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)

	$			$		$			$
	September 30, 2025
	Consolidated Operating Partnerships			Consolidated Blackstone Funds (a)		Reclasses and Eliminations			Consolidated
Assets
Cash and Cash Equivalents	$	2,430,690		$	—	$	—		$	2,430,690
Cash Held by Blackstone Funds and Other		—			401,558		—			401,558
Investments		27,205,816			5,507,078		(1,184,451	)		31,528,443
Accounts Receivable		537,167			6,042		—			543,209
Due from Affiliates		5,567,076			346,296		(67,529	)		5,845,843
Intangible Assets, Net		140,458			—		—			140,458
Goodwill		1,890,202			—		—			1,890,202
Other Assets		893,301			7,281		—			900,582
Right-of-Use Assets		773,030			—		—			773,030
Deferred Tax Assets		2,100,275			—		—			2,100,275

Total Assets	$	41,538,015		$	6,268,255	$	(1,251,980	)	$	46,554,290

Liabilities and Equity
Loans Payable	$	11,674,606		$	328,044	$	—		$	12,002,650
Due to Affiliates		2,833,839			236,034		(69,790	)		3,000,083
Accrued Compensation and Benefits		6,385,958			—		—			6,385,958
Operating Lease Liabilities		886,135			—		—			886,135
Accounts Payable, Accrued Expenses and Other Liabilities		2,854,341			63,682		—			2,918,023

Total Liabilities		24,634,879			627,760		(69,790	)		25,192,849

Redeemable Non-Controlling Interests in Consolidated Entities		3			1,476,209		—			1,476,212

Equity
Common Stock		7			—		—			7
Series I Preferred Stock		—			—		—			—
Series II Preferred Stock		—			—		—			—
Additional Paid-in-Capital		8,214,078			1,156,268		(1,156,268	)		8,214,078
Retained Earnings		184,040			25,922		(25,922	)		184,040
Accumulated Other Comprehensive Income (Loss)		(51,568	)		45,966		—			(5,602	)
Non-Controlling Interests in Consolidated Entities		4,226,827			2,936,130		—			7,162,957
Non-Controlling Interests in Blackstone Holdings		4,329,749			—		—			4,329,749

Total Equity		16,903,133			4,164,286		(1,182,190	)		19,885,229

Total Liabilities and Equity	$	41,538,015		$	6,268,255	$	(1,251,980	)	$	46,554,290

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.**

BXCI ECX DevCo Lender 2 LLC*

BXCI Irving Aggregator LP*

Blackstone Chengu (Shanghai) Private Fund Partnership*

Clover Credit Partners CLO III, Ltd.**

Hieroglyphs L.P.*

Private equity

side-by-side

investment vehicles

Real estate

side-by-side

investment vehicles

Consolidated as of September 30, 2025 only

** Consolidated as of December 31, 2024 only

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