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

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

Blackstone Inc.

Unaudited Consolidating Statements of Financial Condition

(Dollars in Thousands)

	$			$		$			$
	June 30, 2026
	Consolidated Operating Partnerships			Consolidated Blackstone Funds (a)		Reclasses and Eliminations			Consolidated
Assets
Cash and Cash Equivalents	$	2,507,073		$	—	$	—		$	2,507,073
Cash Held by Blackstone Funds and Other		—			266,230		—			266,230
Investments		30,308,780			5,233,815		(954,866	)		34,587,729
Accounts Receivable		689,778			2,277		—			692,055
Due from Affiliates		5,948,781			336,435		(67,150	)		6,218,066
Intangible Assets, Net		113,288			—		—			113,288
Goodwill		1,890,202			—		—			1,890,202
Other Assets		992,140			4,366		—			996,506
Right-of-Use Assets		743,127			—		—			743,127
Deferred Tax Assets		1,877,944			—		—			1,877,944

Total Assets	$	45,071,113		$	5,843,123	$	(1,022,016	)	$	49,892,220

Liabilities and Equity
Loans Payable	$	13,070,834		$	123,896	$	—		$	13,194,730
Due to Affiliates		3,339,203			214,676		(69,523	)		3,484,356
Accrued Compensation and Benefits		6,844,156			—		—			6,844,156
Operating Lease Liabilities		832,586			—		—			832,586
Accounts Payable, Accrued Expenses and Other Liabilities		3,036,983			66,181		—			3,103,164

Total Liabilities		27,123,762			404,753		(69,523	)		27,458,992

Redeemable Non-Controlling Interests in Consolidated Entities		7			1,371,076		—			1,371,083

Equity
Common Stock		7			—		—			7
Series I Preferred Stock		—			—		—			—
Series II Preferred Stock		—			—		—			—
Additional Paid-in-Capital		9,051,771			926,548		(926,548	)		9,051,771
Retained Earnings (Deficit)		(18,646	)		25,945		(25,945	)		(18,646	)
Accumulated Other Comprehensive Income (Loss)		(51,511	)		32,922		—			(18,589	)
Non-Controlling Interests in Consolidated Entities		4,022,412			3,081,879		—			7,104,291
Non-Controlling Interests in Blackstone Holdings		4,943,311			—		—			4,943,311

Total Equity		17,947,344			4,067,294		(952,493	)		21,062,145

Total Liabilities and Equity	$	45,071,113		$	5,843,123	$	(1,022,016	)	$	49,892,220

Blackstone Inc.

Unaudited Consolidating Statements of Financial Condition - Continued

(Dollars in Thousands)

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

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

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

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

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

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

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

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

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

Blackstone Horizon Fund L.P.

BTD CP Holdings LP

Blackstone European Property Income Fund (Master) FCP

Blackstone European Property Income Fund SICAV

BEPIF (Aggregator) SCSp

Infrastructure Investments L.P.

Blackstone Chengu (Shanghai) Private Fund Partnership

Hieroglyphs L.P.**

Blackstone Multi-Strategy Hedge Fund L.P.

Blackstone Quantitative Opportunities Fund Ltd.

Blue Horizon L.P.*

Capitol Gardens II L.P.*

Private equity

side-by-side

investment vehicles

Real estate

side-by-side

investment vehicles

Consolidated as of June 30, 2026 only

** Consolidated as of December 31, 2025 only

Previous: Item 1. Financial Statements · Next: Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

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