Item 8A. Unaudited Supplemental Presentation of Statements of Financial Condition

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Item 8A. Unaudited Supplemental Presentation of Statements of Financial Condition

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Blackstone Inc.

Unaudited Consolidating Statements of Financial Condition

(Dollars in Thousands)


	December 31, 2025
	Consolidated Operating Partnerships			Consolidated Blackstone Funds (a)		Reclasses and Eliminations			Consolidated
Assets
Cash and Cash Equivalents	$	2,631,241		$	—	$	—		$	2,631,241
Cash Held by Blackstone Funds and Other		—			223,441		—			223,441
Investments		28,046,783			5,180,879		(1,015,551	)		32,212,111
Accounts Receivable		275,370			16,388		—			291,758
Due from Affiliates		6,055,038			367,387		(64,963	)		6,357,462
Intangible Assets, Net		131,359			—		—			131,359
Goodwill		1,890,202			—		—			1,890,202
Other Assets		1,143,014			14,705		—			1,157,719
Right-of-Use Assets		757,459			—		—			757,459
Deferred Tax Assets		2,056,223			—		—			2,056,223

Total Assets	$	42,986,689		$	5,802,800	$	(1,080,514	)	$	47,708,975

Liabilities and Equity
Loans Payable	$	12,318,723		$	126,421	$	—		$	12,445,144
Due to Affiliates		3,046,459			245,222		(67,249	)		3,224,432
Accrued Compensation and Benefits		6,411,389			—		—			6,411,389
Operating Lease Liabilities		861,021			—		—			861,021
Accounts Payable, Accrued Expenses and Other Liabilities		2,826,821			58,996		—			2,885,817

Total Liabilities		25,464,413			430,639		(67,249	)		25,827,803

Redeemable Non-Controlling Interests in Consolidated Entities		5			1,380,498		—			1,380,503

Equity
Common Stock		7			—		—			7
Series I Preferred Stock		—			—		—			—
Series II Preferred Stock		—			—		—			—
Additional Paid-in-Capital		8,479,886			992,063		(992,063	)		8,479,886
Retained Earnings		191,641			21,202		(21,202	)		191,641
Accumulated Other Comprehensive Income (Loss)		(53,272	)		47,264		—			(6,008	)
Non-Controlling Interests in Consolidated Entities		4,293,077			2,931,134		—			7,224,211
Non-Controlling Interests in Blackstone Holdings		4,610,932			—		—			4,610,932

Total Equity		17,522,271			3,991,663		(1,013,265	)		20,500,669

Total Liabilities and Equity	$	42,986,689		$	5,802,800	$	(1,080,514	)	$	47,708,975

Blackstone Inc.

Unaudited Consolidating Statements of Financial Condition—Continued

(Dollars in Thousands)


	December 31, 2024
	Consolidated Operating Partnerships			Consolidated Blackstone Funds (a)			Reclasses and Eliminations			Consolidated
Assets
Cash and Cash Equivalents	$	1,972,140		$	—		$	—		$	1,972,140
Cash Held by Blackstone Funds and Other		—			204,052			—			204,052
Investments		26,791,383			3,890,732			(881,549	)		29,800,566
Accounts Receivable		191,937			45,993			—			237,930
Due from Affiliates		5,436,866			21,089			(48,640	)		5,409,315
Intangible Assets, Net		165,243			—			—			165,243
Goodwill		1,890,202			—			—			1,890,202
Other Assets		938,052			9,807			—			947,859
Right-of-Use Assets		838,620			—			—			838,620
Deferred Tax Assets		2,003,948			—			—			2,003,948

Total Assets	$	40,228,391		$	4,171,673		$	(930,189	)	$	43,469,875

Liabilities and Equity
Loans Payable	$	11,233,468		$	87,488		$	—		$	11,320,956
Due to Affiliates		2,582,178			276,789			(50,819	)		2,808,148
Accrued Compensation and Benefits		6,087,700			—			—			6,087,700
Operating Lease Liabilities		965,742			—			—			965,742
Accounts Payable, Accrued Expenses and Other Liabilities		2,723,551			68,763			—			2,792,314

Total Liabilities		23,592,639			433,040			(50,819	)		23,974,860

Redeemable Non-Controlling Interests in Consolidated Entities		1			801,398			—			801,399

Equity
Common Stock		7			—			—			7
Series I Preferred Stock		—			—			—			—
Series II Preferred Stock		—			—			—			—
Additional Paid-in-Capital		7,444,561			878,014			(878,014	)		7,444,561
Retained Earnings		808,079			1,356			(1,356	)		808,079
Accumulated Other Comprehensive Loss		(20,590	)		(19,736	)		—			(40,326	)
Non-Controlling Interests in Consolidated Entities		4,077,342			2,077,601			—			6,154,943
Non-Controlling Interests in Blackstone Holdings		4,326,352			—			—			4,326,352

Total Equity		16,635,751			2,937,235			(879,370	)		18,693,616

Total Liabilities and Equity	$	40,228,391		$	4,171,673		$	(930,189	)	$	43,469,875

(a)	The Consolidated Blackstone Funds consisted of the following:

Blackstone Annex Onshore Fund L.P.**

Blackstone Horizon Fund L.P.

BTD CP Holdings LP

Blackstone Dislocation Fund L.P. **

Blackstone European Property Income Fund (Master) FCP

Blackstone European Property Income Fund SICAV

BEPIF (Aggregator) SCSp

Blackstone Infrastructure Partners Europe F (CYM) L.P.**

Blackstone Infrastructure Partners Europe Lower Fund 1 (LUX) SCSp**

Infrastructure Investments L.P.

Blackstone Infrastructure Strategies L.P.**

Blackstone Chengu (Shanghai) Private Fund Partnership*

Clover Credit Partners CLO III, Ltd.**

Hieroglyphs L.P.*

Blackstone Multi-Strategy Hedge Fund L.P.*

Blackstone Quantitative Opportunities Fund Ltd.*

Private equity

side-by-side

investment vehicles

Real estate

side-by-side

investment vehicles

*	Consolidated as of December 31, 2025 only

**	Consolidated as of December 31, 2024 only

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