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Blackstone : Second-Quarter 2026 Earnings Supplemental Financial Data
Blackstone : Second-Quarter 2026 Earnings Supplemental Financial
About this update from Blackstone Inc.
Blackstone's Second Quarter 2026 Supplemental Financial Data July 23, 2026 Throughout this presentation, all current period amounts are preliminary and unaudited. ($ in thousands) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Year-to-Date 2Q'25 2Q'26 Management and Advisory Fees, Net Base Management Fees $ 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 $ 1,960,897 $ 3,683,791 $ 3,913,311 Transaction, Advisory and Other Fees, Net 66,938 132,536 82,506 117,708 111,309 165,690 156,211 149,621 211,697 321,156 276,999 532,853 Management Fee Offsets (4,097) (4,164) (6,713) (32,062) (26,430) (22,350) (34,093) (32,766) (31,303) (31,757) (48,780) (63,060) Total Management and Advisory Fees, Net 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 2,250,296 3,912,010 4,383,104 Fee Related Performance Revenues 295,501 177,067 264,101 1,399,276 293,915 472,050 453,018 606,445 488,098 793,391 765,965 1,281,489 Fee Related Compensation (554,077) (552,913) (554,855) (1,077,477) (616,982) (700,316) (658,091) (715,312) (729,470) (880,129) (1,317,298) (1,609,599) Other Operating Expenses (288,978) (293,122) (320,823) (345,169) (306,875) (332,243) (356,070) (418,051) (343,455) (380,130) (639,118) (723,585) Fee Related Earnings $ 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 $ 1,783,428 $ 2,721,559 $ 3,331,409 Realized Performance Revenues 536,393 542,889 342,669 865,080 460,023 553,121 744,953 1,057,432 780,494 730,885 1,013,144 1,511,379 Realized Performance Compensation (253,024) (251,057) (157,570) (289,595) (220,924) (256,624) (302,642) (310,405) (364,056) (344,124) (477,548) (708,180) Realized Principal Investment Income 9,938 16,572 40,403 25,613 117,910 29,421 62,535 209,877 31,973 27,499 147,331 59,472 Total Net Realizations 293,307 308,404 225,502 601,098 357,009 325,918 504,846 956,904 448,411 414,260 682,927 862,671 Total Segment Distributable Earnings $ 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 $ 2,197,688 $ 3,404,486 $ 4,194,080 Net Interest and Dividend Income (Loss) (9,801) (3,425) (1,731) (18,480) (20,530) (24,643) (18,552) (17,276) (22,118) (10,606) (45,173) (32,724) Taxes and Related Payables (177,145) (163,728) (120,278) (249,046) (187,730) (195,015) (77,484) (230,120) (209,436) (209,833) (382,745) (419,269) Distributable Earnings $ 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 $ 1,977,249 $ 2,976,568 $ 3,742,087 Additional Metrics : Total Segment Revenues $ 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 $ 3,802,071 $ 5,838,450 $ 7,235,444 Total Assets Under Management 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 1,346,263,835 1,211,207,341 1,346,263,835 Fee-Earning Assets Under Management 781,397,555 808,656,801 820,457,203 830,708,603 860,069,950 887,114,205 906,221,028 921,674,454 937,596,454 961,592,654 887,114,205 961,592,654 Weighted-Average Fee-Earning AUM 772,002,728 795,027,178 814,557,002 825,582,903 845,389,276 873,592,078 896,667,616 913,947,741 929,635,454 949,594,554 859,297,586 940,287,854 Inflows 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 68,300,041 113,711,918 136,841,360 Capital Deployed 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 34,175,313 69,491,184 69,736,626 Realizations 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 31,843,265 48,837,986 67,751,576 ($ in thousands) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Year-to-Date 2Q'25 2Q'26 Management and Advisory Fees, Net Base Management Fees $ 694,179 $ 685,784 $ 672,260 $ 664,760 $ 664,601 $ 673,154 $ 670,774 $ 644,765 $ 636,047 $ 630,097 $ 1,337,755 $ 1,266,144 Transaction, Advisory and Other Fees, Net 29,190 75,140 24,810 45,870 40,146 41,720 21,238 38,592 51,738 104,321 81,866 156,059 Management Fee Offsets (2,930) (3,467) (1,524) (8,795) (3,899) (3,582) (3,213) (2,372) (10,308) (7,337) (7,481) (17,645) Total Management and Advisory Fees, Net 720,439 757,457 695,546 701,835 700,848 711,292 688,799 680,985 677,477 727,081 1,412,140 1,404,558 Fee Related Performance Revenues 129,958 606 72,428 433 37,803 89,590 124,647 237,608 152,998 242,718 127,393 395,716 Fee Related Compensation (174,569) (184,404) (166,567) (149,425) (170,525) (170,209) (168,377) (181,181) (193,137) (262,168) (340,734) (455,305) Other Operating Expenses (89,762) (92,378) (100,739) (97,442) (83,281) (87,048) (95,228) (104,444) (90,200) (94,624) (170,329) (184,824) Fee Related Earnings $ 586,066 $ 481,281 $ 500,668 $ 455,401 $ 484,845 $ 543,625 $ 549,841 $ 632,968 $ 547,138 $ 613,007 $ 1,028,470 $ 1,160,145 Realized Performance Revenues 49,967 53,472 78,022 19,513 19,010 43,587 132,792 73,384 42,074 210,868 62,597 252,942 Realized Performance Compensation (21,863) (25,295) (44,761) (9,092) (8,770) (24,139) (69,623) (27,829) (22,956) (85,259) (32,909) (108,215) Realized Principal Investment Income (Loss) 2,193 7,053 6,421 (1,145) 349 2,797 5,303 2,240 (8,805) 6,660 3,146 (2,145) Total Net Realizations 30,297 35,230 39,682 9,276 10,589 22,245 68,472 47,795 10,313 132,269 32,834 142,582 Segment Distributable Earnings $ 616,363 $ 516,511 $ 540,350 $ 464,677 $ 495,434 $ 565,870 $ 618,313 $ 680,763 $ 557,451 $ 745,276 $ 1,061,304 $ 1,302,727 Additional Metrics : Segment Revenues $ 902,557 $ 818,588 $ 852,417 $ 720,636 $ 758,010 $ 847,266 $ 951,541 $ 994,217 $ 863,744 $ 1,187,327 $ 1,605,276 $ 2,051,071 Total Assets Under Management 339,332,420 336,100,271 325,075,713 315,353,132 319,988,734 324,994,725 320,490,495 319,342,875 315,284,316 314,149,797 324,994,725 314,149,797 Fee-Earning Assets Under Management 301,583,557 299,066,252 285,488,072 278,914,938 282,060,486 285,826,676 282,579,289 279,427,148 277,502,688 277,420,420 285,826,676 277,420,420 Weighted-Average Fee-Earning AUM 300,236,515 300,324,904 292,277,161 282,201,506 280,487,712 283,943,581 284,202,982 281,003,218 278,464,918 277,461,553 282,267,367 278,116,752 Inflows 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 8,192,794 13,398,076 14,969,507 Capital Deployed 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 5,815,351 11,400,916 12,817,446 Realizations 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 6,615,294 9,555,186 13,654,328 ($ in thousands) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Year-to-Date 2Q'25 2Q'26 Management and Advisory Fees, Net Base Management Fees $ 474,591 $ 468,237 $ 511,355 $ 573,672 $ 578,444 $ 605,068 $ 628,402 $ 646,067 $ 659,991 $ 681,444 $ 1,183,512 $ 1,341,435 Transaction, Advisory and Other Fees, Net 26,891 46,238 45,592 57,748 54,220 108,988 106,903 92,420 150,938 124,921 163,208 275,859 Management Fee Offsets (275) 376 (4,127) (2,018) (10,872) (7,758) (17,915) (12,358) (9,007) (11,785) (18,630) (20,792) Total Management and Advisory Fees, Net 501,207 514,851 552,820 629,402 621,792 706,298 717,390 726,129 801,922 794,580 1,328,090 1,596,502 Fee Related Performance Revenues - 8,703 5,868 1,170,857 60,904 192,331 126,652 168,098 170,697 391,387 253,235 562,084 Fee Related Compensation (162,559) (158,068) (169,059) (674,551) (203,319) (266,925) (231,915) (259,289) (262,813) (337,528) (470,244) (600,341) Other Operating Expenses (90,035) (87,436) (96,660) (117,178) (102,894) (112,300) (120,743) (146,375) (112,928) (131,515) (215,194) (244,443) Fee Related Earnings $ 248,613 $ 278,050 $ 292,969 $ 1,008,530 $ 376,483 $ 519,404 $ 491,384 $ 488,563 $ 596,878 $ 716,924 $ 895,887 $ 1,313,802 Realized Performance Revenues 449,874 381,797 216,643 344,133 350,073 408,980 559,383 351,672 637,989 490,807 759,053 1,128,796 Realized Performance Compensation (220,481) (179,761) (94,800) (138,449) (171,141) (196,824) (205,967) (131,006) (294,536) (251,204) (367,965) (545,740) Realized Principal Investment Income 22,429 5,725 9,028 15,174 9,176 19,859 26,686 10,774 45,348 24,952 29,035 70,300 Total Net Realizations 251,822 207,761 130,871 220,858 188,108 232,015 380,102 231,440 388,801 264,555 420,123 653,356 Segment Distributable Earnings $ 500,435 $ 485,811 $ 423,840 $ 1,229,388 $ 564,591 $ 751,419 $ 871,486 $ 720,003 $ 985,679 $ 981,479 $ 1,316,010 $ 1,967,158 Additional Metrics : Segment Revenues $ 973,510 $ 911,076 $ 784,359 $ 2,159,566 $ 1,041,945 $ 1,327,468 $ 1,430,111 $ 1,256,673 $ 1,655,956 $ 1,701,726 $ 2,369,413 $ 3,357,682 Total Assets Under Management 320,809,532 330,589,586 344,710,201 352,168,635 370,989,871 388,907,242 395,607,045 416,423,156 429,909,808 454,152,320 388,907,242 454,152,320 Fee-Earning Assets Under Management 179,353,534 200,486,740 208,681,656 212,182,896 226,219,392 232,160,209 235,003,905 240,959,058 255,840,774 267,817,860 232,160,209 267,817,860 Weighted-Average Fee-Earning AUM 178,175,400 189,920,137 204,584,198 210,432,276 219,201,144 229,189,801 233,582,057 237,981,482 248,399,916 261,829,317 223,520,833 254,872,564 Inflows 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 24,519,793 37,007,746 44,872,883 Capital Deployed 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 14,515,209 28,126,828 29,028,256 Realizations 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 11,023,147 13,783,306 25,587,151 ($ in thousands) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Year-to-Date 2Q'25 2Q'26 Management and Advisory Fees, Net Base Management Fees $ 360,921 $ 380,943 $ 407,947 $ 411,838 $ 443,223 $ 467,657 $ 483,078 $ 515,189 $ 509,847 $ 493,622 $ 910,880 $ 1,003,469 Transaction, Advisory and Other Fees, Net 9,786 10,250 11,164 13,154 15,480 13,980 27,062 17,593 10,628 91,769 29,460 102,397 Management Fee Offsets (892) (993) (1,062) (21,249) (11,659) (11,010) (12,965) (18,036) (11,988) (12,635) (22,669) (24,623) Total Management and Advisory Fees, Net 369,815 390,200 418,049 403,743 447,044 470,627 497,175 514,746 508,487 572,756 917,671 1,081,243 Fee Related Performance Revenues 165,543 167,758 185,805 227,986 195,208 190,129 201,719 200,739 164,403 159,286 385,337 323,689 Fee Related Compensation (178,521) (172,551) (181,586) (222,962) (201,618) (220,305) (218,425) (229,288) (226,493) (237,568) (421,923) (464,061) Other Operating Expenses (84,576) (88,348) (97,756) (100,674) (96,278) (107,426) (113,120) (133,577) (114,563) (124,404) (203,704) (238,967) Fee Related Earnings $ 272,261 $ 297,059 $ 324,512 $ 308,093 $ 344,356 $ 333,025 $ 367,349 $ 352,620 $ 331,834 $ 370,070 $ 677,381 $ 701,904 Realized Performance Revenues 15,120 91,247 42,926 163,799 91,597 87,393 40,124 167,615 78,126 11,540 178,990 89,666 Realized Performance Compensation (5,321) (37,738) (16,489) (70,266) (40,495) (30,433) (21,123) (69,442) (31,197) (3,746) (70,928) (34,943) Realized Principal Investment Income (Loss) 3,561 3,511 24,239 8,544 107,903 5,800 29,855 192,312 (5,705) (4,622) 113,703 (10,327) Total Net Realizations 13,360 57,020 50,676 102,077 159,005 62,760 48,856 290,485 41,224 3,172 221,765 44,396 Segment Distributable Earnings $ 285,621 $ 354,079 $ 375,188 $ 410,170 $ 503,361 $ 395,785 $ 416,205 $ 643,105 $ 373,058 $ 373,242 $ 899,146 $ 746,300 Additional Metrics : Segment Revenues $ 554,039 $ 652,716 $ 671,019 $ 804,072 $ 841,752 $ 753,949 $ 768,873 $ 1,075,412 $ 745,311 $ 738,960 $ 1,595,701 $ 1,484,271 Total Assets Under Management 322,525,630 330,117,204 354,741,520 375,507,818 388,720,401 407,296,172 432,315,679 442,951,606 457,462,151 469,317,440 407,296,172 469,317,440 Fee-Earning Assets Under Management 229,350,998 237,285,546 251,567,431 264,617,560 274,120,326 288,931,236 305,193,225 315,640,583 313,255,195 318,240,694 288,931,236 318,240,694 Weighted-Average Fee-Earning AUM 223,769,967 233,318,272 244,426,489 258,092,495 269,368,943 281,525,781 297,062,231 310,416,904 314,447,889 315,747,945 275,889,707 315,712,157 Inflows 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 31,011,510 57,167,112 68,030,495 Capital Deployed 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 12,733,118 28,096,335 25,768,107 Realizations 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 13,494,781 23,849,608 27,161,677 Beginning 2Q'26, capital markets advisory revenues generated in connection with certain financing transactions in infrastructure and asset based credit strategies are presented in the Credit & Insurance segment. Previously, all capital markets advisory revenues were included in the Private Equity segment as part of the BXCM business. ($ in thousands) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Year-to-Date 2Q'25 2Q'26 Management and Advisory Fees, Net Base Management Fees $ 115,039 $ 116,602 $ 119,379 $ 123,375 $ 120,851 $ 130,793 $ 137,448 $ 139,343 $ 146,529 $ 155,734 $ 251,644 $ 302,263 Transaction, Advisory and Other Fees, Net 1,071 908 940 936 1,463 1,002 1,008 1,016 (1,607) 145 2,465 (1,462) Management Fee Offsets - (80) - - - - - - - - - - Total Management and Advisory Fees, Net 116,110 117,430 120,319 124,311 122,314 131,795 138,456 140,359 144,922 155,879 254,109 300,801 Fee Related Compensation (38,428) (37,890) (37,643) (30,539) (41,520) (42,877) (39,374) (45,554) (47,027) (42,865) (84,397) (89,892) Other Operating Expenses (24,605) (24,960) (25,668) (29,875) (24,422) (25,469) (26,979) (33,655) (25,764) (29,587) (49,891) (55,351) Fee Related Earnings $ 53,077 $ 54,580 $ 57,008 $ 63,897 $ 56,372 $ 63,449 $ 72,103 $ 61,150 $ 72,131 $ 83,427 $ 119,821 $ 155,558 Realized Performance Revenues 21,432 16,373 5,078 337,635 (657) 13,161 12,654 464,761 22,305 17,670 12,504 39,975 Realized Performance Compensation (5,359) (8,263) (1,520) (71,788) (518) (5,228) (5,929) (82,128) (15,367) (3,915) (5,746) (19,282) Realized Principal Investment Income (Loss) (18,245) 283 715 3,040 482 965 691 4,551 1,135 509 1,447 1,644 Total Net Realizations (2,172) 8,393 4,273 268,887 (693) 8,898 7,416 387,184 8,073 14,264 8,205 22,337 Segment Distributable Earnings $ 50,905 Additional Metrics : $ 62,973 $ 61,281 $ 332,784 $ 55,679 $ 72,347 $ 79,519 $ 448,334 $ 80,204 $ 97,691 $ 128,026 $ 177,895 Segment Revenues $ 119,297 $ 134,086 $ 126,112 $ 464,986 $ 122,139 $ 145,921 $ 151,801 $ 609,671 $ 168,362 $ 174,058 $ 268,060 $ 342,420 Total Assets Under Management 78,595,166 79,564,750 83,100,928 84,150,411 87,762,904 90,009,202 93,318,077 96,213,597 101,361,359 108,644,278 90,009,202 108,644,278 Fee-Earning Assets Under Management 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 98,113,680 80,196,084 98,113,680 Weighted-Average Fee-Earning AUM 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 94,555,739 77,619,679 91,586,381 Inflows 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 4,575,944 6,138,984 8,968,475 Capital Deployed 425,825 818,700 571,506 792,712 811,840 1,055,265 718,439 955,840 1,011,182 1,111,635 1,867,105 2,122,817 Realizations 440,494 664,469 444,578 1,179,127 824,828 825,058 994,693 1,068,610 638,377 710,043 1,649,886 1,348,420 ($ 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 and Advisory Fees, Net Base Management Fees $ 1,895,412 $ 2,462,179 $ 2,794,232 $ 2,716,983 $ 2,653,294 Transaction, Advisory 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 and Advisory 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 and Advisory Fees, Net Base Management Fees $ 720,131 $ 1,185,289 $ 1,297,406 $ 1,561,649 $ 1,909,147 Transaction, Advisory 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 and Advisory 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 and Advisory Fees, Net Base Management Fees $ 565,432 $ 515,373 $ 470,237 $ 474,395 $ 528,435 Transaction, Advisory and Other Fees, Net 7,663 6,240 4,019 3,855 4,489 Management Fee Offsets (231) (161) (3) (80) - Total Management and Advisory 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'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Year-to-Date 2Q'25 2Q'26 Revenues Management and Advisory Fees, Net $ 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 $ 2,266,006 $ 3,939,812 $ 4,414,626 Incentive Fees 179,341 188,299 191,794 404,744 191,825 195,414 200,675 390,288 165,419 159,080 387,239 324,499 Investment Income Performance Allocations Realized 652,517 531,641 414,755 1,858,833 562,050 829,820 997,296 1,273,077 1,103,173 1,365,175 1,391,870 2,468,348 Unrealized 445,943 122,229 1,154,918 (1,351,683) 263,201 313,283 (215,818) 282,397 283,452 587,140 576,484 870,592 Principal Investments Realized 78,597 74,045 95,235 84,381 185,542 97,171 152,652 262,267 143,020 105,585 282,713 248,605 Unrealized 461,623 (31,776) (1,864) (47,392) 158,713 365,391 (238,658) (37,142) (385,002) 414,821 524,104 29,819 Total Investment Income 1,638,680 696,139 1,663,044 544,139 1,169,506 1,605,665 695,472 1,780,599 1,144,643 2,472,721 2,775,171 3,617,364 Interest and Dividend Revenue 97,839 104,999 109,774 98,547 97,420 100,389 107,538 110,746 107,940 134,224 197,809 242,164 Other 44,820 19,631 (96,312) 155,554 (73,610) (225,063) 28,702 (902) 50,973 11,947 (298,673) 62,920 Total Revenues $ 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 $ 5,043,978 $ 7,001,358 $ 8,661,573 Expenses Compensation and Benefits Compensation 794,803 766,647 732,041 754,738 1,029,362 870,358 845,659 925,814 1,166,897 963,026 1,899,720 2,129,923 Incentive Fee Compensation 73,707 77,139 73,464 149,276 57,029 67,363 61,882 88,628 54,368 49,716 124,392 104,084 Performance Allocations Compensation Realized 258,894 260,736 169,740 742,847 241,890 331,191 354,765 369,626 433,449 565,264 573,081 998,713 Unrealized 180,900 101,680 465,099 (607,658) 103,559 152,618 (31,547) 152,332 89,701 236,129 256,177 325,830 Total Compensation and Benefits 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 1,814,135 2,853,370 3,558,550 General, Administrative and Other 369,950 311,928 340,945 339,086 332,373 360,817 383,580 447,778 372,821 409,110 693,190 781,931 Interest Expense 108,203 108,616 111,337 115,532 118,115 135,822 126,288 128,089 137,053 145,023 253,937 282,076 Fund Expenses 3,950 5,960 3,470 6,296 12,104 14,434 10,060 12,618 8,004 7,344 26,538 15,348 Total Expenses $ 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 $ 2,375,612 $ 3,827,035 $ 4,637,905 Other Income Change in Tax Receivable Agreement Liability - - - (41,246) - - - 6,591 - - - - Net Gains (Losses) from Fund Investment Activities (17,767) 44,934 42,842 20,075 57,575 136,330 108,634 114,858 99,755 140,086 193,905 239,841 Income Before Provision for Taxes $ 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 $ 2,808,452 $ 3,368,228 $ 4,263,509 Provision for Taxes 283,671 260,246 245,303 232,451 243,827 289,494 209,657 382,045 197,150 452,386 533,321 649,536 Net Income $ 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 $ 2,356,066 $ 2,834,907 $ 3,613,973 Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (39,669) 258 (22,184) 306 7,900 18,209 29,008 (9,617) 21,010 5,154 26,109 26,164 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 102,827 100,583 202,929 67,487 100,547 240,836 125,890 193,295 117,367 175,649 341,383 293,016 Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 685,439 403,108 603,057 557,160 485,475 602,844 457,110 775,912 469,801 946,074 1,088,319 1,415,875 Net Income Attributable to Blackstone Inc. $ 847,386 $ 444,414 $ 780,835 $ 703,873 $ 614,852 $ 764,244 $ 624,917 $ 1,015,201 $ 649,729 $ 1,229,189 $ 1,379,096 $ 1,878,918 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'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 Year-to-Date 2Q'25 2Q'26 Net Income Attributable to Blackstone Inc. $ 847,386 $ 444,414 $ 780,835 $ 703,873 $ 614,852 $ 764,244 $ 624,917 $ 1,015,201 $ 649,729 $ 1,229,189 $ 1,379,096 $ 1,878,918 Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 685,439 403,108 603,057 557,160 485,475 602,844 457,110 775,912 469,801 946,074 1,088,319 1,415,875 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 102,827 100,583 202,929 67,487 100,547 240,836 125,890 193,295 117,367 175,649 341,383 293,016 Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities Net Income (39,669) $ 1,595,983 258 $ 948,363 (22,184) $ 1,564,637 306 $ 1,328,826 7,900 $ 1,208,774 18,209 $ 1,626,133 29,008 $ 1,236,925 (9,617) $ 1,974,791 21,010 $ 1,257,907 5,154 $ 2,356,066 26,109 $ 2,834,907 26,164 $ 3,613,973 Provision for Taxes 283,671 260,246 245,303 232,451 243,827 289,494 209,657 382,045 197,150 452,386 533,321 649,536 Income Before Provision for Taxes $ 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 $ 2,808,452 $ 3,368,228 $ 4,263,509 Transaction-Related and Non-Recurring Items (a) 52,197 4,962 (394) (393) 18,824 10,381 (9,412) (6,822) 6,967 71 29,205 7,038 Amortization of Intangibles (b) 7,333 7,333 7,333 7,333 7,333 7,333 7,333 7,327 7,288 7,288 14,666 14,576 Impact of Consolidation (c) (63,158) (100,841) (180,745) (67,793) (108,447) (259,045) (154,898) (183,678) (138,377) (180,803) (367,492) (319,180) Unrealized Performance Revenues (d) (445,936) (122,239) (1,154,905) 1,351,673 (263,201) (313,256) 215,872 (282,372) (283,355) (587,150) (576,457) (870,505) Unrealized Performance Allocations Compensation (e) 180,900 101,680 465,099 (607,658) 103,559 152,618 (31,547) 152,332 89,701 236,129 256,177 325,830 Unrealized Principal Investment (Income) Loss (f) (442,976) 38,125 90,254 42,729 (161,257) (294,093) 216,084 67,826 322,136 (443,186) (455,350) (121,050) Other Revenues (g) (44,747) (19,541) 96,329 (155,207) 73,635 225,083 (28,702) 1,174 (50,928) (11,898) 298,718 (62,826) Equity-Based Compensation (h) 317,779 295,396 262,798 283,149 471,302 312,018 301,562 358,364 561,217 353,753 783,320 914,970 Administrative Fee Adjustment (i) 2,477 2,465 3,219 3,429 4,186 4,112 4,097 3,942 4,568 4,426 8,298 8,994 Taxes and Related Payables (j) (177,145) (163,728) (120,278) (249,046) (187,730) (195,015) (77,484) (230,120) (209,436) (209,833) (382,745) (419,269) Distributable Earnings $ 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 $ 1,977,249 $ 2,976,568 $ 3,742,087 Taxes and Related Payables (j) 177,145 163,728 120,278 249,046 187,730 195,015 77,484 230,120 209,436 209,833 382,745 419,269 Net Interest and Dividend (Income) Loss (k) 9,801 3,425 1,731 18,480 20,530 24,643 18,552 17,276 22,118 10,606 45,173 32,724 Total Segment Distributable Earnings $ 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 $ 2,197,688 $ 3,404,486 $ 4,194,080 Realized Performance Revenues (l) (536,393) (542,889) (342,669) (865,080) (460,023) (553,121) (744,953) (1,057,432) (780,494) (730,885) (1,013,144) (1,511,379) Realized Performance Compensation (m) 253,024 251,057 157,570 289,595 220,924 256,624 302,642 310,405 364,056 344,124 477,548 708,180 Realized Principal Investment (Income) Loss (n) (9,938) (16,572) (40,403) (25,613) (117,910) (29,421) (62,535) (209,877) (31,973) (27,499) (147,331) (59,472) Fee Related Earnings $ 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 $ 1,783,428 $ 2,721,559 $ 3,331,409 Adjusted EBITDA Reconciliation 274,888 242,983 144,830 130,058 128,022 126,090 125,033 117,950 117,027 111,326 108,424 107,640 Interest Expense (o) $ 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 $ 1,977,249 $ 2,976,568 $ 3,742,087 Distributable Earnings Taxes and Related Payables (j) 177,145 163,728 120,278 249,046 187,730 195,015 77,484 230,120 209,436 209,833 382,745 419,269 $ 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 $ 2,357,684 $ 3,651,164 $ 4,488,154 Adjusted EBITDA 51,910 48,868 25,772 26,138 26,102 24,015 26,642 22,226 22,682 24,685 25,336 26,053 Depreciation and Amortization (p) 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 Three Months Ended June 30, 2026 Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Beginning Balance $ 315,284 $ 429,910 $ 457,462 $ 101,361 $ 1,304,018 Inflows 8,193 24,520 31,012 4,576 68,300 Outflows (2,157) (1,458) (7,626) (2,298) (13,539) Net Flows 6,036 23,062 23,385 2,278 54,761 Realizations (6,615) (11,023) (13,495) (710) (31,843) Market Activity (555) 12,204 1,965 5,715 19,328 Ending Balance $ 314,150 $ 454,152 $ 469,317 $ 108,644 $ 1,346,264 % Change (0)% 6% 3% 7% 3% ($ in millions) Twelve Months Ended June 30, 2026 Real Private Credit & Multi-Asset Estate Equity Insurance Investing Total $ 324,995 $ 388,907 $ 407,296 $ 90,009 $ 1,211,207 27,098 76,006 142,998 16,412 262,515 (8,986) (9,245) (25,448) (8,233) (51,912) 18,112 66,761 117,550 8,180 210,603 (29,650) (45,682) (65,720) (3,412) (144,464) 693 44,167 10,191 13,867 68,918 $ 314,150 $ 454,152 $ 469,317 $ 108,644 $ 1,346,264 (3)% 17% 15% 21% 11% Fee-Earning AUM Rollforward ($ in millions) Twelve Months Ended June 30, 2026 Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total $ 285,827 $ 232,160 $ 288,931 $ 80,196 $ 887,114 21,183 51,975 79,237 15,987 168,382 (6,083) (14,934) (19,381) (7,612) (48,010) 15,101 37,041 59,856 8,375 120,372 (24,003) (19,222) (36,114) (3,178) (82,518) 496 17,839 5,568 12,721 36,624 $ 277,420 $ 267,818 $ 318,241 $ 98,114 $ 961,593 (3)% 15% 10% 22% 8% Three Months Ended June 30, 2026 Real Estate Private Equity Credit & Insurance Multi-Asset Investing Total Beginning Balance $ 277,503 $ 255,841 $ 313,255 $ 90,998 $ 937,596 Inflows 6,090 15,363 17,225 4,613 43,291 Outflows (1,106) (4,117) (5,256) (2,122) (12,601) Net Flows 4,985 11,246 11,969 2,490 30,690 Realizations (4,474) (4,559) (8,037) (677) (17,747) Market Activity (593) 5,289 1,054 5,303 11,053 Ending Balance $ 277,420 $ 267,818 $ 318,241 $ 98,114 $ 961,593 % Change (0)% 5% 2% 8% 3% 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. Total Realized MOIC (c) Value MOIC (c) Value % Public MOIC (c) Value Unrealized Investments Realized Investments Total Investments Net IRRs (d) Available Capital (b) Committed Capital ($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date) 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 - 27,765,450 2.5x 27,767,198 2.5x 13% 13% BREP VII (Aug 2011 / Apr 2015) 13,506,800 845,588 867,492 0.4x 0% 29,432,126 2.1x 30,299,618 1.9x 17% 14% BREP VIII (Apr 2015 / Jun 2019) 16,651,125 1,215,310 8,377,561 1.3x 4% 24,654,936 2.1x 33,032,497 1.8x 19% 11% BREP IX (Jun 2019 / Aug 2022) 21,374,992 2,812,950 16,292,849 1.0x 2% 12,614,323 1.9x 28,907,172 1.3x 30% 4% *BREP X (Aug 2022 / Feb 2028) 30,643,847 16,025,374 18,765,019 1.3x 1% 3,219,851 1.9x 21,984,870 1.3x 30% 12% Total Global BREP $ 104,217,467 $ 20,899,222 $ 44,307,000 1.1x 2% $ 123,374,688 2.2x $ 167,681,688 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 86,085 17,071 0.1x - 5,993,336 2.1x 6,010,407 2.0x 14% 13% BREP Europe IV (Sep 2013 / Dec 2016) 6,676,611 598,954 624,365 0.6x - 10,438,878 1.9x 11,063,243 1.7x 16% 11% BREP Europe V (Dec 2016 / Oct 2019) 8,007,488 597,691 3,724,421 0.7x - 6,902,190 3.8x 10,626,611 1.4x 40% 5% BREP Europe VI (Oct 2019 / Sep 2023) 9,941,770 2,763,031 6,117,864 0.9x 6% 4,049,113 2.4x 10,166,977 1.2x 62% 2% *BREP Europe VII (Sep 2023 / Mar 2029) 9,762,262 5,734,678 4,873,649 1.3x 1% 167,092 1.4x 5,040,741 1.3x n/m 13% Total BREP Europe € 40,047,471 € 9,780,439 € 15,357,370 0.9x 3% € 31,506,811 2.2x € 46,864,181 1.5x 16% 9% BREP Asia I (Jun 2013 / Dec 2017) $ 4,262,075 $ 646,265 $ 1,209,142 1.7x 51% $ 7,685,485 2.0x $ 8,894,627 1.9x 15% 12% BREP Asia II (Dec 2017 / Mar 2022) 7,361,035 1,178,550 4,995,177 1.1x 26% 3,404,324 1.6x 8,399,501 1.3x 11% 3% *BREP Asia III (Mar 2022 / Sep 2027) 8,219,868 4,351,718 5,078,659 1.3x 3% 503,885 1.8x 5,582,544 1.3x 34% 9% Total BREP Asia $ 19,842,978 $ 6,176,533 $ 11,282,978 1.3x 18% $ 11,593,694 1.8x $ 22,876,672 1.5x 14% 7% Real Estate BREP Co-Investment (f) 8,691,884 551,495 1,564,893 1.2x 0% 15,372,186 2.2x 16,937,079 2.1x 16% 16% Total BREP $ 179,426,235 $ 38,798,469 $ 74,435,691 1.1x 4% $ 188,783,012 2.2x $ 263,218,703 1.7x 16% 13% *BREDS High-Yield (Various) (g) 27,606,074 8,615,842 3,704,090 1.0x - 26,072,271 1.3x 29,776,361 1.3x 10% 9% Private Equity Corporate Private Equity BCP I (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) 6,450,000 - - n/a - 21,720,334 2.9x 21,720,334 2.9x 36% 36% BCP V (Dec 2005 / Jan 2011) 21,009,112 982,018 - n/a - 38,870,191 1.9x 38,870,191 1.9x 8% 8% BCP VI (Jan 2011 / May 2016) 15,192,032 1,340,945 2,127,333 3.1x 4% 30,730,898 2.2x 32,858,231 2.2x 13% 12% BCP VII (May 2016 / Feb 2020) 18,873,411 1,309,645 13,928,047 1.5x 33% 24,466,786 2.6x 38,394,833 2.1x 24% 12% BCP VIII (Feb 2020 / Apr 2024) 25,820,052 5,881,691 25,743,798 1.4x 16% 10,795,620 2.4x 36,539,418 1.6x 26% 10% *BCP IX (Apr 2024 / Apr 2030) 21,829,911 18,396,522 5,316,361 1.5x 1% 293,543 1.5x 5,609,904 1.5x n/m 24% Energy I (Aug 2011 / Feb 2015) 2,435,007 170,540 - n/a - 4,897,287 2.0x 4,897,287 2.0x 12% 12% Energy II (Feb 2015 / Feb 2020) 4,926,378 778,845 3,236,286 2.6x 72% 6,342,126 1.8x 9,578,412 2.0x 9% 9% Energy III (Feb 2020 / Jun 2024) 4,398,275 1,815,918 7,255,903 3.0x 26% 5,060,366 3.0x 12,316,269 3.0x 33% 33% Energy Transition IV (Jun 2024 / Jun 2026) 5,880,459 2,763,373 6,518,880 2.0x - 157,155 1.7x 6,676,035 2.0x n/m 94% *Energy Transition V (Jun 2026 / Jun 2032) 5,671,639 5,671,639 - n/a - - n/a - n/a n/a n/a BCP Asia I (Dec 2017 / Sep 2021) 2,437,080 417,510 1,275,730 1.3x 33% 3,676,038 3.0x 4,951,768 2.3x 33% 19% *BCP Asia II (Sep 2021 / Sep 2027) 6,843,926 3,570,292 6,463,390 1.9x 15% 1,041,893 3.4x 7,505,283 2.0x 93% 27% BCP Asia III (TBD) 13,100,000 13,100,000 - n/a - - n/a - n/a n/a n/a Core Private Equity I (Jan 2017 / Mar 2021) (h) 4,760,130 1,193,521 6,588,435 2.1x - 4,220,471 3.7x 10,808,906 2.5x 32% 14% *Core Private Equity II (Mar 2021 / Mar 2027) (h) 8,244,519 6,007,302 5,420,354 1.5x - 2,081,525 4.2x 7,501,879 1.8x 38% 16% Total Corporate Private Equity $ 176,196,864 $ 63,399,761 $ 83,874,517 1.7x 18% $ 171,588,411 2.3x $ 255,462,928 2.0x 16% 15% Tactical Opportunities *Tactical Opportunities (Various) 33,780,643 14,441,280 13,027,191 1.2x 2% 32,984,254 1.9x 46,011,445 1.6x 15% 10% *Tactical Opportunities Co-Investment and Other (Various) 10,477,806 1,084,293 3,558,538 1.3x 3% 12,089,490 1.8x 15,648,028 1.7x 18% 15% Total Tactical Opportunities $ 44,258,449 $ 15,525,573 $ 16,585,729 1.2x 2% $ 45,073,744 1.9x $ 61,659,473 1.6x 16% 11% Total Realized MOIC (c) Value MOIC (c) Value % Public MOIC (c) Value Unrealized Investments Realized Investments Total Investments Net IRRs (d) Available Capital (b) Committed Capital ($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date) *Strategic Partners X (Mar 2026 / May 2031) (i) 11,024,493 8,606,558 - n/a - - n/a - n/a n/a n/a Total Strategic Partners (Secondaries) $ 83,357,645 $ 21,845,949 $ 36,856,535 n/a - $ 45,668,075 n/a $ 82,524,610 1.6x n/a 14% Life Sciences Growth BXG I (Jul 2020 / Feb 2025) 4,961,566 292,405 5,152,451 1.2x 0% 670,399 1.3x 5,822,850 1.2x n/m 2% *BXG II (Feb 2025 / Feb 2030) 4,610,169 3,742,666 854,654 1.1x - 9,154 n/m 863,808 1.1x n/m n/m Total Growth $ 9,571,735 $ 4,035,071 $ 6,007,105 1.2x 0% $ 679,553 1.3x $ 6,686,658 1.2x n/m 2% Strategic Partners (Secondaries) Strategic Partners I-V (Various) (i) 11,035,527 9,572 2,126 n/a - 16,796,758 n/a 16,798,884 1.7x n/a 13% Strategic Partners VI (Apr 2014 / Apr 2016) (i) 4,362,772 379,409 420,348 n/a - 4,665,673 n/a 5,086,021 1.7x n/a 13% Strategic Partners VII (May 2016 / Mar 2019) (i) 7,489,970 1,605,255 2,258,612 n/a - 8,553,876 n/a 10,812,488 1.9x n/a 15% Strategic Partners Real Assets II (May 2017 / Jun 2020) (i) 1,749,807 595,603 1,351,477 n/a - 1,397,378 n/a 2,748,855 1.9x n/a 15% Strategic Partners VIII (Mar 2019 / Oct 2021) (i) 10,763,600 3,410,713 5,873,822 n/a - 9,027,494 n/a 14,901,316 1.7x n/a 17% *Strategic Partners Real Estate, SMA and Other (Various) (i) 7,055,591 1,224,720 3,165,936 n/a - 2,940,627 n/a 6,106,563 1.4x n/a 10% Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i) 3,250,100 666,246 2,626,038 n/a - 884,418 n/a 3,510,456 1.6x n/a 15% Strategic Partners IX (Oct 2021 / Mar 2026) (i) 19,692,625 1,504,371 19,455,372 n/a - 1,307,669 n/a 20,763,041 1.5x n/a 17% *Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i) 2,095,211 342,116 1,295,854 n/a - 94,182 n/a 1,390,036 1.1x n/a (0)% *Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i) 4,837,949 3,501,386 406,950 n/a - - n/a 406,950 1.9x n/a n/m Clarus IV (Jan 2018 / Jan 2020) 910,000 40,291 517,753 2.0x - 817,615 1.6x 1,335,368 1.7x 10% 9% BXLS V (Jan 2020 / Mar 2025) 5,056,620 2,303,560 5,195,969 2.1x 1% 1,854,239 1.8x 7,050,208 2.0x 11% 17% *BXLS VI (Mar 2025 / Mar 2031) 6,486,870 6,375,163 437,377 n/m - - n/a 437,377 n/m n/a n/m Credit Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) $ 2,000,000 $ - $ - n/a - $ 4,809,113 1.6x $ 4,809,113 1.6x n/a 17% Mezzanine / Opportunistic II (Nov 2011 / Nov 2016) 4,120,000 993,260 57,792 0.5x - 6,687,961 1.4x 6,745,753 1.4x n/a 9% Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) 6,639,133 1,081,586 787,485 1.2x - 9,939,495 1.5x 10,726,980 1.5x n/a 11% Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025) 5,016,771 1,368,541 3,047,474 1.1x - 4,156,400 1.5x 7,203,874 1.3x n/a 11% *Mezzanine / Opportunistic V (Aug 2025 / Aug 2029) 7,630,000 6,911,455 693,976 1.1x - 206,964 1.2x 900,940 1.1x n/a n/m Total Mezzanine / Opportunistic $ 25,405,904 $ 10,354,842 $ 4,586,727 1.1x - $ 25,799,933 1.5x $ 30,386,660 1.4x n/a 13% Stressed / Distressed I (Sep 2009 / May 2013) 3,253,143 - - n/a - 5,777,098 1.3x 5,777,098 1.3x n/a 9% Stressed / Distressed II (Jun 2013 / Jun 2018) 5,125,000 547,430 - n/a - 5,564,200 1.1x 5,564,200 1.1x n/a 0% Stressed / Distressed III (Dec 2017 / Dec 2022) 7,356,380 1,085,652 1,022,304 1.2x - 5,934,391 1.3x 6,956,695 1.3x n/a 9% Total Stressed / Distressed $ 15,734,523 $ 1,633,082 $ 1,022,304 1.2x - $ 17,275,689 1.2x $ 18,297,993 1.2x n/a 7% European Senior Debt I (Feb 2015 / Feb 2019) € 1,964,689 € 67,044 € 159,420 0.3x - € 2,999,625 1.3x € 3,159,045 1.1x n/a 1% European Senior Debt II (Jun 2019 / Jun 2023) (j) 4,088,344 861,672 2,174,148 0.9x - 4,891,963 1.7x 7,066,111 1.3x n/a 8% Total European Senior Debt € 6,053,033 € 928,716 € 2,333,568 0.8x - € 7,891,588 1.5x € 10,225,156 1.2x n/a 6% Energy I (Nov 2015 / Nov 2018) $ 2,856,867 $ 1,154,819 $ 70,845 1.3x - $ 3,556,730 1.5x $ 3,627,575 1.5x n/a 10% Energy II (Feb 2019 / Jun 2023) 3,616,081 1,456,014 423,972 1.3x 19% 3,554,034 1.4x 3,978,006 1.4x n/a 16% *Energy III (May 2023 / May 2028) 6,477,000 4,193,381 2,425,168 1.0x - 3,298,003 1.3x 5,723,171 1.2x n/a 15% Total Energy $ 12,949,948 $ 6,804,214 $ 2,919,985 1.0x 3% $ 10,408,767 1.4x $ 13,328,752 1.3x n/a 12% *Senior Direct Lending (Various) (k) 2,820,243 1,233,828 2,692,761 1.1x - 341,891 1.2x 3,034,652 1.1x n/a 9% Total Credit Drawdown Funds (l) $ 63,816,276 $ 21,087,768 $ 13,889,746 1.0x 1% $ 63,217,193 1.4x $ 77,106,939 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 $ 57,749,790 2% BREIT - Blackstone Real Estate Income Trust (2017) (p) Core+ Real Estate 56,551,910 9% BREIT - Class I (q) Core+ Real Estate 9% BXMT - Blackstone Mortgage Trust (2013) (r) Real Estate Debt 6,255,948 6% Private Equity BXGP - Blackstone GP Stakes (2014) (s) Minority GP Interests 10,017,197 12% BIP - Blackstone Infrastructure Partners (2019) (t) Infrastructure 74,964,704 18% BXINFRA - Blackstone Infrastructure Strategies Fund Program (2025) (u) Infrastructure 5,979,642 15% BXINFRA - Class I (v) Infrastructure 16% BXPE - Blackstone Private Equity Strategies Fund Program (2024) (w) Private Equity 25,312,193 19% BXPE - Class I (x) Private Equity 20% Credit BXSL - Blackstone Secured Lending Fund (2018) (y) U.S. Direct Lending 16,585,488 11% BCRED - Blackstone Private Credit Fund (2021) (z) U.S. Direct Lending 94,623,700 9% BCRED - Class I (aa) U.S. Direct Lending 9% ECRED - Blackstone European Credit Fund (2022) (ab) European Direct Lending € 5,248,866 9% ECRED - Class I (ac) European Direct Lending 9% Investment Records as of June 30, 2026 - Notes 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 June 30, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date. 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 10% and 7%, 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 June 30, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year. BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of June 30, 2026, these vehicles represented $4.4 billion of Total AUM. 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 June 30, 2026, including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $13.1 billion. BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of June 30, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $85.6 billion. The BXINFRA Total Net Return reflects a per share blended return, assuming the BXINFRA Fund Program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXINFRA. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Total net return is from January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXINFRA Total AUM reflects net asset value as of June 30, 2026. BXINFRA AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting. Represents the blended Total Net Return for BXINFRA Fund Program Class I shares, the largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. The Class I Total Net Return is from January 2, 2025 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects net asset value as of June 30, 2026. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting. Represents the blended Total Net Return for BXPE Fund Program Class I shares, the largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, U.S. dollar equivalent returns have been included for share classes that are denominated in a foreign currency that are not hedged. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. The BXSL Total AUM and Total Net Return are presented as of March 31, 2026. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL's dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018. The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of June 30, 2026 was $42.8 billion. (aa) Represents the Total Net Return for BCRED's Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021. (ab) The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. ECRED net asset value as of June 30, 2026 was €2.6 billion. (ac) Represents the Total Net Return for ECRED's Class I shares, its largest share class. Performance varies by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis and is from October 3, 2022. 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 consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement. Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone's consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders. Fee Related Earnings , or " FRE ", is a performance measure used to assess Blackstone's ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. 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. The program, which typically has an impact on individual quarters based on the estimated amounts for the full year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the full year. For 2Q'26 QTD, 2Q'26 YTD, 2Q'25 QTD and 2Q'25 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for both the current year and prior year quarter and YTD periods. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone's initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone's operational performance. Private Wealth AUM refers to the portion of assets under management attributable to the individual investor channel and comprises (a) all Assets Under Management in vehicles or share classes of vehicles, in each case that are primarily targeted to the individual investor channel (including parallel or related vehicles) and (b) Assets Under Management attributable only to individual investors (including through private wealth distribution agreements) in vehicles that are not primarily targeted to the individual investor channel.