return for funds or fund programs that have share classes that are denominated in a currency other than a fund’s or fund program’s functional currency and that are not hedged.

The return methodology of the separate individual share classes presented matches that of the respective fund or fund program and represents the Total Net Return of a respective fund’s or fund program’s largest share class, with

performance varying by vehicle and/or share class across a fund or fund program.

(p)

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 September 30, 2026, these vehicles represented $4.5 billion of Total AUM.

Total Net Return represents the annualized IRR on total invested capital from the inception date to September 30, 2026 based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues (but

before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash

flows and the initial date of certain cash flows may differ from the inception date.

(q)

The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since its inception

date, assuming reinvestment of all dividends received during the period.

(r)

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 September 30, 2026,

including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $13.2 billion. Total Net Return represents the annualized IRR on total invested capital from the inception date to

September 30, 2026 based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds

back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date.

(s)

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 September 30, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $91.9 billion. Total Net Return represents the annualized IRR

on total invested capital from the inception date to September 30, 2026 based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the

limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash

flows may differ from the inception date.

(t)

The BXSL Total AUM and Total Net Return are presented as of June 30, 2026. BXSL Total Net Return reflects the

annualized change in NAV per share from the inception date to June 30, 2026, 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.

(u)

For BCRED and ECRED, Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under

certain credit facilities. BCRED’s and ECRED’s net asset values as of September 30, 2026 were $41.1 billion and €2.6 billion, respectively.

Blackstone | 22

SHAREHOLDER DIVIDENDS

Generated $1.32 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $4.20 per common share.

Blackstone declared a quarterly dividend of $1.12 per common share to record holders as of November 2, 2026; payable on November 9, 2026.

($ in thousands, except per share data)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

% Change

vs.

3Q’25

3Q’25 YTD

3Q’26 YTD

% Change

vs. 3Q’25

YTD

Distributable Earnings

1,889,487

2,244,809

1,764,838

1,977,249

$ 1,715,678

(9)%

4,866,055

5,457,765

12%

Add: Other Payables Attributable to Common

Shareholders

26,913

167,504

160,943

166,382

139,800

419%

308,002

467,125

52%

DE Before Certain Payables

1,916,400

2,412,313

1,925,781

2,143,631

1,855,478

(3)%

5,174,057

5,924,890

15%

Percent to Common Shareholders

DE Before Certain Payables Attributable to Common Shareholders

1,220,339

1,537,540

1,229,664

1,378,635

1,193,391

(2)%

3,287,612

3,801,690

16%

Less: Other Payables Attributable to Common

Shareholders

(26,913

)

(167,504

)

(160,943

)

(166,382

)

(139,800)

419%

(308,002

)

(467,125

)

52%

DE Attributable to Common Shareholders

1,193,426

1,370,036

1,068,721

1,212,253

1,053,591

(12)%

2,979,610

3,334,565

12%

DE per Common Share

1.52

1.75

1.36

1.52

$ 1.32

(13)%

3.82

4.20

10%

Less: Retained Capital per Common Share

(0.23

)

(0.26

)

(0.20

)

(0.23

)

$ (0.20)

(13)%

(0.57

)

(0.63

)

11%

Actual Dividend per Common Share

1.29

1.49

1.16

1.29

$ 1.12

(13)%

3.25

3.57

10%

Record Date

Nov 2, 2026

Payable Date

Nov 9, 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 1,243 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 September 30, 2026.

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

Participating Common Shares

782,728,403

783,183,010

785,497,027

799,934,579

799,723,058

Participating Partnership Units

446,455,699

445,586,312

444,672,720

443,878,452

443,682,239

Distributable Earnings Shares Outstanding

1,229,184,102

1,228,769,322

1,230,169,747

1,243,813,031

1,243,405,297

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 THIRD QUARTER 2026 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share data) (unaudited)

3Q’25

3Q’26

3Q’25 YTD

3Q’26 YTD

3Q’25 LTM

3Q’26 LTM

Revenues

Management and

Advisory Fees, Net

2,056,248

2,178,108

5,996,060

6,592,734

7,875,641

8,672,275

Incentive Fees

200,675

172,729

587,914

497,228

992,658

887,516

Investment

Income

Performance Allocations

Realized

997,296

831,786

2,389,166

3,300,134

4,247,999

4,573,211

Unrealized

(215,818

)

(627,149

)

360,666

243,443

(991,017

)

525,840

Principal

Investments

Realized

152,652

119,848

435,365

368,453

519,746

630,720

Unrealized

(238,658

)

249,881

285,446

279,700

238,054

242,558

Total Investment Income

695,472

574,366

3,470,643

4,191,730

4,014,782

5,972,329

Interest and

Dividend Revenue

107,538

125,941

305,347

368,105

403,894

478,851

Other

28,702

11,744

(269,971

)

74,664

(114,417

)

73,762

Total

Revenues

3,088,635

3,062,888

10,089,993

11,724,461

13,172,558

16,084,733

Expenses

Compensation and

Benefits

Compensation

845,659

900,734

2,745,379

3,030,657

3,500,117

3,956,471

Incentive Fee

Compensation

61,882

49,280

186,274

153,364

335,550

241,992

Performance Allocations

Compensation

Realized

354,765

309,755

927,846

1,308,468

1,670,693

1,678,094

Unrealized

(31,547

)

(193,497

)

224,630

132,333

(383,028

)

284,665

Total Compensation

and Benefits

1,230,759

1,066,272

4,084,129

4,624,822

5,123,332

6,161,222

General, Administrative and

Other

383,580

416,358

1,076,770

1,198,289

1,415,856

1,646,067

Interest

Expense

126,288

132,936

380,225

415,012

495,757

543,101

Fund Expenses

10,060

9,733

36,598

25,081

42,894

37,699

Total

Expenses

1,750,687

1,625,299

5,577,722

6,263,204

7,077,839

8,388,089

Other Income

Change in Tax

Receivable Agreement Liability

(41,246

)

6,591

Net Gains from Fund Investment

Activities

108,634

93,418

302,539

333,259

322,614

448,117

Total Other

Income

108,634

93,418

302,539

333,259

281,368

454,708

Income Before

Provision for Taxes

1,446,582

1,531,007

4,814,810

5,794,516

6,376,087

8,151,352

Provision for

Taxes

209,657

258,564

742,978

908,100

975,429

1,290,145

Net

Income

1,236,925

1,272,443

4,071,832

4,886,416

5,400,658

6,861,207

Net Income Attributable to

Redeemable Non-Controlling

Interests in Consolidated Entities

29,008

3,486

55,117

29,650

55,423

20,033

Net Income Attributable to

Non-Controlling

Interests in Consolidated Entities

125,890

106,764

467,273

399,780

534,760

593,075

Net Income Attributable to Non-Controlling

Interests in Blackstone Holdings

457,110

499,821

1,545,429

1,915,696

2,102,589

2,691,608

Net Income

Attributable to Blackstone Inc.

624,917

662,372

2,004,013

2,541,290

2,707,886

3,556,491

Net Income Per

Share of Common Stock, Basic

0.80

0.83

2.57

3.20

3.49

4.49

Net Income Per Share of Common

Stock, Diluted

0.80

0.83

2.57

3.19

3.49

4.49

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

QTD

YTD

LTM

($ in thousands)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

3Q’25

3Q’26

3Q’25

3Q’26

Net Income Attributable to Blackstone Inc.

624,917

1,015,201

649,729

1,229,189

662,372

2,004,013

2,541,290

2,707,886

3,556,491

Net Income Attributable to

Non-Controlling

Interests in Blackstone

Holdings

457,110

775,912

469,801

946,074

499,821

1,545,429

1,915,696

2,102,589

2,691,608

Net Income Attributable to Non-Controlling

Interests in Consolidated Entities

125,890

193,295

117,367

175,649

106,764

467,273

399,780

534,760

593,075

Net Income (Loss) Attributable to Redeemable

Non-Controlling Interests in

Consolidated Entities

29,008

(9,617

)

21,010

5,154

3,486

55,117

29,650

55,423

20,033

Net Income

1,236,925

1,974,791

1,257,907

2,356,066

1,272,443

4,071,832

4,886,416

5,400,658

6,861,207

Provision for Taxes

209,657

382,045

197,150

452,386

258,564

742,978

908,100

975,429

1,290,145

Income Before Provision for Taxes

1,446,582

2,356,836

1,455,057

2,808,452

1,531,007

4,814,810

5,794,516

6,376,087

8,151,352

Transaction-Related and Non-Recurring Items (a)

(9,412

)

(6,822

)

6,967

2,078

19,793

9,116

19,400

2,294

Amortization of Intangibles (b)

7,333

7,327

7,288

21,999

21,864

29,332

29,191

Impact of Consolidation (c)

(154,898

)

(183,678

)

(138,377

)

(180,803

)

(110,250

)

(522,390

)

(429,430

)

(590,183

)

(613,108

)

Unrealized Performance Revenues (d)

215,872

(282,372

)

(283,355

)

(587,150

)

627,139

(360,585

)

(243,366

)

991,088

(525,738

)

Unrealized Performance Allocations Compensation (e)

(31,547

)

152,332

89,701

236,129

(193,497

)

224,630

132,333

(383,028

)

284,665

Unrealized Principal Investment (Income) Loss (f)

216,084

67,826

322,136

(443,186

)

(289,167

)

(239,266

)

(410,217

)

(196,537

)

(342,391

)

Other Revenues (g)

(28,702

)

1,174

(50,928

)

(11,898

)

(11,722

)

270,016

(74,548

)

114,809

(73,374

)

Equity-Based Compensation (h)

301,562

358,364

561,217

353,753

329,217

1,084,882

1,244,187

1,368,031

1,602,551

Administrative Fee Adjustment (i)

4,097

3,942

4,568

4,426

12,395

13,420

15,824

17,362

Taxes and Related Payables (j)

(77,484

)

(230,120

)

(209,436

)

(209,833

)

(180,841

)

(460,229

)

(600,110

)

(709,275

)

(830,230

)

Distributable Earnings

1,889,487

2,244,809

1,764,838

1,977,249

1,715,678

4,866,055

5,457,765

7,035,548

7,702,574

Taxes and Related Payables (j)

77,484

230,120

209,436

209,833

180,841

460,229

600,110

709,275

830,230

Net Interest and Dividend (Income) Loss (k)

18,552

17,276

22,118

10,606

7,066

63,725

39,790

82,205

57,066

Total Segment Distributable Earnings

1,985,523

2,492,205

1,996,392

2,197,688

1,903,585

5,390,009

6,097,665

7,827,028

8,589,870

Realized Performance Revenues (l)

(744,953

)

(1,057,432

)

(780,494

)

(730,885

)

(464,386

)

(1,758,097

)

(1,975,765

)

(2,623,177

)

(3,033,197

)

Realized Performance Compensation (m)

302,642

310,405

364,056

344,124

185,452

780,190

893,632

1,069,785

1,204,037

Realized Principal Investment (Income) Loss (n)

(62,535

)

(209,877

)

(31,973

)

(27,499

)

(52,599

)

(209,866

)

(112,071

)

(235,479

)

(321,948

)

Fee Related Earnings

1,480,677

1,535,301

1,547,981

1,783,428

1,572,052

4,202,236

4,903,461

6,038,157

6,438,762

Adjusted EBITDA Reconciliation

Distributable Earnings

1,889,487

2,244,809

1,764,838

1,977,249

1,715,678

4,866,055

5,457,765

7,035,548

7,702,574

Interest Expense (o)

126,090

128,022

130,058

144,830

132,740

369,073

407,628

486,100

535,650

Taxes and Related Payables (j)

77,484

230,120

209,436

209,833

180,841

460,229

600,110

709,275

830,230

Depreciation and Amortization (p)

24,015

26,102

26,138

25,772

26,220

72,883

78,130

95,565

104,232

Adjusted EBITDA

2,117,076

2,629,053

2,130,470

2,357,684

2,055,479

5,768,240

6,543,633

8,326,488

9,172,686

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 Agreements 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)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

3Q’25

3Q’26

3Q’25

3Q’26

GAAP Unrealized Performance Allocations

(215,818

)

282,397

283,452

587,140

(627,149

)

360,666

243,443

(991,017

)

525,840

Segment Adjustment

(54

)

(25

)

(97

)

(81

)

(77

)

(71

)

(102

)

Unrealized Performance Revenues

(215,872

)

282,372

283,355

587,150

(627,139

)

360,585

243,366

(991,088

)

525,738

(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)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

3Q’25

3Q’26

3Q’25

3Q’26

GAAP Unrealized Principal Investment Income (Loss)

(238,658

)

(37,142

)

(385,002

)

414,821

249,881

285,446

279,700

238,054

242,558

Segment Adjustment

22,574

(30,684

)

62,866

28,365

39,286

(46,180

)

130,517

(41,517

)

99,833

Unrealized Principal Investment Income (Loss)

(216,084

)

(67,826

)

(322,136

)

443,186

289,167

239,266

410,217

196,537

342,391

(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)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

3Q’25

3Q’26

3Q’25

3Q’26

GAAP Other Revenue

28,702

(902

)

50,973

11,947

11,744

(269,971

)

74,664

(114,417

)

73,762

Segment Adjustment

(272

)

(45

)

(49

)

(22

)

(45

)

(116

)

(392

)

(388

)

Other Revenues

28,702

(1,174

)

50,928

11,898

11,722

(270,016

)

74,548

(114,809

)

73,374

(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)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

3Q’25

3Q’26

3Q’25

3Q’26

Taxes

49,719

196,234

178,757

179,996

153,119

379,416

511,872

590,912

708,106

Related Payables

27,765

33,886

30,679

29,837

27,722

80,813

88,238

118,363

122,124

Taxes and Related Payables

77,484

230,120

209,436

209,833

180,841

460,229

600,110

709,275

830,230

(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 Agreements.

QTD

YTD

LTM

($ in thousands)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

3Q’25

3Q’26

3Q’25

3Q’26

GAAP Interest and Dividend Revenue

107,538

110,746

107,940

134,224

125,941

305,347

368,105

403,894

478,851

Segment Adjustment

(267

)

(267

)

(267

)

Interest and Dividend Revenue

107,538

110,746

107,940

134,224

125,674

305,348

367,838

403,895

478,584

GAAP Interest Expense

126,288

128,089

137,053

145,023

132,936

380,225

415,012

495,757

543,101

Segment Adjustment

(198

)

(67

)

(6,995

)

(193

)

(196

)

(11,152

)

(7,384

)

(9,657

)

(7,451

)

Interest Expense

126,090

128,022

130,058

144,830

132,740

369,073

407,628

486,100

535,650

Net Interest and Dividend Income (Loss)

(18,552

)

(17,276

)

(22,118

)

(10,606

)

(7,066

)

(63,725

)

(39,790

)

(82,205

)

(57,066

)

(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 Agreements.

(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

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

GAAP Shares of Common Stock Outstanding

747,812,724

748,688,068

751,535,403

752,601,287

760,147,136

Unvested Participating Common Shares

34,915,679

34,494,942

33,961,624

47,333,292

39,575,922

Total Participating Common Shares

782,728,403

783,183,010

785,497,027

799,934,579

799,723,058

Participating Partnership Units

446,455,699

445,586,312

444,672,720

443,878,452

443,682,239

Distributable Earnings Shares Outstanding

1,229,184,102

1,228,769,322

1,230,169,747

1,243,813,031

1,243,405,297

Disclosure of Weighted-Average Shares of Common Stock Outstanding

QTD

YTD

LTM

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

3Q’25

3Q’26

3Q’25

3Q’26

Total GAAP Weighted-Average Shares of Common Stock Outstanding—Basic

782,633,394

783,106,052

785,332,239

799,882,459

799,758,418

778,978,328

795,043,881

776,385,092

792,034,893

Weighted-Average Shares of Unvested Deferred Restricted Common Stock

47,741

87,397

964,071

14,976

221,923

233,692

400,323

195,276

322,091

Total GAAP Weighted-Average Shares of Common Stock Outstanding—Diluted

782,681,135

783,193,449

786,296,310

799,897,435

799,980,341

779,212,020

795,444,204

776,580,368

792,356,984

Blackstone | 29

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

($ in thousands) (unaudited)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

Assets

Cash and Cash Equivalents

2,430,690

2,631,241

2,448,485

2,507,073

3,037,534

Cash Held by Blackstone Funds and Other

401,558

223,441

261,955

266,230

228,704

Investments

31,528,443

32,212,111

32,747,619

34,587,729

33,853,661

Accounts Receivable

543,209

291,758

572,832

692,055

451,491

Due from Affiliates

5,845,843

6,357,462

6,395,165

6,218,066

6,504,395

Intangible Assets, Net

140,458

131,359

122,324

113,288

104,250

Goodwill

1,890,202

Other Assets

900,582

1,157,719

1,035,171

996,506

1,017,579

Right-of-Use Assets

773,030

757,459

786,276

743,127

723,119

Deferred Tax Assets

2,100,275

2,056,223

2,066,953

1,877,944

1,825,032

Total Assets

46,554,290

47,708,975

48,326,982

49,892,220

49,635,967

Liabilities and Equity

Loans Payable

12,002,650

12,445,144

13,280,285

13,194,730

13,401,446

Due to Affiliates

3,000,083

3,224,432

3,244,627

3,484,356

3,895,907

Accrued Compensation and Benefits

6,385,958

6,411,389

6,396,285

6,844,156

7,103,730

Operating Lease Liabilities

886,135

861,021

881,566

832,586

792,395

Accounts Payable, Accrued Expenses and Other

Liabilities

2,918,023

2,885,817

3,107,508

3,103,164

3,425,889

Total Liabilities

25,192,849

25,827,803

26,910,271

27,458,992

28,619,367

Redeemable Non-Controlling Interests in Consolidated Entities

1,476,212

1,380,503

1,400,419

1,371,083

1,428,451

Equity

Common Stock, $0.00001 par value (760,147,136 shares issued and outstanding as of

September 30, 2026)

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of

September 30, 2026)

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as

of September 30, 2026)

Additional Paid-in-Capital

8,214,078

8,479,886

8,710,266

9,051,771

9,240,118

Retained Earnings (Deficit)

184,040

191,641

(323,733

)

(18,646

)

(383,195

)

Accumulated Other Comprehensive Income (Loss)

(5,602

)

(6,008

)

(15,770

)

(18,589

)

(18,793

)

Non-Controlling Interests in Consolidated Entities

7,162,957

7,224,211

7,226,994

7,104,291

5,916,813

Non-Controlling Interests in Blackstone Holdings

4,329,749

4,610,932

4,418,528

4,943,311

4,833,199

Total Equity

19,885,229

20,500,669

20,016,292

21,062,145

19,588,149

Total Liabilities and Equity

46,554,290

47,708,975

48,326,982

49,892,220

49,635,967

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)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

Investments of Consolidated Blackstone Funds

5,507,078

5,180,879

5,189,519

5,233,815

4,756,921

Equity Method Investments

Partnership Investments

6,936,411

6,546,190

6,612,536

6,535,521

6,609,697

Accrued Performance Allocations

11,933,738

12,980,356

13,002,955

13,906,754

13,392,126

Corporate Treasury Investments

262,582

359,657

167,389

401,465

168,271

Other Investments

6,888,634

7,145,029

7,775,220

8,510,174

8,926,646

Total GAAP Investments

31,528,443

32,212,111

32,747,619

34,587,729

33,853,661

Accrued Performance Allocations - GAAP

11,933,738

12,980,356

13,002,955

13,906,754

13,392,126

Impact of Consolidation (a)

Due from Affiliates - GAAP (b)

215,647

577,467

204,866

169,131

200,066

Less: Net Realized Performance Revenues (c)

(379,797

)

(1,081,738

)

(630,610

)

(591,552

)

(383,514

)

Less: Accrued Performance Compensation - GAAP (d)

(5,258,769

)

(5,733,563

)

(5,577,711

)

(6,016,432

)

(5,945,428

)

Net Accrued Performance Revenues

6,510,819

6,742,522

6,999,500

7,467,901

7,263,250

Corporate Treasury and Other Investments - GAAP

7,151,216

7,504,686

7,942,609

8,911,639

9,094,917

Impact of Consolidation (a)

932,562

758,128

726,047

671,456

913,879

Other Assets (e)

563,415

409,248

568,481

494,212

222,276

Other Liabilities (f)

(3,417

)

(3,357

)

(325,313

)

(342,730

)

(76,393

)

Corporate Treasury and Other Investments - Deconsolidated (g)

8,643,776

8,668,705

8,911,824

9,734,577

10,154,679

Partnership Investments - GAAP

6,936,411

6,546,190

6,612,536

6,535,521

6,609,697

Impact of Consolidation (h)

(3,620,409

)

(3,639,431

)

(3,662,090

)

(3,567,345

)

(3,548,484

)

GP/Fund Investments - Deconsolidated

3,316,002

2,906,759

2,950,446

2,968,176

3,061,213

Loans Payable - GAAP

12,002,650

12,445,144

13,280,285

13,194,730

13,401,446

Impact of Consolidation (i)

(328,044

)

(126,420

)

(90,747

)

(123,897

)

(442,698

)

Outstanding Debt - Carrying Value

11,674,606

12,318,724

13,189,538

13,070,833

12,958,748

Unamortized Discount

120,174

128,096

124,472

120,907

117,352

Outstanding Debt (at par) - Deconsolidated

11,794,780

12,446,820

13,314,010

13,191,740

13,076,100

(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 $9.5 billion as of September 30, 2026, which was comprised of $8.9

billion of liquid investments and $649 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)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

3Q’25

3Q’26

3Q’25

3Q’26

Management and Advisory Fees, Net

GAAP

2,056,248

2,079,541

2,148,620

2,266,006

2,178,108

5,996,060

6,592,734

7,875,641

8,672,275

Segment Adjustment (a)

(14,428

)

(17,322

)

(15,812

)

(15,710

)

(18,651

)

(42,230

)

(50,173

)

(62,520

)

(67,495

)

Total Segment

2,041,820

2,062,219

2,132,808

2,250,296

2,159,457

5,953,830

6,542,561

7,813,121

8,604,780

GAAP Realized Performance Revenues to Total

Segment Fee Related Performance Revenues

GAAP

Incentive Fees

200,675

390,288

165,419

159,080

172,729

587,914

497,228

992,658

887,516

Investment Income - Realized Performance

Allocations

997,296

1,273,077

1,103,173

1,365,175

831,786

2,389,166

3,300,134

4,247,999

4,573,211

GAAP

1,197,971

1,663,365

1,268,592

1,524,255

1,004,515

2,977,080

3,797,362

5,240,657

5,460,727

Total Segment

Less: Realized Performance Revenues

(744,953

)

(1,057,432

)

(780,494

)

(730,885

)

(464,386

)

(1,758,097

)

(1,975,765

)

(2,623,177

)

(3,033,197

)

Segment Adjustment (b)

512

779

533

Total Segment

453,018

606,445

488,098

793,391

540,129

1,218,983

1,821,618

2,618,259

2,428,063

GAAP Compensation to Total Segment Fee Related

Compensation

GAAP

Compensation

845,659

925,814

1,166,897

963,026

900,734

2,745,379

3,030,657

3,500,117

3,956,471

Incentive Fee Compensation

61,882

88,628

54,368

49,716

49,280

186,274

153,364

335,550

241,992

Realized Performance Allocations Compensation

354,765

369,626

433,449

565,264

309,755

927,846

1,308,468

1,670,693

1,678,094

GAAP

1,262,306

1,384,068

1,654,714

1,578,006

1,259,769

3,859,499

4,492,489

5,506,360

5,876,557

Total Segment

Less: Realized Performance Compensation

(302,642

)

(310,405

)

(364,056

)

(344,124

)

(185,452

)

(780,190

)

(893,632

)

(1,069,785

)

(1,204,037

)

Less: Equity-Based Compensation - Fee Related Compensation

(296,506

)

(345,649

)

(549,703

)

(345,343

)

(323,383

)

(1,067,054

)

(1,218,429

)

(1,345,903

)

(1,564,078

)

Less: Equity-Based Compensation - Performance

Compensation

(5,056

)

(12,715

)

(11,514

)

(8,410

)

(5,834

)

(17,828

)

(25,758

)

(22,128

)

(38,473

)

Segment Adjustment (c)

(11

)

(17

)

(19,038

)

(15,678

)

Total Segment

658,091

715,312

729,470

880,129

745,083

1,975,389

2,354,682

3,052,866

3,069,994

GAAP General, Administrative and Other to

Total Segment Other Operating Expenses

GAAP

383,580

447,778

372,821

409,110

416,358

1,076,770

1,198,289

1,415,856

1,646,067

Segment Adjustment (d)

(27,510

)

(29,727

)

(29,366

)

(28,980

)

(33,907

)

(81,582

)

(92,253

)

(75,499

)

(121,980

)

Total Segment

356,070

418,051

343,455

380,130

382,451

995,188

1,106,036

1,340,357

1,524,087

Realized Performance Revenues

GAAP

Incentive Fees

200,675

390,288

165,419

159,080

172,729

587,914

497,228

992,658

887,516

Investment Income - Realized Performance

Allocations

997,296

1,273,077

1,103,173

1,365,175

831,786

2,389,166

3,300,134

4,247,999

4,573,211

GAAP

1,197,971

1,663,365

1,268,592

1,524,255

1,004,515

2,977,080

3,797,362

5,240,657

5,460,727

Total Segment

Less: Fee Related Performance Revenues

(453,018

)

(606,445

)

(488,098

)

(793,391

)

(540,129

)

(1,218,983

)

(1,821,618

)

(2,618,259

)

(2,428,063

)

Segment Adjustment (b)

512

779

533

Total Segment

744,953

1,057,432

780,494

730,885

464,386

1,758,097

1,975,765

2,623,177

3,033,197

Blackstone | 32

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

QTD

YTD

LTM

($ in thousands)

3Q’25

4Q’25

1Q’26

2Q’26

3Q’26

3Q’25

3Q’26

3Q’25

3Q’26

Realized Performance Compensation

GAAP

Incentive Fee Compensation

61,882

88,628

54,368

49,716

49,280

186,274

153,364

335,550

241,992

Realized Performance Allocations

Compensation

354,765

369,626

433,449

565,264

309,755

927,846

1,308,468

1,670,693

1,678,094

GAAP

416,647

458,254

487,817

614,980

359,035

1,114,120

1,461,832

2,006,243

1,920,086

Total Segment

Less: Fee Related Performance Compensation

(e)

(108,949

)

(135,134

)

(112,247

)

(262,446

)

(167,749

)

(316,102

)

(542,442

)

(914,330

)

(677,576

)

Less: Equity-Based Compensation

- Performance Compensation

(5,056

)

(12,715

)

(11,514

)

(8,410

)

(5,834

)

(17,828

)

(25,758

)

(22,128

)

(38,473

)

Total Segment

302,642

310,405

364,056

344,124

185,452

780,190

893,632

1,069,785

1,204,037

Realized Principal Investment Income

(Loss)

GAAP

152,652

262,267

143,020

105,585

119,848

435,365

368,453

519,746

630,720

Segment Adjustment (f)

(90,117

)

(52,390

)

(111,047

)

(78,086

)

(67,249

)

(225,499

)

(256,382

)

(284,267

)

(308,772

)

Total Segment

62,535

209,877

31,973

27,499

52,599

209,866

112,071

235,479

321,948

GAAP Interest and Dividend Revenue net of

Interest Expense to Total Segment Net Interest and Dividend Income (Loss)

GAAP

Interest and Dividend Revenue

107,538

110,746

107,940

134,224

125,941

305,347

368,105

403,894

478,851

Interest Expense

(126,288

)

(128,089

)

(137,053

)

(145,023

)

(132,936

)

(380,225

)

(415,012

)

(495,757

)

(543,101

)

GAAP

(18,750

)

(17,343

)

(29,113

)

(10,799

)

(6,995

)

(74,878

)

(46,907

)

(91,863

)

(64,250

)

Segment Adjustment (g)

198

6,995

193

(71

)

11,153

7,117

9,658

7,184

Total Segment

(18,552

)

(17,276

)

(22,118

)

(10,606

)

(7,066

)

(63,725

)

(39,790

)

(82,205

)

(57,066

)

This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the

Consolidated Statements 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 Agreements.

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 10 – Real Estate Segment Highlights

BREIT capital raised includes net offering proceeds raised from a Delaware statutory trust (“DST”) program to issue and sell beneficial interests in DSTs holding real properties.

Blackstone | 34

NOTES – (CONT’D)

Notes to page 11 – Private Equity

Segment Highlights

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.

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 $722 million, $1.8 billion, $352 million, and $150 million,

respectively, as of September 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 the Tax Receivable Agreements 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 the Tax Receivable Agreements 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 $160 million for 3Q’26 and $501 million for 3Q’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 Management and Advisory Fees, Net, 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 Agreements.

–

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 Agreements. 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 Agreements 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 Agreements 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 (Benefit) for Taxes and Distributable Earnings for the

full year. For 3Q’26 QTD, the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the current year quarter. For 3Q’26 YTD, 3Q’25

QTD and 3Q’25 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the current year YTD period and both the prior year

quarter and YTD periods.

Blackstone | 37

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

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 Agreements 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.

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 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.

Blackstone | 39

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v3.26.3

Document and Entity Information

Oct. 22, 2026

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Entity Central Index Key

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Document Type

8-K

Document Period End Date

Oct. 22, 2026

Entity Registrant Name

Blackstone Inc.

Entity Incorporation State Country Code

Entity File Number

001-33551

Entity Tax Identification Number

20-8875684

Entity Address, Address Line One

345 Park Avenue

Entity Address, City or Town

New York

Entity Address, State or Province

Entity Address, Postal Zip Code

10154

City Area Code

(212)

Local Phone Number

583-5000

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Common Stock

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NYSE

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