Item 1. Financial Statements

Blackstone Inc.

Condensed Consolidated Statements of Financial Condition (Unaudited)

(Dollars in Thousands, Except Share Data)

		$				$
		June 30, 2026				December 31, 2025
Assets
Cash and Cash Equivalents		$	2,507,073			$	2,631,241
Cash Held by Blackstone Funds and Other			266,230				223,441
Investments			34,587,729				32,212,111
Accounts Receivable			692,055				291,758
Due from Affiliates			6,218,066				6,357,462
Intangible Assets, Net			113,288				131,359
Goodwill			1,890,202				1,890,202
Other Assets			996,506				1,157,719
Right-of-Use Assets			743,127				757,459
Deferred Tax Assets			1,877,944				2,056,223
Total Assets		$	49,892,220			$	47,708,975
Liabilities and Equity
Loans Payable		$	13,194,730			$	12,445,144
Due to Affiliates			3,484,356				3,224,432
Accrued Compensation and Benefits			6,844,156				6,411,389
Operating Lease Liabilities			832,586				861,021
Accounts Payable, Accrued Expenses and Other Liabilities			3,103,164				2,885,817
Total Liabilities			27,458,992				25,827,803
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities			1,371,083				1,380,503
Equity
Stockholders’ Equity of Blackstone Inc.
Common Stock, $0.00001 par value, 90 billion shares authorized, (752,601,287 shares issued and outstanding as of June 30, 2026; 748,688,068 shares issued and outstanding as of December 31, 2025)			7				7
Series I Preferred Stock, $0.00001 par value, 999,999,000 shares authorized, 1 share issued and outstanding as of June 30, 2026 and December 31, 2025)			—				—
Series II Preferred Stock, $0.00001 par value, 1,000 shares authorized, 1 share issued and outstanding as of June 30, 2026 and December 31, 2025)			—				—
Additional Paid-in-Capital			9,051,771				8,479,886
Retained Earnings (Deficit)			(18,646	)			191,641
Accumulated Other Comprehensive Loss			(18,589	)			(6,008	)
Total Stockholders’ Equity of Blackstone Inc.			9,014,543				8,665,526
Non-Controlling Interests in Consolidated Entities			7,104,291				7,224,211
Non-Controlling Interests in Blackstone Holdings			4,943,311				4,610,932
Total Equity			21,062,145				20,500,669
Total Liabilities and Equity		$	49,892,220			$	47,708,975

continued...

See notes to condensed consolidated financial statements.

Blackstone Inc.

Condensed Consolidated Statements of Financial Condition (Unaudited)

(Dollars in Thousands)

The following presents the asset and liability portion of the consolidated balances presented in the Condensed Consolidated Statements of Financial Condition attributable to consolidated Blackstone funds which are variable interest entities. The following assets may only be used to settle obligations of these consolidated Blackstone funds and these liabilities are only the obligations of these consolidated Blackstone funds and they do not have recourse to the general credit of Blackstone.

		$				$
		June 30, 2026				December 31, 2025
Assets
Cash Held by Blackstone Funds and Other		$	266,230			$	223,441
Investments			5,233,815				5,180,879
Accounts Receivable			2,277				16,388
Due from Affiliates			335,471				366,388
Other Assets			4,366				14,705
Total Assets		$	5,842,159			$	5,801,801
Liabilities
Loans Payable		$	123,896			$	126,421
Due to Affiliates			148,854				181,587
Accounts Payable, Accrued Expenses and Other Liabilities			66,181				58,996
Total Liabilities		$	338,931			$	367,004

See notes to condensed consolidated financial statements.

Blackstone Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(Dollars in Thousands, Except Share and Per Share Data)

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Revenues
Management and Advisory Fees, Net		$	2,266,006			$	2,035,495			$	4,414,626			$	3,939,812
Incentive Fees			159,080				195,414				324,499				387,239
Investment Income
Performance Allocations
Realized			1,365,175				829,820				2,468,348				1,391,870
Unrealized			587,140				313,283				870,592				576,484
Principal Investments
Realized			105,585				97,171				248,605				282,713
Unrealized			414,821				365,391				29,819				524,104
Total Investment Income			2,472,721				1,605,665				3,617,364				2,775,171
Interest and Dividend Revenue			134,224				100,389				242,164				197,809
Other			11,947				(225,063	)			62,920				(298,673	)
Total Revenues			5,043,978				3,711,900				8,661,573				7,001,358
Expenses
Compensation and Benefits
Compensation			963,026				870,358				2,129,923				1,899,720
Incentive Fee Compensation			49,716				67,363				104,084				124,392
Performance Allocations Compensation
Realized			565,264				331,191				998,713				573,081
Unrealized			236,129				152,618				325,830				256,177
Total Compensation and Benefits			1,814,135				1,421,530				3,558,550				2,853,370
General, Administrative and Other			409,110				360,817				781,931				693,190
Interest Expense			145,023				135,822				282,076				253,937
Fund Expenses			7,344				14,434				15,348				26,538
Total Expenses			2,375,612				1,932,603				4,637,905				3,827,035
Other Income
Net Gains from Fund Investment Activities			140,086				136,330				239,841				193,905
Total Other Income			140,086				136,330				239,841				193,905
Income Before Provision for Taxes			2,808,452				1,915,627				4,263,509				3,368,228
Provision for Taxes			452,386				289,494				649,536				533,321
Net Income			2,356,066				1,626,133				3,613,973				2,834,907
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			5,154				18,209				26,164				26,109
Net Income Attributable to Non-Controlling Interests in Consolidated Entities			175,649				240,836				293,016				341,383
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			946,074				602,844				1,415,875				1,088,319
Net Income Attributable to Blackstone Inc.		$	1,229,189			$	764,244			$	1,878,918			$	1,379,096
Net Income Per Share of Common Stock
Basic		$	1.54			$	0.98			$	2.37			$	1.77
Diluted		$	1.54			$	0.98			$	2.37			$	1.77
Weighted-Average Shares of Common Stock Outstanding
Basic			799,882,459				782,386,121				792,647,549				777,120,501
Diluted			799,897,435				782,401,237				793,137,073				777,447,168

See notes to condensed consolidated financial statements.

Blackstone Inc.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in Thousands)

		$				$				$				$
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Net Income		$	2,356,066			$	1,626,133			$	3,613,973			$	2,834,907
Other Comprehensive Income (Loss) – Currency Translation Adjustment			(8,841	)			165,056				(50,941	)			241,527
Comprehensive Income			2,347,225				1,791,189				3,563,032				3,076,434
Less:
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			1,334				128,584				(2,363	)			191,638
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities			175,649				240,836				293,016				341,383
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings			943,872				627,443				1,406,042				1,122,936
Comprehensive Income Attributable to Non-Controlling Interests			1,120,855				996,863				1,696,695				1,655,957
Comprehensive Income Attributable to Blackstone Inc.		$	1,226,370			$	794,326			$	1,866,337			$	1,420,477

See notes to condensed consolidated financial statements.

Blackstone Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollars in Thousands, Except Share Data)

		$				$				$				$				$				$				$				$				$				$
		Shares of Blackstone Inc. (a)				Blackstone Inc. (a)
		Common Stock				Common Stock				Additional Paid-in- Capital				Retained Earnings (Deficit)				Accumulated Other Compre- hensive Income (Loss)				Total Stockholders’ Equity				Non- Controlling Interests in Consolidated Entities				Non- Controlling Interests in Blackstone Holdings				Total Equity				Redeemable Non- Controlling Interests in Consolidated Entities
Balance at March 31, 2026			751,535,403			$	7			$	8,710,266			$	(323,733	)		$	(15,770	)		$	8,370,770			$	7,226,994			$	4,418,528			$	20,016,292			$	1,400,419
Transfer Out Due to Deconsolidation of Fund Entities			—				—				—				—				—				—				(120,688	)			—				(120,688	)			—
Net Income			—				—				—				1,229,189				—				1,229,189				175,649				946,074				2,350,912				5,154
Currency Translation Adjustment			—				—				—				—				(2,819	)			(2,819	)			—				(2,202	)			(5,021	)			(3,820	)
Capital Contributions			—				—				—				—				—				—				275,306				4,427				279,733				16,019
Capital Distributions			—				—				—				(924,102	)			—				(924,102	)			(436,510	)			(609,229	)			(1,969,841	)			(46,689	)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities			—				—				250				—				—				250				(16,460	)			—				(16,210	)			—
Deferred Tax Effects on Equity Transactions			—				—				1,834				—				—				1,834				—				—				1,834				—
Equity-Based Compensation			—				—				356,197				—				—				356,197				—				211,148				567,345				—
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock			473,061				—				(18,192	)			—				—				(18,192	)			—				—				(18,192	)			—
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units			(200,000	)			—				(24,019	)			—				—				(24,019	)			—				—				(24,019	)			—
Change in Blackstone Inc.’s Ownership Interest			—				—				16,807				—				—				16,807				—				(16,807	)			—				—
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock			792,823				—				8,628				—				—				8,628				—				(8,628	)			—				—
Balance at June 30, 2026			752,601,287			$	7			$	9,051,771			$	(18,646	)		$	(18,589	)		$	9,014,543			$	7,104,291			$	4,943,311			$	21,062,145			$	1,371,083

(a)	During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.

continued...

See notes to condensed consolidated financial statements.

Blackstone Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollars in Thousands, Except Share Data)

		$				$				$				$				$				$				$				$				$				$
		Shares of Blackstone Inc. (a)				Blackstone Inc. (a)
		Common Stock				Common Stock				Additional Paid-in- Capital				Retained Earnings (Deficit)				Accumulated Other Compre- hensive Income (Loss)				Total Stockholders’ Equity				Non- Controlling Interests in Consolidated Entities				Non- Controlling Interests in Blackstone Holdings				Total Equity				Redeemable Non- Controlling Interests in Consolidated Entities
Balance at March 31, 2025			737,929,437			$	7			$	7,686,980			$	320,160			$	(29,027	)		$	7,978,120			$	6,400,585			$	4,103,824			$	18,482,529			$	1,382,374
Net Income			—				—				—				764,244				—				764,244				240,836				602,844				1,607,924				18,209
Currency Translation Adjustment			—				—				—				—				30,082				30,082				—				24,599				54,681				110,375
Capital Contributions			—				—				—				—				—				—				382,656				4,113				386,769				32,111
Capital Distributions			—				—				—				(721,790	)			—				(721,790	)			(174,811	)			(497,794	)			(1,394,395	)			(55,940	)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities			—				—				1,053				—				—				1,053				(1,481	)			—				(428	)			—
Deferred Tax Effects on Equity Transactions			—				—				22,363				—				—				22,363				—				—				22,363				—
Equity-Based Compensation			—				—				290,120				—				—				290,120				—				177,425				467,545				—
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock			443,741				—				(7,425	)			—				—				(7,425	)			—				—				(7,425	)			—
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units			(200,000	)			—				(27,812	)			—				—				(27,812	)			—				—				(27,812	)			—
Change in Blackstone Inc.’s Ownership Interest			—				—				14,336				—				—				14,336				—				(14,336	)			—				—
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock			882,766				—				9,048				—				—				9,048				—				(9,048	)			—				—
Balance at June 30, 2025			739,055,944			$	7			$	7,988,663			$	362,614			$	1,055			$	8,352,339			$	6,847,785			$	4,391,627			$	19,591,751			$	1,487,129

(a)	During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.

continued...

See notes to condensed consolidated financial statements.

Blackstone Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollars in Thousands, Except Share Data)

		$				$				$				$				$				$				$				$				$				$
		Shares of Blackstone Inc. (a)				Blackstone Inc. (a)
		Common Stock				Common Stock				Additional Paid-in- Capital				Retained Earnings (Deficit)				Accumulated Other Compre- hensive Income (Loss)				Total Stockholders’ Equity				Non- Controlling Interests in Consolidated Entities				Non- Controlling Interests in Blackstone Holdings				Total Equity				Redeemable Non- Controlling Interests in Consolidated Entities
Balance at December 31, 2025			748,688,068			$	7			$	8,479,886			$	191,641			$	(6,008	)		$	8,665,526			$	7,224,211			$	4,610,932			$	20,500,669			$	1,380,503
Transfer In Due to Consolidation of Fund Entities			—				—				—				—				—				—				120,495				—				120,495				—
Transfer Out Due to Deconsolidation of Fund Entities			—				—				—				—				—				—				(433,923	)			—				(433,923	)			—
Net Income			—				—				—				1,878,918				—				1,878,918				293,016				1,415,875				3,587,809				26,164
Currency Translation Adjustment			—				—				—				—				(12,581	)			(12,581	)			—				(9,833	)			(22,414	)			(28,527	)
Capital Contributions			—				—				—				—				—				—				689,967				8,994				698,961				85,648
Capital Distributions			—				—				—				(2,089,205	)			—				(2,089,205	)			(746,862	)			(1,366,621	)			(4,202,688	)			(92,705	)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities			—				—				250				—				—				250				(42,613	)			—				(42,363	)			—
Deferred Tax Effects on Equity Transactions			—				—				16,810				—				—				16,810				—				—				16,810				—
Equity-Based Compensation			—				—				594,675				—				—				594,675				—				352,672				947,347				—
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock			2,657,770				—				(60,141	)			—				—				(60,141	)			—				—				(60,141	)			—
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units			(400,000	)			—				(48,417	)			—				—				(48,417	)			—				—				(48,417	)			—
Change in Blackstone Inc.’s Ownership Interest			—				—				50,301				—				—				50,301				—				(50,301	)			—				—
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock			1,655,449				—				18,407				—				—				18,407				—				(18,407	)			—				—
Balance at June 30, 2026			752,601,287			$	7			$	9,051,771			$	(18,646	)		$	(18,589	)		$	9,014,543			$	7,104,291			$	4,943,311			$	21,062,145			$	1,371,083

(a)	During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.

continued...

See notes to condensed consolidated financial statements.

Blackstone Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollars in Thousands, Except Share Data)

		$				$				$				$				$				$				$				$				$				$
		Shares of Blackstone Inc. (a)				Blackstone Inc. (a)
		Common Stock				Common Stock				Additional Paid-in- Capital				Retained Earnings (Deficit)				Accumulated Other Compre- hensive Income (Loss)				Total Stockholders’ Equity				Non- Controlling Interests in Consolidated Entities				Non- Controlling Interests in Blackstone Holdings				Total Equity				Redeemable Non- Controlling Interests in Consolidated Entities
Balance at December 31, 2024			731,925,965			$	7			$	7,444,561			$	808,079			$	(40,326	)		$	8,212,321			$	6,154,943			$	4,326,352			$	18,693,616			$	801,399
Transfer Out Due to Deconsolidation of Fund Entities			—				—				—				—				—				—				(389,344	)			—				(389,344	)			(127,295	)
Net Income			—				—				—				1,379,096				—				1,379,096				341,383				1,088,319				2,808,798				26,109
Currency Translation Adjustment			—				—				—				—				41,381				41,381				—				34,617				75,998				165,529
Capital Contributions			—				—				—				—				—				—				1,121,422				8,299				1,129,721				722,245
Capital Distributions			—				—				—				(1,824,561	)			—				(1,824,561	)			(380,877	)			(1,257,746	)			(3,463,184	)			(102,226	)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities			—				—				1,158				—				—				1,158				258				—				1,416				1,368
Deferred Tax Effects on Equity Transactions			—				—				69,287				—				—				69,287				—				—				69,287				—
Equity-Based Compensation			—				—				496,599				—				—				496,599				—				304,207				800,806				—
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock			2,792,871				—				(76,532	)			—				—				(76,532	)			—				—				(76,532	)			—
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units			(400,000	)			—				(58,831	)			—				—				(58,831	)			—				—				(58,831	)			—
Change in Blackstone Inc.’s Ownership Interest			—				—				62,176				—				—				62,176				—				(62,176	)			—				—
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock			4,737,108				—				50,245				—				—				50,245				—				(50,245	)			—				—
Balance at June 30, 2025			739,055,944			$	7			$	7,988,663			$	362,614			$	1,055			$	8,352,339			$	6,847,785			$	4,391,627			$	19,591,751			$	1,487,129

(a)	During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.

See notes to condensed consolidated financial statements.

Blackstone Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in Thousands)

		$				$
		Six Months Ended June 30,
		2026				2025
Operating Activities
Net Income		$	3,613,973			$	2,834,907
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Net Realized Gains on Investments			(2,937,722	)			(1,905,804	)
Changes in Unrealized Gains on Investments			(207,451	)			(632,886	)
Non-Cash Performance Allocations			(870,592	)			(576,484	)
Non-Cash Performance Allocations and Incentive Fee Compensation			1,428,628				953,235
Equity-Based Compensation Expense			915,468				783,445
Amortization of Intangibles			18,072				17,949
Other Non-Cash Amounts Included in Net Income			(263,024	)			136,035
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Acquired with Consolidation of Fund Entities			830				—
Cash Relinquished with Deconsolidation of Fund Entities			(12,946	)			(65,803	)
Accounts Receivable			(402,662	)			(117,317	)
Due from Affiliates			476,083				241,640
Other Assets			194,767				118,683
Accrued Compensation and Benefits			(953,907	)			(705,817	)
Accounts Payable, Accrued Expenses and Other Liabilities			166,094				(23,200	)
Due to Affiliates			10,999				(150,153	)
Investments Purchased			(1,417,701	)			(2,351,387	)
Cash Proceeds from Sale of Investments			3,173,541				3,440,678
Net Cash Provided by Operating Activities			2,932,450				1,997,721
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements			(65,372	)			(69,424	)
Net Cash Used in Investing Activities			(65,372	)			(69,424	)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities			(839,320	)			(481,852	)
Contributions from Non-Controlling Interest Holders in Consolidated Entities			733,252				1,845,102
Payments Under Tax Receivable Agreement			(63,820	)			(43,954	)
Net Settlement of Vested Common Stock and Repurchase of Common Stock			(108,558	)			(135,363	)
Proceeds from Loans Payable			1,637,859				1,024,556

continued…

See notes to condensed consolidated financial statements.

Blackstone Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in Thousands)

		$				$
		Six Months Ended June 30,
		2026				2025
Financing Activities (Continued)
Repayment and Repurchase of Loans Payable		$	(851,318	)		$	(706,362	)
Dividends/Distributions to Stockholders and Unitholders			(3,446,832	)			(3,074,008	)
Net Cash Used in Financing Activities			(2,938,737	)			(1,571,881	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other			(9,720	)			16,841
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Increase (Decrease)			(81,379	)			373,257
Beginning of Period			2,854,682				2,176,192
End of Period		$	2,773,303			$	2,549,449
Supplemental Disclosure of Cash Flows Information
Payments for Interest		$	261,314			$	248,437
Payments for Income Taxes		$	141,294			$	296,994
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders		$	8,994			$	8,299
Non-Cash Distributions to Non-Controlling Interest Holders		$	(9,241	)		$	(9,551	)
Transfer of Interests to Non-Controlling Interest Holders		$	(42,613	)		$	1,626
Net Settlement of Vested Common Stock		$	601,407			$	580,665
Deferred Tax Asset Increase from Equity Transactions		$	77,800			$	255,309
Due to Affiliates Increase Related to the Impact of Conversions on Tax Receivable Agreements		$	56,796			$	199,908

The following table provides a reconciliation of Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other reported within the Condensed Consolidated Statements of Financial Condition:

		$				$
		June 30, 2026				December 31, 2025
Cash and Cash Equivalents		$	2,507,073			$	2,631,241
Cash Held by Blackstone Funds and Other			266,230				223,441
		$	2,773,303			$	2,854,682

See notes to condensed consolidated financial statements.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

1.	Organization

Blackstone Inc., together with its consolidated subsidiaries (“Blackstone” or the “Company”), is the world’s largest alternative asset manager. Blackstone’s asset management business includes global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. “Blackstone Funds” refers to the funds and other vehicles that are managed by Blackstone. Blackstone’s business is organized into four segments: Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing.

Blackstone Inc. was initially formed as The Blackstone Group L.P., a Delaware limited partnership, on March 12, 2007. Prior to its conversion on July 1, 2019 to a Delaware corporation, Blackstone Inc. was managed and operated by Blackstone Group Management L.L.C., which is wholly owned by Blackstone’s senior managing directors and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”).

The activities of Blackstone are conducted through its holding partnerships: Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, “Blackstone Holdings,” “Blackstone Holdings Partnerships” or the “Holding Partnerships”). Blackstone, through its wholly owned subsidiaries, is the sole general partner of each of the Holding Partnerships. Generally, holders of the limited partner interests in the Holding Partnerships may, four times each year, exchange their limited partnership interests (“Partnership Units”) for Blackstone common stock, on a

one-to-one

basis, exchanging one Partnership Unit from each of the Holding Partnerships for one share of Blackstone common stock.

2.	Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions

to

Form 10-Q.

The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in Blackstone’s Annual Report on

Form 10-K

for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission.

The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control.

All intercompany balances and transactions have been eliminated in consolidation.

Consolidation

Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive

kick-out

rights or participating rights that would overcome the control held by Blackstone. Accordingly, Blackstone consolidates Blackstone Holdings and records

non-controlling

interests to reflect the economic interests of the limited partners of Blackstone Holdings.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment.

Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly.

Assets of consolidated VIEs that can only be used to settle obligations of the

consolidated

VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition.

Blackstone’s other disclosures regarding VIEs are discussed in Note 8. “Variable Interest Entities.”

Revenue Recognition

Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other.

Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 17. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers.

Management and Advisory Fees, Net

— Management and Advisory Fees, Net are comprised of management fees, including base management fees, transaction, advisory and other fees net of management fee reductions and offsets.

Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically net asset value, gross asset value, total fair value of investments, committed capital, total invested capital or remaining invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally the customer is identified as the investors in its

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid.

Transaction, advisory and other fees includes fees charged to the investors of funds indirectly through the managed funds and portfolio companies and capital markets advisory revenues. Investment advisory agreements may require that the investment adviser reduce the amount of management fees payable by the investors to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone. The amount of the reduction varies by fund, the type of fee paid and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the investors of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Capital markets advisory revenues include fees earned in connection with advisory and capital markets services such as, underwriting, issuance, placement and syndication of debt and equity instruments, and are generally not subject to corresponding management fee reductions.

Management fee offsets are reductions to management fees payable by the investors of the Blackstone Funds, which includes amounts such investors reimburse the Blackstone Funds or Blackstone primarily for placement fees, rebates and other consideration determined to be an adjustment to the transaction price. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the investors of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the investors of the funds recorded as Management and Advisory Fees, Net. In cases where the investors of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Condensed Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Condensed Consolidated Statements of Operations. In cases where the Blackstone Funds are determined to be the customer in the arrangement, placement fees are generally expensed as incurred. Blackstone may also pay ongoing investor servicing fees to certain distributors of its products. Where Blackstone is the principal in those arrangements, ongoing investor servicing fees are expensed as incurred and are recorded within General, Administrative and Other expense.

Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Due from Affiliates in the Condensed Consolidated Statements of Financial Condition.

Incentive Fees

— Contractual fees earned based on the performance of Blackstone vehicles (“Incentive Fees”) are a form of variable consideration in Blackstone’s contracts with customers to provide investment management services. Incentive Fees are earned based on performance of the vehicle during the period, subject to the achievement of minimum return levels, or high water marks, in accordance with the respective terms set out in each vehicle’s governing agreements. Incentive Fees will not be recognized as revenue until (a) it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, or (b) the uncertainty associated with the variable consideration is subsequently resolved. Incentive Fees are typically recognized as

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

revenue when realized at the end of the measurement period. Once realized, such fees are not subject to clawback or reversal. Accrued but unpaid Incentive Fees charged directly to investors in Blackstone vehicles as of the reporting date are recorded within Due from Affiliates in the Condensed Consolidated Statements of Financial Condition.

Investment Income (Loss)

— Investment Income (Loss) represents the unrealized and realized gains and losses on Blackstone’s Performance Allocations and Principal Investments.

In carry fund structures and certain open-ended structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its

pro-rata

share of the results of the fund vehicle (a

“pro-rata

allocation”). In addition to a

pro-rata

allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”).

Performance Allocations are made to the general partner based either on cumulative fund performance to date, subject to a preferred return to limited partners or based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition.

Performance Allocations in carry fund structures are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and

non-controlling

interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, which may have an interim clawback liability. Performance Allocations in open-ended structures are realized based on the stated time period in the agreements and are generally not subject to clawback once paid.

Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive

pro-rata

allocations, its equity method investments and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Interest and Dividend Revenue

— Interest consists primarily of interest income earned on cash, receivables and Blackstone held principal investments not accounted for under the equity method. Dividend Revenue consists primarily of dividend income earned on principal investments not accounted for under the equity method held by Blackstone, including investments accounted for under the fair value option.

Other Revenue

— Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars.

Fair Value of Financial Instruments

GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:

	•		Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price.

	•		Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within consolidated collateralized loan obligations (“CLO”) vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Notes issued by consolidated CLO vehicles are classified within Level II of the fair value hierarchy.

	•		Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include private investments in the equity of operating companies, real estate properties, distressed debt and non-investment grade residual interests in securitizations, investments in non-consolidated CLOs and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Level II Valuation Techniques

Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs.

The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows:

	•		Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants including those provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction.

	•		Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads.

	•		Notes issued by consolidated CLO vehicles are measured based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.

Level III Valuation Techniques

In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for

non-performance

and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties and investments in

non-consolidated

CLO vehicles.

Real Estate Investments

– The fair values of real estate investments are determined by considering projected operating cash flows, sales of comparable assets, if any, and replacement costs, among other measures and considerations. The methods used to estimate the fair value of real estate investments include the discounted cash flow method, where value is calculated by discounting the estimated cash flows and the estimated terminal value of the subject investment by the assumed buyer’s weighted-average cost of capital. A terminal value is derived by reference to an exit multiple, such as for estimates of earnings before interest, taxes, depreciation and amortization (“EBITDA”), or a capitalization rate, such as for estimates of net operating income (“NOI”). Valuations may also be derived by the performance multiple or market approach, by reference to observable valuation measures for comparable companies or assets (for example, dividing NOI by a relevant capitalization rate observed for comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables.

Private Equity Investments

– The fair values of private equity investments are determined by reference to projected net earnings, EBITDA, public market or private transactions, valuations for comparable companies and other measures which, in many cases, are based on unaudited information at the time received. The methods used to estimate the fair value of private equity investments include the discounted cash flow method. Where a discounted cash flow method is used, a terminal value is derived by reference to EBITDA or price/earnings exit multiples. Valuations may also be derived by reference to observable valuation measures for comparable

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

companies or transactions (for example, multiplying a key performance metric of the investee company, such as EBITDA, by a relevant valuation multiple observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar methods.

Credit-Focused Investments

– For credit-focused investments that are not publicly traded or whose market prices are not readily available, Blackstone may utilize other valuation techniques, including the discounted cash flow method or a market approach. The discounted cash flow method projects the expected cash flows of the debt instrument based on contractual terms, and discounts such cash flows back to the valuation date using a market-based yield. The market-based yield is generally estimated using yields of publicly traded debt instruments issued by companies operating in similar industries as the subject investment or based on changes in credit spreads of a broader benchmark index applicable to a subject investment.

The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring.

Investments, at Fair Value

Generally, the Blackstone Funds are accounted for as investment companies in accordance with the GAAP guidance on investment companies, and under the American Institute of Certified Public Accountants Audit and Accounting Guide,

Investment Companies

, and reflect their investments, including majority-owned and controlled investments, at fair value. Such consolidated funds’ investments are reflected in Investments on the Condensed Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price).

Certain principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss).

For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate and credit-focused investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue.

Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any

non-financial

assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

result of this measurement alternative, there is no attribution of amounts to

Non-Controlling

Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and notes payable within Loans Payable for the amounts due to unaffiliated third parties. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses.

Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market, quoted prices that are published on a regular basis and are the basis for current transactions or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations.

Further disclosure on instruments for which the fair value option has been elected is presented in Note 6. “Fair Value Option.”

Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election.

Certain investments of Blackstone and the consolidated Blackstone funds are valued at NAV per share pursuant to the practical expedient. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP.

The terms of the investee’s investment generally provide for minimum holding periods or

lock-ups,

the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date.

Security and loan transactions are recorded on a trade date basis.

Equity Method Investments

Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which generally include both a proportionate and disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition.

Strategic Partners’ results presented in Blackstone’s condensed consolidated financial statements are reported on a three-month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and

market

activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods.

Compensation and Benefits

Compensation and Benefits

—

Compensation

— Compensation consists of (a) salary and bonus, and benefits paid and payable to employees and senior managing directors and (b) equity-based compensation associated with the grants of equity-based awards to employees and senior managing directors. Compensation cost relating to the issuance of equity-based awards to senior managing directors and employees is measured at fair value at the grant date, and expensed over the vesting period on a straight-line basis, taking into consideration expected forfeitures, except in the case of (a) equity-based awards that do not require future service, which are expensed immediately, and (b) certain awards to recipients that meet criteria making them eligible for retirement (allowing such recipient to keep a percentage of those awards upon departure from Blackstone after becoming eligible for retirement), for which the expense for the portion of the award that would be retained in the event of retirement is either expensed immediately or amortized to the retirement date. Cash settled equity-based awards and awards settled in a variable number of shares are classified as liabilities and are remeasured at the end of each reporting period.

Compensation and Benefits

— Incentive Fee Compensation

—

Incentive Fee Compensation consists of compensation paid based on Incentive Fees.

Compensation and Benefits

— Performance Allocations Compensation

—

Performance Allocations Compensation

consists

of compensation paid based on Performance Allocations (which may be distributed in cash or

in-kind).

Such compensation expense is subject to both positive and negative adjustments. Performance Allocations Compensation is generally based on the performance of individual investments held by a fund rather than on a fund by fund basis. These amounts may also include allocations of investment income from Blackstone’s principal investments, to senior managing directors and employees participating in certain profit sharing initiatives.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Non-Controlling

Interests in Consolidated Entities

Non-Controlling

Interests in Consolidated Entities represent the component of Equity in general partner entities and consolidated Blackstone funds held by third-party investors and employees. The percentage interests in consolidated Blackstone funds held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. Income (Loss) and other comprehensive income, if applicable, arising from the respective entities is allocated to

non-controlling

interests in consolidated entities based on the relative ownership interests of third-party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to Blackstone Inc.

Redeemable

Non-Controlling

Interests in Consolidated Entities

Investors in certain consolidated vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests that may be redeemed in a given period, may only allow for redemption following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As a result, amounts relating to third-party interests in such consolidated vehicles are presented as Redeemable

Non-Controlling

Interests in Consolidated Entities within the Condensed Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. For all consolidated vehicles in which redemption rights have not been granted,

non-controlling

interests are presented within Equity in the Condensed Consolidated Statements of Financial Condition as

Non-Controlling

Interests in Consolidated Entities.

Non-Controlling

Interests in Blackstone Holdings

Non-Controlling

Interests in Blackstone Holdings represent the component of Equity in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships.

Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to

Non-Controlling

Interests in Blackstone Holdings. This residual attribution is based on the

year-to-date

average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships.

Income Taxes

Provision for Income Taxes

Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities, resulting in all pretax amounts being appropriately tax effected in the period, irrespective of which tax return year items will be reflected. Blackstone reports interest expense and tax penalties related to income tax matters in provision for income taxes.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce the deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets are separately stated, and deferred tax liabilities are included in Accounts Payable, Accrued Expenses, and Other Liabilities in the condensed consolidated financial statements.

Unrecognized Tax Benefits

Blackstone recognizes tax positions in the condensed consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the condensed consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the condensed consolidated financial statements.

Net Income (Loss) Per Share of Common Stock

Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to Blackstone Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses.

Blackstone applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. Blackstone applies the

“if-converted”

method to the Blackstone Holdings Partnership Units to determine the dilutive impact, if any, of the exchange right included in the Blackstone Holdings Partnership Units. Blackstone applies the contingently issuable share model to contracts that may require the issuance of shares.

Reverse Repurchase and Repurchase Agreements

Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), generally comprised of U.S. and

non-U.S.

government and agency securities, asset backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value.

Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are included in Note 9. “Repurchase Agreements.”

Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 10. “Offsetting of Assets and Liabilities.”

Securities Sold, Not Yet Purchased

Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short.

Securities Sold, Not Yet Purchased are recorded at fair value within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.

Derivative Instruments

Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”).

For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.

Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 5. “Derivative Financial Instruments.”

Blackstone’s disclosures regarding offsetting are discussed in Note 10. “Offsetting of Assets and Liabilities.”

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Affiliates

Blackstone considers its Founder, senior managing directors, employees,

the

Blackstone Funds and the Portfolio Companies to be affiliates.

Dividends

Dividends are reflected in the condensed consolidated financial statements when declared.

3.	Intangible Assets

Intangible Assets, Net consists of the following:

		$				$
		June 30, 2026				December 31, 2025
Finite-Lived Intangible Assets/Contractual Rights		$	1,749,626			$	1,749,626
Accumulated Amortization			(1,636,338	)			(1,618,267	)
Intangible Assets, Net		$	113,288			$	131,359

Amortization expense associated with Blackstone’s intangible assets was $9.0 million and $18.1 million for the three and six months ended June 30, 2026, respectively, and $9.0 million and $17.9 million for the three and six months ended June 30, 2025, respectively.

Amortization of Intangible Assets held at June 30, 2026 is expected to be $36.1 million, $35.1 million, $18.2 million, $17.0 million and $14.0 million for the years ending December 31, 2026, 2027, 2028, 2029 and 2030, respectively. Blackstone’s Intangible Assets as of June 30, 2026 are expected to amortize over a weighted-average period of 4.1 years.

4.	Investments

Investments consist of the following:

		$				$
		June 30, 2026				December 31, 2025
Investments of Consolidated Blackstone Funds		$	5,233,815			$	5,180,879
Equity Method Investments
Partnership Investments			6,535,521				6,546,190
Accrued Performance Allocations			13,906,754				12,980,356
Corporate Treasury Investments			401,465				359,657
Other Investments			8,510,174				7,145,029
		$	34,587,729			$	32,212,111

Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $457.1 million and $472.7 million at June 30, 2026 and December 31, 2025, respectively.

Where appropriate, the accounting for Blackstone’s investments incorporates the changes in fair value of those investments as determined under GAAP. The significant inputs and assumptions required to determine the change in fair value of the Investments of Consolidated Blackstone Funds, Corporate Treasury Investments and Other Investments are discussed in more detail in Note 7. “Fair Value Measurements of Financial Instruments.”

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Investments of Consolidated Blackstone Funds

The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone funds and a reconciliation to Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations:

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Realized Gains		$	28,341			$	22,908			$	53,504			$	47,598
Net Change in Unrealized Gains			105,467				86,053				174,845				112,584
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds			133,808				108,961				228,349				160,182
Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds			6,278				27,369				11,492				33,723
Other Income – Net Gains from Fund Investment Activities		$	140,086			$	136,330			$	239,841			$	193,905

Equity Method Investments

Blackstone’s equity method investments include Partnership Investments, which represent the

pro-rata

investments, and any associated Accrued Performance Allocations, in Blackstone Funds, excluding any equity method investments for which the fair value option has been elected. Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the six months ended June 30, 2026 and 2025, no individual equity method investment held by Blackstone met the significance criteria.

Partnership Investments

Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $122.9 million and $279.4 million for the three months ended June 30, 2026 and 2025, respectively. Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $225.4 million and $420.0 million for the six months ended June 30, 2026 and 2025, respectively.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Accrued Performance Allocations

Accrued Performance Allocations to Blackstone were as follows:

		$				$				$				$				$
		Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total
Accrued Performance Allocations, December 31, 2025		$	1,762,496			$	10,389,351			$	640,587			$	187,922			$	12,980,356
Performance Allocations as a Result of Changes in Fund Fair Values			842,925				2,414,695				50,954				287,167				3,595,741
Foreign Exchange Loss			(2,127	)			—				—				—				(2,127	)
Fund Distributions			(687,692	)			(1,622,832	)			(224,206	)			(132,486	)			(2,667,216	)
Accrued Performance Allocations, June 30, 2026		$	1,915,602			$	11,181,214			$	467,335			$	342,603			$	13,906,754

Corporate Treasury Investments

The portion of corporate treasury investments included in Investments represents

Blackstone’s

investments into primarily fixed income securities, mutual fund interests, and other fund

interests

. These strategies are managed by a combination of Blackstone personnel and third-party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments:

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Realized Gains (Losses)		$	(47	)		$	171			$	1,232			$	(8,185	)
Net Change in Unrealized Gains (Losses)			17,975				11,497				(816	)			14,546
		$	17,928			$	11,668			$	416			$	6,361

Other Investments

Other Investments consist of equity method investments where Blackstone has elected the fair value option and other proprietary investment securities held by Blackstone, including

equity

securities carried at fair value, equity investments without readily determinable fair values, and senior secured and subordinated notes in

non-consolidated

CLO vehicles. Equity investments without a readily determinable

fair

value had a carrying value of $517.2 million as of June 30, 2026. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 7. “Fair Value Measurements of Financial Instruments” for additional detail. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Realized Gains (Losses)		$	(8,275	)		$	8,622			$	(4,495	)		$	121,270
Net Change in Unrealized Gains			385,185				215,750				70,256				388,182
		$	376,910			$	224,372			$	65,761			$	509,452

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

5.	Derivative Financial Instruments

Blackstone and the consolidated Blackstone funds enter into derivative contracts in the normal course of business to achieve certain risk management objectives and for general investment and business purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its

non-U.S.

dollar denominated currency net investments. As a result of the use of derivative contracts, Blackstone and the consolidated Blackstone funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, Blackstone and the consolidated Blackstone funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.

Freestanding Derivatives

Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts.

The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts.

		$				$				$				$				$				$				$				$
		June 30, 2026																December 31, 2025
		Assets								Liabilities								Assets								Liabilities
		Notional				Fair Value				Notional				Fair Value				Notional				Fair Value				Notional				Fair Value
Freestanding Derivatives
Blackstone
Interest Rate Contracts		$	612,050			$	129,193			$	666,331			$	98,081			$	613,740			$	123,747			$	601,000			$	97,283
Foreign Currency Contracts			567,468				10,158				476,754				8,535				443,001				7,446				1,030,702				17,310
Credit Default Swaps			—				—				640				21				—				—				640				19
Total Return Swaps			81,490				8,872				—				—				23,532				3,364				—				—
Equity Options			—				—				1,521,822				1,152,061				—				—				1,462,632				1,124,147
			1,261,008				148,223				2,665,547				1,258,698				1,080,273				134,557				3,094,974				1,238,759
Investments of Consolidated Blackstone Funds
Interest Rate Contracts			858,527				10,028				858,527				10,028				880,390				12,780				880,390				12,780
Foreign Currency Contracts			—				—				5,835				26				—				—				—				—
			858,527				10,028				864,362				10,054				880,390				12,780				880,390				12,780
		$	2,119,535			$	158,251			$	3,529,909			$	1,268,752			$	1,960,663			$	147,337			$	3,975,364			$	1,251,539

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments:

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Freestanding Derivatives
Realized Gains (Losses)
Foreign Currency Contracts		$	5,018			$	11,776			$	(9,617	)		$	(116	)
Credit Default Swaps			1				5				1				5
Total Return Swaps			774				7,698				1,954				8,474
			5,793				19,479				(7,662	)			8,363
Net Change in Unrealized Gains (Losses)
Interest Rate Contracts			(5,106	)			(45,360	)			8,295				(37,974	)
Foreign Currency Contracts			(10,139	)			(23,103	)			11,478				(6,376	)
Credit Default Swaps			(2	)			(11	)			(2	)			(17	)
Total Return Swaps			1,685				(4,270	)			3,536				(542	)
Equity Options			(2,806	)			(52,469	)			(27,914	)			(140,549	)
			(16,368	)			(125,213	)			(4,607	)			(185,458	)
		$	(10,575	)		$	(105,734	)		$	(12,269	)		$	(177,095	)

As of June 30, 2026 and December 31, 2025, Blackstone

had

not designated any derivatives as fair value, cash flow or net investment hedges.

6.	Fair Value Option

The following table summarizes the financial instruments for which the fair value option has been elected:

		$				$
		June 30, 2026				December 31, 2025
Assets
Loans and Receivables		$	394,761			$	205,158
Equity and Preferred Securities			6,471,882				4,880,907
Debt Securities			3,382				7,553
		$	6,870,025			$	5,093,618
Liabilities
Corporate Treasury Commitments			1,599				181
		$	1,599			$	181

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The following tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:

		$				$				$				$
		Three Months Ended June 30,
		2026								2025
		Realized Gains				Net Change in Unrealized Gains (Losses)				Realized Gains (Losses)				Net Change in Unrealized Gains (Losses)
Assets
Loans and Receivables		$	592			$	(1,813	)		$	(273	)		$	245
Equity and Preferred Securities			300				87,090				303				(7,412	)
Debt Securities			—				(236	)			—				(2,808	)
		$	892			$	85,041			$	30			$	(9,975	)
Liabilities
Corporate Treasury Commitments			—				439				—				512
		$	—			$	439			$	—			$	512

		$				$				$				$
		Six Months Ended June 30,
		2026								2025
		Realized Gains (Losses)				Net Change in Unrealized Gains (Losses)				Realized Gains (Losses)				Net Change in Unrealized Gains
Assets
Loans and Receivables		$	560			$	(2,966	)		$	(929	)		$	221
Equity and Preferred Securities			1,627				110,052				(7,761	)			17,700
Debt Securities			(11,226	)			8,319				642				(3,822	)
Assets of Consolidated CLO Vehicles
Corporate Loans			—				—				(1,712	)			1,038
		$	(9,039	)		$	115,405			$	(9,760	)		$	15,137
Liabilities
CLO Notes Payable		$	—			$	—			$	—			$	859
Corporate Treasury Commitments			—				(1,418	)			—				76
		$	—			$	(1,418	)		$	—			$	935

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The following table presents information for those financial instruments for which the fair value option was elected:

		$				$				$				$				$				$
		June 30, 2026												December 31, 2025
						For Financial Assets Past Due (a)												For Financial Assets Past Due (a)
		Excess (Deficiency) of Fair Value Over Principal				Fair Value				Excess (Deficiency) of Fair Value Over Principal				Excess (Deficiency) of Fair Value Over Principal				Fair Value				Excess (Deficiency) of Fair Value Over Principal
Loans and Receivables		$	679			$	—			$	—			$	5,490			$	—			$	—
Debt Securities			(38,231	)			—				—				(48,690	)			—				—
		$	(37,552	)		$	—			$	—			$	(43,200	)		$	—			$	—

(a)	Assets are classified as past due if contractual payments are more than 90 days past due .

As of June 30, 2026 and December 31, 2025, no Loans and Receivables for which the fair value option was elected were

past

due or in

non-accrual

status.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

7.	Fair Value Measurements of Financial Instruments

Financial Assets and Liabilities by the Fair Value Hierarchy

The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy:

		$				$				$				$				$
		June 30, 2026
		Level I				Level II				Level III				NAV (a)				Total
Assets
Cash and Cash Equivalents		$	280,120			$	—			$	—			$	—			$	280,120
Investments
Investments of Consolidated Blackstone Funds
Equity Securities, Partnerships and LLC Interests (b)			2,916				192,078				3,962,213				1,020,481				5,177,688
Debt Instruments			—				22,871				23,228				—				46,099
Freestanding Derivatives			—				10,028				—				—				10,028
Total Investments of Consolidated Blackstone Funds			2,916				224,977				3,985,441				1,020,481				5,233,815
Corporate Treasury Investments			270,455				34,750				37,141				59,119				401,465
Other Investments			1,992,894				5,838,664				204,844				24,281				8,060,683
Total Investments			2,266,265				6,098,391				4,227,426				1,103,881				13,695,963
Accounts Receivable - Loans and Receivables			—				—				394,761				—				394,761
Other Assets - Freestanding Derivatives			—				139,351				8,872				—				148,223
		$	2,546,385			$	6,237,742			$	4,631,059			$	1,103,881			$	14,519,067
Liabilities
Accounts Payable, Accrued Expenses and Other Liabilities
Consolidated Blackstone Funds - Freestanding Derivatives		$	—			$	10,054			$	—			$	—			$	10,054
Freestanding Derivatives			—				106,637				1,152,061				—				1,258,698
Contingent Consideration			—				—				152				—				152
Corporate Treasury Commitments			—				—				1,599				—				1,599
Securities Sold, Not Yet Purchased			1,953				—				—				—				1,953
Total Accounts Payable, Accrued Expenses and Other Liabilities			1,953				116,691				1,153,812				—				1,272,456
		$	1,953			$	116,691			$	1,153,812			$	—			$	1,272,456

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		$				$				$				$				$
		December 31, 2025
		Level I				Level II				Level III				NAV				Total
Assets
Cash and Cash Equivalents		$	182,131			$	—			$	—			$	—			$	182,131
Investments
Investments of Consolidated Blackstone Funds
Equity Securities, Partnerships and LLC Interests (b)			7,616				197,396				4,103,478				819,419				5,127,909
Debt Instruments			—				19,578				20,612				—				40,190
Freestanding Derivatives			—				12,780				—				—				12,780
Total Investments of Consolidated Blackstone Funds			7,616				229,754				4,124,090				819,419				5,180,879
Corporate Treasury Investments			74,930				42,675				181,052				61,000				359,657
Other Investments			2,207,914				4,313,592				198,393				15,808				6,735,707
Total Investments			2,290,460				4,586,021				4,503,535				896,227				12,276,243
Accounts Receivable - Loans and Receivables			—				—				205,158				—				205,158
Other Assets - Freestanding Derivatives			—				131,193				3,364				—				134,557
		$	2,472,591			$	4,717,214			$	4,712,057			$	896,227			$	12,798,089
Liabilities
Accounts Payable, Accrued Expenses and Other Liabilities
Consolidated Blackstone Funds - Freestanding Derivatives			—				12,780				—				—				12,780
Freestanding Derivatives			—				114,612				1,124,147				—				1,238,759
Contingent Consideration			—				—				416				—				416
Corporate Treasury Commitments			—				—				181				—				181
Securities Sold, Not Yet Purchased			1,978				—				—				—				1,978
Total Accounts Payable, Accrued Expenses and Other Liabilities			1,978				127,392				1,124,744				—				1,254,114
		$	1,978			$	127,392			$	1,124,744			$	—			$	1,254,114

LLC Limited Liability Company.

(a)	A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of June 30, 2026 is presented by strategy type below:

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		$				$				$				$
Strategy		Fair Value				Unfunded Commitments				Redemption Frequency (if currently eligible)				Redemption Notice Period
Equity		$	118,359			$	12,362				(1	)			(1	)
Real Estate			24,222				—				(2	)			(2	)
Infrastructure			954,187				70,066				(3	)			(3	)
Other			7,113				—				(4	)			(4	)
		$	1,103,881			$	82,428

	(1)	The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 61% of fair value of the investments in this category are redeemable as of the reporting date. Investments representing 39% of fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

	(2)	The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date.

	(3)	The Infrastructure category includes investments in funds that primarily invest in infrastructure assets and companies. All investments in this category may not be redeemed at, or within three months of, the reporting date.

	(4)	Other is composed of the Credit Driven category. The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. All investments in this category may not be redeemed at, or within three months of, the reporting date.

(b)	Equity Securities, Partnership and LLC Interest includes investments in investment funds.

Equity Securities Subject to Sale Restrictions

Within Investments of Consolidated Blackstone Funds and Other Investments, Blackstone held equity securities subject to sale restrictions with a fair value of $704.0 million as of June 30, 2026. The nature of such restrictions are contractual or legal in nature and deemed an attribute of the holder rather than the investment. Contractual restrictions include certain phased restrictions on (a) sale or transfer, (b) underwriter

lock-ups

and (c) sale or transfer restrictions applicable to certain Investments of Consolidated Blackstone Funds pledged as collateral. Restrictions will generally lapse over time or after a predetermined date and the weighted-average remaining duration of such restrictions is 1

year.

Level III equity securities included in Investments of Consolidated Blackstone Funds are illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements. Investments within Other Investments subject to restrictions on sale or transfer as a result of pledge arrangements are discussed in Note 16. “Commitments and Contingencies — Contingencies — Strategic Ventures.”

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Level III Quantitative Inputs and Assumptions

The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of June 30, 2026. Consistent with presentation in these notes to condensed consolidated financial statements, this table presents the Level III investments only of consolidated Blackstone funds and therefore does not reflect any other Blackstone funds.

		$				$				$				$				$				$
		Fair Value				Valuation Techniques				Unobservable Inputs				Ranges				Weighted- Average (a)				Impact to Valuation from an Increase in Input
Financial Assets
Investments of Consolidated Blackstone Funds
Equity Securities, Partnership and LLC Interests		$	3,962,213				Discounted Cash Flows				Discount Rate				4.4% - 41.2%				10.2%				Lower
											Exit Multiple - EBITDA				5.8x - 30.0x				15.5x				Higher
											Exit Capitalization Rate				3.1% - 15.6%				5.2%				Lower
Debt Instruments			23,228				Discounted Cash Flows				Discount Rate				6.0% - 20.2%				14.1%				Lower
							Other				N/A
Total Investments of Consolidated Blackstone Funds			3,985,441
Corporate Treasury Investments			37,141				Discounted Cash Flows				Discount Rate				8.8%				8.8%				Lower
							Third-Party Pricing				N/A
Loans and Receivables			394,761				Discounted Cash Flows				Discount Rate				7.7% - 19.7%				8.9%				Lower
							Transaction Price				N/A
Other Investments (b)			213,716				Discounted Cash Flows				Discount Rate				7.2% - 7.9%				7.5%				Lower
							Transaction Price				N/A
		$	4,631,059
Financial Liabilities
Freestanding Derivatives (c)		$	1,152,061				Option Pricing Model				Volatility				5.6% - 5.7%				5.6%				Higher
Other Liabilities (d)			1,751				Third-Party Pricing				N/A
							Other				N/A
		$	1,153,812

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2025:

		$				$				$				$				$				$
		Fair Value				Valuation Techniques				Unobservable Inputs				Ranges				Weighted- Average (a)				Impact to Valuation from an Increase in Input
Financial Assets
Investments of Consolidated Blackstone Funds
Equity Securities, Partnership and LLC Interests		$	4,103,478				Discounted Cash Flows				Discount Rate				4.3% - 41.1%				10.2%				Lower
											Exit Multiple - EBITDA				5.0x - 30.6x				16.6x				Higher
											Exit Capitalization Rate				3.1% - 15.3%				5.1%				Lower
Debt Instruments			20,612				Discounted Cash Flows				Discount Rate				6.1% - 20.0%				12.2%				Lower
Total Investments of Consolidated Blackstone Funds			4,124,090
Corporate Treasury Investments			181,052				Discounted Cash Flows				Discount Rate				8.7% - 11.1%				9.9%				Lower
							Third-Party Pricing				n/a
Loans and Receivables			205,158				Discounted Cash Flows				Discount Rate				7.4% - 18.3%				8.3%				Lower
							Other				n/a
Other Investments (b)			201,757				Discounted Cash Flows				Discount Rate				7.2% - 7.9%				7.5%				Lower
							Transaction Price				n/a
		$	4,712,057
Financial Liabilities
Freestanding Derivatives (c)		$	1,124,147				Option Pricing Model				Volatility				5.7% - 5.8%				5.7%				Higher
Other Liabilities (d)			597				Third-Party Pricing				n/a
							Other				n/a
		$	1,124,744

n/a		Not applicable.
EBITDA		Earnings before interest, taxes, depreciation and amortization.
Exit Multiple		Ranges include the last twelve months EBITDA and forward EBITDA multiples.
Third-Party Pricing		Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.
Transaction Price		Includes recent acquisitions or transactions.
(a)		Unobservable inputs were weighted based on the fair value of the investments included in the range.
(b)		As of June 30, 2026 and December 31, 2025, Other Investments includes Level III Freestanding Derivatives.
(c)		The volatility of the historical performance of the underlying reference entities or an appropriate proxy is used to project the expected returns relevant for the fair value of the derivatives.
(d)		As of June 30, 2026 and December 31, 2025, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

For the six months ended June 30, 2026, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments.

Rollforward of Level III Financial Assets and Liabilities

The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a

non-recurring

basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations.

		Level III Financial Assets at Fair Value Three Months Ended June 30,
		2026																2025
		Investments of Consolidated Funds				Loans and Receivables				Other Investments (a)				Total				Investments of Consolidated Funds				Loans and Receivables				Other Investments (a)				Total
Balance, Beginning of Period		$	3,908,184			$	425,981			$	582,207			$	4,916,372			$	4,252,373			$	115,055			$	145,231			$	4,512,659
Transfer Into Level III (b)			2,618				—				—				2,618				84				—				—				84
Transfer Out of Level III (b)			(37,081	)			—				(408,745	)			(445,826	)			(281	)			—				—				(281	)
Purchases			99,544				377,990				4,574				482,108				415,915				396,922				184,242				997,079
Sales			(53,299	)			(407,062	)			(10,422	)			(470,783	)			(135,862	)			(245,034	)			(62,956	)			(443,852	)
Issuances			—				—				—				—				—				765				—				765
Settlements (c)			—				(13,478	)			1,141				(12,337	)			—				(3,685	)			(11,430	)			(15,115	)
Changes in Gains (Losses) Included in Earnings			65,475				11,330				(7,333	)			69,472				219,368				4,000				14,432				237,800
Balance, End of Period		$	3,985,441			$	394,761			$	161,422			$	4,541,624			$	4,751,597			$	268,023			$	269,519			$	5,289,139
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date		$	80,080			$	(1,977	)		$	(7,618	)		$	70,485			$	92,144			$	(629	)		$	7,763			$	99,278

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		$				$				$				$				$				$				$				$
		Level III Financial Assets at Fair Value Six Months Ended June 30,
		2026																2025
		Investments of Consolidated Funds				Loans and Receivables				Other Investments (a)				Total				Investments of Consolidated Funds				Loans and Receivables				Other Investments (a)				Total
Balance, Beginning of Period		$	4,124,090			$	205,158			$	310,196			$	4,639,444			$	3,173,442			$	100,866			$	624,412			$	3,898,720
Transfer In Due to Consolidation and Acquisition			—				—				—				—				—				—				—				—
Transfer Out Due to Deconsolidation			(317,078	)			—				—				(317,078	)			(155,572	)			—				—				(155,572	)
Transfer Into Level III (b)			3,387				—				—				3,387				1,446				—				—				1,446
Transfer Out of Level III (b)			(39,049	)			—				(419,485	)			(458,534	)			(2,039	)			—				—				(2,039	)
Purchases			340,256				760,523				415,296				1,516,075				1,622,810				479,236				198,275				2,300,321
Sales			(182,150	)			(566,825	)			(126,714	)			(875,689	)			(244,417	)			(312,379	)			(566,432	)			(1,123,228	)
Issuances			—				—				—				—				—				3,823				—				3,823
Settlements (c)			—				(19,492	)			18				(19,474	)			—				(11,398	)			(11,597	)			(22,995	)
Changes in Gains (Losses) Included in Earnings			55,985				15,397				(17,889	)			53,493				355,927				7,875				24,861				388,663
Balance, End of Period		$	3,985,441			$	394,761			$	161,422			$	4,541,624			$	4,751,597			$	268,023			$	269,519			$	5,289,139
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date		$	81,832			$	(3,238	)		$	(19,865	)		$	58,729			$	161,815			$	(415	)		$	13,220			$	174,620

		$				$				$				$				$				$
		Level III Financial Liabilities at Fair Value Three Months Ended June 30,
		2026												2025
		Freestanding Derivatives				Other Liabilities				Total				Freestanding Derivatives				Other Liabilities				Total
Balance, Beginning of Period		$	1,149,255			$	2,454			$	1,151,709			$	1,026,297			$	1,308			$	1,027,605
Changes in Losses (Gains) Included in Earnings			2,806				(703	)			2,103				52,469				(512	)			51,957
Balance, End of Period		$	1,152,061			$	1,751			$	1,153,812			$	1,078,766			$	796			$	1,079,562
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date		$	2,806			$	(703	)		$	2,103			$	52,469			$	(512	)		$	51,957

		$				$				$				$				$				$
		Level III Financial Liabilities at Fair Value Six Months Ended June 30,
		2026												2025
		Freestanding Derivatives				Other Liabilities				Total				Freestanding Derivatives				Other Liabilities				Total
Balance, Beginning of Period		$	1,124,147			$	597			$	1,124,744			$	938,216			$	872			$	939,088
Changes in Losses (Gains) Included in Earnings			27,914				1,154				29,068				140,550				(76	)			140,474
Balance, End of Period		$	1,152,061			$	1,751			$	1,153,812			$	1,078,766			$	796			$	1,079,562
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date		$	27,914			$	1,154			$	29,068			$	140,550			$	(76	)		$	140,474

(a)	Represents freestanding derivatives, corporate treasury investments and Other Investments.

(b)	Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.

(c)	For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

8.	Variable Interest Entities

Pursuant to GAAP consolidation guidance, Blackstone consolidates certain VIEs for which it is the primary beneficiary either directly or indirectly, through a consolidated entity or affiliate. VIEs include certain private equity, real estate, credit-focused or funds of hedge funds entities and CLO vehicles. The purpose of such VIEs is to provide strategy specific investment opportunities for investors in exchange for management and performance-based fees. The investment strategies of the Blackstone Funds differ by product; however, the fundamental risks of the Blackstone Funds are similar, including loss of invested capital and loss of management fees and performance-based fees. In Blackstone’s role as general partner, collateral manager or investment adviser, it generally considers itself the sponsor of the applicable Blackstone Fund. Blackstone does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs other than its own capital commitments.

The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to Blackstone for the consolidated VIEs’ liabilities.

Blackstone holds variable interests in certain VIEs which are not consolidated as it is determined that Blackstone is not the primary beneficiary. Blackstone’s involvement with such entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to

non-consolidated

VIEs and any clawback obligation relating to previously distributed Performance Allocations. Blackstone’s maximum exposure to loss relating to

non-consolidated

VIEs was as follows:

		$				$
		June 30, 2026				December 31, 2025
Investments		$	6,565,230			$	5,118,786
Due from Affiliates			220,883				344,342
Potential Clawback Obligation			42,255				42,291
Maximum Exposure to Loss		$	6,828,368			$	5,505,419
Amounts Due to Non-Consolidated VIEs		$	838			$	623

9.	Repurchase Agreements

As of June 30, 2026 and December 31, 2025, Blackstone had pledged securities with a carrying value of $338.5 million and $289.2 million, respectively.

The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged as of June 30, 2026 and December 31, 2025.

		$				$				$				$				$
		June 30, 2026
		Remaining Contractual Maturity of the Agreements
		Overnight and Continuous				Up to 30 Days				30 - 90 Days				Greater than 90 Days				Total
Repurchase Agreements
Loans		$	—			$	233,372			$	76,230			$	28,920			$	338,522
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 10. “Offsetting of Assets and Liabilities”																		$	338,522
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 10. “Offsetting of Assets and Liabilities”																		$	—

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		$				$				$				$				$
		December 31, 2025
		Remaining Contractual Maturity of the Agreements
		Overnight and Continuous				Up to 30 Days				30 - 90 Days				Greater than 90 Days				Total
Repurchase Agreements
Loans		$	—			$	103,835			$	176,196			$	9,187			$	289,218
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 10. “Offsetting of Assets and Liabilities”																		$	289,218
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 10. “Offsetting of Assets and Liabilities”																		$	—

10.	Offsetting of Assets and Liabilities

The following tables present the offsetting of assets and liabilities as of June 30, 2026 and December 31, 2025:

		June 30, 2026
		Gross and Net Amounts of Assets Presented in the Statement of Financial Condition				Gross Amounts Not Offset in the Statement of Financial Condition
		Financial Instruments (a)				Cash Collateral Received				Net Amount
Assets
Freestanding Derivatives		$	158,251			$	106,633			$	33,069			$	18,549

		$				$				$				$
		June 30, 2026
		Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition				Gross Amounts Not Offset in the Statement of Financial Condition
		Financial Instruments (a)				Cash Collateral Pledged				Net Amount
Liabilities
Freestanding Derivatives		$	116,691			$	108,876			$	21			$	7,794
Repurchase Agreements			338,522				338,522				—				—
		$	455,213			$	447,398			$	21			$	7,794

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		December 31, 2025
		Gross and Net Amounts of Assets Presented in the Statement of Financial Condition				Gross Amounts Not Offset in the Statement of Financial Condition
		Financial Instruments (a)				Cash Collateral Received				Net Amount
Assets
Freestanding Derivatives		$	147,337			$	110,792			$	26,421			$	10,124

		$				$				$				$
		December 31, 2025
		Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition				Gross Amounts Not Offset in the Statement of Financial Condition
		Financial Instruments (a)				Cash Collateral Pledged				Net Amount
Liabilities
Freestanding Derivatives		$	127,392			$	110,948			$	32			$	16,412
Repurchase Agreements			289,218				289,218				—				—
		$	416,610			$	400,166			$	32			$	16,412

(a)	Amounts presented are inclusive of both legally enforceable master netting agreements and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net exposure to the Condensed Consolidated Statement of Financial Condition.

Freestanding Derivative liabilities and repurchase agreements are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets:

		$				$
		June 30, 2026				December 31, 2025
Furniture, Equipment and Leasehold Improvements		$	1,006,469			$	952,583
Less: Accumulated Depreciation			(469,392	)			(431,394	)
Furniture, Equipment and Leasehold Improvements, Net			537,077				521,189
Prepaid Expenses			238,968				315,338
Freestanding Derivatives			148,223				134,557
Other			72,238				186,635
		$	996,506			$	1,157,719

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Notional Pooling Arrangements

Blackstone has notional cash pooling arrangements with financial institutions for cash management purposes. These arrangements allow for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of June 30, 2026, the aggregate cash balance on deposit relating to the cash pooling arrangements was $1.1 billion, which was offset and reported net of the accompanying overdraft of $1.1 billion.

11.	Borrowings

The following table presents each of Blackstone’s borrowings as of June 30, 2026 and December 31, 2025, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone Holdings Finance Co. L.L.C. or Blackstone Reg Finance Co. L.L.C., as applicable, both indirect subsidiaries of Blackstone. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		$				$				$				$
		June 30, 2026								December 31, 2025
Description		Carrying Value				Fair Value				Carrying Value				Fair Value
Blackstone Operating Borrowings
Revolving Credit Facility (a)		$	800,000			$	800,000			$	—			$	—
Senior Notes (b)
1.000%, Due 10/5/2026			692,091				682,161				711,022				696,585
3.150%, Due 10/2/2027			299,470				294,735				299,264				295,941
5.900%, Due 11/3/2027			598,275				610,080				597,667				619,068
1.625%, Due 8/5/2028			647,858				611,819				647,359				610,688
1.500%, Due 4/10/2029			693,792				656,955				713,034				673,772
2.500%, Due 1/10/2030			496,111				463,860				495,590				467,930
4.300%, Due 11/3/2030			594,979				588,990				594,461				600,162
1.600%, Due 3/30/2031			497,623				432,445				497,384				435,810
2.000%, Due 1/30/2032			792,398				686,624				791,761				689,088
2.550%, Due 3/30/2032			496,884				438,985				496,635				444,025
6.200%, Due 4/22/2033			893,636				950,058				893,266				975,870
3.500%, Due 6/1/2034			543,998				564,190				559,079				582,161
5.000%, Due 12/6/2034			741,931				737,468				741,552				757,718
4.950%, Due 2/15/2036			594,794				581,526				594,586				596,592
6.250%, Due 8/15/2042			240,243				254,955				240,076				264,443
5.000%, Due 6/15/2044			490,717				450,695				490,561				466,615
4.450%, Due 7/15/2045			345,077				290,367				344,996				302,855
4.000%, Due 10/2/2047			291,725				231,030				291,605				236,016
3.500%, Due 9/10/2049			392,905				279,476				392,808				286,888
2.800%, Due 9/30/2050			394,484				241,292				394,405				246,808
2.850%, Due 8/5/2051			543,728				334,400				543,643				345,164
3.200%, Due 1/30/2052			988,115				652,298				987,969				670,740
			13,070,834				11,834,409				12,318,723				11,264,939
Borrowings of Consolidated
Blackstone Funds
Blackstone Fund Facilities (c)			123,896				126,623				126,421				129,767
			123,896				126,623				126,421				129,767
		$	13,194,730			$	11,961,032			$	12,445,144			$	11,394,706

	(a)	Represents the Revolving Credit Facility of Blackstone, through Blackstone Holdings Finance Co. L.L.C. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75%. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. As of June 30, 2026 and December 31, 2025, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $39.3 million. The amount Blackstone can draw from the Credit Facility is reduced by the undrawn letters of credit.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

	(b)	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

	(c)	Blackstone Fund Facilities represent borrowing facilities for the various consolidated Blackstone Funds that are used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until a disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term.

Scheduled principal payments for borrowings as of June 30, 2026 were as follows:

		$				$				$
		Blackstone Operating Borrowings				Borrowings of Consolidated Blackstone Funds				Total Borrowings
2026		$	685,320			$	—			$	685,320
2027			900,000				—				900,000
2028			650,000				—				650,000
2029			685,320				117,817				803,137
2030			1,900,000				9,079				1,909,079
Thereafter			8,371,100				—				8,371,100
		$	13,191,740			$	126,896			$	13,318,636

12.	Income Taxes

Blackstone’s net deferred tax assets relate primarily to basis differences resulting from a

step-up

in tax basis of certain assets at the time of its conversion to a corporation, as well as ongoing exchanges of units for common shares by founders and partners. As of June 30, 2026, Blackstone had a valuation allowance of $35.6 million recorded against deferred tax assets.

Blackstone is subject to examination by the U.S. Internal Revenue Service and other taxing authorities where Blackstone has significant business operations such as the United Kingdom, and various state and local jurisdictions such as New York State and New York City. The tax years under examination vary by jurisdiction. Blackstone does not expect the completion of these audits to have a material impact on its financial condition, but it may be material to operating results for a particular period, depending on the operating results for that period. Blackstone believes the liability established for unrecognized tax benefits is adequate in relation to the potential for additional assessments. It is reasonably possible that changes in the balance of unrecognized tax benefits may occur within the next twelve months; however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on Blackstone’s effective tax rate over the next twelve months.

As of June 30, 2026, the following are the major filing jurisdictions and their respective earliest open tax period subject to examination:

		$
Jurisdiction		Year
U.S. Federal			2022
New York City			2009
New York State			2019
United Kingdom			2011

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

13.	Earnings Per Share and Stockholders’ Equity

Earnings Per Share

Basic and diluted net income per share of common stock for the three and six months ended June 30, 2026 and 2025 was calculated as follows:

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Net Income for Per Share of Common Stock Calculations
Net Income Attributable to Blackstone Inc., Basic and Diluted		$	1,229,189			$	764,244			$	1,878,918			$	1,379,096
Shares/Units Outstanding
Weighted-Average Shares of Common Stock Outstanding, Basic			799,882,459				782,386,121				792,647,549				777,120,501
Weighted-Average Shares of Unvested Deferred Restricted Common Stock			14,976				15,116				489,524				326,667
Weighted-Average Shares of Common Stock Outstanding, Diluted			799,897,435				782,401,237				793,137,073				777,447,168
Net Income Per Share of Common Stock
Basic		$	1.54			$	0.98			$	2.37			$	1.77
Diluted		$	1.54			$	0.98			$	2.37			$	1.77
Dividends Declared Per Share of Common Stock (a)		$	1.16			$	0.93			$	2.65			$	2.37

(a)	Dividends declared reflects the calendar date of the declaration for each distribution.

In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of

non-controlling

interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the Blackstone Inc. level that has not previously been attributed to the

non-controlling

interests or if there is a change in tax rate as a result of a hypothetical conversion.

The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2026 and 2025:

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Weighted-Average Blackstone Holdings Partnership Units			444,174,696				447,849,475				444,629,540				449,037,044

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Share Repurchase Program

On July 16, 2024, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. This authorization replaced Blackstone’s prior $2.0 billion repurchase authorization. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.

During the three and six months ended June 30, 2026, Blackstone repurchased 0.2 million and 0.4 million shares of common stock, pursuant to its repurchase program, at a total cost of $24.0 million and $48.4 million, respectively. During the three and six months ended June 30, 2025, Blackstone repurchased 0.2 million and 0.4 million shares of common stock at a total cost of $27.8 million and $58.8 million, respectively. As of June 30, 2026, the amount remaining available for repurchases under the program was $1.6 billion.

Shares Eligible for Dividends and Distributions

As of June 30, 2026, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows:

		$
		Shares/Units
Common Stock Outstanding			752,601,287
Unvested Participating Common Stock			47,333,292
Total Participating Common Stock			799,934,579
Participating Blackstone Holdings Partnership Units			443,878,452
			1,243,813,031

14.	Equity-Based Compensation

Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors,

non-partner

professionals,

non-professionals

and selected external advisers under Blackstone’s Amended and Restated 2007 Equity Incentive Plan (the “Equity Plan”). The Equity Plan allows for the granting of options, share appreciation rights or other share-based awards (shares, restricted shares, restricted shares of common stock, deferred restricted shares of common stock, phantom restricted shares of common stock or other share-based awards based in whole or in part on the fair value of shares of common stock or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January 1, 2026, Blackstone had the ability to grant 176,596,501 shares under the Equity Plan.

For the three and six months ended June 30, 2026, Blackstone recorded compensation expense of $354.6 million and $915.5 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $68.3 million and $124.5 million, respectively. For the three and six months ended June 30, 2025, Blackstone recorded compensation expense of $312.4 million and $783.4 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $67.5 million and $131.6 million, respectively.

As of June 30, 2026, there was $2.9 billion of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 3.2 years.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,243,849,052 as of June 30, 2026. Total outstanding phantom shares were 99,274 as of June 30, 2026.

A summary of the status of Blackstone’s unvested equity-based awards as of June 30, 2026 and of changes during the period January 1, 2026 through June 30, 2026 is presented below:

		$				$				$				$				$				$
		Blackstone Holdings								Blackstone Inc.
										Equity Settled Awards								Cash Settled Awards
Unvested Shares/Units		Partnership Units				Weighted- Average Grant Date Fair Value				Deferred Restricted Shares of Common Stock				Weighted- Average Grant Date Fair Value				Phantom Shares				Weighted- Average Grant Date Fair Value
Balance, December 31, 2025			226,888			$	32.02				29,420,712			$	122.07				66,941			$	146.70
Granted			—				—				16,390,636				119.55				26,745				116.54
Vested			(226,888	)			32.02				(4,918,237	)			122.28				(5,196	)			115.55
Forfeited			—				—				(495,244	)			125.74				(2,566	)			132.13
Balance, June 30, 2026			—			$	—				40,397,867			$	121.07				85,924			$	116.94

15.	Related Party Transactions

Affiliate Receivables and Payables

Due from Affiliates and Due to Affiliates consisted of the following:

		$				$
		June 30, 2026				December 31, 2025
Due from Affiliates
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies		$	4,676,440			$	5,047,814
Due from Certain Non-Controlling Interest Holders and Blackstone Employees			1,155,219				1,036,117
Accrual for Potential Clawback of Previously Distributed Performance Allocations			386,407				273,531
		$	6,218,066			$	6,357,462

		$				$
		June 30, 2026				December 31, 2025
Due to Affiliates
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements		$	2,067,107			$	2,076,205
Due to Non-Consolidated Entities			193,312				237,983
Due to Certain Non-Controlling Interest Holders and Blackstone Employees			135,770				103,977
Accrual for Potential Repayment of Previously Received Performance Allocations			1,088,167				806,267
		$	3,484,356			$	3,224,432

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties

The Founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone Funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance allocation or incentive fee arrangements. As of June 30, 2026 and December 31, 2025, such investments aggregated $2.1 billion and $2.2 billion, respectively. Their share of the Net Income Attributable to Redeemable

Non-Controlling

and

Non-Controlling

Interests in Consolidated Entities aggregated to $50.4 million and $57.1 million for the three months ended June 30, 2026 and 2025, respectively, and $70.6 million and $104.6 million for the six months ended June 30, 2026 and 2025, respectively.

Contingent Repayment Guarantee

Blackstone and its personnel who have received Performance Allocation distributions have guaranteed payment on a several basis (subject to a cap) to the carry funds of any clawback obligation with respect to the excess Performance Allocation allocated to the general partners of such funds and indirectly received thereby to the extent that either Blackstone or its personnel fails to fulfill its clawback obligation, if any. The Accrual for Potential Repayment of Previously Received Performance Allocations represents amounts previously paid to Blackstone Holdings and

non-controlling

interest holders that would need to be repaid to the Blackstone Funds if the carry funds were to be liquidated based on the fair value of their underlying investments as of June 30, 2026. See Note 16. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback).”

Tax Receivable Agreements

Blackstone used a portion of the proceeds from the IPO and other sales of shares to purchase interests in the predecessor businesses from the predecessor owners. In addition, holders of Blackstone Holdings Partnership Units may exchange their Blackstone Holdings Partnership Units for shares of Blackstone common stock on a

one-for-one

basis. The purchase and subsequent exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of Blackstone Holdings and therefore reduce the amount of tax that Blackstone would otherwise be required to pay in the future.

Blackstone has entered into tax receivable agreements with each of the predecessor owners. In addition, others who acquire Blackstone Holdings Partnership Units, including senior managing directors, execute tax receivable agreements. The agreements provide for the payment by the corporate taxpayer to such owners of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the corporate taxpayers actually realize as a result of the aforementioned increases in tax basis and of certain other tax benefits related to entering into these tax receivable agreements. For purposes of the tax receivable agreements, cash savings in income tax will be computed by comparing the actual income tax liability of the corporate taxpayers to the amount of such taxes that the corporate taxpayers would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Blackstone Holdings as a result of the exchanges and had the corporate taxpayers not entered into the tax receivable agreements.

Assuming no future material changes in the relevant tax law and that the corporate taxpayers earn sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments under the tax receivable agreements (which are taxable to the recipients) will aggregate $2.1 billion over the next 15 years. The

after-tax

net present value of these estimated payments totals $724.2 million assuming a 15% discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the

pre-IPO

owners and the others mentioned above.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to shares of Blackstone common stock, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the date of the Condensed Consolidated Statement of Financial Condition, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Deferred Tax Asset Effects from Equity Transactions in the Supplemental Disclosure of

Non-Cash

Investing and Financing Activities in the Condensed Consolidated Statements of Cash Flows.

Other

Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis.

Additionally, please see Note 16. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.

16.	Commitments and Contingencies

Commitments

Investment Commitments

Blackstone had $5.9 billion of investment commitments as of June 30, 2026 representing general partner capital funding commitments to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments, including loan commitments. The consolidated Blackstone funds had signed investment commitments of $891.1 million as of June 30, 2026, which includes $65.4 million of signed investment commitments for portfolio company acquisitions in the process of closing.

Contingencies

Guarantees

Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the ongoing business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to Blackstone to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, Blackstone’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $18.7 million as of June 30, 2026.

The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone Europe LLP. The amount guaranteed as of June 30, 2026 was $77.9 million.

Strategic Ventures

In December 2022 and January 2023, Blackstone entered into

long-term

strategic ventures (“UC strategic ventures”) with the Regents of the University of California (“UC Investments”), an institutional investor that subscribed for $4.5 billion of Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I shares during the three months ended March 31, 2023. The UC strategic ventures provide a waterfall structure with UC Investments receiving an 11.25% target annualized net return on its $4.5 billion investment in BREIT shares and upside from its investment. This target return, while not guaranteed, is supported by a pledge by Blackstone of $1.1 billion of its holdings in BREIT as of the subscription dates, including any

appreciation or dividends received by Blackstone in respect thereof. Pursuant to the UC strategic ventures, Blackstone is entitled to receive

an incremental 5% cash payment from UC Investments on any returns received in excess of the target return.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

In March 2025, Blackstone entered into a similar long-term strategic venture with an institutional investor as part of the investor’s investment of

€

1.0 billion in a vehicle managed in the Real Estate segment. The long-term strategic venture provides for a target return of 9.25% supported by a pledge by Blackstone of

€

200 million of its holdings in a related vehicle.

For each such arrangement, an asset or liability is recognized based on fair value with the maximum potential future obligation in respect of the target return capped at the fair value of the assets pledged by Blackstone in connection with the respective arrangement. As of June 30, 2026, across both arrangements, the fair value of the total assets pledged was $1.5 billion and the total liability recognized was $1.2 billion.

Litigation

Blackstone may from time to time be involved in litigation and claims incidental to the conduct of its business. Blackstone’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against Blackstone.

Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, Blackstone does not have any unaccrued liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows.

In December 2017, eight pension plan members of the Kentucky Retirement System (“KRS”) filed a derivative lawsuit on behalf of KRS in Franklin County Circuit Court in Kentucky (the “Mayberry Action”). Plaintiffs alleged breaches of fiduciary duty and other violations of Kentucky law in connection with KRS’s investment in three hedge funds of funds, including a fund managed by Blackstone Alternative Asset Management L.P. (“BLP”). The suit named more than 30 defendants, including, among others, The Blackstone Group L.P. (now Blackstone Inc.); BLP; Stephen A. Schwarzman, as Chairman and CEO of Blackstone; and J. Tomilson Hill, as

then-CEO

of BLP (collectively, the “Blackstone Defendants”). In July 2020, the Kentucky Supreme Court directed the Circuit Court to dismiss the action for lack of standing.

In July 2020, the Kentucky Attorney General (the “AG”) filed its own action asserting substantially identical claims against largely the same defendants (the “July 2020 Action”).

In August 2022, KRS was ordered to disclose a 2021 report it commissioned to investigate the investment activities underlying the lawsuit. The report “did not find any violations of fiduciary duty or illegal activity by [BLP],” and quotes communications by KRS staff during the period of the investment recognizing that BLP was exceeding KRS’s returns benchmark, providing KRS with “far fewer negative months than any liquid market comparable,” and that BLP “[h]as killed it.”

In January 2021, certain former plaintiffs in the Mayberry Action filed a separate action (“Taylor I”) against the Blackstone Defendants and other defendants in the Mayberry Action, asserting substantially similar allegations as the AG’s July 2020 action did, but styled as a direct class action. Taylor I was removed to the U.S. District Court for the Eastern District of Kentucky and stayed pending the outcome of the AG’s July 2020 action.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

In August 2021, a group of KRS members—including those that filed Taylor I—filed an action in Franklin County Circuit Court (“Taylor II”) substantially similar to Taylor I, against the Blackstone Defendants, other defendants named in the Mayberry Action, and other KRS officials. The Court denied most defendants’ motions to dismiss this action in May 2024. The Blackstone Defendants and the other fund manager defendants filed a petition for a writ of prohibition from that denial. In November 2024, the Kentucky Court of Appeals denied defendants’ writ of prohibition, and defendants appealed to the Kentucky Supreme Court. Taylor II is stayed pending review of this appeal.

In April 2021, the AG filed an action (the “Declaratory Judgment Action”) against BLP and the other fund manager defendants from the Mayberry Action in Franklin County Circuit Court, seeking a declaration that certain provisions in the subscription agreements with KRS violate the Kentucky Constitution.

In July 2021, BLP filed a

breach-of-contract

action against defendants affiliated with KRS, alleging that the Mayberry Action and the Declaratory Judgment Action breach the parties’ subscription agreements and seeking damages.

In January 2025, we and several other defendants

entered into a settlement agreement with KRS and the Commonwealth of Kentucky (the “Commonwealth”) that, subject to approval by the

Franklin County Circuit Court

and certain requirements, would have resolved all claims between the settling parties, and barred all claims against the Blackstone Defendants in

Taylor I and Taylor II

without any admission of wrongdoing. In May 2025, the Court declined to enter an approval order, holding that the Court’s approval is unnecessary and stating that the parties may settle as they see fit. Because an approval order was a condition to the settlement, the settlement agreement was terminated.

Effective June 12, 2026, the Blackstone Defendants reached a new settlement agreement with KRS and the Commonwealth for all outstanding claims in their respective lawsuits, and, on August 4, 2026, the Franklin Circuit Court granted dismissal of the Commonwealth’s claims against Blackstone in the July 2020 Action. As part of that agreement, on June 18, 2026, KRS and the Commonwealth filed an action in Franklin Circuit Court seeking a declaration that the Commonwealth and KRS have the authority to settle and release the Taylor claims, and, on July 20, 2026, filed a motion for summary judgment in that case. The settlement agreement also obligated the Blackstone Defendants to make an $18 million payment to KRS; an additional $6 million payment will follow if, pursuant to certain conditions and limitations, the Taylor claims are finally dismissed during the pendency of the Commonwealth’s efforts. Both of these payments will be covered by Blackstone’s insurance. The Taylor plaintiffs have filed various objections to the settlement, which are currently pending.

Our financial results for the quarter ended June 30, 2026 include an accrual for the estimated liability related to this matter.

Contingent

Obligations (Clawback)

Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceeds the amount due to Blackstone based on cumulative results of that fund. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain Blackstone funds, which may have an interim clawback liability. The lives of the funds, including available contemplated extensions, for which a liability for potential clawback obligations has been recorded for financial reporting purposes, are currently anticipated to expire at various points through 2038. Further extensions of such terms may be implemented under given circumstances.

For financial reporting purposes, when applicable, the general partners record a liability for potential clawback obligations to the limited partners of some of the funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Performance Allocation distributions with respect to such fund’s realized investments. The liability is based on the general partner’s net obligation to the fund assuming all remaining investments were realized as of the end of each reporting period at the fair value of the under

lyi

ng investments.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The following table presents the clawback obligations by segment:

		$				$				$				$				$				$
		June 30, 2026												December 31, 2025
Segment		Blackstone Holdings				Current and Former Personnel (a)				Total (b)				Blackstone Holdings				Current and Former Personnel (a)				Total (b)
Real Estate		$	589,875			$	314,784			$	904,659			$	448,096			$	227,924			$	676,020
Private Equity			111,885				71,623				183,508				84,640				45,607				130,247
		$	701,760			$	386,407			$	1,088,167			$	532,736			$	273,531			$	806,267

(a)	The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis.

(b)	Total is a component of Due to Affiliates. See Note 15. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”

For Private Equity, Real Estate, and certain Credit & Insurance Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the condensed consolidated financial statements of Blackstone, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At June 30, 2026, $1.3 billion was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required.

In the Credit & Insurance segment, payment of Performance Allocations to Blackstone by the majority of the stressed/distressed, mezzanine and credit alpha strategies funds are substantially deferred under the terms of the partnership agreements. This deferral mitigates the need to hold funds in segregated accounts in the event of a cash clawback obligation.

If, at June 30, 2026, all of the investments held by Blackstone’s carry funds were deemed worthless, a possibility that management views as remote, the amount of Performance Allocations subject to potential clawback would be $9.1 billion, on an

after-tax

basis where applicable, of which Blackstone Holdings is potentially liable for $8.2 billion if current and former Blackstone personnel default on their share of the liability, a possibility that management also views as remote.

17.	Segment Reporting

Blackstone conducts its alternative asset management businesses through four segments:

	•		Real Estate – Blackstone’s Real Estate segment primarily comprises its management of opportunistic real estate funds, Core+ real estate funds, and real estate debt strategies.

	•		Private Equity – Blackstone’s Private Equity segment includes its management of flagship Corporate Private Equity funds, sector and geographically-focused Corporate Private Equity funds, Core Private Equity funds, an opportunistic investment platform, a secondary funds business and GP Stakes, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, investment platforms offering eligible individual investors access to Blackstone’s private equity and infrastructure capabilities, a multi-asset investment program for eligible high-net-worth investors and a capital markets services business.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

	•		Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit & Insurance, which is organized into three overarching strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. In addition, the segment includes an insurer-focused platform.

	•		Multi-Asset Investing – Blackstone’s Multi-Asset Investing segment is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management, and Public Real Assets.

These business segments are differentiated by their various investment strategies. Each of the segments primarily earns its income from management fees and investment returns on assets under management. Blackstone’s chief operating decision makers are its Chief Executive Officer and

Co-Founder

and its President and Chief Operating Officer.

Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments.

Segment Distributable Earnings 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. 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.

For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is 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. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Segment Presentation

The following tables present the financial data for Blackstone’s four segments for the three months ended June 30, 2026 and 2025:

		$				$				$				$				$
		Three Months Ended June 30, 2026
		Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total Segments
Management and Advisory Fees, Net
Base Management Fees		$	630,097			$	681,444			$	493,622			$	155,734			$	1,960,897
Transaction, Advisory and Other Fees, Net			104,321				124,921				91,769				145				321,156
Management Fee Offsets			(7,337	)			(11,785	)			(12,635	)			—				(31,757	)
Total Management and Advisory Fees, Net			727,081				794,580				572,756				155,879				2,250,296
Fee Related Performance Revenues			242,718				391,387				159,286				—				793,391
Fee Related Compensation			(262,168	)			(337,528	)			(237,568	)			(42,865	)			(880,129	)
Other Operating Expenses			(94,624	)			(131,515	)			(124,404	)			(29,587	)			(380,130	)
Fee Related Earnings			613,007				716,924				370,070				83,427				1,783,428
Realized Performance Revenues			210,868				490,807				11,540				17,670				730,885
Realized Performance Compensation			(85,259	)			(251,204	)			(3,746	)			(3,915	)			(344,124	)
Realized Principal Investment Income (Loss)			6,660				24,952				(4,622	)			509				27,499
Total Net Realizations			132,269				264,555				3,172				14,264				414,260
Total Segment Distributable Earnings		$	745,276			$	981,479			$	373,242			$	97,691			$	2,197,688
Segment Assets		$	13,882,665			$	20,653,736			$	7,825,978			$	2,708,734			$	45,071,113

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		$				$				$				$				$
		Three Months Ended June 30, 2025
		Real				Private				Credit &				Multi-Asset				Total
		Estate				Equity				Insurance				Investing				Segments
Management and Advisory Fees, Net
Base Management Fees		$	673,154			$	605,068			$	467,657			$	130,793			$	1,876,672
Transaction, Advisory and Other Fees, Net			41,720				108,988				13,980				1,002				165,690
Management Fee Offsets			(3,582	)			(7,758	)			(11,010	)			—				(22,350	)
Total Management and Advisory Fees, Net			711,292				706,298				470,627				131,795				2,020,012
Fee Related Performance Revenues			89,590				192,331				190,129				—				472,050
Fee Related Compensation			(170,209	)			(266,925	)			(220,305	)			(42,877	)			(700,316	)
Other Operating Expenses			(87,048	)			(112,300	)			(107,426	)			(25,469	)			(332,243	)
Fee Related Earnings			543,625				519,404				333,025				63,449				1,459,503
Realized Performance Revenues			43,587				408,980				87,393				13,161				553,121
Realized Performance Compensation			(24,139	)			(196,824	)			(30,433	)			(5,228	)			(256,624	)
Realized Principal Investment Income			2,797				19,859				5,800				965				29,421
Total Net Realizations			22,245				232,015				62,760				8,898				325,918
Total Segment Distributable Earnings		$	565,870			$	751,419			$	395,785			$	72,347			$	1,785,421

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The following tables present the financial data for Blackstone’s four segments as of June 30, 2026 and for the six months ended June 30, 2026 and 2025:

		$				$				$				$				$
		June 30, 2026 and the Six Months Then Ended
		Real				Private				Credit &				Multi-Asset				Total
		Estate				Equity				Insurance				Investing				Segments
Management and Advisory Fees, Net
Base Management Fees		$	1,266,144			$	1,341,435			$	1,003,469			$	302,263			$	3,913,311
Transaction, Advisory and Other Fees, Net			156,059				275,859				102,397				(1,462	)			532,853
Management Fee Offsets			(17,645	)			(20,792	)			(24,623	)			—				(63,060	)
Total Management and Advisory Fees, Net			1,404,558				1,596,502				1,081,243				300,801				4,383,104
Fee Related Performance Revenues			395,716				562,084				323,689				—				1,281,489
Fee Related Compensation			(455,305	)			(600,341	)			(464,061	)			(89,892	)			(1,609,599	)
Other Operating Expenses			(184,824	)			(244,443	)			(238,967	)			(55,351	)			(723,585	)
Fee Related Earnings			1,160,145				1,313,802				701,904				155,558				3,331,409
Realized Performance Revenues			252,942				1,128,796				89,666				39,975				1,511,379
Realized Performance Compensation			(108,215	)			(545,740	)			(34,943	)			(19,282	)			(708,180	)
Realized Principal Investment Income (Loss)			(2,145	)			70,300				(10,327	)			1,644				59,472
Total Net Realizations			142,582				653,356				44,396				22,337				862,671
Total Segment Distributable Earnings		$	1,302,727			$	1,967,158			$	746,300			$	177,895			$	4,194,080
Segment Assets		$	13,882,665			$	20,653,736			$	7,825,978			$	2,708,734			$	45,071,113

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		$				$				$				$				$
		Six Months Ended June 30, 2025
		Real				Private				Credit &				Multi-Asset				Total
		Estate				Equity				Insurance				Investing				Segments
Management and Advisory Fees, Net
Base Management Fees		$	1,337,755			$	1,183,512			$	910,880			$	251,644			$	3,683,791
Transaction, Advisory and Other Fees, Net			81,866				163,208				29,460				2,465				276,999
Management Fee Offsets			(7,481	)			(18,630	)			(22,669	)			—				(48,780	)
Total Management and Advisory Fees, Net			1,412,140				1,328,090				917,671				254,109				3,912,010
Fee Related Performance Revenues			127,393				253,235				385,337				—				765,965
Fee Related Compensation			(340,734	)			(470,244	)			(421,923	)			(84,397	)			(1,317,298	)
Other Operating Expenses			(170,329	)			(215,194	)			(203,704	)			(49,891	)			(639,118	)
Fee Related Earnings			1,028,470				895,887				677,381				119,821				2,721,559
Realized Performance Revenues			62,597				759,053				178,990				12,504				1,013,144
Realized Performance Compensation			(32,909	)			(367,965	)			(70,928	)			(5,746	)			(477,548	)
Realized Principal Investment Income			3,146				29,035				113,703				1,447				147,331
Total Net Realizations			32,834				420,123				221,765				8,205				682,927
Total Segment Distributable Earnings		$	1,061,304			$	1,316,010			$	899,146			$	128,026			$	3,404,486

Reconciliations of Total Segment Amounts

The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three and six months ended June 30, 2026 and 2025 along with Total Assets as of June 30, 2026:

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Revenues
Total GAAP Revenues		$	5,043,978			$	3,711,900			$	8,661,573			$	7,001,358
Less: Unrealized Performance Revenues (a)			(587,150	)			(313,256	)			(870,505	)			(576,457	)
Less: Unrealized Principal Investment Income (b)			(443,186	)			(294,093	)			(121,050	)			(455,350	)
Less: Interest and Dividend Revenue (c)			(134,224	)			(100,390	)			(242,164	)			(197,810	)
Less: Other Revenue (d)			(11,898	)			225,083				(62,826	)			298,718
Impact of Consolidation (e)			(65,536	)			(154,450	)			(129,749	)			(231,574	)
Transaction-Related and Non-Recurring Items (f)			(48	)			(347	)			(94	)			(747	)
Intersegment Eliminations			135				157				259				312
Total Segment Revenue (g)		$	3,802,071			$	3,074,604			$	7,235,444			$	5,838,450

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Expenses
Total GAAP Expenses		$	2,375,612			$	1,932,603			$	4,637,905			$	3,827,035
Less: Unrealized Performance Allocations Compensation (h)			(236,129	)			(152,618	)			(325,830	)			(256,177	)
Less: Equity-Based Compensation (i)			(353,753	)			(312,018	)			(914,970	)			(783,320	)
Less: Interest Expense (j)			(144,830	)			(125,033	)			(274,888	)			(242,983	)
Impact of Consolidation (e)			(24,819	)			(31,735	)			(50,410	)			(57,987	)
Amortization of Intangibles (k)			(7,288	)			(7,333	)			(14,576	)			(14,666	)
Transaction-Related and Non-Recurring Items (f)			(119	)			(10,728	)			(7,132	)			(29,952	)
Administrative Fee Adjustment (l)			(4,426	)			(4,112	)			(8,994	)			(8,298	)
Intersegment Eliminations			135				157				259				312
Total Segment Expenses (m)		$	1,604,383			$	1,289,183			$	3,041,364			$	2,433,964

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Other Income
Total GAAP Other Income (Loss)		$	140,086			$	136,330			$	239,841			$	193,905
Impact of Consolidation (e)			(140,086	)			(136,330	)			(239,841	)			(193,905	)
Total Segment Other Income		$	—			$	—			$	—			$	—

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Income Before Provision for Taxes
Total GAAP Income Before Provision for Taxes		$	2,808,452			$	1,915,627			$	4,263,509			$	3,368,228
Less: Unrealized Performance Revenues (a)			(587,150	)			(313,256	)			(870,505	)			(576,457	)
Less: Unrealized Principal Investment Income (b)			(443,186	)			(294,093	)			(121,050	)			(455,350	)
Less: Interest and Dividend Revenue (c)			(134,224	)			(100,390	)			(242,164	)			(197,810	)
Less: Other Revenue (d)			(11,898	)			225,083				(62,826	)			298,718
Plus: Unrealized Performance Allocations Compensation (h)			236,129				152,618				325,830				256,177
Plus: Equity-Based Compensation (i)			353,753				312,018				914,970				783,320
Plus: Interest Expense (j)			144,830				125,033				274,888				242,983
Impact of Consolidation (e)			(180,803	)			(259,045	)			(319,180	)			(367,492	)
Amortization of Intangibles (k)			7,288				7,333				14,576				14,666
Transaction-Related and Non-Recurring Items (f)			71				10,381				7,038				29,205
Administrative Fee Adjustment (l)			4,426				4,112				8,994				8,298
Total Segment Distributable Earnings		$	2,197,688			$	1,785,421			$	4,194,080			$	3,404,486

		$
		As of
		June 30,
		2026
Total Assets
Total GAAP Assets		$	49,892,220
Impact of Consolidation (e)			(4,821,107	)
Total Segment Assets		$	45,071,113

Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related and

Non-Recurring

Items.

(a)	This adjustment removes Unrealized Performance Revenues on a segment basis.

(b)	This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.

(c)	This adjustment removes Interest and Dividend Revenue on a segment basis.

(d)

This adjustment removes Other Revenue on a segment basis. For the three months ended June 30, 2026 and 2025, Other Revenue on a GAAP basis was $11.9 million and $(225.1) million, and included $11.8 million and $(225.5) million of foreign exchange gains (losses), respectively. For the six months ended June 30, 2026 and 2025, Other Revenue on a GAAP basis was $62.9 million and $(298.7) million, and included $62.5 million and $(299.3) million of foreign exchange gains (losses), respectively.

(e)

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, 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, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

(f)

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.

(g)	Total Segment Revenues is comprised of the following:

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Total Segment Management and Advisory Fees, Net		$	2,250,296			$	2,020,012			$	4,383,104			$	3,912,010
Total Segment Fee Related Performance Revenues			793,391				472,050				1,281,489				765,965
Total Segment Realized Performance Revenues			730,885				553,121				1,511,379				1,013,144
Total Segment Realized Principal Investment Income			27,499				29,421				59,472				147,331
Total Segment Revenues		$	3,802,071			$	3,074,604			$	7,235,444			$	5,838,450

(h)	This adjustment removes Unrealized Performance Allocations Compensation.

(i)	This adjustment removes Equity-Based Compensation on a segment basis.

(j)	This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.

(k)	This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.

(l)	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.

(m)	Total Segment Expenses is comprised of the following:

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Total Segment Fee Related Compensation		$	880,129			$	700,316			$	1,609,599			$	1,317,298
Total Segment Realized Performance Compensation			344,124				256,624				708,180				477,548
Total Segment Other Operating Expenses			380,130				332,243				723,585				639,118
Total Segment Expenses		$	1,604,383			$	1,289,183			$	3,041,364			$	2,433,964

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Reconciliations of Total Segment Components

The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Management and Advisory Fees, Net
GAAP		$	2,266,006			$	2,035,495			$	4,414,626			$	3,939,812
Segment Adjustment (a)			(15,710	)			(15,483	)			(31,522	)			(27,802	)
Total Segment		$	2,250,296			$	2,020,012			$	4,383,104			$	3,912,010

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees		$	159,080			$	195,414			$	324,499			$	387,239
Investment Income - Realized Performance Allocations			1,365,175				829,820				2,468,348				1,391,870
GAAP			1,524,255				1,025,234				2,792,847				1,779,109
Total Segment
Less: Realized Performance Revenues			(730,885	)			(553,121	)			(1,511,379	)			(1,013,144	)
Segment Adjustment (b)			21				(63	)			21				—
Total Segment		$	793,391			$	472,050			$	1,281,489			$	765,965

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation		$	963,026			$	870,358			$	2,129,923			$	1,899,720
Incentive Fee Compensation			49,716				67,363				104,084				124,392
Realized Performance Allocations Compensation			565,264				331,191				998,713				573,081
GAAP			1,578,006				1,268,912				3,232,720				2,597,193
Total Segment
Less: Realized Performance Compensation			(344,124	)			(256,624	)			(708,180	)			(477,548	)
Less: Equity-Based Compensation - Fee Related Compensation			(345,343	)			(306,495	)			(895,046	)			(770,548	)
Less: Equity-Based Compensation - Performance Compensation			(8,410	)			(5,523	)			(19,924	)			(12,772	)
Segment Adjustment (c)			—				46				29				(19,027	)
Total Segment		$	880,129			$	700,316			$	1,609,599			$	1,317,298

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP		$	409,110			$	360,817			$	781,931			$	693,190
Segment Adjustment (d)			(28,980	)			(28,574	)			(58,346	)			(54,072	)
Total Segment		$	380,130			$	332,243			$	723,585			$	639,118

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Realized Performance Revenues
GAAP
Incentive Fees		$	159,080			$	195,414			$	324,499			$	387,239
Investment Income - Realized Performance Allocations			1,365,175				829,820				2,468,348				1,391,870
GAAP			1,524,255				1,025,234				2,792,847				1,779,109
Total Segment
Less: Fee Related Performance Revenues			(793,391	)			(472,050	)			(1,281,489	)			(765,965	)
Segment Adjustment (b)			21				(63	)			21				—
Total Segment		$	730,885			$	553,121			$	1,511,379			$	1,013,144

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Realized Performance Compensation
GAAP
Incentive Fee Compensation		$	49,716			$	67,363			$	104,084			$	124,392
Realized Performance Allocation Compensation			565,264				331,191				998,713				573,081
GAAP			614,980				398,554				1,102,797				697,473
Total Segment
Less: Fee Related Performance Compensation (e)			(262,446	)			(136,407	)			(374,693	)			(207,153	)
Less: Equity-Based Compensation - Performance Compensation			(8,410	)			(5,523	)			(19,924	)			(12,772	)
Total Segment		$	344,124			$	256,624			$	708,180			$	477,548

		$				$				$				$
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Realized Principal Investment Income
GAAP		$	105,585			$	97,171			$	248,605			$	282,713
Segment Adjustment (f)			(78,086	)			(67,750	)			(189,133	)			(135,382	)
Total Segment		$	27,499			$	29,421			$	59,472			$	147,331

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.

Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

18.	Subsequent Events

There have been

no events since June 30, 2026 that require recognition or disclosure in the condensed consolidated financial statements.