Blackstone Inc. (BX) · Material Event (8-K) SEC Filing

EX-99.1 2 d153439dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Blackstone Reports Second Quarter 2026 Results New York, July 23, 2026: Blackstone (NYSE:BX) today reported its second quarter 2026 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, Blackstone delivered an outstanding second quarter, highlighted by strong growth in earnings and nearly $70 billion of inflows. Our decision to lean into the artificial intelligence megatrend is leading to standout investment performance across numerous strategies and creating extraordinary opportunities for growth. We ve become a trusted partner at scale to many of the key innovators in this ecosystem, which positions our firm extremely well for the future. Blackstone issued a full detailed presentation of its second quarter 2026 results, which can be viewed at www.blackstone.com. Dividend Blackstone has declared a quarterly dividend of $1.29 per share to record holders of common stock at the close of business on August 3, 2026. This dividend will be paid on August 10, 2026. Quarterly Investor Call Details Blackstone will host its second quarter 2026 investor conference via public webcast on July 23, 2026, at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1767654&tp_key=310a533cbf. For those unable to listen to the live Blackstone 345 Park Avenue, New York, NY 10154 T 212 583 5000 www.blackstone.com broadcast, there will be a webcast replay on the Shareholders section of Blackstone s website at https://ir.blackstone.com/. About Blackstone Blackstone is the world s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram. Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as outlook, indicator, believes, expects, potential, continues, may, will, should, seeks, approximately, predicts, intends, plans, scheduled, estimates, anticipates, opportunity, leads, forecast, possible or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission ( SEC ), which are accessible on the SEC s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. This presentation does not constitute an offer of any Blackstone Fund. Investor and Media Relations Contacts Weston Tucker Blackstone Tel: +1 (212) 583-5231 [email protected] Christine Anderson Blackstone Tel: +1 (212) 583-5182 [email protected] Blackstone s Second Quarter 2026 Earnings JULY 23, 2026 BLACKSTONE S SECOND QUARTER 2026 GAAP RESULTS GAAP Net Income was $2.4 billion for the quarter and $3.6 billion year-to-date ( YTD ). GAAP Net Income Attributable to Blackstone Inc. was $1.2 billion for the quarter and $1.9 billion YTD. ($ in thousands, except per share data) (unaudited) 2Q 25 2Q 26 2Q 25 YTD 2Q 26 YTD 2Q 25 LTM 2Q 26 LTM Revenues Management and Advisory Fees, Net $ 2,035,495 $ 2,266,006 $ 3,939,812 $ 4,414,626 $ 7,614,287 $ 8,550,415 Incentive Fees 195,414 159,080 387,239 324,499 983,777 915,462 Performance Allocations 1,143,103 1,952,315 1,968,354 3,338,940 4,045,177 5,675,892 Principal Investments 462,562 520,406 806,817 278,424 937,177 417,543 Interest and Dividend Revenue 100,389 134,224 197,809 242,164 406,130 460,448 Other (225,063 ) 11,947 (298,673 ) 62,920 (239,431 ) 90,720 Total Revenues $ 3,711,900 $ 5,043,978 $ 7,001,358 $ 8,661,573 $ 13,747,117 $ 16,110,480 Expenses Compensation and Benefits 1,421,530 1,814,135 2,853,370 3,558,550 5,332,917 6,325,709 General, Administrative and Other 360,817 409,110 693,190 781,931 1,373,221 1,613,289 Interest Expense 135,822 145,023 253,937 282,076 480,806 536,453 Fund Expenses 14,434 7,344 26,538 15,348 36,304 38,026 Total Expenses $ 1,932,603 $ 2,375,612 $ 3,827,035 $ 4,637,905 $ 7,223,248 $ 8,513,477 Other Income $ 136,330 $ 140,086 $ 193,905 $ 239,841 $ 215,576 $ 469,924 Income Before Provision for Taxes $ 1,915,627 $ 2,808,452 $ 3,368,228 $ 4,263,509 $ 6,739,445 $ 8,066,927 Provision for Taxes 289,494 452,386 533,321 649,536 1,011,075 1,241,238 Net Income $ 1,626,133 $ 2,356,066 $ 2,834,907 $ 3,613,973 $ 5,728,370 $ 6,825,689 Redeemable NCI in Consolidated Entities 18,209 5,154 26,109 26,164 4,231 45,555 Non-Redeemable NCI in Consolidated Entities 843,680 1,121,723 1,429,702 1,708,891 2,860,335 3,261,098 Net Income Attributable to Blackstone Inc. $ 764,244 $ 1,229,189 $ 1,379,096 $ 1,878,918 $ 2,863,804 $ 3,519,036 Net Income Per Share of Common Stock, Basic $ 0.98 $ 1.54 $ 1.77 $ 2.37 $ 3.71 $ 4.47 Net Income Per Share of Common Stock, Diluted $ 0.98 $ 1.54 $ 1.77 $ 2.37 $ 3.71 $ 4.47 Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests. Blackstone | 1 BLACKSTONE S SECOND QUARTER 2026 HIGHLIGHTS Financial Measures Fee Related Earnings ( FRE ) of $1.8 billion ($1.43/share) in the quarter FRE was $6.3 billion over the last twelve months ( LTM ) ($5.14/share) Distributable Earnings ( DE ) of $2.0 billion ($1.52/share) in the quarter DE was $7.9 billion over the LTM ($6.15/share) Net Accrued Performance Revenues of $7.5 billion ($6.00/share) Capital Metrics Total Assets Under Management ( AUM ) of $1,346.3 billion Fee-Earning AUM of $961.6 billion Perpetual Capital AUM of $555.6 billion Inflows of $68.3 billion in the quarter and $262.5 billion over the LTM Deployment of $34.2 billion in the quarter and $138.5 billion over the LTM Realizations of $31.8 billion in the quarter and $144.5 billion over the LTM Capital Returned to Shareholders Dividend of $1.29 per common share payable on August 10, 2026 Dividends of $5.23 per common share over the LTM Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM $1.7 billion to be distributed to shareholders with respect to the second quarter and $6.9 billion over the LTM through dividends and share repurchases Blackstone | 2 BLACKSTONE S SECOND QUARTER 2026 SEGMENT EARNINGS ($ in thousands, except per share data) 2Q 25 2Q 26 % Change vs. 2Q 25 2Q 25 YTD 2Q 26 YTD % Change vs. 2Q 25 YTD Management and Advisory Fees, Net $ 2,020,012 $ 2,250,296 11% $ 3,912,010 $ 4,383,104 12% Fee Related Performance Revenues 472,050 793,391 68% 765,965 1,281,489 67% Fee Related Compensation (700,316 ) (880,129 ) 26% (1,317,298 ) (1,609,599 ) 22% Other Operating Expenses (332,243 ) (380,130 ) 14% (639,118 ) (723,585 ) 13% Fee Related Earnings $ 1,459,503 $ 1,783,428 22% $ 2,721,559 $ 3,331,409 22% Realized Performance Revenues 553,121 730,885 32% 1,013,144 1,511,379 49% Realized Performance Compensation (256,624 ) (344,124 ) 34% (477,548 ) (708,180 ) 48% Realized Principal Investment Income 29,421 27,499 (7)% 147,331 59,472 (60)% Net Realizations 325,918 414,260 27% 682,927 862,671 26% Total Segment Distributable Earnings $ 1,785,421 $ 2,197,688 23% $ 3,404,486 $ 4,194,080 23% Distributable Earnings $ 1,565,763 $ 1,977,249 26% $ 2,976,568 $ 3,742,087 26% Additional Metrics: Net Income Per Share of Common Stock, Basic $ 0.98 $ 1.54 57% $ 1.77 $ 2.37 34% FRE per Share $ 1.19 $ 1.43 20% $ 2.22 $ 2.69 21% DE per Common Share $ 1.21 $ 1.52 26% $ 2.30 $ 2.88 25% Total Segment Revenues $ 3,074,604 $ 3,802,071 24% $ 5,838,450 $ 7,235,444 24% Total Assets Under Management $ 1,211,207,341 $ 1,346,263,835 11% $ 1,211,207,341 $ 1,346,263,835 11% Fee-Earning Assets Under Management $ 887,114,205 $ 961,592,654 8% $ 887,114,205 $ 961,592,654 8% Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. YTD FRE per Share and DE per Common Share amounts represent the sum of the last two quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segments. Blackstone | 3 INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $7.5 billion ($6.00/share). Investment Performance (appreciation / gross returns) 2Q 26 2Q 26 LTM Real Estate Opportunistic 0.4% (1.4)% Core+ 0.2% 3.2% Private Equity Corporate Private Equity 3.7% 14.4% Tactical Opportunities 3.9% 9.9% Secondaries 1.7% 8.1% Infrastructure 7.2% 28.6% Credit & Insurance Private Credit 1.0% 6.8% Liquid Credit 2.2% 3.9% Multi-Asset Investing Absolute Return Composite 5.8% 15.5% Net Accrued Performance Revenues ($ in millions) Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing. Secondaries appreciation excludes GP Stakes. Private Credit net returns were 0.4% and 3.9% for 2Q 26 and 2Q 26 LTM, respectively. Liquid Credit net returns were 2.1% and 3.4% for 2Q 26 and 2Q 26 LTM, respectively. Absolute Return Composite net returns were 5.4% and 14.1% for 2Q 26 and 2Q 26 LTM, respectively. See notes on page 34 for additional details on these strategies and our investment performance. Blackstone | 4 CAPITAL METRICS ADDITIONAL DETAIL Inflows were $68.3 billion in the quarter, bringing LTM inflows to $262.5 billion. Deployed $34.2 billion in the quarter and $138.5 billion over the LTM. Committed an additional $17.1 billion that was not yet deployed in the quarter. Realizations were $31.8 billion in the quarter and $144.5 billion over the LTM. Inflows Capital Deployed Realizations ($ in millions) 2Q 26 2Q 26 LTM 2Q 26 2Q 26 LTM 2Q 26 2Q 26 LTM Real Estate $ 8,193 $ 27,098 $ 5,815 $ 21,891 $ 6,615 $ 29,650 Opportunistic 1,319 2,355 2,542 7,777 2,715 10,792 Core+ 4,733 13,498 772 3,100 2,018 8,320 Debt Strategies 2,140 11,245 2,501 11,013 1,882 10,538 Private Equity 24,520 76,006 14,515 47,404 11,023 45,682 Corporate Private Equity 15,182 34,852 8,579 26,986 5,834 24,255 Tactical Opportunities 891 3,864 1,264 2,899 1,150 6,387 Secondaries 5,662 23,983 3,263 12,919 2,614 11,523 Infrastructure 2,785 13,307 1,410 4,601 1,425 3,518 Credit & Insurance 31,012 142,998 12,733 65,365 13,495 65,720 Multi-Asset Investing 4,576 16,412 1,112 3,797 710 3,412 Total Blackstone $ 68,300 $ 262,515 $ 34,175 $ 138,457 $ 31,843 $ 144,464 Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed. Blackstone | 5 ASSETS UNDER MANAGEMENT Total AUM increased to $1,346.3 billion, up 11% year-over-year, with $68.3 billion of inflows in the quarter and $262.5 billion over the LTM. Fee-Earning AUM of $961.6 billion was up 8% year-over-year, with $43.3 billion of inflows in the quarter and $168.4 billion over the LTM. Perpetual Capital AUM reached $555.6 billion, up 15% year-over-year. Fee-Earning Perpetual Capital AUM increased to $463.0 billion, representing 48% of Fee-Earning AUM. Multi-Asset Investing had $186 million and $724 million of Perpetual Capital AUM as of 2Q 25 and 2Q 26, respectively. Blackstone | 6 ADDITIONAL CAPITAL DETAIL Invested Performance Eligible AUM reached $653.4 billion at quarter end, up 8% year-over-year. Total Dry Powder of $228.1 billion available for future investments. Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues. Blackstone | 7 Segment Highlights Blackstone | 8 SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION 2Q 26 Total Segment Distributable Earnings were $2.2 billion. LTM Total Segment Distributable Earnings were $8.7 billion. Segment Distributable Earnings ($ in millions) Blackstone | 9 REAL ESTATE Total AUM: $314.1 billion with inflows of $8.2 billion in the quarter and $27.1 billion over the LTM. Inflows in the quarter included $2.1 billion in BREDS, primarily from $1.1 billion in a drawdown fund focused on non-opportunistic real estate credit, $2.0 billion from the initial public offering of Blackstone Digital Infrastructure Trust Inc. ( BXDC ), and $1.2 billion of capital raised in BREIT. Capital Deployed: $5.8 billion in the quarter, including a BREP investment in a joint venture with Related Digital to develop a data center campus in Michigan and a BREP investment in a large logistics platform in France, and $21.9 billion over the LTM. Realizations: $6.6 billion in the quarter, including Digital Realty JV and Lumina, and $29.7 billion over the LTM. Appreciation: Opportunistic funds appreciated 0.4% in the quarter and declined (1.4)% over the LTM; Core+ funds appreciated 0.2% in the quarter and 3.2% over the LTM. % Change % Change ($ in thousands) 2Q 25 2Q 26 vs. 2Q 25 2Q 25 YTD 2Q 26 YTD vs. 2Q 25 YTD Management and Advisory Fees, Net $ 711,292 $ 727,081 2% $ 1,412,140 $ 1,404,558 (1)% Fee Related Performance Revenues 89,590 242,718 171% 127,393 395,716 211% Fee Related Compensation (170,209 ) (262,168 ) 54% (340,734 ) (455,305 ) 34% Other Operating Expenses (87,048 ) (94,624 ) 9% (170,329 ) (184,824 ) 9% Fee Related Earnings $ 543,625 $ 613,007 13% $ 1,028,470 $ 1,160,145 13% Realized Performance Revenues 43,587 210,868 384% 62,597 252,942 304% Realized Performance Compensation (24,139 ) (85,259 ) 253% (32,909 ) (108,215 ) 229% Realized Principal Investment Income (Loss) 2,797 6,660 138% 3,146 (2,145 ) n/m Net Realizations 22,245 132,269 495% 32,834 142,582 334% Segment Distributable Earnings $ 565,870 $ 745,276 32% $ 1,061,304 $ 1,302,727 23% Segment Revenues $ 847,266 $ 1,187,327 40% $ 1,605,276 $ 2,051,071 28% Total AUM $ 324,994,725 $ 314,149,797 (3)% $ 324,994,725 $ 314,149,797 (3)% Fee-Earning AUM $ 285,826,676 $ 277,420,420 (3)% $ 285,826,676 $ 277,420,420 (3)% Blackstone | 10 PRIVATE EQUITY Total AUM: Increased 17% to $454.2 billion with inflows of $24.5 billion in the quarter and $76.0 billion over the LTM. Inflows in the quarter included $5.7 billion for the fifth energy transition fund, $5.7 billion in Secondaries, primarily from the tenth flagship Secondaries strategy, and $2.8 billion in Infrastructure. The third Corporate Private Equity Asia fund held its final close with $1.8 billion of capital raised in the quarter, bringing total capital commitments to $13.1 billion. $2.4 billion of capital raised for BXPE and $861 million of capital raised for BXINFRA. Capital Deployed: $14.5 billion in the quarter, including Hologic, Champions Group, and Arlington Industries, and $47.4 billion over the LTM. Committed an additional $5.6 billion in the quarter, including Eurowind Energy, Dresser Utility Solutions, and Senior PLC. Realizations: $11.0 billion in the quarter, including Sabre Industries and Desotec, and $45.7 billion over the LTM. Appreciation: Corporate Private Equity appreciated 3.7% in the quarter and 14.4% over the LTM. Tactical Opportunities appreciated 3.9% in the quarter and 9.9% over the LTM; Secondaries appreciated 1.7% in the quarter and 8.1% over the LTM; Infrastructure appreciated 7.2% in the quarter and 28.6% over the LTM. % Change % Change ($ in thousands) 2Q 25 2Q 26 vs. 2Q 25 2Q 25 YTD 2Q 26 YTD vs. 2Q 25 YTD Management and Advisory Fees, Net $ 706,298 $ 794,580 12% $ 1,328,090 $ 1,596,502 20% Fee Related Performance Revenues 192,331 391,387 103% 253,235 562,084 122% Fee Related Compensation (266,925 ) (337,528 ) 26% (470,244 ) (600,341 ) 28% Other Operating Expenses (112,300 ) (131,515 ) 17% (215,194 ) (244,443 ) 14% Fee Related Earnings $ 519,404 $ 716,924 38% $ 895,887 $ 1,313,802 47% Realized Performance Revenues 408,980 490,807 20% 759,053 1,128,796 49% Realized Performance Compensation (196,824 ) (251,204 ) 28% (367,965 ) (545,740 ) 48% Realized Principal Investment Income 19,859 24,952 26% 29,035 70,300 142% Net Realizations 232,015 264,555 14% 420,123 653,356 56% Segment Distributable Earnings $ 751,419 $ 981,479 31% $ 1,316,010 $ 1,967,158 49% Segment Revenues $ 1,327,468 $ 1,701,726 28% $ 2,369,413 $ 3,357,682 42% Total AUM $ 388,907,242 $ 454,152,320 17% $ 388,907,242 $ 454,152,320 17% Fee-Earning AUM $ 232,160,209 $ 267,817,860 15% $ 232,160,209 $ 267,817,860 15% BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXINFRA represents the aggregate BXINFRA fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised include amounts allocated to other strategies. Secondaries appreciation excludes GP Stakes. Blackstone | 11 CREDIT & INSURANCE Total AUM: Increased 15% to $469.3 billion with inflows of $31.0 billion in the quarter and $143.0 billion over the LTM. Inflows in the quarter included $13.3 billion for the global direct lending strategy, inclusive of $1.0 billion of equity raised for BCRED. Inflows also included $9.9 billion for the infrastructure and asset based credit strategies, inclusive of $7.5 billion for insurance SMAs. Capital Deployed: $12.7 billion in the quarter driven by infrastructure and asset based credit strategies and global direct lending, and $65.4 billion over the LTM. Committed an additional $9.7 billion in the quarter. Realizations: $13.5 billion in the quarter and $65.7 billion over the LTM. Returns: Private Credit gross return of 1.0% (0.4% net) and Liquid Credit gross return of 2.2% (2.1% net) in the quarter. Private Credit gross return of 6.8% (3.9% net) and Liquid Credit gross return of 3.9% (3.4% net) over the LTM. % Change % Change ($ in thousands) 2Q 25 2Q 26 vs. 2Q 25 2Q 25 YTD 2Q 26 YTD vs. 2Q 25 YTD Management and Advisory Fees, Net $ 470,627 $ 572,756 22% $ 917,671 $ 1,081,243 18% Fee Related Performance Revenues 190,129 159,286 (16)% 385,337 323,689 (16)% Fee Related Compensation (220,305 ) (237,568 ) 8% (421,923 ) (464,061 ) 10% Other Operating Expenses (107,426 ) (124,404 ) 16% (203,704 ) (238,967 ) 17% Fee Related Earnings $ 333,025 $ 370,070 11% $ 677,381 $ 701,904 4% Realized Performance Revenues 87,393 11,540 (87)% 178,990 89,666 (50)% Realized Performance Compensation (30,433 ) (3,746 ) (88)% (70,928 ) (34,943 ) (51)% Realized Principal Investment Income (Loss) 5,800 (4,622 ) n/m 113,703 (10,327 ) n/m Net Realizations 62,760 3,172 (95)% 221,765 44,396 (80)% Segment Distributable Earnings $ 395,785 $ 373,242 (6)% $ 899,146 $ 746,300 (17)% Segment Revenues $ 753,949 $ 738,960 (2)% $ 1,595,701 $ 1,484,271 (7)% Total AUM $ 407,296,172 $ 469,317,440 15% $ 407,296,172 $ 469,317,440 15% Fee-Earning AUM $ 288,931,236 $ 318,240,694 10% $ 288,931,236 $ 318,240,694 10% See notes on page 34. Blackstone | 12 MULTI-ASSET INVESTING Total AUM: Increased 21% to $108.6 billion with inflows of $4.6 billion in the quarter and $16.4 billion over the LTM. Returns: Absolute Return Composite gross return of 5.8% in the quarter (5.4% net), compared to the HFRX Global Hedge Fund Index, which was 5.4%. Absolute Return benefited from positive performance across strategies, including equities, quantitative, macro, and credit during the quarter. Gross return of 15.5% over the LTM (14.1% net), outperforming a 9.7% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets. % Change % Change ($ in thousands) 2Q 25 2Q 26 vs. 2Q 25 2Q 25 YTD 2Q 26 YTD vs. 2Q 25 YTD Management and Advisory Fees, Net $ 131,795 $ 155,879 18% $ 254,109 $ 300,801 18% Fee Related Compensation (42,877 ) (42,865 ) (0)% (84,397 ) (89,892 ) 7% Other Operating Expenses (25,469 ) (29,587 ) 16% (49,891 ) (55,351 ) 11% Fee Related Earnings $ 63,449 $ 83,427 31% $ 119,821 $ 155,558 30% Realized Performance Revenues 13,161 17,670 34% 12,504 39,975 220% Realized Performance Compensation (5,228 ) (3,915 ) (25)% (5,746 ) (19,282 ) 236% Realized Principal Investment Income 965 509 (47)% 1,447 1,644 14% Net Realizations 8,898 14,264 60% 8,205 22,337 172% Segment Distributable Earnings $ 72,347 $ 97,691 35% $ 128,026 $ 177,895 39% Segment Revenues $ 145,921 $ 174,058 19% $ 268,060 $ 342,420 28% Total AUM $ 90,009,202 $ 108,644,278 21% $ 90,009,202 $ 108,644,278 21% Fee-Earning AUM $ 80,196,084 $ 98,113,680 22% $ 80,196,084 $ 98,113,680 22% Blackstone | 13 Supplemental Details Blackstone | 14 TOTAL SEGMENTS ($ in thousands) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 2Q 25 YTD 2Q 26 YTD Base Management Fees $ 1,876,672 $ 1,919,702 $ 1,945,364 $ 1,952,414 $ 1,960,897 $ 3,683,791 $ 3,913,311 Transaction, Advisory and Other Fees, Net 165,690 156,211 149,621 211,697 321,156 276,999 532,853 Management Fee Offsets (22,350 ) (34,093 ) (32,766 ) (31,303 ) (31,757 ) (48,780 ) (63,060 ) Total Management and Advisory Fees, Net 2,020,012 2,041,820 2,062,219 2,132,808 2,250,296 3,912,010 4,383,104 Fee Related Performance Revenues 472,050 453,018 606,445 488,098 793,391 765,965 1,281,489 Fee Related Compensation (700,316 ) (658,091 ) (715,312 ) (729,470 ) (880,129 ) (1,317,298 ) (1,609,599 ) Other Operating Expenses (332,243 ) (356,070 ) (418,051 ) (343,455 ) (380,130 ) (639,118 ) (723,585 ) Fee Related Earnings $ 1,459,503 $ 1,480,677 $ 1,535,301 $ 1,547,981 $ 1,783,428 $ 2,721,559 $ 3,331,409 Realized Performance Revenues 553,121 744,953 1,057,432 780,494 730,885 1,013,144 1,511,379 Realized Performance Compensation (256,624 ) (302,642 ) (310,405 ) (364,056 ) (344,124 ) (477,548 ) (708,180 ) Realized Principal Investment Income 29,421 62,535 209,877 31,973 27,499 147,331 59,472 Total Net Realizations $ 325,918 $ 504,846 $ 956,904 $ 448,411 $ 414,260 $ 682,927 $ 862,671 Total Segment Distributable Earnings $ 1,785,421 $ 1,985,523 $ 2,492,205 $ 1,996,392 $ 2,197,688 $ 3,404,486 $ 4,194,080 Distributable Earnings $ 1,565,763 $ 1,889,487 $ 2,244,809 $ 1,764,838 $ 1,977,249 $ 2,976,568 $ 3,742,087 Additional Metrics: Total Segment Revenues $ 3,074,604 $ 3,302,326 $ 3,935,973 $ 3,433,373 $ 3,802,071 $ 5,838,450 $ 7,235,444 Total Assets Under Management $ 1,211,207,341 $ 1,241,731,296 $ 1,274,931,234 $ 1,304,017,634 $ 1,346,263,835 $ 1,211,207,341 $ 1,346,263,835 Fee-Earning Assets Under Management $ 887,114,205 $ 906,221,028 $ 921,674,454 $ 937,596,454 $ 961,592,654 $ 887,114,205 $ 961,592,654 Blackstone | 15 ASSETS UNDER MANAGEMENT - ROLLFORWARD Total AUM Rollforward ($ in millions) Three Months Ended June 30, 2026 Twelve Months Ended June 30, 2026 Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Beginning Balance $ 315,284 $ 429,910 $ 457,462 $ 101,361 $ 1,304,018 $ 324,995 $ 388,907 $ 407,296 $ 90,009 $ 1,211,207 Inflows 8,193 24,520 31,012 4,576 68,300 27,098 76,006 142,998 16,412 262,515 Outflows (2,157 ) (1,458 ) (7,626 ) (2,298 ) (13,539 ) (8,986 ) (9,245 ) (25,448 ) (8,233 ) (51,912 ) Net Flows 6,036 23,062 23,385 2,278 54,761 18,112 66,761 117,550 8,180 210,603 Realizations (6,615 ) (11,023 ) (13,495 ) (710 ) (31,843 ) (29,650 ) (45,682 ) (65,720 ) (3,412 ) (144,464 ) Market Activity (555 ) 12,204 1,965 5,715 19,328 693 44,167 10,191 13,867 68,918 Ending Balance $ 314,150 $ 454,152 $ 469,317 $ 108,644 $ 1,346,264 $ 314,150 $ 454,152 $ 469,317 $ 108,644 $ 1,346,264 % Change (0)% 6% 3% 7% 3% (3)% 17% 15% 21% 11% Fee-Earning AUM Rollforward ($ in millions) Three Months Ended June 30, 2026 Twelve Months Ended June 30, 2026 Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Beginning Balance $ 277,503 $ 255,841 $ 313,255 $ 90,998 $ 937,596 $ 285,827 $ 232,160 $ 288,931 $ 80,196 $ 887,114 Inflows 6,090 15,363 17,225 4,613 43,291 21,183 51,975 79,237 15,987 168,382 Outflows (1,106 ) (4,117 ) (5,256 ) (2,122 ) (12,601 ) (6,083 ) (14,934 ) (19,381 ) (7,612 ) (48,010 ) Net Flows 4,985 11,246 11,969 2,490 30,690 15,101 37,041 59,856 8,375 120,372 Realizations (4,474 ) (4,559 ) (8,037 ) (677 ) (17,747 ) (24,003 ) (19,222 ) (36,114 ) (3,178 ) (82,518 ) Market Activity (593 ) 5,289 1,054 5,303 11,053 496 17,839 5,568 12,721 36,624 Ending Balance $ 277,420 $ 267,818 $ 318,241 $ 98,114 $ 961,593 $ 277,420 $ 267,818 $ 318,241 $ 98,114 $ 961,593 % Change (0)% 5% 2% 8% 3% (3)% 15% 10% 22% 8% Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments). Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed. Blackstone | 16 DECONSOLIDATED BALANCE SHEET HIGHLIGHTS At June 30, 2026, Blackstone had $12.2 billion in total cash, cash equivalents, corporate treasury, and other investments and $22.7 billion of cash and net investments, or $18.23 per share. Blackstone has a $4.3 billion credit revolver ($3.5 billion undrawn) and maintains A+/A+ ratings. ($ in millions) 2Q 26 Cash and Cash Equivalents $ 2,507 Corporate Treasury and Other Investments 9,735 GP/Fund Investments 2,968 Net Accrued Performance Revenues 7,468 Cash and Net Investments $ 22,678 Outstanding Debt (at par) 13,192 Cash and Net Investments (per share) A+ / A+ rated by S&P and Fitch $4.3B credit revolver with October 2030 maturity $12.2B total cash, corporate treasury and other Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $9.1 billion as of June 30, 2026, which was comprised of$8.5 billion of liquid investments and $601 million of illiquid investments. See notes on pages 31 and 35 for additional details on non-GAAP balance sheetmeasures. Blackstone | 17 NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL ($ in millions, except per share data) 2Q 25 1Q 26 2Q 26 2Q 26 Per Share Real Estate BREP Global $ 721 $ 549 $ 553 $ 0.44 BREP Europe 27 70 81 0.07 BREP Asia 98 101 114 0.09 BPP 45 86 114 0.09 BREDS 32 27 30 0.02 Real Estate $ 923 $ 833 $ 891 $ 0.72 Private Equity BCP Global 1,869 1,860 1,764 1.42 BCP Asia 344 216 262 0.21 Energy/Energy Transition 515 1,007 1,052 0.85 Core Private Equity 266 276 256 0.21 Tactical Opportunities 227 152 150 0.12 Secondaries 1,270 1,088 1,148 0.92 Infrastructure 247 772 936 0.75 Life Sciences 239 228 253 0.20 BTAS 236 257 262 0.21 Private Equity $ 5,212 $ 5,855 $ 6,081 $ 4.89 Credit & Insurance $ 369 $ 255 $ 252 $ 0.20 Multi-Asset Investing $ 103 $ 56 $ 243 $ 0.20 Net Accrued PerformanceRevenues $ 6,608 $ 7,000 $ 7,468 $ 6.00 2Q 26 QoQ Rollforward ($ in millions) Net Net Performance Realized 1Q 26 Revenues Distributions 2Q 26 Real Estate $ 833 $ 339 $ (281 ) $ 891 Private Equity 5,855 732 (506 ) 6,081 Credit &Insurance 255 117 (119 ) 252 Multi-AssetInvesting 56 201 (14 ) 243 Total $ 7,000 $ 1,388 $ (920 ) $ 7,468 QoQ Change 7% 2Q 26 LTM Rollforward ($ in millions) Net Net Performance Realized 2Q 25 Revenues Distributions 2Q 26 Real Estate $ 923 $ 884 $ (915 ) $ 891 Private Equity 5,212 2,624 (1,755 ) 6,081 Credit & Insurance 369 563 (680 ) 252 Multi-Asset Investing 103 550 (410 ) 243 Total $ 6,608 $ 4,621 $ (3,760 ) $ 7,468 YoY Change 13% Net Accrued Performance Revenues ( NAPR ) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributedas of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. PerShare calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary). Blackstone | 18 INVESTMENT RECORDS AS OF JUNE 30, 2026 (a) ($/ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date) Committed Capital Available Capital (b) Unrealized Investments Realized Investments Total Investments Net IRRs (d) Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total Real Estate Pre-BREP - BREP IV (Jan 1992 / Dec 2005) $ 5,441,163 $ - $ - n/a $ 12,219,526 2.0x $ 12,219,526 2.0x 24% 24% BREP V (Dec 2005 / Feb 2007) 5,539,418 - 2,331 n/a 13,468,476 2.3x 13,470,807 2.3x 11% 11% BREP VI (Feb 2007 / Aug 2011) 11,060,122 - 1,748 n/a 27,765,450 2.5x 27,767,198 2.5x 13% 13% BREP VII (Aug 2011 / Apr 2015) 13,506,800 845,588 867,492 0.4x 29,432,126 2.1x 30,299,618 1.9x 17% 14% BREP VIII (Apr 2015 / Jun 2019) 16,651,125 1,215,310 8,377,561 1.3x 24,654,936 2.1x 33,032,497 1.8x 19% 11% BREP IX (Jun 2019 / Aug 2022) 21,374,992 2,812,950 16,292,849 1.0x 12,614,323 1.9x 28,907,172 1.3x 30% 4% *BREP X (Aug 2022 / Feb 2028) 30,643,847 16,025,374 18,765,019 1.3x 3,219,851 1.9x 21,984,870 1.3x 30% 12% Total Global BREP $ 104,217,467 $ 20,899,222 $ 44,307,000 1.1x $ 123,374,688 2.2x $ 167,681,688 1.7x 16% 14% BREP Int l I-II (Jan 2001 / Jun 2008) (e) 2,453,920 - - n/a 3,956,202 1.9x 3,956,202 1.9x 12% 12% BREP Europe III (Jun 2008 / Sep 2013) 3,205,420 86,085 17,071 0.1x 5,993,336 2.1x 6,010,407 2.0x 14% 13% BREP Europe IV (Sep 2013 / Dec 2016) 6,676,611 598,954 624,365 0.6x 10,438,878 1.9x 11,063,243 1.7x 16% 11% BREP Europe V (Dec 2016 / Oct 2019) 8,007,488 597,691 3,724,421 0.7x 6,902,190 3.8x 10,626,611 1.4x 40% 5% BREP Europe VI (Oct 2019 / Sep 2023) 9,941,770 2,763,031 6,117,864 0.9x 4,049,113 2.4x 10,166,977 1.2x 62% 2% *BREP Europe VII (Sep 2023 / Mar 2029) 9,762,262 5,734,678 4,873,649 1.3x 167,092 1.4x 5,040,741 1.3x n/m 13% Total BREP Europe 40,047,471 9,780,439 15,357,370 0.9x 31,506,811 2.2x 46,864,181 1.5x 16% 9% BREP Asia I (Jun 2013 / Dec 2017) $ 4,262,075 $ 646,265 $ 1,209,142 1.7x $ 7,685,485 2.0x $ 8,894,627 1.9x 15% 12% BREP Asia II (Dec 2017 / Mar 2022) 7,361,035 1,178,550 4,995,177 1.1x 3,404,324 1.6x 8,399,501 1.3x 11% 3% *BREP Asia III (Mar 2022 / Sep 2027) 8,219,868 4,351,718 5,078,659 1.3x 503,885 1.8x 5,582,544 1.3x 34% 9% Total BREP Asia $ 19,842,978 $ 6,176,533 $ 11,282,978 1.3x $ 11,593,694 1.8x $ 22,876,672 1.5x 14% 7% BREP Co-Investment (f) 8,691,884 551,495 1,564,893 1.2x 15,372,186 2.2x 16,937,079 2.1x 16% 16% Total BREP $ 179,426,235 $ 38,798,469 $ 74,435,691 1.1x $ 188,783,012 2.2x $ 263,218,703 1.7x 16% 13% *BREDS High-Yield (Various) (g) 27,606,074 8,615,842 3,704,090 1.0x 26,072,271 1.3x 29,776,361 1.3x 10% 9% Private Equity Corporate Private Equity BCP I-III (Oct 1987 / Nov 2002) $ 6,187,603 $ - $ - n/a $ 14,239,072 2.4x $ 14,239,072 2.4x 19% 19% BCOM (Jun 2000 / Jun 2006) 2,137,330 - - n/a 2,995,106 1.4x 2,995,106 1.4x 6% 6% BCP IV (Nov 2002 / Dec 2005) 6,450,000 - - n/a 21,720,334 2.9x 21,720,334 2.9x 36% 36% BCP V (Dec 2005 / Jan 2011) 21,009,112 982,018 - n/a 38,870,191 1.9x 38,870,191 1.9x 8% 8% BCP VI (Jan 2011 / May 2016) 15,192,032 1,340,945 2,127,333 3.1x 30,730,898 2.2x 32,858,231 2.2x 13% 12% BCP VII (May 2016 / Feb 2020) 18,873,411 1,309,645 13,928,047 1.5x 24,466,786 2.6x 38,394,833 2.1x 24% 12% BCP VIII (Feb 2020 / Apr 2024) 25,820,052 5,881,691 25,743,798 1.4x 10,795,620 2.4x 36,539,418 1.6x 26% 10% *BCP IX (Apr 2024 / Apr 2030) 21,829,911 18,396,522 5,316,361 1.5x 293,543 1.5x 5,609,904 1.5x n/m 24% Energy I (Aug 2011 / Feb 2015) 2,435,007 170,540 - n/a 4,897,287 2.0x 4,897,287 2.0x 12% 12% Energy II (Feb 2015 / Feb 2020) 4,926,378 778,845 3,236,286 2.6x 6,342,126 1.8x 9,578,412 2.0x 9% 9% Energy III (Feb 2020 / Jun 2024) 4,398,275 1,815,918 7,255,903 3.0x 5,060,366 3.0x 12,316,269 3.0x 33% 33% Energy Transition IV (Jun 2024 / Jun 2026) 5,880,459 2,763,373 6,518,880 2.0x 157,155 1.7x 6,676,035 2.0x n/m 94% *Energy Transition V (Jun 2026 / Jun 2032) 5,671,639 5,671,639 - n/a - n/a - n/a n/a n/a BCP Asia I (Dec 2017 / Sep 2021) 2,437,080 417,510 1,275,730 1.3x 3,676,038 3.0x 4,951,768 2.3x 33% 19% *BCP Asia II (Sep 2021 / Sep 2027) 6,843,926 3,570,292 6,463,390 1.9x 1,041,893 3.4x 7,505,283 2.0x 93% 27% BCP Asia III (TBD) 13,100,000 13,100,000 - n/a - n/a - n/a n/a n/a Core Private Equity I (Jan 2017 / Mar 2021) (h) 4,760,130 1,193,521 6,588,435 2.1x 4,220,471 3.7x 10,808,906 2.5x 32% 14% *Core Private Equity II (Mar 2021 / Mar 2027) (h) 8,244,519 6,007,302 5,420,354 1.5x 2,081,525 4.2x 7,501,879 1.8x 38% 16% Total Corporate Private Equity $ 176,196,864 $ 63,399,761 $ 83,874,517 1.7x $ 171,588,411 2.3x $ 255,462,928 2.0x 16% 15% The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents not meaningful generally due to the limited timesince initial investment. n/a represents not applicable . Notes on pages 21-22. BREP Blackstone Real Estate Partners, BREDS Blackstone Real Estate Debt Strategies, BCP Blackstone Capital Partners, BCOM Blackstone Communications. * Represents funds that are currently in their investment period. Blackstone | 19 INVESTMENT RECORDS AS OF JUNE 30, 2026 (a) (CONT D) ($/ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date) Committed Capital Available Capital (b) Unrealized Investments Realized Investments Total Investments Net IRRs (d) Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total Private Equity (continued) Tactical Opportunities *Tactical Opportunities (Various) 33,780,643 14,441,280 13,027,191 1.2x 32,984,254 1.9x 46,011,445 1.6x 15% 10% *Tactical Opportunities Co-Investment and Other (Various) 10,477,806 1,084,293 3,558,538 1.3x 12,089,490 1.8x 15,648,028 1.7x 18% 15% Total Tactical Opportunities $ 44,258,449 $ 15,525,573 $ 16,585,729 1.2x $ 45,073,744 1.9x $ 61,659,473 1.6x 16% 11% Growth BXG I (Jul 2020 / Feb 2025) 4,961,566 292,405 5,152,451 1.2x 670,399 1.3x 5,822,850 1.2x n/m 2% *BXG II (Feb 2025 / Feb 2030) 4,610,169 3,742,666 854,654 1.1x 9,154 n/m 863,808 1.1x n/m n/m Total Growth $ 9,571,735 $ 4,035,071 $ 6,007,105 1.2x $ 679,553 1.3x $ 6,686,658 1.2x n/m 2% Strategic Partners (Secondaries) Strategic Partners I-V (Various) (i) 11,035,527 9,572 2,126 n/a 16,796,758 n/a 16,798,884 1.7x n/a 13% Strategic Partners VI (Apr 2014 / Apr 2016) (i) 4,362,772 379,409 420,348 n/a 4,665,673 n/a 5,086,021 1.7x n/a 13% Strategic Partners VII (May 2016 / Mar 2019) (i) 7,489,970 1,605,255 2,258,612 n/a 8,553,876 n/a 10,812,488 1.9x n/a 15% Strategic Partners Real Assets II (May 2017 / Jun 2020) (i) 1,749,807 595,603 1,351,477 n/a 1,397,378 n/a 2,748,855 1.9x n/a 15% Strategic Partners VIII (Mar 2019 / Oct 2021) (i) 10,763,600 3,410,713 5,873,822 n/a 9,027,494 n/a 14,901,316 1.7x n/a 17% *Strategic Partners Real Estate, SMA and Other (Various) (i) 7,055,591 1,224,720 3,165,936 n/a 2,940,627 n/a 6,106,563 1.4x n/a 10% Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i) 3,250,100 666,246 2,626,038 n/a 884,418 n/a 3,510,456 1.6x n/a 15% Strategic Partners IX (Oct 2021 / Mar 2026) (i) 19,692,625 1,504,371 19,455,372 n/a 1,307,669 n/a 20,763,041 1.5x n/a 17% *Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i) 2,095,211 342,116 1,295,854 n/a 94,182 n/a 1,390,036 1.1x n/a (0)% *Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i) 4,837,949 3,501,386 406,950 n/a - n/a 406,950 1.9x n/a n/m *Strategic Partners X (Mar 2026 / May 2031) (i) 11,024,493 8,606,558 - n/a - n/a - n/a n/a n/a Total Strategic Partners (Secondaries) $ 83,357,645 $ 21,845,949 $ 36,856,535 n/a $ 45,668,075 n/a $ 82,524,610 1.6x n/a 14% Life Sciences Clarus IV (Jan 2018 / Jan 2020) 910,000 40,291 517,753 2.0x 817,615 1.6x 1,335,368 1.7x 10% 9% BXLS V (Jan 2020 / Mar 2025) 5,056,620 2,303,560 5,195,969 2.1x 1,854,239 1.8x 7,050,208 2.0x 11% 17% *BXLS VI (Mar 2025 / Mar 2031) 6,486,870 6,375,163 437,377 n/m - n/a 437,377 n/m n/a n/m Credit Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) $ 2,000,000 $ - $ - n/a $ 4,809,113 1.6x $ 4,809,113 1.6x n/a 17% Mezzanine / Opportunistic II (Nov 2011 / Nov 2016) 4,120,000 993,260 57,792 0.5x 6,687,961 1.4x 6,745,753 1.4x n/a 9% Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) 6,639,133 1,081,586 787,485 1.2x 9,939,495 1.5x 10,726,980 1.5x n/a 11% Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025) 5,016,771 1,368,541 3,047,474 1.1x 4,156,400 1.5x 7,203,874 1.3x n/a 11% *Mezzanine / Opportunistic V (Aug 2025 / Aug 2029) 7,630,000 6,911,455 693,976 1.1x 206,964 1.2x 900,940 1.1x n/a n/m Total Mezzanine / Opportunistic $ 25,405,904 $ 10,354,842 $ 4,586,727 1.1x $ 25,799,933 1.5x $ 30,386,660 1.4x n/a 13% Stressed / Distressed I (Sep 2009 / May 2013) 3,253,143 - - n/a 5,777,098 1.3x 5,777,098 1.3x n/a 9% Stressed / Distressed II (Jun 2013 / Jun 2018) 5,125,000 547,430 - n/a 5,564,200 1.1x 5,564,200 1.1x n/a 0% Stressed / Distressed III (Dec 2017 / Dec 2022) 7,356,380 1,085,652 1,022,304 1.2x 5,934,391 1.3x 6,956,695 1.3x n/a 9% Total Stressed / Distressed $ 15,734,523 $ 1,633,082 $ 1,022,304 1.2x $ 17,275,689 1.2x $ 18,297,993 1.2x n/a 7% European Senior Debt I (Feb 2015 / Feb 2019) 1,964,689 67,044 159,420 0.3x 2,999,625 1.3x 3,159,045 1.1x n/a 1% European Senior Debt II (Jun 2019 / Jun 2023) (j) 4,088,344 861,672 2,174,148 0.9x 4,891,963 1.7x 7,066,111 1.3x n/a 8% Total European Senior Debt 6,053,033 928,716 2,333,568 0.8x 7,891,588 1.5x 10,225,156 1.2x n/a 6% Energy I (Nov 2015 / Nov 2018) $ 2,856,867 $ 1,154,819 $ 70,845 1.3x $ 3,556,730 1.5x $ 3,627,575 1.5x n/a 10% Energy II (Feb 2019 / Jun 2023) 3,616,081 1,456,014 423,972 1.3x 3,554,034 1.4x 3,978,006 1.4x n/a 16% *Energy III (May 2023 / May 2028) 6,477,000 4,193,381 2,425,168 1.0x 3,298,003 1.3x 5,723,171 1.2x n/a 15% Total Energy $ 12,949,948 $ 6,804,214 $ 2,919,985 1.0x $ 10,408,767 1.4x $ 13,328,752 1.3x n/a 12% *Senior Direct Lending (Various) (k) 2,820,243 1,233,828 2,692,761 1.1x 341,891 1.2x 3,034,652 1.1x n/a 9% Total Credit Drawdown Funds (l) $ 63,816,276 $ 21,087,768 $ 13,889,746 1.0x $ 63,217,193 1.4x $ 77,106,939 1.3x n/a 10% The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents not meaningful generally due to the limited timesince initial investment. n/a represents not applicable . Notes on pages 21-22. BXG Blackstone Growth, BXLS Blackstone Life Sciences. * Represents funds that are currently in their investment period. Blackstone | 20 INVESTMENT RECORDS AS OF JUNE 30, 2026 (a) (CONT D) Selected Perpetual Capital Strategies(m) ($/ in thousands, except where noted) Investment Total Total Net Strategy (Inception Year) Strategy AUM Return (n) Real Estate BPP - Blackstone Property Partners Platform (2013) (o) Core+ Real Estate $ 57,749,790 2% BREIT - Blackstone Real Estate Income Trust (2017) (p) Core+ Real Estate 56,551,910 9% BREIT - Class I (q) Core+ Real Estate 9% BXMT - Blackstone Mortgage Trust (2013) (r) Real Estate Debt 6,255,948 6% Private Equity BXGP - Blackstone GP Stakes (2014) (s) Minority GP Interests 10,017,197 12% BIP - Blackstone Infrastructure Partners (2019) (t) Infrastructure 74,964,704 18% BXINFRA - Blackstone Infrastructure Strategies Fund Program (2025) (u) Infrastructure 5,979,642 15% BXINFRA - Class I (v) Infrastructure 16% BXPE - Blackstone Private Equity Strategies Fund Program (2024) (w) Private Equity 25,312,193 19% BXPE - Class I (x) Private Equity 20% Credit BXSL - Blackstone Secured Lending Fund (2018) (y) U.S. Direct Lending 16,585,488 11% BCRED - Blackstone Private Credit Fund (2021) (z) U.S. Direct Lending 94,623,700 9% BCRED - Class I (aa) U.S. Direct Lending 9% ECRED - Blackstone European Credit Fund (2022) (ab) European Direct Lending 5,248,866 9% ECRED - Class I (ac) European Direct Lending 9% Investment Records as of June 30, 2026 - Notes (a) Excludes investment vehicles where Blackstone does not earn fees. (b) Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments. (c) Multiple of Invested Capital ( MOIC ) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital. (d) Unless otherwise indicated, Net Internal Rate of Return ( IRR ) represents the annualized inception to June 30, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date. (e) The 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International I-II performance reflects a 10% Realized Net IRR and a 10% Total Net IRR. (f) BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. (g) BREDS High-Yield represents the flagship real estate debt drawdown funds only. (h) Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity. (i) Strategic Partners Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter. (j) European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 12% and 7%, respectively, for the levered and unlevered funds of the strategy. (k) Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 10% and 7%, respectively, for the levered and unlevered funds of the strategy. The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents not meaningful generally due to the limited time since initial investment. n/a represents not applicable . Notes continue on page 22. Blackstone | 21 INVESTMENT RECORDS AS OF JUNE 30, 2026 (a) (CONT D) (l) Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. (m) Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees. (n) Unless otherwise indicated, Total Net Return represents the annualized inception to June 30, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year. (o) BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of June 30, 2026, these vehicles represented $4.4 billion of Total AUM. (p) The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017. (q) Represents the Total Net Return for BREIT s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from January 1, 2017. (r) The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during the period. (s) Blackstone GP Stakes ( BXGP ) represents the aggregate Total AUM and Total Net Return of BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of June 30, 2026, including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $13.1 billion. (t) BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of June 30, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $85.6 billion. (u) The BXINFRA Total Net Return reflects a per share blended return, assuming the BXINFRA Fund Program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXINFRA. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Total net return is from January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXINFRA Total AUM reflects net asset value as of June 30, 2026. BXINFRA AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting. (v) Represents the blended Total Net Return for BXINFRA Fund Program Class I shares, the largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. The Class I Total Net Return is from January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. (w) The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects net asset value as of June 30, 2026. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting. (x) Represents the blended Total Net Return for BXPE Fund Program Class I shares, the largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. (y) The BXSL Total AUM and Total Net Return are presented as of March 31, 2026. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018. (z) The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of June 30, 2026 was $42.8 billion. (aa) Represents the Total Net Return for BCRED s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021. (ab) The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. ECRED net asset value as of June 30, 2026 was 2.6 billion. (ac) Represents the Total Net Return for ECRED s Class I shares, its largest share class. Performance varies by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis and is from October 3, 2022. Blackstone | 22 SHAREHOLDER DIVIDENDS Generated $1.52 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $2.88 per common share. Blackstone declared a quarterly dividend of $1.29 per common share to record holders as of August 3, 2026; payable on August 10, 2026. % Change % Change ($ in thousands, except per share data) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 vs. 2Q 25 2Q 25 YTD 2Q 26 YTD vs. 2Q 25 YTD Distributable Earnings $ 1,565,763 $ 1,889,487 $ 2,244,809 $ 1,764,838 $ 1,977,249 26% $ 2,976,568 $ 3,742,087 26% Add: Other Payables Attributable to Common Shareholders 142,664 26,913 167,504 160,943 166,382 17% 281,089 327,325 16% DE Before Certain Payables 1,708,427 1,916,400 2,412,313 1,925,781 2,143,631 25% 3,257,657 4,069,412 25% Percent to Common Shareholders 64 % 64 % 64 % 64 % 64% 63 % 64 % DE Before Certain Payables Attributable to Common Shareholders 1,086,833 1,220,339 1,537,540 1,229,664 1,378,635 27% 2,067,273 2,608,299 26% Less: Other Payables Attributable to Common Shareholders (142,664 ) (26,913 ) (167,504 ) (160,943 ) (166,382) 17% (281,089 ) (327,325 ) 16% DE Attributable to Common Shareholders 944,169 1,193,426 1,370,036 1,068,721 1,212,253 28% 1,786,184 2,280,974 28% DE per Common Share $ 1.21 $ 1.52 $ 1.75 $ 1.36 $ 1.52 26% $ 2.30 $ 2.88 25% Less: Retained Capital per Common Share $ (0.18 ) $ (0.23 ) $ (0.26 ) $ (0.20 ) $ (0.23) 28% $ (0.34 ) $ (0.43 ) 26% Actual Dividend per Common Share $ 1.03 $ 1.29 $ 1.49 $ 1.16 $ 1.29 25% $ 1.96 $ 2.45 25% Record Date Aug 3, 2026 Payable Date Aug 10, 2026 A detailed description of Blackstone s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy. See additional notes on page 35. Blackstone | 23 SHARE SUMMARY Distributable Earnings Shares Outstanding as of quarter end of 1,244 million shares. Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM. Available authorization remaining was $1.6 billion at June 30, 2026. 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Participating Common Shares 782,567,390 782,728,403 783,183,010 785,497,027 799,934,579 Participating Partnership Units 447,574,842 446,455,699 445,586,312 444,672,720 443,878,452 Distributable Earnings Shares Outstanding 1,230,142,232 1,229,184,102 1,228,769,322 1,230,169,747 1,243,813,031 Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends. Blackstone | 24 Reconciliations and Disclosures Blackstone | 25 BLACKSTONE S SECOND QUARTER 2026 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except per share data) (unaudited) 2Q 25 2Q 26 2Q 25 YTD 2Q 26 YTD 2Q 25 LTM 2Q 26 LTM Revenues Management and Advisory Fees, Net $ 2,035,495 $ 2,266,006 $ 3,939,812 $ 4,414,626 $ 7,614,287 $ 8,550,415 Incentive Fees 195,414 159,080 387,239 324,499 983,777 915,462 Investment Income Performance Allocations Realized 829,820 1,365,175 1,391,870 2,468,348 3,665,458 4,738,721 Unrealized 313,283 587,140 576,484 870,592 379,719 937,171 Principal Investments Realized 97,171 105,585 282,713 248,605 462,329 663,524 Unrealized 365,391 414,821 524,104 29,819 474,848 (245,981 ) Total Investment Income 1,605,665 2,472,721 2,775,171 3,617,364 4,982,354 6,093,435 Interest and Dividend Revenue 100,389 134,224 197,809 242,164 406,130 460,448 Other (225,063 ) 11,947 (298,673 ) 62,920 (239,431 ) 90,720 Total Revenues $ 3,711,900 $ 5,043,978 $ 7,001,358 $ 8,661,573 $ 13,747,117 $ 16,110,480 Expenses Compensation and Benefits Compensation 870,358 963,026 1,899,720 2,129,923 3,386,499 3,901,396 Incentive Fee Compensation 67,363 49,716 124,392 104,084 347,132 254,594 Performance Allocations Compensation Realized 331,191 565,264 573,081 998,713 1,485,668 1,723,104 Unrealized 152,618 236,129 256,177 325,830 113,618 446,615 Total Compensation and Benefits 1,421,530 1,814,135 2,853,370 3,558,550 5,332,917 6,325,709 General, Administrative and Other 360,817 409,110 693,190 781,931 1,373,221 1,613,289 Interest Expense 135,822 145,023 253,937 282,076 480,806 536,453 Fund Expenses 14,434 7,344 26,538 15,348 36,304 38,026 Total Expenses $ 1,932,603 $ 2,375,612 $ 3,827,035 $ 4,637,905 $ 7,223,248 $ 8,513,477 Other Income Change in Tax Receivable Agreement Liability - - - - (41,246 ) 6,591 Net Gains from Fund Investment Activities 136,330 140,086 193,905 239,841 256,822 463,333 Total Other Income $ 136,330 $ 140,086 $ 193,905 $ 239,841 $ 215,576 $ 469,924 Income Before Provision for Taxes $ 1,915,627 $ 2,808,452 $ 3,368,228 $ 4,263,509 $ 6,739,445 $ 8,066,927 Provision for Taxes 289,494 452,386 533,321 649,536 1,011,075 1,241,238 Net Income $ 1,626,133 $ 2,356,066 $ 2,834,907 $ 3,613,973 $ 5,728,370 $ 6,825,689 Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 18,209 5,154 26,109 26,164 4,231 45,555 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 240,836 175,649 341,383 293,016 611,799 612,201 Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 602,844 946,074 1,088,319 1,415,875 2,248,536 2,648,897 Net Income Attributable to Blackstone Inc. $ 764,244 $ 1,229,189 $ 1,379,096 $ 1,878,918 $ 2,863,804 $ 3,519,036 Net Income Per Share of Common Stock, Basic $ 0.98 $ 1.54 $ 1.77 $ 2.37 $ 3.71 $ 4.47 Net Income Per Share of Common Stock, Diluted $ 0.98 $ 1.54 $ 1.77 $ 2.37 $ 3.71 $ 4.47 Blackstone | 26 RECONCILIATION OF GAAP TO NON-GAAP MEASURES QTD YTD LTM ($ in thousands) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 Net Income Attributable to Blackstone Inc. $ 764,244 $ 624,917 $ 1,015,201 $ 649,729 $ 1,229,189 $ 1,379,096 $ 1,878,918 $ 2,863,804 $ 3,519,036 Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 602,844 457,110 775,912 469,801 946,074 1,088,319 1,415,875 2,248,536 2,648,897 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 240,836 125,890 193,295 117,367 175,649 341,383 293,016 611,799 612,201 Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 18,209 29,008 (9,617 ) 21,010 5,154 26,109 26,164 4,231 45,555 Net Income $ 1,626,133 $ 1,236,925 $ 1,974,791 $ 1,257,907 $ 2,356,066 $ 2,834,907 $ 3,613,973 $ 5,728,370 $ 6,825,689 Provision for Taxes 289,494 209,657 382,045 197,150 452,386 533,321 649,536 1,011,075 1,241,238 Income Before Provision for Taxes $ 1,915,627 $ 1,446,582 $ 2,356,836 $ 1,455,057 $ 2,808,452 $ 3,368,228 $ 4,263,509 $ 6,739,445 $ 8,066,927 Transaction-Related and Non-Recurring Items (a) 10,381 (9,412 ) (6,822 ) 6,967 71 29,205 7,038 28,418 (9,196 ) Amortization of Intangibles (b) 7,333 7,333 7,327 7,288 7,288 14,666 14,576 29,332 29,236 Impact of Consolidation (c) (259,045 ) (154,898 ) (183,678 ) (138,377 ) (180,803 ) (367,492 ) (319,180 ) (616,030 ) (657,756 ) Unrealized Performance Revenues (d) (313,256 ) 215,872 (282,372 ) (283,355 ) (587,150 ) (576,457 ) (870,505 ) (379,689 ) (937,005 ) Unrealized Performance Allocations Compensation (e) 152,618 (31,547 ) 152,332 89,701 236,129 256,177 325,830 113,618 446,615 Unrealized Principal Investment (Income) Loss (f) (294,093 ) 216,084 67,826 322,136 (443,186 ) (455,350 ) (121,050 ) (322,367 ) 162,860 Other Revenues (g) 225,083 (28,702 ) 1,174 (50,928 ) (11,898 ) 298,718 (62,826 ) 239,840 (90,354 ) Equity-Based Compensation (h) 312,018 301,562 358,364 561,217 353,753 783,320 914,970 1,329,267 1,574,896 Administrative Fee Adjustment (i) 4,112 4,097 3,942 4,568 4,426 8,298 8,994 14,946 17,033 Taxes and Related Payables (j) (195,015 ) (77,484 ) (230,120 ) (209,436 ) (209,833 ) (382,745 ) (419,269 ) (752,069 ) (726,873 ) Distributable Earnings $ 1,565,763 $ 1,889,487 $ 2,244,809 $ 1,764,838 $ 1,977,249 $ 2,976,568 $ 3,742,087 $ 6,424,711 $ 7,876,383 Taxes and Related Payables (j) 195,015 77,484 230,120 209,436 209,833 382,745 419,269 752,069 726,873 Net Interest and Dividend (Income) Loss (k) 24,643 18,552 17,276 22,118 10,606 45,173 32,724 65,384 68,552 Total Segment Distributable Earnings $ 1,785,421 $ 1,985,523 $ 2,492,205 $ 1,996,392 $ 2,197,688 $ 3,404,486 $ 4,194,080 $ 7,242,164 $ 8,671,808 Realized Performance Revenues (l) (553,121 ) (744,953 ) (1,057,432 ) (780,494 ) (730,885 ) (1,013,144 ) (1,511,379 ) (2,220,893 ) (3,313,764 ) Realized Performance Compensation (m) 256,624 302,642 310,405 364,056 344,124 477,548 708,180 924,713 1,321,227 Realized Principal Investment (Income) Loss (n) (29,421 ) (62,535 ) (209,877 ) (31,973 ) (27,499 ) (147,331 ) (59,472 ) (213,347 ) (331,884 ) Fee Related Earnings $ 1,459,503 $ 1,480,677 $ 1,535,301 $ 1,547,981 $ 1,783,428 $ 2,721,559 $ 3,331,409 $ 5,732,637 $ 6,347,387 Adjusted EBITDA Reconciliation Distributable Earnings $ 1,565,763 $ 1,889,487 $ 2,244,809 $ 1,764,838 $ 1,977,249 $ 2,976,568 $ 3,742,087 $ 6,424,711 $ 7,876,383 Interest Expense (o) 125,033 126,090 128,022 130,058 144,830 242,983 274,888 471,336 529,000 Taxes and Related Payables (j) 195,015 77,484 230,120 209,436 209,833 382,745 419,269 752,069 726,873 Depreciation and Amortization (p) 26,642 24,015 26,102 26,138 25,772 48,868 51,910 96,235 102,027 Adjusted EBITDA $ 1,912,453 $ 2,117,076 $ 2,629,053 $ 2,130,470 $ 2,357,684 $ 3,651,164 $ 4,488,154 $ 7,744,351 $ 9,234,283 Notes on pages 28-29. Blackstone | 27 RECONCILIATION OF GAAP TO NON-GAAP MEASURES NOTES Note: See pages 36-38, Definitions and Dividend Policy. (a) 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. (b) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone s segment presentation. (c) 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 and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. (d) This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. QTD YTD LTM ($ in thousands) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 GAAP Unrealized Performance Allocations $ 313,283 $ (215,818 ) $ 282,397 $ 283,452 $ 587,140 $ 576,484 $ 870,592 $ 379,719 $ 937,171 Segment Adjustment (27 ) (54 ) (25 ) (97 ) 10 (27 ) (87 ) (30 ) (166 ) Unrealized Performance Revenues $ 313,256 $ (215,872 ) $ 282,372 $ 283,355 $ 587,150 $ 576,457 $ 870,505 $ 379,689 $ 937,005 (e) This adjustment removes Unrealized Performance Allocations Compensation. (f) This adjustment removes Unrealized Principal Investment Income on a segment basis. The Segment Adjustment 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. QTD YTD LTM ($ in thousands) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 GAAP Unrealized Principal Investment Income (Loss) $ 365,391 $ (238,658 ) $ (37,142 ) $ (385,002 ) $ 414,821 $ 524,104 $ 29,819 $ 474,848 $ (245,981 ) Segment Adjustment (71,298 ) 22,574 (30,684 ) 62,866 28,365 (68,754 ) 91,231 (152,481 ) 83,121 Unrealized Principal Investment Income (Loss) $ 294,093 $ (216,084 ) $ (67,826 ) $ (322,136 ) $ 443,186 $ 455,350 $ 121,050 $ 322,367 $ (162,860 ) (g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non-Recurring Items. QTD YTD LTM ($ in thousands) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 GAAP Other Revenue $ (225,063 ) $ 28,702 $ (902 ) $ 50,973 $ 11,947 $ (298,673 ) $ 62,920 $ (239,431 ) $ 90,720 Segment Adjustment (20 ) - (272 ) (45 ) (49 ) (45 ) (94 ) (409 ) (366 ) Other Revenues $ (225,083 ) $ 28,702 $ (1,174 ) $ 50,928 $ 11,898 $ (298,718 ) $ 62,826 $ (239,840 ) $ 90,354 (h) This adjustment removes Equity-Based Compensation on a segment basis. (i) 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. Blackstone | 28 RECONCILIATION OF GAAP TO NON-GAAP MEASURES NOTES (CONT D) (j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted for impacts of divestitures and tax contingencies. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable to holders of the Tax Receivable Agreements based on expected tax savings generated in the current period. Please refer to page 36 for the full definition of Taxes and Related Payables. QTD YTD LTM ($ in thousands) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 Taxes $ 167,162 $ 49,719 $ 196,234 $ 178,757 $ 179,996 $ 329,697 $ 358,753 $ 636,676 $ 604,706 Related Payables 27,853 27,765 33,886 30,679 29,837 53,048 60,516 115,393 122,167 Taxes and Related Payables $ 195,015 $ 77,484 $ 230,120 $ 209,436 $ 209,833 $ 382,745 $ 419,269 $ 752,069 $ 726,873 (k) This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement. QTD YTD LTM ($ in thousands) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 GAAP Interest and Dividend Revenue $ 100,389 $ 107,538 $ 110,746 $ 107,940 $ 134,224 $ 197,809 $ 242,164 $ 406,130 $ 460,448 Segment Adjustment 1 - - - - 1 - (178 ) - Interest and Dividend Revenue $ 100,390 $ 107,538 $ 110,746 $ 107,940 $ 134,224 $ 197,810 $ 242,164 $ 405,952 $ 460,448 GAAP Interest Expense $ 135,822 $ 126,288 $ 128,089 $ 137,053 $ 145,023 $ 253,937 $ 282,076 $ 480,806 $ 536,453 Segment Adjustment (10,789 ) (198 ) (67 ) (6,995 ) (193 ) (10,954 ) (7,188 ) (9,470 ) (7,453 ) Interest Expense $ 125,033 $ 126,090 $ 128,022 $ 130,058 $ 144,830 $ 242,983 $ 274,888 $ 471,336 $ 529,000 Net Interest and Dividend Income (Loss) $ (24,643 ) $ (18,552 ) $ (17,276 ) $ (22,118 ) $ (10,606 ) $ (45,173 ) $ (32,724 ) $ (65,384 ) $ (68,552 ) (l) This adjustment removes the total segment amount of Realized Performance Revenues. (m) This adjustment removes the total segment amount of Realized Performance Compensation. (n) This adjustment removes the total segment amount of Realized Principal Investment Income. (o) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (p) This adjustment adds back Depreciation and Amortization on a segment basis. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding QTD 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 GAAP Shares of Common Stock Outstanding 739,055,944 747,812,724 748,688,068 751,535,403 752,601,287 Unvested Participating Common Shares 43,511,446 34,915,679 34,494,942 33,961,624 47,333,292 Total Participating Common Shares 782,567,390 782,728,403 783,183,010 785,497,027 799,934,579 Participating Partnership Units 447,574,842 446,455,699 445,586,312 444,672,720 443,878,452 Distributable Earnings Shares Outstanding 1,230,142,232 1,229,184,102 1,228,769,322 1,230,169,747 1,243,813,031 Disclosure of Weighted-Average Shares Common Stock Outstanding QTD YTD LTM 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 Total GAAP Weighted-Average Shares of Common Stock Outstanding Basic 782,386,121 782,633,394 783,106,052 785,332,239 799,882,459 777,120,501 792,647,549 772,754,797 787,718,453 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 15,116 47,741 87,397 964,071 14,976 326,667 489,524 195,783 278,546 Total GAAP Weighted-Average Shares of Common Stock Outstanding Diluted 782,401,237 782,681,135 783,193,449 786,296,310 799,897,435 777,447,168 793,137,073 772,950,580 787,996,999 Blackstone | 29 BLACKSTONE S SECOND QUARTER 2026 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION ($ in thousands) (unaudited) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Assets Cash and Cash Equivalents $ 2,235,499 $ 2,430,690 $ 2,631,241 $ 2,448,485 $ 2,507,073 Cash Held by Blackstone Funds and Other 313,950 401,558 223,441 261,955 266,230 Investments 31,135,504 31,528,443 32,212,111 32,747,619 34,587,729 Accounts Receivable 357,858 543,209 291,758 572,832 692,055 Due from Affiliates 5,516,820 5,845,843 6,357,462 6,395,165 6,218,066 Intangible Assets, Net 147,294 140,458 131,359 122,324 113,288 Goodwill 1,890,202 1,890,202 1,890,202 1,890,202 1,890,202 Other Assets 877,000 900,582 1,157,719 1,035,171 996,506 Right-of-Use Assets 793,690 773,030 757,459 786,276 743,127 Deferred Tax Assets 2,105,277 2,100,275 2,056,223 2,066,953 1,877,944 Total Assets $ 45,373,094 $ 46,554,290 $ 47,708,975 $ 48,326,982 $ 49,892,220 Liabilities and Equity Loans Payable $ 12,008,870 $ 12,002,650 $ 12,445,144 $ 13,280,285 $ 13,194,730 Due to Affiliates 2,802,514 3,000,083 3,224,432 3,244,627 3,484,356 Accrued Compensation and Benefits 6,065,974 6,385,958 6,411,389 6,396,285 6,844,156 Operating Lease Liabilities 918,887 886,135 861,021 881,566 832,586 Accounts Payable, Accrued Expenses and Other Liabilities 2,497,969 2,918,023 2,885,817 3,107,508 3,103,164 Total Liabilities 24,294,214 25,192,849 25,827,803 26,910,271 27,458,992 Redeemable Non-Controlling Interests in Consolidated Entities 1,487,129 1,476,212 1,380,503 1,400,419 1,371,083 Equity Common Stock, $0.00001 par value (752,601,287 shares issued and outstanding as of June 30, 2026) 7 7 7 7 7 Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2026) - - - - - Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2026) - - - - - Additional Paid-in-Capital 7,988,663 8,214,078 8,479,886 8,710,266 9,051,771 Retained Earnings (Deficit) 362,614 184,040 191,641 (323,733 ) (18,646 ) Accumulated Other Comprehensive Income (Loss) 1,055 (5,602 ) (6,008 ) (15,770 ) (18,589 ) Non-Controlling Interests in Consolidated Entities 6,847,785 7,162,957 7,224,211 7,226,994 7,104,291 Non-Controlling Interests in Blackstone Holdings 4,391,627 4,329,749 4,610,932 4,418,528 4,943,311 Total Equity 19,591,751 19,885,229 20,500,669 20,016,292 21,062,145 Total Liabilities and Equity $ 45,373,094 $ 46,554,290 $ 47,708,975 $ 48,326,982 $ 49,892,220 See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures. Blackstone | 30 RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES ($ in thousands) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Investments of Consolidated Blackstone Funds $ 5,101,278 $ 5,507,078 $ 5,180,879 $ 5,189,519 $ 5,233,815 Equity Method Investments Partnership Investments 6,942,526 6,936,411 6,546,190 6,612,536 6,535,521 Accrued Performance Allocations 12,054,879 11,933,738 12,980,356 13,002,955 13,906,754 Corporate Treasury Investments 229,497 262,582 359,657 167,389 401,465 Other Investments 6,807,324 6,888,634 7,145,029 7,775,220 8,510,174 Total GAAP Investments 31,135,504 31,528,443 32,212,111 32,747,619 34,587,729 Accrued Performance Allocations - GAAP $ 12,054,879 $ 11,933,738 $ 12,980,356 $ 13,002,955 $ 13,906,754 Impact of Consolidation (a) - - - - - Due from Affiliates GAAP (b) 229,359 215,647 577,467 204,866 169,131 Less: Net Realized Performance Revenues (c) (456,507 ) (379,797 ) (1,081,738 ) (630,610 ) (591,552 ) Less: Accrued Performance Compensation - GAAP (d) (5,220,188 ) (5,258,769 ) (5,733,563 ) (5,577,711 ) (6,016,432 ) Net Accrued Performance Revenues $ 6,607,543 $ 6,510,819 $ 6,742,522 $ 6,999,500 $ 7,467,901 Corporate Treasury and Other Investments - GAAP $ 7,036,821 $ 7,151,216 $ 7,504,686 $ 7,942,609 $ 8,911,639 Impact of Consolidation (a) 965,045 932,562 758,128 726,047 671,456 Other Assets (e) 337,228 563,415 409,248 568,481 494,212 Other Liabilities (f) (3,190 ) (3,417 ) (3,357 ) (325,313 ) (342,730 ) Corporate Treasury and Other Investments - Deconsolidated (g) $ 8,335,904 $ 8,643,776 $ 8,668,705 $ 8,911,824 $ 9,734,577 Partnership Investments - GAAP $ 6,942,526 $ 6,936,411 $ 6,546,190 $ 6,612,536 $ 6,535,521 Impact of Consolidation (h) (3,653,037 ) (3,620,409 ) (3,639,431 ) (3,662,090 ) (3,567,345 ) GP/Fund Investments - Deconsolidated $ 3,289,489 $ 3,316,002 $ 2,906,759 $ 2,950,446 $ 2,968,176 Loans Payable - GAAP $ 12,008,870 $ 12,002,650 $ 12,445,144 $ 13,280,285 $ 13,194,730 Impact of Consolidation (i) (128,335 ) (328,044 ) (126,420 ) (90,747 ) (123,897 ) Outstanding Debt - Carrying Value 11,880,535 11,674,606 12,318,724 13,189,538 13,070,833 Unamortized Discount 123,255 120,174 128,096 124,472 120,907 Outstanding Debt (at par) - Deconsolidated $ 12,003,790 $ 11,794,780 $ 12,446,820 $ 13,314,010 $ 13,191,740 (a) This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. (b) Represents GAAP accrued performance revenue recorded within Due from Affiliates. (c) Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized. (d) Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates. (e) This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, Other Assets and Due from Affiliates. (f) This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities. (g) Deconsolidated Other Investments was $9.1 billion as of June 30, 2026, which was comprised of $8.5 billion of liquid investments and $601 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods. (h) This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. (i) This adjustment removes amounts related to consolidated Blackstone Funds. Blackstone | 31 RECONCILIATION OF GAAP TO TOTAL SEGMENTS QTD YTD LTM ($ in thousands) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 Management and Advisory Fees, Net GAAP $ 2,035,495 $ 2,056,248 $ 2,079,541 $ 2,148,620 $ 2,266,006 $ 3,939,812 $ 4,414,626 $ 7,614,287 $ 8,550,415 Segment Adjustment (a) (15,483 ) (14,428 ) (17,322 ) (15,812 ) (15,710 ) (27,802 ) (31,522 ) (56,252 ) (63,272 ) Total Segment $ 2,020,012 $ 2,041,820 $ 2,062,219 $ 2,132,808 $ 2,250,296 $ 3,912,010 $ 4,383,104 $ 7,558,035 $ 8,487,143 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees 195,414 200,675 390,288 165,419 159,080 387,239 324,499 983,777 915,462 Investment Income - Realized Performance Allocations 829,820 997,296 1,273,077 1,103,173 1,365,175 1,391,870 2,468,348 3,665,458 4,738,721 GAAP $ 1,025,234 $ 1,197,971 $ 1,663,365 $ 1,268,592 $ 1,524,255 $ 1,779,109 $ 2,792,847 $ 4,649,235 $ 5,654,183 Total Segment Less: Realized Performance Revenues (553,121 ) (744,953 ) (1,057,432 ) (780,494 ) (730,885 ) (1,013,144 ) (1,511,379 ) (2,220,893 ) (3,313,764 ) Segment Adjustment (b) (63 ) - 512 - 21 - 21 1,000 533 Total Segment $ 472,050 $ 453,018 $ 606,445 $ 488,098 $ 793,391 $ 765,965 $ 1,281,489 $ 2,429,342 $ 2,340,952 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation 870,358 845,659 925,814 1,166,897 963,026 1,899,720 2,129,923 3,386,499 3,901,396 Incentive Fees Compensation 67,363 61,882 88,628 54,368 49,716 124,392 104,084 347,132 254,594 Realized Performance Allocations Compensation 331,191 354,765 369,626 433,449 565,264 573,081 998,713 1,485,668 1,723,104 GAAP $ 1,268,912 $ 1,262,306 $ 1,384,068 $ 1,654,714 $ 1,578,006 $ 2,597,193 $ 3,232,720 $ 5,219,299 $ 5,879,094 Total Segment Less: Realized Performance Compensation (256,624 ) (302,642 ) (310,405 ) (364,056 ) (344,124 ) (477,548 ) (708,180 ) (924,713 ) (1,321,227 ) Less: Equity-Based Compensation - Fee Related Compensation (306,495 ) (296,506 ) (345,649 ) (549,703 ) (345,343 ) (770,548 ) (895,046 ) (1,308,662 ) (1,537,201 ) Less: Equity-Based Compensation - Performance Compensation (5,523 ) (5,056 ) (12,715 ) (11,514 ) (8,410 ) (12,772 ) (19,924 ) (20,605 ) (37,695 ) Segment Adjustment (c) 46 (11 ) 13 29 - (19,027 ) 29 (15,689 ) 31 Total Segment $ 700,316 $ 658,091 $ 715,312 $ 729,470 $ 880,129 $ 1,317,298 $ 1,609,599 $ 2,949,630 $ 2,983,002 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 360,817 $ 383,580 $ 447,778 $ 372,821 $ 409,110 $ 693,190 $ 781,931 $ 1,373,221 $ 1,613,289 Segment Adjustment (d) (28,574 ) (27,510 ) (29,727 ) (29,366 ) (28,980 ) (54,072 ) (58,346 ) (68,111 ) (115,583 ) Total Segment $ 332,243 $ 356,070 $ 418,051 $ 343,455 $ 380,130 $ 639,118 $ 723,585 $ 1,305,110 $ 1,497,706 Realized Performance Revenues GAAP Incentive Fees 195,414 200,675 390,288 165,419 159,080 387,239 324,499 983,777 915,462 Investment Income - Realized Performance Allocations 829,820 997,296 1,273,077 1,103,173 1,365,175 1,391,870 2,468,348 3,665,458 4,738,721 GAAP $ 1,025,234 $ 1,197,971 $ 1,663,365 $ 1,268,592 $ 1,524,255 $ 1,779,109 $ 2,792,847 $ 4,649,235 $ 5,654,183 Total Segment Less: Fee Related Performance Revenues (472,050 ) (453,018 ) (606,445 ) (488,098 ) (793,391 ) (765,965 ) (1,281,489 ) (2,429,342 ) (2,340,952 ) Segment Adjustment (b) (63 ) - 512 - 21 - 21 1,000 533 Total Segment $ 553,121 $ 744,953 $ 1,057,432 $ 780,494 $ 730,885 $ 1,013,144 $ 1,511,379 $ 2,220,893 $ 3,313,764 Blackstone | 32 RECONCILIATION OF GAAP TO TOTAL SEGMENTS (CONT D) QTD YTD LTM ($ in thousands) 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 Realized Performance Compensation GAAP Incentive Fee Compensation $ 67,363 $ 61,882 $ 88,628 $ 54,368 $ 49,716 $ 124,392 $ 104,084 $ 347,132 $ 254,594 Realized Performance Allocations Compensation 331,191 354,765 369,626 433,449 565,264 573,081 998,713 1,485,668 1,723,104 GAAP $ 398,554 $ 416,647 $ 458,254 $ 487,817 $ 614,980 $ 697,473 $ 1,102,797 $ 1,832,800 $ 1,977,698 Total Segment Less: Fee Related Performance Compensation (e) (136,407 ) (108,949 ) (135,134 ) (112,247 ) (262,446 ) (207,153 ) (374,693 ) (887,482 ) (618,776 ) Less: Equity-Based Compensation - Performance Compensation (5,523 ) (5,056 ) (12,715 ) (11,514 ) (8,410 ) (12,772 ) (19,924 ) (20,605 ) (37,695 ) Total Segment $ 256,624 $ 302,642 $ 310,405 $ 364,056 $ 344,124 $ 477,548 $ 708,180 $ 924,713 $ 1,321,227 Realized Principal Investment Income (Loss) GAAP $ 97,171 $ 152,652 $ 262,267 $ 143,020 $ 105,585 $ 282,713 $ 248,605 $ 462,329 $ 663,524 Segment Adjustment (f) (67,750 ) (90,117 ) (52,390 ) (111,047 ) (78,086 ) (135,382 ) (189,133 ) (248,982 ) (331,640 ) Total Segment $ 29,421 $ 62,535 $ 209,877 $ 31,973 $ 27,499 $ 147,331 $ 59,472 $ 213,347 $ 331,884 GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss) GAAP Interest and Dividend Revenue 100,389 107,538 110,746 107,940 134,224 197,809 242,164 406,130 460,448 Interest Expense (135,822 ) (126,288 ) (128,089 ) (137,053 ) (145,023 ) (253,937 ) (282,076 ) (480,806 ) (536,453 ) GAAP $ (35,433 ) $ (18,750 ) $ (17,343 ) $ (29,113 ) $ (10,799 ) $ (56,128 ) $ (39,912 ) $ (74,676 ) $ (76,005 ) Segment Adjustment (g) 10,790 198 67 6,995 193 10,955 7,188 9,292 7,453 Total Segment $ (24,643 ) $ (18,552 ) $ (17,276 ) $ (22,118 ) $ (10,606 ) $ (45,173 ) $ (32,724 ) $ (65,384 ) $ (68,552 ) This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statement of Operations (page 26). 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. (g) Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement. Blackstone | 33 NOTES Notes to page 4 - Investment Performance and Net Accrued Performance Revenues The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of Blackstone. Core+ appreciation represents a weighted average of BREIT s per share appreciation, BEPIF s per share appreciation, and BPP s appreciation for the period and does not include BXDC. The returns are weighted based on the average of BREIT s monthly net asset values, BEPIF s monthly net asset values, and the average of BPP s net asset value. Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries business refer to the appreciation of the Strategic Partners funds and do not include results for GP Stakes. Strategic Partners results are reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters. Throughout this presentation, Infrastructure refers to our infrastructure-focused funds, including Blackstone Infrastructure Partners funds ( BIP ) and Blackstone Infrastructure Strategies Fund Program ( BXINFRA ). AUM, inflows, and related metrics for Infrastructure refer to BIP and the portion of BXINFRA assets that are managed in Infrastructure. Infrastructure appreciation represents a weighted average of BIP s appreciation and BXINFRA s per share appreciation for the period. The returns are weighted based on the average of BIP s quarterly net asset value and the average of BXINFRA s monthly net asset values. Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and non-investment grade infrastructure and asset-based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone s acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded. The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing ( BXMA ) Absolute Return Composite, which includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA s liquid solutions group, seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account. Notes to page 12 Credit & Insurance Segment Highlights Beginning 2Q 26, capital markets advisory revenues generated in connection with certain financing transactions in infrastructure and asset based credit strategies are presented in the Credit & Insurance segment. Previously, all capital markets advisory revenues were included in the Private Equity segment as part of the BXCM business. Blackstone | 34 NOTES (CONT D) Notes to page 17 Deconsolidated Balance Sheet Highlights GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $734 million, $1.7 billion, $366 million, and $135 million, respectively, as of June 30, 2026. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary). Notes to page 23 Shareholder Dividends DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deductions taken by Blackstone s corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables. Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to shareholders as of the applicable record date. Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders share was $184 million for 2Q 26 and $341 million for 2Q 26 YTD. Blackstone | 35 DEFINITIONS AND DIVIDEND POLICY Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ( non-GAAP ) in this presentation: Segment Distributable Earnings, or Segment DE , is Blackstone s segment profitability measure used to make operating decisions and assess performance across Blackstone s four segments. Segment DE 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. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation). Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income. Distributable Earnings, or DE , is derived from Blackstone s segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement. Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone s consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders. Fee Related Earnings, or FRE , is a performance measure 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. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. Blackstone | 36 DEFINITIONS AND DIVIDEND POLICY (CONT D) Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation. Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis, and (b) not dependent on realization events from the underlying investments. Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone s segment presentation, and (c) give effect 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. Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemption requests are limited in quantum. Includes co-investment capital with an investor right to convert into Perpetual Capital. FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and Fee Related Performance Revenues). Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or Adjusted EBITDA , is a supplemental measure used to assess performance derived from Blackstone s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations. Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation. Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. The program, which typically has an impact on individual quarters based on the estimated amounts for the full year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the full year. For 2Q 26 QTD, 2Q 26 YTD, 2Q 25 QTD and 2Q 25 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for both the current year and prior year quarter and YTD periods. 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. Blackstone | 37 DEFINITIONS AND DIVIDEND POLICY (CONT D) Private Wealth AUM refers to the portion of assets under management attributable to the individual investor channel and comprises (a) all Assets Under Management in vehicles or share classes of vehicles, in each case that are primarily targeted to the individual investor channel (including parallel or related vehicles) and (b) Assets Under Management attributable only to individual investors (including through private wealth distribution agreements) in vehicles that are not primarily targeted to the individual investor channel. Dividend Policy. Blackstone s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc. s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone s board of directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone s board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely. Blackstone | 38 FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as outlook, indicator, believes, expects, potential, continues, may, will, should, seeks, approximately, predicts, intends, plans, scheduled, estimates, anticipates, opportunity, leads, forecast, possible or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission ( SEC ), which are accessible on the SEC s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. This presentation does not constitute an offer of any Blackstone Fund. Blackstone | 39