Blackstone Q3 distributable earnings fall 9% to $1.72B

Common shareholders of record November 2, 2026, are set to receive a $1.12 per-share dividend on November 9.

Rhea-AI Filing Summary

Blackstone Inc. (BX) reported third-quarter 2026 total revenue of $3.062888 billion and net income attributable to Blackstone of $662.372 million. Non-GAAP Fee Related Earnings were $1.572052 billion, up 6% from 3Q 2025, while Distributable Earnings were $1.715678 billion, down 9%; Distributable Earnings per common share was $1.32, down 13%. GAAP diluted net income per share was $0.83, compared with $0.80 in 3Q 2025.

Total assets under management were $1,368.3 billion, including fee-earning AUM of $989.7 billion. Quarterly inflows were $63.311 billion, deployment was $30.088 billion and realizations were $33.135 billion. As of September 30, 2026, cash and net investments were $23.517 billion and outstanding debt at par was $13.076 billion.

1 point · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

• Moderate pointFee-related earnings increased 6% to $1.572052 billion.

Negative

• Moderate pointDistributable earnings declined 9% to $1.715678 billion.

Filing Explained

Blackstone has declared a quarterly $1.12-per-share dividend for common holders of record at close of business on November 2, 2026, with payment scheduled for November 9, 2026; the distribution has been declared but is not yet at its scheduled payment date.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total Revenue: $3.062888 billion Net Income Attributable to Blackstone: $662.372 million Fee Related Earnings: $1.572052 billion +4 more

7 metrics

Total Revenue $3.062888 billion Third quarter 2026; GAAP

Net Income Attributable to Blackstone $662.372 million Third quarter 2026

Fee Related Earnings $1.572052 billion Third quarter 2026; up 6% from 3Q 2025

Distributable Earnings $1.715678 billion Third quarter 2026; down 9% from 3Q 2025

Total Assets Under Management $1,368.3 billion Third quarter 2026

Quarterly Inflows $63.311 billion Third quarter 2026

Quarterly Dividend $1.12 per common share Payable November 9, 2026

Key Terms

Fee Related Earnings, Distributable Earnings, Net Accrued Performance Revenues, MOIC, +1 more

5 terms

Fee Related Earnings financial

"Fee Related Earnings (FRE) of $1.6 billion ($1.26/share) in the quarter"

Fee related earnings are the predictable revenue a financial firm collects from ongoing client charges such as asset management fees, advisory fees, custody or service fees, and recurring commissions, as opposed to one-off gains from trading or interest income. Investors care because these fees act like a steady subscription, smoothing revenue and making a company's cash flow more reliable and easier to forecast, which reduces risk and supports valuation.

Distributable Earnings financial

"Distributable Earnings (DE) of $1.7 billion ($1.32/share) in the quarter"

Distributable earnings are the portion of a company’s reported profits that management determines is safe to pay out to shareholders after accounting for cash needs, required reserves, and non-cash bookkeeping items. Think of it like the money left in your household budget after paying bills and putting aside savings — it shows what can realistically be handed out as dividends or distributions and helps investors judge how sustainable and reliable future payouts may be.

Net Accrued Performance Revenues financial

"Net Accrued Performance Revenues of $7.3 billion ($5.84/share)"

MOIC financial

"Total Investments; MOIC (c)"

MOIC (Multiple on Invested Capital) is a simple ratio that shows how many times an investor’s original money has been returned — for example, 2.0x means you got back twice what you put in. It matters to investors because it gives a clear snapshot of total cash outcome compared with the initial stake, like checking how many apples you got back for each seed planted, though it does not account for how long the investment took to produce that return.

Net IRRs financial

"Total Investments; Net IRRs (d)"

Earnings Snapshot

Total Revenue: $3.062888 billion

Third quarter ended September 30, 2026

Total Revenue $3.062888 billion Compared with $3.088635 billion in 3Q 2025

Net Income Attributable to Blackstone Inc. $662.372 million Compared with $624.917 million in 3Q 2025

Fee Related Earnings $1.572052 billion Up 6% from 3Q 2025

Distributable Earnings $1.715678 billion Down 9% from 3Q 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were BX's third-quarter 2026 revenue and net income?

Blackstone reported third-quarter 2026 revenue of $3.062888 billion and net income attributable to Blackstone of $662.372 million; diluted net income per common share was $0.83, compared with $0.80 in 3Q 2025.

What is BX's third-quarter 2026 dividend and when is it paid?

Blackstone declared a $1.12 per-share quarterly dividend, payable November 9, 2026, to common shareholders of record at the close of business on November 2, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 10/22/2026 - 06:55 AM EDT Accepted by SEC EDGAR 10/22/2026 - 06:55 AM EDT Learn about SEC filing dates

false 0001393818 0001393818 2026-10-22 2026-10-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 22, 2026

Blackstone Inc.

(Exact name of Registrant as specified in its charter)

Delaware		001-33551		20-8875684
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

345 Park Avenue New York, New York		10154
(Address of principal executive offices)		(Zip Code)

(212) 583-5000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		BX		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 22, 2026, Blackstone Inc. issued a press release and detailed presentation announcing financial results for its third quarter ended September 30, 2026.

The press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press release of Blackstone Inc. dated October 22, 2026.
104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

i

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 22, 2026

Blackstone Inc.

By: /s/ Michael S. Chae      

Name:		Michael S. Chae
Title:		Chief Financial Officer

ii

Exhibit 99.1

Blackstone Reports Third Quarter 2026 Results

New York, October 22, 2026: Blackstone (NYSE:BX) today reported its third quarter 2026 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered strong third-quarter results amid a volatile external environment. Our flagship strategies outperformed comparable public market indices and inflows reached $63 billion, with positive momentum across our major fund-raising channels. We’ve established leading platforms to address the key investment themes powering the global economy and markets today – including AI and energy infrastructure – which gives our investors unique access to remarkable opportunities.”

Blackstone issued a full detailed presentation of its third quarter 2026 results, which can be viewed at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.12 per share to record holders of common stock at the close of business on November 2, 2026. This dividend will be paid on November 9, 2026.

Quarterly Investor Call Details

Blackstone will host its third quarter 2026 investor conference via public webcast on October 22, 2026, at 9:00 a.m. ET. To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1777525&tp_key=e1c5d41eb8. 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 nearly $1.4 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  tucker@blackstone.com Christine Anderson Blackstone Tel: +1 (212) 583-5182 christine.anderson@blackstone.com

Blackstone’s Third

Quarter 2026 Earnings

OCTOBER 22, 2026

BLACKSTONE’S THIRD QUARTER 2026 GAAP RESULTS

§ GAAP Net Income was $1.3 billion for the quarter and $4.9 billion year-to-date (“YTD”). GAAP Net Income Attributable to Blackstone Inc. was $662 million for the quarter and $2.5 billion YTD.

($ in thousands, except per share data) (unaudited)		3Q’25				3Q’26								3Q’25 YTD				3Q’26 YTD								3Q’25 LTM				3Q’26 LTM
Revenues
Management and Advisory Fees, Net		$	2,056,248			$	2,178,108							$	5,996,060			$	6,592,734							$	7,875,641			$	8,672,275
Incentive Fees			200,675				172,729								587,914				497,228								992,658				887,516
Performance Allocations			781,478				204,637								2,749,832				3,543,577								3,256,982				5,099,051
Principal Investments			(86,006	)			369,729								720,811				648,153								757,800				873,278
Interest and Dividend Revenue			107,538				125,941								305,347				368,105								403,894				478,851
Other			28,702				11,744								(269,971	)			74,664								(114,417	)			73,762
Total Revenues		$	3,088,635			$	3,062,888							$	10,089,993			$	11,724,461							$	13,172,558			$	16,084,733
Expenses
Compensation and Benefits			1,230,759				1,066,272								4,084,129				4,624,822								5,123,332				6,161,222
General, Administrative and Other			383,580				416,358								1,076,770				1,198,289								1,415,856				1,646,067
Interest Expense			126,288				132,936								380,225				415,012								495,757				543,101
Fund Expenses			10,060				9,733								36,598				25,081								42,894				37,699
Total Expenses		$	1,750,687			$	1,625,299							$	5,577,722			$	6,263,204							$	7,077,839			$	8,388,089
Other Income		$	108,634			$	93,418							$	302,539			$	333,259							$	281,368			$	454,708
Income Before Provision for Taxes		$	1,446,582			$	1,531,007							$	4,814,810			$	5,794,516							$	6,376,087			$	8,151,352
Provision for Taxes			209,657				258,564								742,978				908,100								975,429				1,290,145
Net Income		$	1,236,925			$	1,272,443							$	4,071,832			$	4,886,416							$	5,400,658			$	6,861,207
Redeemable NCI in Consolidated Entities			29,008				3,486								55,117				29,650								55,423				20,033
Non-Redeemable NCI in Consolidated Entities			583,000				606,585								2,012,702				2,315,476								2,637,349				3,284,683
Net Income Attributable to Blackstone Inc.		$	624,917			$	662,372							$	2,004,013			$	2,541,290							$	2,707,886			$	3,556,491
Net Income Per Share of Common Stock, Basic		$	0.80			$	0.83							$	2.57			$	3.20							$	3.49			$	4.49
Net Income Per Share of Common Stock, Diluted		$	0.80			$	0.83							$	2.57			$	3.19							$	3.49			$	4.49

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 THIRD QUARTER 2026 HIGHLIGHTS

Financial Measures		§  Fee Related Earnings (“FRE”) of $1.6 billion ($1.26/share) in the quarter – FRE was $6.4 billion over the last twelve months (“LTM”) ($5.20/share) §  Distributable Earnings (“DE”) of $1.7 billion ($1.32/share) in the quarter – DE was $7.7 billion over the LTM ($5.95/share) §  Net Accrued Performance Revenues of $7.3 billion ($5.84/share)
Capital Metrics		§  Total Assets Under Management (“AUM”) of $1,368.3 billion – Fee-Earning AUM of $989.7 billion – Perpetual Capital AUM of $562.3 billion §  Inflows of $63.3 billion in the quarter and $271.6 billion over the LTM §  Deployment of $30.1 billion in the quarter and $142.0 billion over the LTM §  Realizations of $33.1 billion in the quarter and $147.0 billion over the LTM
Capital Returned to Shareholders		§  Dividend of $1.12 per common share payable on November 9, 2026 – Dividends of $5.06 per common share over the LTM §  Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM §  $1.5 billion to be distributed to shareholders with respect to the quarter and $6.7 billion over the LTM through dividends and share repurchases

Blackstone |  2

BLACKSTONE’S THIRD QUARTER 2026 SEGMENT EARNINGS

($ in thousands, except per share data)		3Q’25				3Q’26				% Change   vs. 3Q’25				3Q’25 YTD				3Q’26 YTD				% Change  vs. 3Q’25 YTD
Management and Advisory Fees, Net		$	2,041,820			$	2,159,457				6%			$	5,953,830			$	6,542,561			10%
Fee Related Performance Revenues			453,018				540,129				19%				1,218,983				1,821,618			49%
Fee Related Compensation			(658,091	)			(745,083	)			13%				(1,975,389	)			(2,354,682	)		19%
Other Operating Expenses			(356,070	)			(382,451	)			7%				(995,188	)			(1,106,036	)		11%
Fee Related Earnings		$	1,480,677			$	1,572,052				6%			$	4,202,236			$	4,903,461			17%
Realized Performance Revenues			744,953				464,386				(38)%				1,758,097				1,975,765			12%
Realized Performance Compensation			(302,642	)			(185,452	)			(39)%				(780,190	)			(893,632	)		15%
Realized Principal Investment Income			62,535				52,599				(16)%				209,866				112,071			(47)%
Net Realizations			504,846				331,533				(34)%				1,187,773				1,194,204			1%
Total Segment Distributable Earnings		$	1,985,523			$	1,903,585				(4)%			$	5,390,009			$	6,097,665			13%
Distributable Earnings		$	1,889,487			$	1,715,678				(9)%			$	4,866,055			$	5,457,765			12%
Additional Metrics:
Net Income Per Share of Common Stock, Basic		$	0.80			$	0.83				4%			$	2.57			$	3.20			25%
FRE per Share		$	1.20			$	1.26				5%			$	3.42			$	3.95			15%
DE per Common Share		$	1.52			$	1.32				(13)%			$	3.82			$	4.20			10%
Total Segment Revenues		$	3,302,326			$	3,216,571				(3)%			$	9,140,776			$	10,452,015			14%
Total Assets Under Management		$	1,241,731,296			$	1,368,346,601				10%			$	1,241,731,296			$	1,368,346,601			10%
Fee-Earning Assets Under Management		$	906,221,028			$	989,664,711				9%			$	906,221,028			$	989,664,711			9%

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 three quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segments.   Blackstone |  3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

§ Realized distributions across strategies led to lower Net Accrued Performance Revenues quarter-over-quarter of $7.3 billion ($5.84/share).

Investment Performance

(appreciation / gross returns)

		3Q’26				3Q’26 LTM
Real Estate
Opportunistic			(3.2	)%			(4.0	)%
Core+			1.6	%			4.3	%
Private Equity
Corporate Private Equity			2.8	%			14.7	%
Tactical Opportunities			2.2	%			8.9	%
Secondaries			4.3	%			9.3	%
Infrastructure			6.4	%			28.9	%
Credit & Insurance
Private Credit			2.6	%			6.7	%
Liquid Credit			1.5	%			3.7	%
Multi-Asset Investing
Absolute Return Composite			0.5	%			12.8	%

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 1.8% and 3.9% for 3Q’26 and 3Q’26 LTM, respectively. Liquid Credit net returns were 1.4% and 3.2% for 3Q’26 and 3Q’26 LTM, respectively. Absolute Return Composite net returns were 0.3% and 11.5% for 3Q’26 and 3Q’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 $63.3 billion in the quarter, bringing LTM inflows to $271.6 billion.

§ Deployed $30.1 billion in the quarter and $142.0 billion over the LTM.

– Committed an additional $17.0 billion that was not yet deployed in the quarter.

§ Realizations were $33.1 billion in the quarter and $147.0 billion over the LTM.

		Inflows												Capital Deployed												Realizations
($ in millions)		3Q’26				3Q’26 LTM								3Q’26				3Q’26 LTM								3Q’26				3Q’26 LTM
Real Estate		$	6,298			$	29,577							$	6,075			$	24,354							$	6,999			$	29,300
Opportunistic			712				2,944								1,764				8,070								3,136				11,162
Core+			3,325				14,200								787				3,271								2,140				8,424
Debt Strategies			2,261				12,434								3,524				13,013								1,723				9,714
Private Equity			12,627				77,821								8,842				50,682								9,839				46,228
Corporate Private Equity			4,564				34,942								4,190				28,193								4,600				24,772
Tactical Opportunities			1,293				4,371								641				2,799								2,352				7,387
Secondaries			3,080				25,144								1,950				13,241								1,836				10,548
Infrastructure			3,690				13,364								2,062				6,449								1,050				3,522
Credit & Insurance			35,796				142,795								13,413				62,122								15,423				68,183
Multi-Asset Investing			8,590				21,436								1,758				4,837								874				3,291
Total Blackstone		$	63,311			$	271,629							$	30,088			$	141,995							$	33,135			$	147,002

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 $1,368.3 billion, up 10% year-over-year, with $63.3 billion of inflows in the quarter and $271.6 billion over the LTM.

§ Fee-Earning AUM of $989.7 billion was up 9% year-over-year, with $55.4 billion of inflows in the quarter and $184.8 billion over the LTM.

§ Perpetual Capital AUM reached $562.3 billion, up 12% year-over-year.

– Fee-Earning Perpetual Capital AUM increased to $469.5 billion, representing 47% of Fee-Earning AUM.

Multi-Asset Investing had $286 million and $907 million of Perpetual Capital AUM as of 3Q’25 and 3Q’26, respectively.   Blackstone |  6

ADDITIONAL CAPITAL DETAIL

§ Invested Performance Eligible AUM reached $662.8 billion at quarter end, up 8% year-over-year.

§ Total Dry Powder of $228.9 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

§ 3Q’26 Total Segment Distributable Earnings were $1.9 billion.

§ LTM Total Segment Distributable Earnings were $8.6 billion.

Segment Distributable Earnings

($ in millions)

Blackstone |  9

REAL ESTATE

§ Total AUM: $309.0 billion with inflows of $6.3 billion in the quarter and $29.6 billion over the LTM.

– Inflows in the quarter included $2.3 billion in BREDS, primarily from insurance SMAs, and $1.3 billion of capital raised in BREIT.

§ Capital Deployed: $6.1 billion in the quarter, including BREP’s acquisition of the Hyatt Regency Embarcadero in San Francisco, and $24.4 billion over the LTM.

– Committed an additional $1.6 billion in the quarter, including an investment in a large European hotel owner by BREP.

§ Realizations: $7.0 billion in the quarter, including BREP’s realizations in India office and Japan logistics and hotels, and $29.3 billion over the LTM.

§ Appreciation: Opportunistic funds declined (3.2)% in the quarter and (4.0)% over the LTM; Core+ funds appreciated 1.6% in the quarter and 4.3% over the LTM.

										% Change										% Change
($ in thousands)		3Q’25				3Q’26				vs. 3Q’25		3Q’25 YTD				3Q’26 YTD				vs. 3Q’25 YTD
Management and Advisory Fees, Net		$	688,799			$	628,812			(9)%		$	2,100,939			$	2,033,370			(3)%
Fee Related Performance Revenues			124,647				160,551			29%			252,040				556,267			121%
Fee Related Compensation			(168,377	)			(196,045	)		16%			(509,111	)			(651,350	)		28%
Other Operating Expenses			(95,228	)			(94,083	)		(1)%			(265,557	)			(278,907	)		5%
Fee Related Earnings		$	549,841			$	499,235			(9)%		$	1,578,311			$	1,659,380			5%
Realized Performance Revenues			132,792				99,924			(25)%			195,389				352,866			81%
Realized Performance Compensation			(69,623	)			(49,489	)		(29)%			(102,532	)			(157,704	)		54%
Realized Principal Investment Income			5,303				3,982			(25)%			8,449				1,837			(78)%
Net Realizations			68,472				54,417			(21)%			101,306				196,999			94%
Segment Distributable Earnings		$	618,313			$	553,652			(10)%		$	1,679,617			$	1,856,379			11%
Segment Revenues		$	951,541			$	893,269			(6)%		$	2,556,817			$	2,944,340			15%
Total AUM		$	320,490,495			$	308,995,068			(4)%		$	320,490,495			$	308,995,068			(4)%
Fee-Earning AUM		$	282,579,289			$	277,822,726			(2)%		$	282,579,289			$	277,822,726			(2)%

  See notes on page 34.   Blackstone |  10

PRIVATE EQUITY

§ Total AUM: Increased 18% to $465.4 billion with inflows of $12.6 billion in the quarter and $77.8 billion over the LTM.

– Inflows in the quarter included $3.7 billion in Infrastructure, $3.1 billion in Secondaries, primarily from the tenth flagship Secondaries strategy and the ninth Secondaries Real Estate strategy, and $2.5 billion for the fifth energy transition fund.

– $2.9 billion of capital raised for BXPE and $1.1 billion of capital raised for BXINFRA.

§ Capital Deployed: $8.8 billion in the quarter, including Urbaser, Falcata, and Eurowind Energy, and $50.7 billion over the LTM.

– Committed an additional $8.6 billion in the quarter, including Flow Control Holdings and Safe Harbor Marinas.

§ Realizations: $9.8 billion in the quarter, including Recognition Music Group, Ennovi, and SP.LINKS, and $46.2 billion over the LTM.

§ Appreciation: Corporate Private Equity appreciated 2.8% in the quarter and 14.7% over the LTM.

– Tactical Opportunities appreciated 2.2% in the quarter and 8.9% over the LTM; Secondaries appreciated 4.3% in the quarter and 9.3% over the LTM; Infrastructure appreciated 6.4% in the quarter and 28.9% over the LTM.

										% Change										% Change
($ in thousands)		3Q’25				3Q’26				vs. 3Q’25		3Q’25 YTD				3Q’26 YTD				vs. 3Q’25 YTD
Management and Advisory Fees, Net		$	717,390			$	838,078			17%		$	2,045,480			$	2,434,580			19%
Fee Related Performance Revenues			126,652				215,181			70%			379,887				777,265			105%
Fee Related Compensation			(231,915	)			(295,205	)		27%			(702,159	)			(895,546	)		28%
Other Operating Expenses			(120,743	)			(139,111	)		15%			(335,937	)			(383,554	)		14%
Fee Related Earnings		$	491,384			$	618,943			26%		$	1,387,271			$	1,932,745			39%
Realized Performance Revenues			559,383				285,498			(49)%			1,318,436				1,414,294			7%
Realized Performance Compensation			(205,967	)			(102,408	)		(50)%			(573,932	)			(648,148	)		13%
Realized Principal Investment Income			26,686				11,059			(59)%			55,721				81,359			46%
Net Realizations			380,102				194,149			(49)%			800,225				847,505			6%
Segment Distributable Earnings		$	871,486			$	813,092			(7)%		$	2,187,496			$	2,780,250			27%
Segment Revenues		$	1,430,111			$	1,349,816			(6)%		$	3,799,524			$	4,707,498			24%
Total AUM		$	395,607,045			$	465,427,514			18%		$	395,607,045			$	465,427,514			18%
Fee-Earning AUM		$	235,003,905			$	286,312,835			22%		$	235,003,905			$	286,312,835			22%

  See notes on page 35.   Blackstone |  11

CREDIT & INSURANCE

§ Total AUM: Increased 11% to $480.0 billion with inflows of $35.8 billion in the quarter and $142.8 billion over the LTM.

– Inflows in the quarter included $18.0 billion for the infrastructure and asset based credit strategies, inclusive of $16.5 billion for insurance SMAs, and $11.9 billion for the global direct lending strategy.

– Closed 3 new CLOs (2 European and 1 U.S.) for $1.3 billion.

§ Capital Deployed: $13.4 billion in the quarter, driven by infrastructure and asset based credit strategies and U.S. direct lending, including transactions with Williams and Air Canada, and $62.1 billion over the LTM.

– Committed an additional $5.8 billion in the quarter.

§ Realizations: $15.4 billion in the quarter and $68.2 billion over the LTM.

§ Returns: Private Credit gross return of 2.6% (1.8% net) and Liquid Credit gross return of 1.5% (1.4% net) in the quarter.

– Private Credit gross return of 6.7% (3.9% net) and Liquid Credit gross return of 3.7% (3.2% net) over the LTM.

										% Change										% Change
($ in thousands)		3Q’25				3Q’26				vs. 3Q’25		3Q’25 YTD				3Q’26 YTD				vs. 3Q’25 YTD
Management and Advisory Fees, Net		$	497,175			$	524,412			5%		$	1,414,846			$	1,605,655			13%
Fee Related Performance Revenues			201,719				164,397			(19)%			587,056				488,086			(17)%
Fee Related Compensation			(218,425	)			(205,399	)		(6)%			(640,348	)			(669,460	)		5%
Other Operating Expenses			(113,120	)			(120,298	)		6%			(316,824	)			(359,265	)		13%
Fee Related Earnings		$	367,349			$	363,112			(1)%		$	1,044,730			$	1,065,016			2%
Realized Performance Revenues			40,124				58,467			46%			219,114				148,133			(32)%
Realized Performance Compensation			(21,123	)			(25,261	)		20%			(92,051	)			(60,204	)		(35)%
Realized Principal Investment Income			29,855				36,668			23%			143,558				26,341			(82)%
Net Realizations			48,856				69,874			43%			270,621				114,270			(58)%
Segment Distributable Earnings		$	416,205			$	432,986			4%		$	1,315,351			$	1,179,286			(10)%
Segment Revenues		$	768,873			$	783,944			2%		$	2,364,574			$	2,268,215			(4)%
Total AUM		$	432,315,679			$	479,995,343			11%		$	432,315,679			$	479,995,343			11%
Fee-Earning AUM		$	305,193,225			$	322,111,989			6%		$	305,193,225			$	322,111,989			6%

Blackstone |  12

MULTI-ASSET INVESTING

§ Total AUM: Increased 22% to $113.9 billion with inflows of $8.6 billion in the quarter and $21.4 billion over the LTM.

§ Returns: Absolute Return Composite gross return of 0.5% in the quarter (0.3% net), outperforming the HFRX Global Hedge Fund Index, which was (0.8)%.

– Absolute Return benefited from positive performance across strategies, including quantitative and credit during the quarter.

– Gross return of 12.8% over the LTM (11.5% net), outperforming a 5.4% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.

										% Change										% Change
($ in thousands)		3Q’25				3Q’26				vs. 3Q’25		3Q’25 YTD				3Q’26 YTD				vs. 3Q’25 YTD
Management and Advisory Fees, Net		$	138,456			$	168,155			21%		$	392,565			$	468,956			19%
Fee Related Compensation			(39,374	)			(48,434	)		23%			(123,771	)			(138,326	)		12%
Other Operating Expenses			(26,979	)			(28,959	)		7%			(76,870	)			(84,310	)		10%
Fee Related Earnings		$	72,103			$	90,762			26%		$	191,924			$	246,320			28%
Realized Performance Revenues			12,654				20,497			62%			25,158				60,472			140%
Realized Performance Compensation			(5,929	)			(8,294	)		40%			(11,675	)			(27,576	)		136%
Realized Principal Investment Income			691				890			29%			2,138				2,534			19%
Net Realizations			7,416				13,093			77%			15,621				35,430			127%
Segment Distributable Earnings		$	79,519			$	103,855			31%		$	207,545			$	281,750			36%
Segment Revenues		$	151,801			$	189,542			25%		$	419,861			$	531,962			27%
Total AUM		$	93,318,077			$	113,928,676			22%		$	93,318,077			$	113,928,676			22%
Fee-Earning AUM		$	83,444,609			$	103,417,161			24%		$	83,444,609			$	103,417,161			24%

Blackstone |  13

Supplemental Details

Blackstone |  14

TOTAL SEGMENTS

($ in thousands)		3Q’25				4Q’25				1Q’26				2Q’26				3Q’26				3Q’25 YTD				3Q’26 YTD
Base Management Fees		$	1,919,702			$	1,945,364			$	1,952,414			$	1,960,897			$	1,992,046			$	5,603,493			$	5,905,357
Transaction, Advisory and Other Fees, Net			156,211				149,621				211,697				321,156				209,856				433,210				742,709
Management Fee Offsets			(34,093	)			(32,766	)			(31,303	)			(31,757	)			(42,445	)			(82,873	)			(105,505	)
Total Management and Advisory Fees, Net			2,041,820				2,062,219				2,132,808				2,250,296				2,159,457				5,953,830				6,542,561
Fee Related Performance Revenues			453,018				606,445				488,098				793,391				540,129				1,218,983				1,821,618
Fee Related Compensation			(658,091	)			(715,312	)			(729,470	)			(880,129	)			(745,083	)			(1,975,389	)			(2,354,682	)
Other Operating Expenses			(356,070	)			(418,051	)			(343,455	)			(380,130	)			(382,451	)			(995,188	)			(1,106,036	)
Fee Related Earnings		$	1,480,677			$	1,535,301			$	1,547,981			$	1,783,428			$	1,572,052			$	4,202,236			$	4,903,461
Realized Performance Revenues			744,953				1,057,432				780,494				730,885				464,386				1,758,097				1,975,765
Realized Performance Compensation			(302,642	)			(310,405	)			(364,056	)			(344,124	)			(185,452	)			(780,190	)			(893,632	)
Realized Principal Investment Income			62,535				209,877				31,973				27,499				52,599				209,866				112,071
Total Net Realizations		$	504,846			$	956,904			$	448,411			$	414,260			$	331,533			$	1,187,773			$	1,194,204
Total Segment Distributable Earnings		$	1,985,523			$	2,492,205			$	1,996,392			$	2,197,688			$	1,903,585			$	5,390,009			$	6,097,665
Distributable Earnings		$	1,889,487			$	2,244,809			$	1,764,838			$	1,977,249			$	1,715,678			$	4,866,055			$	5,457,765
Additional Metrics:
Total Segment Revenues		$	3,302,326			$	3,935,973			$	3,433,373			$	3,802,071			$	3,216,571			$	9,140,776			$	10,452,015
Total Assets Under Management		$	1,241,731,296			$	1,274,931,234			$	1,304,017,634			$	1,346,263,835			$	1,368,346,601			$	1,241,731,296			$	1,368,346,601
Fee-Earning Assets Under Management		$	906,221,028			$	921,674,454			$	937,596,454			$	961,592,654			$	989,664,711			$	906,221,028			$	989,664,711

Blackstone |  15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

		Three Months Ended September 30, 2026																								Twelve Months Ended September 30, 2026
		Real  Estate				Private  Equity				Credit &  Insurance				Multi-Asset  Investing				Total								Real  Estate				Private  Equity				Credit &  Insurance				Multi-Asset   Investing				Total
Beginning Balance		$	314,150			$	454,152			$	469,317			$	108,644			$	1,346,264							$	320,490			$	395,607			$	432,316			$	93,318			$	1,241,731
Inflows			6,298				12,627				35,796				8,590				63,311								29,577				77,821				142,795				21,436				271,629
Outflows			(1,018	)			(1,125	)			(9,140	)			(2,752	)			(14,036	)							(8,394	)			(5,953	)			(31,861	)			(9,290	)			(55,498	)
Net Flows			5,279				11,502				26,656				5,838				49,275								21,183				71,868				110,934				12,146				216,131
Realizations			(6,999	)			(9,839	)			(15,423	)			(874	)			(33,135	)							(29,300	)			(46,228	)			(68,183	)			(3,291	)			(147,002	)
Market Activity			(3,435	)			9,612				(555	)			320				5,943								(3,379	)			44,181				4,928				11,756				57,486
Ending Balance		$	308,995			$	465,428			$	479,995			$	113,929			$	1,368,347							$	308,995			$	465,428			$	479,995			$	113,929			$	1,368,347
% Change			(2)%				2%				2%				5%				2%								(4)%				18%				11%				22%				10%

Fee-Earning AUM Rollforward

($ in millions)

		Three Months Ended September 30, 2026																								Twelve Months Ended September 30, 2026
		Real  Estate				Private  Equity				Credit &  Insurance				Multi-Asset  Investing				Total								Real  Estate				Private  Equity				Credit &  Insurance				Multi-Asset  Investing				Total
Beginning Balance		$	277,420			$	267,818			$	318,241			$	98,114			$	961,593							$	282,579			$	235,004			$	305,193			$	83,445			$	906,221
Inflows			6,558				22,049				19,509				7,322				55,437								23,646				66,111				75,492				19,575				184,823
Outflows			(1,042	)			(3,517	)			(5,460	)			(1,518	)			(11,538	)							(5,475	)			(14,882	)			(24,097	)			(7,481	)			(51,935	)
Net Flows			5,516				18,531				14,048				5,804				43,899								18,170				51,229				51,394				12,094				132,888
Realizations			(5,179	)			(4,556	)			(8,666	)			(808	)			(19,210	)							(23,080	)			(19,218	)			(35,661	)			(3,067	)			(81,027	)
Market Activity			66				4,520				(1,511	)			307				3,382								154				19,298				1,186				10,946				31,583
Ending Balance		$	277,823			$	286,313			$	322,112			$	103,417			$	989,665							$	277,823			$	286,313			$	322,112			$	103,417			$	989,665
% Change			0%				7%				1%				5%				3%								(2)%				22%				6%				24%				9%

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 September 30, 2026, Blackstone had $13.2 billion in total cash, cash equivalents, corporate treasury, and other investments and $23.5 billion of cash and net investments, or $18.91 per share.

§ Blackstone has a $4.3 billion credit revolver ($3.6 billion undrawn) and maintains A+/A+ ratings.

($ in millions)		3Q’26
Cash and Cash Equivalents		$	3,038
Corporate Treasury and Other Investments			10,155
GP/Fund Investments			3,061
Net Accrued Performance Revenues			7,263
Cash and Net Investments		$	23,517
Outstanding Debt (at par)			13,076

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

October 2030 maturity

$13.2B

total cash, corporate

treasury and other

investments

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $9.5 billion as of September 30, 2026, which was comprised of $8.9 billion of liquid investments and $649 million of illiquid investments. See notes on pages 31 and 35 for additional details on non-GAAP balance sheet measures.   Blackstone |  17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

  ($ in millions, except per share data)

														3Q’26
		3Q’25				2Q’26				3Q’26				Per Share
Real Estate
BREP Global		$	547			$	553			$	521			$	0.42
BREP Europe			31				81				83				0.07
BREP Asia			91				114				111				0.09
BPP			57				114				143				0.11
BREDS			38				30				25				0.02
Real Estate		$	763			$	891			$	883			$	0.71
Private Equity
BCP Global			1,843				1,764				1,158				0.93
BCP Asia			309				262				190				0.15
Energy/Energy Transition			598				1,052				1,271				1.02
Core Private Equity			269				256				281				0.23
Tactical Opportunities			203				150				156				0.13
Secondaries			1,169				1,148				1,196				0.96
Infrastructure			347				936				1,100				0.88
Life Sciences			240				253				270				0.22
BTAS			250				262				245				0.20
Private Equity		$	5,228			$	6,081			$	5,868			$	4.72
Credit & Insurance		$	372			$	252			$	241			$	0.19
Multi-Asset Investing		$	148			$	243			$	271			$	0.22
Net Accrued Performance Revenues		$	6,511			$	7,468			$	7,263			$	5.84

3Q’26 QoQ Rollforward

($ in millions)

						Net				Net
						Performance				Realized
		2Q’26				Revenues				Distributions				3Q’26
Real Estate		$	891			$	157			$	(166	)		$	883
Private Equity			6,081				112				(325	)			5,868
Credit & Insurance			252				141				(153	)			241
Multi-Asset Investing			243				40				(12	)			271
Total		$	7,468			$	451			$	(655	)		$	7,263
QoQ Change															(3)%

3Q’26 LTM Rollforward

($ in millions)

						Net				Net
						Performance				Realized
		3Q’25				Revenues				Distributions				3Q’26
Real Estate		$	763			$	1,013			$	(893	)		$	883
Private Equity			5,228				2,288				(1,648	)			5,868
Credit & Insurance			372				542				(673	)			241
Multi-Asset Investing			148				539				(416	)			271
Total		$	6,511			$	4,382			$	(3,630	)		$	7,263
YoY Change															12	%

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and exclude Performance Revenues realized but not yet distributed as 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. Per Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).   Blackstone |  18

INVESTMENT RECORDS AS OF SEPTEMBER 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				-				3,141			n/a			13,468,476			2.3x			13,471,617			2.3x		11%		11%
BREP VI (Feb 2007 / Aug 2011)			11,060,122				-				2,356			n/a			27,765,450			2.5x			27,767,806			2.5x		13%		13%
BREP VII (Aug 2011 / Apr 2015)			13,506,800				851,746				869,438			0.4x			29,450,777			2.1x			30,320,215			1.9x		17%		14%
BREP VIII (Apr 2015 / Jun 2019)			16,651,125				955,019				7,705,515			1.1x			25,080,583			2.1x			32,786,098			1.7x		19%		11%
BREP IX (Jun 2019 / Aug 2022)			21,374,992				2,626,478				14,610,413			0.9x			13,118,733			1.9x			27,729,146			1.2x		27%		3%
*BREP X (Aug 2022 / Feb 2028)			30,651,981				15,699,009				19,380,408			1.3x			3,689,183			1.8x			23,069,591			1.4x		28%		11%
Total Global BREP		$	104,225,601			$	20,132,252			$	42,571,271			1.1x		$	124,792,728			2.2x		$	167,363,999			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				86,279				14,906			0.1x			5,998,531			2.1x			6,013,437			2.0x		14%		13%
BREP Europe IV (Sep 2013 / Dec 2016)			6,676,611				601,640				608,061			0.6x			10,448,903			1.9x			11,056,964			1.7x		16%		11%
BREP Europe V (Dec 2016 / Oct 2019)			8,007,488				607,505				3,305,532			0.6x			6,902,190			3.8x			10,207,722			1.4x		40%		4%
BREP Europe VI (Oct 2019 / Sep 2023)			9,941,770				2,499,870				5,903,899			0.8x			4,105,789			2.4x			10,009,688			1.1x		61%		0%
*BREP Europe VII (Sep 2023 / Mar 2029)			9,766,011				5,685,237				4,962,100			1.3x			238,303			1.5x			5,200,403			1.3x		n/m		11%
Total BREP Europe		€	40,051,220			€	9,480,531			€	14,794,498			0.8x		€	31,649,918			2.2x		€	46,444,416			1.4x		16%		8%
BREP Asia I (Jun 2013 / Dec 2017)		$	4,262,075			$	617,930			$	1,064,832			1.7x		$	7,853,183			1.9x		$	8,918,015			1.9x		14%		12%
BREP Asia II (Dec 2017 / Mar 2022)			7,361,035				1,073,998				3,937,312			1.0x			4,209,323			1.6x			8,146,635			1.2x		10%		2%
*BREP Asia III (Mar 2022 / Sep 2027)			8,222,721				4,539,258				4,856,226			1.3x			1,056,389			1.8x			5,912,615			1.4x		34%		9%
Total BREP Asia		$	19,845,831			$	6,231,186			$	9,858,370			1.2x		$	13,118,895			1.8x		$	22,977,265			1.5x		14%		7%
BREP Co-Investment (f)			8,695,156				572,800				1,532,020			1.3x			15,400,970			2.2x			16,932,990			2.1x		16%		16%
Total BREP		$	179,444,787			$	37,677,680			$	70,624,024			1.0x		$	191,912,966			2.1x		$	262,536,990			1.7x		16%		13%
*BREDS High-Yield (Various) (g)			27,606,074				8,731,502				3,390,981			1.0x			26,362,492			1.3x			29,753,473			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			38,870,378			1.9x			38,870,378			1.9x		8%		8%
BCP VI (Jan 2011 / May 2016)			15,192,032				1,340,945				2,103,888			3.0x			30,772,856			2.2x			32,876,744			2.2x		13%		12%
BCP VII (May 2016 / Feb 2020)			18,873,515				1,309,749				13,655,838			1.7x			25,817,867			2.5x			39,473,705			2.1x		22%		12%
BCP VIII (Feb 2020 / Apr 2024)			25,820,032				5,845,936				24,386,474			1.3x			11,277,806			2.5x			35,664,280			1.6x		27%		9%
*BCP IX (Apr 2024 / Apr 2030)			21,816,025				18,254,250				4,387,096			1.3x			297,133			1.5x			4,684,229			1.3x		n/m		(8)%
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				3,269,223			2.6x			6,393,163			1.9x			9,662,386			2.1x		9%		9%
Energy III (Feb 2020 / Jun 2024)			4,399,070				1,811,199				6,777,068			2.8x			5,060,366			3.0x			11,837,434			2.9x		33%		30%
Energy Transition IV (Jun 2024 / Jun 2026)			5,880,446				2,825,257				9,205,066			2.9x			272,525			1.6x			9,477,591			2.8x		n/m		123%
*Energy Transition V (Jun 2026 / Jun 2032)			8,169,213				7,998,577				745			n/a			-			n/a			745			n/a		n/a		n/a
BCP Asia I (Dec 2017 / Sep 2021)			2,437,192				417,623				1,194,426			1.4x			3,790,199			2.9x			4,984,625			2.3x		30%		19%
BCP Asia II (Sep 2021 / Sep 2026)			6,838,030				3,514,898				5,533,572			1.8x			2,070,374			4.0x			7,603,946			2.1x		78%		24%
*BCP Asia III (Sep 2026 / Sep 2032)			13,171,899				13,171,899				-			n/a			-			n/a			-			n/a		n/a		n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)			4,760,130				1,195,771				6,718,079			2.1x			4,232,731			3.7x			10,950,810			2.5x		32%		14%
*Core Private Equity II (Mar 2021 / Mar 2027) (h)			8,244,519				5,979,008				5,818,049			1.6x			2,094,643			4.2x			7,912,692			1.9x		38%		16%
Total Corporate Private Equity		$	178,747,533			$	65,596,515			$	83,049,524			1.7x		$	174,801,840			2.3x		$	257,851,364			2.1x		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 time
since 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 SEPTEMBER 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)			33,800,436				14,895,316				12,339,293			1.2x			34,618,208			1.9x			46,957,501			1.6x		15%		10%
*Tactical Opportunities Co-Investment and Other (Various)			10,553,563				1,103,162				3,140,551			1.3x			12,577,239			1.8x			15,717,790			1.7x		18%		15%
Total Tactical Opportunities		$	44,353,999			$	15,998,478			$	15,479,844			1.2x		$	47,195,447			1.8x		$	62,675,291			1.6x		16%		11%
Growth
BXG I (Jul 2020 / Feb 2025)			4,961,566				281,243				4,994,104			1.2x			705,496			1.3x			5,699,600			1.2x		n/m		1%
*BXG II (Feb 2025 / Feb 2030)			4,612,803				3,263,604				1,320,815			1.0x			9,155			n/m			1,329,970			1.0x		n/m		n/m
Total Growth		$	9,574,369			$	3,544,847			$	6,314,919			1.2x		$	714,651			1.4x		$	7,029,570			1.2x		n/m		0%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)			11,035,527				9,572				2,121			n/a			16,796,758			n/a			16,798,879			1.7x		n/a		13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)			4,362,772				377,908				394,569			n/a			4,693,038			n/a			5,087,607			1.7x		n/a		13%
Strategic Partners VII (May 2016 / Mar 2019) (i)			7,489,970				1,604,636				2,191,491			n/a			8,698,176			n/a			10,889,667			1.9x		n/a		15%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)			1,749,807				595,400				1,304,471			n/a			1,436,164			n/a			2,740,635			1.9x		n/a		14%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)			10,763,600				3,410,159				5,882,642			n/a			9,269,183			n/a			15,151,825			1.7x		n/a		17%
*Strategic Partners Real Estate, SMA and Other (Various) (i)			7,055,591				1,127,655				3,082,993			n/a			3,109,699			n/a			6,192,692			1.4x		n/a		10%
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)			3,250,100				666,122				2,576,153			n/a			1,033,329			n/a			3,609,482			1.6x		n/a		14%
Strategic Partners IX (Oct 2021 / Mar 2026) (i)			19,692,626				2,114,263				19,855,303			n/a			1,307,669			n/a			21,162,972			1.5x		n/a		16%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)			2,095,211				303,710				1,332,147			n/a			183,708			n/a			1,515,855			1.1x		n/a		1%
*Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i)			4,838,206				3,196,410				665,705			n/a			-			n/a			665,705			2.5x		n/a		n/m
*Strategic Partners X (Mar 2026 / May 2031) (i)			12,349,058				7,788,368				504,070			n/a			-			n/a			504,070			n/a		n/a		n/a
Total Strategic Partners (Secondaries)		$	84,682,468			$	21,194,203			$	37,791,665			n/a		$	46,527,724			n/a		$	84,319,389			1.7x		n/a		14%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)			910,000				38,924				522,691			2.1x			818,286			1.6x			1,340,977			1.8x		9%		8%
BXLS V (Jan 2020 / Mar 2025)			5,060,707				2,215,067				5,417,746			2.1x			1,883,875			1.8x			7,301,621			2.0x		12%		17%
*BXLS VI (Mar 2025 / Mar 2031)			6,487,871				6,231,782				582,369			4.1x			-			n/a			582,369			4.1x		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				76,958			0.7x			6,688,441			1.4x			6,765,399			1.4x		n/a		9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)			6,639,133				1,082,093				790,958			1.2x			9,943,092			1.5x			10,734,050			1.5x		n/a		11%
Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)			5,016,771				1,298,409				2,255,613			1.2x			4,948,824			1.4x			7,204,437			1.3x		n/a		11%
*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029)			7,630,000				6,538,256				961,610			1.1x			272,473			1.3x			1,234,083			1.1x		n/a		n/m
Total Mezzanine / Opportunistic		$	25,405,904			$	9,912,018			$	4,085,139			1.1x		$	26,661,943			1.5x		$	30,747,082			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			5,567,183			1.1x			5,567,183			1.1x		n/a		1%
Stressed / Distressed III (Dec 2017 / Dec 2022)			7,356,380				1,085,652				1,016,103			1.2x			5,955,720			1.3x			6,971,823			1.3x		n/a		9%
Total Stressed / Distressed		$	15,734,523			$	1,633,082			$	1,016,103			1.2x		$	17,300,001			1.2x		$	18,316,104			1.2x		n/a		6%
European Senior Debt I (Feb 2015 / Feb 2019)		€	1,964,689			€	67,385			€	170,517			0.4x		€	3,002,740			1.3x		€	3,173,257			1.1x		n/a		1%
European Senior Debt II (Jun 2019 / Jun 2023) (j)			4,088,344				864,089				2,152,044			0.9x			4,946,025			1.7x			7,098,069			1.3x		n/a		8%
Total European Senior Debt		€	6,053,033			€	931,474			€	2,322,561			0.8x		€	7,948,765			1.5x		€	10,271,326			1.3x		n/a		5%
Energy I (Nov 2015 / Nov 2018)		$	2,856,867			$	1,154,819			$	51,192			1.5x		$	3,577,048			1.5x		$	3,628,240			1.5x		n/a		10%
Energy II (Feb 2019 / Jun 2023)			3,616,081				1,456,014				368,953			1.2x			3,618,903			1.4x			3,987,856			1.4x		n/a		16%
*Energy III (May 2023 / May 2028)			6,477,000				3,916,620				2,901,862			1.0x			3,490,357			1.4x			6,392,219			1.2x		n/a		17%
Total Energy		$	12,949,948			$	6,527,453			$	3,322,007			1.0x		$	10,686,308			1.4x		$	14,008,315			1.3x		n/a		12%
*Senior Direct Lending (Various) (k)			2,855,243				1,268,828				2,925,841			1.1x			390,769			1.2x			3,316,610			1.2x		n/a		8%
Total Credit Drawdown Funds (l)		$	63,851,276			$	20,398,251			$	14,297,185			1.0x		$	64,151,594			1.4x		$	78,448,779			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 time
since 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 SEPTEMBER 30, 2026 ^(a) – (CONT’D)

Selected Perpetual Capital Strategies^(m)

($/€ in thousands, except where noted)		Investment								Total								Total Net
Strategy (Inception Date)		Strategy								AUM (n)								Return (o)
Real Estate
BPP - Blackstone Property Partners Platform (Dec 2013) (p)			Core+ Real Estate							$	57,792,821								2	%
BREIT - Blackstone Real Estate Income Trust (Jan 2017)			Core+ Real Estate								57,715,461								9	%
BREIT - Class I			Core+ Real Estate																9	%
BXMT - Blackstone Mortgage Trust (May 2013) (q)			Real Estate Debt								5,265,823								3	%
Private Equity
BXGP - Blackstone GP Stakes (Feb 2014) (r)			Minority GP Interests								9,999,814								12	%
BIP - Blackstone Infrastructure Partners (Mar 2019) (s)			Infrastructure								80,983,780								19	%
BXINFRA - Blackstone Infrastructure Strategies Fund Program (Jan 2025)			Infrastructure								7,374,776								16	%
BXINFRA - Class I			Infrastructure																17	%
BXPE - Blackstone Private Equity Strategies Fund Program (Jan 2024)			Private Equity								28,546,620								18	%
BXPE - Class I			Private Equity																18	%
Credit
BXSL - Blackstone Secured Lending Fund (Nov 2018) (t)			U.S. Direct Lending								16,633,800								11	%
BCRED - Blackstone Private Credit Fund (Jan 2021) (u)			U.S. Direct Lending								93,210,950								9	%
BCRED - Class I			U.S. Direct Lending																9	%
ECRED - Blackstone European Credit Fund (Oct 2022) (u)			European Direct Lending							€	5,192,601								9	%
ECRED - Class I			European Direct Lending																9	%

Investment Records as of September 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 September 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.

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 SEPTEMBER 30, 2026 ^(a) – (CONT’D)

(k) Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 9% and 7%, respectively, for the levered and unlevered funds of the strategy.

(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) To the extent AUM is managed by a different business, such AUM is reported in such businesses for the purposes of segment AUM reporting.

(o) Unless otherwise indicated, Total Net Return represents the annualized per share blended return from a fund’s or fund program’s inception date to September 30, 2026, assuming the applicable fund or fund program had a single share class and a single vehicle, as applicable, reinvestment of dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the applicable fund or fund program. Fund or fund program returns are not representative of the return experienced by any particular vehicle, investor or share class. Functional currency equivalent returns are included when calculating the blended return for funds or fund programs that have share classes that are denominated in a currency other than a fund’s or fund program’s functional currency and that are not hedged. The return methodology of the separate individual share classes presented matches that of the respective fund or fund program and represents the Total Net Return of a respective fund’s or fund program’s largest share class, with performance varying by vehicle and/or share class across a fund or fund program.

(p) 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 September 30, 2026, these vehicles represented $4.5 billion of Total AUM. Total Net Return represents the annualized IRR on total invested capital from the inception date to September 30, 2026 based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date.

(q) The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since its inception date, assuming reinvestment of all dividends received during the period.

(r) 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 September 30, 2026, including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $13.2 billion. Total Net Return represents the annualized IRR on total invested capital from the inception date to September 30, 2026 based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date.

(s) 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 September 30, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $91.9 billion. Total Net Return represents the annualized IRR on total invested capital from the inception date to September 30, 2026 based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date.

(t) The BXSL Total AUM and Total Net Return are presented as of June 30, 2026. BXSL Total Net Return reflects the annualized change in NAV per share from the inception date to June 30, 2026, 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.

(u) For BCRED and ECRED, Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED’s and ECRED’s net asset values as of September 30, 2026 were $41.1 billion and €2.6 billion, respectively.

Blackstone |  22

SHAREHOLDER DIVIDENDS

§ Generated $1.32 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $4.20 per common share.

§ Blackstone declared a quarterly dividend of $1.12 per common share to record holders as of November 2, 2026; payable on November 9, 2026.

($ in thousands, except per share data)		3Q’25				4Q’25				1Q’26				2Q’26				3Q’26				% Change    vs.  3Q’25				3Q’25 YTD				3Q’26 YTD				% Change    vs. 3Q’25  YTD
Distributable Earnings		$	1,889,487			$	2,244,809			$	1,764,838			$	1,977,249				$ 1,715,678				(9)%			$	4,866,055			$	5,457,765				12%
Add: Other Payables Attributable to Common Shareholders			26,913				167,504				160,943				166,382				139,800				419%				308,002				467,125				52%
DE Before Certain Payables			1,916,400				2,412,313				1,925,781				2,143,631				1,855,478				(3)%				5,174,057				5,924,890				15%
Percent to Common Shareholders			64	%			64	%			64	%			64	%			64	%							64	%			64	%
DE Before Certain Payables Attributable to Common Shareholders			1,220,339				1,537,540				1,229,664				1,378,635				1,193,391				(2)%				3,287,612				3,801,690				16%
Less: Other Payables Attributable to Common Shareholders			(26,913	)			(167,504	)			(160,943	)			(166,382	)			(139,800)				419%				(308,002	)			(467,125	)			52%
DE Attributable to Common Shareholders			1,193,426				1,370,036				1,068,721				1,212,253				1,053,591				(12)%				2,979,610				3,334,565				12%
DE per Common Share		$	1.52			$	1.75			$	1.36			$	1.52				$    1.32				(13)%			$	3.82			$	4.20				10%
Less: Retained Capital per Common Share		$	(0.23	)		$	(0.26	)		$	(0.20	)		$	(0.23	)			$    (0.20)				(13)%			$	(0.57	)		$	(0.63	)			11%
Actual Dividend per Common Share		$	1.29			$	1.49			$	1.16			$	1.29				$    1.12				(13)%			$	3.25			$	3.57				10%
Record Date																			Nov 2, 2026
Payable Date																			Nov 9, 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 1,243 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 September 30, 2026.

		3Q’25				4Q’25				1Q’26				2Q’26				3Q’26
Participating Common Shares			782,728,403				783,183,010				785,497,027				799,934,579				799,723,058
Participating Partnership Units			446,455,699				445,586,312				444,672,720				443,878,452				443,682,239
Distributable Earnings Shares Outstanding			1,229,184,102				1,228,769,322				1,230,169,747				1,243,813,031				1,243,405,297

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 THIRD QUARTER 2026 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share data) (unaudited)		3Q’25				3Q’26								3Q’25 YTD				3Q’26 YTD								3Q’25 LTM				3Q’26 LTM
Revenues
Management and Advisory Fees, Net		$	2,056,248			$	2,178,108							$	5,996,060			$	6,592,734							$	7,875,641			$	8,672,275
Incentive Fees			200,675				172,729								587,914				497,228								992,658				887,516
Investment Income
Performance Allocations
Realized			997,296				831,786								2,389,166				3,300,134								4,247,999				4,573,211
Unrealized			(215,818	)			(627,149	)							360,666				243,443								(991,017	)			525,840
Principal Investments
Realized			152,652				119,848								435,365				368,453								519,746				630,720
Unrealized			(238,658	)			249,881								285,446				279,700								238,054				242,558
Total Investment Income			695,472				574,366								3,470,643				4,191,730								4,014,782				5,972,329
Interest and Dividend Revenue			107,538				125,941								305,347				368,105								403,894				478,851
Other			28,702				11,744								(269,971	)			74,664								(114,417	)			73,762
Total Revenues		$	3,088,635			$	3,062,888							$	10,089,993			$	11,724,461							$	13,172,558			$	16,084,733
Expenses
Compensation and Benefits
Compensation			845,659				900,734								2,745,379				3,030,657								3,500,117				3,956,471
Incentive Fee Compensation			61,882				49,280								186,274				153,364								335,550				241,992
Performance Allocations Compensation
Realized			354,765				309,755								927,846				1,308,468								1,670,693				1,678,094
Unrealized			(31,547	)			(193,497	)							224,630				132,333								(383,028	)			284,665
Total Compensation and Benefits			1,230,759				1,066,272								4,084,129				4,624,822								5,123,332				6,161,222
General, Administrative and Other			383,580				416,358								1,076,770				1,198,289								1,415,856				1,646,067
Interest Expense			126,288				132,936								380,225				415,012								495,757				543,101
Fund Expenses			10,060				9,733								36,598				25,081								42,894				37,699
Total Expenses		$	1,750,687			$	1,625,299							$	5,577,722			$	6,263,204							$	7,077,839			$	8,388,089
Other Income
Change in Tax Receivable Agreement Liability			-				-								-				-								(41,246	)			6,591
Net Gains from Fund Investment Activities			108,634				93,418								302,539				333,259								322,614				448,117
Total Other Income		$	108,634			$	93,418							$	302,539			$	333,259							$	281,368			$	454,708
Income Before Provision for Taxes		$	1,446,582			$	1,531,007							$	4,814,810			$	5,794,516							$	6,376,087			$	8,151,352
Provision for Taxes			209,657				258,564								742,978				908,100								975,429				1,290,145
Net Income		$	1,236,925			$	1,272,443							$	4,071,832			$	4,886,416							$	5,400,658			$	6,861,207
Net Income Attributable to Redeemable Non-Controlling   Interests in Consolidated Entities			29,008				3,486								55,117				29,650								55,423				20,033
Net Income Attributable to Non-Controlling   Interests in Consolidated Entities			125,890				106,764								467,273				399,780								534,760				593,075
Net Income Attributable to Non-Controlling   Interests in Blackstone Holdings			457,110				499,821								1,545,429				1,915,696								2,102,589				2,691,608
Net Income Attributable to Blackstone Inc.		$	624,917			$	662,372							$	2,004,013			$	2,541,290							$	2,707,886			$	3,556,491
Net Income Per Share of Common Stock, Basic		$	0.80			$	0.83							$	2.57			$	3.20							$	3.49			$	4.49
Net Income Per Share of Common Stock, Diluted		$	0.80			$	0.83							$	2.57			$	3.19							$	3.49			$	4.49

Blackstone |  26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

		QTD																								YTD												LTM
($ in thousands)		3Q’25				4Q’25				1Q’26				2Q’26				3Q’26								3Q’25				3Q’26								3Q’25				3Q’26
Net Income Attributable to Blackstone Inc.		$	624,917			$	1,015,201			$	649,729			$	1,229,189			$	662,372							$	2,004,013			$	2,541,290							$	2,707,886			$	3,556,491
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			457,110				775,912				469,801				946,074				499,821								1,545,429				1,915,696								2,102,589				2,691,608
Net Income Attributable to Non-Controlling Interests in Consolidated Entities			125,890				193,295				117,367				175,649				106,764								467,273				399,780								534,760				593,075
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			29,008				(9,617	)			21,010				5,154				3,486								55,117				29,650								55,423				20,033
Net Income		$	1,236,925			$	1,974,791			$	1,257,907			$	2,356,066			$	1,272,443							$	4,071,832			$	4,886,416							$	5,400,658			$	6,861,207
Provision for Taxes			209,657				382,045				197,150				452,386				258,564								742,978				908,100								975,429				1,290,145
Income Before Provision for Taxes		$	1,446,582			$	2,356,836			$	1,455,057			$	2,808,452			$	1,531,007							$	4,814,810			$	5,794,516							$	6,376,087			$	8,151,352
Transaction-Related and Non-Recurring Items (a)			(9,412	)			(6,822	)			6,967				71				2,078								19,793				9,116								19,400				2,294
Amortization of Intangibles (b)			7,333				7,327				7,288				7,288				7,288								21,999				21,864								29,332				29,191
Impact of Consolidation (c)			(154,898	)			(183,678	)			(138,377	)			(180,803	)			(110,250	)							(522,390	)			(429,430	)							(590,183	)			(613,108	)
Unrealized Performance Revenues (d)			215,872				(282,372	)			(283,355	)			(587,150	)			627,139								(360,585	)			(243,366	)							991,088				(525,738	)
Unrealized Performance Allocations Compensation (e)			(31,547	)			152,332				89,701				236,129				(193,497	)							224,630				132,333								(383,028	)			284,665
Unrealized Principal Investment (Income) Loss (f)			216,084				67,826				322,136				(443,186	)			(289,167	)							(239,266	)			(410,217	)							(196,537	)			(342,391	)
Other Revenues (g)			(28,702	)			1,174				(50,928	)			(11,898	)			(11,722	)							270,016				(74,548	)							114,809				(73,374	)
Equity-Based Compensation (h)			301,562				358,364				561,217				353,753				329,217								1,084,882				1,244,187								1,368,031				1,602,551
Administrative Fee Adjustment (i)			4,097				3,942				4,568				4,426				4,426								12,395				13,420								15,824				17,362
Taxes and Related Payables (j)			(77,484	)			(230,120	)			(209,436	)			(209,833	)			(180,841	)							(460,229	)			(600,110	)							(709,275	)			(830,230	)
Distributable Earnings		$	1,889,487			$	2,244,809			$	1,764,838			$	1,977,249			$	1,715,678							$	4,866,055			$	5,457,765							$	7,035,548			$	7,702,574
Taxes and Related Payables (j)			77,484				230,120				209,436				209,833				180,841								460,229				600,110								709,275				830,230
Net Interest and Dividend (Income) Loss (k)			18,552				17,276				22,118				10,606				7,066								63,725				39,790								82,205				57,066
Total Segment Distributable Earnings		$	1,985,523			$	2,492,205			$	1,996,392			$	2,197,688			$	1,903,585							$	5,390,009			$	6,097,665							$	7,827,028			$	8,589,870
Realized Performance Revenues (l)			(744,953	)			(1,057,432	)			(780,494	)			(730,885	)			(464,386	)							(1,758,097	)			(1,975,765	)							(2,623,177	)			(3,033,197	)
Realized Performance Compensation (m)			302,642				310,405				364,056				344,124				185,452								780,190				893,632								1,069,785				1,204,037
Realized Principal Investment (Income) Loss (n)			(62,535	)			(209,877	)			(31,973	)			(27,499	)			(52,599	)							(209,866	)			(112,071	)							(235,479	)			(321,948	)
Fee Related Earnings		$	1,480,677			$	1,535,301			$	1,547,981			$	1,783,428			$	1,572,052							$	4,202,236			$	4,903,461							$	6,038,157			$	6,438,762
Adjusted EBITDA Reconciliation
Distributable Earnings		$	1,889,487			$	2,244,809			$	1,764,838			$	1,977,249			$	1,715,678							$	4,866,055			$	5,457,765							$	7,035,548			$	7,702,574
Interest Expense (o)			126,090				128,022				130,058				144,830				132,740								369,073				407,628								486,100				535,650
Taxes and Related Payables (j)			77,484				230,120				209,436				209,833				180,841								460,229				600,110								709,275				830,230
Depreciation and Amortization (p)			24,015				26,102				26,138				25,772				26,220								72,883				78,130								95,565				104,232
Adjusted EBITDA		$	2,117,076			$	2,629,053			$	2,130,470			$	2,357,684			$	2,055,479							$	5,768,240			$	6,543,633							$	8,326,488			$	9,172,686

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 Agreements 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)		3Q’25				4Q’25				1Q’26				2Q’26				3Q’26								3Q’25				3Q’26								3Q’25				3Q’26
GAAP Unrealized Performance Allocations		$	(215,818	)		$	282,397			$	283,452			$	587,140			$	(627,149	)						$	360,666			$	243,443							$	(991,017	)		$	525,840
Segment Adjustment			(54	)			(25	)			(97	)			10				10								(81	)			(77	)							(71	)			(102	)
Unrealized Performance Revenues		$	(215,872	)		$	282,372			$	283,355			$	587,150			$	(627,139	)						$	360,585			$	243,366							$	(991,088	)		$	525,738
(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)		3Q’25				4Q’25				1Q’26				2Q’26				3Q’26								3Q’25				3Q’26								3Q’25				3Q’26
GAAP Unrealized Principal Investment Income (Loss)		$	(238,658	)		$	(37,142	)		$	(385,002	)		$	414,821			$	249,881							$	285,446			$	279,700							$	238,054			$	242,558
Segment Adjustment			22,574				(30,684	)			62,866				28,365				39,286								(46,180	)			130,517								(41,517	)			99,833
Unrealized Principal Investment Income (Loss)		$	(216,084	)		$	(67,826	)		$	(322,136	)		$	443,186			$	289,167							$	239,266			$	410,217							$	196,537			$	342,391
(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)		3Q’25				4Q’25				1Q’26				2Q’26				3Q’26								3Q’25				3Q’26								3Q’25				3Q’26
GAAP Other Revenue		$	28,702			$	(902	)		$	50,973			$	11,947			$	11,744							$	(269,971	)		$	74,664							$	(114,417	)		$	73,762
Segment Adjustment			-				(272	)			(45	)			(49	)			(22	)							(45	)			(116	)							(392	)			(388	)
Other Revenues		$	28,702			$	(1,174	)		$	50,928			$	11,898			$	11,722							$	(270,016	)		$	74,548							$	(114,809	)		$	73,374

(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)						3Q’25				4Q’25				1Q’26				2Q’26				3Q’26								3Q’25				3Q’26								3Q’25				3Q’26
Taxes						$	49,719			$	196,234			$	178,757			$	179,996			$	153,119							$	379,416			$	511,872							$	590,912			$	708,106
Related Payables							27,765				33,886				30,679				29,837				27,722								80,813				88,238								118,363				122,124
Taxes and Related Payables						$	77,484			$	230,120			$	209,436			$	209,833			$	180,841							$	460,229			$	600,110							$	709,275			$	830,230

(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 Agreements.

						QTD																								YTD												LTM
($ in thousands)						3Q’25				4Q’25				1Q’26				2Q’26				3Q’26								3Q’25				3Q’26								3Q’25				3Q’26
GAAP Interest and Dividend Revenue						$	107,538			$	110,746			$	107,940			$	134,224			$	125,941							$	305,347			$	368,105							$	403,894			$	478,851
Segment Adjustment							-				-				-				-				(267	)							1				(267	)							1				(267	)
Interest and Dividend Revenue						$	107,538			$	110,746			$	107,940			$	134,224			$	125,674							$	305,348			$	367,838							$	403,895			$	478,584
GAAP Interest Expense						$	126,288			$	128,089			$	137,053			$	145,023			$	132,936							$	380,225			$	415,012							$	495,757			$	543,101
Segment Adjustment							(198	)			(67	)			(6,995	)			(193	)			(196	)							(11,152	)			(7,384	)							(9,657	)			(7,451	)
Interest Expense						$	126,090			$	128,022			$	130,058			$	144,830			$	132,740							$	369,073			$	407,628							$	486,100			$	535,650
Net Interest and Dividend Income (Loss)						$	(18,552	)		$	(17,276	)		$	(22,118	)		$	(10,606	)		$	(7,066	)						$	(63,725	)		$	(39,790	)						$	(82,205	)		$	(57,066	)

(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 Agreements. (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
						3Q’25				4Q’25				1Q’26				2Q’26				3Q’26
GAAP Shares of Common Stock Outstanding							747,812,724				748,688,068				751,535,403				752,601,287				760,147,136
Unvested Participating Common Shares							34,915,679				34,494,942				33,961,624				47,333,292				39,575,922
Total Participating Common Shares							782,728,403				783,183,010				785,497,027				799,934,579				799,723,058
Participating Partnership Units							446,455,699				445,586,312				444,672,720				443,878,452				443,682,239
Distributable Earnings Shares Outstanding							1,229,184,102				1,228,769,322				1,230,169,747				1,243,813,031				1,243,405,297

Disclosure of Weighted-Average Shares of Common Stock Outstanding
						QTD																								YTD												LTM
						3Q’25				4Q’25				1Q’26				2Q’26				3Q’26								3Q’25				3Q’26								3Q’25				3Q’26
Total GAAP Weighted-Average Shares of Common Stock Outstanding—Basic							782,633,394				783,106,052				785,332,239				799,882,459				799,758,418								778,978,328				795,043,881								776,385,092				792,034,893
Weighted-Average Shares of Unvested Deferred Restricted Common Stock							47,741				87,397				964,071				14,976				221,923								233,692				400,323								195,276				322,091
Total GAAP Weighted-Average Shares of Common Stock Outstanding—Diluted							782,681,135				783,193,449				786,296,310				799,897,435				799,980,341								779,212,020				795,444,204								776,580,368				792,356,984

Blackstone |  29

BLACKSTONE’S THIRD QUARTER 2026 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

($ in thousands) (unaudited)		3Q’25				4Q’25				1Q’26				2Q’26				3Q’26
Assets
Cash and Cash Equivalents		$	2,430,690			$	2,631,241			$	2,448,485			$	2,507,073			$	3,037,534
Cash Held by Blackstone Funds and Other			401,558				223,441				261,955				266,230				228,704
Investments			31,528,443				32,212,111				32,747,619				34,587,729				33,853,661
Accounts Receivable			543,209				291,758				572,832				692,055				451,491
Due from Affiliates			5,845,843				6,357,462				6,395,165				6,218,066				6,504,395
Intangible Assets, Net			140,458				131,359				122,324				113,288				104,250
Goodwill			1,890,202				1,890,202				1,890,202				1,890,202				1,890,202
Other Assets			900,582				1,157,719				1,035,171				996,506				1,017,579
Right-of-Use Assets			773,030				757,459				786,276				743,127				723,119
Deferred Tax Assets			2,100,275				2,056,223				2,066,953				1,877,944				1,825,032
Total Assets		$	46,554,290			$	47,708,975			$	48,326,982			$	49,892,220			$	49,635,967
Liabilities and Equity
Loans Payable		$	12,002,650			$	12,445,144			$	13,280,285			$	13,194,730			$	13,401,446
Due to Affiliates			3,000,083				3,224,432				3,244,627				3,484,356				3,895,907
Accrued Compensation and Benefits			6,385,958				6,411,389				6,396,285				6,844,156				7,103,730
Operating Lease Liabilities			886,135				861,021				881,566				832,586				792,395
Accounts Payable, Accrued Expenses and Other Liabilities			2,918,023				2,885,817				3,107,508				3,103,164				3,425,889
Total Liabilities			25,192,849				25,827,803				26,910,271				27,458,992				28,619,367
Redeemable Non-Controlling Interests in Consolidated Entities			1,476,212				1,380,503				1,400,419				1,371,083				1,428,451
Equity
Common Stock, $0.00001 par value (760,147,136 shares issued and outstanding as of September 30, 2026)			7				7				7				7				7
Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2026)			-				-				-				-				-
Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2026)			-				-				-				-				-
Additional Paid-in-Capital			8,214,078				8,479,886				8,710,266				9,051,771				9,240,118
Retained Earnings (Deficit)			184,040				191,641				(323,733	)			(18,646	)			(383,195	)
Accumulated Other Comprehensive Income (Loss)			(5,602	)			(6,008	)			(15,770	)			(18,589	)			(18,793	)
Non-Controlling Interests in Consolidated Entities			7,162,957				7,224,211				7,226,994				7,104,291				5,916,813
Non-Controlling Interests in Blackstone Holdings			4,329,749				4,610,932				4,418,528				4,943,311				4,833,199
Total Equity			19,885,229				20,500,669				20,016,292				21,062,145				19,588,149
Total Liabilities and Equity		$	46,554,290			$	47,708,975			$	48,326,982			$	49,892,220			$	49,635,967

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)		3Q’25				4Q’25				1Q’26				2Q’26				3Q’26
Investments of Consolidated Blackstone Funds		$	5,507,078			$	5,180,879			$	5,189,519			$	5,233,815			$	4,756,921
Equity Method Investments
Partnership Investments			6,936,411				6,546,190				6,612,536				6,535,521				6,609,697
Accrued Performance Allocations			11,933,738				12,980,356				13,002,955				13,906,754				13,392,126
Corporate Treasury Investments			262,582				359,657				167,389				401,465				168,271
Other Investments			6,888,634				7,145,029				7,775,220				8,510,174				8,926,646
Total GAAP Investments			31,528,443				32,212,111				32,747,619				34,587,729				33,853,661
Accrued Performance Allocations - GAAP		$	11,933,738			$	12,980,356			$	13,002,955			$	13,906,754			$	13,392,126
Impact of Consolidation (a)			-				-				-				-				-
Due from Affiliates - GAAP (b)			215,647				577,467				204,866				169,131				200,066
Less: Net Realized Performance Revenues (c)			(379,797	)			(1,081,738	)			(630,610	)			(591,552	)			(383,514	)
Less: Accrued Performance Compensation - GAAP (d)			(5,258,769	)			(5,733,563	)			(5,577,711	)			(6,016,432	)			(5,945,428	)
Net Accrued Performance Revenues		$	6,510,819			$	6,742,522			$	6,999,500			$	7,467,901			$	7,263,250
Corporate Treasury and Other Investments - GAAP		$	7,151,216			$	7,504,686			$	7,942,609			$	8,911,639			$	9,094,917
Impact of Consolidation (a)			932,562				758,128				726,047				671,456				913,879
Other Assets (e)			563,415				409,248				568,481				494,212				222,276
Other Liabilities (f)			(3,417	)			(3,357	)			(325,313	)			(342,730	)			(76,393	)
Corporate Treasury and Other Investments - Deconsolidated (g)		$	8,643,776			$	8,668,705			$	8,911,824			$	9,734,577			$	10,154,679
Partnership Investments - GAAP		$	6,936,411			$	6,546,190			$	6,612,536			$	6,535,521			$	6,609,697
Impact of Consolidation (h)			(3,620,409	)			(3,639,431	)			(3,662,090	)			(3,567,345	)			(3,548,484	)
GP/Fund Investments - Deconsolidated		$	3,316,002			$	2,906,759			$	2,950,446			$	2,968,176			$	3,061,213
Loans Payable - GAAP		$	12,002,650			$	12,445,144			$	13,280,285			$	13,194,730			$	13,401,446
Impact of Consolidation (i)			(328,044	)			(126,420	)			(90,747	)			(123,897	)			(442,698	)
Outstanding Debt - Carrying Value			11,674,606				12,318,724				13,189,538				13,070,833				12,958,748
Unamortized Discount			120,174				128,096				124,472				120,907				117,352
Outstanding Debt (at par) - Deconsolidated		$	11,794,780			$	12,446,820			$	13,314,010			$	13,191,740			$	13,076,100

(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 $9.5 billion as of September 30, 2026, which was comprised of $8.9 billion of liquid investments and $649 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)		3Q’25				4Q’25				1Q’26				2Q’26				3Q’26								3Q’25				3Q’26								3Q’25				3Q’26
Management and Advisory Fees, Net
GAAP		$	2,056,248			$	2,079,541			$	2,148,620			$	2,266,006			$	2,178,108							$	5,996,060			$	6,592,734							$	7,875,641			$	8,672,275
Segment Adjustment (a)			(14,428	)			(17,322	)			(15,812	)			(15,710	)			(18,651	)							(42,230	)			(50,173	)							(62,520	)			(67,495	)
Total Segment		$	2,041,820			$	2,062,219			$	2,132,808			$	2,250,296			$	2,159,457							$	5,953,830			$	6,542,561							$	7,813,121			$	8,604,780
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees			200,675				390,288				165,419				159,080				172,729								587,914				497,228								992,658				887,516
Investment Income - Realized Performance Allocations			997,296				1,273,077				1,103,173				1,365,175				831,786								2,389,166				3,300,134								4,247,999				4,573,211
GAAP		$	1,197,971			$	1,663,365			$	1,268,592			$	1,524,255			$	1,004,515							$	2,977,080			$	3,797,362							$	5,240,657			$	5,460,727
Total Segment
Less: Realized Performance Revenues			(744,953	)			(1,057,432	)			(780,494	)			(730,885	)			(464,386	)							(1,758,097	)			(1,975,765	)							(2,623,177	)			(3,033,197	)
Segment Adjustment (b)			-				512				-				21				-								-				21								779				533
Total Segment		$	453,018			$	606,445			$	488,098			$	793,391			$	540,129							$	1,218,983			$	1,821,618							$	2,618,259			$	2,428,063
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation			845,659				925,814				1,166,897				963,026				900,734								2,745,379				3,030,657								3,500,117				3,956,471
Incentive Fee Compensation			61,882				88,628				54,368				49,716				49,280								186,274				153,364								335,550				241,992
Realized Performance Allocations Compensation			354,765				369,626				433,449				565,264				309,755								927,846				1,308,468								1,670,693				1,678,094
GAAP		$	1,262,306			$	1,384,068			$	1,654,714			$	1,578,006			$	1,259,769							$	3,859,499			$	4,492,489							$	5,506,360			$	5,876,557
Total Segment
Less: Realized Performance Compensation			(302,642	)			(310,405	)			(364,056	)			(344,124	)			(185,452	)							(780,190	)			(893,632	)							(1,069,785	)			(1,204,037	)
Less: Equity-Based Compensation - Fee Related Compensation			(296,506	)			(345,649	)			(549,703	)			(345,343	)			(323,383	)							(1,067,054	)			(1,218,429	)							(1,345,903	)			(1,564,078	)
Less: Equity-Based Compensation - Performance Compensation			(5,056	)			(12,715	)			(11,514	)			(8,410	)			(5,834	)							(17,828	)			(25,758	)							(22,128	)			(38,473	)
Segment Adjustment (c)			(11	)			13				29				-				(17	)							(19,038	)			12								(15,678	)			25
Total Segment		$	658,091			$	715,312			$	729,470			$	880,129			$	745,083							$	1,975,389			$	2,354,682							$	3,052,866			$	3,069,994
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP		$	383,580			$	447,778			$	372,821			$	409,110			$	416,358							$	1,076,770			$	1,198,289							$	1,415,856			$	1,646,067
Segment Adjustment (d)			(27,510	)			(29,727	)			(29,366	)			(28,980	)			(33,907	)							(81,582	)			(92,253	)							(75,499	)			(121,980	)
Total Segment		$	356,070			$	418,051			$	343,455			$	380,130			$	382,451							$	995,188			$	1,106,036							$	1,340,357			$	1,524,087
Realized Performance Revenues
GAAP
Incentive Fees			200,675				390,288				165,419				159,080				172,729								587,914				497,228								992,658				887,516
Investment Income - Realized Performance Allocations			997,296				1,273,077				1,103,173				1,365,175				831,786								2,389,166				3,300,134								4,247,999				4,573,211
GAAP		$	1,197,971			$	1,663,365			$	1,268,592			$	1,524,255			$	1,004,515							$	2,977,080			$	3,797,362							$	5,240,657			$	5,460,727
Total Segment
Less: Fee Related Performance Revenues			(453,018	)			(606,445	)			(488,098	)			(793,391	)			(540,129	)							(1,218,983	)			(1,821,618	)							(2,618,259	)			(2,428,063	)
Segment Adjustment (b)			-				512				-				21				-								-				21								779				533
Total Segment		$	744,953			$	1,057,432			$	780,494			$	730,885			$	464,386							$	1,758,097			$	1,975,765							$	2,623,177			$	3,033,197

Blackstone |  32

RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D)

		QTD																						YTD										LTM
($ in thousands)		3Q’25				4Q’25				1Q’26				2Q’26				3Q’26						3Q’25				3Q’26						3Q’25				3Q’26
Realized Performance Compensation
GAAP
Incentive Fee Compensation		$	61,882			$	88,628			$	54,368			$	49,716			$	49,280					$	186,274			$	153,364					$	335,550			$	241,992
Realized Performance Allocations Compensation			354,765				369,626				433,449				565,264				309,755						927,846				1,308,468						1,670,693				1,678,094
GAAP		$	416,647			$	458,254			$	487,817			$	614,980			$	359,035					$	1,114,120			$	1,461,832					$	2,006,243			$	1,920,086
Total Segment
Less: Fee Related Performance Compensation (e)			(108,949	)			(135,134	)			(112,247	)			(262,446	)			(167,749	)					(316,102	)			(542,442	)					(914,330	)			(677,576	)
Less: Equity-Based Compensation - Performance Compensation			(5,056	)			(12,715	)			(11,514	)			(8,410	)			(5,834	)					(17,828	)			(25,758	)					(22,128	)			(38,473	)
Total Segment		$	302,642			$	310,405			$	364,056			$	344,124			$	185,452					$	780,190			$	893,632					$	1,069,785			$	1,204,037
Realized Principal Investment Income (Loss)
GAAP		$	152,652			$	262,267			$	143,020			$	105,585			$	119,848					$	435,365			$	368,453					$	519,746			$	630,720
Segment Adjustment (f)			(90,117	)			(52,390	)			(111,047	)			(78,086	)			(67,249	)					(225,499	)			(256,382	)					(284,267	)			(308,772	)
Total Segment		$	62,535			$	209,877			$	31,973			$	27,499			$	52,599					$	209,866			$	112,071					$	235,479			$	321,948
GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue			107,538				110,746				107,940				134,224				125,941						305,347				368,105						403,894				478,851
Interest Expense			(126,288	)			(128,089	)			(137,053	)			(145,023	)			(132,936	)					(380,225	)			(415,012	)					(495,757	)			(543,101	)
GAAP		$	(18,750	)		$	(17,343	)		$	(29,113	)		$	(10,799	)		$	(6,995	)				$	(74,878	)		$	(46,907	)				$	(91,863	)		$	(64,250	)
Segment Adjustment (g)			198				67				6,995				193				(71	)					11,153				7,117						9,658				7,184
Total Segment		$	(18,552	)		$	(17,276	)		$	(22,118	)		$	(10,606	)		$	(7,066	)				$	(63,725	)		$	(39,790	)				$	(82,205	)		$	(57,066	)

This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statements 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 Agreements.

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 10 – Real Estate Segment Highlights

§ BREIT capital raised includes net offering proceeds raised from a Delaware statutory trust (“DST”) program to issue and sell beneficial interests in DSTs holding real properties.

Blackstone |  34

NOTES – (CONT’D)

Notes to page 11 – Private Equity Segment Highlights

§ 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.

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 $722 million, $1.8 billion, $352 million, and $150 million, respectively, as of September 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 the Tax Receivable Agreements 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 the Tax Receivable Agreements 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 $160 million for 3Q’26 and $501 million for 3Q’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 Management and Advisory Fees, Net, 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 Agreements.

– 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 Agreements. 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 Agreements 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 Agreements 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 (Benefit) for Taxes and Distributable Earnings for the full year. For 3Q’26 QTD, the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the current year quarter. For 3Q’26 YTD, 3Q’25 QTD and 3Q’25 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the current year YTD period and both the prior year quarter and YTD periods.

Blackstone |  37

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

§ 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 Agreements 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.

§ 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

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 2.3 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB