Slide 1: Blackstone Reports Second Quarter 2026 Results
Blackstone Reports Second Quarter 2026 Results New York, July 23, 2026: Blackstone (NYSE:BX) today reported its second quarter 2026 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered an outstanding second quarter, highlighted by strong growth in earning
Slide 2: About Blackstone and Forward-Looking Statements
broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at https://ir.blackstone.com/. About Blackstone Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by stre
Slide 3: Investor and Media Relations Contacts
This presentation does not constitute an offer of any Blackstone Fund. Investor and Media Relations Contacts Weston Tucker Christine Anderson Blackstone Blackstone Tel: +1 (212) 583-5231 Tel: +1 (212) 583-5182 tucker@blackstone.com christine.anderson@blackstone.com
Slide 4: Blackstone's Second Quarter 2026 Earnings
Blackstone’s Second Quarter 2026 Earnings JULY 23, 2026
Slide 5: Blackstone's Second Quarter 2026 GAAP Results
BLACKSTONE’S SECOND QUARTER 2026 GAAP RESULTS ▪ GAAP Net Income was $2.4 billion for the quarter and $3.6 billion year-to-date (“YTD”). GAAP Net Income Attributable to Blackstone Inc. was $1.2 billion for the quarter and $1.9 billion YTD. ($ in thousands, except per share data) (unaudited) 2Q'25 2Q'
Slide 6: Blackstone's Second Quarter 2026 Highlights
BLACKSTONE’S SECOND QUARTER 2026 HIGHLIGHTS ▪ Fee Related Earnings (“FRE”) of $1.8 billion ($1.43/share) in the quarter – FRE was $6.3 billion over the last twelve months (“LTM”) ($5.14/share) ▪ Distributable Earnings (“DE”) of $2.0 billion ($1.52/share) in the quarter Financial Measures – DE was $7
Slide 7: Blackstone's Second Quarter 2026 Segment Earnings
BLACKSTONE’S SECOND QUARTER 2026 SEGMENT EARNINGS % Change % Change ($ in thousands, except per share data) 2Q'25 2Q'26 vs. 2Q'25 2Q'25 YTD 2Q'26 YTD vs. 2Q'25 YTD Management and Advisory Fees, Net $ 2,020,012 $ 2,250,296 11% $ 3,912,010 $ 4,383,104 12% Fee Related Performance Revenues 472,050 793,3
Slide 8: Investment Performance and Net Accrued Performance Revenues
INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES ▪ Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $7.5 billion ($6.00/share). Investment Performance Net Accrued Performance Revenues (appreciation / gross returns) ($ in millions) $1,38
Slide 9: Capital Metrics – Additional Detail
CAPITAL METRICS – ADDITIONAL DETAIL ▪ Inflows were $68.3 billion in the quarter, bringing LTM inflows to $262.5 billion. ▪ Deployed $34.2 billion in the quarter and $138.5 billion over the LTM. – Committed an additional $17.1 billion that was not yet deployed in the quarter. ▪ Realizations were $31.
Slide 10: Assets Under Management
ASSETS UNDER MANAGEMENT ▪ Total AUM increased to $1,346.3 billion, up 11% year-over-year, with $68.3 billion of inflows in the quarter and $262.5 billion over the LTM. ▪ Fee-Earning AUM of $961.6 billion was up 8% year-over-year, with $43.3 billion of inflows in the quarter and $168.4 billion over t
Slide 11: Additional Capital Detail
ADDITIONAL CAPITAL DETAIL ▪ Invested Performance Eligible AUM reached $653.4 billion at quarter end, up 8% year-over-year. ▪ Total Dry Powder of $228.1 billion available for future investments. Invested Performance Eligible AUM Total Dry Powder ($ in billions) ($ in billions) 2Q’26 total: $228.1 $65
Slide 12: Segment Highlights
Segment Highlights Blackstone | 8
Slide 13: Segment Distributable Earnings Composition
SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION ▪ 2Q’26 Total Segment Distributable Earnings were $2.2 billion. ▪ LTM Total Segment Distributable Earnings were $8.7 billion. Segment Distributable Earnings ($ in millions) 2Q’26 total: $2,198 2Q’26 LTM total: $8,672 Multi-Asset Multi-Asset Investing Invest
Slide 14: Real Estate
REAL ESTATE ▪ Total AUM: $314.1 billion with inflows of $8.2 billion in the quarter and $27.1 billion over the LTM. – Inflows in the quarter included $2.1 billion in BREDS, primarily from $1.1 billion in a drawdown fund focused on non-opportunistic real estate credit, $2.0 billion from the initial p
Slide 15: Private Equity
PRIVATE EQUITY ▪ Total AUM: Increased 17% to $454.2 billion with inflows of $24.5 billion in the quarter and $76.0 billion over the LTM. – Inflows in the quarter included $5.7 billion for the fifth energy transition fund, $5.7 billion in Secondaries, primarily from the tenth flagship Secondaries str
Slide 16: Credit & Insurance
CREDIT & INSURANCE ▪ Total AUM: Increased 15% to $469.3 billion with inflows of $31.0 billion in the quarter and $143.0 billion over the LTM. – Inflows in the quarter included $13.3 billion for the global direct lending strategy, inclusive of $1.0 billion of equity raised for BCRED. – Inflows also i
Slide 17: Multi-Asset Investing
MULTI-ASSET INVESTING ▪ Total AUM: Increased 21% to $108.6 billion with inflows of $4.6 billion in the quarter and $16.4 billion over the LTM. ▪ Returns: Absolute Return Composite gross return of 5.8% in the quarter (5.4% net), compared to the HFRX Global Hedge Fund Index, which was 5.4%. – Absolute
Slide 18: Supplemental Details
Supplemental Details Blackstone | 14
Slide 19: Total Segments
TOTAL SEGMENTS ($ in thousands) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2Q'25 YTD 2Q'26 YTD Base Management Fees $ 1,876,672 $ 1,919,702 $ 1,945,364 $ 1,952,414 $ 1,960,897 $ 3,683,791 $ 3,913,311 Transaction, Advisory and Other Fees, Net 165,690 156,211 149,621 211,697 321,156 276,999 532,853 Management Fee
Slide 20: Assets Under Management - Rollforward
ASSETS UNDER MANAGEMENT - ROLLFORWARD Total AUM Rollforward ($ in millions) Three Months Ended June 30, 2026 Twelve Months Ended June 30, 2026 Real Private Credit & Multi-Asset Real Private Credit & Multi-Asset Total Total Estate Equity Insurance Investing Estate Equity Insurance Investing Beginning
Slide 21: Deconsolidated Balance Sheet Highlights
DECONSOLIDATED BALANCE SHEET HIGHLIGHTS ▪ At June 30, 2026, Blackstone had $12.2 billion in total cash, cash equivalents, corporate treasury, and other investments and $22.7 billion of cash and net investments, or $18.23 per share. ▪ Blackstone has a $4.3 billion credit revolver ($3.5 billion undraw
Slide 22: Net Accrued Performance Revenues – Additional Detail
NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL ($ in millions, except per share data) 2Q’26 QoQ Rollforward 2Q'26 2Q'25 1Q'26 2Q'26 Per Share ($ in millions) Real Estate Net Net Performance Realized BREP Global $ 721 $ 549 $ 553 $ 0.44 1Q'26 Revenues Distributions 2Q'26 BREP Europe 27 70 81 0.
Slide 23: Investment Records as of June 30, 2026
INVESTMENT RECORDS AS OF JUNE 30, 2026 (a) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MOIC (c) Real
Slide 24: Investment Records as of June 30, 2026 – (Cont'd)
INVESTMENT RECORDS AS OF JUNE 30, 2026 (a) – (CONT’D) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MO
Slide 25: Investment Records – Selected Perpetual Capital Strategies
INVESTMENT RECORDS AS OF JUNE 30, 2026 (a) – (CONT’D) Selected Perpetual Capital Strategies(m) ($/€ in thousands, except where noted) Investment Total Total Net Strategy (Inception Year) Strategy AUM Return (n) Real Estate BPP - Blackstone Property Partners Platform (2013) (o) Core+ Real Estate $ 57
Slide 26: Investment Records as of June 30, 2026 – Notes
INVESTMENT RECORDS AS OF JUNE 30, 2026 (a) – (CONT’D) (l) Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. (m) Represents the performance for select Perpetual Capital Strategies; strategies exclude
Slide 27: Shareholder Dividends
SHAREHOLDER DIVIDENDS ▪ Generated $1.52 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $2.88 per common share. ▪ Blackstone declared a quarterly dividend of $1.29 per common share to record holders as of August 3, 2026; payable on August 10, 2026. % Change
Slide 28: Share Summary
SHARE SUMMARY ▪ Distributable Earnings Shares Outstanding as of quarter end of 1,244 million shares. – Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM. – Available authorization remaining was $1.6 billion at June 30, 2026. 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26
Slide 29: Reconciliations and Disclosures
Reconciliations and Disclosures Blackstone | 25
Slide 30: Second Quarter 2026 GAAP Consolidated Statements of Operations
BLACKSTONE’S SECOND QUARTER 2026 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except per share data) (unaudited) 2Q'25 2Q'26 2Q'25 YTD 2Q'26 YTD 2Q'25 LTM 2Q'26 LTM Revenues Management and Advisory Fees, Net $ 2,035,495 $ 2,266,006 $ 3,939,812 $ 4,414,626 $ 7,614,287 $ 8,550,415 Incen
Slide 31: Reconciliation of GAAP to Non-GAAP Measures
RECONCILIATION OF GAAP TO NON-GAAP MEASURES QTD YTD LTM ($ in thousands) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2Q'25 2Q'26 2Q'25 2Q'26 Net Income Attributable to Blackstone Inc. $ 764,244 $ 624,917 $ 1,015,201 $ 649,729 $ 1,229,189 $ 1,379,096 $ 1,878,918 $ 2,863,804 $ 3,519,036 Net Income Attributable to N
Slide 32: Reconciliation of GAAP to Non-GAAP Measures – Notes
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 corpo
Slide 33: Reconciliation of GAAP to Non-GAAP Measures – Notes (Cont'd)
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.
Slide 34: GAAP Condensed Consolidated Statements of Financial Condition
BLACKSTONE’S SECOND QUARTER 2026 GAAP CONDENSED CONSOLIDATED STA TEMENTS OF FINANCIAL CONDITION ($ in thousands) (unaudited) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Assets Cash and Cash Equivalents $ 2,235,499 $ 2,430,690 $ 2,631,241 $ 2,448,485 $ 2,507,073 Cash Held by Blackstone Funds and Other 313,950 401,
Slide 35: Reconciliation of GAAP to Non-GAAP Balance Sheet Measures
RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES ($ in thousands) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Investments of Consolidated Blackstone Funds $ 5,101,278 $ 5,507,078 $ 5,180,879 $ 5,189,519 $ 5,233,815 Equity Method Investments Partnership Investments 6,942,526 6,936,411 6,546,190 6,612,536
Slide 36: Reconciliation of GAAP to Total Segments
RECONCILIATION OF GAAP TO TOTAL SEGMENTS QTD YTD LTM Y ($ in thousands) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2Q'25 2Q'26 2Q'25 2Q'26 Management and Advisory Fees, Net GAAP $ 2,035,495 $ 2,056,248 $ 2,079,541 $ 2,148,620 $ 2,266,006 $ 3,939,812 $ 4,414,626 $ 7,614,287 $ 8,550,415 Segment Adjustment (a) (15,
Slide 37: Reconciliation of GAAP to Total Segments – (Cont'd)
RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D) QTD YTD LTM Y ($ in thousands) 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2Q'25 2Q'26 2Q'25 2Q'26 Realized Performance Compensation GAAP Incentive Fee Compensation $ 67,363 $ 61,882 $ 88,628 $ 54,368 $ 49,716 $ 124,392 $ 104,084 $ 347,132 $ 254,594 Realized Per
Slide 38: Notes
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 represen
Slide 39: Notes – (Cont'd)
NOTES – (CONT’D) Notes to page 17 – Deconsolidated Balance Sheet Highlights ▪ GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $734 million, $1.7 billion, $366 million, and $135 million, respectively, as of J
Slide 40: Definitions and Dividend Policy
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 pres
Slide 41: Definitions and Dividend Policy – (Cont'd)
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 Re
Slide 42: Definitions and Dividend Policy – (Cont'd)
DEFINITIONS AND DIVIDEND POLICY – (CONT’D) ▪ Private Wealth AUM refers to the portion of assets under management attributable to the individual investor channel and comprises (a) all Assets Under Management in vehicles or share classes of vehicles, in each case that are primarily targeted to the ind
Slide 43: Forward-Looking Statements
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, ou