Blackstone (NYSE: BX) posts Q1 2026 profit, AUM at $1.3T and lifts cash returns

Rhea-AI Filing Summary

Blackstone Inc. reported strong first quarter 2026 results, with GAAP net income attributable to Blackstone Inc. rising to $649.7 million and basic EPS increasing to $0.83 from $0.80 a year earlier. Total revenues grew to $3.62 billion, up from $3.29 billion.

Non‑GAAP performance was robust: Distributable Earnings reached $1.76 billion, up 25% year‑over‑year, or $1.36 per common share, while Fee Related Earnings rose 23% to $1.55 billion ($1.26 per share). Over the last twelve months, Distributable Earnings totaled $7.46 billion and FRE $6.02 billion.

Assets under management climbed to $1.30 trillion, with fee‑earning AUM at $937.6 billion. The firm generated $68.5 billion of inflows, deployed $35.6 billion, and realized $35.9 billion in the quarter. Blackstone declared a $1.16 per share quarterly dividend, payable May 11, 2026, and returned $1.5 billion to shareholders for the quarter through dividends and buybacks.

Positive

• Distributable Earnings growth: DE rose 25% year-over-year to $1.76 billion ($1.36 per share), with LTM DE up 22% to $7.46 billion, indicating materially higher cash-generating capacity.
• FRE and AUM expansion: Fee Related Earnings grew 23% to $1.55 billion, while total AUM reached $1.30 trillion and fee-earning AUM $937.6 billion, strengthening the recurring fee base.

Negative

• Credit & Insurance segment pressure: Credit & Insurance segment Distributable Earnings fell 26% year-over-year to $373.1 million, and segment revenues declined 11%, showing weaker quarterly contribution from this business line despite higher AUM.

Insights

Asset management analyst

Blackstone delivered broad-based growth in earnings, AUM and capital flows in Q1 2026.

Blackstone showed solid operating momentum. Total revenues increased to $3.62 billion, while net income attributable to Blackstone Inc. rose to $649.7 million. Fee Related Earnings reached $1.55 billion, up 23% year‑over‑year, indicating stronger recurring fee profitability.

Distributable Earnings grew 25% year‑over‑year to $1.76 billion, helped by higher realized performance revenues and net realizations. Over the last twelve months, Distributable Earnings totaled $7.46 billion and Net Accrued Performance Revenues increased to $7.0 billion, expanding the pool of future realizable carry.

Total AUM reached $1.30 trillion, with fee‑earning AUM of $937.6 billion. Quarterly inflows of $68.5 billion and realizations of $35.9 billion demonstrate active fundraising and exit activity. The declared dividend of $1.16 per share and $1.5 billion of total capital returned for the quarter show substantial cash generation supporting shareholder distributions.

Credit & multi-asset specialist

Growth was strong overall, though Credit & Insurance segment earnings softened in the quarter.

The Credit & Insurance segment saw Fee Related Earnings dip 4% year‑over‑year to $331.8 million and segment Distributable Earnings decline 26% to $373.1 million, reflecting lower realized performance revenues versus the prior‑year quarter.

Despite this quarterly softness, Credit & Insurance AUM increased 18% year‑over‑year to $457.5 billion, with fee‑earning AUM up 14% to $313.3 billion. This suggests a larger earning base over time even as near‑term realization patterns vary across strategies and vintages.

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, and exhibit attachments filed with this report.

Key Figures

Total revenues: $3.62B Net income attributable to Blackstone Inc.: $649.7M Distributable Earnings (quarter): $1.76B +5 more

8 metrics

Total revenues $3.62B GAAP revenue for Q1 2026 vs $3.29B in Q1 2025

Net income attributable to Blackstone Inc. $649.7M Q1 2026 GAAP net income; basic EPS $0.83

Distributable Earnings (quarter) $1.76B Q1 2026 DE, up 25% year-over-year; $1.36 per share

Fee Related Earnings (quarter) $1.55B Q1 2026 FRE, up 23% year-over-year; $1.26 per share

Assets under management $1.30T Total AUM as of March 31, 2026; up 12% year-over-year

Fee-earning AUM $937.6B Fee-earning assets under management as of March 31, 2026; up 9% year-over-year

Quarterly dividend per share $1.16 Q1 2026 dividend; payable May 11, 2026

Credit & Insurance segment DE $373.1M Q1 2026 segment Distributable Earnings, down 26% vs Q1 2025

Key Terms

Distributable Earnings, Fee Related Earnings, Net Accrued Performance Revenues, perpetual capital AUM, +2 more

6 terms

Distributable Earnings financial

"Distributable Earnings (“DE”) of $1.8 billion ($1.36/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.

Fee Related Earnings financial

"Fee Related Earnings (“FRE”) of $1.5 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.

Net Accrued Performance Revenues financial

"Net Accrued Performance Revenues of $7.0 billion ($5.69/share)"

perpetual capital AUM financial

"Perpetual Capital AUM of $539.7 billion"

Adjusted EBITDA financial

"Adjusted EBITDA reached $2,130,470 in Q1’26"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

forward-looking statements regulatory

"This presentation may contain forward-looking statements within the meaning of Section 27A"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Earnings Snapshot

Total revenues: $3.62B

Q1 2026

Total revenues $3.62B +10% vs Q1 2025

Net income attributable to Blackstone Inc. $649.7M +6% vs Q1 2025

Distributable Earnings $1.76B +25% vs Q1 2025

Fee Related Earnings $1.55B +23% vs Q1 2025

Total AUM $1.30T +12% vs prior year

Understanding 8-K Material Events →

false 0001393818 0001393818 2026-04-23 2026-04-23

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): April 23, 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 April 23, 2026, Blackstone Inc. issued a press release and detailed presentation announcing financial results for its first quarter ended March 31, 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 April 23, 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: April 23, 2026

Blackstone Inc.

By: /s/ Michael S. Chae      

Name:		Michael S. Chae
Title:		Chief Financial Officer

ii

Exhibit 99.1

Blackstone Reports First Quarter 2026 Results

New York, April 23, 2026: Blackstone (NYSE:BX) today reported its first quarter 2026 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered outstanding

first-quarter results despite the turbulent environment, highlighted by almost $70 billion of inflows and positive

appreciation across nearly all of our flagship strategies. Our all-weather model protects us in these times of

disruption while also allowing us to invest where we see the greatest opportunity.”

Blackstone issued a full detailed presentation of its first quarter 2026 results, which can be viewed at

www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.16 per share to record holders of common stock at the close of

business on May 4, 2026. This dividend will be paid on May 11, 2026.

Quarterly Investor Call Details

Blackstone will host its first quarter 2026 investor conference via public webcast on April 23, 2026, at 9:00 a.m. ET.

To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1757288&tp_key=030d40a759. For those unable to listen to the live

broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at

https://ir.blackstone.com/.

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

About Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for

institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over

$1.3 trillion in assets under management include global investment strategies focused on real estate, private

equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is

available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act

of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our

current views with respect to, among other things, our operations, taxes, earnings and financial performance, share

repurchases and dividends. You can identify these forward-looking statements by the use of words such as

“outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,”

“approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,”

“forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking

statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that

could cause actual outcomes or results to differ materially from those indicated in these statements. We believe

these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual

Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in

our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on

the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in

conjunction with the other cautionary statements that are included in this report and in our other periodic filings.

The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly

update or review any forward-looking statement, whether as a result of new information, future developments or

otherwise.

This presentation does not constitute an offer of any Blackstone Fund.

Investor and Media Relations Contacts

 Weston Tucker  Blackstone  Tel: +1 (212) 583-5231  tucker@blackstone.com Christine Anderson Blackstone Tel: +1 (212) 583-5182 christine.anderson@blackstone.com

Blackstone’s First

Quarter 2026 Earnings

APRIL 23, 2026

BLACKSTONE’S FIRST QUARTER 2026 GAAP RESULTS

§ GAAP Net Income was $1.3 billion for the quarter and $6.1 billion over the last twelve months (“LTM”). GAAP Net Income Attributable to Blackstone Inc. was $650 million for the quarter and $3.1 billion over the LTM.

($ in thousands, except per share data) (unaudited)		1Q’25				1Q’26						1Q’25 LTM				1Q’26 LTM
Revenues
Management and Advisory Fees, Net		$	1,904,317			$	2,148,620					$	7,366,105			$	8,319,904
Incentive Fees			191,825				165,419						976,662				951,796
Performance Allocations			825,251				1,386,625						3,555,944				4,866,680
Principal Investments			344,255				(241,982	)					516,884				359,699
Interest and Dividend Revenue			97,420				107,940						410,740				426,613
Other			(73,610	)			50,973						5,263				(146,290	)
Total Revenues		$	3,289,458			$	3,617,595					$	12,831,598			$	14,778,402
Expenses
Compensation and Benefits			1,431,840				1,744,415						5,117,589				5,933,104
General, Administrative and Other			332,373				372,821						1,324,332				1,564,996
Interest Expense			118,115				137,053						453,600				527,252
Fund Expenses			12,104				8,004						27,830				45,116
Total Expenses		$	1,894,432			$	2,262,293					$	6,923,351			$	8,070,468
Other Income		$	57,575			$	99,755					$	124,180			$	466,168
Income Before Provision for Taxes		$	1,452,601			$	1,455,057					$	6,032,427			$	7,174,102
Provision for Taxes			243,827				197,150						981,827				1,078,346
Net Income		$	1,208,774			$	1,257,907					$	5,050,600			$	6,095,756
Redeemable NCI in Consolidated Entities			7,900				21,010						(13,720	)			58,610
Non-Redeemable NCI in Consolidated Entities			586,022				587,168						2,520,346				2,983,055
Net Income Attributable to Blackstone Inc.		$	614,852			$	649,729					$	2,543,974			$	3,054,091
Net Income Per Share of Common Stock, Basic		$	0.80			$	0.83					$	3.31			$	3.90
Net Income Per Share of Common Stock, Diluted		$	0.80			$	0.83					$	3.31			$	3.90

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 FIRST QUARTER 2026 HIGHLIGHTS

Financial Measures		§  Fee Related Earnings (“FRE”) of $1.5 billion ($1.26/share) in the quarter – FRE was $6.0 billion over the LTM ($4.90/share) §  Distributable Earnings (“DE”) of $1.8 billion ($1.36/share) in the quarter – DE was $7.5 billion over the LTM ($5.84/share) §  Net Accrued Performance Revenues of $7.0 billion ($5.69/share)
Capital Metrics		§  Total Assets Under Management (“AUM”) of $1,304.0 billion – Fee-Earning AUM of $937.6 billion – Perpetual Capital AUM of $539.7 billion §  Inflows of $68.5 billion in the quarter and $246.3 billion over the LTM §  Deployment of $35.6 billion in the quarter and $137.4 billion over the LTM §  Realizations of $35.9 billion in the quarter and $136.0 billion over the LTM
Capital Returned to Shareholders		§  Dividend of $1.16 per common share payable on May 11, 2026 – Dividends of $4.97 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 first quarter and $6.5 billion over the LTM through dividends and share repurchases

Blackstone |  2

BLACKSTONE’S FIRST QUARTER 2026 SEGMENT EARNINGS

($ in thousands, except per share data)		1Q’25					1Q’26					% Change   vs. 1Q’25					1Q’25 LTM					1Q’26 LTM					% Change  vs. 1Q’25 LTM
Management and Advisory Fees, Net			$	1,891,998				$	2,132,808					13%				$	7,317,961				$	8,256,859			13%
Fee Related Performance Revenues				293,915					488,098					66%					2,134,359					2,019,611			(5)%
Fee Related Compensation				(616,982	)				(729,470	)				18%					(2,802,227	)				(2,803,189	)		0%
Other Operating Expenses				(306,875	)				(343,455	)				12%					(1,265,989	)				(1,449,819	)		15%
Fee Related Earnings			$	1,262,056				$	1,547,981					23%				$	5,384,104				$	6,023,462			12%
Realized Performance Revenues				460,023					780,494					70%					2,210,661					3,136,000			42%
Realized Performance Compensation				(220,924	)				(364,056	)				65%					(919,146	)				(1,233,727	)		34%
Realized Principal Investment Income				117,910					31,973					(73)%					200,498					333,806			66%
Net Realizations				357,009					448,411					26%					1,492,013					2,236,079			50%
Total Segment Distributable Earnings			$	1,619,065				$	1,996,392					23%				$	6,876,117				$	8,259,541			20%
Distributable Earnings			$	1,410,805				$	1,764,838					25%				$	6,111,169				$	7,464,897			22%
Additional Metrics:
Net Income Per Share of Common Stock, Basic			$	0.80				$	0.83					4%				$	3.31				$	3.90			18%
FRE per Share			$	1.03				$	1.26					22%				$	4.40				$	4.90			11%
DE per Common Share			$	1.09				$	1.36					25%				$	4.75				$	5.84			23%
Total Segment Revenues			$	2,763,846				$	3,433,373					24%				$	11,863,479				$	13,746,276			16%
Total Assets Under Management			$	1,167,461,910				$	1,304,017,634					12%				$	1,167,461,910				$	1,304,017,634			12%
Fee-Earning Assets Under Management			$	860,069,950				$	937,596,454					9%				$	860,069,950				$	937,596,454			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. LTM FRE per Share and DE per Common Share amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segments.   Blackstone |  3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

§ Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $7.0 billion ($5.69/share).

Investment Performance

(appreciation / gross returns)

		1Q’26				1Q’26 LTM
Real Estate
Opportunistic			(0.9)%				(1.6)%
Core+			0.8%				2.6%
Private Equity
Corporate Private Equity			3.2%				15.7%
Tactical Opportunities			3.6%				10.9%
Secondaries			0.7%				12.7%
Infrastructure			7.8%				24.8%
Credit & Insurance
Private Credit			0.6%				8.9%
Liquid Credit			(1.3)%				4.1%
Multi-Asset Investing
Absolute Return Composite			1.7%				12.2%

Net Accrued Performance Revenues

($ in millions)

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing. Secondaries appreciation excludes GP Stakes. Private Credit net returns were (0.0)% and 5.7% for 1Q’26 and 1Q’26 LTM, respectively. Liquid Credit net returns were (1.4)% and 3.6% for 1Q’26 and 1Q’26 LTM, respectively. Absolute Return Composite net returns were 1.5% and 11.0% for 1Q’26 and 1Q’26 LTM, respectively. See notes on page 34 for additional details on these strategies and our investment performance.   Blackstone |  4

CAPITAL METRICS – ADDITIONAL DETAIL

§ Inflows were $68.5 billion in the quarter, bringing LTM inflows to $246.3 billion.

§ Deployed $35.6 billion in the quarter and $137.4 billion over the LTM.

– Committed an additional $15.8 billion that was not yet deployed in the quarter.

§ Realizations were $35.9 billion in the quarter and $136.0 billion over the LTM.

		Inflows										Capital Deployed										Realizations
($ in millions)		1Q’26				1Q’26 LTM						1Q’26				1Q’26 LTM						1Q’26				1Q’26 LTM
Real Estate		$	6,777			$	26,128					$	7,002			$	22,243					$	7,039			$	28,284
Opportunistic			370				1,420						2,241				6,465						2,207				8,713
Core+			3,020				13,243						610				4,186						2,043				8,443
Debt Strategies			3,386				11,465						4,152				11,593						2,789				11,128
Private Equity			20,353				66,809						14,513				44,648						14,564				41,975
Corporate Private Equity			8,555				27,384						8,905				23,495						9,061				22,295
Tactical Opportunities			633				3,523						432				1,866						2,983				6,279
Secondaries			8,440				21,610						3,972				12,109						2,039				10,596
Infrastructure			2,725				14,292						1,204				7,178						480				2,805
Credit & Insurance			37,019				138,805						13,035				66,730						13,667				62,188
Multi-Asset Investing			4,393				14,550						1,011				3,741						638				3,527
Total Blackstone		$	68,541			$	246,292					$	35,561			$	137,362					$	35,908			$	135,973

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 $1,304.0 billion, up 12% year-over-year, with $68.5 billion of inflows in the quarter and $246.3 billion over the LTM.

§ Fee-Earning AUM of $937.6 billion was up 9% year-over-year, with $44.2 billion of inflows in the quarter and $167.0 billion over the LTM.

§ Perpetual Capital AUM reached $539.7 billion, up 16% year-over-year.

– Fee-Earning Perpetual Capital AUM increased to $452.3 billion, representing 48% of Fee-Earning AUM.

Multi-Asset Investing had $40 million and $659 million of Perpetual Capital AUM as of 1Q’25 and 1Q’26, respectively.   Blackstone |  6

ADDITIONAL CAPITAL DETAIL

§ Invested Performance Eligible AUM reached $634.5 billion at quarter end, up 9% year-over-year.

§ Total Dry Powder of $213.3 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

§ 1Q’26 Total Segment Distributable Earnings were $2.0 billion.

§ LTM Total Segment Distributable Earnings were $8.3 billion.

Segment Distributable Earnings ($ in millions)

Blackstone |  9

REAL ESTATE

§ Total AUM: $315.3 billion with inflows of $6.8 billion in the quarter and $26.1 billion over the LTM.

– Inflows in the quarter included $3.4 billion in BREDS, primarily across insurance SMAs and multi-asset strategies,
and $1.2 billion of capital raised in BREIT.

§ Capital Deployed: $7.0 billion in the quarter, including a U.S. developer of hyperscale data centers and the
privatization of a diversified REIT in Hawaii by BREP, and $22.2 billion over the LTM.

§ Realizations: $7.0 billion in the quarter, including BREP U.S. Industrial, and $28.3 billion over the LTM.

§ Appreciation: Opportunistic funds declined (0.9)% in the quarter and (1.6)% over the LTM; Core+ funds appreciated
0.8% in the quarter and 2.6% over the LTM.

										% Change										% Change
($ in thousands)		1Q’25				1Q’26				vs. 1Q’25		1Q’25 LTM				1Q’26 LTM				vs. 1Q’25 LTM
Management Fees, Net		$	700,848			$	677,477			(3)%		$	2,855,686			$	2,758,553			(3)%
Fee Related Performance Revenues			37,803				152,998			305%			111,270				604,843			444%
Fee Related Compensation			(170,525	)			(193,137	)		13%			(670,921	)			(712,904	)		6%
Other Operating Expenses			(83,281	)			(90,200	)		8%			(373,840	)			(376,920	)		1%
Fee Related Earnings		$	484,845			$	547,138			13%		$	1,922,195			$	2,273,572			18%
Realized Performance Revenues			19,010				42,074			121%			170,017				291,837			72%
Realized Performance Compensation			(8,770	)			(22,956	)		162%			(87,918	)			(144,547	)		64%
Realized Principal Investment Income (Loss)			349				(8,805	)		n/m			12,678				1,535			(88)%
Net Realizations			10,589				10,313			(3)%			94,777				148,825			57%
Segment Distributable Earnings		$	495,434			$	557,451			13%		$	2,016,972			$	2,422,397			20%
Segment Revenues		$	758,010			$	863,744			14%		$	3,149,651			$	3,656,768			16%
Total AUM		$	319,988,734			$	315,284,316			(1)%		$	319,988,734			$	315,284,316			(1)%
Fee-Earning AUM		$	282,060,486			$	277,502,688			(2)%		$	282,060,486			$	277,502,688			(2)%

Blackstone |  10

PRIVATE EQUITY

§ Total AUM: Increased 16% to $429.9 billion with inflows of $20.4 billion in the quarter and $66.8 billion over the LTM.

– Inflows in the quarter included $8.4 billion in Secondaries, primarily from the tenth flagship Secondaries strategy,
$2.7 billion in Infrastructure, $2.1 billion for the sixth Life Sciences fund, and $1.0 billion for the third Corporate
Private Equity Asia fund.

– The sixth Life Sciences fund held its final close in the quarter, bringing total capital commitments to $6.3 billion,
making it the largest private fund dedicated to life sciences.

– $2.5 billion of capital raised for BXPE and $895 million of capital raised for BXINFRA.

§ Capital Deployed: $14.5 billion in the quarter, including Enverus and MacLean Power Systems, and $44.6 billion over
the LTM; committed an additional $8.5 billion in the quarter, including Urbaser, Champions Group, and Firmus.

§ Realizations: $14.6 billion in the quarter, including Medline and other monetizations in the public portfolio, and
ARKA, and $42.0 billion over the LTM.

§ Appreciation: Corporate Private Equity appreciated 3.2% in the quarter and 15.7% over the LTM.

– Tactical Opportunities appreciated 3.6% in the quarter and 10.9% over the LTM; Secondaries appreciated 0.7% in
the quarter and 12.7% over the LTM; Infrastructure appreciated 7.8% in the quarter and 24.8% over the LTM.

										% Change										% Change
($ in thousands)		1Q’25				1Q’26				vs. 1Q’25		1Q’25 LTM				1Q’26 LTM				vs. 1Q’25 LTM
Management and Advisory Fees, Net		$	621,792			$	801,922			29%		$	2,318,865			$	2,951,739			27%
Fee Related Performance Revenues			60,904				170,697			180%			1,246,332				657,778			(47)%
Fee Related Compensation			(203,319	)			(262,813	)		29%			(1,204,997	)			(1,020,942	)		(15)%
Other Operating Expenses			(102,894	)			(112,928	)		10%			(404,168	)			(492,346	)		22%
Fee Related Earnings		$	376,483			$	596,878			59%		$	1,956,032			$	2,096,229			7%
Realized Performance Revenues			350,073				637,989			82%			1,292,646				1,958,024			51%
Realized Performance Compensation			(171,141	)			(294,536	)		72%			(584,151	)			(828,333	)		42%
Realized Principal Investment Income			9,176				45,348			394%			39,103				102,667			163%
Net Realizations			188,108				388,801			107%			747,598				1,232,358			65%
Segment Distributable Earnings		$	564,591			$	985,679			75%		$	2,703,630			$	3,328,587			23%
Segment Revenues		$	1,041,945			$	1,655,956			59%		$	4,896,946			$	5,670,208			16%
Total AUM		$	370,989,871			$	429,909,808			16%		$	370,989,871			$	429,909,808			16%
Fee-Earning AUM		$	226,219,392			$	255,840,774			13%		$	226,219,392			$	255,840,774			13%

BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXINFRA represents the aggregate BXINFRA fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised include amounts allocated to other strategies. Secondaries appreciation excludes GP Stakes.   Blackstone |  11

CREDIT & INSURANCE

§ Total AUM: Increased 18% to $457.5 billion with inflows of $37.0 billion in the quarter and $138.8 billion over the
LTM.

– Inflows in the quarter included $17.3 billion for the global direct lending strategy, with $1.9 billion of equity
raised for BCRED, and $10.9 billion for the infrastructure and asset based credit strategies.

– The fifth opportunistic private credit strategy held its final close and hit its hard cap with inflows of $2.0 billion
in the quarter, bringing total investable capital to over $10.0 billion.

– Closed 3 new CLOs (2 U.S. and 1 European) for $1.8 billion.

§ Capital Deployed: $13.0 billion in the quarter, driven by global direct lending, and $66.7 billion over the LTM;
committed an additional $6.1 billion in the quarter.

§ Realizations: $13.7 billion in the quarter and $62.2 billion over the LTM.

§ Returns: Private Credit gross return of 0.6% ((0.0)% net) and Liquid Credit gross return of (1.3)% ((1.4)% net) in the
quarter.

– Private Credit gross return of 8.9% (5.7% net) and Liquid Credit gross return of 4.1% (3.6% net) over the LTM.

										% Change										% Change
($ in thousands)		1Q’25				1Q’26				vs. 1Q’25		1Q’25 LTM				1Q’26 LTM				vs. 1Q’25 LTM
Management Fees, Net		$	447,044			$	508,487			14%		$	1,659,036			$	1,991,035			20%
Fee Related Performance Revenues			195,208				164,403			(16)%			776,757				756,990			(3)%
Fee Related Compensation			(201,618	)			(226,493	)		12%			(778,717	)			(894,511	)		15%
Other Operating Expenses			(96,278	)			(114,563	)		19%			(383,056	)			(468,686	)		22%
Fee Related Earnings		$	344,356			$	331,834			(4)%		$	1,274,020			$	1,384,828			9%
Realized Performance Revenues			91,597				78,126			(15)%			389,569				373,258			(4)%
Realized Performance Compensation			(40,495	)			(31,197	)		(23)%			(164,988	)			(152,195	)		(8)%
Realized Principal Investment Income (Loss)			107,903				(5,705	)		n/m			144,197				222,262			54%
Net Realizations			159,005				41,224			(74)%			368,778				443,325			20%
Segment Distributable Earnings		$	503,361			$	373,058			(26)%		$	1,642,798			$	1,828,153			11%
Segment Revenues		$	841,752			$	745,311			(11)%		$	2,969,559			$	3,343,545			13%
Total AUM		$	388,720,401			$	457,462,151			18%		$	388,720,401			$	457,462,151			18%
Fee-Earning AUM		$	274,120,326			$	313,255,195			14%		$	274,120,326			$	313,255,195			14%

Blackstone |  12

MULTI-ASSET INVESTING

§ Total AUM: Increased 15% to $101.4 billion with inflows of $4.4 billion in the quarter and $14.6 billion over the LTM.

§ Returns: Absolute Return Composite gross return of 1.7% in the quarter (1.5% net), outperforming the HFRX Global
Hedge Fund Index, which was (0.6)%.

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

– Gross return of 12.2% over the LTM (11.0% net), outperforming 6.0% return for the HFRX Global Hedge Fund
Index, with significantly less volatility than the broader markets.

										% Change										% Change
($ in thousands)		1Q’25				1Q’26				vs. 1Q’25		1Q’25 LTM				1Q’26 LTM				vs. 1Q’25 LTM
Management Fees, Net		$	122,314			$	144,922			18%		$	484,374			$	555,532			15%
Fee Related Compensation			(41,520	)			(47,027	)		13%			(147,592	)			(174,832	)		18%
Other Operating Expenses			(24,422	)			(25,764	)		5%			(104,925	)			(111,867	)		7%
Fee Related Earnings		$	56,372			$	72,131			28%		$	231,857			$	268,833			16%
Realized Performance Revenues			(657	)			22,305			n/m			358,429				512,881			43%
Realized Performance Compensation			(518	)			(15,367	)		n/m			(82,089	)			(108,652	)		32%
Realized Principal Investment Income			482				1,135			135%			4,520				7,342			62%
Net Realizations			(693	)			8,073			n/m			280,860				411,571			47%
Segment Distributable Earnings		$	55,679			$	80,204			44%		$	512,717			$	680,404			33%
Segment Revenues		$	122,139			$	168,362			38%		$	847,323			$	1,075,755			27%
Total AUM		$	87,762,904			$	101,361,359			15%		$	87,762,904			$	101,361,359			15%
Fee-Earning AUM		$	77,669,746			$	90,997,797			17%		$	77,669,746			$	90,997,797			17%

Blackstone |  13

Supplemental Details

Blackstone |  14

TOTAL SEGMENTS

($ in thousands)		1Q’25				2Q’25				3Q’25				4Q’25				1Q’26				1Q’25 LTM				1Q’26 LTM
Base Management Fees		$	1,807,119			$	1,876,672			$	1,919,702			$	1,945,364			$	1,952,414			$	6,943,271			$	7,694,152
Transaction, Advisory and Other Fees, Net			111,309				165,690				156,211				149,621				211,697				444,059				683,219
Management Fee Offsets			(26,430	)			(22,350	)			(34,093	)			(32,766	)			(31,303	)			(69,369	)			(120,512	)
Total Management and Advisory Fees, Net			1,891,998				2,020,012				2,041,820				2,062,219				2,132,808				7,317,961				8,256,859
Fee Related Performance Revenues			293,915				472,050				453,018				606,445				488,098				2,134,359				2,019,611
Fee Related Compensation			(616,982	)			(700,316	)			(658,091	)			(715,312	)			(729,470	)			(2,802,227	)			(2,803,189	)
Other Operating Expenses			(306,875	)			(332,243	)			(356,070	)			(418,051	)			(343,455	)			(1,265,989	)			(1,449,819	)
Fee Related Earnings		$	1,262,056			$	1,459,503			$	1,480,677			$	1,535,301			$	1,547,981			$	5,384,104			$	6,023,462
Realized Performance Revenues			460,023				553,121				744,953				1,057,432				780,494				2,210,661				3,136,000
Realized Performance Compensation			(220,924	)			(256,624	)			(302,642	)			(310,405	)			(364,056	)			(919,146	)			(1,233,727	)
Realized Principal Investment Income			117,910				29,421				62,535				209,877				31,973				200,498				333,806
Total Net Realizations		$	357,009			$	325,918			$	504,846			$	956,904			$	448,411			$	1,492,013			$	2,236,079
Total Segment Distributable Earnings		$	1,619,065			$	1,785,421			$	1,985,523			$	2,492,205			$	1,996,392			$	6,876,117			$	8,259,541
Distributable Earnings		$	1,410,805			$	1,565,763			$	1,889,487			$	2,244,809			$	1,764,838			$	6,111,169			$	7,464,897
Additional Metrics:
Total Segment Revenues		$	2,763,846			$	3,074,604			$	3,302,326			$	3,935,973			$	3,433,373			$	11,863,479			$	13,746,276
Total Assets Under Management		$	1,167,461,910			$	1,211,207,341			$	1,241,731,296			$	1,274,931,234			$	1,304,017,634			$	1,167,461,910			$	1,304,017,634
Fee-Earning Assets Under Management		$	860,069,950			$	887,114,205			$	906,221,028			$	921,674,454			$	937,596,454			$	860,069,950			$	937,596,454

Blackstone |  15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

		Three Months Ended March 31, 2026																								Twelve Months Ended March 31, 2026
		Real  Estate				Private  Equity				Credit &  Insurance				Multi-Asset  Investing				Total								Real  Estate				Private  Equity				Credit &  Insurance				Multi-Asset   Investing				Total
Beginning Balance		$	319,343			$	416,423			$	442,952			$	96,214			$	1,274,931							$	319,989			$	370,990			$	388,720			$	87,763			$	1,167,462
Inflows			6,777				20,353				37,019				4,393				68,541								26,128				66,809				138,805				14,550				246,292
Outflows			(2,845	)			(2,149	)			(9,350	)			(1,539	)			(15,883	)							(8,713	)			(9,592	)			(23,109	)			(7,731	)			(49,145	)
Net Flows			3,932				18,204				27,669				2,854				52,659								17,415				57,217				115,696				6,819				197,147
Realizations			(7,039	)			(14,564	)			(13,667	)			(638	)			(35,908	)							(28,284	)			(41,975	)			(62,188	)			(3,527	)			(135,973	)
Market Activity			(951	)			9,847				508				2,932				12,336								6,164				43,678				15,233				10,306				75,382
Ending Balance		$	315,284			$	429,910			$	457,462			$	101,361			$	1,304,018							$	315,284			$	429,910			$	457,462			$	101,361			$	1,304,018
% Change			(1)%				3%				3%				5%				2%								(1)%				16%				18%				15%				12%

Fee-Earning AUM Rollforward

($ in millions)

		Three Months Ended March 31, 2026																								Twelve Months Ended March 31, 2026
		Real  Estate				Private  Equity				Credit &  Insurance				Multi-Asset  Investing				Total								Real  Estate				Private  Equity				Credit &  Insurance				Multi-Asset   Investing				Total
Beginning Balance		$	279,427			$	240,959			$	315,641			$	85,648			$	921,674							$	282,060			$	226,219			$	274,120			$	77,670			$	860,070
Inflows			5,398				19,348				14,712				4,699				44,157								22,680				44,162				85,828				14,319				166,990
Outflows			(1,747	)			(4,690	)			(7,929	)			(1,481	)			(15,848	)							(6,690	)			(11,622	)			(19,997	)			(7,180	)			(45,488	)
Net Flows			3,651				14,658				6,783				3,218				28,309								15,991				32,540				65,831				7,140				121,502
Realizations			(5,239	)			(4,829	)			(9,189	)			(613	)			(19,869	)							(24,935	)			(17,952	)			(35,083	)			(3,283	)			(81,253	)
Market Activity			(336	)			5,053				21				2,745				7,482								4,387				15,033				8,387				9,472				37,278
Ending Balance		$	277,503			$	255,841			$	313,255			$	90,998			$	937,596							$	277,503			$	255,841			$	313,255			$	90,998			$	937,596
% Change			(1)%				6%				(1)%				6%				2%								(2)%				13%				14%				17%				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 March 31, 2026, Blackstone had $11.4 billion in total cash, cash equivalents, corporate treasury, and other
investments and $21.3 billion of cash and net investments, or $17.32 per share.

§ Blackstone has a $4.3 billion credit revolver ($3.4 billion undrawn) and maintains A+/A+ ratings.

($ in millions)		1Q’26
Cash and Cash Equivalents		$	2,448
Corporate Treasury and Other Investments			8,912
GP/Fund Investments			2,950
Net Accrued Performance Revenues			7,000
Cash and Net Investments		$	21,310
Outstanding Debt (at par)			13,314

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

October 2030 maturity

$11.4B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $8.4 billion as of March 31, 2026, which was comprised of
$7.8 billion of liquid investments and $576 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet
measures.   Blackstone |  17

NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL

  ($ in millions, except per share data)

		1Q’25				4Q’25				1Q’26				1Q’26
														Per Share
Real Estate
BREP Global		$	904			$	530			$	549			$	0.45
BREP Europe			69				44				70				0.06
BREP Asia			98				94				101				0.08
BPP			37				75				86				0.07
BREDS			32				32				27				0.02
Real Estate		$	1,140			$	775			$	833			$	0.68
Private Equity
BCP Global			1,739				2,044				1,860				1.51
BCP Asia			253				289				216				0.18
Energy/Energy Transition			545				646				1,007				0.82
Core Private Equity			257				287				276				0.22
Tactical Opportunities			200				225				152				0.12
Secondaries			1,144				1,141				1,088				0.88
Infrastructure			248				554				772				0.63
Life Sciences			214				216				228				0.19
BTAS			238				246				257				0.21
Private Equity		$	4,838			$	5,648			$	5,855			$	4.76
Credit & Insurance		$	374			$	286			$	255			$	0.21
Multi-Asset Investing		$	46			$	33			$	56			$	0.05
Net Accrued Performance Revenues		$	6,399			$	6,743			$	7,000			$	5.69

1Q’26 QoQ Rollforward

($ in millions)

						Net				Net
						Performance				Realized
		4Q’25				Revenues				Distributions				1Q’26
Real Estate		$	775			$	216			$	(158	)		$	833
Private Equity			5,648				679				(472	)			5,855
Credit & Insurance			286				129				(160	)			255
Multi-Asset Investing			33				30				(7	)			56
Total		$	6,743			$	1,054			$	(797	)		$	7,000
QoQ Change															4%

1Q’26 LTM Rollforward

($ in millions)

						Net				Net
						Performance				Realized
		1Q’25				Revenues				Distributions				1Q’26
Real Estate		$	1,140			$	434			$	(741	)		$	833
Private Equity			4,838				2,599				(1,581	)			5,855
Credit & Insurance			374				626				(745	)			255
Multi-Asset Investing			46				414				(404	)			56
Total		$	6,399			$	4,072			$	(3,471	)		$	7,000
YoY Change															9%

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes 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 MARCH 31, 2026^(a)

($/€ in  thousands, except where noted)  Fund (Investment Period Beginning Date / Ending Date)		Committed Capital				Available Capital (b)				Unrealized Investments						Realized Investments						Total Investments						Net IRRs (d)
										Value				MOIC (c)		Value				MOIC (c)		Value				MOIC (c)		Realized		Total
Real Estate
Pre-BREP - BREP IV (Jan 1992 / Dec 2005)		$	5,441,163			$	-			$	-			n/a		$	12,219,526			2.0x		$	12,219,526			2.0x		24%		24%
BREP V (Dec 2005 / Feb 2007)			5,539,418				-				2,331			n/a			13,468,476			2.3x			13,470,807			2.3x		11%		11%
BREP VI (Feb 2007 / Aug 2011)			11,060,122				-				1,748			n/a			27,764,962			2.5x			27,766,710			2.5x		13%		13%
BREP VII (Aug 2011 / Apr 2015)			13,506,736				844,688				926,699			0.4x			29,379,122			2.1x			30,305,821			1.9x		17%		14%
BREP VIII (Apr 2015 / Jun 2019)			16,645,922				1,257,178				8,790,136			1.3x			24,373,810			2.1x			33,163,946			1.8x		19%		11%
BREP IX (Jun 2019 / Aug 2022)			21,368,059				2,956,465				17,407,939			1.1x			11,993,150			2.0x			29,401,089			1.3x		33%		5%
*BREP X (Aug 2022 / Feb 2028)			30,637,407				16,820,830				17,614,335			1.3x			2,056,656			1.4x			19,670,991			1.3x		14%		10%
Total Global BREP		$	104,198,827			$	21,879,161			$	44,743,188			1.1x		$	121,255,702			2.2x		$	165,998,890			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				85,814				23,868			0.2x			5,984,997			2.1x			6,008,865			2.0x		14%		13%
BREP Europe IV (Sep 2013 / Dec 2016)			6,676,611				595,371				764,957			0.7x			10,343,285			1.9x			11,108,242			1.7x		16%		11%
BREP Europe V (Dec 2016 / Oct 2019)			8,005,138				655,673				3,933,820			0.7x			6,902,190			3.8x			10,836,010			1.5x		40%		5%
BREP Europe VI (Oct 2019 / Sep 2023)			9,940,454				2,787,157				6,293,358			0.9x			3,998,290			2.4x			10,291,648			1.2x		62%		3%
*BREP Europe VII (Sep 2023 / Mar 2029)			9,762,262				6,196,453				4,269,615			1.3x			139,783			1.3x			4,409,398			1.3x		n/m		14%
Total BREP Europe		€	40,043,805			€	10,320,468			€	15,285,618			0.9x		€	31,324,747			2.2x		€	46,610,365			1.5x		16%		9%
BREP Asia I (Jun 2013 / Dec 2017)		$	4,262,480			$	899,019			$	1,149,290			1.5x		$	7,678,043			2.0x		$	8,827,333			1.9x		15%		12%
BREP Asia II (Dec 2017 / Mar 2022)			7,358,646				1,179,714				5,131,779			1.2x			3,330,331			1.6x			8,462,110			1.3x		11%		3%
*BREP Asia III (Mar 2022 / Sep 2027)			8,219,668				4,340,055				5,014,957			1.3x			224,625			1.6x			5,239,582			1.3x		33%		8%
Total BREP Asia		$	19,840,794			$	6,418,788			$	11,296,026			1.3x		$	11,232,999			1.8x		$	22,529,025			1.5x		15%		7%
BREP Co-Investment (f)			7,799,257				153,280				1,082,813			1.4x			15,348,472			2.2x			16,431,285			2.1x		16%		16%
Total BREP		$	178,508,642			$	40,374,465			$	74,316,780			1.1x		$	186,061,197			2.2x		$	260,377,977			1.7x		16%		13%
*BREDS High-Yield (Various) (g)			27,606,074				9,273,740				4,080,621			1.0x			25,624,292			1.3x			29,704,913			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)			6,773,182				-				-			n/a			21,720,334			2.9x			21,720,334			2.9x		36%		36%
BCP V (Dec 2005 / Jan 2011)			21,009,112				982,018				-			n/a			38,870,191			1.9x			38,870,191			1.9x		8%		8%
BCP VI (Jan 2011 / May 2016)			15,192,032				1,340,945				2,265,459			3.2x			30,692,197			2.2x			32,957,656			2.2x		13%		12%
BCP VII (May 2016 / Feb 2020)			18,875,734				1,311,968				14,627,717			1.6x			23,961,379			2.6x			38,589,096			2.1x		24%		12%
BCP VIII (Feb 2020 / Apr 2024)			25,833,655				6,181,123				26,085,749			1.4x			9,745,826			2.4x			35,831,575			1.6x		26%		10%
*BCP IX (Apr 2024 / Apr 2030)			21,836,141				18,599,286				4,822,964			1.5x			-			n/a			4,822,964			1.5x		n/a		n/m
Energy I (Aug 2011 / Feb 2015)			2,441,558				177,091				18,914			2.4x			4,879,550			2.0x			4,898,464			2.0x		13%		12%
Energy II (Feb 2015 / Feb 2020)			4,928,376				780,843				3,583,498			2.6x			5,925,351			1.8x			9,508,849			2.0x		8%		9%
Energy III (Feb 2020 / Jun 2024)			4,399,206				1,522,788				7,924,111			2.9x			3,727,464			2.6x			11,651,575			2.8x		33%		33%
*Energy Transition IV (Jun 2024 / Jun 2030)			5,848,159				3,116,155				4,696,209			1.7x			157,156			1.7x			4,853,365			1.7x		n/m		86%
BCP Asia I (Dec 2017 / Sep 2021)			2,437,080				417,510				1,298,785			1.3x			3,676,038			3.0x			4,974,823			2.3x		33%		19%
*BCP Asia II (Sep 2021 / Sep 2027)			6,840,616				3,613,412				5,949,120			1.8x			1,027,538			3.4x			6,976,658			1.9x		93%		27%
BCP Asia III (TBD)			11,314,754				11,314,754				-			n/a			-			n/a			-			n/a		n/a		n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)			4,760,130				1,189,022				6,657,382			2.1x			4,186,003			3.7x			10,843,385			2.5x		32%		15%
*Core Private Equity II (Mar 2021 / Mar 2027) (h)			8,244,302				4,924,612				6,282,093			1.5x			905,815			n/a			7,187,908			1.7x		n/a		16%
Total Corporate Private Equity		$	169,058,970			$	55,471,527			$	84,212,001			1.7x		$	166,709,020			2.3x		$	250,921,021			2.0x		16%		15%
Tactical Opportunities
*Tactical Opportunities (Various)			33,622,860				14,333,368				12,602,069			1.2x			31,924,757			1.9x			44,526,826			1.6x		15%		10%
*Tactical Opportunities Co-Investment and Other (Various)			10,673,147				1,153,253				3,625,551			1.3x			11,982,693			1.8x			15,608,244			1.7x		18%		16%
Total Tactical Opportunities		$	44,296,007			$	15,486,621			$	16,227,620			1.2x		$	43,907,450			1.9x		$	60,135,070			1.6x		16%		11%

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 MARCH 31, 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)
Growth
BXG I (Jul 2020 / Feb 2025)		$	4,959,668			$	342,693			$	5,190,952			1.2x		$	659,239			2.4x		$	5,850,191			1.2x		n/m		3%
*BXG II (Feb 2025 / Feb 2030)			4,605,048				4,256,508				423,123			1.1x			6,108			n/m			429,231			1.1x		n/m		n/m
Total Growth		$	9,564,716			$	4,599,201			$	5,614,075			1.2x		$	665,347			2.4x		$	6,279,422			1.2x		n/m		2%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)			11,035,527				9,572				2,150			n/a			16,796,758			n/a			16,798,908			1.7x		n/a		13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)			4,362,772				382,937				451,131			n/a			4,639,661			n/a			5,090,792			1.7x		n/a		13%
Strategic Partners VII (May 2016 / Mar 2019) (i)			7,489,970				1,615,589				2,400,675			n/a			8,436,591			n/a			10,837,266			1.9x		n/a		15%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)			1,749,807				590,513				1,343,264			n/a			1,347,378			n/a			2,690,642			1.9x		n/a		15%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)			10,763,600				3,461,751				6,197,536			n/a			8,883,127			n/a			15,080,663			1.7x		n/a		18%
*Strategic Partners Real Estate, SMA and Other (Various) (i)			7,055,591				1,229,809				3,207,166			n/a			2,924,013			n/a			6,131,179			1.4x		n/a		11%
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)			3,250,100				696,230				2,719,186			n/a			677,888			n/a			3,397,074			1.6x		n/a		15%
Strategic Partners IX (Oct 2021 / Mar 2026) (i)			19,692,625				132,783				18,783,917			n/a			1,307,669			n/a			20,091,586			1.5x		n/a		18%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)			2,095,211				431,631				1,269,887			n/a			44,343			n/a			1,314,230			1.1x		n/a		(0)%
*Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i)			4,837,949				3,589,981				94,086			n/a			-			n/a			94,086			n/m		n/a		n/m
*Strategic Partners X (Mar 2026 / May 2031) (i)			8,662,594				8,662,594				-			n/a			-			n/a			-			n/a		n/a		n/a
Total Strategic Partners (Secondaries)		$	80,995,746			$	20,803,390			$	36,468,998			n/a		$	45,057,428			n/a		$	81,526,426			1.6x		n/a		14%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)			910,000				43,312				528,354			2.0x			803,210			1.6x			1,331,564			1.7x		9%		9%
BXLS V (Jan 2020 / Mar 2025)			5,019,123				2,400,809				5,026,755			2.0x			1,803,300			2.0x			6,830,055			2.0x		17%		18%
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				60,174			0.5x			6,686,891			1.4x			6,747,065			1.4x		n/a		9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)			6,639,133				1,080,904				799,000			0.6x			9,924,105			1.7x			10,723,105			1.5x		n/a		11%
Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)			5,016,771				1,261,678				3,412,057			1.1x			3,700,554			1.6x			7,112,611			1.3x		n/a		12%
*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029)			7,630,000				6,952,528				617,184			1.0x			32,153			1.7x			649,337			1.0x		n/a		n/m
Total Mezzanine / Opportunistic		$	25,405,904			$	10,288,370			$	4,888,415			0.9x		$	25,152,816			1.6x		$	30,041,231			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			5,572,345			1.1x			5,572,345			1.1x		n/a		1%
Stressed / Distressed III (Dec 2017 / Dec 2022)			7,356,380				1,000,000				1,062,330			0.7x			5,890,400			1.5x			6,952,730			1.3x		n/a		9%
Total Stressed / Distressed		$	15,734,523			$	1,547,430			$	1,062,330			0.7x		$	17,239,843			1.3x		$	18,302,173			1.2x		n/a		7%
European Senior Debt I (Feb 2015 / Feb 2019)		€	1,964,689			€	66,629			€	147,368			0.3x		€	2,997,689			1.3x		€	3,145,057			1.1x		n/a		1%
European Senior Debt II (Jun 2019 / Jun 2023) (j)			4,088,344				855,817				2,390,569			0.9x			4,639,359			1.7x			7,029,928			1.3x		n/a		8%
Total European Senior Debt		€	6,053,033			€	922,446			€	2,537,937			0.8x		€	7,637,048			1.5x		€	10,174,985			1.2x		n/a		5%
Energy I (Nov 2015 / Nov 2018)		$	2,856,867			$	1,154,819			$	112,297			0.8x		$	3,513,027			1.6x		$	3,625,324			1.5x		n/a		10%
Energy II (Feb 2019 / Jun 2023)			3,616,081				1,464,279				413,690			0.8x			3,538,294			1.5x			3,951,984			1.4x		n/a		16%
*Energy III (May 2023 / May 2028)			6,477,000				4,033,507				2,490,805			1.0x			2,960,319			1.3x			5,451,124			1.1x		n/a		15%
Total Energy		$	12,949,948			$	6,652,605			$	3,016,792			1.0x		$	10,011,640			1.4x		$	13,028,432			1.3x		n/a		12%
Senior Direct Lending (Various) (k)			2,514,661				1,209,799				2,670,122			1.1x			263,476			1.1x			2,933,598			1.1x		n/a		10%
Total Credit Drawdown Funds (l)		$	63,510,695			$	20,761,047			$	14,561,870			0.9x		$	61,774,717			1.5x		$	76,336,587			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 MARCH 31, 2026^(a) – (CONT’D)

Selected Perpetual Capital Strategies^(m)

($/€ in thousands, except where noted)

Investment

Total

Total Net

Strategy (Inception Year)

Strategy

AUM

Return (n)

Real Estate

BPP - Blackstone Property Partners Platform (2013) (o)

Core+ Real Estate

$

60,456,587

3%

BREIT - Blackstone Real Estate Income Trust (2017) (p)

Core+ Real Estate

54,922,211

9%

BREIT - Class I (q)

Core+ Real Estate

9%

BXMT - Blackstone Mortgage Trust (2013) (r)

Real Estate Debt

6,206,612

7%

Private Equity

BXGP - Blackstone GP Stakes (2014) (s)

Minority GP Interests

9,806,128

12%

BIP - Blackstone Infrastructure Partners (2019) (t)

Infrastructure

67,941,174

19%

BXPE - Blackstone Private Equity Strategies Fund Program (2024) (u)

Private Equity

21,419,289

17%

BXPE - Class I (v)

Private Equity

18%

Credit

BXSL - Blackstone Secured Lending Fund (2018) (w)

U.S. Direct Lending

17,036,657

11%

BCRED - Blackstone Private Credit Fund (2021) (x)

U.S. Direct Lending

93,909,602

9%

BCRED - Class I (y)

U.S. Direct Lending

9%

ECRED - Blackstone European Credit Fund (2022) (z)

European Direct Lending

€

4,799,679

9%

ECRED - Class I (aa)

European Direct Lending

9%

 Investment Records as of March 31, 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 March 31, 2026 IRR on total invested capital based on realized proceeds and unrealized
value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows
may differ from the Investment Period Beginning Date.

(e) The 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International I-II performance reflects a 10% Realized Net
IRR and a 10% Total Net IRR.

(f) BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and
unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(g) BREDS High-Yield represents the flagship real estate debt drawdown funds only.

(h) Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

(i) Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not
include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs
and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.

(j) European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 12% and 7%, respectively, for
the levered and unlevered funds of the strategy.

(k) Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 11% and 8%, 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 MARCH 31, 2026^(a) – (CONT’D)

(l) Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.

(m) Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year,
(2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.

(n) Unless otherwise indicated, Total Net Return represents the annualized inception to March 31, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as
applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred
during the Inception Year.

(o) BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes
certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of March 31, 2026, these vehicles represented $4.4 billion of Total AUM.

(p) The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling
commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is
presented on an annualized basis and is from January 1, 2017.

(q) Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends
received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from
January 1, 2017.

(r) The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during
the period.

(s) Blackstone GP Stakes (“BXGP”) represents the aggregate Total AUM and Total Net Return of BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy, which targets
minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of March 31, 2026, including vehicles that are
not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $12.9 billion.

(t) BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and
Europe. As of March 31, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $80.6 billion.

(u) The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle and a single share class, reinvestment of any dividends received
during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular
vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign
currency. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the
calculation. BXPE Total AUM reflects net asset value as of March 31, 2026. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of
segment AUM reporting.

(v) Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program’s largest share class across vehicles. Performance varies by vehicle and share class. Class I
Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For
purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency. Class I Total Net
Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.

(w) The BXSL Total AUM and Total Net Return are presented as of December 31, 2025. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming
dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an
annualized basis and are from November 20, 2018.

(x) The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront
selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net
Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit
facilities. BCRED net asset value as of March 31, 2026 was $45.0 billion.

(y) Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends
received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from
January 7, 2021.

(z) The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class, reinvestment of all dividends received during the period, and no upfront
selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total Net
Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit
facilities. ECRED net asset value as of March 31, 2026 was €2.5 billion.

(aa) Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance varies by share class. Total Net Return assumes reinvestment of all dividends received
during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis and is from
October 3, 2022.

Blackstone |  22

SHAREHOLDER DIVIDENDS

§ Generated $1.36 of Distributable Earnings per common share during the quarter, bringing the LTM amount to
$5.84 per common share.

§ Blackstone declared a quarterly dividend of $1.16 per common share to record holders as of May 4, 2026; payable on
May 11, 2026.

																						% Change												% Change
($ in thousands, except per share data)		1Q’25				2Q’25				3Q’25				4Q’25				1Q’26				vs. 1Q'25				1Q’25 LTM				1Q’26 LTM				vs. 1Q'25 LTM
Distributable Earnings		$	1,410,805			$	1,565,763			$	1,889,487			$	2,244,809				$1,764,838				25%			$	6,111,169			$	7,464,897				22%
Add: Other Payables Attributable to Common Shareholders			138,425				142,664				26,913				167,504				160,943				16%				521,978				498,024				(5)%
DE Before Certain Payables			1,549,230				1,708,427				1,916,400				2,412,313				1,925,781				24%				6,633,147				7,962,921				20%
Percent to Common Shareholders			63	%			64	%			64	%			64	%			64%								63	%			64	%
DE Before Certain Payables Attributable to Common Shareholders			980,440				1,086,833				1,220,339				1,537,540				1,229,664				25%				4,177,075				5,074,376				21%
Less: Other Payables Attributable to Common Shareholders			(138,425	)			(142,664	)			(26,913	)			(167,504	)			(160,943)				16%				(521,978	)			(498,024	)			(5)%
DE Attributable to Common Shareholders			842,015				944,169				1,193,426				1,370,036				1,068,721				27%				3,655,097				4,576,352				25%
DE per Common Share		$	1.09			$	1.21			$	1.52			$	1.75				$    1.36				25%			$	4.75			$	5.84				23%
Less: Retained Capital per Common Share		$	(0.16	)		$	(0.18	)		$	(0.23	)		$	(0.26	)			$    (0.20)				25%			$	(0.70	)		$	(0.87	)			24%
Actual Dividend per Common Share		$	0.93			$	1.03			$	1.29			$	1.49				$    1.16				25%			$	4.05			$	4.97				23%
Record Date																			May 4, 2026
Payable Date																			May 11, 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 1,230 million shares.

– Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM.

– Available authorization remaining was $1.7 billion at March 31, 2026.

		1Q’25				2Q’25				3Q’25				4Q’25				1Q’26
Participating Common Shares			773,038,934				782,567,390				782,728,403				783,183,010				785,497,027
Participating Partnership Units			448,468,715				447,574,842				446,455,699				445,586,312				444,672,720
Distributable Earnings Shares Outstanding			1,221,507,649				1,230,142,232				1,229,184,102				1,228,769,322				1,230,169,747

  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 FIRST QUARTER 2026 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share data) (unaudited)		1Q’25				1Q’26						1Q’25 LTM				1Q’26 LTM
Revenues
Management and Advisory Fees, Net		$	1,904,317			$	2,148,620					$	7,366,105			$	8,319,904
Incentive Fees			191,825				165,419						976,662				951,796
Investment Income
Performance Allocations
Realized			562,050				1,103,173						3,367,279				4,203,366
Unrealized			263,201				283,452						188,665				663,314
Principal Investments
Realized			185,542				143,020						439,203				655,110
Unrealized			158,713				(385,002	)					77,681				(295,411	)
Total Investment Income			1,169,506				1,144,643						4,072,828				5,226,379
Interest and Dividend Revenue			97,420				107,940						410,740				426,613
Other			(73,610	)			50,973						5,263				(146,290	)
Total Revenues		$	3,289,458			$	3,617,595					$	12,831,598			$	14,778,402
Expenses
Compensation and Benefits
Compensation			1,029,362				1,166,897						3,282,788				3,808,728
Incentive Fee Compensation			57,029				54,368						356,908				272,241
Performance Allocations Compensation
Realized			241,890				433,449						1,415,213				1,489,031
Unrealized			103,559				89,701						62,680				363,104
Total Compensation and Benefits			1,431,840				1,744,415						5,117,589				5,933,104
General, Administrative and Other			332,373				372,821						1,324,332				1,564,996
Interest Expense			118,115				137,053						453,600				527,252
Fund Expenses			12,104				8,004						27,830				45,116
Total Expenses		$	1,894,432			$	2,262,293					$	6,923,351			$	8,070,468
Other Income
Change in Tax Receivable Agreement Liability			-				-						(41,246	)			6,591
Net Gains from Fund Investment Activities			57,575				99,755						165,426				459,577
Total Other Income		$	57,575			$	99,755					$	124,180			$	466,168
Income Before Provision for Taxes		$	1,452,601			$	1,455,057					$	6,032,427			$	7,174,102
Provision for Taxes			243,827				197,150						981,827				1,078,346
Net Income		$	1,208,774			$	1,257,907					$	5,050,600			$	6,095,756
Net Income (Loss) Attributable to Redeemable Non-Controlling   Interests in Consolidated Entities			7,900				21,010						(13,720	)			58,610
Net Income Attributable to Non-Controlling   Interests in Consolidated Entities			100,547				117,367						471,546				677,388
Net Income Attributable to Non-Controlling   Interests in Blackstone Holdings			485,475				469,801						2,048,800				2,305,667
Net Income Attributable to Blackstone Inc.		$	614,852			$	649,729					$	2,543,974			$	3,054,091
Net Income Per Share of Common Stock, Basic		$	0.80			$	0.83					$	3.31			$	3.90
Net Income Per Share of Common Stock, Diluted		$	0.80			$	0.83					$	3.31			$	3.90

Blackstone |  26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

		QTD																						LTM
($ in thousands)		1Q’25				2Q’25				3Q’25				4Q’25				1Q’26						1Q’25				1Q’26
Net Income Attributable to Blackstone Inc.		$	614,852			$	764,244			$	624,917			$	1,015,201			$	649,729					$	2,543,974			$	3,054,091
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			485,475				602,844				457,110				775,912				469,801						2,048,800				2,305,667
Net Income Attributable to Non-Controlling Interests in Consolidated Entities			100,547				240,836				125,890				193,295				117,367						471,546				677,388
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			7,900				18,209				29,008				(9,617	)			21,010						(13,720	)			58,610
Net Income		$	1,208,774			$	1,626,133			$	1,236,925			$	1,974,791			$	1,257,907					$	5,050,600			$	6,095,756
Provision for Taxes			243,827				289,494				209,657				382,045				197,150						981,827				1,078,346
Income Before Provision for Taxes		$	1,452,601			$	1,915,627			$	1,446,582			$	2,356,836			$	1,455,057					$	6,032,427			$	7,174,102
Transaction-Related and Non-Recurring Items (a)			18,824				10,381				(9,412	)			(6,822	)			6,967						22,999				1,114
Amortization of Intangibles (b)			7,333				7,333				7,333				7,327				7,288						29,332				29,281
Impact of Consolidation (c)			(108,447	)			(259,045	)			(154,898	)			(183,678	)			(138,377	)					(457,826	)			(735,998	)
Unrealized Performance Revenues (d)			(263,201	)			(313,256	)			215,872				(282,372	)			(283,355	)					(188,672	)			(663,111	)
Unrealized Performance Allocations Compensation (e)			103,559				152,618				(31,547	)			152,332				89,701						62,680				363,104
Unrealized Principal Investment (Income) Loss (f)			(161,257	)			(294,093	)			216,084				67,826				322,136						9,851				311,953
Other Revenues (g)			73,635				225,083				(28,702	)			1,174				(50,928	)					(4,784	)			146,627
Equity-Based Compensation (h)			471,302				312,018				301,562				358,364				561,217						1,312,645				1,533,161
Administrative Fee Adjustment (i)			4,186				4,112				4,097				3,942				4,568						13,299				16,719
Taxes and Related Payables (j)			(187,730	)			(195,015	)			(77,484	)			(230,120	)			(209,436	)					(720,782	)			(712,055	)
Distributable Earnings		$	1,410,805			$	1,565,763			$	1,889,487			$	2,244,809			$	1,764,838					$	6,111,169			$	7,464,897
Taxes and Related Payables (j)			187,730				195,015				77,484				230,120				209,436						720,782				712,055
Net Interest and Dividend (Income) Loss (k)			20,530				24,643				18,552				17,276				22,118						44,166				82,589
Total Segment Distributable Earnings		$	1,619,065			$	1,785,421			$	1,985,523			$	2,492,205			$	1,996,392					$	6,876,117			$	8,259,541
Realized Performance Revenues (l)			(460,023	)			(553,121	)			(744,953	)			(1,057,432	)			(780,494	)					(2,210,661	)			(3,136,000	)
Realized Performance Compensation (m)			220,924				256,624				302,642				310,405				364,056						919,146				1,233,727
Realized Principal Investment (Income) Loss (n)			(117,910	)			(29,421	)			(62,535	)			(209,877	)			(31,973	)					(200,498	)			(333,806	)
Fee Related Earnings		$	1,262,056			$	1,459,503			$	1,480,677			$	1,535,301			$	1,547,981					$	5,384,104			$	6,023,462
Adjusted EBITDA Reconciliation
Distributable Earnings		$	1,410,805			$	1,565,763			$	1,889,487			$	2,244,809			$	1,764,838					$	6,111,169			$	7,464,897
Interest Expense (o)			117,950				125,033				126,090				128,022				130,058						454,727				509,203
Taxes and Related Payables (j)			187,730				195,015				77,484				230,120				209,436						720,782				712,055
Depreciation and Amortization (p)			22,226				26,642				24,015				26,102				26,138						94,929				102,897
Adjusted EBITDA		$	1,738,711			$	1,912,453			$	2,117,076			$	2,629,053			$	2,130,470					$	7,381,607			$	8,789,052

Notes on pages 28-29.   Blackstone |  27

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

Note:  See pages 36-38, Definitions and Dividend Policy.

(a) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

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

(c) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(d) This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

				QTD																								LTM
($ in thousands)				1Q’25				2Q’25				3Q’25				4Q’25				1Q’26								1Q’25				1Q’26
GAAP Unrealized Performance Allocations				$	263,201			$	313,283			$	(215,818	)		$	282,397			$	283,452							$	188,665			$	663,314
Segment Adjustment					-				(27	)			(54	)			(25	)			(97	)							7				(203	)
Unrealized Performance Revenues				$	263,201			$	313,256			$	(215,872	)		$	282,372			$	283,355							$	188,672			$	663,111
(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																								LTM
($ in thousands)				1Q’25				2Q’25				3Q’25				4Q’25				1Q’26								1Q’25				1Q’26
GAAP Unrealized Principal Investment Income (Loss)				$	158,713			$	365,391			$	(238,658	)		$	(37,142	)		$	(385,002	)						$	77,681			$	(295,411	)
Segment Adjustment					2,544				(71,298	)			22,574				(30,684	)			62,866								(87,532	)			(16,542	)
Unrealized Principal Investment Income (Loss)				$	161,257			$	294,093			$	(216,084	)		$	(67,826	)		$	(322,136	)						$	(9,851	)		$	(311,953	)
(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																								LTM
($ in thousands)				1Q’25				2Q’25				3Q’25				4Q’25				1Q’26								1Q’25				1Q’26
GAAP Other Revenue				$	(73,610	)		$	(225,063	)		$	28,702			$	(902	)		$	50,973							$	5,263			$	(146,290	)
Segment Adjustment					(25	)			(20	)			-				(272	)			(45	)							(479	)			(337	)
Other Revenues				$	(73,635	)		$	(225,083	)		$	28,702			$	(1,174	)		$	50,928							$	4,784			$	(146,627	)

(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																								LTM
($ in thousands)				1Q'25				2Q'25				3Q'25				4Q'25				1Q'26								1Q'25				1Q'26
Taxes				$	162,535			$	167,162			$	49,719			$	196,234			$	178,757							$	611,170			$	591,872
Related Payables					25,195				27,853				27,765				33,886				30,679								109,612				120,183
Taxes and Related Payables				$	187,730			$	195,015			$	77,484			$	230,120			$	209,436							$	720,782			$	712,055
(k)   This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.
				QTD																								LTM
($ in thousands)				1Q'25				2Q'25				3Q'25				4Q'25				1Q'26								1Q'25				1Q'26
GAAP Interest and Dividend Revenue				$	97,420			$	100,389			$	107,538			$	110,746			$	107,940							$	410,740			$	426,613
Segment Adjustment					-				1				-				-				-								(179	)			1
Interest and Dividend Revenue				$	97,420			$	100,390			$	107,538			$	110,746			$	107,940							$	410,561			$	426,614
GAAP Interest Expense				$	118,115			$	135,822			$	126,288			$	128,089			$	137,053							$	453,600			$	527,252
Segment Adjustment					(165	)			(10,789	)			(198	)			(67	)			(6,995	)							1,127				(18,049	)
Interest Expense				$	117,950			$	125,033			$	126,090			$	128,022			$	130,058							$	454,727			$	509,203
Net Interest and Dividend Income (Loss)				$	(20,530	)		$	(24,643	)		$	(18,552	)		$	(17,276	)		$	(22,118	)						$	(44,166	)		$	(82,589	)
(l)  This adjustment removes the total segment amount of Realized Performance Revenues. (m)  This adjustment removes the total segment amount of Realized Performance Compensation. (n)   This adjustment removes the total segment amount of Realized Principal Investment Income. (o)   This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (p)   This adjustment adds back Depreciation and Amortization on a segment basis. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding
				QTD
				1Q’25				2Q’25				3Q’25				4Q’25				1Q’26
GAAP Shares of Common Stock Outstanding					737,929,437				739,055,944				747,812,724				748,688,068				751,535,403
Unvested Participating Common Shares					35,109,497				43,511,446				34,915,679				34,494,942				33,961,624
Total Participating Common Shares					773,038,934				782,567,390				782,728,403				783,183,010				785,497,027
Participating Partnership Units					448,468,715				447,574,842				446,455,699				445,586,312				444,672,720
Distributable Earnings Shares Outstanding					1,221,507,649				1,230,142,232				1,229,184,102				1,228,769,322				1,230,169,747
Disclosure of Weighted-Average Shares Common Stock Outstanding
				QTD																								LTM
				1Q’25				2Q’25				3Q’25				4Q’25				1Q’26								1Q’25				1Q’26
Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic					771,796,385				782,386,121				782,633,394				783,106,052				785,332,239								769,464,144				783,356,354
Weighted-Average Shares of Unvested Deferred Restricted Common Stock					638,217				15,116				47,741				87,397				964,071								203,836				278,581
Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted					772,434,602				782,401,237				782,681,135				783,193,449				786,296,310								769,667,980				783,634,935

Blackstone |  29

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

($ in thousands) (unaudited)		1Q’25				2Q’25				3Q’25				4Q’25				1Q’26
Assets
Cash and Cash Equivalents		$	2,386,979			$	2,235,499			$	2,430,690			$	2,631,241			$	2,448,485
Cash Held by Blackstone Funds and Other			1,012,958				313,950				401,558				223,441				261,955
Investments			30,259,429				31,135,504				31,528,443				32,212,111				32,747,619
Accounts Receivable			221,200				357,858				543,209				291,758				572,832
Due from Affiliates			5,434,078				5,516,820				5,845,843				6,357,462				6,395,165
Intangible Assets, Net			156,269				147,294				140,458				131,359				122,324
Goodwill			1,890,202				1,890,202				1,890,202				1,890,202				1,890,202
Other Assets			929,107				877,000				900,582				1,157,719				1,035,171
Right-of-Use Assets			807,487				793,690				773,030				757,459				786,276
Deferred Tax Assets			2,157,920				2,105,277				2,100,275				2,056,223				2,066,953
Total Assets		$	45,255,629			$	45,373,094			$	46,554,290			$	47,708,975			$	48,326,982
Liabilities and Equity
Loans Payable		$	12,454,559			$	12,008,870			$	12,002,650			$	12,445,144			$	13,280,285
Due to Affiliates			3,361,900				2,802,514				3,000,083				3,224,432				3,244,627
Accrued Compensation and Benefits			6,164,503				6,065,974				6,385,958				6,411,389				6,396,285
Operating Lease Liabilities			937,369				918,887				886,135				861,021				881,566
Accounts Payable, Accrued Expenses and Other Liabilities			2,472,395				2,497,969				2,918,023				2,885,817				3,107,508
Total Liabilities			25,390,726				24,294,214				25,192,849				25,827,803				26,910,271
Redeemable Non-Controlling Interests in Consolidated Entities			1,382,374				1,487,129				1,476,212				1,380,503				1,400,419
Equity
Common Stock, $0.00001 par value (751,535,403 shares issued and outstanding as of March 31, 2026)			7				7				7				7				7
Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of March 31, 2026)			-				-				-				-				-
Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of March 31, 2026)			-				-				-				-				-
Additional Paid-in-Capital			7,686,980				7,988,663				8,214,078				8,479,886				8,710,266
Retained Earnings (Deficit)			320,160				362,614				184,040				191,641				(323,733	)
Accumulated Other Comprehensive Income (Loss)			(29,027	)			1,055				(5,602	)			(6,008	)			(15,770	)
Non-Controlling Interests in Consolidated Entities			6,400,585				6,847,785				7,162,957				7,224,211				7,226,994
Non-Controlling Interests in Blackstone Holdings			4,103,824				4,391,627				4,329,749				4,610,932				4,418,528
Total Equity			18,482,529				19,591,751				19,885,229				20,500,669				20,016,292
Total Liabilities and Equity		$	45,255,629			$	45,373,094			$	46,554,290			$	47,708,975			$	48,326,982

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)		1Q’25				2Q’25				3Q’25				4Q’25				1Q’26
Investments of Consolidated Blackstone Funds		$	4,589,194			$	5,101,278			$	5,507,078			$	5,180,879			$	5,189,519
Equity Method Investments
Partnership Investments			6,740,598				6,942,526				6,936,411				6,546,190				6,612,536
Accrued Performance Allocations			12,522,848				12,054,879				11,933,738				12,980,356				13,002,955
Corporate Treasury Investments			106,684				229,497				262,582				359,657				167,389
Other Investments			6,300,105				6,807,324				6,888,634				7,145,029				7,775,220
Total GAAP Investments			30,259,429				31,135,504				31,528,443				32,212,111				32,747,619
Accrued Performance Allocations - GAAP		$	12,522,848			$	12,054,879			$	11,933,738			$	12,980,356			$	13,002,955
Impact of Consolidation (a)			-				-				-				-				-
Due from Affiliates - GAAP (b)			249,376				229,359				215,647				577,467				204,866
Less: Net Realized Performance Revenues (c)			(927,240	)			(456,507	)			(379,797	)			(1,081,738	)			(630,610	)
Less: Accrued Performance Compensation - GAAP (d)			(5,446,352	)			(5,220,188	)			(5,258,769	)			(5,733,563	)			(5,577,711	)
Net Accrued Performance Revenues		$	6,398,632			$	6,607,543			$	6,510,819			$	6,742,522			$	6,999,500
Corporate Treasury and Other Investments - GAAP		$	6,406,789			$	7,036,821			$	7,151,216			$	7,504,686			$	7,942,609
Impact of Consolidation (a)			857,457				965,045				932,562				758,128				726,047
Other Assets (e)			180,761				337,228				563,415				409,248				568,481
Other Liabilities (f)			(3,653	)			(3,190	)			(3,417	)			(3,357	)			(325,313	)
Corporate Treasury and Other Investments - Deconsolidated (g)		$	7,441,354			$	8,335,904			$	8,643,776			$	8,668,705			$	8,911,824
Partnership Investments - GAAP		$	6,740,598			$	6,942,526			$	6,936,411			$	6,546,190			$	6,612,536
Impact of Consolidation (h)			(3,559,722	)			(3,653,037	)			(3,620,409	)			(3,639,431	)			(3,662,090	)
GP/Fund Investments - Deconsolidated		$	3,180,876			$	3,289,489			$	3,316,002			$	2,906,759			$	2,950,446
Loans Payable - GAAP		$	12,454,559			$	12,008,870			$	12,002,650			$	12,445,144			$	13,280,285
Impact of Consolidation (i)			(266,568	)			(128,335	)			(328,044	)			(126,420	)			(90,747	)
Outstanding Debt - Carrying Value			12,187,991				11,880,535				11,674,606				12,318,724				13,189,538
Unamortized Discount			125,209				123,255				120,174				128,096				124,472
Outstanding Debt (at par) - Deconsolidated		$	12,313,200			$	12,003,790			$	11,794,780			$	12,446,820			$	13,314,010

(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 $8.4 billion as of March 31, 2026, which was comprised of $7.8 billion of liquid investments and $576 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																						LTM
($ in thousands)		1Q’25				2Q’25				3Q’25				4Q’25				1Q’26						1Q’25				1Q’26
Management and Advisory Fees, Net
GAAP		$	1,904,317			$	2,035,495			$	2,056,248			$	2,079,541			$	2,148,620					$	7,366,105			$	8,319,904
Segment Adjustment (a)			(12,319	)			(15,483	)			(14,428	)			(17,322	)			(15,812	)					(48,144	)			(63,045	)
Total Segment		$	1,891,998			$	2,020,012			$	2,041,820			$	2,062,219			$	2,132,808					$	7,317,961			$	8,256,859
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees			191,825				195,414				200,675				390,288				165,419						976,662				951,796
Investment Income - Realized Performance Allocations			562,050				829,820				997,296				1,273,077				1,103,173						3,367,279				4,203,366
GAAP		$	753,875			$	1,025,234			$	1,197,971			$	1,663,365			$	1,268,592					$	4,343,941			$	5,155,162
Total Segment
Less: Realized Performance Revenues			(460,023	)			(553,121	)			(744,953	)			(1,057,432	)			(780,494	)					(2,210,661	)			(3,136,000	)
Segment Adjustment (b)			63				(63	)			-				512				-						1,079				449
Total Segment		$	293,915			$	472,050			$	453,018			$	606,445			$	488,098					$	2,134,359			$	2,019,611
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation			1,029,362				870,358				845,659				925,814				1,166,897						3,282,788				3,808,728
Incentive Fees Compensation			57,029				67,363				61,882				88,628				54,368						356,908				272,241
Realized Performance Allocations Compensation			241,890				331,191				354,765				369,626				433,449						1,415,213				1,489,031
GAAP		$	1,328,281			$	1,268,912			$	1,262,306			$	1,384,068			$	1,654,714					$	5,054,909			$	5,570,000
Total Segment
Less: Realized Performance Compensation			(220,924	)			(256,624	)			(302,642	)			(310,405	)			(364,056	)					(919,146	)			(1,233,727	)
Less: Equity-Based Compensation - Fee Related Compensation			(464,053	)			(306,495	)			(296,506	)			(345,649	)			(549,703	)					(1,293,707	)			(1,498,353	)
Less: Equity-Based Compensation - Performance Compensation			(7,249	)			(5,523	)			(5,056	)			(12,715	)			(11,514	)					(18,938	)			(34,808	)
Segment Adjustment (c)			(19,073	)			46				(11	)			13				29						(20,891	)			77
Total Segment		$	616,982			$	700,316			$	658,091			$	715,312			$	729,470					$	2,802,227			$	2,803,189
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP		$	332,373			$	360,817			$	383,580			$	447,778			$	372,821					$	1,324,332			$	1,564,996
Segment Adjustment (d)			(25,498	)			(28,574	)			(27,510	)			(29,727	)			(29,366	)					(58,343	)			(115,177	)
Total Segment		$	306,875			$	332,243			$	356,070			$	418,051			$	343,455					$	1,265,989			$	1,449,819
Realized Performance Revenues
GAAP
Incentive Fees			191,825				195,414				200,675				390,288				165,419						976,662				951,796
Investment Income - Realized Performance Allocations			562,050				829,820				997,296				1,273,077				1,103,173						3,367,279				4,203,366
GAAP		$	753,875			$	1,025,234			$	1,197,971			$	1,663,365			$	1,268,592					$	4,343,941			$	5,155,162
Total Segment
Less: Fee Related Performance Revenues			(293,915	)			(472,050	)			(453,018	)			(606,445	)			(488,098	)					(2,134,359	)			(2,019,611	)
Segment Adjustment (b)			63				(63	)			-				512				-						1,079				449
Total Segment		$	460,023			$	553,121			$	744,953			$	1,057,432			$	780,494					$	2,210,661			$	3,136,000

Blackstone |  32

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

		QTD																						LTM
($ in thousands)		1Q’25				2Q’25				3Q’25				4Q’25				1Q’26						1Q’25				1Q’26
Realized Performance Compensation
GAAP
Incentive Fee Compensation		$	57,029			$	67,363			$	61,882			$	88,628			$	54,368					$	356,908			$	272,241
Realized Performance Allocations Compensation			241,890				331,191				354,765				369,626				433,449						1,415,213				1,489,031
GAAP		$	298,919			$	398,554			$	416,647			$	458,254			$	487,817					$	1,772,121			$	1,761,272
Total Segment
Less: Fee Related Performance Compensation (e)			(70,746	)			(136,407	)			(108,949	)			(135,134	)			(112,247	)					(834,037	)			(492,737	)
Less: Equity-Based Compensation - Performance Compensation			(7,249	)			(5,523	)			(5,056	)			(12,715	)			(11,514	)					(18,938	)			(34,808	)
Total Segment		$	220,924			$	256,624			$	302,642			$	310,405			$	364,056					$	919,146			$	1,233,727
Realized Principal Investment Income (Loss)
GAAP		$	185,542			$	97,171			$	152,652			$	262,267			$	143,020					$	439,203			$	655,110
Segment Adjustment (f)			(67,632	)			(67,750	)			(90,117	)			(52,390	)			(111,047	)					(238,705	)			(321,304	)
Total Segment		$	117,910			$	29,421			$	62,535			$	209,877			$	31,973					$	200,498			$	333,806
GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue			97,420				100,389				107,538				110,746				107,940						410,740				426,613
Interest Expense			(118,115	)			(135,822	)			(126,288	)			(128,089	)			(137,053	)					(453,600	)			(527,252	)
GAAP		$	(20,695	)		$	(35,433	)		$	(18,750	)		$	(17,343	)		$	(29,113	)				$	(42,860	)		$	(100,639	)
Segment Adjustment (g)			165				10,790				198				67				6,995						(1,306	)			18,050
Total Segment		$	(20,530	)		$	(24,643	)		$	(18,552	)		$	(17,276	)		$	(22,118	)				$	(44,166	)		$	(82,589	)

This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.

(a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.

(b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

(c) Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.

(d) Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

(e) Fee related performance compensation may include equity based compensation based on fee related performance revenues.

(f) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non- controlling interests.

(g) Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

Blackstone |  33

NOTES

Notes to page 4 - Investment Performance and Net Accrued Performance Revenues

§ The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of Blackstone.

§ Core+ appreciation represents a weighted average of BREIT’s per share appreciation, BEPIF’s per share appreciation, and BPP’s appreciation for the period. 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 (“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 17 – Deconsolidated Balance Sheet Highlights

§ GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $754 million, $1.7 billion, $372 million, and $125 million, respectively, as of March 31, 2026. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

Blackstone |  34

NOTES – (CONT’D)

Notes to page 23 – Shareholder Dividends

§ DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deductions taken by Blackstone’s corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables.

§ Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to shareholders as of the applicable record date.

§ Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share was $157 million for 1Q’26 and $682 million for 1Q’26 LTM.

Blackstone |  35

DEFINITIONS AND DIVIDEND POLICY

Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”) in this presentation:

§ Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

– Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).

– Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income.

§ Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

– Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement.

– Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.

§ Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

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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. For 1Q’26 QTD and 1Q’26 LTM, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the current year quarter and LTM period. For 1Q’25 QTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the prior year quarter. For 1Q’25 LTM, the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the prior year LTM period. The impact of this program in an individual quarter is based on the estimated amount of Realized Performance Compensation expected to be paid to such professionals for the full year. The program does not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings for the full year.

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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 Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

§ Private Wealth AUM refers to the portion of assets under management attributable to the individual investor channel and comprises (a) all AUM in vehicles that are primarily targeted to the individual investor channel and (b) AUM 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.

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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.

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FAQ

How did Blackstone (BX) perform financially in the first quarter of 2026?

Blackstone posted higher revenues and earnings in Q1 2026. Total revenues were $3.62 billion, up from $3.29 billion, and net income attributable to Blackstone Inc. increased to $649.7 million, with basic EPS of $0.83, reflecting modest GAAP earnings growth.

What were Blackstone (BX) Distributable Earnings and Fee Related Earnings in Q1 2026?

In Q1 2026, Blackstone generated $1.76 billion of Distributable Earnings, or $1.36 per common share, up 25% year-over-year. Fee Related Earnings were $1.55 billion ($1.26 per share), increasing 23%, highlighting stronger recurring management-fee-driven profitability.

What is Blackstone (BX) reporting for assets under management and inflows?

Blackstone reported total assets under management of $1.30 trillion and fee‑earning AUM of $937.6 billion as of March 31, 2026. The firm recorded $68.5 billion of inflows in the quarter and $246.3 billion over the last twelve months.

What dividend did Blackstone (BX) declare for the first quarter of 2026?

Blackstone declared a quarterly dividend of $1.16 per share for Q1 2026. The dividend is payable on May 11, 2026 to common shareholders of record at the close of business on May 4, 2026.

How much capital did Blackstone (BX) return to shareholders in Q1 2026?

Blackstone returned $1.5 billion to shareholders with respect to Q1 2026 through dividends and share repurchases. Over the last twelve months, total capital returned via dividends and buybacks reached $6.5 billion, underscoring substantial cash distributions.

How did Blackstone’s (BX) major segments perform in Q1 2026?

Real Estate segment distributable earnings rose 13% to $557.5 million, and Private Equity segment distributable earnings climbed 75% to $985.7 million. Credit & Insurance segment distributable earnings declined 26% to $373.1 million, while Multi‑Asset Investing increased 44% to $80.2 million.

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