Blackstone : First-Quarter 2026 Earnings Supplemental Financial Data PDF

About this update from Blackstone Inc.

Blackstone's First Quarter 2026 Supplemental Financial Data April 23, 2026 Throughout this presentation, all current period amounts are preliminary and unaudited. ($ in thousands) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Last Twelve Months 1Q'25 1Q'26 Total Segment Distributable Earnings $ 1,429,205 $ 1,346,342 $ 1,383,468 $ 1,466,330 $ 1,453,324 $ 1,419,374 $ 1,400,659 $ 2,437,019 $ 1,619,065 $ 1,785,421 $ 1,985,523 $ 2,492,205 $ 1,996,392 $ 6,876,117 $ 8,259,541 Net Interest and Dividend Income (Loss) (9,108) 46,110 3,890 65,228 (9,801) (3,425) (1,731) (18,480) (20,530) (24,643) (18,552) (17,276) (22,118) (44,166) (82,589) Taxes and Related Payables (171,005) (180,380) (175,747) (143,378) (177,145) (163,728) (120,278) (249,046) (187,730) (195,015) (77,484) (230,120) (209,436) (720,782) (712,055) Distributable Earnings $ 1,249,092 $ 1,212,072 $ 1,211,611 $ 1,388,180 $ 1,266,378 $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 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 $ 2,485,848 $ 2,350,886 $ 2,321,831 $ 2,535,240 $ 2,549,403 $ 2,516,466 $ 2,433,907 $ 4,149,260 $ 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 991,293,596 1,001,355,959 1,007,353,458 1,040,192,447 1,061,262,748 1,076,371,811 1,107,628,362 1,127,179,996 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 731,973,409 731,145,065 734,541,603 762,607,902 781,397,555 808,656,801 820,457,203 830,708,603 860,069,950 887,114,205 906,221,028 921,674,454 937,596,454 860,069,950 937,596,454 Weighted-Average Fee-Earning AUM 725,180,149 731,559,237 732,843,334 748,574,752 772,002,728 795,027,178 814,557,002 825,582,903 845,389,276 873,592,078 896,667,616 913,947,741 929,635,454 820,258,022 902,535,218 Inflows 40,359,694 30,115,202 25,343,278 52,700,239 34,041,513 39,376,790 40,540,713 57,499,621 61,634,684 52,077,234 54,196,343 71,476,886 68,541,319 199,051,808 246,291,782 Capital Deployed 10,841,196 19,462,601 12,430,922 31,075,605 24,525,890 33,724,661 34,038,772 41,573,585 36,411,217 33,079,967 26,550,513 42,169,860 35,561,313 145,748,236 137,361,653 Realizations 17,951,836 17,178,175 14,775,981 15,784,847 15,045,112 23,460,101 22,736,943 25,900,324 25,485,611 23,352,375 30,597,526 46,115,237 35,908,311 97,582,979 135,973,449 Management and Advisory Fees, Net Base Management Fees $ 1,619,547 $ 1,620,609 $ 1,619,743 $ 1,605,948 $ 1,644,730 $ 1,651,566 $ 1,710,941 $ 1,773,645 $ 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 45,710 92,735 44,611 52,836 66,938 132,536 82,506 117,708 111,309 165,690 156,211 149,621 211,697 444,059 683,219 Management Fee Offsets (12,870) (10,158) (10,514) (4,953) (4,097) (4,164) (6,713) (32,062) (26,430) (22,350) (34,093) (32,766) (31,303) (69,369) (120,512) Total Management and Advisory Fees, Net 1,652,387 1,703,186 1,653,840 1,653,831 1,707,571 1,779,938 1,786,734 1,859,291 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 148,244 266,738 274,551 168,994 295,501 177,067 264,101 1,399,276 293,915 472,050 453,018 606,445 488,098 2,134,359 2,019,611 Fee Related Compensation (508,971) (568,808) (539,923) (470,408) (554,077) (552,913) (554,855) (1,077,477) (616,982) (700,316) (658,091) (715,312) (729,470) (2,802,227) (2,803,189) Other Operating Expenses (251,648) (257,366) (264,445) (310,874) (288,978) (293,122) (320,823) (345,169) (306,875) (332,243) (356,070) (418,051) (343,455) (1,265,989) (1,449,819) Fee Related Earnings $ 1,040,012 $ 1,143,750 $ 1,124,023 $ 1,041,543 $ 1,160,017 $ 1,110,970 $ 1,175,157 $ 1,835,921 $ 1,262,056 $ 1,459,503 $ 1,480,677 $ 1,535,301 $ 1,547,981 $ 5,384,104 $ 6,023,462 Realized Performance Revenues 641,526 388,423 337,940 693,213 536,393 542,889 342,669 865,080 460,023 553,121 744,953 1,057,432 780,494 2,210,661 3,136,000 Realized Performance Compensation (296,024) (178,370) (133,995) (287,628) (253,024) (251,057) (157,570) (289,595) (220,924) (256,624) (302,642) (310,405) (364,056) (919,146) (1,233,727) Realized Principal Investment Income (Loss) 43,691 (7,461) 55,500 19,202 9,938 16,572 40,403 25,613 117,910 29,421 62,535 209,877 31,973 200,498 333,806 Total Net Realizations 389,193 202,592 259,445 424,787 293,307 308,404 225,502 601,098 357,009 325,918 504,846 956,904 448,411 1,492,013 2,236,079 ($ in thousands) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Last Twelve Months 1Q'25 1Q'26 Management Fees, Net Base Management Fees $ 705,387 $ 709,977 $ 697,561 $ 681,307 $ 694,179 $ 685,784 $ 672,260 $ 664,760 $ 664,601 $ 673,154 $ 670,774 $ 644,765 $ 636,047 $ 2,687,405 $ 2,624,740 Transaction and Other Fees, Net 20,561 27,066 10,686 20,170 29,190 75,140 24,810 45,870 40,146 41,720 21,238 38,592 51,738 185,966 153,288 Management Fee Offsets (10,457) (8,307) (7,616) (2,977) (2,930) (3,467) (1,524) (8,795) (3,899) (3,582) (3,213) (2,372) (10,308) (17,685) (19,475) Total Management Fees, Net 715,491 728,736 700,631 698,500 720,439 757,457 695,546 701,835 700,848 711,292 688,799 680,985 677,477 2,855,686 2,758,553 Fee Related Performance Revenues 20,748 131,299 127,841 14,352 129,958 606 72,428 433 37,803 89,590 124,647 237,608 152,998 111,270 604,843 Fee Related Compensation (137,610) (199,006) (199,384) (139,880) (174,569) (184,404) (166,567) (149,425) (170,525) (170,209) (168,377) (181,181) (193,137) (670,921) (712,904) Other Operating Expenses (74,181) (71,949) (83,074) (95,846) (89,762) (92,378) (100,739) (97,442) (83,281) (87,048) (95,228) (104,444) (90,200) (373,840) (376,920) Fee Related Earnings $ 524,448 $ 589,080 $ 546,014 $ 477,126 $ 586,066 $ 481,281 $ 500,668 $ 455,401 $ 484,845 $ 543,625 $ 549,841 $ 632,968 $ 547,138 $ 1,922,195 $ 2,273,572 Realized Performance Revenues 11,096 119,721 17,419 96,122 49,967 53,472 78,022 19,513 19,010 43,587 132,792 73,384 42,074 170,017 291,837 Realized Performance Compensation (3,165) (69,593) (7,813) (42,728) (21,863) (25,295) (44,761) (9,092) (8,770) (24,139) (69,623) (27,829) (22,956) (87,918) (144,547) Realized Principal Investment Income (Loss) 2,224 (70) 1,565 3,909 2,193 7,053 6,421 (1,145) 349 2,797 5,303 2,240 (8,805) 12,678 1,535 Total Net Realizations 10,155 50,058 11,171 57,303 30,297 35,230 39,682 9,276 10,589 22,245 68,472 47,795 10,313 94,777 148,825 Segment Distributable Earnings $ 534,603 $ 639,138 $ 557,185 $ 534,429 $ 616,363 $ 516,511 $ 540,350 $ 464,677 $ 495,434 $ 565,870 $ 618,313 $ 680,763 $ 557,451 $ 2,016,972 $ 2,422,397 Additional Metrics : Segment Revenues $ 749,559 $ 979,686 $ 847,456 $ 812,883 $ 902,557 $ 818,588 $ 852,417 $ 720,636 $ 758,010 $ 847,266 $ 951,541 $ 994,217 $ 863,744 $ 3,149,651 $ 3,656,768 Total Assets Under Management 331,797,338 333,241,514 331,500,697 336,940,096 339,332,420 336,100,271 325,075,713 315,353,132 319,988,734 324,994,725 320,490,495 319,342,875 315,284,316 319,988,734 315,284,316 Fee-Earning Assets Under Management 287,497,306 287,556,241 284,936,903 298,889,475 301,583,557 299,066,252 285,488,072 278,914,938 282,060,486 285,826,676 282,579,289 279,427,148 277,502,688 282,060,486 277,502,688 Weighted-Average Fee-Earning AUM 284,732,231 287,526,773 286,246,571 291,913,189 300,236,515 300,324,904 292,277,161 282,201,506 280,487,712 283,943,581 284,202,982 281,003,218 278,464,918 289,422,660 281,479,257 Inflows 17,045,929 7,890,788 9,080,894 19,904,895 8,089,218 5,922,807 5,834,937 8,094,108 6,175,630 7,222,446 3,818,585 8,310,030 6,776,713 26,027,482 26,127,774 Capital Deployed 2,027,483 4,125,926 2,610,367 6,261,702 4,796,519 9,813,906 3,655,251 7,014,543 5,233,084 6,167,832 3,611,577 5,461,491 7,002,095 25,716,785 22,242,995 Realizations 4,423,681 5,542,607 4,210,722 4,567,068 3,847,191 5,454,439 7,405,152 5,457,441 4,306,015 5,249,171 7,349,484 8,646,301 7,039,034 22,623,047 28,283,990 ($ in thousands) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Last Twelve Months 1Q'25 1Q'26 Management and Advisory Fees, Net Base Management Fees $ 475,485 $ 466,761 $ 481,224 $ 480,502 $ 474,591 $ 468,237 $ 511,355 $ 573,672 $ 578,444 $ 605,068 $ 628,402 $ 646,067 $ 659,991 $ 2,131,708 $ 2,539,528 Transaction, Advisory and Other Fees, Net 15,597 49,722 22,604 20,925 26,891 46,238 45,592 57,748 54,220 108,988 106,903 92,420 150,938 203,798 459,249 Management Fee Offsets (1,310) (794) (2,000) (1,124) (275) 376 (4,127) (2,018) (10,872) (7,758) (17,915) (12,358) (9,007) (16,641) (47,038) Total Management and Advisory Fees, Net 489,772 515,689 501,828 500,303 501,207 514,851 552,820 629,402 621,792 706,298 717,390 726,129 801,922 2,318,865 2,951,739 Fee Related Performance Revenues - - - - - 8,703 5,868 1,170,857 60,904 192,331 126,652 168,098 170,697 1,246,332 657,778 Fee Related Compensation (167,726) (162,379) (152,491) (137,082) (162,559) (158,068) (169,059) (674,551) (203,319) (266,925) (231,915) (259,289) (262,813) (1,204,997) (1,020,942) Other Operating Expenses (79,751) (77,423) (81,738) (90,309) (90,035) (87,436) (96,660) (117,178) (102,894) (112,300) (120,743) (146,375) (112,928) (404,168) (492,346) Fee Related Earnings $ 242,295 $ 275,887 $ 267,599 $ 272,912 $ 248,613 $ 278,050 $ 292,969 $ 1,008,530 $ 376,483 $ 519,404 $ 491,384 $ 488,563 $ 596,878 $ 1,956,032 $ 2,096,229 Realized Performance Revenues 501,007 220,886 299,271 322,701 449,874 381,797 216,643 344,133 350,073 408,980 559,383 351,672 637,989 1,292,646 1,958,024 Realized Performance Compensation (233,597) (90,162) (114,211) (146,184) (220,481) (179,761) (94,800) (138,449) (171,141) (196,824) (205,967) (131,006) (294,536) (584,151) (828,333) Realized Principal Investment Income 34,168 11,708 22,682 7,662 22,429 5,725 9,028 15,174 9,176 19,859 26,686 10,774 45,348 39,103 102,667 Total Net Realizations 301,578 142,432 207,742 184,179 251,822 207,761 130,871 220,858 188,108 232,015 380,102 231,440 388,801 747,598 1,232,358 Segment Distributable Earnings $ 543,873 $ 418,319 $ 475,341 $ 457,091 $ 500,435 $ 485,811 $ 423,840 $ 1,229,388 $ 564,591 $ 751,419 $ 871,486 $ 720,003 $ 985,679 $ 2,703,630 $ 3,328,587 Additional Metrics : Segment Revenues $ 1,024,947 $ 748,283 $ 823,781 $ 830,666 $ 973,510 $ 911,076 $ 784,359 $ 2,159,566 $ 1,041,945 $ 1,327,468 $ 1,430,111 $ 1,256,673 $ 1,655,956 $ 4,896,946 $ 5,670,208 Total Assets Under Management 298,100,332 305,277,730 308,569,957 314,391,397 320,809,532 330,589,586 344,710,201 352,168,635 370,989,871 388,907,242 395,607,045 416,423,156 429,909,808 370,989,871 429,909,808 Fee-Earning Assets Under Management 174,370,064 173,736,641 175,877,372 176,997,265 179,353,534 200,486,740 208,681,656 212,182,896 226,219,392 232,160,209 235,003,905 240,959,058 255,840,774 226,219,392 255,840,774 Weighted-Average Fee-Earning AUM 175,180,514 174,053,353 174,807,007 176,437,319 178,175,400 189,920,137 204,584,198 210,432,276 219,201,144 229,189,801 233,582,057 237,981,482 248,399,916 205,384,844 238,036,668 Inflows 4,576,163 8,637,945 3,575,508 7,196,951 7,364,349 12,102,058 10,201,293 11,617,426 21,684,524 15,323,222 10,811,754 20,321,173 20,353,090 55,605,301 66,809,239 Capital Deployed 3,571,390 11,376,128 3,345,440 6,573,894 7,347,969 11,314,308 11,395,437 12,132,834 16,367,958 11,758,870 5,564,248 12,811,670 14,513,047 51,210,537 44,647,835 Realizations 8,678,198 5,123,538 5,189,356 5,435,552 5,286,611 7,822,794 5,255,528 10,565,575 6,467,225 7,316,081 9,292,220 10,802,743 14,564,004 30,111,122 41,975,048 ($ in thousands) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Last Twelve Months 1Q'25 1Q'26 Management Fees, Net Base Management Fees $ 317,253 $ 326,066 $ 324,148 $ 329,939 $ 360,921 $ 380,943 $ 407,947 $ 411,838 $ 443,223 $ 467,657 $ 483,078 $ 515,189 $ 509,847 $ 1,643,951 $ 1,975,771 Transaction and Other Fees, Net 8,448 14,995 10,357 10,742 9,786 10,250 11,164 13,154 15,480 13,980 27,062 17,593 10,628 50,048 69,263 Management Fee Offsets (1,101) (1,056) (898) (852) (892) (993) (1,062) (21,249) (11,659) (11,010) (12,965) (18,036) (11,988) (34,963) (53,999) Total Management Fees, Net 324,600 340,005 333,607 339,829 369,815 390,200 418,049 403,743 447,044 470,627 497,175 514,746 508,487 1,659,036 1,991,035 Fee Related Performance Revenues 127,496 135,439 146,710 154,642 165,543 167,758 185,805 227,986 195,208 190,129 201,719 200,739 164,403 776,757 756,990 Fee Related Compensation (161,087) (165,147) (145,011) (156,819) (178,521) (172,551) (181,586) (222,962) (201,618) (220,305) (218,425) (229,288) (226,493) (778,717) (894,511) Other Operating Expenses (73,565) (80,443) (75,227) (94,538) (84,576) (88,348) (97,756) (100,674) (96,278) (107,426) (113,120) (133,577) (114,563) (383,056) (468,686) Fee Related Earnings $ 217,444 $ 229,854 $ 260,079 $ 243,114 $ 272,261 $ 297,059 $ 324,512 $ 308,093 $ 344,356 $ 333,025 $ 367,349 $ 352,620 $ 331,834 $ 1,274,020 $ 1,384,828 Realized Performance Revenues 125,181 42,344 14,349 135,746 15,120 91,247 42,926 163,799 91,597 87,393 40,124 167,615 78,126 389,569 373,258 Realized Performance Compensation (56,491) (17,572) (5,453) (60,694) (5,321) (37,738) (16,489) (70,266) (40,495) (30,433) (21,123) (69,442) (31,197) (164,988) (152,195) Realized Principal Investment Income (Loss) 5,966 (19,394) 29,181 5,999 3,561 3,511 24,239 8,544 107,903 5,800 29,855 192,312 (5,705) 144,197 222,262 Total Net Realizations 74,656 5,378 38,077 81,051 13,360 57,020 50,676 102,077 159,005 62,760 48,856 290,485 41,224 368,778 443,325 Segment Distributable Earnings $ 292,100 $ 235,232 $ 298,156 $ 324,165 $ 285,621 $ 354,079 $ 375,188 $ 410,170 $ 503,361 $ 395,785 $ 416,205 $ 643,105 $ 373,058 $ 1,642,798 $ 1,828,153 Additional Metrics : Segment Revenues $ 583,243 $ 498,394 $ 523,847 $ 636,216 $ 554,039 $ 652,716 $ 671,019 $ 804,072 $ 841,752 $ 753,949 $ 768,873 $ 1,075,412 $ 745,311 $ 2,969,559 $ 3,343,545 Total Assets Under Management 285,120,725 288,410,617 290,908,112 312,674,037 322,525,630 330,117,204 354,741,520 375,507,818 388,720,401 407,296,172 432,315,679 442,951,606 457,462,151 388,720,401 457,462,151 Fee-Earning Assets Under Management 201,021,682 202,794,690 204,974,045 218,188,936 229,350,998 237,285,546 251,567,431 264,617,560 274,120,326 288,931,236 305,193,225 315,640,583 313,255,195 274,120,326 313,255,195 Weighted-Average Fee-Earning AUM 196,778,688 201,908,186 203,884,368 211,581,490 223,769,967 233,318,272 244,426,489 258,092,495 269,368,943 281,525,781 297,062,231 310,416,904 314,447,889 251,388,372 299,428,113 Inflows 16,440,219 12,168,752 10,388,817 23,134,831 16,981,513 18,647,797 21,389,914 34,180,938 30,349,112 26,818,000 35,998,834 38,968,928 37,018,985 104,567,761 138,804,747 Capital Deployed 4,825,031 3,758,943 5,817,059 16,603,608 11,955,577 11,777,747 18,416,578 21,633,496 13,998,335 14,098,000 16,656,249 22,940,859 13,034,989 65,826,156 66,730,097 Realizations 4,505,798 5,533,339 4,957,840 5,083,748 5,470,816 9,518,399 9,631,685 8,698,181 13,887,543 9,962,065 12,961,129 25,597,583 13,666,896 41,735,808 62,187,673 ($ in thousands) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Last Twelve Months 1Q'25 1Q'26 Management Fees, Net Base Management Fees $ 121,422 $ 117,805 $ 116,810 $ 114,200 $ 115,039 $ 116,602 $ 119,379 $ 123,375 $ 120,851 $ 130,793 $ 137,448 $ 139,343 $ 146,529 $ 480,207 $ 554,113 Transaction and Other Fees, Net 1,104 952 964 999 1,071 908 940 936 1,463 1,002 1,008 1,016 (1,607) 4,247 1,419 Management Fee Offsets (2) (1) - - - (80) - - - - - - - (80) - Total Management Fees, Net 122,524 118,756 117,774 115,199 116,110 117,430 120,319 124,311 122,314 131,795 138,456 140,359 144,922 484,374 555,532 Fee Related Compensation (42,548) (42,276) (43,037) (36,627) (38,428) (37,890) (37,643) (30,539) (41,520) (42,877) (39,374) (45,554) (47,027) (147,592) (174,832) Other Operating Expenses (24,151) (27,551) (24,406) (30,181) (24,605) (24,960) (25,668) (29,875) (24,422) (25,469) (26,979) (33,655) (25,764) (104,925) (111,867) Fee Related Earnings $ 55,825 $ 48,929 $ 50,331 $ 48,391 $ 53,077 $ 54,580 $ 57,008 $ 63,897 $ 56,372 $ 63,449 $ 72,103 $ 61,150 $ 72,131 $ 231,857 $ 268,833 Realized Performance Revenues 4,242 5,472 6,901 138,644 21,432 16,373 5,078 337,635 (657) 13,161 12,654 464,761 22,305 358,429 512,881 Realized Performance Compensation (2,771) (1,043) (6,518) (38,022) (5,359) (8,263) (1,520) (71,788) (518) (5,228) (5,929) (82,128) (15,367) (82,089) (108,652) Realized Principal Investment Income (Loss) 1,333 295 2,072 1,632 (18,245) 283 715 3,040 482 965 691 4,551 1,135 4,520 7,342 Total Net Realizations 2,804 4,724 2,455 102,254 (2,172) 8,393 4,273 268,887 (693) 8,898 7,416 387,184 8,073 280,860 411,571 Segment Distributable Earnings $ 58,629 $ 53,653 $ 52,786 $ 150,645 $ 50,905 $ 62,973 $ 61,281 $ 332,784 $ 55,679 $ 72,347 $ 79,519 $ 448,334 $ 80,204 $ 512,717 $ 680,404 Additional Metrics : Segment Revenues $ 128,099 $ 124,523 $ 126,747 $ 255,475 $ 119,297 $ 134,086 $ 126,112 $ 464,986 $ 122,139 $ 145,921 $ 151,801 $ 609,671 $ 168,362 $ 847,323 $ 1,075,755 Total Assets Under Management 76,275,201 74,426,098 76,374,692 76,186,917 78,595,166 79,564,750 83,100,928 84,150,411 87,762,904 90,009,202 93,318,077 96,213,597 101,361,359 87,762,904 101,361,359 Fee-Earning Assets Under Management 69,084,357 67,057,493 68,753,283 68,532,226 71,109,466 71,818,263 74,720,044 74,993,209 77,669,746 80,196,084 83,444,609 85,647,665 90,997,797 77,669,746 90,997,797 Weighted-Average Fee-Earning AUM 68,488,716 68,070,925 67,905,388 68,642,754 69,820,846 71,463,865 73,269,154 74,856,626 76,331,477 78,932,915 81,820,346 84,546,137 88,322,731 74,062,146 83,591,180 Inflows 2,297,383 1,417,717 2,298,059 2,463,562 1,606,433 2,704,128 3,114,569 3,607,149 3,425,418 2,713,566 3,567,170 3,876,755 4,392,531 12,851,264 14,550,022 Capital Deployed 417,292 201,604 658,056 1,636,401 425,825 818,700 571,506 792,712 811,840 1,055,265 718,439 955,840 1,011,182 2,994,758 3,740,726 Realizations 344,159 978,691 418,063 698,479 440,494 664,469 444,578 1,179,127 824,828 825,058 994,693 1,068,610 638,377 3,113,002 3,526,738 ($ in thousands) 2021 2022 2023 2024 2025 Management and Advisory Fees, Net Base Management Fees $ 4,819,275 $ 6,045,038 $ 6,465,847 $ 6,780,882 $ 7,548,857 Transaction, Advisory and Other Fees, Net 391,938 310,117 235,892 399,688 582,831 Management Fee Offsets (43,971) (72,209) (38,495) (47,036) (115,639) Total Management and Advisory Fees, Net 5,167,242 6,282,946 6,663,244 7,133,534 8,016,049 Fee Related Performance Revenues 2,025,244 1,449,497 858,527 2,135,945 1,825,428 Fee Related Compensation (2,348,010) (2,330,775) (2,088,110) (2,739,322) (2,690,701) Other Operating Expenses (793,677) (989,023) (1,084,333) (1,248,092) (1,413,239) Fee Related Earnings $ 4,050,799 $ 4,412,645 $ 4,349,328 $ 5,282,065 $ 5,737,537 Realized Performance Revenues 3,883,112 4,461,338 2,061,102 2,287,031 2,815,529 Realized Performance Compensation (1,557,570) (1,814,097) (896,017) (951,246) (1,090,595) Realized Principal Investment Income 587,766 396,256 110,932 92,526 419,743 Total Net Realizations 2,913,308 3,043,497 1,276,017 1,428,311 2,144,677 Total Segment Distributable Earnings $ 6,964,107 $ 7,456,142 $ 5,625,345 $ 6,710,376 $ 7,882,214 Net Interest and Dividend Income (Loss) (33,588) (31,494) 106,120 (33,437) (81,001) Taxes and Related Payables (759,682) (791,868) (670,510) (710,197) (690,349) Distributable Earnings $ 6,170,837 $ 6,632,780 $ 5,060,955 $ 5,966,742 $ 7,110,864 Additional Metrics : Total Segment Revenues $ 11,663,364 $ 12,590,037 $ 9,693,805 $ 11,649,036 $ 13,076,749 Total Assets Under Management 880,901,720 974,673,077 1,040,192,447 1,127,179,996 1,274,931,234 Fee-Earning Assets Under Management 649,969,058 718,386,888 762,607,902 830,708,603 921,674,454 Weighted-Average Fee-Earning AUM 525,594,531 687,198,112 735,730,973 800,765,613 881,157,648 Inflows 270,471,654 226,039,439 148,518,413 171,458,637 239,385,147 Capital Deployed 144,425,507 120,553,941 73,810,324 133,862,908 138,211,557 Realizations 77,209,503 81,767,640 65,690,839 87,142,480 125,550,749 ($ in thousands) 2021 2022 2023 2024 2025 Management Fees, Net Base Management Fees $ 1,895,412 $ 2,462,179 $ 2,794,232 $ 2,716,983 $ 2,653,294 Transaction and Other Fees, Net 160,395 171,424 78,483 175,010 141,696 Management Fee Offsets (3,499) (10,538) (29,357) (16,716) (13,066) Total Management Fees, Net 2,052,308 2,623,065 2,843,358 2,875,277 2,781,924 Fee Related Performance Revenues 1,695,019 1,075,424 294,240 203,425 489,648 Fee Related Compensation (1,161,349) (1,039,125) (675,880) (674,965) (690,292) Other Operating Expenses (234,505) (315,331) (325,050) (380,321) (370,001) Fee Related Earnings $ 2,351,473 $ 2,344,033 $ 2,136,668 $ 2,023,416 $ 2,211,279 Realized Performance Revenues 1,119,612 2,985,713 244,358 200,974 268,773 Realized Performance Compensation (443,220) (1,168,045) (123,299) (101,011) (130,361) Realized Principal Investment Income 196,869 150,790 7,628 14,522 10,689 Total Net Realizations 873,261 1,968,458 128,687 114,485 149,101 Segment Distributable Earnings $ 3,224,734 $ 4,312,491 $ 2,265,355 $ 2,137,901 $ 2,360,380 Additional Metrics : Segment Revenues $ 5,063,808 $ 6,834,992 $ 3,389,584 $ 3,294,198 $ 3,551,034 Total Assets Under Management 279,474,105 326,146,904 336,940,096 315,353,132 319,342,875 Fee-Earning Assets Under Management 221,476,699 281,967,153 298,889,475 278,914,938 279,427,148 Weighted-Average Fee-Earning AUM 174,576,308 253,927,805 288,169,416 292,788,459 281,761,708 Inflows 75,257,777 90,199,877 53,922,506 27,941,070 25,526,691 Capital Deployed 45,908,612 47,943,344 15,025,478 25,280,219 20,473,984 Realizations 19,490,016 37,061,836 18,744,078 22,164,223 25,550,971 ($ in thousands) 2021 2022 2023 2024 2025 Management and Advisory Fees, Net Base Management Fees $ 1,638,300 $ 1,882,197 $ 1,903,972 $ 2,027,855 $ 2,457,981 Transaction, Advisory and Other Fees, Net 179,204 97,972 108,848 176,469 362,531 Management Fee Offsets (33,588) (56,078) (5,228) (6,044) (48,903) Total Management and Advisory Fees, Net 1,783,916 1,924,091 2,007,592 2,198,280 2,771,609 Fee Related Performance Revenues 212,128 (648) - 1,185,428 547,985 Fee Related Compensation (687,408) (599,758) (619,678) (1,164,237) (961,448) Other Operating Expenses (274,360) (314,967) (329,221) (391,309) (482,312) Fee Related Earnings $ 1,034,276 $ 1,008,718 $ 1,058,693 $ 1,828,162 $ 1,875,834 Realized Performance Revenues 2,296,036 1,206,594 1,343,865 1,392,447 1,670,108 Realized Performance Compensation (952,913) (550,306) (584,154) (633,491) (704,938) Realized Principal Investment Income 269,679 144,585 76,220 52,356 66,495 Total Net Realizations 1,612,802 800,873 835,931 811,312 1,031,665 Segment Distributable Earnings $ 2,647,078 $ 1,809,591 $ 1,894,624 $ 2,639,474 $ 2,907,499 Additional Metrics : Segment Revenues $ 4,561,759 $ 3,274,622 $ 3,427,677 $ 4,828,511 $ 5,056,197 Total Assets Under Management 272,810,231 299,850,659 314,391,397 352,168,635 416,423,156 Fee-Earning Assets Under Management 166,331,770 175,990,967 176,997,265 212,182,896 240,959,058 Weighted-Average Fee-Earning AUM 146,196,066 172,596,369 175,394,461 195,540,418 229,305,092 Inflows 55,633,265 52,712,942 23,986,567 41,285,126 68,140,673 Capital Deployed 50,116,995 29,070,305 24,866,852 42,190,548 46,502,746 Realizations 37,169,693 24,926,992 24,426,644 28,930,508 33,878,269 ($ in thousands) 2021 2022 2023 2024 2025 Management Fees, Net Base Management Fees $ 720,131 $ 1,185,289 $ 1,297,406 $ 1,561,649 $ 1,909,147 Transaction and Other Fees, Net 44,676 34,481 44,542 44,354 74,115 Management Fee Offsets (6,653) (5,432) (3,907) (24,196) (53,670) Total Management Fees, Net 758,154 1,214,338 1,338,041 1,581,807 1,929,592 Fee Related Performance Revenues 118,097 374,721 564,287 747,092 787,795 Fee Related Compensation (348,826) (512,727) (628,064) (755,620) (869,636) Other Operating Expenses (196,457) (260,028) (323,773) (371,354) (450,401) Fee Related Earnings $ 330,968 $ 816,304 $ 950,491 $ 1,201,925 $ 1,397,350 Realized Performance Revenues 209,126 147,285 317,620 313,092 386,729 Realized Performance Compensation (94,443) (63,845) (140,210) (129,814) (161,493) Realized Principal Investment Income 67,994 79,763 21,752 39,855 335,870 Total Net Realizations 182,677 163,203 199,162 223,133 561,106 Segment Distributable Earnings $ 513,645 $ 979,507 $ 1,149,653 $ 1,425,058 $ 1,958,456 Additional Metrics : Segment Revenues $ 1,153,371 $ 1,816,107 $ 2,241,700 $ 2,681,846 $ 3,439,986 Total Assets Under Management 251,150,891 273,746,559 312,674,037 375,507,818 442,951,606 Fee-Earning Assets Under Management 191,174,657 192,535,693 218,188,936 264,617,560 315,640,583 Weighted-Average Fee-Earning AUM 132,334,113 190,759,236 203,903,009 240,202,094 289,700,586 Inflows 128,833,582 71,695,591 62,132,619 91,200,162 132,134,874 Capital Deployed 45,501,607 42,336,344 31,004,641 63,783,398 67,693,443 Realizations 19,229,656 18,132,037 20,080,725 33,319,081 62,408,320 ($ in thousands) 2021 2022 2023 2024 2025 Management Fees, Net Base Management Fees $ 565,432 $ 515,373 $ 470,237 $ 474,395 $ 528,435 Transaction and Other Fees, Net 7,663 6,240 4,019 3,855 4,489 Management Fee Offsets (231) (161) (3) (80) - Total Management Fees, Net 572,864 521,452 474,253 478,170 532,924 Fee Related Compensation (150,427) (179,165) (164,488) (144,500) (169,325) Other Operating Expenses (88,355) (98,697) (106,289) (105,108) (110,525) Fee Related Earnings $ 334,082 $ 243,590 $ 203,476 $ 228,562 $ 253,074 Realized Performance Revenues 258,338 121,746 155,259 380,518 489,919 Realized Performance Compensation (66,994) (31,901) (48,354) (86,930) (93,803) Realized Principal Investment Income (Loss) 53,224 21,118 5,332 (14,207) 6,689 Total Net Realizations 244,568 110,963 112,237 279,381 402,805 Segment Distributable Earnings $ 578,650 $ 354,553 $ 315,713 $ 507,943 $ 655,879 Additional Metrics : Segment Revenues $ 884,426 $ 664,316 $ 634,844 $ 844,481 $ 1,029,532 Total Assets Under Management 77,466,493 74,928,955 76,186,917 84,150,411 96,213,597 Fee-Earning Assets Under Management 70,985,932 67,893,075 68,532,226 74,993,209 85,647,665 Weighted-Average Fee-Earning AUM 72,488,044 69,914,702 68,264,087 72,234,642 80,390,262 Inflows 10,747,030 11,431,029 8,476,721 11,032,279 13,582,909 Capital Deployed 2,898,293 1,203,948 2,913,353 2,608,743 3,541,384 Realizations 1,320,138 1,646,775 2,439,392 2,728,668 3,713,189 GAAP - Consolidated Statements of Operations ($ in thousands) (unaudited) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Last Twelve Months 1Q'25 1Q'26 Revenues Management and Advisory Fees, Net $ 1,658,315 $ 1,709,370 $ 1,655,443 $ 1,648,132 $ 1,727,148 $ 1,787,313 $ 1,794,894 $ 1,879,581 $ 1,904,317 $ 2,035,495 $ 2,056,248 $ 2,079,541 $ 2,148,620 $ 7,366,105 $ 8,319,904 Incentive Fees 142,876 153,077 158,801 240,417 179,341 188,299 191,794 404,744 191,825 195,414 200,675 390,288 165,419 976,662 951,796 Investment Income (Loss) Performance Allocations Realized 646,894 502,084 453,690 621,173 652,517 531,641 414,755 1,858,833 562,050 829,820 997,296 1,273,077 1,103,173 3,367,279 4,203,366 Unrealized (759,212) 114,395 (63,204) (983,647) 445,943 122,229 1,154,918 (1,351,683) 263,201 313,283 (215,818) 282,397 283,452 188,665 663,314 Principal Investments Realized 108,058 54,835 94,313 46,617 78,597 74,045 95,235 84,381 185,542 97,171 152,652 262,267 143,020 439,203 655,110 Unrealized (491,417) 164,089 69,340 (345,166) 461,623 (31,776) (1,864) (47,392) 158,713 365,391 (238,658) (37,142) (385,002) 77,681 (295,411) Total Investment Income (Loss) (495,677) 835,403 554,139 (661,023) 1,638,680 696,139 1,663,044 544,139 1,169,506 1,605,665 695,472 1,780,599 1,144,643 4,072,828 5,226,379 Interest and Dividend Revenue 90,485 148,505 109,133 168,374 97,839 104,999 109,774 98,547 97,420 100,389 107,538 110,746 107,940 410,740 426,613 Other (14,154) (31,664) 63,769 (110,880) 44,820 19,631 (96,312) 155,554 (73,610) (225,063) 28,702 (902) 50,973 5,263 (146,290) Total Revenues $ 1,381,845 $ 2,814,691 $ 2,541,285 $ 1,285,020 $ 3,687,828 $ 2,796,381 $ 3,663,194 $ 3,082,565 $ 3,289,458 $ 3,711,900 $ 3,088,635 $ 4,360,272 $ 3,617,595 $ 12,831,598 $ 14,778,402 Expenses Compensation and Benefits Compensation 716,285 737,017 700,268 631,877 794,803 766,647 732,041 754,738 1,029,362 870,358 845,659 925,814 1,166,897 3,282,788 3,808,728 Incentive Fee Compensation 63,281 64,227 65,432 88,127 73,707 77,139 73,464 149,276 57,029 67,363 61,882 88,628 54,368 356,908 272,241 Performance Allocations Compensation Realized 296,794 205,196 168,620 230,249 258,894 260,736 169,740 742,847 241,890 331,191 354,765 369,626 433,449 1,415,213 1,489,031 Unrealized (313,249) 54,155 11,866 (407,175) 180,900 101,680 465,099 (607,658) 103,559 152,618 (31,547) 152,332 89,701 62,680 363,104 Total Compensation and Benefits 763,111 1,060,595 946,186 543,078 1,308,304 1,206,202 1,440,344 1,039,203 1,431,840 1,421,530 1,230,759 1,536,400 1,744,415 5,117,589 5,933,104 General, Administrative and Other 273,394 275,034 279,186 289,691 369,950 311,928 340,945 339,086 332,373 360,817 383,580 447,778 372,821 1,324,332 1,564,996 Interest Expense 104,441 108,096 110,599 108,732 108,203 108,616 111,337 115,532 118,115 135,822 126,288 128,089 137,053 453,600 527,252 Fund Expenses 48,399 31,585 38,934 69 3,950 5,960 3,470 6,296 12,104 14,434 10,060 12,618 8,004 27,830 45,116 Total Expenses $ 1,189,345 $ 1,475,310 $ 1,374,905 $ 941,570 $ 1,790,407 $ 1,632,706 $ 1,896,096 $ 1,500,117 $ 1,894,432 $ 1,932,603 $ 1,750,687 $ 2,124,885 $ 2,262,293 $ 6,923,351 $ 8,070,468 Other Income Change in Tax Receivable Agreement Liability (5,208) 7,095 - (29,083) - - - (41,246) - - - 6,591 - (41,246) 6,591 Net Gains (Losses) from Fund Investment Activities 71,064 80,500 (49,078) (159,287) (17,767) 44,934 42,842 20,075 57,575 136,330 108,634 114,858 99,755 165,426 459,577 Income Before Provision for Taxes $ 258,356 $ 1,426,976 $ 1,117,302 $ 155,080 $ 1,879,654 $ 1,208,609 $ 1,809,940 $ 1,561,277 $ 1,452,601 $ 1,915,627 $ 1,446,582 $ 2,356,836 $ 1,455,057 $ 6,032,427 $ 7,174,102 Provision for Taxes 47,675 223,269 196,560 45,957 283,671 260,246 245,303 232,451 243,827 289,494 209,657 382,045 197,150 981,827 1,078,346 Net Income $ 210,681 $ 1,203,707 $ 920,742 $ 109,123 $ 1,595,983 $ 948,363 $ 1,564,637 $ 1,328,826 $ 1,208,774 $ 1,626,133 $ 1,236,925 $ 1,974,791 $ 1,257,907 $ 5,050,600 $ 6,095,756 Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (6,700) 17,688 (92,577) (163,929) (39,669) 258 (22,184) 306 7,900 18,209 29,008 (9,617) 21,010 (13,720) 58,610 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 74,869 89,436 20,716 39,134 102,827 100,583 202,929 67,487 100,547 240,836 125,890 193,295 117,367 471,546 677,388 Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 56,700 495,309 440,609 82,118 685,439 403,108 603,057 557,160 485,475 602,844 457,110 775,912 469,801 2,048,800 2,305,667 Net Income Attributable to Blackstone Inc. $ 85,812 $ 601,274 $ 551,994 $ 151,800 $ 847,386 $ 444,414 $ 780,835 $ 703,873 $ 614,852 $ 764,244 $ 624,917 $ 1,015,201 $ 649,729 $ 2,543,974 $ 3,054,091 GAAP - Consolidated Statements of Operations ($ in thousands) (unaudited) 2021 2022 2023 2024 2025 Revenues Management and Advisory Fees, Net $ 5,170,707 $ 6,303,315 $ 6,671,260 $ 7,188,936 $ 8,075,601 Incentive Fees 253,991 525,127 695,171 964,178 978,202 Investment Income Performance Allocations Realized 5,653,452 5,381,640 2,223,841 3,457,746 3,662,243 Unrealized 8,675,246 (3,435,056) (1,691,668) 371,407 643,063 Principal Investments Realized 1,003,822 850,327 303,823 332,258 697,632 Unrealized 1,456,201 (1,563,849) (603,154) 380,591 248,304 Total Investment Income 16,788,721 1,233,062 232,842 4,542,002 5,251,242 Interest and Dividend Revenue 160,643 271,612 516,497 411,159 416,093 Other 203,086 184,557 (92,929) 123,693 (270,873) Total Revenues $ 22,577,148 $ 8,517,673 $ 8,022,841 $ 13,229,968 $ 14,450,265 Expenses Compensation and Benefits Compensation 2,161,973 2,569,780 2,785,447 3,048,229 3,671,193 Incentive Fee Compensation 98,112 207,998 281,067 373,586 274,902 Performance Allocations Compensation Realized 2,311,993 2,225,264 900,859 1,432,217 1,297,472 Unrealized 3,778,048 (1,470,588) (654,403) 140,021 376,962 Total Compensation and Benefits 8,350,126 3,532,454 3,312,970 4,994,053 5,620,529 General, Administrative and Other 917,847 1,092,671 1,117,305 1,361,909 1,524,548 Interest Expense 198,268 317,225 431,868 443,688 508,314 Fund Expenses 10,376 30,675 118,987 19,676 49,216 Total Expenses $ 9,476,617 $ 4,973,025 $ 4,981,130 $ 6,819,326 $ 7,702,607 Other Income Change in Tax Receivable Agreement Liability (2,759) 22,283 (27,196) (41,246) 6,591 Net Gains (Losses) from Fund Investment Activities 461,624 (105,142) (56,801) 90,084 417,397 Income Before Provision for Taxes $ 13,559,396 $ 3,461,789 $ 2,957,714 $ 6,459,480 $ 7,171,646 Provision for Taxes 1,184,401 472,880 513,461 1,021,671 1,125,023 Net Income $ 12,374,995 $ 2,988,909 $ 2,444,253 $ 5,437,809 $ 6,046,623 Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 5,740 (142,890) (245,518) (61,289) 45,500 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 1,625,306 107,766 224,155 473,826 660,568 Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 4,886,552 1,276,402 1,074,736 2,248,764 2,321,341 Net Income Attributable to Blackstone Inc. $ 5,857,397 $ 1,747,631 $ 1,390,880 $ 2,776,508 $ 3,019,214 Reconciliation of GAAP to Non-GAAP Measures ($ in thousands) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 Last Twelve Months 1Q'25 1Q'26 Net Income Attributable to Blackstone Inc. $ 85,812 $ 601,274 $ 551,994 $ 151,800 $ 847,386 $ 444,414 $ 780,835 $ 703,873 $ 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 56,700 495,309 440,609 82,118 685,439 403,108 603,057 557,160 485,475 602,844 457,110 775,912 469,801 2,048,800 2,305,667 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 74,869 89,436 20,716 39,134 102,827 100,583 202,929 67,487 100,547 240,836 125,890 193,295 117,367 471,546 677,388 Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (6,700) 17,688 (92,577) (163,929) (39,669) 258 (22,184) 306 7,900 18,209 29,008 (9,617) 21,010 (13,720) 58,610 Net Income $ 210,681 $ 1,203,707 $ 920,742 $ 109,123 $ 1,595,983 $ 948,363 $ 1,564,637 $ 1,328,826 $ 1,208,774 $ 1,626,133 $ 1,236,925 $ 1,974,791 $ 1,257,907 $ 5,050,600 $ 6,095,756 Provision for Taxes 47,675 223,269 196,560 45,957 283,671 260,246 245,303 232,451 243,827 289,494 209,657 382,045 197,150 981,827 1,078,346 Income Before Provision for Taxes $ 258,356 $ 1,426,976 $ 1,117,302 $ 155,080 $ 1,879,654 $ 1,208,609 $ 1,809,940 $ 1,561,277 $ 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) 8,621 2,228 6,250 8,882 52,197 4,962 (394) (393) 18,824 10,381 (9,412) (6,822) 6,967 22,999 1,114 Amortization of Intangibles (b) 11,341 7,412 7,357 7,347 7,333 7,333 7,333 7,333 7,333 7,333 7,333 7,327 7,288 29,332 29,281 Impact of Consolidation (c) (68,169) (107,124) 71,861 124,795 (63,158) (100,841) (180,745) (67,793) (108,447) (259,045) (154,898) (183,678) (138,377) (457,826) (735,998) Unrealized Performance Revenues (d) 759,316 (114,379) 63,209 983,642 (445,936) (122,239) (1,154,905) 1,351,673 (263,201) (313,256) 215,872 (282,372) (283,355) (188,672) (663,111) Unrealized Performance Allocations Compensation (e) (313,249) 54,155 11,866 (407,175) 180,900 101,680 465,099 (607,658) 103,559 152,618 (31,547) 152,332 89,701 62,680 363,104 Unrealized Principal Investment (Income) Loss (f) 479,120 (160,702) (84,780) 359,663 (442,976) 38,125 90,254 42,729 (161,257) (294,093) 216,084 67,826 322,136 9,851 311,953 Other Revenues (g) 14,180 31,718 (63,748) 110,933 (44,747) (19,541) 96,329 (155,207) 73,635 225,083 (28,702) 1,174 (50,928) (4,784) 146,627 Equity-Based Compensation (h) 268,134 249,755 255,616 185,969 317,779 295,396 262,798 283,149 471,302 312,018 301,562 358,364 561,217 1,312,645 1,533,161 Administrative Fee Adjustment (i) 2,447 2,413 2,425 2,422 2,477 2,465 3,219 3,429 4,186 4,112 4,097 3,942 4,568 13,299 16,719 Taxes and Related Payables (j) (171,005) (180,380) (175,747) (143,378) (177,145) (163,728) (120,278) (249,046) (187,730) (195,015) (77,484) (230,120) (209,436) (720,782) (712,055) Distributable Earnings $ 1,249,092 $ 1,212,072 $ 1,211,611 $ 1,388,180 $ 1,266,378 $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 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) 171,005 180,380 175,747 143,378 177,145 163,728 120,278 249,046 187,730 195,015 77,484 230,120 209,436 720,782 712,055 Net Interest and Dividend (Income) Loss (k) 9,108 (46,110) (3,890) (65,228) 9,801 3,425 1,731 18,480 20,530 24,643 18,552 17,276 22,118 44,166 82,589 Total Segment Distributable Earnings $ 1,429,205 $ 1,346,342 $ 1,383,468 $ 1,466,330 $ 1,453,324 $ 1,419,374 $ 1,400,659 $ 2,437,019 $ 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) (641,526) (388,423) (337,940) (693,213) (536,393) (542,889) (342,669) (865,080) (460,023) (553,121) (744,953) (1,057,432) (780,494) (2,210,661) (3,136,000) Realized Performance Compensation (m) 296,024 178,370 133,995 287,628 253,024 251,057 157,570 289,595 220,924 256,624 302,642 310,405 364,056 919,146 1,233,727 Realized Principal Investment (Income) Loss (n) (43,691) 7,461 (55,500) (19,202) (9,938) (16,572) (40,403) (25,613) (117,910) (29,421) (62,535) (209,877) (31,973) (200,498) (333,806) Fee Related Earnings $ 1,040,012 $ 1,143,750 $ 1,124,023 $ 1,041,543 $ 1,160,017 $ 1,110,970 $ 1,175,157 $ 1,835,921 $ 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 $ 1,249,092 $ 1,212,072 $ 1,211,611 $ 1,388,180 $ 1,266,378 $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 1,410,805 $ 1,565,763 $ 1,889,487 $ 2,244,809 $ 1,764,838 $ 6,111,169 $ 7,464,897 Interest Expense (o) 104,209 107,130 110,014 108,168 107,640 108,424 111,326 117,027 117,950 125,033 126,090 128,022 130,058 454,727 509,203 Taxes and Related Payables (j) 171,005 180,380 175,747 143,378 177,145 163,728 120,278 249,046 187,730 195,015 77,484 230,120 209,436 720,782 712,055 Depreciation and Amortization (p) 23,175 24,100 21,598 25,251 26,053 25,336 24,685 22,682 22,226 26,642 24,015 26,102 26,138 94,929 102,897 Adjusted EBITDA $ 1,547,481 $ 1,523,682 $ 1,518,970 $ 1,664,977 $ 1,577,216 $ 1,549,709 $ 1,534,939 $ 2,558,248 $ 1,738,711 $ 1,912,453 $ 2,117,076 $ 2,629,053 $ 2,130,470 $ 7,381,607 $ 8,789,052 See Reconciliation of GAAP to Non-GAAP Measures - Notes. ($ in thousands) 2021 2022 2023 2024 2025 Net Income Attributable to Blackstone Inc. $ 5,857,397 $ 1,747,631 $ 1,390,880 $ 2,776,508 $ 3,019,214 Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 4,886,552 1,276,402 1,074,736 2,248,764 2,321,341 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 1,625,306 107,766 224,155 473,826 660,568 Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 5,740 (142,890) (245,518) (61,289) 45,500 Net Income $ 12,374,995 $ 2,988,909 $ 2,444,253 $ 5,437,809 $ 6,046,623 Provision for Taxes 1,184,401 472,880 513,461 1,021,671 1,125,023 Income Before Provision for Taxes $ 13,559,396 $ 3,461,789 $ 2,957,714 $ 6,459,480 $ 7,171,646 Transaction-Related and Non-Recurring Items (a) 144,038 57,133 25,981 56,372 12,971 Amortization of Intangibles (b) 68,256 60,481 33,457 29,332 29,326 Impact of Consolidation (c) (1,631,046) 35,124 21,363 (412,537) (706,068) Unrealized Performance Revenues (d) (8,675,246) 3,436,978 1,691,788 (371,407) (642,957) Unrealized Performance Allocations Compensation (e) 3,778,048 (1,470,588) (654,403) 140,021 376,962 Unrealized Principal Investment (Income) Loss (f) (679,767) 1,235,529 593,301 (271,868) (171,440) Other Revenues (g) (202,885) (183,754) 93,083 (123,166) 271,190 Equity-Based Compensation (h) 559,537 782,090 959,474 1,159,122 1,443,246 Administrative Fee Adjustment (i) 10,188 9,866 9,707 11,590 16,337 Taxes and Related Payables (j) (759,682) (791,868) (670,510) (710,197) (690,349) Distributable Earnings $ 6,170,837 $ 6,632,780 $ 5,060,955 $ 5,966,742 $ 7,110,864 Taxes and Related Payables (j) 759,682 791,868 670,510 710,197 690,349 Net Interest and Dividend (Income) Loss (k) 33,588 31,494 (106,120) 33,437 81,001 Total Segment Distributable Earnings $ 6,964,107 $ 7,456,142 $ 5,625,345 $ 6,710,376 $ 7,882,214 Realized Performance Revenues (l) (3,883,112) (4,461,338) (2,061,102) (2,287,031) (2,815,529) Realized Performance Compensation (m) 1,557,570 1,814,097 896,017 951,246 1,090,595 Realized Principal Investment Income (n) (587,766) (396,256) (110,932) (92,526) (419,743) Fee Related Earnings $ 4,050,799 $ 4,412,645 $ 4,349,328 $ 5,282,065 $ 5,737,537 Adjusted EBITDA Reconciliation Distributable Earnings $ 6,170,837 $ 6,632,780 $ 5,060,955 $ 5,966,742 $ 7,110,864 Interest Expense (o) 196,632 316,569 429,521 444,417 497,095 Taxes and Related Payables (j) 759,682 791,868 670,510 710,197 690,349 Depreciation and Amortization (p) 52,187 69,219 94,124 98,756 98,985 Adjusted EBITDA $ 7,179,338 $ 7,810,436 $ 6,255,110 $ 7,220,112 $ 8,397,293 See Reconciliation of GAAP to Non-GAAP Measures - Notes. Note: See Definitions. 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. This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone's segment presentation. 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. This adjustment removes Unrealized Performance Revenues on a segment basis. This adjustment removes Unrealized Performance Allocations Compensation. This adjustment removes Unrealized Principal Investment Income on a segment basis. This adjustment removes Other Revenues on a segment basis. This adjustment removes Equity-Based Compensation on a segment basis. 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. 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 Definitions for the full definition of Taxes and Related Payables. This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. This adjustment removes the total segment amount of Realized Performance Revenues. This adjustment removes the total segment amount of Realized Performance Compensation. This adjustment removes the total segment amount of Realized Principal Investment Income. This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. This adjustment adds back Depreciation and Amortization on a segment basis. Assets Under Management - Rollforward Total AUM Rollforward ($ in millions) Three Months Ended March 31, 2026 Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Beginning Balance $ 319,343 $ 416,423 $ 442,952 $ 96,214 $ 1,274,931 Inflows 6,777 20,353 37,019 4,393 68,541 Outflows (2,845) (2,149) (9,350) (1,539) (15,883) Net Flows 3,932 18,204 27,669 2,854 52,659 Realizations (7,039) (14,564) (13,667) (638) (35,908) Market Activity (951) 9,847 508 2,932 12,336 Ending Balance $ 315,284 $ 429,910 $ 457,462 $ 101,361 $ 1,304,018 % Change (1)% 3% 3% 5% 2% Twelve Months Ended March 31, 2026 Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total $ 319,989 $ 370,990 $ 388,720 $ 87,763 $ 1,167,462 26,128 66,809 138,805 14,550 246,292 (8,713) (9,592) (23,109) (7,731) (49,145) 17,415 57,217 115,696 6,819 197,147 (28,284) (41,975) (62,188) (3,527) (135,973) 6,164 43,678 15,233 10,306 75,382 $ 315,284 $ 429,910 $ 457,462 $ 101,361 $ 1,304,018 (1)% 16% 18% 15% 12% Fee-Earning AUM Rollforward ($ in millions) Three Months Ended March 31, 2026 Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Beginning Balance $ 279,427 $ 240,959 $ 315,641 $ 85,648 $ 921,674 Inflows 5,398 19,348 14,712 4,699 44,157 Outflows (1,747) (4,690) (7,929) (1,481) (15,848) Net Flows 3,651 14,658 6,783 3,218 28,309 Realizations (5,239) (4,829) (9,189) (613) (19,869) Market Activity (336) 5,053 21 2,745 7,482 Ending Balance $ 277,503 $ 255,841 $ 313,255 $ 90,998 $ 937,596 % Change (1)% 6% (1)% 6% 2% Twelve Months Ended March 31, 2026 Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total $ 282,060 $ 226,219 $ 274,120 $ 77,670 $ 860,070 22,680 44,162 85,828 14,319 166,990 (6,690) (11,622) (19,997) (7,180) (45,488) 15,991 32,540 65,831 7,140 121,502 (24,935) (17,952) (35,083) (3,283) (81,253) 4,387 15,033 8,387 9,472 37,278 $ 277,503 $ 255,841 $ 313,255 $ 90,998 $ 937,596 (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. Totals may not add due to rounding. ($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date) Real Estate Committed Capital Available Capital (b) Unrealized Investments Value MOIC (c) % Public Realized Investments Value MOIC (c) Total Investments Value MOIC (c) Net IRRs (d) Realized Total Pre-BREP $ 140,714 $ - $ - n/a - $ 345,190 2.5x $ 345,190 2.5x 33% 33% BREP I (Sep 1994 / Oct 1996) 380,708 - - n/a - 1,327,708 2.8x 1,327,708 2.8x 40% 40% BREP II (Oct 1996 / Mar 1999) 1,198,339 - - n/a - 2,531,614 2.1x 2,531,614 2.1x 19% 19% BREP III (Apr 1999 / Apr 2003) 1,522,708 - - n/a - 3,330,406 2.4x 3,330,406 2.4x 21% 21% BREP IV (Apr 2003 / Dec 2005) 2,198,694 - - n/a - 4,684,608 1.7x 4,684,608 1.7x 12% 12% 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 0% 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 3% 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 1% 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 1% 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 2% $ 121,255,702 2.2x $ 165,998,890 1.7x 16% 14% BREP Int'l (Jan 2001 / Sep 2005) € 824,172 € - € - n/a - € 1,373,170 2.1x € 1,373,170 2.1x 23% 23% BREP Int'l II (Sep 2005 / Jun 2008) (e) 1,629,748 - - n/a - 2,583,032 1.8x 2,583,032 1.8x 8% 8% 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 5% 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 1% 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 2% € 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 49% $ 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 23% 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 2% 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 16% $ 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 0% 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 4% $ 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 (Oct 1987 / Oct 1993) $ 859,081 $ - $ - n/a - $ 1,741,738 2.6x $ 1,741,738 2.6x 19% 19% BCP II (Oct 1993 / Aug 1997) 1,361,100 - - n/a - 3,268,627 2.5x 3,268,627 2.5x 32% 32% BCP III (Aug 1997 / Nov 2002) 3,967,422 - - n/a - 9,228,707 2.3x 9,228,707 2.3x 14% 14% 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 5% 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 21% 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 19% 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 0% - 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 100% 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 66% 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 20% 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 35% 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 11% 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 16% $ 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 2% 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 0% 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 1% $ 43,907,450 1.9x $ 60,135,070 1.6x 16% 11% ($/€ 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) % Public Value MOIC (c) Value MOIC (c) Realized Total Growth BXG I (Jul 2020 / Feb 2025) 4,959,668 342,693 5,190,952 1.2x 1% 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 0% $ 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% 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% 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 The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m Not meaningful generally due to the limited time since initial investment. n/a Not applicable. * Represents funds that are currently in their investment period. BREP - Blackstone Real Estate Partners, BREDS - Blackstone Real Estate Debt Strategies, BCP - Blackstone Capital Partners, BCOM - Blackstone Communications, BXG - Blackstone Growth, BXLS - Blackstone Life Sciences. Excludes investment vehicles where Blackstone does not earn fees. 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. Multiple of Invested Capital ("MOIC") represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital. 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. The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR. 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. BREDS High-Yield represents the flagship real estate debt drawdown funds only. 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. 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. 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. 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. Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. Definitions 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 consolidatio 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 basi 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. 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 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. 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.

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