Item 1A. Unaudited Supplemental Presentation of Statements of Financial Condition

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Item 1A. Unaudited Supplemental Presentation of Statements of Financial Condition

Blackstone Inc.

Unaudited Consolidating Statements of Financial Condition

(Dollars in Thousands)


	March 31, 2025
	Consolidated Operating Partnerships			Consolidated Blackstone Funds (a)		Reclasses and Eliminations			Consolidated
Assets
Cash and Cash Equivalents	$	2,386,979		$	—	$	—		$	2,386,979
Cash Held by Blackstone Funds and Other		—			1,012,958		—			1,012,958
Investments		26,768,845			4,589,194		(1,098,610	)		30,259,429
Accounts Receivable		220,357			843		—			221,200
Due from Affiliates		5,197,130			289,111		(52,163	)		5,434,078
Intangible Assets, Net		156,269			—		—			156,269
Goodwill		1,890,202			—		—			1,890,202
Other Assets		917,188			11,919		—			929,107
Right-of-Use Assets		807,487			—		—			807,487
Deferred Tax Assets		2,157,920			—		—			2,157,920

Total Assets	$	40,502,377		$	5,904,025	$	(1,150,773	)	$	45,255,629

Liabilities and Equity
Loans Payable	$	12,187,991		$	266,568	$	—		$	12,454,559
Due to Affiliates		2,638,028			778,151		(54,279	)		3,361,900
Accrued Compensation and Benefits		6,164,503			—		—			6,164,503
Operating Lease Liabilities		937,369			—		—			937,369
Accounts Payable, Accrued Expenses and Other Liabilities		2,397,821			74,574		—			2,472,395

Total Liabilities		24,325,712			1,119,293		(54,279	)		25,390,726

Redeemable Non-Controlling Interests in Consolidated Entities		1			1,382,373		—			1,382,374

Equity
Common Stock		7			—		—			7
Series I Preferred Stock		—			—		—			—
Series II Preferred Stock		—			—		—			—
Additional Paid-in-Capital		7,686,980			1,095,905		(1,095,905	)		7,686,980
Retained Earnings		320,160			589		(589	)		320,160
Accumulated Other Comprehensive Income (Loss)		(38,045	)		9,018		—			(29,027	)
Non-Controlling Interests in Consolidated Entities		4,103,738			2,296,847		—			6,400,585
Non-Controlling Interests in Blackstone Holdings		4,103,824			—		—			4,103,824

Total Equity		16,176,664			3,402,359		(1,096,494	)		18,482,529

Total Liabilities and Equity	$	40,502,377		$	5,904,025	$	(1,150,773	)	$	45,255,629

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**

Blackstone Infrastructure Partners F.4 L.P.

Blackstone Infrastructure Strategies L.P.**

BXCI Irving Aggregator LP*

Clover Credit Partners CLO III, Ltd.**

Private equity side-by-side investment vehicles

Real estate side-by-side investment vehicles

*	Consolidated as of March 31, 2025 only

**	Consolidated as of December 31, 2024 only

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