Form 8-K

8-K — Blackstone Inc.

Accession: 0001193125-26-171788

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0001393818

SIC: 6282 (INVESTMENT ADVICE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d60443d8k.htm (Primary)

EX-99.1 (d60443dex991.htm)

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8-K

8-K (Primary)

Filename: d60443d8k.htm · Sequence: 1

8-K

false 0001393818 0001393818 2026-04-23 2026-04-23

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): April 23, 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 April 23, 2026, Blackstone Inc. issued a press release and detailed presentation announcing financial results for its first quarter ended March 31, 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 April 23, 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: April 23, 2026

Blackstone Inc.

By:

/s/ Michael S. Chae

Name:

Michael S. Chae

Title:

Chief Financial Officer

EX-99.1

Filename: d60443dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Blackstone Reports First Quarter 2026 Results

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

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered outstanding

first-quarter results despite the turbulent environment, highlighted by almost $70 billion of inflows and positive

appreciation across nearly all of our flagship strategies. Our all-weather model protects us in these times of

disruption while also allowing us to invest where we see the greatest opportunity.”

Blackstone issued a full detailed presentation of its first quarter 2026 results, which can be viewed at

www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of

$1.16 per share to record holders of common stock at the close of

business on May 4, 2026. This dividend will be paid on May 11, 2026.

Quarterly Investor Call Details

Blackstone will host its

first quarter 2026 investor conference via public webcast on April 23, 2026, at 9:00 a.m. ET.

To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1757288&tp_key=030d40a759. For those unable to listen to the live

broadcast, there will be a webcast replay on the Shareholders section of

Blackstone’s website at

https://ir.blackstone.com/.

Blackstone

345 Park

Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

About Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for

institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over

$1.3 trillion in assets under management include global investment strategies focused on real estate, private

equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is

available at www.blackstone.com.

Follow @blackstone on LinkedIn, X

(Twitter), and Instagram.

Forward-Looking Statements

This presentation may contain

forward-looking statements within the meaning of Section 27A of the Securities Act

of 1933, as amended, and Section 21E of the Securities Exchange

Act of 1934, as amended, which reflect our

current views with respect to, among other things, our operations, taxes, earnings and financial performance,

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 First

Quarter 2026 Earnings

APRIL 23, 2026

BLACKSTONE’S FIRST QUARTER 2026 GAAP RESULTS

GAAP Net Income was $1.3 billion for the quarter and $6.1 billion over the last twelve months (“LTM”). GAAP Net Income Attributable to Blackstone Inc. was $650 million for the

quarter and $3.1 billion over the LTM.

($ in thousands, except per share data)

(unaudited)

1Q’25

1Q’26

1Q’25 LTM

1Q’26 LTM

Revenues

Management and Advisory Fees, Net

1,904,317

2,148,620

7,366,105

8,319,904

Incentive Fees

191,825

165,419

976,662

951,796

Performance Allocations

825,251

1,386,625

3,555,944

4,866,680

Principal Investments

344,255

(241,982

)

516,884

359,699

Interest and Dividend Revenue

97,420

107,940

410,740

426,613

Other

(73,610

)

50,973

5,263

(146,290

)

Total Revenues

3,289,458

3,617,595

12,831,598

14,778,402

Expenses

Compensation and Benefits

1,431,840

1,744,415

5,117,589

5,933,104

General, Administrative and Other

332,373

372,821

1,324,332

1,564,996

Interest Expense

118,115

137,053

453,600

527,252

Fund Expenses

12,104

8,004

27,830

45,116

Total Expenses

1,894,432

2,262,293

6,923,351

8,070,468

Other Income

57,575

99,755

124,180

466,168

Income Before Provision for

Taxes

1,452,601

1,455,057

6,032,427

7,174,102

Provision for Taxes

243,827

197,150

981,827

1,078,346

Net Income

1,208,774

1,257,907

5,050,600

6,095,756

Redeemable NCI in Consolidated

Entities

7,900

21,010

(13,720

)

58,610

Non-Redeemable NCI in Consolidated Entities

586,022

587,168

2,520,346

2,983,055

Net Income Attributable to

Blackstone Inc.

614,852

649,729

2,543,974

3,054,091

Net Income Per Share of Common Stock,

Basic

0.80

0.83

3.31

3.90

Net Income Per Share of Common

Stock, Diluted

0.80

0.83

3.31

3.90

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 FIRST QUARTER 2026 HIGHLIGHTS

Financial Measures

Fee Related Earnings (“FRE”) of $1.5 billion ($1.26/share) in the quarter

–

FRE

was $6.0 billion over the LTM ($4.90/share)

Distributable Earnings (“DE”) of $1.8 billion ($1.36/share) in the quarter

–

was $7.5 billion over the LTM ($5.84/share)

Net Accrued Performance Revenues of $7.0 billion ($5.69/share)

Capital Metrics

Total Assets Under Management (“AUM”) of $1,304.0 billion

–

Fee-Earning AUM of $937.6 billion

–

Perpetual Capital AUM of $539.7 billion

Inflows of $68.5 billion in the quarter and $246.3 billion over the LTM

Deployment of $35.6 billion in the quarter and $137.4 billion over the LTM

Realizations of $35.9 billion in the quarter and $136.0 billion over the LTM

Capital Returned

to Shareholders

Dividend of $1.16 per common share payable on May 11, 2026

–

Dividends of $4.97 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 first quarter and

$6.5 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S FIRST QUARTER 2026 SEGMENT EARNINGS

($ in thousands, except per share

data)

1Q’25

1Q’26

% Change

vs. 1Q’25

1Q’25 LTM

1Q’26 LTM

Change

vs. 1Q’25 LTM

Management and Advisory Fees, Net

1,891,998

2,132,808

13%

7,317,961

8,256,859

13%

Fee Related Performance

Revenues

293,915

488,098

66%

2,134,359

2,019,611

(5)%

Fee Related Compensation

(616,982

)

(729,470

)

18%

(2,802,227

)

(2,803,189

)

Other Operating Expenses

(306,875

)

(343,455

)

12%

(1,265,989

)

(1,449,819

)

15%

Fee Related Earnings

1,262,056

1,547,981

23%

5,384,104

6,023,462

12%

Realized Performance

Revenues

460,023

780,494

70%

2,210,661

3,136,000

42%

Realized Performance Compensation

(220,924

)

(364,056

)

65%

(919,146

)

(1,233,727

)

34%

Realized Principal Investment

Income

117,910

31,973

(73)%

200,498

333,806

66%

Net Realizations

357,009

448,411

26%

1,492,013

2,236,079

50%

Total Segment Distributable

Earnings

1,619,065

1,996,392

23%

6,876,117

8,259,541

20%

Distributable Earnings

1,410,805

1,764,838

25%

6,111,169

7,464,897

22%

Additional Metrics:

Net Income Per Share of Common Stock, Basic

0.80

0.83

3.31

3.90

18%

FRE per Share

1.03

1.26

22%

4.40

4.90

11%

DE per Common Share

1.09

1.36

25%

4.75

5.84

23%

Total Segment Revenues

2,763,846

3,433,373

24%

11,863,479

13,746,276

16%

Total Assets Under Management

1,167,461,910

1,304,017,634

12%

1,167,461,910

1,304,017,634

12%

Fee-Earning Assets Under Management

860,069,950

937,596,454

860,069,950

937,596,454

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. LTM FRE per Share and DE

per

Common Share amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to

Total Segments.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $7.0 billion ($5.69/share).

Investment Performance

(appreciation / gross returns)

1Q’26

1Q’26 LTM

Real Estate

Opportunistic

(0.9)%

(1.6)%

Core+

0.8%

2.6%

Private Equity

Corporate Private Equity

3.2%

15.7%

Tactical Opportunities

3.6%

10.9%

Secondaries

0.7%

12.7%

Infrastructure

7.8%

24.8%

Credit & Insurance

Private Credit

0.6%

8.9%

Liquid Credit

(1.3)%

4.1%

Multi-Asset Investing

Absolute Return Composite

1.7%

12.2%

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 (0.0)% and 5.7% for 1Q’26 and 1Q’26 LTM,

respectively. Liquid Credit net returns

were (1.4)% and 3.6% for 1Q’26 and 1Q’26 LTM, respectively. Absolute Return Composite net returns were 1.5%

and 11.0% for 1Q’26 and 1Q’26 LTM,

respectively. See notes on page 34 for additional details on these strategies and our investment

performance.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

Inflows were $68.5 billion in the quarter, bringing LTM inflows to $246.3 billion.

Deployed $35.6 billion in the quarter and $137.4 billion over the LTM.

–

Committed an additional $15.8 billion that was not yet deployed in the quarter.

Realizations were $35.9 billion in the quarter and $136.0 billion over the LTM.

Inflows

Capital Deployed

Realizations

($ in millions)

1Q’26

1Q’26 LTM

1Q’26

1Q’26 LTM

1Q’26

1Q’26 LTM

Real Estate

6,777

26,128

7,002

22,243

7,039

28,284

Opportunistic

370

1,420

2,241

6,465

2,207

8,713

Core+

3,020

13,243

610

4,186

2,043

8,443

Debt Strategies

3,386

11,465

4,152

11,593

2,789

11,128

Private Equity

20,353

66,809

14,513

44,648

14,564

41,975

Corporate Private Equity

8,555

27,384

8,905

23,495

9,061

22,295

Tactical Opportunities

633

3,523

432

1,866

2,983

6,279

Secondaries

8,440

21,610

3,972

12,109

2,039

10,596

Infrastructure

2,725

14,292

1,204

7,178

480

2,805

Credit & Insurance

37,019

138,805

13,035

66,730

13,667

62,188

Multi-Asset Investing

4,393

14,550

1,011

3,741

638

3,527

Total Blackstone

68,541

246,292

35,561

137,362

35,908

135,973

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 $1,304.0 billion, up 12% year-over-year, with $68.5 billion of inflows in the quarter and $246.3 billion over the LTM.

Fee-Earning AUM of $937.6 billion was up 9% year-over-year, with $44.2 billion of inflows in the quarter and $167.0 billion over the LTM.

Perpetual Capital AUM reached $539.7 billion, up 16% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $452.3 billion, representing 48% of Fee-Earning AUM.

Multi-Asset Investing had $40 million and $659 million of Perpetual Capital AUM as of 1Q’25 and 1Q’26, respectively.

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $634.5 billion at quarter end, up 9% year-over-year.

Total Dry Powder of $213.3 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

1Q’26 Total Segment Distributable Earnings were $2.0 billion.

LTM Total Segment Distributable Earnings were $8.3 billion.

Segment Distributable Earnings

($ in millions)

Blackstone | 9

REAL ESTATE

Total AUM: $315.3 billion with inflows of $6.8 billion in the quarter and $26.1 billion over the LTM.

–

Inflows in the quarter included $3.4 billion in BREDS, primarily across insurance SMAs and multi-asset strategies,

and $1.2 billion of capital raised in BREIT.

Capital Deployed: $7.0 billion in the quarter, including a U.S. developer of hyperscale data centers and the

privatization of a diversified REIT in Hawaii by BREP, and $22.2

billion over the LTM.

Realizations: $7.0 billion in the quarter, including BREP U.S. Industrial, and $28.3 billion over the LTM.

Appreciation: Opportunistic funds declined (0.9)% in the quarter and (1.6)% over the LTM; Core+ funds appreciated

0.8% in the quarter and 2.6% over the LTM.

% Change

($ in thousands)

1Q’25

1Q’26

vs. 1Q’25

1Q’25 LTM

1Q’26 LTM

vs. 1Q’25 LTM

Management Fees, Net

700,848

677,477

(3)%

2,855,686

2,758,553

(3)%

Fee Related Performance Revenues

37,803

152,998

305%

111,270

604,843

444%

Fee Related Compensation

(170,525

)

(193,137

)

13%

(670,921

)

(712,904

)

Other Operating Expenses

(83,281

)

(90,200

)

(373,840

)

(376,920

)

Fee Related Earnings

484,845

547,138

13%

1,922,195

2,273,572

18%

Realized Performance Revenues

19,010

42,074

121%

170,017

291,837

72%

Realized Performance Compensation

(8,770

)

(22,956

)

162%

(87,918

)

(144,547

)

64%

Realized Principal Investment Income (Loss)

349

(8,805

)

n/m

12,678

1,535

(88)%

Net Realizations

10,589

10,313

(3)%

94,777

148,825

57%

Segment Distributable Earnings

495,434

557,451

13%

2,016,972

2,422,397

20%

Segment Revenues

758,010

863,744

14%

3,149,651

3,656,768

16%

Total AUM

319,988,734

315,284,316

(1)%

319,988,734

315,284,316

(1)%

Fee-Earning

AUM

282,060,486

277,502,688

(2)%

282,060,486

277,502,688

(2)%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 16% to $429.9 billion with inflows of $20.4 billion in the quarter and $66.8 billion over the LTM.

–

Inflows in the quarter included $8.4 billion in Secondaries, primarily from the tenth flagship Secondaries strategy,

$2.7 billion in Infrastructure, $2.1 billion for the sixth Life Sciences fund, and

$1.0 billion for the third Corporate

Private Equity Asia fund.

–

The sixth Life Sciences fund held its final close in the quarter, bringing total capital commitments to $6.3 billion,

making it the largest private fund dedicated to life sciences.

–

$2.5 billion of capital raised for BXPE and $895 million of capital raised for BXINFRA.

Capital Deployed: $14.5 billion in the quarter, including Enverus and MacLean Power Systems, and $44.6 billion over

the LTM; committed an additional $8.5 billion in the quarter, including

Urbaser, Champions Group, and Firmus.

Realizations: $14.6 billion in the quarter, including Medline and other monetizations in the public portfolio, and

ARKA, and $42.0 billion over the LTM.

Appreciation: Corporate Private Equity appreciated 3.2% in the quarter and 15.7% over the LTM.

–

Tactical Opportunities appreciated 3.6% in the quarter and 10.9% over the LTM; Secondaries appreciated 0.7% in

the quarter and 12.7% over the LTM; Infrastructure appreciated 7.8% in the quarter and 24.8% over the

LTM.

% Change

($ in thousands)

1Q’25

1Q’26

vs. 1Q’25

1Q’25 LTM

1Q’26 LTM

vs. 1Q’25 LTM

Management and Advisory Fees, Net

621,792

801,922

29%

2,318,865

2,951,739

27%

Fee Related Performance Revenues

60,904

170,697

180%

1,246,332

657,778

(47)%

Fee Related Compensation

(203,319

)

(262,813

)

29%

(1,204,997

)

(1,020,942

)

(15)%

Other Operating Expenses

(102,894

)

(112,928

)

10%

(404,168

)

(492,346

)

22%

Fee Related Earnings

376,483

596,878

59%

1,956,032

2,096,229

Realized Performance Revenues

350,073

637,989

82%

1,292,646

1,958,024

51%

Realized Performance Compensation

(171,141

)

(294,536

)

72%

(584,151

)

(828,333

)

42%

Realized Principal Investment Income

9,176

45,348

394%

39,103

102,667

163%

Net Realizations

188,108

388,801

107%

747,598

1,232,358

65%

Segment Distributable Earnings

564,591

985,679

75%

2,703,630

3,328,587

23%

Segment Revenues

1,041,945

1,655,956

59%

4,896,946

5,670,208

16%

Total AUM

370,989,871

429,909,808

16%

370,989,871

429,909,808

16%

Fee-Earning

AUM

226,219,392

255,840,774

13%

226,219,392

255,840,774

13%

BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXINFRA represents the aggregate BXINFRA fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital

raised include amounts allocated to other strategies. Secondaries appreciation excludes GP Stakes.

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 18% to $457.5 billion with inflows of $37.0 billion in the quarter and $138.8 billion over the

LTM.

–

Inflows in the quarter included $17.3 billion for the global direct lending strategy, with $1.9 billion of equity

raised for BCRED, and $10.9 billion for the

infrastructure and asset based credit strategies.

–

The fifth opportunistic private credit strategy held its final close and hit its hard cap with inflows of $2.0 billion

in the quarter, bringing total investable capital to over

$10.0 billion.

–

Closed 3 new CLOs (2 U.S. and 1 European) for $1.8 billion.

Capital Deployed: $13.0 billion in the quarter, driven by global direct lending, and $66.7 billion over the LTM;

committed an additional $6.1 billion in the

quarter.

Realizations: $13.7 billion in the quarter and $62.2 billion over the LTM.

Returns: Private Credit gross return of 0.6% ((0.0)% net) and Liquid Credit gross return of (1.3)% ((1.4)% net) in the

quarter.

–

Private Credit gross return of 8.9% (5.7% net) and Liquid Credit gross return of 4.1% (3.6% net) over the LTM.

% Change

($ in thousands)

1Q’25

1Q’26

vs. 1Q’25

1Q’25 LTM

1Q’26 LTM

vs. 1Q’25 LTM

Management Fees, Net

447,044

508,487

14%

1,659,036

1,991,035

20%

Fee Related Performance Revenues

195,208

164,403

(16)%

776,757

756,990

(3)%

Fee Related Compensation

(201,618

)

(226,493

)

12%

(778,717

)

(894,511

)

15%

Other Operating Expenses

(96,278

)

(114,563

)

19%

(383,056

)

(468,686

)

22%

Fee Related Earnings

344,356

331,834

(4)%

1,274,020

1,384,828

Realized Performance Revenues

91,597

78,126

(15)%

389,569

373,258

(4)%

Realized Performance Compensation

(40,495

)

(31,197

)

(23)%

(164,988

)

(152,195

)

(8)%

Realized Principal Investment Income (Loss)

107,903

(5,705

)

n/m

144,197

222,262

54%

Net Realizations

159,005

41,224

(74)%

368,778

443,325

20%

Segment Distributable Earnings

503,361

373,058

(26)%

1,642,798

1,828,153

11%

Segment Revenues

841,752

745,311

(11)%

2,969,559

3,343,545

13%

Total AUM

388,720,401

457,462,151

18%

388,720,401

457,462,151

18%

Fee-Earning

AUM

274,120,326

313,255,195

14%

274,120,326

313,255,195

14%

Blackstone | 12

MULTI-ASSET INVESTING

Total AUM: Increased 15% to $101.4 billion with inflows of $4.4 billion in the quarter and $14.6 billion over the LTM.

Returns: Absolute Return Composite gross return of 1.7% in the quarter (1.5% net), outperforming the HFRX Global

Hedge Fund Index, which was (0.6)%.

–

Absolute Return benefited from positive performance across strategies, including quantitative, equities, and

credit during the quarter.

–

Gross return of 12.2% over the LTM (11.0% net), outperforming 6.0% return for the HFRX Global Hedge Fund

Index, with significantly less volatility than the broader markets.

% Change

($ in thousands)

1Q’25

1Q’26

vs. 1Q’25

1Q’25 LTM

1Q’26 LTM

vs. 1Q’25 LTM

Management Fees, Net

122,314

144,922

18%

484,374

555,532

15%

Fee Related Compensation

(41,520

)

(47,027

)

13%

(147,592

)

(174,832

)

18%

Other Operating Expenses

(24,422

)

(25,764

)

(104,925

)

(111,867

)

Fee Related Earnings

56,372

72,131

28%

231,857

268,833

16%

Realized Performance Revenues

(657

)

22,305

n/m

358,429

512,881

43%

Realized Performance Compensation

(518

)

(15,367

)

n/m

(82,089

)

(108,652

)

32%

Realized Principal Investment Income

482

1,135

135%

4,520

7,342

62%

Net Realizations

(693

)

8,073

n/m

280,860

411,571

47%

Segment Distributable Earnings

55,679

80,204

44%

512,717

680,404

33%

Segment Revenues

122,139

168,362

38%

847,323

1,075,755

27%

Total AUM

87,762,904

101,361,359

15%

87,762,904

101,361,359

15%

Fee-Earning

AUM

77,669,746

90,997,797

17%

77,669,746

90,997,797

17%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS

($ in thousands)

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

1Q’25 LTM

1Q’26 LTM

Base Management Fees

1,807,119

1,876,672

1,919,702

1,945,364

1,952,414

6,943,271

7,694,152

Transaction, Advisory and Other

Fees, Net

111,309

165,690

156,211

149,621

211,697

444,059

683,219

Management Fee Offsets

(26,430

)

(22,350

)

(34,093

)

(32,766

)

(31,303

)

(69,369

)

(120,512

)

Total Management and Advisory Fees, Net

1,891,998

2,020,012

2,041,820

2,062,219

2,132,808

7,317,961

8,256,859

Fee Related Performance Revenues

293,915

472,050

453,018

606,445

488,098

2,134,359

2,019,611

Fee Related Compensation

(616,982

)

(700,316

)

(658,091

)

(715,312

)

(729,470

)

(2,802,227

)

(2,803,189

)

Other Operating Expenses

(306,875

)

(332,243

)

(356,070

)

(418,051

)

(343,455

)

(1,265,989

)

(1,449,819

)

Fee Related Earnings

1,262,056

1,459,503

1,480,677

1,535,301

1,547,981

5,384,104

6,023,462

Realized Performance

Revenues

460,023

553,121

744,953

1,057,432

780,494

2,210,661

3,136,000

Realized Performance Compensation

(220,924

)

(256,624

)

(302,642

)

(310,405

)

(364,056

)

(919,146

)

(1,233,727

)

Realized Principal Investment

Income

117,910

29,421

62,535

209,877

31,973

200,498

333,806

Total Net Realizations

357,009

325,918

504,846

956,904

448,411

1,492,013

2,236,079

Total Segment Distributable

Earnings

1,619,065

1,785,421

1,985,523

2,492,205

1,996,392

6,876,117

8,259,541

Distributable Earnings

1,410,805

1,565,763

1,889,487

2,244,809

1,764,838

6,111,169

7,464,897

Additional Metrics:

Total Segment Revenues

2,763,846

3,074,604

3,302,326

3,935,973

3,433,373

11,863,479

13,746,276

Total Assets Under

Management

1,167,461,910

1,211,207,341

1,241,731,296

1,274,931,234

1,304,017,634

1,167,461,910

1,304,017,634

Fee-Earning Assets Under Management

860,069,950

887,114,205

906,221,028

921,674,454

937,596,454

860,069,950

937,596,454

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

Three Months Ended March 31, 2026

Twelve Months Ended March 31, 2026

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Beginning Balance

319,343

416,423

442,952

96,214

1,274,931

319,989

370,990

388,720

87,763

1,167,462

Inflows

6,777

20,353

37,019

4,393

68,541

26,128

66,809

138,805

14,550

246,292

Outflows

(2,845

)

(2,149

)

(9,350

)

(1,539

)

(15,883

)

(8,713

)

(9,592

)

(23,109

)

(7,731

)

(49,145

)

Net Flows

3,932

18,204

27,669

2,854

52,659

17,415

57,217

115,696

6,819

197,147

Realizations

(7,039

)

(14,564

)

(13,667

)

(638

)

(35,908

)

(28,284

)

(41,975

)

(62,188

)

(3,527

)

(135,973

)

Market Activity

(951

)

9,847

508

2,932

12,336

6,164

43,678

15,233

10,306

75,382

Ending Balance

315,284

429,910

457,462

101,361

1,304,018

315,284

429,910

457,462

101,361

1,304,018

% Change

(1)%

16%

18%

15%

12%

Fee-Earning AUM Rollforward

($ in millions)

Three Months Ended March 31, 2026

Twelve Months Ended March 31, 2026

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Beginning Balance

279,427

240,959

315,641

85,648

921,674

282,060

226,219

274,120

77,670

860,070

Inflows

5,398

19,348

14,712

4,699

44,157

22,680

44,162

85,828

14,319

166,990

Outflows

(1,747

)

(4,690

)

(7,929

)

(1,481

)

(15,848

)

(6,690

)

(11,622

)

(19,997

)

(7,180

)

(45,488

)

Net Flows

3,651

14,658

6,783

3,218

28,309

15,991

32,540

65,831

7,140

121,502

Realizations

(5,239

)

(4,829

)

(9,189

)

(613

)

(19,869

)

(24,935

)

(17,952

)

(35,083

)

(3,283

)

(81,253

)

Market Activity

(336

)

5,053

2,745

7,482

4,387

15,033

8,387

9,472

37,278

Ending Balance

277,503

255,841

313,255

90,998

937,596

277,503

255,841

313,255

90,998

937,596

% Change

(1)%

(2)%

13%

14%

17%

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 March 31, 2026, Blackstone had $11.4 billion in total cash, cash equivalents, corporate treasury, and other

investments and $21.3 billion of cash and net investments, or $17.32 per share.

Blackstone has a $4.3 billion credit revolver ($3.4 billion undrawn) and maintains A+/A+ ratings.

($ in millions)

1Q’26

Cash and Cash Equivalents

2,448

Corporate Treasury and

Other Investments

8,912

GP/Fund Investments

2,950

Net Accrued Performance

Revenues

7,000

Cash and Net Investments

21,310

Outstanding Debt (at par)

13,314

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

October 2030 maturity

$11.4B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $8.4 billion as of March 31, 2026, which was comprised of

$7.8 billion of liquid investments and $576 million of illiquid investments. See

notes on pages 31 and 34 for additional details on non-GAAP balance sheet

measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL

($ in millions, except per share data)

1Q’25

4Q’25

1Q’26

Per Share

Real Estate

BREP Global

904

530

549

0.45

BREP Europe

0.06

BREP Asia

101

0.08

BPP

0.07

BREDS

0.02

Real Estate

1,140

775

833

0.68

Private Equity

BCP Global

1,739

2,044

1,860

1.51

BCP Asia

253

289

216

0.18

Energy/Energy Transition

545

646

1,007

0.82

Core Private Equity

257

287

276

0.22

Tactical Opportunities

200

225

152

0.12

Secondaries

1,144

1,141

1,088

0.88

Infrastructure

248

554

772

0.63

Life Sciences

214

216

228

0.19

BTAS

238

246

257

0.21

Private Equity

4,838

5,648

5,855

4.76

Credit & Insurance

374

286

255

0.21

Multi-Asset Investing

0.05

Net Accrued Performance

Revenues

6,399

6,743

7,000

5.69

1Q’26 QoQ Rollforward

($ in millions)

Net

Performance

Realized

4Q’25

Revenues

Distributions

1Q’26

Real Estate

775

216

(158

)

833

Private Equity

5,648

679

(472

)

5,855

Credit &

Insurance

286

129

(160

)

255

Multi-Asset Investing

)

Total

6,743

1,054

(797

)

7,000

QoQ Change

1Q’26 LTM Rollforward

($ in

millions)

Net

Performance

Realized

1Q’25

Revenues

Distributions

1Q’26

Real Estate

1,140

434

(741

)

833

Private Equity

4,838

2,599

(1,581

)

5,855

Credit & Insurance

374

626

(745

)

255

Multi-Asset Investing

414

(404

)

Total

6,399

4,072

(3,471

)

7,000

YoY Change

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed

as of the reporting date and clawback amounts, if any, which

are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per

Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).

Blackstone | 18

INVESTMENT RECORDS AS OF MARCH 31, 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

2,331

n/a

13,468,476

2.3x

13,470,807

2.3x

11%

BREP VI (Feb 2007 / Aug 2011)

11,060,122

1,748

n/a

27,764,962

2.5x

27,766,710

2.5x

13%

BREP VII (Aug 2011 / Apr 2015)

13,506,736

844,688

926,699

0.4x

29,379,122

2.1x

30,305,821

1.9x

17%

14%

BREP VIII (Apr 2015 / Jun 2019)

16,645,922

1,257,178

8,790,136

1.3x

24,373,810

2.1x

33,163,946

1.8x

19%

11%

BREP IX (Jun 2019 / Aug 2022)

21,368,059

2,956,465

17,407,939

1.1x

11,993,150

2.0x

29,401,089

1.3x

33%

*BREP X (Aug 2022 / Feb 2028)

30,637,407

16,820,830

17,614,335

1.3x

2,056,656

1.4x

19,670,991

1.3x

14%

10%

Total Global BREP

104,198,827

21,879,161

44,743,188

1.1x

121,255,702

2.2x

165,998,890

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

85,814

23,868

0.2x

5,984,997

2.1x

6,008,865

2.0x

14%

13%

BREP Europe IV (Sep 2013 / Dec 2016)

6,676,611

595,371

764,957

0.7x

10,343,285

1.9x

11,108,242

1.7x

16%

11%

BREP Europe V (Dec 2016 / Oct 2019)

8,005,138

655,673

3,933,820

0.7x

6,902,190

3.8x

10,836,010

1.5x

40%

BREP Europe VI (Oct 2019 / Sep 2023)

9,940,454

2,787,157

6,293,358

0.9x

3,998,290

2.4x

10,291,648

1.2x

62%

*BREP Europe VII (Sep 2023 / Mar 2029)

9,762,262

6,196,453

4,269,615

1.3x

139,783

1.3x

4,409,398

1.3x

n/m

14%

Total BREP Europe

€

40,043,805

€

10,320,468

€

15,285,618

0.9x

€

31,324,747

2.2x

€

46,610,365

1.5x

16%

BREP Asia I (Jun 2013 / Dec 2017)

4,262,480

899,019

1,149,290

1.5x

7,678,043

2.0x

8,827,333

1.9x

15%

12%

BREP Asia II (Dec 2017 / Mar 2022)

7,358,646

1,179,714

5,131,779

1.2x

3,330,331

1.6x

8,462,110

1.3x

11%

*BREP Asia III (Mar 2022 / Sep 2027)

8,219,668

4,340,055

5,014,957

1.3x

224,625

1.6x

5,239,582

1.3x

33%

Total BREP Asia

19,840,794

6,418,788

11,296,026

1.3x

11,232,999

1.8x

22,529,025

1.5x

15%

BREP Co-Investment (f)

7,799,257

153,280

1,082,813

1.4x

15,348,472

2.2x

16,431,285

2.1x

16%

Total BREP

178,508,642

40,374,465

74,316,780

1.1x

186,061,197

2.2x

260,377,977

1.7x

16%

13%

*BREDS High-Yield (Various) (g)

27,606,074

9,273,740

4,080,621

1.0x

25,624,292

1.3x

29,704,913

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)

6,773,182

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

38,870,191

1.9x

38,870,191

1.9x

BCP VI (Jan 2011 / May 2016)

15,192,032

1,340,945

2,265,459

3.2x

30,692,197

2.2x

32,957,656

2.2x

13%

12%

BCP VII (May 2016 / Feb 2020)

18,875,734

1,311,968

14,627,717

1.6x

23,961,379

2.6x

38,589,096

2.1x

24%

12%

BCP VIII (Feb 2020 / Apr 2024)

25,833,655

6,181,123

26,085,749

1.4x

9,745,826

2.4x

35,831,575

1.6x

26%

10%

*BCP IX (Apr 2024 / Apr 2030)

21,836,141

18,599,286

4,822,964

1.5x

n/a

4,822,964

1.5x

n/a

n/m

Energy I (Aug 2011 / Feb 2015)

2,441,558

177,091

18,914

2.4x

4,879,550

2.0x

4,898,464

2.0x

13%

12%

Energy II (Feb 2015 / Feb 2020)

4,928,376

780,843

3,583,498

2.6x

5,925,351

1.8x

9,508,849

2.0x

Energy III (Feb 2020 / Jun 2024)

4,399,206

1,522,788

7,924,111

2.9x

3,727,464

2.6x

11,651,575

2.8x

33%

*Energy Transition IV (Jun 2024 / Jun 2030)

5,848,159

3,116,155

4,696,209

1.7x

157,156

1.7x

4,853,365

1.7x

n/m

86%

BCP Asia I (Dec 2017 / Sep 2021)

2,437,080

417,510

1,298,785

1.3x

3,676,038

3.0x

4,974,823

2.3x

33%

19%

*BCP Asia II (Sep 2021 / Sep 2027)

6,840,616

3,613,412

5,949,120

1.8x

1,027,538

3.4x

6,976,658

1.9x

93%

27%

BCP Asia III (TBD)

11,314,754

n/a

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

4,760,130

1,189,022

6,657,382

2.1x

4,186,003

3.7x

10,843,385

2.5x

32%

15%

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

8,244,302

4,924,612

6,282,093

1.5x

905,815

n/a

7,187,908

1.7x

n/a

16%

Total Corporate Private Equity

169,058,970

55,471,527

84,212,001

1.7x

166,709,020

2.3x

250,921,021

2.0x

16%

15%

Tactical Opportunities

*Tactical Opportunities (Various)

33,622,860

14,333,368

12,602,069

1.2x

31,924,757

1.9x

44,526,826

1.6x

15%

10%

*Tactical Opportunities Co-Investment and Other (Various)

10,673,147

1,153,253

3,625,551

1.3x

11,982,693

1.8x

15,608,244

1.7x

18%

16%

Total Tactical Opportunities

44,296,007

15,486,621

16,227,620

1.2x

43,907,450

1.9x

60,135,070

1.6x

16%

11%

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 MARCH 31, 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)

Growth

BXG I (Jul 2020 / Feb 2025)

4,959,668

342,693

5,190,952

1.2x

659,239

2.4x

5,850,191

1.2x

n/m

*BXG II (Feb 2025 / Feb 2030)

4,605,048

4,256,508

423,123

1.1x

6,108

n/m

429,231

1.1x

n/m

Total Growth

9,564,716

4,599,201

5,614,075

1.2x

665,347

2.4x

6,279,422

1.2x

n/m

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (i)

11,035,527

9,572

2,150

n/a

16,796,758

n/a

16,798,908

1.7x

n/a

13%

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

4,362,772

382,937

451,131

n/a

4,639,661

n/a

5,090,792

1.7x

n/a

13%

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

7,489,970

1,615,589

2,400,675

n/a

8,436,591

n/a

10,837,266

1.9x

n/a

15%

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

(i)

1,749,807

590,513

1,343,264

n/a

1,347,378

n/a

2,690,642

1.9x

n/a

15%

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

10,763,600

3,461,751

6,197,536

n/a

8,883,127

n/a

15,080,663

1.7x

n/a

18%

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

(i)

7,055,591

1,229,809

3,207,166

n/a

2,924,013

n/a

6,131,179

1.4x

n/a

11%

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

3,250,100

696,230

2,719,186

n/a

677,888

n/a

3,397,074

1.6x

n/a

15%

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

19,692,625

132,783

18,783,917

n/a

1,307,669

n/a

20,091,586

1.5x

n/a

18%

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

2,095,211

431,631

1,269,887

n/a

44,343

n/a

1,314,230

1.1x

n/a

(0)%

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

(i)

4,837,949

3,589,981

94,086

n/a

94,086

n/m

n/a

n/m

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

8,662,594

n/a

Total Strategic Partners (Secondaries)

80,995,746

20,803,390

36,468,998

n/a

45,057,428

n/a

81,526,426

1.6x

n/a

14%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)

910,000

43,312

528,354

2.0x

803,210

1.6x

1,331,564

1.7x

BXLS V (Jan 2020 / Mar 2025)

5,019,123

2,400,809

5,026,755

2.0x

1,803,300

2.0x

6,830,055

2.0x

17%

18%

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

60,174

0.5x

6,686,891

1.4x

6,747,065

1.4x

n/a

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)

6,639,133

1,080,904

799,000

0.6x

9,924,105

1.7x

10,723,105

1.5x

n/a

11%

Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)

5,016,771

1,261,678

3,412,057

1.1x

3,700,554

1.6x

7,112,611

1.3x

n/a

12%

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

7,630,000

6,952,528

617,184

1.0x

32,153

1.7x

649,337

1.0x

n/a

n/m

Total Mezzanine / Opportunistic

25,405,904

10,288,370

4,888,415

0.9x

25,152,816

1.6x

30,041,231

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

5,572,345

1.1x

5,572,345

1.1x

n/a

Stressed / Distressed III (Dec 2017 / Dec 2022)

7,356,380

1,000,000

1,062,330

0.7x

5,890,400

1.5x

6,952,730

1.3x

n/a

Total Stressed / Distressed

15,734,523

1,547,430

1,062,330

0.7x

17,239,843

1.3x

18,302,173

1.2x

n/a

European Senior Debt I (Feb 2015 / Feb 2019)

€

1,964,689

€

66,629

€

147,368

0.3x

€

2,997,689

1.3x

€

3,145,057

1.1x

n/a

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

4,088,344

855,817

2,390,569

0.9x

4,639,359

1.7x

7,029,928

1.3x

n/a

Total European Senior Debt

€

6,053,033

€

922,446

€

2,537,937

0.8x

€

7,637,048

1.5x

€

10,174,985

1.2x

n/a

Energy I (Nov 2015 / Nov 2018)

2,856,867

1,154,819

112,297

0.8x

3,513,027

1.6x

3,625,324

1.5x

n/a

10%

Energy II (Feb 2019 / Jun 2023)

3,616,081

1,464,279

413,690

0.8x

3,538,294

1.5x

3,951,984

1.4x

n/a

16%

*Energy III (May 2023 / May 2028)

6,477,000

4,033,507

2,490,805

1.0x

2,960,319

1.3x

5,451,124

1.1x

n/a

15%

Total Energy

12,949,948

6,652,605

3,016,792

1.0x

10,011,640

1.4x

13,028,432

1.3x

n/a

12%

Senior Direct Lending (Various) (k)

2,514,661

1,209,799

2,670,122

1.1x

263,476

1.1x

2,933,598

1.1x

n/a

10%

Total Credit Drawdown Funds (l)

63,510,695

20,761,047

14,561,870

0.9x

61,774,717

1.5x

76,336,587

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 MARCH 31, 2026 (a) –

(CONT’D)

Selected Perpetual Capital

Strategies(m)

($/€ in thousands, except where noted)

Investment

Total

Total Net

Strategy (Inception Year)

Strategy

AUM

Return (n)

Real Estate

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

Core+ Real Estate

60,456,587

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

Core+ Real Estate

54,922,211

BREIT - Class I (q)

Core+ Real Estate

BXMT - Blackstone Mortgage Trust (2013) (r)

Real Estate Debt

6,206,612

Private Equity

BXGP - Blackstone GP Stakes (2014) (s)

Minority GP Interests

9,806,128

12%

BIP - Blackstone Infrastructure Partners (2019) (t)

Infrastructure

67,941,174

19%

BXPE - Blackstone Private Equity Strategies Fund Program (2024)

(u)

Private Equity

21,419,289

17%

BXPE - Class I (v)

Private Equity

18%

Credit

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

U.S. Direct Lending

17,036,657

11%

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

U.S. Direct Lending

93,909,602

BCRED - Class I (y)

U.S. Direct Lending

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

European Direct Lending

€

4,799,679

ECRED - Class I (aa)

European Direct Lending

Investment Records as of March 31, 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

March 31, 2026 IRR on total invested capital based on realized proceeds and unrealized

value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows.

Initial inception date of cash flows

may differ from the Investment Period Beginning Date.

(e)

The 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment

opportunity. Overall BREP International I-II performance reflects a 10% Realized Net

IRR and a 10% Total Net IRR.

(f)

BREP Co-Investment represents

co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and

unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(g)

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

(h)

Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and

longer hold period than traditional private equity.

(i)

Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total

MOIC and Total Net IRRs are reported on a three-month lag and therefore do not

include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore

Unrealized and Realized MOICs

and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.

(j)

European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within

the strategy. The total net returns were 12% and 7%, respectively, for

the levered and unlevered funds of the strategy.

(k)

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

the strategy. The total net returns were 11% and 8%, 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 MARCH 31, 2026 (a)

– (CONT’D)

(l)

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

the credit drawdown funds presented.

(m)

Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of

(1) investment strategies that have been investing for less than one year,

(2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.

(n)

Unless otherwise indicated, Total Net Return represents the annualized inception to March 31, 2026 IRR on

total invested capital based on realized proceeds and unrealized value, as

applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows

occurred

during the Inception Year.

(o)

BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes

certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of March 31, 2026, these vehicles

represented $4.4 billion of Total AUM.

(p)

The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class,

reinvestment of all dividends received during the period, and no upfront selling

commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class.

Total Net Return is

presented on an annualized basis and is from January 1, 2017.

(q)

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

by share class. Class I Total Net Return assumes reinvestment of all dividends

received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an

annualized basis and is from

January 1, 2017.

(r)

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

May 22, 2013, assuming reinvestment of all dividends received during

the period.

(s)

Blackstone GP Stakes (“BXGP”) represents the aggregate Total AUM and Total Net Return of BSCH I and II

funds that invest as part of the Secondaries GP Stakes strategy, which targets

minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of March 31, 2026,

including vehicles that are

not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $12.9 billion.

(t)

BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and

Europe. As of March 31, 2026, including co-investment vehicles that do not pay

fees, BIP Total AUM was $80.6 billion.

(u)

The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle

and a single share class, reinvestment of any dividends received

during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any

particular

vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign

currency. Total net return is from

January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the

calculation. BXPE Total AUM reflects net asset value as of March 31, 2026. BXPE AUM,

to the extent managed by a different business, is reported in such business for the purposes of

segment AUM reporting.

(v)

Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program’s largest

share class across vehicles. Performance varies by vehicle and share class. Class I

Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred

by the Class I shares. For

purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency. Class I Total Net

Return is from

January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.

(w)

The BXSL Total AUM and Total Net Return are presented as of December 31, 2025. BXSL Total Net Return reflects

the change in NAV per share, plus distributions per share (assuming

dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on

annualized basis and are from November 20, 2018.

(x)

The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class,

reinvestment of all dividends received during the period, and no upfront

selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class.

Total Net

Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit

facilities. BCRED net asset value as of

March 31, 2026 was $45.0 billion.

(y)

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

by share class. Class I Total Net Return assumes reinvestment of all dividends

received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an

annualized basis and is from

January 7, 2021.

(z)

The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class,

reinvestment of all dividends received during the period, and no upfront

selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class.

Total Net

Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit

facilities. ECRED net asset value as of

March 31, 2026 was €2.5 billion.

(aa)

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

by share class. Total Net Return assumes reinvestment of all dividends received

during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized

basis and is from

October 3, 2022.

Blackstone | 22

SHAREHOLDER DIVIDENDS

Generated $1.36 of Distributable Earnings per common share during the quarter, bringing the LTM amount to

$5.84 per common share.

Blackstone declared a quarterly dividend of $1.16 per common share to record holders as of May 4, 2026; payable on

May 11, 2026.

% Change

($ in thousands, except per share data)

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

vs. 1Q'25

1Q’25 LTM

1Q’26 LTM

vs. 1Q'25 LTM

Distributable Earnings

1,410,805

1,565,763

1,889,487

2,244,809

$1,764,838

25%

6,111,169

7,464,897

22%

Add: Other Payables Attributable to

Common

Shareholders

138,425

142,664

26,913

167,504

160,943

16%

521,978

498,024

(5)%

DE Before Certain Payables

1,549,230

1,708,427

1,916,400

2,412,313

1,925,781

24%

6,633,147

7,962,921

20%

Percent to Common Shareholders

64%

DE Before Certain Payables Attributable to

Common

Shareholders

980,440

1,086,833

1,220,339

1,537,540

1,229,664

25%

4,177,075

5,074,376

21%

Less: Other Payables Attributable to

Common

Shareholders

(138,425

)

(142,664

)

(26,913

)

(167,504

)

(160,943)

16%

(521,978

)

(498,024

)

(5)%

DE Attributable to Common Shareholders

842,015

944,169

1,193,426

1,370,036

1,068,721

27%

3,655,097

4,576,352

25%

DE per Common Share

1.09

1.21

1.52

1.75

$ 1.36

25%

4.75

5.84

23%

Less: Retained Capital per Common Share

(0.16

)

(0.18

)

(0.23

)

(0.26

)

$ (0.20)

25%

(0.70

)

(0.87

)

24%

Actual Dividend per Common Share

0.93

1.03

1.29

1.49

$ 1.16

25%

4.05

4.97

23%

Record Date

May 4, 2026

Payable Date

May 11, 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 1,230 million shares.

–

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

–

Available authorization remaining was $1.7 billion at March 31, 2026.

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

Participating Common Shares

773,038,934

782,567,390

782,728,403

783,183,010

785,497,027

Participating Partnership Units

448,468,715

447,574,842

446,455,699

445,586,312

444,672,720

Distributable Earnings Shares Outstanding

1,221,507,649

1,230,142,232

1,229,184,102

1,228,769,322

1,230,169,747

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 FIRST QUARTER 2026 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

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

1Q’25

1Q’26

1Q’25 LTM

1Q’26 LTM

Revenues

Management and

Advisory Fees, Net

1,904,317

2,148,620

7,366,105

8,319,904

Incentive Fees

191,825

165,419

976,662

951,796

Investment

Income

Performance Allocations

Realized

562,050

1,103,173

3,367,279

4,203,366

Unrealized

263,201

283,452

188,665

663,314

Principal

Investments

Realized

185,542

143,020

439,203

655,110

Unrealized

158,713

(385,002

)

77,681

(295,411

)

Total Investment Income

1,169,506

1,144,643

4,072,828

5,226,379

Interest and

Dividend Revenue

97,420

107,940

410,740

426,613

Other

(73,610

)

50,973

5,263

(146,290

)

Total

Revenues

3,289,458

3,617,595

12,831,598

14,778,402

Expenses

Compensation and

Benefits

Compensation

1,029,362

1,166,897

3,282,788

3,808,728

Incentive Fee

Compensation

57,029

54,368

356,908

272,241

Performance Allocations

Compensation

Realized

241,890

433,449

1,415,213

1,489,031

Unrealized

103,559

89,701

62,680

363,104

Total Compensation

and Benefits

1,431,840

1,744,415

5,117,589

5,933,104

General, Administrative and

Other

332,373

372,821

1,324,332

1,564,996

Interest

Expense

118,115

137,053

453,600

527,252

Fund Expenses

12,104

8,004

27,830

45,116

Total

Expenses

1,894,432

2,262,293

6,923,351

8,070,468

Other Income

Change in Tax

Receivable Agreement Liability

(41,246

)

6,591

Net Gains from Fund Investment

Activities

57,575

99,755

165,426

459,577

Total Other

Income

57,575

99,755

124,180

466,168

Income Before

Provision for Taxes

1,452,601

1,455,057

6,032,427

7,174,102

Provision for

Taxes

243,827

197,150

981,827

1,078,346

Net

Income

1,208,774

1,257,907

5,050,600

6,095,756

Net Income (Loss)

Attributable to Redeemable Non-Controlling

Interests in Consolidated Entities

7,900

21,010

(13,720

)

58,610

Net Income Attributable to

Non-Controlling

Interests in Consolidated Entities

100,547

117,367

471,546

677,388

Net Income Attributable to

Non-Controlling

Interests in Blackstone Holdings

485,475

469,801

2,048,800

2,305,667

Net Income

Attributable to Blackstone Inc.

614,852

649,729

2,543,974

3,054,091

Net Income Per Share of

Common Stock, Basic

0.80

0.83

3.31

3.90

Net Income Per Share of Common Stock,

Diluted

0.80

0.83

3.31

3.90

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

QTD

LTM

($ in thousands)

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

1Q’25

1Q’26

Net Income Attributable to Blackstone Inc.

614,852

764,244

624,917

1,015,201

649,729

2,543,974

3,054,091

Net Income Attributable to

Non-Controlling

Interests in Blackstone Holdings

485,475

602,844

457,110

775,912

469,801

2,048,800

2,305,667

Net Income Attributable to Non-Controlling

Interests in Consolidated

Entities

100,547

240,836

125,890

193,295

117,367

471,546

677,388

Net Income (Loss) Attributable to

Redeemable

Non-Controlling Interests in Consolidated Entities

7,900

18,209

29,008

(9,617

)

21,010

(13,720

)

58,610

Net Income

1,208,774

1,626,133

1,236,925

1,974,791

1,257,907

5,050,600

6,095,756

Provision for Taxes

243,827

289,494

209,657

382,045

197,150

981,827

1,078,346

Income Before Provision for Taxes

1,452,601

1,915,627

1,446,582

2,356,836

1,455,057

6,032,427

7,174,102

Transaction-Related and Non-Recurring

Items (a)

18,824

10,381

(9,412

)

(6,822

)

6,967

22,999

1,114

Amortization of Intangibles (b)

7,333

7,327

7,288

29,332

29,281

Impact of Consolidation (c)

(108,447

)

(259,045

)

(154,898

)

(183,678

)

(138,377

)

(457,826

)

(735,998

)

Unrealized Performance Revenues (d)

(263,201

)

(313,256

)

215,872

(282,372

)

(283,355

)

(188,672

)

(663,111

)

Unrealized Performance Allocations

Compensation (e)

103,559

152,618

(31,547

)

152,332

89,701

62,680

363,104

Unrealized Principal Investment (Income) Loss (f)

(161,257

)

(294,093

)

216,084

67,826

322,136

9,851

311,953

Other Revenues (g)

73,635

225,083

(28,702

)

1,174

(50,928

)

(4,784

)

146,627

Equity-Based Compensation (h)

471,302

312,018

301,562

358,364

561,217

1,312,645

1,533,161

Administrative Fee Adjustment (i)

4,186

4,112

4,097

3,942

4,568

13,299

16,719

Taxes and Related Payables (j)

(187,730

)

(195,015

)

(77,484

)

(230,120

)

(209,436

)

(720,782

)

(712,055

)

Distributable Earnings

1,410,805

1,565,763

1,889,487

2,244,809

1,764,838

6,111,169

7,464,897

Taxes and Related Payables (j)

187,730

195,015

77,484

230,120

209,436

720,782

712,055

Net Interest and Dividend (Income)

Loss (k)

20,530

24,643

18,552

17,276

22,118

44,166

82,589

Total Segment Distributable

Earnings

1,619,065

1,785,421

1,985,523

2,492,205

1,996,392

6,876,117

8,259,541

Realized Performance Revenues (l)

(460,023

)

(553,121

)

(744,953

)

(1,057,432

)

(780,494

)

(2,210,661

)

(3,136,000

)

Realized Performance Compensation (m)

220,924

256,624

302,642

310,405

364,056

919,146

1,233,727

Realized Principal Investment (Income)

Loss (n)

(117,910

)

(29,421

)

(62,535

)

(209,877

)

(31,973

)

(200,498

)

(333,806

)

Fee Related Earnings

1,262,056

1,459,503

1,480,677

1,535,301

1,547,981

5,384,104

6,023,462

Adjusted EBITDA Reconciliation

Distributable Earnings

1,410,805

1,565,763

1,889,487

2,244,809

1,764,838

6,111,169

7,464,897

Interest Expense (o)

117,950

125,033

126,090

128,022

130,058

454,727

509,203

Taxes and Related Payables (j)

187,730

195,015

77,484

230,120

209,436

720,782

712,055

Depreciation and Amortization (p)

22,226

26,642

24,015

26,102

26,138

94,929

102,897

Adjusted EBITDA

1,738,711

1,912,453

2,117,076

2,629,053

2,130,470

7,381,607

8,789,052

Notes on pages 28-29.

Blackstone | 27

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

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

(a)

This adjustment removes Transaction-Related and

Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions

including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation

charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these

corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not

reflective of Blackstone’s operational performance.

(b)

This adjustment removes the amortization of transaction-related intangibles, which are excluded from

Blackstone’s segment presentation.

(c)

This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from

Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships

held by non-controlling interests.

(d)

This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment

represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

QTD

LTM

($ in thousands)

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

1Q’25

1Q’26

GAAP Unrealized Performance Allocations

263,201

313,283

(215,818

)

282,397

283,452

188,665

663,314

Segment Adjustment

(27

)

(54

)

(25

)

(97

)

(203

)

Unrealized Performance Revenues

263,201

313,256

(215,872

)

282,372

283,355

188,672

663,111

(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

LTM

($ in thousands)

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

1Q’25

1Q’26

GAAP Unrealized Principal Investment Income (Loss)

158,713

365,391

(238,658

)

(37,142

)

(385,002

)

77,681

(295,411

)

Segment Adjustment

2,544

(71,298

)

22,574

(30,684

)

62,866

(87,532

)

(16,542

)

Unrealized Principal Investment Income (Loss)

161,257

294,093

(216,084

)

(67,826

)

(322,136

)

(9,851

)

(311,953

)

(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

LTM

($ in thousands)

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

1Q’25

1Q’26

GAAP Other Revenue

(73,610

)

(225,063

)

28,702

(902

)

50,973

5,263

(146,290

)

Segment Adjustment

(25

)

(20

)

(272

)

(45

)

(479

)

(337

)

Other Revenues

(73,635

)

(225,083

)

28,702

(1,174

)

50,928

4,784

(146,627

)

(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

LTM

($ in thousands)

1Q'25

2Q'25

3Q'25

4Q'25

1Q'26

1Q'25

1Q'26

Taxes

162,535

167,162

49,719

196,234

178,757

611,170

591,872

Related Payables

25,195

27,853

27,765

33,886

30,679

109,612

120,183

Taxes and Related Payables

187,730

195,015

77,484

230,120

209,436

720,782

712,055

(k) This adjustment removes Interest and Dividend Revenue less Interest Expense on

a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest

expense associated with the Tax Receivable Agreement.

QTD

LTM

($ in thousands)

1Q'25

2Q'25

3Q'25

4Q'25

1Q'26

1Q'25

1Q'26

GAAP Interest and Dividend Revenue

97,420

100,389

107,538

110,746

107,940

410,740

426,613

Segment Adjustment

(179

)

Interest and Dividend Revenue

97,420

100,390

107,538

110,746

107,940

410,561

426,614

GAAP Interest Expense

118,115

135,822

126,288

128,089

137,053

453,600

527,252

Segment Adjustment

(165

)

(10,789

)

(198

)

(67

)

(6,995

)

1,127

(18,049

)

Interest Expense

117,950

125,033

126,090

128,022

130,058

454,727

509,203

Net Interest and Dividend Income (Loss)

(20,530

)

(24,643

)

(18,552

)

(17,276

)

(22,118

)

(44,166

)

(82,589

)

(l) This adjustment removes the total segment amount of Realized Performance Revenues.

(m) This adjustment removes the total segment amount of Realized Performance

Compensation.

(n) This adjustment removes the total segment amount of Realized

Principal Investment Income.

(o) This adjustment adds back Interest Expense on

a segment basis, excluding interest expense related to the Tax Receivable Agreement.

(p) This adjustment adds back Depreciation and Amortization on a segment basis.

Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings

Shares Outstanding

QTD

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

GAAP Shares of Common Stock Outstanding

737,929,437

739,055,944

747,812,724

748,688,068

751,535,403

Unvested Participating Common Shares

35,109,497

43,511,446

34,915,679

34,494,942

33,961,624

Total Participating Common Shares

773,038,934

782,567,390

782,728,403

783,183,010

785,497,027

Participating Partnership Units

448,468,715

447,574,842

446,455,699

445,586,312

444,672,720

Distributable Earnings Shares Outstanding

1,221,507,649

1,230,142,232

1,229,184,102

1,228,769,322

1,230,169,747

Disclosure of Weighted-Average Shares Common Stock

Outstanding

QTD

LTM

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

1Q’25

1Q’26

Total GAAP Weighted-Average Shares of Common Stock Outstanding -

Basic

771,796,385

782,386,121

782,633,394

783,106,052

785,332,239

769,464,144

783,356,354

Weighted-Average Shares of Unvested Deferred

Restricted Common Stock

638,217

15,116

47,741

87,397

964,071

203,836

278,581

Total GAAP Weighted-Average Shares of Common Stock Outstanding -

Diluted

772,434,602

782,401,237

782,681,135

783,193,449

786,296,310

769,667,980

783,634,935

Blackstone | 29

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

($ in thousands) (unaudited)

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

Assets

Cash and Cash Equivalents

2,386,979

2,235,499

2,430,690

2,631,241

2,448,485

Cash Held by Blackstone Funds and Other

1,012,958

313,950

401,558

223,441

261,955

Investments

30,259,429

31,135,504

31,528,443

32,212,111

32,747,619

Accounts Receivable

221,200

357,858

543,209

291,758

572,832

Due from Affiliates

5,434,078

5,516,820

5,845,843

6,357,462

6,395,165

Intangible Assets, Net

156,269

147,294

140,458

131,359

122,324

Goodwill

1,890,202

Other Assets

929,107

877,000

900,582

1,157,719

1,035,171

Right-of-Use Assets

807,487

793,690

773,030

757,459

786,276

Deferred Tax Assets

2,157,920

2,105,277

2,100,275

2,056,223

2,066,953

Total Assets

45,255,629

45,373,094

46,554,290

47,708,975

48,326,982

Liabilities and Equity

Loans Payable

12,454,559

12,008,870

12,002,650

12,445,144

13,280,285

Due to Affiliates

3,361,900

2,802,514

3,000,083

3,224,432

3,244,627

Accrued Compensation and

Benefits

6,164,503

6,065,974

6,385,958

6,411,389

6,396,285

Operating Lease Liabilities

937,369

918,887

886,135

861,021

881,566

Accounts Payable, Accrued Expenses

and Other Liabilities

2,472,395

2,497,969

2,918,023

2,885,817

3,107,508

Total Liabilities

25,390,726

24,294,214

25,192,849

25,827,803

26,910,271

Redeemable Non-Controlling Interests in Consolidated

Entities

1,382,374

1,487,129

1,476,212

1,380,503

1,400,419

Equity

Common Stock, $0.00001 par value

(751,535,403 shares issued

and outstanding as of March 31, 2026)

Series I Preferred Stock, $0.00001 par value (1

share issued

and outstanding as of March 31, 2026)

Series II Preferred Stock,

$0.00001 par value (1 share issued

and outstanding as of March 31, 2026)

Additional Paid-in-Capital

7,686,980

7,988,663

8,214,078

8,479,886

8,710,266

Retained Earnings

(Deficit)

320,160

362,614

184,040

191,641

(323,733

)

Accumulated Other Comprehensive Income

(Loss)

(29,027

)

1,055

(5,602

)

(6,008

)

(15,770

)

Non-Controlling Interests in

Consolidated Entities

6,400,585

6,847,785

7,162,957

7,224,211

7,226,994

Non-Controlling Interests in Blackstone

Holdings

4,103,824

4,391,627

4,329,749

4,610,932

4,418,528

Total Equity

18,482,529

19,591,751

19,885,229

20,500,669

20,016,292

Total Liabilities and Equity

45,255,629

45,373,094

46,554,290

47,708,975

48,326,982

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)

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

Investments of Consolidated Blackstone Funds

4,589,194

5,101,278

5,507,078

5,180,879

5,189,519

Equity Method Investments

Partnership Investments

6,740,598

6,942,526

6,936,411

6,546,190

6,612,536

Accrued Performance Allocations

12,522,848

12,054,879

11,933,738

12,980,356

13,002,955

Corporate Treasury Investments

106,684

229,497

262,582

359,657

167,389

Other Investments

6,300,105

6,807,324

6,888,634

7,145,029

7,775,220

Total GAAP Investments

30,259,429

31,135,504

31,528,443

32,212,111

32,747,619

Accrued Performance Allocations - GAAP

12,522,848

12,054,879

11,933,738

12,980,356

13,002,955

Impact of Consolidation (a)

Due from Affiliates - GAAP (b)

249,376

229,359

215,647

577,467

204,866

Less: Net Realized Performance Revenues (c)

(927,240

)

(456,507

)

(379,797

)

(1,081,738

)

(630,610

)

Less: Accrued Performance Compensation - GAAP (d)

(5,446,352

)

(5,220,188

)

(5,258,769

)

(5,733,563

)

(5,577,711

)

Net Accrued Performance Revenues

6,398,632

6,607,543

6,510,819

6,742,522

6,999,500

Corporate Treasury and Other Investments - GAAP

6,406,789

7,036,821

7,151,216

7,504,686

7,942,609

Impact of Consolidation (a)

857,457

965,045

932,562

758,128

726,047

Other Assets (e)

180,761

337,228

563,415

409,248

568,481

Other Liabilities (f)

(3,653

)

(3,190

)

(3,417

)

(3,357

)

(325,313

)

Corporate Treasury and Other Investments - Deconsolidated

(g)

7,441,354

8,335,904

8,643,776

8,668,705

8,911,824

Partnership Investments - GAAP

6,740,598

6,942,526

6,936,411

6,546,190

6,612,536

Impact of Consolidation (h)

(3,559,722

)

(3,653,037

)

(3,620,409

)

(3,639,431

)

(3,662,090

)

GP/Fund Investments - Deconsolidated

3,180,876

3,289,489

3,316,002

2,906,759

2,950,446

Loans Payable - GAAP

12,454,559

12,008,870

12,002,650

12,445,144

13,280,285

Impact of Consolidation (i)

(266,568

)

(128,335

)

(328,044

)

(126,420

)

(90,747

)

Outstanding Debt - Carrying Value

12,187,991

11,880,535

11,674,606

12,318,724

13,189,538

Unamortized Discount

125,209

123,255

120,174

128,096

124,472

Outstanding Debt (at par) - Deconsolidated

12,313,200

12,003,790

11,794,780

12,446,820

13,314,010

(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 $8.4 billion as of March 31, 2026, which was

comprised of $7.8 billion of liquid investments and $576 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

LTM

($ in thousands)

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

1Q’25

1Q’26

Management and Advisory Fees, Net

GAAP

1,904,317

2,035,495

2,056,248

2,079,541

2,148,620

7,366,105

8,319,904

Segment Adjustment (a)

(12,319

)

(15,483

)

(14,428

)

(17,322

)

(15,812

)

(48,144

)

(63,045

)

Total Segment

1,891,998

2,020,012

2,041,820

2,062,219

2,132,808

7,317,961

8,256,859

GAAP Realized Performance Revenues to Total

Segment Fee Related Performance Revenues

GAAP

Incentive Fees

191,825

195,414

200,675

390,288

165,419

976,662

951,796

Investment Income - Realized Performance

Allocations

562,050

829,820

997,296

1,273,077

1,103,173

3,367,279

4,203,366

GAAP

753,875

1,025,234

1,197,971

1,663,365

1,268,592

4,343,941

5,155,162

Total Segment

Less: Realized Performance

Revenues

(460,023

)

(553,121

)

(744,953

)

(1,057,432

)

(780,494

)

(2,210,661

)

(3,136,000

)

Segment Adjustment (b)

(63

)

512

1,079

449

Total Segment

293,915

472,050

453,018

606,445

488,098

2,134,359

2,019,611

GAAP Compensation to Total Segment Fee

Related Compensation

GAAP

Compensation

1,029,362

870,358

845,659

925,814

1,166,897

3,282,788

3,808,728

Incentive Fees Compensation

57,029

67,363

61,882

88,628

54,368

356,908

272,241

Realized Performance Allocations Compensation

241,890

331,191

354,765

369,626

433,449

1,415,213

1,489,031

GAAP

1,328,281

1,268,912

1,262,306

1,384,068

1,654,714

5,054,909

5,570,000

Total Segment

Less: Realized Performance Compensation

(220,924

)

(256,624

)

(302,642

)

(310,405

)

(364,056

)

(919,146

)

(1,233,727

)

Less: Equity-Based Compensation - Fee Related Compensation

(464,053

)

(306,495

)

(296,506

)

(345,649

)

(549,703

)

(1,293,707

)

(1,498,353

)

Less: Equity-Based Compensation - Performance

Compensation

(7,249

)

(5,523

)

(5,056

)

(12,715

)

(11,514

)

(18,938

)

(34,808

)

Segment Adjustment (c)

(19,073

)

(11

)

(20,891

)

Total Segment

616,982

700,316

658,091

715,312

729,470

2,802,227

2,803,189

GAAP General, Administrative and Other to

Total Segment Other Operating Expenses

GAAP

332,373

360,817

383,580

447,778

372,821

1,324,332

1,564,996

Segment Adjustment (d)

(25,498

)

(28,574

)

(27,510

)

(29,727

)

(29,366

)

(58,343

)

(115,177

)

Total Segment

306,875

332,243

356,070

418,051

343,455

1,265,989

1,449,819

Realized Performance Revenues

GAAP

Incentive Fees

191,825

195,414

200,675

390,288

165,419

976,662

951,796

Investment Income - Realized Performance

Allocations

562,050

829,820

997,296

1,273,077

1,103,173

3,367,279

4,203,366

GAAP

753,875

1,025,234

1,197,971

1,663,365

1,268,592

4,343,941

5,155,162

Total Segment

Less: Fee Related Performance Revenues

(293,915

)

(472,050

)

(453,018

)

(606,445

)

(488,098

)

(2,134,359

)

(2,019,611

)

Segment Adjustment (b)

(63

)

512

1,079

449

Total Segment

460,023

553,121

744,953

1,057,432

780,494

2,210,661

3,136,000

Blackstone | 32

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

QTD

LTM

($ in thousands)

1Q’25

2Q’25

3Q’25

4Q’25

1Q’26

1Q’25

1Q’26

Realized Performance Compensation

GAAP

Incentive Fee Compensation

57,029

67,363

61,882

88,628

54,368

356,908

272,241

Realized Performance Allocations

Compensation

241,890

331,191

354,765

369,626

433,449

1,415,213

1,489,031

GAAP

298,919

398,554

416,647

458,254

487,817

1,772,121

1,761,272

Total Segment

Less: Fee Related Performance Compensation

(e)

(70,746

)

(136,407

)

(108,949

)

(135,134

)

(112,247

)

(834,037

)

(492,737

)

Less: Equity-Based Compensation - Performance Compensation

(7,249

)

(5,523

)

(5,056

)

(12,715

)

(11,514

)

(18,938

)

(34,808

)

Total Segment

220,924

256,624

302,642

310,405

364,056

919,146

1,233,727

Realized Principal Investment Income

(Loss)

GAAP

185,542

97,171

152,652

262,267

143,020

439,203

655,110

Segment Adjustment (f)

(67,632

)

(67,750

)

(90,117

)

(52,390

)

(111,047

)

(238,705

)

(321,304

)

Total Segment

117,910

29,421

62,535

209,877

31,973

200,498

333,806

GAAP Interest and Dividend Revenue net of

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

GAAP

Interest and Dividend Revenue

97,420

100,389

107,538

110,746

107,940

410,740

426,613

Interest Expense

(118,115

)

(135,822

)

(126,288

)

(128,089

)

(137,053

)

(453,600

)

(527,252

)

GAAP

(20,695

)

(35,433

)

(18,750

)

(17,343

)

(29,113

)

(42,860

)

(100,639

)

Segment Adjustment (g)

165

10,790

198

6,995

(1,306

)

18,050

Total Segment

(20,530

)

(24,643

)

(18,552

)

(17,276

)

(22,118

)

(44,166

)

(82,589

)

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

Consolidated Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the

expense of equity-based awards and Transaction-Related and Non-Recurring Items.

(a)

Represents (1) the add back of net management fees earned from consolidated Blackstone Funds

which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee

arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.

(b)

Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which

have been eliminated in consolidation.

(c)

Represents the removal of Transaction-Related and

Non-Recurring Items that are not recorded in the Total Segment measures.

(d)

Represents the (1) removal of Transaction-Related and

Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an

administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is

reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

(e)

Fee related performance compensation may include equity based compensation based on fee related

performance revenues.

(f)

Represents (1) the add back of Principal Investment Income, including general partner

income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by

non- controlling interests.

(g)

Represents (1) the add back of Interest and Dividend Revenue earned from consolidated

Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

Blackstone | 33

NOTES

Notes to page 4 - Investment Performance

and Net Accrued Performance Revenues

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

Core+ appreciation represents a weighted average of BREIT’s per share appreciation, BEPIF’s per share appreciation, and BPP’s appreciation for the period. 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

(“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 17 –

Deconsolidated Balance Sheet Highlights

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $754 million, $1.7 billion, $372 million, and

$125 million, respectively, as of March 31, 2026. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

Blackstone | 34

NOTES – (CONT’D)

Notes to page 23 – Shareholder

Dividends

DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax

benefits from deductions taken by Blackstone’s corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables.

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

Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share was $157 million for 1Q’26 and $682 million for

1Q’26 LTM.

Blackstone | 35

DEFINITIONS AND DIVIDEND POLICY

Blackstone discloses the following

operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America

(“non-GAAP”) in this presentation:

Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess performance across

Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that

deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes

Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss)

Before Provision (Benefit) for Taxes.

–

Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee

Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).

–

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

Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone

shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes

unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

–

Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone

Funds, and interest expense associated with the Tax Receivable Agreement.

–

Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including

the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded

from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a

current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for

Blackstone’s consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or refunds which are reflected when paid or received. The Payable under the

Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under

the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are

available for distribution to shareholders.

Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring

basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and

(b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

Blackstone | 36

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

–

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

(b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.

–

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

dependent on realization events from the underlying investments.

–

Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the Transaction-Related and

Non-Recurring Items that are not recorded in the Total Segment measures, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in

Blackstone’s segment presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital

contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

–

Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors

through redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemption requests are limited in quantum. Includes co-investment capital

with an investor right to convert into Perpetual Capital.

–

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

Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or “Adjusted EBITDA”, is a supplemental measure used to assess performance derived from

Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related

Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

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

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

–

Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them

based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance

Compensation awarded for the year. For 1Q’26 QTD and 1Q’26 LTM, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings

for the current year quarter and LTM period. For 1Q’25 QTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the prior year

quarter. For 1Q’25 LTM, the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the prior year LTM period. The impact of this

program in an individual quarter is based on the estimated amount of Realized Performance Compensation expected to be paid to such professionals for the full year. The program does not impact Income Before Provision (Benefit) for Taxes and

Distributable Earnings for the full year.

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 Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these

corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of

Blackstone’s operational performance.

Private Wealth AUM refers to the portion of assets under management attributable to the individual investor channel and comprises (a) all AUM in vehicles that are primarily targeted to the

individual investor channel and (b) AUM 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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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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dei_EntityEmergingGrowthCompany

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

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Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

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xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

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Data Type:

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Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

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Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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