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, 2026
	Consolidated Operating Partnerships			Consolidated Blackstone Funds (a)		Reclasses and Eliminations			Consolidated
Assets
Cash and Cash Equivalents	$	2,448,485		$	—	$	—		$	2,448,485
Cash Held by Blackstone Funds and Other		—			261,955		—			261,955
Investments		28,553,546			5,167,109		(973,036	)		32,747,619
Accounts Receivable		570,666			2,166		—			572,832
Due from Affiliates		6,109,973			349,176		(63,984	)		6,395,165
Intangible Assets, Net		122,324			—		—			122,324
Goodwill		1,890,202			—		—			1,890,202
Other Assets		1,031,832			3,339		—			1,035,171
Right-of-Use Assets		786,276			—		—			786,276
Deferred Tax Assets		2,066,953			—		—			2,066,953

Total Assets	$	43,580,257		$	5,783,745	$	(1,037,020	)	$	48,326,982

Liabilities and Equity
Loans Payable	$	13,189,537		$	90,748	$	—		$	13,280,285
Due to Affiliates		3,104,229			206,763		(66,365	)		3,244,627
Accrued Compensation and Benefits		6,396,285			—		—			6,396,285
Operating Lease Liabilities		881,566			—		—			881,566
Accounts Payable, Accrued Expenses and Other Liabilities		3,033,509			73,999		—			3,107,508

Total Liabilities		26,605,126			371,510		(66,365	)		26,910,271

Redeemable Non-Controlling Interests in Consolidated Entities		—			1,400,419		—			1,400,419

Equity
Common Stock		7			—		—			7
Series I Preferred Stock		—			—		—			—
Series II Preferred Stock		—			—		—			—
Additional Paid-in-Capital		8,710,266			953,098		(953,098	)		8,710,266
Retained Earnings (Deficit)		(323,733	)		17,557		(17,557	)		(323,733	)
Accumulated Other Comprehensive Income (Loss)		(50,429	)		34,659		—			(15,770	)
Non-Controlling Interests in Consolidated Entities		4,220,492			3,006,502		—			7,226,994
Non-Controlling Interests in Blackstone Holdings		4,418,528			—		—			4,418,528

Total Equity		16,975,131			4,011,816		(970,655	)		20,016,292

Total Liabilities and Equity	$	43,580,257		$	5,783,745	$	(1,037,020	)	$	48,326,982

Blackstone Inc.

Unaudited Consolidating Statements of Financial Condition - Continued

(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

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

Blackstone Horizon Fund L.P.

BTD CP Holdings LP

Blackstone European Property Income Fund (Master) FCP

Blackstone European Property Income Fund SICAV

BEPIF (Aggregator) SCSp

Infrastructure Investments L.P.

Blackstone Chengu (Shanghai) Private Fund Partnership

Hieroglyphs L.P.**

Blackstone Multi-Strategy Hedge Fund L.P.

Blackstone Quantitative Opportunities Fund Ltd.

Blue Horizon L.P.*

Capitol Gardens II L.P.*

Blackstone Infrastructure Partners Europe (LUX) SCSp*

Private equity side-by-side investment vehicles

Real estate side-by-side investment vehicles

Consolidated as of March 31, 2026 only

** Consolidated as of December 31, 2025 only

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