Blackstone Reports First Quarter 2026 Results

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

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "Blackstone delivered outstanding first-quarter results despite the turbulent environment, highlighted by almost $70 billion of inflows and positive appreciation across nearly all of our flagship strategies. Our all-weather model protects us in these times of disruption while also allowing us to invest where we see the greatest opportunity."

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

Dividend

Blackstone has declared a quarterly dividend of $1.16 per share to record holders of common stock at the close of business on May 4, 2026. This dividend will be paid on May 11, 2026.

Quarterly Investor Call Details

Blackstone will host its first quarter 2026 investor conference via public webcast on April 23, 2026, at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1757288&tp_key=030d40a759. For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Blackstone's website at https://ir.blackstone.com/.

Blackstone

345 Park Avenue, New York, NY 10154 T 212 583 5000

https://www.blackstone.com

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

Investor and Media Relations Contacts

Weston Tucker Blackstone

Tel: +1 (212) 583-5231

tucker@blackstone.com

Christine Anderson Blackstone

Tel: +1 (212) 583-5182

christine.anderson@blackstone.com



Blackstone's First Quarter 2026 Earnings

APRIL 23, 2026

  • GAAP Net Income was $1.3 billion for the quarter and $6.1 billion over the last twelve months ("LTM"). GAAP Net

    Income Attributable to Blackstone Inc. was $650 million for the quarter and $3.1 billion over the LTM.

    ($ in thousands, except per share data) (unaudited) 1Q'25

    Revenues

    1Q'26 1Q'25 LTM

    1Q'26 LTM

    Management and Advisory Fees, Net

    $ 1,904,317

    $ 2,148,620

    $ 7,366,105

    $ 8,319,904

    Incentive Fees

    191,825

    165,419

    976,662

    951,796

    Performance Allocations

    825,251

    1,386,625

    3,555,944

    4,866,680

    Principal Investments

    344,255

    (241,982)

    516,884

    359,699

    Interest and Dividend Revenue

    97,420

    107,940

    410,740

    426,613

    Other

    (73,610)

    50,973

    5,263

    (146,290)

    Total Revenues

    $ 3,289,458

    $ 3,617,595

    $ 12,831,598

    $ 14,778,402

    Expenses

    Compensation and Benefits

    1,431,840

    1,744,415

    5,117,589

    5,933,104

    General, Administrative and Other

    332,373

    372,821

    1,324,332

    1,564,996

    Interest Expense

    118,115

    137,053

    453,600

    527,252

    Fund Expenses

    12,104

    8,004

    27,830

    45,116

    Total Expenses

    $ 1,894,432

    $ 2,262,293

    $ 6,923,351

    $ 8,070,468

    Other Income

    $ 57,575

    $ 99,755

    $ 124,180

    $ 466,168

    Income Before Provision for Taxes

    $ 1,452,601

    $ 1,455,057

    $ 6,032,427

    $ 7,174,102

    Provision for Taxes

    243,827

    197,150

    981,827

    1,078,346

    Net Income

    $ 1,208,774

    $ 1,257,907

    $ 5,050,600

    $ 6,095,756

    Redeemable NCI in Consolidated Entities

    7,900

    21,010

    (13,720)

    58,610

    Non-Redeemable NCI in Consolidated Entities

    586,022

    587,168

    2,520,346

    2,983,055

    Net Income Attributable to Blackstone Inc.

    $ 614,852

    $ 649,729

    $ 2,543,974

    $ 3,054,091

    Net Income Per Share of Common Stock, Basic

    $ 0.80

    $ 0.83

    $ 3.31

    $ 3.90

    Net Income Per Share of Common Stock, Diluted

    $ 0.80

    $ 0.83

    $ 3.31

    $ 3.90

    Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.

    Blackstone | 1

    Financial Measures

  • Fee Related Earnings ("FRE") of $1.5 billion ($1.26/share) in the quarter

    • FRE was $6.0 billion over the LTM ($4.90/share)

  • Distributable Earnings ("DE") of $1.8 billion ($1.36/share) in the quarter

    • DE was $7.5 billion over the LTM ($5.84/share)

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

    Capital Metrics

  • Total Assets Under Management ("AUM") of $1,304.0 billion

    • Fee-Earning AUM of $937.6 billion

    • Perpetual Capital AUM of $539.7 billion

  • Inflows of $68.5 billion in the quarter and $246.3 billion over the LTM

  • Deployment of $35.6 billion in the quarter and $137.4 billion over the LTM

  • Realizations of $35.9 billion in the quarter and $136.0 billion over the LTM

    Capital Returned to Shareholders

    • Dividend of $1.16 per common share payable on May 11, 2026

      • Dividends of $4.97 per common share over the LTM

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

    • $1.5 billion to be distributed to shareholders with respect to the first quarter and

      $6.5 billion over the LTM through dividends and share repurchases

      Blackstone | 2

      ($ in thousands, except per share data)

      Management and Advisory Fees, Net

      1Q'25

      $ 1,891,998

      1Q'26

      $ 2,132,808

      % Change vs. 1Q'25

      13%

      1Q'25 LTM

      $ 7,317,961

      1Q'26 LTM

      $ 8,256,859

      % Change vs. 1Q'25 LTM

      13%

      Fee Related Performance Revenues

      293,915

      488,098

      66%

      2,134,359

      2,019,611

      (5)%

      Fee Related Compensation

      (616,982)

      (729,470)

      18%

      (2,802,227)

      (2,803,189)

      0%

      Other Operating Expenses

      (306,875)

      (343,455)

      12%

      (1,265,989)

      (1,449,819)

      15%

      Fee Related Earnings

      $ 1,262,056

      $ 1,547,981

      23%

      $ 5,384,104

      $ 6,023,462

      12%

      Realized Performance Revenues

      460,023

      780,494

      70%

      2,210,661

      3,136,000

      42%

      Realized Performance Compensation

      (220,924)

      (364,056)

      65%

      (919,146)

      (1,233,727)

      34%

      Realized Principal Investment Income

      117,910

      31,973

      (73)%

      200,498

      333,806

      66%

      Net Realizations

      357,009

      448,411

      26%

      1,492,013

      2,236,079

      50%

      Total Segment Distributable Earnings

      $ 1,619,065

      $ 1,996,392

      23%

      $ 6,876,117

      $ 8,259,541

      20%

      Distributable Earnings

      $ 1,410,805

      $ 1,764,838

      25%

      $ 6,111,169

      $ 7,464,897

      22%

      Additional Metrics:

      Net Income Per Share of Common Stock, Basic

      $ 0.80

      $ 0.83

      4%

      $ 3.31

      $ 3.90

      18%

      FRE per Share

      $ 1.03

      $ 1.26

      22%

      $ 4.40

      $ 4.90

      11%

      DE per Common Share

      $ 1.09

      $ 1.36

      25%

      $ 4.75

      $ 5.84

      23%

      Total Segment Revenues

      $ 2,763,846

      $ 3,433,373

      24%

      $ 11,863,479

      $ 13,746,276

      16%

      Total Assets Under Management

      $ 1,167,461,910

      $ 1,304,017,634

      12%

      $ 1,167,461,910

      $ 1,304,017,634

      12%

      Fee-Earning Assets Under Management

      $ 860,069,950

      $ 937,596,454

      9%

      $ 860,069,950

      $ 937,596,454

      9%

      Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. LTM FRE per Share and DE per Common Share amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segments.

      Blackstone | 3

  • Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $7.0 billion

    ($5.69/share).

    Investment Performance

    (appreciation / gross returns)

    Net Accrued Performance Revenues

    ($ in millions)

    $6,743

    $7,000

    Real Estate

1Q'26 LTM

1Q'26

$1,054

Opportunistic

(0.9)%

(1.6)%

$797

Core+

0.8%

2.6%

Private Equity

Corporate Private Equity

3.2%

15.7%

Tactical Opportunities

3.6%

10.9%

Secondaries

0.7%

12.7%

Infrastructure

7.8%

24.8%

Credit & Insurance

Private Credit

0.6%

8.9%

Liquid Credit

(1.3)%

4.1%

Multi-Asset Investing

Absolute Return Composite 1.7% 12.2%

4Q'25 Net

Performance Revenues

Net Realized Distributions

1Q'26

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

Blackstone | 4

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

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

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

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

    Inflows Capital Deployed Realizations

    ($ in millions)

    1Q'26

    1Q'26 LTM

    1Q'26

    1Q'26 LTM

    1Q'26

    1Q'26 LTM

    Real Estate

    $ 6,777

    $ 26,128

    $ 7,002

    $ 22,243

    $ 7,039

    $ 28,284

    Opportunistic

    370

    1,420

    2,241

    6,465

    2,207

    8,713

    Core+

    3,020

    13,243

    610

    4,186

    2,043

    8,443

    Debt Strategies

    3,386

    11,465

    4,152

    11,593

    2,789

    11,128

    Private Equity

    20,353

    66,809

    14,513

    44,648

    14,564

    41,975

    Corporate Private Equity

    8,555

    27,384

    8,905

    23,495

    9,061

    22,295

    Tactical Opportunities

    633

    3,523

    432

    1,866

    2,983

    6,279

    Secondaries

    8,440

    21,610

    3,972

    12,109

    2,039

    10,596

    Infrastructure

    2,725

    14,292

    1,204

    7,178

    480

    2,805

    Credit & Insurance

    37,019

    138,805

    13,035

    66,730

    13,667

    62,188

    Multi-Asset Investing

    4,393

    14,550

    1,011

    3,741

    638

    3,527

    Total Blackstone

    $ 68,541

    $ 246,292

    $ 35,561

    $ 137,362

    $ 35,908

    $ 135,973

    Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed.

    Blackstone | 5

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

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

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

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

    Total AUM

    ($ in billions)

    Fee-Earning AUM

    ($ in billions)

    Perpetual Capital AUM

    ($ in billions)

    $101.4

    $87.8

    $388.7

$457.5

$371.0

$429.9

$320.0

$315.3

$1,167.5

$1,304.0

$274.1

$226.2

$282.1

$860.1

$313.3

$255.8

$277.5

$937.6

$213.3

$252.9

$85.3

$116.1

$165.8

$170.1

$464.4

$539.7

1Q'25 1Q'26

$77.7 $91.0 1Q'25 1Q'26

1Q'25 1Q'26

Real Estate

Private Equity

Credit & Insurance Multi-Asset Investing

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

Blackstone | 6

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

  • Total Dry Powder of $213.3 billion available for future investments.

    Invested Performance Eligible AUM

    ($ in billions)

    Total Dry Powder

    ($ in billions)

    $58.5

    $50.5

    $110.7

$125.5

$220.8

$254.0

$200.8

$196.5

$582.8

$634.5

1Q'26 total: $213.3

Multi-Asset Investing

$4.5

Real Estate

Credit &

Insurance

$73.9

$49.9

$84.9

1Q'25 1Q'26

Private

Real Estate

Private Equity

Equity

Credit & Insurance Multi-Asset Investing

Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.

Blackstone | 7

Segment Highlights

Blackstone | 8

  • 1Q'26 Total Segment Distributable Earnings were $2.0 billion.

  • LTM Total Segment Distributable Earnings were $8.3 billion.

    Segment Distributable Earnings

    ($ in millions)

    1Q'26 total: $1,996 1Q'26 LTM total: $8,260

    Credit & Insurance

    $373

    Multi-Asset Investing

    $80

    $557

    Real

    Estate

    Credit & Insurance

    Multi-Asset Investing

    $680

    Real

    Estate

    $2,422

    $1,828

    $3,329

    $986

    Private Equity

    Private Equity

    Blackstone | 9

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

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

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

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

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

    ($ in thousands)

    Management Fees, Net

    1Q'25

    $ 700,848

    1Q'26

    $ 677,477

    % Change vs. 1Q'25

    (3)%

    1Q'25 LTM

    $ 2,855,686

    1Q'26 LTM

    $ 2,758,553

    % Change vs. 1Q'25 LTM

    (3)%

    Fee Related Performance Revenues

    37,803

    152,998

    305%

    111,270

    604,843

    444%

    Fee Related Compensation

    (170,525)

    (193,137)

    13%

    (670,921)

    (712,904)

    6%

    Other Operating Expenses

    (83,281)

    (90,200)

    8%

    (373,840)

    (376,920)

    1%

    Fee Related Earnings

    $ 484,845

    $ 547,138

    13%

    $ 1,922,195

    $ 2,273,572

    18%

    Realized Performance Revenues

    19,010

    42,074

    121%

    170,017

    291,837

    72%

    Realized Performance Compensation

    (8,770)

    (22,956)

    162%

    (87,918)

    (144,547)

    64%

    Realized Principal Investment Income (Loss)

    349

    (8,805)

    n/m

    12,678

    1,535

    (88)%

    Net Realizations

    10,589

    10,313

    (3)%

    94,777

    148,825

    57%

    Segment Distributable Earnings

    $ 495,434

    $ 557,451

    13%

    $ 2,016,972

    $ 2,422,397

    20%

    Segment Revenues

    $ 758,010

    $ 863,744

    14%

    $ 3,149,651

    $ 3,656,768

    16%

    Total AUM

    $ 319,988,734

    $ 315,284,316

    (1)%

    $ 319,988,734

    $ 315,284,316

    (1)%

    Fee-Earning AUM

    $ 282,060,486

    $ 277,502,688

    (2)%

    $ 282,060,486

    $ 277,502,688

    (2)%

    Blackstone | 10

    • Inflows in the quarter included $8.4 billion in Secondaries, primarily from the tenth flagship Secondaries strategy,

      $2.7 billion in Infrastructure, $2.1 billion for the sixth Life Sciences fund, and $1.0 billion for the third Corporate

      Private Equity Asia fund.

    • The sixth Life Sciences fund held its final close in the quarter, bringing total capital commitments to $6.3 billion,

      making it the largest private fund dedicated to life sciences.

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

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

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

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

    - Tactical Opportunities appreciated 3.6% in the quarter and 10.9% over the LTM; Secondaries appreciated 0.7% in

    the quarter and 12.7% over the LTM; Infrastructure appreciated 7.8% in the quarter and 24.8% over the LTM.

    ($ in thousands)

    Management and Advisory Fees, Net

    1Q'25

    $ 621,792

    1Q'26

    $ 801,922

    % Change vs. 1Q'25

    29%

    1Q'25 LTM

    $ 2,318,865

    1Q'26 LTM

    $ 2,951,739

    % Change vs. 1Q'25 LTM

    27%

    Fee Related Performance Revenues

    60,904

    170,697

    180%

    1,246,332

    657,778

    (47)%

    Fee Related Compensation

    (203,319)

    (262,813)

    29%

    (1,204,997)

    (1,020,942)

    (15)%

    Other Operating Expenses

    (102,894)

    (112,928)

    10%

    (404,168)

    (492,346)

    22%

    Fee Related Earnings

    $ 376,483

    $ 596,878

    59%

    $ 1,956,032

    $ 2,096,229

    7%

    Realized Performance Revenues

    350,073

    637,989

    82%

    1,292,646

    1,958,024

    51%

    Realized Performance Compensation

    (171,141)

    (294,536)

    72%

    (584,151)

    (828,333)

    42%

    Realized Principal Investment Income

    9,176

    45,348

    394%

    39,103

    102,667

    163%

    Net Realizations

    188,108

    388,801

    107%

    747,598

    1,232,358

    65%

    Segment Distributable Earnings

    $ 564,591

    $ 985,679

    75%

    $ 2,703,630

    $ 3,328,587

    23%

    Segment Revenues

    $ 1,041,945

    $ 1,655,956

    59%

    $ 4,896,946

    $ 5,670,208

    16%

    Total AUM

    $ 370,989,871

    $ 429,909,808

    16%

    $ 370,989,871

    $ 429,909,808

    16%

    Fee-Earning AUM

    $ 226,219,392

    $ 255,840,774

    13%

    $ 226,219,392

    $ 255,840,774

    13%

    BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXINFRA represents the aggregate BXINFRA fund platform, which

    comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised include amounts allocated to other strategies. Secondaries appreciation excludes GP Stakes.

    Blackstone | 11

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

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

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

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

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

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

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

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

    ($ in thousands)

    Management Fees, Net

    1Q'25

    $ 447,044

    1Q'26

    $ 508,487

    % Change vs. 1Q'25

    14%

    1Q'25 LTM

    $ 1,659,036

    1Q'26 LTM

    $ 1,991,035

    % Change vs. 1Q'25 LTM

    20%

    Fee Related Performance Revenues

    195,208

    164,403

    (16)%

    776,757

    756,990

    (3)%

    Fee Related Compensation

    (201,618)

    (226,493)

    12%

    (778,717)

    (894,511)

    15%

    Other Operating Expenses

    (96,278)

    (114,563)

    19%

    (383,056)

    (468,686)

    22%

    Fee Related Earnings

    $ 344,356

    $ 331,834

    (4)%

    $ 1,274,020

    $ 1,384,828

    9%

    Realized Performance Revenues

    91,597

    78,126

    (15)%

    389,569

    373,258

    (4)%

    Realized Performance Compensation

    (40,495)

    (31,197)

    (23)%

    (164,988)

    (152,195)

    (8)%

    Realized Principal Investment Income (Loss)

    107,903

    (5,705)

    n/m

    144,197

    222,262

    54%

    Net Realizations

    159,005

    41,224

    (74)%

    368,778

    443,325

    20%

    Segment Distributable Earnings

    $ 503,361

    $ 373,058

    (26)%

    $ 1,642,798

    $ 1,828,153

    11%

    Segment Revenues

    $ 841,752

    $ 745,311

    (11)%

    $ 2,969,559

    $ 3,343,545

    13%

    Total AUM

    $ 388,720,401

    $ 457,462,151

    18%

    $ 388,720,401

    $ 457,462,151

    18%

    Fee-Earning AUM

    $ 274,120,326

    $ 313,255,195

    14%

    $ 274,120,326

    $ 313,255,195

    14%

    Blackstone | 12

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

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

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

($ in thousands)

Management Fees, Net

1Q'25

$ 122,314

1Q'26

$ 144,922

% Change vs. 1Q'25

18%

1Q'25 LTM

$ 484,374

1Q'26 LTM

$ 555,532

% Change vs. 1Q'25 LTM

15%

Fee Related Compensation

(41,520)

(47,027)

13%

(147,592)

(174,832)

18%

Other Operating Expenses

(24,422)

(25,764)

5%

(104,925)

(111,867)

7%

Fee Related Earnings

$ 56,372

$ 72,131

28%

$ 231,857

$ 268,833

16%

Realized Performance Revenues

(657)

22,305

n/m

358,429

512,881

43%

Realized Performance Compensation

(518)

(15,367)

n/m

(82,089)

(108,652)

32%

Realized Principal Investment Income

482

1,135

135%

4,520

7,342

62%

Net Realizations

(693)

8,073

n/m

280,860

411,571

47%

Segment Distributable Earnings

$ 55,679

$ 80,204

44%

$ 512,717

$ 680,404

33%

Segment Revenues

$ 122,139

$ 168,362

38%

$ 847,323

$ 1,075,755

27%

Total AUM

$ 87,762,904

$ 101,361,359

15%

$ 87,762,904

$ 101,361,359

15%

Fee-Earning AUM

$ 77,669,746

$ 90,997,797

17%

$ 77,669,746

$ 90,997,797

17%

Blackstone | 13

Supplemental Details

Blackstone | 14

($ in thousands)

1Q'25

2Q'25

3Q'25

4Q'25

1Q'26

1Q'25 LTM

1Q'26 LTM

$ 1,807,119

$ 1,876,672

$ 1,919,702

$ 1,945,364

$ 1,952,414

$ 6,943,271

$ 7,694,152

111,309

165,690

156,211

149,621

211,697

444,059

683,219

(26,430)

(22,350)

(34,093)

(32,766)

(31,303)

(69,369)

(120,512)

1,891,998

2,020,012

2,041,820

2,062,219

2,132,808

7,317,961

8,256,859

293,915

472,050

453,018

606,445

488,098

2,134,359

2,019,611

(616,982)

(700,316)

(658,091)

(715,312)

(729,470)

(2,802,227)

(2,803,189)

(306,875)

(332,243)

(356,070)

(418,051)

(343,455)

(1,265,989)

(1,449,819)

$ 1,262,056

$ 1,459,503

$ 1,480,677

$ 1,535,301

$ 1,547,981

$ 5,384,104

$ 6,023,462

460,023

553,121

744,953

1,057,432

780,494

2,210,661

3,136,000

(220,924)

(256,624)

(302,642)

(310,405)

(364,056)

(919,146)

(1,233,727)

117,910

29,421

62,535

209,877

31,973

200,498

333,806

$ 357,009

$ 325,918

$ 504,846

$ 956,904

$ 448,411

$ 1,492,013

$ 2,236,079

$ 1,619,065

$ 1,785,421

$ 1,985,523

$ 2,492,205

$ 1,996,392

$ 6,876,117

$ 8,259,541

$ 1,410,805

$ 1,565,763

$ 1,889,487

$ 2,244,809

$ 1,764,838

$ 6,111,169

$ 7,464,897

$ 2,763,846

$ 3,074,604

$ 3,302,326

$ 3,935,973

$ 3,433,373

$ 11,863,479

$ 13,746,276

$ 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

$ 860,069,950

$ 887,114,205

$ 906,221,028

$ 921,674,454

$ 937,596,454

$ 860,069,950

$ 937,596,454

Base Management Fees

Transaction, Advisory and Other Fees, Net

Management Fee Offsets

Total Management and Advisory Fees, Net

Fee Related Performance Revenues

Fee Related Compensation

Other Operating Expenses

Fee Related Earnings

Realized Performance Revenues

Realized Performance Compensation

Realized Principal Investment Income

Total Net Realizations

Total Segment Distributable Earnings

Distributable Earnings

Additional Metrics:

Total Segment Revenues

Total Assets Under Management

Fee-Earning Assets Under Management

Blackstone | 15

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.

Blackstone | 16

  • At March 31, 2026, Blackstone had $11.4 billion in total cash, cash equivalents, corporate treasury, and other

    investments and $21.3 billion of cash and net investments, or $17.32 per share.

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

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with October 2030 maturity

$11.4B

total cash, corporate treasury and other

($ in millions)

1Q'26

Cash and Cash Equivalents

$ 2,448

Corporate Treasury and Other Investments

8,912

GP/Fund Investments

2,950

Net Accrued Performance Revenues

7,000

Cash and Net Investments

$ 21,310

Outstanding Debt (at par)

13,314

Cash and Net Investments

(per share)

$17.32

$15.89

1Q'25 1Q'26

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $8.4 billion as of March 31, 2026, which was comprised of

$7.8 billion of liquid investments and $576 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.

Blackstone | 17

Real Estate

BREP Global

1Q'25

$ 904

4Q'25

$ 530

1Q'26

$ 549

1Q'26

Per Share

$ 0.45

BREP Europe

69

44

70

0.06

BREP Asia

98

94

101

0.08

BPP

37

75

86

0.07

BREDS

32

32

27

0.02

Real Estate

$ 1,140

$ 775

$ 833

$ 0.68

Private Equity

BCP Global

1,739

2,044

1,860

1.51

BCP Asia

253

289

216

0.18

Energy/Energy Transition

545

646

1,007

0.82

Core Private Equity

257

287

276

0.22

Tactical Opportunities

200

225

152

0.12

Secondaries

1,144

1,141

1,088

0.88

Infrastructure

248

554

772

0.63

Life Sciences

214

216

228

0.19

BTAS

238

246

257

0.21

Private Equity

$ 4,838

$ 5,648

$ 5,855

$ 4.76

Credit & Insurance

$ 374

$ 286

$ 255

$ 0.21

Multi-Asset Investing

$ 46

$ 33

$ 56

$ 0.05

Net Accrued Performance Revenues

$ 6,399

$ 6,743

$ 7,000

$ 5.69

($ in millions, except per share data)

1Q'26 QoQ Rollforward

($ in millions)

Real Estate

4Q'25

$ 775

Net Performance Revenues

$ 216

Net Realized

Distributions

$ (158)

1Q'26

$ 833

Private Equity

5,648

679

(472)

5,855

Credit & Insurance

286

129

(160)

255

Multi-Asset Investing

33

30

(7)

56

Total

$ 6,743

$ 1,054

$ (797)

$ 7,000

QoQ Change

4%

1Q'26 LTM Rollforward

($ in millions)

Real Estate

1Q'25

$ 1,140

Net Performance Revenues

$ 434

Net Realized

Distributions

$ (741)

1Q'26

$ 833

Private Equity

4,838

2,599

(1,581)

5,855

Credit & Insurance

374

626

(745)

255

Multi-Asset Investing

46

414

(404)

56

Total

$ 6,399

$ 4,072

$ (3,471)

$ 7,000

YoY Change

9%

Net Accrued Performance Revenues ("NAPR") are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).

Blackstone | 18

($/€ in thousands, except where noted)

Fund (Investment Period Beginning Date / Ending Date)

Committed

Capital

Available

Capital (b)

Unrealized Investments

Realized Investments

Total Investments

Net IRRs (d)

Value

MOIC (c)

Value

MOIC (c)

Value

MOIC (c) Realized Total

Real Estate

Pre-BREP - BREP IV (Jan 1992 / Dec 2005)

$ 5,441,163

$

-

$

-

n/a

$ 12,219,526

2.0x

$ 12,219,526

2.0x

24%

24%

BREP V (Dec 2005 / Feb 2007)

5,539,418

-

2,331

n/a

13,468,476

2.3x

13,470,807

2.3x

11%

11%

BREP VI (Feb 2007 / Aug 2011)

11,060,122

-

1,748

n/a

27,764,962

2.5x

27,766,710

2.5x

13%

13%

BREP VII (Aug 2011 / Apr 2015)

13,506,736

844,688

926,699

0.4x

29,379,122

2.1x

30,305,821

1.9x

17%

14%

BREP VIII (Apr 2015 / Jun 2019)

16,645,922

1,257,178

8,790,136

1.3x

24,373,810

2.1x

33,163,946

1.8x

19%

11%

BREP IX (Jun 2019 / Aug 2022)

21,368,059

2,956,465

17,407,939

1.1x

11,993,150

2.0x

29,401,089

1.3x

33%

5%

*BREP X (Aug 2022 / Feb 2028)

30,637,407

16,820,830

17,614,335

1.3x

2,056,656

1.4x

19,670,991

1.3x

14%

10%

Total Global BREP

$ 104,198,827

$ 21,879,161

$ 44,743,188

1.1x

$ 121,255,702

2.2x

$ 165,998,890

1.7x

16%

14%

BREP Int'l I-II (Jan 2001 / Jun 2008) (e)

€ 2,453,920

€

-

€

-

n/a

€ 3,956,202

1.9x

€ 3,956,202

1.9x

12%

12%

BREP Europe III (Jun 2008 / Sep 2013)

3,205,420

85,814

23,868

0.2x

5,984,997

2.1x

6,008,865

2.0x

14%

13%

BREP Europe IV (Sep 2013 / Dec 2016)

6,676,611

595,371

764,957

0.7x

10,343,285

1.9x

11,108,242

1.7x

16%

11%

BREP Europe V (Dec 2016 / Oct 2019)

8,005,138

655,673

3,933,820

0.7x

6,902,190

3.8x

10,836,010

1.5x

40%

5%

BREP Europe VI (Oct 2019 / Sep 2023)

9,940,454

2,787,157

6,293,358

0.9x

3,998,290

2.4x

10,291,648

1.2x

62%

3%

*BREP Europe VII (Sep 2023 / Mar 2029)

9,762,262

6,196,453

4,269,615

1.3x

139,783

1.3x

4,409,398

1.3x

n/m

14%

Total BREP Europe

€ 40,043,805

€ 10,320,468

€ 15,285,618

0.9x

€ 31,324,747

2.2x

€ 46,610,365

1.5x

16%

9%

BREP Asia I (Jun 2013 / Dec 2017)

$ 4,262,480

$ 899,019

$ 1,149,290

1.5x

$ 7,678,043

2.0x

$ 8,827,333

1.9x

15%

12%

BREP Asia II (Dec 2017 / Mar 2022)

7,358,646

1,179,714

5,131,779

1.2x

3,330,331

1.6x

8,462,110

1.3x

11%

3%

*BREP Asia III (Mar 2022 / Sep 2027)

8,219,668

4,340,055

5,014,957

1.3x

224,625

1.6x

5,239,582

1.3x

33%

8%

Total BREP Asia

$ 19,840,794

$ 6,418,788

$ 11,296,026

1.3x

$ 11,232,999

1.8x

$ 22,529,025

1.5x

15%

7%

BREP Co-Investment (f)

7,799,257

153,280

1,082,813

1.4x

15,348,472

2.2x

16,431,285

2.1x

16%

16%

Total BREP

$ 178,508,642

$ 40,374,465

$ 74,316,780

1.1x

$ 186,061,197

2.2x

$ 260,377,977

1.7x

16%

13%

*BREDS High-Yield (Various) (g)

27,606,074

9,273,740

4,080,621

1.0x

25,624,292

1.3x

29,704,913

1.3x

10%

9%

Private Equity

Corporate Private Equity

BCP I-III (Oct 1987 / Nov 2002)

$ 6,187,603

$

-

$

-

n/a

$ 14,239,072

2.4x

$ 14,239,072

2.4x

19%

19%

BCOM (Jun 2000 / Jun 2006)

2,137,330

-

-

n/a

2,995,106

1.4x

2,995,106

1.4x

6%

6%

BCP IV (Nov 2002 / Dec 2005)

6,773,182

-

-

n/a

21,720,334

2.9x

21,720,334

2.9x

36%

36%

BCP V (Dec 2005 / Jan 2011)

21,009,112

982,018

-

n/a

38,870,191

1.9x

38,870,191

1.9x

8%

8%

BCP VI (Jan 2011 / May 2016)

15,192,032

1,340,945

2,265,459

3.2x

30,692,197

2.2x

32,957,656

2.2x

13%

12%

BCP VII (May 2016 / Feb 2020)

18,875,734

1,311,968

14,627,717

1.6x

23,961,379

2.6x

38,589,096

2.1x

24%

12%

BCP VIII (Feb 2020 / Apr 2024)

25,833,655

6,181,123

26,085,749

1.4x

9,745,826

2.4x

35,831,575

1.6x

26%

10%

*BCP IX (Apr 2024 / Apr 2030)

21,836,141

18,599,286

4,822,964

1.5x

-

n/a

4,822,964

1.5x

n/a

n/m

Energy I (Aug 2011 / Feb 2015)

2,441,558

177,091

18,914

2.4x

4,879,550

2.0x

4,898,464

2.0x

13%

12%

Energy II (Feb 2015 / Feb 2020)

4,928,376

780,843

3,583,498

2.6x

5,925,351

1.8x

9,508,849

2.0x

8%

9%

Energy III (Feb 2020 / Jun 2024)

4,399,206

1,522,788

7,924,111

2.9x

3,727,464

2.6x

11,651,575

2.8x

33%

33%

*Energy Transition IV (Jun 2024 / Jun 2030)

5,848,159

3,116,155

4,696,209

1.7x

157,156

1.7x

4,853,365

1.7x

n/m

86%

BCP Asia I (Dec 2017 / Sep 2021)

2,437,080

417,510

1,298,785

1.3x

3,676,038

3.0x

4,974,823

2.3x

33%

19%

*BCP Asia II (Sep 2021 / Sep 2027)

6,840,616

3,613,412

5,949,120

1.8x

1,027,538

3.4x

6,976,658

1.9x

93%

27%

BCP Asia III (TBD)

11,314,754

11,314,754

-

n/a

-

n/a

-

n/a

n/a

n/a

Core Private Equity I (Jan 2017 / Mar 2021) (h)

4,760,130

1,189,022

6,657,382

2.1x

4,186,003

3.7x

10,843,385

2.5x

32%

15%

*Core Private Equity II (Mar 2021 / Mar 2027) (h)

8,244,302

4,924,612

6,282,093

1.5x

905,815

n/a

7,187,908

1.7x

n/a

16%

Total Corporate Private Equity

$ 169,058,970

$

55,471,527

$

84,212,001

1.7x

$ 166,709,020

2.3x

$ 250,921,021

2.0x

16%

15%

Tactical Opportunities

*Tactical Opportunities (Various)

33,622,860

14,333,368

12,602,069

1.2x

31,924,757

1.9x

44,526,826

1.6x

15%

10%

*Tactical Opportunities Co-Investment and Other (Various)

10,673,147

1,153,253

3,625,551

1.3x

11,982,693

1.8x

15,608,244

1.7x

18%

16%

Total Tactical Opportunities

$ 44,296,007

$ 15,486,621

$ 16,227,620

1.2x

$ 43,907,450

1.9x

$ 60,135,070

1.6x

16%

11%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents "not meaningful" generally due to the limited time since initial investment. n/a represents "not applicable". Notes on pages 21-22. BREP - Blackstone Real Estate Partners, BREDS - Blackstone Real Estate Debt Strategies, BCP -Blackstone Capital Partners, BCOM - Blackstone Communications.

  • Represents funds that are currently in their investment period.

    Blackstone | 19

    ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d)

    Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total

    Private Equity (continued)

    Growth

    BXG I (Jul 2020 / Feb 2025)

    $ 4,959,668

    $ 342,693

    $ 5,190,952

    1.2x

    $ 659,239

    2.4x

    $ 5,850,191

    1.2x

    n/m

    3%

    *BXG II (Feb 2025 / Feb 2030)

    4,605,048

    4,256,508

    423,123

    1.1x

    6,108

    n/m

    429,231

    1.1x

    n/m

    n/m

    Total Growth

    $ 9,564,716

    $ 4,599,201

    $ 5,614,075

    1.2x

    $ 665,347

    2.4x

    $ 6,279,422

    1.2x

    n/m

    2%

    Strategic Partners (Secondaries)

    Strategic Partners I-V (Various) (i)

    11,035,527

    9,572

    2,150

    n/a

    16,796,758

    n/a

    16,798,908

    1.7x

    n/a

    13%

    Strategic Partners VI (Apr 2014 / Apr 2016) (i)

    4,362,772

    382,937

    451,131

    n/a

    4,639,661

    n/a

    5,090,792

    1.7x

    n/a

    13%

    Strategic Partners VII (May 2016 / Mar 2019) (i)

    7,489,970

    1,615,589

    2,400,675

    n/a

    8,436,591

    n/a

    10,837,266

    1.9x

    n/a

    15%

    Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)

    1,749,807

    590,513

    1,343,264

    n/a

    1,347,378

    n/a

    2,690,642

    1.9x

    n/a

    15%

    Strategic Partners VIII (Mar 2019 / Oct 2021) (i)

    10,763,600

    3,461,751

    6,197,536

    n/a

    8,883,127

    n/a

    15,080,663

    1.7x

    n/a

    18%

    *Strategic Partners Real Estate, SMA and Other (Various) (i)

    7,055,591

    1,229,809

    3,207,166

    n/a

    2,924,013

    n/a

    6,131,179

    1.4x

    n/a

    11%

    Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)

    3,250,100

    696,230

    2,719,186

    n/a

    677,888

    n/a

    3,397,074

    1.6x

    n/a

    15%

    Strategic Partners IX (Oct 2021 / Mar 2026) (i)

    19,692,625

    132,783

    18,783,917

    n/a

    1,307,669

    n/a

    20,091,586

    1.5x

    n/a

    18%

    *Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)

    2,095,211

    431,631

    1,269,887

    n/a

    44,343

    n/a

    1,314,230

    1.1x

    n/a

    (0)%

    *Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i)

    4,837,949

    3,589,981

    94,086

    n/a

    -

    n/a

    94,086

    n/m

    n/a

    n/m

    *Strategic Partners X (Mar 2026 / May 2031) (i)

    8,662,594

    8,662,594

    -

    n/a

    -

    n/a

    -

    n/a

    n/a

    n/a

    Total Strategic Partners (Secondaries)

    $ 80,995,746

    $ 20,803,390

    $ 36,468,998

    n/a

    $ 45,057,428

    n/a

    $ 81,526,426

    1.6x

    n/a

    14%

    Life Sciences

    Clarus IV (Jan 2018 / Jan 2020)

    910,000

    43,312

    528,354

    2.0x

    803,210

    1.6x

    1,331,564

    1.7x

    9%

    9%

    BXLS V (Jan 2020 / Mar 2025)

    5,019,123

    2,400,809

    5,026,755

    2.0x

    1,803,300

    2.0x

    6,830,055

    2.0x

    17%

    18%

    Credit

    Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)

    $ 2,000,000

    $ -

    $ -

    n/a

    $ 4,809,113

    1.6x

    $ 4,809,113

    1.6x

    n/a

    17%

    Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)

    4,120,000

    993,260

    60,174

    0.5x

    6,686,891

    1.4x

    6,747,065

    1.4x

    n/a

    9%

    Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)

    6,639,133

    1,080,904

    799,000

    0.6x

    9,924,105

    1.7x

    10,723,105

    1.5x

    n/a

    11%

    Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)

    5,016,771

    1,261,678

    3,412,057

    1.1x

    3,700,554

    1.6x

    7,112,611

    1.3x

    n/a

    12%

    *Mezzanine / Opportunistic V (Aug 2025 / Aug 2029)

    7,630,000

    6,952,528

    617,184

    1.0x

    32,153

    1.7x

    649,337

    1.0x

    n/a

    n/m

    Total Mezzanine / Opportunistic

    $ 25,405,904

    $ 10,288,370

    $ 4,888,415

    0.9x

    $ 25,152,816

    1.6x

    $ 30,041,231

    1.4x

    n/a

    13%

    Stressed / Distressed I (Sep 2009 / May 2013)

    3,253,143

    -

    -

    n/a

    5,777,098

    1.3x

    5,777,098

    1.3x

    n/a

    9%

    Stressed / Distressed II (Jun 2013 / Jun 2018)

    5,125,000

    547,430

    -

    n/a

    5,572,345

    1.1x

    5,572,345

    1.1x

    n/a

    1%

    Stressed / Distressed III (Dec 2017 / Dec 2022)

    7,356,380

    1,000,000

    1,062,330

    0.7x

    5,890,400

    1.5x

    6,952,730

    1.3x

    n/a

    9%

    Total Stressed / Distressed

    $ 15,734,523

    $ 1,547,430

    $ 1,062,330

    0.7x

    $ 17,239,843

    1.3x

    $ 18,302,173

    1.2x

    n/a

    7%

    European Senior Debt I (Feb 2015 / Feb 2019)

    € 1,964,689

    € 66,629

    € 147,368

    0.3x

    € 2,997,689

    1.3x

    € 3,145,057

    1.1x

    n/a

    1%

    European Senior Debt II (Jun 2019 / Jun 2023) (j)

    4,088,344

    855,817

    2,390,569

    0.9x

    4,639,359

    1.7x

    7,029,928

    1.3x

    n/a

    8%

    Total European Senior Debt

    € 6,053,033

    € 922,446

    € 2,537,937

    0.8x

    € 7,637,048

    1.5x

    € 10,174,985

    1.2x

    n/a

    5%

    Energy I (Nov 2015 / Nov 2018)

    $ 2,856,867

    $ 1,154,819

    $ 112,297

    0.8x

    $ 3,513,027

    1.6x

    $ 3,625,324

    1.5x

    n/a

    10%

    Energy II (Feb 2019 / Jun 2023)

    3,616,081

    1,464,279

    413,690

    0.8x

    3,538,294

    1.5x

    3,951,984

    1.4x

    n/a

    16%

    *Energy III (May 2023 / May 2028)

    6,477,000

    4,033,507

    2,490,805

    1.0x

    2,960,319

    1.3x

    5,451,124

    1.1x

    n/a

    15%

    Total Energy

    $ 12,949,948

    $ 6,652,605

    $ 3,016,792

    1.0x

    $ 10,011,640

    1.4x

    $ 13,028,432

    1.3x

    n/a

    12%

    Senior Direct Lending (Various) (k)

    2,514,661

    1,209,799

    2,670,122

    1.1x

    263,476

    1.1x

    2,933,598

    1.1x

    n/a

    10%

    Total Credit Drawdown Funds (l)

    $ 63,510,695

    $ 20,761,047

    $ 14,561,870

    0.9x

    $ 61,774,717

    1.5x

    $ 76,336,587

    1.3x

    n/a

    10%

    The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents "not meaningful" generally due to the limited time

    since initial investment. n/a represents "not applicable". Notes on pages 21-22. BXG - Blackstone Growth, BXLS - Blackstone Life Sciences.

  • Represents funds that are currently in their investment period.

    Blackstone | 20

    Selected Perpetual Capital Strategies(m)

    ($/€ in thousands, except where noted)

    Strategy (Inception Year)

    Investment

    Strategy

    Total

    AUM

    Total Net

    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)

    Private Equity

    Real Estate Debt

    6,206,612

    7%

    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)

    Credit

    Private Equity

    18%

    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

    1. Excludes investment vehicles where Blackstone does not earn fees.

    2. 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.

    3. Multiple of Invested Capital ("MOIC") represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.

    4. 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.

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

    6. 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.

    7. BREDS High-Yield represents the flagship real estate debt drawdown funds only.

    8. 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.

    9. 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.

    10. 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.

    11. Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 11% and 8%, respectively, for the levered and unlevered funds of the strategy.

      The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents "not meaningful" generally due to the limited time since initial investment. n/a represents "not applicable". Notes continue on page 22.

      Blackstone | 21

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

    13. 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.

    14. 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.

    15. 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.

    16. 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.

    17. 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.

    18. 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.

    19. 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.

    20. 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.

    21. 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.

    22. 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.

    23. 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.

    24. 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.

    25. 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.

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

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

Blackstone | 22

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

    $5.84 per common share.

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

    ($ in thousands, except per share data)

    Distributable Earnings

    1Q'25

    $ 1,410,805

    2Q'25

    $ 1,565,763

    3Q'25

    $ 1,889,487

    4Q'25

    $ 2,244,809

    1Q'26

    $ 1,764,838

    % Change

    vs. 1Q'25

    25%

    1Q'25 LTM

    $ 6,111,169

    1Q'26 LTM

    $ 7,464,897

    % Change

    vs. 1Q'25 LTM

    22%

    Add: Other Payables Attributable to

    Common Shareholders

    138,425

    142,664

    26,913

    167,504

    160,943

    16%

    521,978

    498,024

    (5)%

    DE Before Certain Payables

    1,549,230

    1,708,427

    1,916,400

    2,412,313

    1,925,781

    24%

    6,633,147

    7,962,921

    20%

    Percent to Common Shareholders

    63%

    64%

    64%

    64%

    64%

    63%

    64%

    DE Before Certain Payables Attributable to

    Common Shareholders

    980,440

    1,086,833

    1,220,339

    1,537,540

    1,229,664

    25%

    4,177,075

    5,074,376

    21%

    Less: Other Payables Attributable to

    Common Shareholders

    (138,425)

    (142,664)

    (26,913)

    (167,504)

    (160,943)

    16%

    (521,978)

    (498,024)

    (5)%

    DE Attributable to Common Shareholders

    842,015

    944,169

    1,193,426

    1,370,036

    1,068,721

    27%

    3,655,097

    4,576,352

    25%

    DE per Common Share

    $ 1.09

    $ 1.21

    $ 1.52

    $ 1.75

    $ 1.36

    25%

    $ 4.75

    $ 5.84

    23%

    Less: Retained Capital per Common Share $ (0.16) $ (0.18) $ (0.23) $ (0.26)

    $ (0.20)

    25%

    $ (0.70)

    $ (0.87)

    24%

    Actual Dividend per Common Share

    $ 0.93

    $ 1.03

    $ 1.29

    $ 1.49

    $ 1.16

    25%

    $ 4.05

    $ 4.97

    23%

    Record Date

    May 4, 2026

    Payable Date

    May 11, 2026

    A detailed description of Blackstone's dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy. See additional notes on page 35.

    Blackstone | 23

  • Distributable Earnings Shares Outstanding as of quarter end of 1,230 million shares.

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

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

1Q'25

2Q'25

3Q'25

4Q'25

1Q'26

Participating Common Shares

773,038,934

782,567,390

782,728,403

783,183,010

785,497,027

Participating Partnership Units

448,468,715

447,574,842

446,455,699

445,586,312

444,672,720

Distributable Earnings Shares Outstanding

1,221,507,649

1,230,142,232

1,229,184,102

1,228,769,322

1,230,169,747

Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.

Blackstone | 24

Reconciliations and Disclosures

Blackstone | 25

($ in thousands, except per share data) (unaudited) 1Q'25 Revenues

1Q'26

1Q'25 LTM

1Q'26 LTM

Management and Advisory Fees, Net

$ 1,904,317 $

2,148,620 $

7,366,105 $

8,319,904

Incentive Fees 191,825

Investment Income Performance Allocations

Realized 562,050

Unrealized 263,201

Principal Investments

Realized 185,542

Unrealized 158,713

Total Investment Income 1,169,506

Interest and Dividend Revenue 97,420

Other (73,610)

165,419

1,103,173

283,452

143,020

(385,002)

1,144,643

107,940

50,973

976,662

3,367,279

188,665

439,203

77,681

4,072,828

410,740

5,263

951,796

4,203,366

663,314

655,110

(295,411)

5,226,379

426,613

(146,290)

Total Revenues Expenses

Compensation and Benefits

$ 3,289,458 $

3,617,595 $

12,831,598 $

14,778,402

Compensation 1,029,362

Incentive Fee Compensation 57,029

Performance Allocations Compensation

Realized 241,890

Unrealized 103,559

Total Compensation and Benefits 1,431,840

General, Administrative and Other 332,373

Interest Expense 118,115

Fund Expenses 12,104

1,166,897

54,368

433,449

89,701

1,744,415

372,821

137,053

8,004

3,282,788

356,908

1,415,213

62,680

5,117,589

1,324,332

453,600

27,830

3,808,728

272,241

1,489,031

363,104

5,933,104

1,564,996

527,252

45,116

Total Expenses Other Income

$ 1,894,432 $

2,262,293 $

6,923,351 $

8,070,468

Change in Tax Receivable Agreement Liability -Net Gains from Fund Investment Activities 57,575

-99,755

(41,246)

165,426

6,591

459,577

Total Other Income

Income Before Provision for Taxes

$ 57,575 $

$ 1,452,601 $

99,755 $

1,455,057 $

124,180 $

6,032,427 $

466,168

7,174,102

Provision for Taxes 243,827

197,150

981,827

1,078,346

Net Income $

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities

Net Income Attributable to Non-Controlling Interests in Consolidated Entities

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings

Net Income Attributable to Blackstone Inc. $

Net Income Per Share of Common Stock, Basic $

Net Income Per Share of Common Stock, Diluted $

1,208,774 $

7,900

100,547

485,475

614,852 $

0.80 $

0.80 $

1,257,907 $

21,010

117,367

469,801

649,729 $

0.83 $

0.83 $

5,050,600 $

(13,720)

471,546

2,048,800

2,543,974 $

3.31 $

3.31 $

6,095,756

58,610

677,388

2,305,667

3,054,091

3.90

3.90

Blackstone | 26

QTD

($ in thousands) 1Q'25 2Q'25 3Q'25 4Q'25

1Q'26

1Q'25

LTM

1Q'26

Net Income Attributable to Blackstone Inc. $

485,475

602,844

457,110

775,912

469,801

2,048,800

2,305,667

100,547

240,836

125,890

193,295

117,367

471,546

677,388

7,900

18,209

29,008

(9,617)

21,010

(13,720)

58,610

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings

Net Income Attributable to Non-Controlling Interests in Consolidated Entities

Net Income (Loss) Attributable to Redeemable

Non-Controlling Interests in Consolidated Entities

614,852 $

764,244 $

624,917 $

1,015,201 $

649,729 $

2,543,974 $

3,054,091

Net Income

$ 1,208,774

$ 1,626,133

$ 1,236,925

$ 1,974,791

$ 1,257,907

$ 5,050,600

$ 6,095,756

Provision for Taxes

243,827

289,494

209,657

382,045

197,150

981,827

1,078,346

Income Before Provision for Taxes

$ 1,452,601

$ 1,915,627

$ 1,446,582

$ 2,356,836

$ 1,455,057

$ 6,032,427

$ 7,174,102

Transaction-Related and Non-Recurring Items (a)

18,824

10,381

(9,412)

(6,822)

6,967

22,999

1,114

Amortization of Intangibles (b)

7,333

7,333

7,333

7,327

7,288

29,332

29,281

Impact of Consolidation (c)

(108,447)

(259,045)

(154,898)

(183,678)

(138,377)

(457,826)

(735,998)

Unrealized Performance Revenues (d)

(263,201)

(313,256)

215,872

(282,372)

(283,355)

(188,672)

(663,111)

Unrealized Performance Allocations Compensation (e)

103,559

152,618

(31,547)

152,332

89,701

62,680

363,104

Unrealized Principal Investment (Income) Loss (f)

(161,257)

(294,093)

216,084

67,826

322,136

9,851

311,953

Other Revenues (g)

73,635

225,083

(28,702)

1,174

(50,928)

(4,784)

146,627

Equity-Based Compensation (h)

471,302

312,018

301,562

358,364

561,217

1,312,645

1,533,161

Administrative Fee Adjustment (i)

4,186

4,112

4,097

3,942

4,568

13,299

16,719

Taxes and Related Payables (j)

(187,730)

(195,015)

(77,484)

(230,120)

(209,436)

(720,782)

(712,055)

Distributable Earnings

$ 1,410,805

$ 1,565,763

$ 1,889,487

$ 2,244,809

$ 1,764,838

$ 6,111,169

$ 7,464,897

Taxes and Related Payables (j)

187,730

195,015

77,484

230,120

209,436

720,782

712,055

Net Interest and Dividend (Income) Loss (k)

20,530

24,643

18,552

17,276

22,118

44,166

82,589

Total Segment Distributable Earnings

$ 1,619,065

$ 1,785,421

$ 1,985,523

$ 2,492,205

$ 1,996,392

$ 6,876,117

$ 8,259,541

Realized Performance Revenues (l)

(460,023)

(553,121)

(744,953)

(1,057,432)

(780,494)

(2,210,661)

(3,136,000)

Realized Performance Compensation (m)

220,924

256,624

302,642

310,405

364,056

919,146

1,233,727

Realized Principal Investment (Income) Loss (n)

(117,910)

(29,421)

(62,535)

(209,877)

(31,973)

(200,498)

(333,806)

Fee Related Earnings

$ 1,262,056

$ 1,459,503

$ 1,480,677

$ 1,535,301

$ 1,547,981

$ 5,384,104

$ 6,023,462

Adjusted EBITDA Reconciliation

Distributable Earnings

$ 1,410,805

$ 1,565,763

$ 1,889,487

$ 2,244,809

$ 1,764,838

$ 6,111,169

$ 7,464,897

Interest Expense (o)

117,950

125,033

126,090

128,022

130,058

454,727

509,203

Taxes and Related Payables (j)

187,730

195,015

77,484

230,120

209,436

720,782

712,055

Depreciation and Amortization (p)

22,226

26,642

24,015

26,102

26,138

94,929

102,897

Adjusted EBITDA

$ 1,738,711

$ 1,912,453

$ 2,117,076

$ 2,629,053

$ 2,130,470

$ 7,381,607

$ 8,789,052

Notes on pages 28-29.

Blackstone | 27

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

  1. 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.

  2. This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone's segment presentation.

  3. 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.

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

    QTD LTM

    ($ in thousands)

    1Q'25

    2Q'25

    3Q'25

    4Q'25

    1Q'26

    1Q'25

    1Q'26

    GAAP Unrealized Performance Allocations

    $ 263,201

    $ 313,283

    $ (215,818)

    $ 282,397

    $ 283,452

    $ 188,665

    $ 663,314

    Segment Adjustment

    -

    (27)

    (54)

    (25)

    (97)

    7

    (203)

    Unrealized Performance Revenues

    $ 263,201

    $ 313,256

    $ (215,872)

    $ 282,372

    $ 283,355

    $ 188,672

    $ 663,111

  5. This adjustment removes Unrealized Performance Allocations Compensation.

  6. This adjustment removes Unrealized Principal Investment Income on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and

    (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

    QTD LTM

    ($ in thousands)

    1Q'25

    2Q'25

    3Q'25

    4Q'25

    1Q'26

    1Q'25

    1Q'26

    GAAP Unrealized Principal Investment Income (Loss)

    $ 158,713

    $ 365,391

    $ (238,658)

    $ (37,142)

    $ (385,002)

    $ 77,681

    $ (295,411)

    Segment Adjustment

    2,544

    (71,298)

    22,574

    (30,684)

    62,866

    (87,532)

    (16,542)

    Unrealized Principal Investment Income (Loss)

    $ 161,257

    $ 294,093

    $ (216,084)

    $ (67,826)

    $ (322,136)

    $ (9,851)

    $ (311,953)

  7. This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non-

    Recurring Items.

    QTD LTM

    ($ in thousands)

    1Q'25

    2Q'25

    3Q'25

    4Q'25

    1Q'26

    1Q'25

    1Q'26

    GAAP Other Revenue

    $ (73,610)

    $ (225,063)

    $ 28,702

    $ (902)

    $ 50,973

    $ 5,263

    $ (146,290)

    Segment Adjustment

    (25)

    (20)

    -

    (272)

    (45)

    (479)

    (337)

    Other Revenues

    $ (73,635)

    $ (225,083)

    $ 28,702

    $ (1,174)

    $ 50,928

    $ 4,784

    $ (146,627)

  8. This adjustment removes Equity-Based Compensation on a segment basis.

  9. This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone's segment presentation.

    Blackstone | 28

  10. Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted for impacts of divestitures and tax contingencies. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable to holders of the Tax Receivable Agreements based on expected tax savings generated in the current period. Please refer to page 36 for the full definition of Taxes and Related Payables.

    QTD LTM

    ($ in thousands)

    1Q'25

    2Q'25

    3Q'25

    4Q'25

    1Q'26

    1Q'25

    1Q'26

    Taxes

    $ 162,535

    $ 167,162

    $ 49,719

    $ 196,234

    $ 178,757

    $ 611,170

    $ 591,872

    Related Payables

    25,195

    27,853

    27,765

    33,886

    30,679

    109,612

    120,183

    Taxes and Related Payables

    $ 187,730

    $ 195,015

    $ 77,484

    $ 230,120

    $ 209,436

    $ 720,782

    $ 712,055

  11. This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest

    expense associated with the Tax Receivable Agreement.

    QTD LTM

    ($ in thousands)

    1Q'25

    2Q'25

    3Q'25

    4Q'25

    1Q'26

    1Q'25

    1Q'26

    GAAP Interest and Dividend Revenue

    $ 97,420 $

    100,389 $

    107,538

    $ 110,746 $

    107,940

    $ 410,740 $

    426,613

    Segment Adjustment

    -

    1

    -

    -

    -

    (179) 1

    Interest and Dividend Revenue

    $ 97,420

    $ 100,390

    $ 107,538

    $ 110,746

    $ 107,940

    $ 410,561

    $ 426,614

    GAAP Interest Expense

    $ 118,115

    $ 135,822

    $ 126,288

    $ 128,089

    $ 137,053

    $ 453,600

    $ 527,252

    Segment Adjustment

    (165)

    (10,789)

    (198)

    (67)

    (6,995)

    1,127

    (18,049)

    Interest Expense

    $ 117,950

    $ 125,033

    $ 126,090

    $ 128,022

    $ 130,058

    $ 454,727

    $ 509,203

    Net Interest and Dividend Income (Loss)

    $ (20,530)

    $ (24,643)

    $ (18,552)

    $ (17,276)

    $ (22,118)

    $ (44,166)

    $ (82,589)

  12. This adjustment removes the total segment amount of Realized Performance Revenues.

  13. This adjustment removes the total segment amount of Realized Performance Compensation.

  14. This adjustment removes the total segment amount of Realized Principal Investment Income.

  15. This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.

  16. This adjustment adds back Depreciation and Amortization on a segment basis.

    Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding

    QTD

    1Q'25

    2Q'25

    3Q'25

    4Q'25

    1Q'26

    GAAP Shares of Common Stock Outstanding

    737,929,437

    739,055,944

    747,812,724

    748,688,068

    751,535,403

    Unvested Participating Common Shares

    35,109,497

    43,511,446

    34,915,679

    34,494,942

    33,961,624

    Total Participating Common Shares

    773,038,934

    782,567,390

    782,728,403

    783,183,010

    785,497,027

    Participating Partnership Units

    448,468,715

    447,574,842

    446,455,699

    445,586,312

    444,672,720

    Distributable Earnings Shares Outstanding

    1,221,507,649

    1,230,142,232

    1,229,184,102

    1,228,769,322

    1,230,169,747

    Disclosure of Weighted-Average Shares Common Stock Outstanding

    QTD LTM

    1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'25 1Q'26

    Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic

    771,796,385 782,386,121 782,633,394 783,106,052 785,332,239 769,464,144 783,356,354

    Weighted-Average Shares of Unvested Deferred Restricted Common Stock

    638,217

    15,116

    47,741

    87,397

    964,071

    203,836

    278,581

    Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted

    772,434,602 782,401,237 782,681,135 783,193,449 786,296,310 769,667,980 783,634,935

    Blackstone | 29

    ($ in thousands) (unaudited)

    1Q'25

    2Q'25

    3Q'25

    4Q'25

    1Q'26

    Assets

    Cash and Cash Equivalents

    $ 2,386,979

    $ 2,235,499

    $ 2,430,690

    $ 2,631,241

    $ 2,448,485

    Cash Held by Blackstone Funds and Other

    1,012,958

    313,950

    401,558

    223,441

    261,955

    Investments

    30,259,429

    31,135,504

    31,528,443

    32,212,111

    32,747,619

    Accounts Receivable

    221,200

    357,858

    543,209

    291,758

    572,832

    Due from Affiliates

    5,434,078

    5,516,820

    5,845,843

    6,357,462

    6,395,165

    Intangible Assets, Net

    156,269

    147,294

    140,458

    131,359

    122,324

    Goodwill

    1,890,202

    1,890,202

    1,890,202

    1,890,202

    1,890,202

    Other Assets

    929,107

    877,000

    900,582

    1,157,719

    1,035,171

    Right-of-Use Assets

    807,487

    793,690

    773,030

    757,459

    786,276

    Deferred Tax Assets

    2,157,920

    2,105,277

    2,100,275

    2,056,223

    2,066,953

    Total Assets

    $ 45,255,629

    $ 45,373,094

    $ 46,554,290

    $ 47,708,975

    $ 48,326,982

    Liabilities and Equity

    Loans Payable

    $ 12,454,559

    $ 12,008,870

    $ 12,002,650

    $ 12,445,144

    $ 13,280,285

    Due to Affiliates

    3,361,900

    2,802,514

    3,000,083

    3,224,432

    3,244,627

    Accrued Compensation and Benefits

    6,164,503

    6,065,974

    6,385,958

    6,411,389

    6,396,285

    Operating Lease Liabilities

    937,369

    918,887

    886,135

    861,021

    881,566

    Accounts Payable, Accrued Expenses and Other Liabilities

    2,472,395

    2,497,969

    2,918,023

    2,885,817

    3,107,508

    Total Liabilities

    25,390,726

    24,294,214

    25,192,849

    25,827,803

    26,910,271

    Redeemable Non-Controlling Interests in Consolidated Entities

    1,382,374

    1,487,129

    1,476,212

    1,380,503

    1,400,419

    Equity

    Common Stock, $0.00001 par value (751,535,403 shares issued

    and outstanding as of March 31, 2026)

    7

    7

    7

    7

    7

    Series I Preferred Stock, $0.00001 par value (1 share issued

    and outstanding as of March 31, 2026)

    -

    -

    -

    -

    -

    Series II Preferred Stock, $0.00001 par value (1 share issued

    and outstanding as of March 31, 2026)

    -

    -

    -

    -

    -

    Additional Paid-in-Capital

    7,686,980

    7,988,663

    8,214,078

    8,479,886

    8,710,266

    Retained Earnings (Deficit)

    320,160

    362,614

    184,040

    191,641

    (323,733)

    Accumulated Other Comprehensive Income (Loss)

    (29,027)

    1,055

    (5,602)

    (6,008)

    (15,770)

    Non-Controlling Interests in Consolidated Entities

    6,400,585

    6,847,785

    7,162,957

    7,224,211

    7,226,994

    Non-Controlling Interests in Blackstone Holdings

    4,103,824

    4,391,627

    4,329,749

    4,610,932

    4,418,528

    Total Equity

    18,482,529

    19,591,751

    19,885,229

    20,500,669

    20,016,292

    Total Liabilities and Equity

    $ 45,255,629

    $ 45,373,094

    $ 46,554,290

    $ 47,708,975

    $ 48,326,982

    See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.

    Blackstone | 30

    ($ in thousands)

    1Q'25

    2Q'25

    3Q'25

    4Q'25

    1Q'26

    Investments of Consolidated Blackstone Funds

    $ 4,589,194

    $ 5,101,278

    $ 5,507,078

    $ 5,180,879

    $ 5,189,519

    Equity Method Investments

    Partnership Investments

    6,740,598

    6,942,526

    6,936,411

    6,546,190

    6,612,536

    Accrued Performance Allocations

    12,522,848

    12,054,879

    11,933,738

    12,980,356

    13,002,955

    Corporate Treasury Investments

    106,684

    229,497

    262,582

    359,657

    167,389

    Other Investments

    6,300,105

    6,807,324

    6,888,634

    7,145,029

    7,775,220

    Total GAAP Investments

    30,259,429

    31,135,504

    31,528,443

    32,212,111

    32,747,619

    Accrued Performance Allocations - GAAP

    $ 12,522,848

    $ 12,054,879

    $ 11,933,738

    $ 12,980,356

    $ 13,002,955

    Impact of Consolidation (a)

    -

    -

    -

    -

    -

    Due from Affiliates - GAAP (b)

    249,376

    229,359

    215,647

    577,467

    204,866

    Less: Net Realized Performance Revenues (c)

    (927,240)

    (456,507)

    (379,797)

    (1,081,738)

    (630,610)

    Less: Accrued Performance Compensation - GAAP (d)

    (5,446,352)

    (5,220,188)

    (5,258,769)

    (5,733,563)

    (5,577,711)

    Net Accrued Performance Revenues

    $ 6,398,632

    $ 6,607,543

    $ 6,510,819

    $ 6,742,522

    $ 6,999,500

    Corporate Treasury and Other Investments - GAAP

    $ 6,406,789

    $ 7,036,821

    $ 7,151,216

    $ 7,504,686

    $ 7,942,609

    Impact of Consolidation (a)

    857,457

    965,045

    932,562

    758,128

    726,047

    Other Assets (e)

    180,761

    337,228

    563,415

    409,248

    568,481

    Other Liabilities (f)

    (3,653)

    (3,190)

    (3,417)

    (3,357)

    (325,313)

    Corporate Treasury and Other Investments - Deconsolidated (g)

    $ 7,441,354

    $ 8,335,904

    $ 8,643,776

    $ 8,668,705

    $ 8,911,824

    Partnership Investments - GAAP

    $ 6,740,598

    $ 6,942,526

    $ 6,936,411

    $ 6,546,190

    $ 6,612,536

    Impact of Consolidation (h)

    (3,559,722)

    (3,653,037)

    (3,620,409)

    (3,639,431)

    (3,662,090)

    GP/Fund Investments - Deconsolidated

    $ 3,180,876

    $ 3,289,489

    $ 3,316,002

    $ 2,906,759

    $ 2,950,446

    Loans Payable - GAAP

    $ 12,454,559

    $ 12,008,870

    $ 12,002,650

    $ 12,445,144

    $ 13,280,285

    Impact of Consolidation (i)

    (266,568)

    (128,335)

    (328,044)

    (126,420)

    (90,747)

    Outstanding Debt - Carrying Value

    12,187,991

    11,880,535

    11,674,606

    12,318,724

    13,189,538

    Unamortized Discount

    125,209

    123,255

    120,174

    128,096

    124,472

    Outstanding Debt (at par) - Deconsolidated

    $ 12,313,200

    $ 12,003,790

    $ 11,794,780

    $ 12,446,820

    $ 13,314,010

    1. This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

    2. Represents GAAP accrued performance revenue recorded within Due from Affiliates.

    3. Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.

    4. Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.

    5. This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, Other Assets and Due from Affiliates.

    6. This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities.

    7. Deconsolidated Other Investments was $8.4 billion as of March 31, 2026, which was comprised of $7.8 billion of liquid investments and $576 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.

    8. This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

    9. This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 31

QTD

($ in thousands) 1Q'25 2Q'25 3Q'25 4Q'25

1Q'26

1Q'25

LTM

1Q'26

Management and Advisory Fees, Net

GAAP

$ 1,904,317 $

2,035,495

$ 2,056,248

$ 2,079,541

$ 2,148,620

$ 7,366,105

$ 8,319,904

Segment Adjustment (a)

(12,319)

(15,483)

(14,428)

(17,322)

(15,812)

(48,144)

(63,045)

Total Segment

$ 1,891,998 $

2,020,012

$ 2,041,820

$ 2,062,219

$ 2,132,808

$ 7,317,961

$ 8,256,859

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees

191,825

195,414

200,675

390,288

165,419

976,662

951,796

Investment Income - Realized Performance Allocations

562,050

829,820

997,296

1,273,077

1,103,173

3,367,279

4,203,366

GAAP

$ 753,875

$ 1,025,234

$ 1,197,971

$ 1,663,365

$ 1,268,592

$ 4,343,941

$ 5,155,162

Total Segment

Less: Realized Performance Revenues

(460,023)

(553,121)

(744,953)

(1,057,432)

(780,494)

(2,210,661)

(3,136,000)

Segment Adjustment (b)

63

(63)

-

512

-

1,079

449

Total Segment

$ 293,915

$ 472,050

$ 453,018

$ 606,445

$ 488,098

$ 2,134,359

$ 2,019,611

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation 1,029,362

870,358

845,659

925,814

1,166,897

3,282,788

3,808,728

Incentive Fees Compensation 57,029

67,363

61,882

88,628

54,368

356,908

272,241

Realized Performance Allocations Compensation 241,890

331,191

354,765

369,626

433,449

1,415,213

1,489,031

GAAP $ 1,328,281 $

1,268,912

$ 1,262,306

$ 1,384,068

$ 1,654,714

$ 5,054,909

$ 5,570,000

Total Segment

Less: Realized Performance Compensation (220,924)

(256,624)

(302,642)

(310,405)

(364,056)

(919,146)

(1,233,727)

Less: Equity-Based Compensation - Fee Related Compensation (464,053)

(306,495)

(296,506)

(345,649)

(549,703)

(1,293,707)

(1,498,353)

Less: Equity-Based Compensation - Performance Compensation (7,249)

(5,523)

(5,056)

(12,715)

(11,514)

(18,938)

(34,808)

Segment Adjustment (c) (19,073)

46

(11)

13

29

(20,891)

77

Total Segment $ 616,982 $

700,316

$ 658,091

$ 715,312

$ 729,470

$ 2,802,227

$ 2,803,189

GAAP General, Administrative and Other to Total Segment Other Operating Expenses

GAAP

$ 332,373 $

360,817

$ 383,580

$ 447,778

$ 372,821

$ 1,324,332

$ 1,564,996

Segment Adjustment (d)

(25,498)

(28,574)

(27,510)

(29,727)

(29,366)

(58,343)

(115,177)

Total Segment

$ 306,875 $

332,243

$ 356,070

$ 418,051

$ 343,455

$ 1,265,989

$ 1,449,819

Realized Performance Revenues

GAAP

Incentive Fees

191,825

195,414

200,675

390,288

165,419

976,662

951,796

Investment Income - Realized Performance Allocations

562,050

829,820

997,296

1,273,077

1,103,173

3,367,279

4,203,366

GAAP

$ 753,875 $

1,025,234

$ 1,197,971

$ 1,663,365

$ 1,268,592

$ 4,343,941

$ 5,155,162

Total Segment

Less: Fee Related Performance Revenues

(293,915)

(472,050)

(453,018)

(606,445)

(488,098)

(2,134,359)

(2,019,611)

Segment Adjustment (b)

63

(63)

-

512

-

1,079

449

Total Segment

$ 460,023 $

553,121

$ 744,953

$ 1,057,432

$ 780,494

$ 2,210,661

$ 3,136,000

Blackstone | 32

($ in thousands)

1Q'25

2Q'25

QTD

3Q'25

LTM

4Q'25

1Q'26

1Q'25

1Q'26

Realized Performance Compensation

GAAP

Incentive Fee Compensation

Realized Performance Allocations Compensation

GAAP

Total Segment

Less: Fee Related Performance Compensation (e)

Less: Equity-Based Compensation - Performance Compensation

Total Segment

$

57,029 $

241,890

67,363 $

331,191

61,882 $

354,765

88,628 $

369,626

$

298,919 $

398,554 $

416,647 $

458,254 $

54,368 $

433,449

487,817 $

356,908 $

1,415,213

1,772,121 $

272,241

1,489,031

1,761,272

$

(70,746)

(7,249)

220,924 $

(136,407)

(5,523)

256,624 $

(108,949)

(5,056)

302,642 $

(135,134)

(12,715)

310,405 $

(112,247)

(11,514)

364,056

$

(834,037)

(18,938)

919,146 $

(492,737)

(34,808)

1,233,727

Realized Principal Investment Income (Loss)

GAAP

Segment Adjustment (f)

Total Segment

$

$

185,542 $

(67,632)

117,910 $

97,171 $

(67,750)

29,421 $

152,652 $

(90,117)

62,535 $

262,267 $

(52,390)

209,877 $

143,020 $

(111,047)

31,973 $

439,203 $

(238,705)

200,498 $

655,110

(321,304)

333,806

GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)

GAAP

Interest and Dividend Revenue 97,420 100,389 107,538

Interest Expense (118,115) (135,822) (126,288)

GAAP $ (20,695) $ (35,433) $ (18,750) $

Segment Adjustment (g) 165 10,790 198

Total Segment (20,530) $ (24,643) $ (18,552) $

110,746

(128,089)

(17,343) $

67

(17,276) $

107,940

(137,053)

(29,113) $

6,995

(22,118)

$

$

410,740

(453,600)

(42,860) $

(1,306)

(44,166) $

426,613

(527,252)

(100,639)

18,050

(82,589)

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

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

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

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

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

  5. Fee related performance compensation may include equity based compensation based on fee related performance revenues.

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

  7. Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and

(2) the removal of interest expense associated with the Tax Receivable Agreement.

Blackstone | 33

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

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

  • Core+ appreciation represents a weighted average of BREIT's per share appreciation, BEPIF's per share appreciation, and BPP's appreciation for the period. The returns are weighted based on the average of BREIT's monthly net asset values, BEPIF's monthly net asset values, and the average of BPP's net asset value.

  • Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries business refer to the appreciation of the Strategic Partners funds and do not include results for GP Stakes. Strategic Partners results are reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters.

  • Throughout this presentation, Infrastructure refers to our infrastructure-focused funds, including Blackstone Infrastructure Partners' funds ("BIP") and Blackstone Infrastructure Strategies ("BXINFRA"). AUM, inflows, and related metrics for Infrastructure refer to BIP and the portion of BXINFRA assets that are managed in Infrastructure. Infrastructure appreciation represents a weighted average of BIP's appreciation and BXINFRA's per share appreciation for the period. The returns are weighted based on the average of BIP's quarterly net asset value and the average of BXINFRA's monthly net asset values.

  • Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and non-investment grade infrastructure and asset-based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding

    $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone's acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.

  • The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing ("BXMA") Absolute Return Composite, which includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA's liquid solutions group, seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account.

    Notes to page 17 - Deconsolidated Balance Sheet Highlights

  • GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were

    $754 million, $1.7 billion, $372 million, and $125 million, respectively, as of March 31, 2026. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

    Blackstone | 34

    Notes to page 23 - Shareholder Dividends

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

  • Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to

    shareholders as of the applicable record date.

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

    Blackstone | 35

    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 Performanc e 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.

Blackstone | 36

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Blackstone Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 11:02 UTC.