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8-K

Blackstone Inc. (BX)

8-K 2025-10-23 For: 2025-10-23
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Added on April 10, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 23, 2025

Blackstone Inc.

(Exact name of Registrant as specified in its charter)

Delaware 001-33551 20-8875684
(State or other jurisdiction<br> <br>of incorporation) (Commission File Number) (I.R.S. Employer<br> <br>Identification No.)
345 Park Avenue<br> <br>New York, New York 10154
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(Address of principal executive offices) (Zip Code)

(212) 583-5000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
--- ---
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br> <br>Symbol(s) Name of each exchange on which registered
Common Stock BX New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 23, 2025, Blackstone Inc. issued a press release and detailed presentation announcing financial results for its third quarter ended September 30, 2025.

The press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
99.1 Press release of Blackstone Inc. dated October 23, 2025.
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

i

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 23, 2025

Blackstone Inc.
By: /s/ Michael S. Chae
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Name: Michael S. Chae
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Title: Chief Financial Officer

ii

EX-99.1

Exhibit 99.1

LOGO

Blackstone Reports Third Quarter 2025 Results

New York, October 23, 2025: Blackstone (NYSE:BX) today reported its third quarter 2025 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported an exceptional third

quarter, highlighted by outstanding financial results and robust fund-raising momentum across our three major

channels—institutions, insurance and individuals. Inflows reached $54 billion in the quarter and $225 billion over

the last twelve months. The leading platforms we’ve established in key growth areas, such as digital and energy

infrastructure, are helping power investment performance for our clients and position us extraordinarily well for

the future.”

Blackstone issued a full detailed presentation of its third quarter 2025 results, which can be viewed at

www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.29 per share to record holders of common stock at the close of

business on November 3, 2025. This dividend will be paid on November 10, 2025.

Quarterly Investor Call Details

Blackstone will host its third quarter 2025 investor conference via public webcast on October 23, 2025 at

9:00 a.m. ET. To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1735590&tp_key=f891a18007. For those unable to listen to the live

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

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

https://ir.blackstone.com/.

About Blackstone

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

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

$1.2 trillion in assets under management include global investment strategies focused on real estate, private

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

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

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in

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

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

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

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

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

otherwise.

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

Investor and Media Relations Contacts

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

LOGO

Blackstone’s Third

Quarter 2025 Earnings

OCTOBER 23,2025

BLACKSTONE’S THIRD QUARTER 2025 GAAP RESULTS

§ GAAP Net Income was $1.2 billion for the quarter and $4.1 billion year-to-date (“YTD”). GAAP Net Income<br><br>Attributable to Blackstone Inc. was $625 million for the quarter and $2.0 billion YTD.
($ in thousands, except per share data) (unaudited) 3Q’24 3Q’25 3Q’24 YTD 3Q’25 YTD 3Q’24 LTM 3Q’25 LTM
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Revenues
Management and Advisory Fees, Net $ 1,794,894 $ 2,056,248 $ 5,309,355 $ 5,996,060 $ 6,957,487 $ 7,875,641
Incentive Fees 191,794 200,675 559,434 587,914 799,851 992,658
Performance Allocations 1,569,673 781,478 3,322,003 2,749,832 2,959,529 3,256,982
Principal Investments 93,371 (86,006 ) 675,860 720,811 377,311 757,800
Interest and Dividend Revenue 109,774 107,538 312,612 305,347 480,986 403,894
Other (96,312 ) 28,702 (31,861 ) (269,971 ) (142,741 ) (114,417 )
Total Revenues $ 3,663,194 **** $ 3,088,635 **** $ 10,147,403 **** $ 10,089,993 **** $ 11,432,423 **** $ 13,172,558 ****
Expenses
Compensation and Benefits 1,440,344 1,230,759 3,954,850 4,084,129 4,497,928 5,123,332
General, Administrative and Other 340,945 383,580 1,022,823 1,076,770 1,312,514 1,415,856
Interest Expense 111,337 126,288 328,156 380,225 436,888 495,757
Fund Expenses 3,470 10,060 13,380 36,598 13,449 42,894
Total Expenses $ 1,896,096 **** $ 1,750,687 **** $ 5,319,209 **** $ 5,577,722 **** $ 6,260,779 **** $ 7,077,839 ****
Other Income (Loss) $ 42,842 **** $ 108,634 **** $ 70,009 **** $ 302,539 **** $ (118,361 ) $ 281,368 ****
Income Before Provision forTaxes $ 1,809,940 **** $ 1,446,582 **** $ 4,898,203 **** $ 4,814,810 **** $ 5,053,283 **** $ 6,376,087 ****
Provision for Taxes 245,303 209,657 789,220 742,978 835,177 975,429
Net Income $ 1,564,637 **** $ 1,236,925 **** $ 4,108,983 **** $ 4,071,832 **** $ 4,218,106 **** $ 5,400,658 ****
Redeemable NCI in Consolidated<br>Entities (22,184 ) 29,008 (61,595 ) 55,117 (225,524 ) 55,423
Non-Redeemable NCI in Consolidated Entities 805,986 583,000 2,097,943 2,012,702 2,219,195 2,637,349
Net Income Attributable toBlackstone Inc. $ 780,835 **** $ 624,917 **** $ 2,072,635 **** $ 2,004,013 **** $ 2,224,435 **** $ 2,707,886 ****
Net Income Per Share of Common Stock,Basic $ 1.02 **** $ 0.80 **** $ 2.71 **** $ 2.57 **** $ 2.91 **** $ 3.49 ****
Net Income Per Share of CommonStock, Diluted $ 1.02 **** $ 0.80 **** $ 2.71 **** $ 2.57 **** $ 2.91 **** $ 3.49 ****
Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38,<br>Definitions and<br>Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests. Blackstone 1
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BLACKSTONE’S THIRD QUARTER 2025 HIGHLIGHTS

Financial Measures §<br><br>Fee Related Earnings (“FRE”) of $1.5 billion ($1.20/share) in the quarter<br><br><br><br><br>–<br><br>FRE was $6.0 billion over the last twelve months (“LTM”) ($4.92/share)<br><br><br><br><br>§<br><br>Distributable Earnings (“DE”) of $1.9 billion ($1.52/share) in the quarter<br><br><br><br><br>–<br><br>DE was $7.0 billion over the LTM ($5.51/share)<br><br><br><br><br>§<br><br>Net Accrued Performance Revenues of $6.5 billion ($5.30/share)
Capital Metrics §<br><br>Total Assets Under Management (“AUM”) of $1,241.7 billion<br><br><br><br><br>–<br><br>Fee-Earning AUM of $906.2 billion<br><br><br><br><br>–<br><br>Perpetual Capital AUM of $500.6 billion<br><br><br><br><br>§<br><br>Inflows of $54.2 billion in the quarter and $225.4 billion over the LTM<br><br><br><br><br>§<br><br>Deployment of $26.6 billion in the quarter and $137.6 billion over the LTM<br><br><br><br><br>§<br><br>Realizations of $30.6 billion in the quarter and $105.3 billion over the LTM
Capital Returned<br><br><br>to Shareholders §<br><br>Dividend of $1.29 per common share payable on November 10, 2025<br><br><br><br><br>–<br><br>Dividends of $4.69 per common share over the LTM<br><br><br><br><br>§<br><br>Repurchased 0.2 million common shares in the quarter and 0.9 million common shares<br>  over the<br>LTM<br> <br><br><br>§<br><br>$1.6 billion to be distributed to shareholders with respect to the third quarter and<br>  $6.2 billion over the<br>LTM through dividends and share repurchases
Blackstone 2
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BLACKSTONE’S THIRD QUARTER 2025 SEGMENT EARNINGS

% Change % Change
($ in thousands, except per share data) 3Q’24 3Q’25 vs. 3Q’24 3Q’24 YTD 3Q’25 YTD vs. 3Q’24 YTD
Management and Advisory Fees, Net $ 1,786,734 $ 2,041,820 14% $ 5,274,243 $ 5,953,830 13%
Fee Related Performance<br>Revenues 264,101 453,018 72% 736,669 1,218,983 65%
Fee Related Compensation (554,855 ) (658,091 ) 19% (1,661,845 ) (1,975,389 ) 19%
Other Operating Expenses (320,823 ) (356,070 ) 11% (902,923 ) (995,188 ) 10%
Fee Related Earnings $ 1,175,157 **** $ 1,480,677 **** **** 26% $ 3,446,144 **** $ 4,202,236 **** 22%
Realized Performance<br>Revenues 342,669 744,953 117% 1,421,951 1,758,097 24%
Realized Performance Compensation (157,570 ) (302,642 ) 92% (661,651 ) (780,190 ) 18%
Realized Principal Investment<br>Income 40,403 62,535 55% 66,913 209,866 214%
Net Realizations **** 225,502 **** **** 504,846 **** **** 124% **** 827,213 **** **** 1,187,773 **** 44%
Total Segment DistributableEarnings $ 1,400,659 **** $ 1,985,523 **** **** 42% $ 4,273,357 **** $ 5,390,009 **** 26%
Distributable Earnings $ 1,278,650 **** $ 1,889,487 **** **** 48% $ 3,797,249 **** $ 4,866,055 **** 28%
Additional Metrics: **** ****
Net Income Per Share of Common Stock, Basic $ 1.02 $ 0.80 (22)% $ 2.71 $ 2.57 (5)%
FRE per Share $ 0.96 $ 1.20 25% $ 2.82 $ 3.42 21%
DE per Common Share $ 1.01 $ 1.52 50% $ 2.95 $ 3.82 29%
Total Segment Revenues $ 2,433,907 $ 3,302,326 36% $ 7,499,776 $ 9,140,776 22%
Total Assets Under Management $ 1,107,628,362 $ 1,241,731,296 12% $ 1,107,628,362 $ 1,241,731,296 12%
Fee-Earning Assets Under<br>Management $ 820,457,203 $ 906,221,028 10% $ 820,457,203 $ 906,221,028 10%
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<br>Attributable<br> <br>to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. YTD FRE per Share and DE<br>per<br> <br>Common Share amounts represent the sum of the last three quarters. See pages 32-33 for the Reconciliation of GAAP<br>to Total Segments. Blackstone 3
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INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

§ Realized distributions across strategies led to lower Net Accrued Performance Revenues quarter-over-quarter of<br> $6.5 billion ($5.30/share).

Investment Performance

(appreciation / gross returns)

3Q’25 3Q’25 LTM
Real Estate
Opportunistic (0.6)% (5.2)%
Core+ 0.6% 0.6%
Private Equity
Corporate Private Equity 2.5% 13.6%
Tactical Opportunities 3.2% 13.1%
Secondaries 3.4% 13.5%
Infrastructure 5.2% 19.3%
Credit & Insurance
Private Credit 2.6% 12.0%
Liquid Credit 1.6% 7.1%
Multi-Asset Investing
Absolute Return Composite 2.9% 12.5%

Net Accrued Performance Revenues

($ in millions)

LOGO

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and<br>Multi-Asset Investing.<br> <br>Secondaries appreciation excludes GP Stakes. Private Credit net returns were 1.8% and 8.4% for 3Q’25 and 3Q’25 LTM,<br>respectively. Liquid Credit net returns<br> <br>were 1.5% and 6.7% for 3Q’25 and 3Q’25 LTM, respectively. Absolute Return Composite net returns were 2.7%<br>and 11.3% for 3Q’25 and 3Q’25 LTM, respectively.<br> <br>See notes on page 34 for additional details on these strategies and our investment<br>performance. Blackstone 4

CAPITAL METRICS – ADDITIONAL DETAIL

§ Inflows were $54.2 billion in the quarter, bringing LTM inflows to $225.4 billion.
§ Deployed $26.6 billion in the quarter and $137.6 billion over the LTM.
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– Committed an additional $24.2 billion that was not yet deployed in the quarter.
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§ Realizations were $30.6 billion in the quarter and $105.3 billion over the LTM.
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Inflows Capital Deployed Realizations
--- --- --- --- --- --- --- --- --- --- --- --- ---
($ in millions) 3Q’25 3Q’25 LTM 3Q’25 3Q’25 LTM 3Q’25 3Q’25 LTM
Real Estate $ 3,819 $ 25,311 $ 3,612 $ 22,027 $ 7,349 $ 22,362
Opportunistic 123 3,705 1,471 10,024 2,766 5,232
Core+ 2,623 13,423 615 4,767 2,036 7,750
Debt Strategies 1,072 8,183 1,525 7,237 2,547 9,380
Private Equity **** 10,812 **** 59,437 **** 5,564 **** 45,824 **** 9,292 **** 33,641
Corporate Private Equity 4,475 31,003 2,983 20,576 4,083 17,334
Tactical Opportunities 785 3,086 741 3,051 1,352 5,382
Secondaries 1,918 13,378 1,627 14,307 2,811 8,432
Infrastructure 3,634 11,971 214 7,889 1,046 2,492
Credit & Insurance **** 35,999 **** 127,347 **** 16,656 **** 66,386 **** 12,961 **** 45,509
Multi-Asset Investing **** 3,567 **** 13,313 **** 718 **** 3,378 **** 995 **** 3,824
Total Blackstone $ 54,196 $ 225,408 $ 26,551 $ 137,615 $ 30,598 $ 105,336
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<br>managed. Blackstone 5
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ASSETS UNDER MANAGEMENT

§ Total AUM increased to $1,241.7 billion, up 12% year-over-year, with $54.2 billion of inflows in the quarter <br>and $225.4 billion over the LTM.
§ Fee-Earning AUM of $906.2 billion was up 10% year-over-year, with $39.0 billion of inflows in the quarter <br>and $164.3 billion over the LTM.
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§ Perpetual Capital AUM reached $500.6 billion, up 15% year-over-year.
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– Fee-Earning Perpetual Capital AUM increased to $428.5 billion, representing 47% of Fee-Earning AUM.
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LOGO

Multi-Asset Investing had $206 million and $286 million of Perpetual Capital AUM as of 3Q’24 and 3Q’25, respectively. Blackstone 6

ADDITIONAL CAPITAL DETAIL

§ Invested Performance Eligible AUM reached $611.0 billion at quarter end, up 10% year-over-year.
§ Total Dry Powder of $188.1 billion available for future investments.
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LOGO

Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues. Blackstone 7

Segment Highlights

Blackstone 8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

§ 3Q’25 Total Segment Distributable Earnings were $2.0 billion.
§ LTM Total Segment Distributable Earnings were $7.8 billion.
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Segment Distributable Earnings<br> <br><br><br><br>($ in millions)
---
Blackstone 9
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REAL ESTATE

§ Total AUM: $320.5 billion with inflows of $3.8 billion in the quarter and $25.3 billion over the LTM.
– Inflows in the quarter included $1.1 billion in BREDS, primarily across multi-asset strategies and insurance SMAs,<br> and $789 million of capital raised in BREIT.
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§ Capital Deployed: $3.6 billion in the quarter, including for the privatization of a U.K. warehouse company in BREP,<br> and $22.0 billion over the LTM.
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– Committed an additional $1.9 billion in the quarter, including acquisitions by BREP for a French logistics portfolio <br>and a mixed-use building in Paris.
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§ Realizations: $7.3 billion in the quarter, including in India office and U.S. logistics, and $22.4 billion over the LTM.
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§ Appreciation: Opportunistic funds declined (0.6)% in the quarter and (5.2)% over the LTM; Core+ funds appreciated<br> 0.6% in the quarter and 0.6% over the LTM.
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% Change % Change
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ in thousands) 3Q’24 3Q’25 vs. 3Q’24 3Q’24 YTD 3Q’25 YTD vs. 3Q’24 YTD
Management Fees, Net $ 695,546 $ 688,799 (1)% $ 2,173,442 $ 2,100,939 (3)%
Fee Related Performance Revenues 72,428 124,647 72% 202,992 252,040 24%
Fee Related Compensation (166,567 ) (168,377 ) 1% (525,540 ) (509,111 ) (3)%
Other Operating Expenses (100,739 ) (95,228 ) (5)% (282,879 ) (265,557 ) (6)%
Fee Related Earnings $ 500,668 **** $ 549,841 **** 10% $ 1,568,015 **** $ 1,578,311 **** 1%
Realized Performance Revenues 78,022 132,792 70% 181,461 195,389 8%
Realized Performance Compensation (44,761 ) (69,623 ) 56% (91,919 ) (102,532 ) 12%
Realized Principal Investment Income 6,421 5,303 (17)% 15,667 8,449 (46)%
Net Realizations **** 39,682 **** **** 68,472 **** 73% **** 105,209 **** **** 101,306 **** (4)%
Segment Distributable Earnings $ 540,350 **** $ 618,313 **** 14% $ 1,673,224 **** $ 1,679,617 **** 0%
Segment Revenues $ 852,417 $ 951,541 12% $ 2,573,562 $ 2,556,817 (1)%
Total AUM $ 325,075,713 $ 320,490,495 (1)% $ 325,075,713 $ 320,490,495 (1)%
Fee-Earning<br>AUM $ 285,488,072 $ 282,579,289 (1)% $ 285,488,072 $ 282,579,289 (1)%
Blackstone 10
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PRIVATE EQUITY

§ Total AUM: Increased 15% to $395.6 billion with inflows of $10.8 billion in the quarter and $59.4 billion over the<br> LTM.
– Inflows in the quarter included $3.6 billion in Infrastructure, $1.9 billion in Secondaries, $1.2 billion for the third<br> Corporate Private Equity Asia fund, and $1.2 billion for the sixth Life<br>Sciences fund.
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– $2.1 billion of capital raised for BXPE and $633 million of capital raised for BXINFRA.
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§ Capital Deployed: $5.6 billion in the quarter, including AGS Health and Potomac, and $45.8 billion over the LTM.
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– Committed an additional $11.7 billion in the quarter, including Enverus, TechnoPro, and Shermco.
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§ Realizations: $9.3 billion in the quarter, including a sale of an interest in the GP Stakes portfolio as well as sales of<br> Hotwire and Lightstone Generation, and $33.6 billion over the LTM.
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§ Appreciation: Corporate Private Equity appreciated 2.5% in the quarter and 13.6% over the LTM.
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– Tactical Opportunities appreciated 3.2% in the quarter and 13.1% over the LTM; Secondaries appreciated 3.4% in<br> the quarter and 13.5% over the LTM; Infrastructure appreciated 5.2% in the quarter and 19.3% over the<br>LTM.
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% Change % Change
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ in thousands) 3Q’24 3Q’25 vs. 3Q’24 3Q’24 YTD 3Q’25 YTD vs. 3Q’24 YTD
Management and Advisory Fees, Net $ 552,820 $ 717,390 30% $ 1,568,878 $ 2,045,480 30%
Fee Related Performance Revenues 5,868 126,652 n/m 14,571 379,887 n/m
Fee Related Compensation (169,059 ) (231,915 ) 37% (489,686 ) (702,159 ) 43%
Other Operating Expenses (96,660 ) (120,743 ) 25% (274,131 ) (335,937 ) 23%
Fee Related Earnings $ 292,969 **** $ 491,384 **** 68% $ 819,632 **** $ 1,387,271 **** 69%
Realized Performance Revenues 216,643 559,383 158% 1,048,314 1,318,436 26%
Realized Performance Compensation (94,800 ) (205,967 ) 117% (495,042 ) (573,932 ) 16%
Realized Principal Investment Income 9,028 26,686 196% 37,182 55,721 50%
Net Realizations **** 130,871 **** **** 280,102 **** 190% **** 590,454 **** **** 800,225 **** 36%
Segment Distributable Earnings $ 423,840 **** $ 871,486 **** 106% $ 1,410,086 **** $ 2,187,496 **** 55%
Segment Revenues $ 784,359 $ 1,430,111 82% $ 2,668,945 $ 3,799,524 42%
Total AUM $ 344,710,201 $ 395,607,045 15% $ 344,710,201 $ 395,607,045 15%
Fee-Earning<br>AUM $ 208,681,656 $ 235,003,905 13% $ 208,681,656 $ 235,003,905 13%
BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE<br>and BXINFRA capital raised includes amounts<br> <br>allocated to other strategies. Blackstone 11
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CREDIT & INSURANCE

§ Total AUM: Increased 22% to $432.3 billion with inflows of $36.0 billion in the quarter and $127.3 billion over the<br> LTM.
– Inflows in the quarter included $14.2 billion for the global direct lending strategy, inclusive of $4.9 billion for<br> direct lending SMAs, $3.6 billion of equity raised for BCRED, and $416 million<br>of equity raised for ECRED.
--- ---
– Inflows also included $11.3 billion for the infrastructure and asset based credit strategies, inclusive of $8.0 billion for insurance SMAs, $1.7 billion for a private investment grade ABF strategy,<br>and $1.6 billion for a<br> drawdown high yield ABF strategy.
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– Closed 5 new CLOs (3 U.S. and 2 European) for $2.5 billion.
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§ Capital Deployed: $16.7 billion in the quarter, driven by U.S. direct lending as well as infrastructure and asset based credit strategies, including a venture with Sempra, and $66.4 billion over the<br>LTM.
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– Committed an additional $10.3 billion in the quarter.
--- ---
§ Realizations: $13.0 billion in the quarter and $45.5 billion over the LTM.
--- ---
§ Returns: Private Credit gross return of 2.6% (1.8% net) and Liquid Credit gross return of 1.6% (1.5% net) in the<br> quarter; gross returns over the LTM for Private Credit of 12.0% (8.4% net) and Liquid Credit of<br>7.1% (6.7% net).
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% Change % Change
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ in thousands) 3Q’24 3Q’25 vs. 3Q’24 3Q’24 YTD 3Q’25 YTD vs. 3Q’24 YTD
Management Fees, Net $ 418,049 $ 497,175 19% $ 1,178,064 $ 1,414,846 20%
Fee Related Performance Revenues 185,805 201,719 9% 519,106 587,056 13%
Fee Related Compensation (181,586 ) (218,425 ) 20% (532,658 ) (640,348 ) 20%
Other Operating Expenses (97,756 ) (113,120 ) 16% (270,680 ) (316,824 ) 17%
Fee Related Earnings $ 324,512 **** $ 367,349 **** 13% $ 893,832 **** $ 1,044,730 **** 17%
Realized Performance Revenues 42,926 40,124 (7)% 149,293 219,114 47%
Realized Performance Compensation (16,489 ) (21,123 ) 28% (59,548 ) (92,051 ) 55%
Realized Principal Investment Income 24,239 29,855 23% 31,311 143,558 358%
Net Realizations **** 50,676 **** **** 48,856 **** (4)% **** 121,056 **** **** 270,621 **** 124%
Segment Distributable Earnings $ 375,188 **** $ 416,205 **** 11% $ 1,014,888 **** $ 1,315,351 **** 30%
Segment Revenues $ 671,019 $ 768,873 15% $ 1,877,774 $ 2,364,574 26%
Total AUM $ 354,741,520 $ 432,315,679 22% $ 354,741,520 $ 432,315,679 22%
Fee-Earning<br>AUM $ 251,567,431 $ 305,193,225 21% $ 251,567,431 $ 305,193,225 21%
Blackstone 12
---

MULTI-ASSET INVESTING

§ Total AUM: Increased 12% to $93.3 billion with inflows of $3.6 billion in the quarter and $13.3 billion over the LTM.
§ Returns: Absolute Return Composite gross return of 2.9% in the quarter (2.7% net), compared to the HFRX Global<br> Hedge Fund Index, which was 3.2%.
--- ---
– Absolute Return benefited from positive performance across strategies, including equities, macro, quantitative,<br> and credit during the quarter.
--- ---
– Gross return of 12.5% over the LTM (11.3% net), compared to 5.8% return for the HFRX Global Hedge Fund Index,<br> with significantly less volatility than the broader markets.
--- ---
% Change % Change
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ in thousands) 3Q’24 3Q’25 vs. 3Q’24 3Q’24 YTD 3Q’25 YTD vs. 3Q’24 YTD
Management Fees, Net $ 120,319 $ 138,456 15% $ 353,859 $ 392,565 11%
Fee Related Compensation (37,643 ) (39,374 ) 5% (113,961 ) (123,771 ) 9%
Other Operating Expenses (25,668 ) (26,979 ) 5% (75,233 ) (76,870 ) 2%
Fee Related Earnings $ 57,008 **** $ 72,103 **** 26% $ 164,665 **** $ 191,924 **** 17%
Realized Performance Revenues 5,078 12,654 149% 42,883 25,158 (41)%
Realized Performance Compensation (1,520 ) (5,929 ) 290% (15,142 ) (11,675 ) (23)%
Realized Principal Investment Income (Loss) 715 691 (3)% (17,247 ) 2,138 n/m
Net Realizations **** 4,273 **** **** 7,416 **** 74% **** 10,494 **** **** 15,621 **** 49%
Segment Distributable Earnings $ 61,281 **** $ 79,519 **** 30% $ 175,159 **** $ 207,545 **** 18%
Segment Revenues $ 126,112 $ 151,801 20% $ 379,495 $ 419,861 11%
Total AUM $ 83,100,928 $ 93,318,077 12% $ 83,100,928 $ 93,318,077 12%
Fee-Earning<br>AUM $ 74,720,044 $ 83,444,609 12% $ 74,720,044 $ 83,444,609 12%
Blackstone 13
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Supplemental Details

Blackstone 14

TOTAL SEGMENTS

($ in thousands) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 3Q’24 YTD 3Q’25 YTD
Base Management Fees $ 1,710,941 $ 1,773,645 $ 1,807,119 $ 1,876,672 $ 1,919,702 $ 5,007,237 $ 5,603,493
Transaction, Advisory and Other<br>Fees, Net 82,506 117,708 111,309 165,690 156,211 281,980 433,210
Management Fee Offsets (6,713 ) (32,062 ) (26,430 ) (22,350 ) (34,093 ) (14,974 ) (82,873 )
Total Management and Advisory Fees,<br>Net 1,786,734 1,859,291 1,891,998 2,020,012 2,041,820 5,274,243 5,953,830
Fee Related Performance Revenues 264,101 1,399,276 293,915 472,050 453,018 736,669 1,218,983
Fee Related Compensation (554,855 ) (1,077,477 ) (616,982 ) (700,316 ) (658,091 ) (1,661,845 ) (1,975,389 )
Other Operating Expenses (320,823 ) (345,169 ) (306,875 ) (332,243 ) (356,070 ) (902,923 ) (995,188 )
Fee Related Earnings $ 1,175,157 **** $ 1,835,921 **** $ 1,262,056 **** $ 1,459,503 **** $ 1,480,677 **** $ 3,446,144 **** $ 4,202,236 ****
Realized Performance<br>Revenues 342,669 865,080 460,023 553,121 744,953 1,421,951 1,758,097
Realized Performance Compensation (157,570 ) (289,595 ) (220,924 ) (256,624 ) (302,642 ) (661,651 ) (780,190 )
Realized Principal Investment<br>Income 40,403 25,613 117,910 29,421 62,535 66,913 209,866
Total Net Realizations $ 225,502 **** $ 601,098 **** $ 357,009 **** $ 325,918 **** $ 504,846 **** $ 827,213 **** $ 1,187,773 ****
Total Segment DistributableEarnings $ 1,400,659 **** $ 2,437,019 **** $ 1,619,065 **** $ 1,785,421 **** $ 1,985,523 **** $ 4,273,357 **** $ 5,390,009 ****
Distributable Earnings $ 1,278,650 **** $ 2,169,493 **** $ 1,410,805 **** $ 1,565,763 **** $ 1,889,487 **** $ 3,797,249 **** $ 4,866,055 ****
Additional Metrics:
Total Segment Revenues $ 2,433,907 $ 4,149,260 $ 2,763,846 $ 3,074,604 $ 3,302,326 $ 7,499,776 $ 9,140,776
Total Assets Under<br>Management $ 1,107,628,362 $ 1,127,179,996 $ 1,167,461,910 $ 1,211,207,341 $ 1,241,731,296 $ 1,107,628,362 $ 1,241,731,296
Fee-Earning<br>Assets Under Management $ 820,457,203 $ 830,708,603 $ 860,069,950 $ 887,114,205 $ 906,221,028 $ 820,457,203 $ 906,221,028
Blackstone 15
---

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

Three Months Ended September 30, 2025 Twelve Months Ended September 30, 2025
Real<br><br><br><br><br><br>Estate Private<br><br><br><br> <br>Equity Credit &<br><br><br><br><br><br>Insurance Multi-Asset<br><br><br><br> <br>Investing Total Real<br><br><br><br><br><br>Estate Private<br><br><br><br> <br>Equity Credit &<br><br><br><br><br><br>Insurance Multi-Asset<br><br><br><br><br><br>Investing Total
Beginning Balance $ 324,995 **** $ 388,907 **** $ 407,296 **** $ 90,009 **** $ 1,211,207 **** $ 325,076 **** $ 344,710 **** $ 354,742 **** $ 83,101 **** $ 1,107,628 ****
Inflows 3,819 10,812 35,999 3,567 54,196 25,311 59,437 127,347 13,313 225,408
Outflows (1,611 ) (4,417 ) (2,727 ) (1,695 ) (10,449 ) (9,218 ) (12,395 ) (18,547 ) (8,470 ) (48,630 )
Net Flows 2,208 6,395 33,272 1,872 43,747 16,093 47,042 108,800 4,843 176,778
Realizations (7,349 ) (9,292 ) (12,961 ) (995 ) (30,598 ) (22,362 ) (33,641 ) (45,509 ) (3,824 ) (105,336 )
Market Activity 637 9,597 4,709 2,431 17,374 1,684 37,496 14,283 9,198 62,661
Ending Balance $ 320,490 **** $ 395,607 **** $ 432,316 **** $ 93,318 **** $ 1,241,731 **** $ 320,490 **** $ 395,607 **** $ 432,316 **** $ 93,318 **** $ 1,241,731 ****
% Change (1)% 2% 6% 4% 3% (1)% 15% 22% 12% 12%

Fee-Earning AUM Rollforward

($ in millions)

Three Months Ended September 30, 2025 Twelve Months Ended September 30, 2025
Real<br><br><br><br><br><br>Estate Private<br><br><br><br> <br>Equity Credit &<br><br><br><br><br><br>Insurance Multi-Asset<br><br><br><br> <br>Investing Total Real<br><br><br><br><br><br>Estate Private<br><br><br><br> <br>Equity Credit &<br><br><br><br><br><br>Insurance Multi-Asset<br><br><br><br> <br>Investing Total
Beginning Balance $ 285,827 **** $ 232,160 **** $ 288,931 **** $ 80,196 **** $ 887,114 **** $ 285,488 **** $ 208,682 **** $ 251,567 **** $ 74,720 **** $ 820,457 ****
Inflows 4,096 7,913 23,254 3,734 38,996 24,221 37,901 90,347 11,794 164,263
Outflows (1,650 ) (3,570 ) (744 ) (1,649 ) (7,612 ) (7,650 ) (7,772 ) (14,696 ) (7,990 ) (38,108 )
Net Flows 2,446 4,343 22,510 2,085 31,384 16,570 30,129 75,651 3,805 126,155
Realizations (6,102 ) (4,561 ) (9,119 ) (919 ) (20,701 ) (21,362 ) (14,455 ) (28,924 ) (3,497 ) (68,238 )
Market Activity 408 3,061 2,871 2,083 8,423 1,883 10,648 6,899 8,417 27,846
Ending Balance $ 282,579 **** $ 235,004 **** $ 305,193 **** $ 83,445 **** $ 906,221 **** $ 282,579 **** $ 235,004 **** $ 305,193 **** $ 83,445 **** $ 906,221 ****
% Change (1)% 1% 6% 4% 2% (1)% 13% 21% 12% 10%
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and<br> <br>acquisitions.<br>Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).<br><br><br>Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market<br>Activity includes<br> <br>realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the<br>segment where the assets are managed. Blackstone 16
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DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

§ At September 30, 2025, Blackstone had $11.1 billion in total cash, cash equivalents, corporate treasury, and other investments and $20.9 billion of cash and net investments, or $17.00 per share.
§ Blackstone has a $4.3 billion credit revolver ($3.8 billion undrawn) and maintains A+/A+ ratings.
--- ---
($ in millions) 3Q’25
--- --- ---
Cash and Cash Equivalents $ 2,431
Corporate Treasury and<br>Other Investments 8,644
GP/Fund Investments 3,316
Net Accrued Performance Revenues 6,511
Cash and Net Investments $ 20,901
Outstanding Debt (at par) 11,795

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

October 2030 maturity

$11.1B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $6.9 billion as of September 30, 2025, which<br>was comprised of<br> <br>$6.3 billion of liquid investments and $528 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures. Blackstone 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

($ in millions, except per share data)

3Q’24 2Q’25 3Q’25 3Q’25
Per Share
Real Estate
BREP Global $ 1,331 $ 721 $ 547 $ 0.44
BREP Europe 130 27 31 0.03
BREP Asia 97 98 91 0.07
BPP 32 45 57 0.05
BREDS 18 32 38 0.03
Real Estate $ 1,608 $ 923 $ 763 $ 0.62
Private Equity
BCP Global 1,708 1,869 1,843 1.50
BCP Asia 260 344 309 0.25
Energy/Energy Transition 533 515 598 0.49
Core Private Equity 244 266 269 0.22
Tactical Opportunities 181 227 203 0.17
Secondaries 951 1,270 1,169 0.95
Infrastructure 568 247 347 0.28
Life Sciences 145 239 240 0.20
BTAS/BXPE 240 236 250 0.20
Private Equity $ 4,829 $ 5,212 $ 5,228 $ 4.25
Credit & Insurance $ 450 $ 369 $ 372 $ 0.30
Multi-Asset Investing $ 105 $ 103 $ 148 $ 0.12
Net Accrued Performance<br><br><br>Revenues $ 6,992 $ 6,608 $ 6,511 $ 5.30

3Q’25 QoQ Rollforward

($ in millions)

Net Net
Performance Realized
2Q’25 Revenues Distributions 3Q’25
Real Estate $ 923 $ 28 $ (188 ) $ 763
Private Equity 5,212 447 (432 ) 5,228
Credit &<br>Insurance 369 163 (159 ) 372
Multi-Asset<br>Investing 103 51 (7 ) 148
Total $ 6,608 $ 689 $ (786 ) $ 6,511
QoQ Change (1)%

3Q’25 LTM Rollforward

($ in millions)

Net Net
Performance Realized
3Q’24 Revenues Distributions 3Q’25
Real Estate $ 1,608 $ (491) $ (354 ) $ 763
Private Equity 4,829 2,278 (1,879 ) 5,228
Credit &<br>Insurance 450 681 (759 ) 372
Multi-Asset<br>Investing 105 322 (279 ) 148
Total $ 6,992 $ 2,790 $ (3,271 ) $ 6,511
YoY Change (7)%
Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized<br>but not yet distributed<br> <br>as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real<br>Estate and Private Equity include co-investments, as applicable. Per<br> <br>Share calculations are based on end of period DE<br>Shares Outstanding (see page 24, Share Summary). Blackstone 18
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INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025^(a)^

($/€ in <br>thousands, except where noted)<br> <br><br> <br>Fund (Investment Period Beginning Date / Ending Date) Committed<br><br><br><br> <br>Capital Available<br><br><br><br> <br>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<br>(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 - 3,269 n/a 13,468,476 2.3x 13,471,745 2.3x 11% 11%
BREP VI (Feb 2007 / Aug 2011) 11,060,122 - 2,452 n/a 27,764,962 2.5x 27,767,414 2.5x 13% 13%
BREP VII (Aug 2011 / Apr 2015) 13,506,798 898,480 1,362,255 0.5x 28,940,686 2.2x 30,302,941 1.9x 18% 14%
BREP VIII (Apr 2015 / Jun 2019) 16,640,764 1,390,932 9,948,258 1.2x 23,577,119 2.3x 33,525,377 1.8x 23% 12%
BREP IX (Jun 2019 / Aug 2022) 21,356,651 3,188,803 20,573,373 1.2x 9,926,114 2.1x 30,499,487 1.4x 47% 7%
*BREP X (Aug 2022 / Feb 2028) 30,664,044 18,536,478 15,104,820 1.2x 1,232,832 1.3x 16,337,652 1.3x 12% 10%
Total Global BREP $ 104,208,960 $ 24,014,693 $ 46,994,427 1.2x $ 117,129,715 2.3x $ 164,124,142 1.8x 17% 14%
BREP Int’l<br>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) 3,205,420 385,818 47,904 0.3x 5,944,538 2.1x 5,992,442 2.0x 14% 13%
BREP Europe IV (Sep 2013 / Dec 2016) 6,676,604 1,049,047 843,567 0.7x 10,319,019 1.9x 11,162,586 1.7x 16% 11%
BREP Europe V (Dec 2016 / Oct 2019) 7,998,126 742,988 4,035,063 0.7x 6,762,819 3.8x 10,797,882 1.5x 41% 6%
BREP Europe VI (Oct 2019 / Sep 2023) 9,935,741 2,903,785 6,964,955 1.0x 3,851,316 2.4x 10,816,271 1.3x 65% 6%
*BREP Europe VII (Sep 2023 / Mar 2029) 9,783,543 6,824,096 3,552,149 1.2x 54,974 1.1x 3,607,123 1.2x n/m 15%
Total BREP Europe € 40,053,354 € 11,905,734 € 15,443,638 0.9x € 30,888,868 2.2x € 46,332,506 1.5x 16% 9%
BREP Asia I (Jun 2013 / Dec 2017) $ 4,262,075 $ 899,073 $ 1,365,581 1.7x $ 7,598,270 2.0x $ 8,963,851 1.9x 15% 12%
BREP Asia II (Dec 2017 / Mar 2022) 7,358,270 1,235,790 5,790,104 1.2x 2,937,214 1.7x 8,727,318 1.3x 16% 4%
*BREP Asia III (Mar 2022 / Sep 2027) 8,227,110 4,487,829 4,152,125 1.1x 78,233 2.5x 4,230,358 1.1x 50% 0%
Total BREP Asia $ 19,847,455 $ 6,622,692 $ 11,307,810 1.2x $ 10,613,717 1.9x $ 21,921,527 1.5x 16% 8%
BREP Co-Investment (f) 7,782,339 136,233 1,116,739 1.4x 15,292,655 2.2x 16,409,394 2.1x 16% 16%
Total BREP $ 178,518,827 $ 44,511,755 $ 76,773,747 **** 1.1x $ 180,757,112 **** 2.2x $ 257,530,859 **** 1.7x 16% 13%
*BREDS High-Yield (Various) (g) **** 27,609,234 **** 9,699,347 **** 4,925,724 **** 1.1x **** 23,687,663 **** 1.3x **** 28,613,387 **** 1.3x 10% 9%
Private Equity ****
Corporate Private Equity ****
BCP I-III (Oct 1987 / Nov<br>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 24,575 - n/a 2,995,106 1.4x 2,995,106 1.4x 6% 6%
BCP IV (Nov 2002 / Dec 2005) 6,773,182 195,824 - 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 8,105 n/a 38,862,488 1.9x 38,870,593 1.9x 8% 8%
BCP VI (Jan 2011 / May 2016) 15,195,944 1,341,727 3,265,078 2.5x 29,836,915 2.2x 33,101,993 2.2x 14% 12%
BCP VII (May 2016 / Feb 2020) 18,886,941 1,323,175 16,342,504 1.6x 22,469,779 2.7x 38,812,283 2.1x 24% 12%
BCP VIII (Feb 2020 / Apr 2024) 25,769,794 5,928,759 27,772,656 1.4x 5,978,409 2.1x 33,751,065 1.5x 30% 10%
*BCP IX (Apr 2024 / Apr 2030) 21,677,695 20,484,210 2,159,063 2.3x - n/a 2,159,063 2.3x n/a n/m
Energy I (Aug 2011 / Feb 2015) 2,441,558 174,492 386,236 2.0x 4,456,279 2.0x 4,842,515 2.0x 13% 12%
Energy II (Feb 2015 / Feb 2020) 4,938,337 790,804 3,626,389 2.1x 5,305,539 1.8x 8,931,928 1.9x 10% 8%
Energy III (Feb 2020 / Jun 2024) 4,384,818 1,866,235 5,465,243 2.3x 2,606,774 2.4x 8,072,017 2.3x 36% 26%
*Energy Transition IV (Jun 2024 / Jun 2030) 5,863,713 4,177,226 2,528,351 1.5x - n/a 2,528,351 1.5x n/a n/m
BCP Asia I (Dec 2017 / Sep 2021) 2,440,988 421,419 2,548,842 2.1x 2,886,922 3.0x 5,435,764 2.5x 43% 22%
*BCP Asia II (Sep 2021 / Sep 2027) 6,799,839 4,253,950 4,874,897 2.0x 922,184 3.7x 5,797,081 2.1x 113% 34%
BCP Asia III (TBD) 9,073,171 9,073,171 - n/a - n/a - n/a n/a n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h) 4,760,130 1,186,811 7,295,060 2.0x 3,553,618 5.5x 10,848,678 2.5x 50% 16%
*Core Private Equity II (Mar 2021 / Mar 2026) (h) 8,231,063 5,062,439 5,371,675 1.5x 576,582 n/a 5,948,257 1.7x n/a 15%
Total Corporate Private Equity $ 166,571,218 $ 57,286,835 $ 81,644,099 **** 1.7x $ 156,410,001 **** 2.3x $ 238,054,100 **** 2.0x 16% 15%
Tactical Opportunities ****
*Tactical Opportunities (Various) 31,672,435 13,144,666 13,976,290 1.3x 28,880,021 1.8x 42,856,311 1.6x 15% 10%
*Tactical Opportunities Co-Investment<br>and Other (Various) 10,813,242 1,246,726 4,643,913 1.6x 10,763,360 1.7x 15,407,273 1.7x 18% 16%
Total Tactical Opportunities $ 42,485,677 $ 14,391,392 $ 18,620,203 **** 1.3x $ 39,643,381 **** 1.8x $ 58,263,584 **** 1.6x 16% 12%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not<br>meaningful” generally due to the limited time<br> <br>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 –<br><br><br>Blackstone Capital Partners, BCOM – Blackstone Communications.<br> <br>*<br>Represents funds that are currently in their investment period. Blackstone 19
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INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025^(a)^ –(CONT’D)

($/€ in thousands, except<br>where noted)<br> <br><br><br><br>Fund (Investment Period Beginning Date / Ending <br>Date) Committed<br><br><br><br> <br>Capital Available<br><br><br><br> <br>Capital (b) Unrealized Investments Realized Investments Total Investments Net IRRs (d)
Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total
Private Equity (continued) ****
Growth ****
BXG I (Jul 2020 / Feb 2025) $ 4,950,166 $ 575,606 $ 4,298,732 1.0x $ 567,155 2.7x $ 4,865,887 1.1x n/m (1)%
*BXG II (Feb 2025 / Feb 2030) 4,343,044 4,340,132 21,139 n/m 2,973 n/m 24,112 n/m n/m n/m
Total Growth $ 9,293,210 $ 4,915,738 $ 4,319,871 **** 1.0x $ 570,128 **** 2.7x $ 4,889,999 **** 1.1x n/m (1)%
Strategic Partners (Secondaries) ****
Strategic Partners<br>I-V (Various) (i) 11,035,527 9,572 2,069 n/a 16,796,758 n/a 16,798,827 1.7x n/a 13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i) 4,362,772 389,502 518,852 n/a 4,567,245 n/a 5,086,097 1.7x n/a 13%
Strategic Partners VII (May 2016 / Mar 2019) (i) 7,489,970 1,614,768 2,584,678 n/a 8,166,524 n/a 10,751,202 1.9x n/a 15%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i) 1,749,807 527,229 1,388,563 n/a 1,287,984 n/a 2,676,547 1.9x n/a 15%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i) 10,763,600 3,468,620 7,347,452 n/a 7,910,683 n/a 15,258,135 1.8x n/a 20%
*Strategic Partners Real Estate, SMA and Other (Various) (i) 7,055,591 1,696,662 2,514,241 n/a 2,789,504 n/a 5,303,745 1.4x n/a 11%
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024)<br>(i) 3,250,100 775,031 2,667,439 n/a 647,888 n/a 3,315,327 1.6x n/a 18%
*Strategic Partners IX (Oct 2021 / Jan 2027) (i) 19,692,625 2,411,530 15,275,469 n/a 1,107,668 n/a 16,383,137 1.5x n/a 20%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026)<br>(i) 2,095,211 548,672 1,188,537 n/a 11,152 n/a 1,199,689 1.1x n/a (0)%
*Strategic Partners Infrastructure IV (Jul 2024 / Jun 2029) (i) 4,837,949 3,949,312 72,929 n/a - n/a 72,929 n/m n/a n/m
Total Strategic Partners (Secondaries) $ 72,333,152 $ 15,390,898 $ 33,560,229 **** n/a $ 43,285,406 **** n/a $ 76,845,635 **** 1.6x n/a 14%
Life Sciences ****
Clarus IV (Jan 2018 / Jan 2020) 910,000 53,548 707,236 2.1x 586,755 1.4x 1,293,991 1.7x 6% 9%
BXLS V (Jan 2020 / Mar 2025) 5,049,637 2,405,730 4,986,181 2.1x 1,122,095 1.6x 6,108,276 2.0x 10% 19%
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 73,068 0.6x 6,678,087 1.4x 6,751,155 1.4x n/a 9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) 6,639,133 1,075,107 1,363,156 0.9x 9,398,065 1.6x 10,761,221 1.5x n/a 12%
Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025) 5,016,771 1,333,750 4,013,047 1.2x 2,902,069 1.6x 6,915,116 1.3x n/a 13%
*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029) 4,679,221 4,589,329 90,283 1.0x - n/a 90,283 1.0x n/a n/m
Total Mezzanine / Opportunistic $ 22,455,125 $ 7,991,446 $ 5,539,554 1.1x $ 23,787,334 1.5x $ 29,326,888 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 68,114 0.1x 5,505,789 1.2x 5,573,903 1.1x n/a 1%
Stressed / Distressed III (Dec 2017 / Dec 2022) 7,356,380 1,189,110 1,329,227 0.8x 5,665,789 1.6x 6,995,016 1.3x n/a 10%
Total Stressed / Distressed $ 15,734,523 $ 1,736,540 $ 1,397,341 0.6x $ 16,948,676 1.3x $ 18,346,017 1.2x n/a 7%
European Senior Debt I (Feb 2015 / Feb 2019) € 1,964,689 € 65,697 € 171,576 0.3x € 2,981,872 1.3x € 3,153,448 1.1x n/a 1%
European Senior Debt II (Jun 2019 / Jun 2023) (j) 4,088,344 917,816 2,424,198 0.9x 4,542,977 1.7x 6,967,175 1.3x n/a 9%
Total European Senior Debt € 6,053,033 € 983,513 € 2,595,774 0.8x € 7,524,849 1.5x € 10,120,623 1.2x n/a 6%
Energy I (Nov 2015 / Nov 2018) $ 2,856,867 $ 1,154,819 $ 172,321 0.8x $ 3,430,854 1.6x $ 3,603,175 1.5x n/a 10%
Energy II (Feb 2019 / Jun 2023) 3,616,081 1,464,279 540,936 1.0x 3,325,048 1.4x 3,865,984 1.3x n/a 15%
*Energy III (May 2023 / May 2028) 6,477,000 3,273,735 4,354,427 1.1x 314,738 1.1x 4,669,165 1.1x n/a 14%
Total Energy $ 12,949,948 $ 5,892,833 $ 5,067,684 1.1x $ 7,070,640 1.5x $ 12,138,324 1.3x n/a 12%
*Senior Direct Lending I (Dec 2023 / Dec 2025) (k) 2,057,661 406,816 2,365,952 1.1x 80,770 1.1x 2,446,722 1.1x n/a 10%
Total Credit Drawdown Funds (l) $ 60,102,916 $ 17,183,263 $ 17,420,564 **** 1.0x $ 56,876,948 **** 1.5x $ 74,297,512 **** 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<br>meaningful” generally due to the limited time<br> <br>since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences.<br> <br>* Represents funds that are currently in their<br>investment period. Blackstone 20
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INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025^(a)^ –(CONT’D)

Selected Perpetual CapitalStrategies^(m)^

($/€ in thousands, except where noted) Investment Total Total Net
Strategy (Inception Year) Strategy AUM Return (n)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (o) Core+ Real Estate $ 63,109,088 4%
BREIT - Blackstone Real Estate Income Trust (2017) (p) Core+ Real Estate 53,010,834 9%
BREIT - Class I (q) Core+ Real Estate 9%
BXMT - Blackstone Mortgage Trust (2013) (r) Real Estate Debt 6,017,154 6%
Private Equity
BXGP – Blackstone GP Stakes (2014) (s) Minority GP Interests 10,707,425 13%
BIP - Blackstone Infrastructure Partners (2019) (t) Infrastructure 55,704,659 17%
BXPE - Blackstone Private Equity Strategies Fund Program (2024)<br>(u) Private Equity 14,988,879 16%
BXPE - Class I (v) Private Equity 16%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (w) U.S. Direct Lending 16,560,625 11%
BCRED - Blackstone Private Credit Fund (2021) (x) U.S. Direct Lending 84,996,509 10%
BCRED - Class I (y) U.S. Direct Lending 10%
ECRED - Blackstone European Credit Fund (2022) (z) European Direct Lending € 3,388,923 10%
ECRED - Class I (aa) European Direct Lending 10%

Investment Records as of September 30, 2025 - Notes

(a) Excludes investment vehicles where Blackstone does not earn fees.
(b) Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.
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(c) Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and<br>Performance Revenues, divided by invested capital.
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(d) Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception<br>to September 30, 2025 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.<br>Initial inception date of cash flows may differ from the Investment Period Beginning Date.
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(e) The 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment<br>opportunity. Overall BREP International I-II performance reflects a 10% Realized Net IRR and a 10% Total Net IRR.
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(f) BREP Co-Investment represents<br>co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized<br>value, as applicable, after management fees, expenses and Performance Revenues.
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(g) BREDS High-Yield represents the flagship real estate debt drawdown funds only.
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(h) Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile<br>and longer hold period than traditional private equity.
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(i) Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total<br>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<br>Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.
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(j) European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds<br>within the strategy. The total net returns were 13% and 7%, respectively, for the levered and unlevered funds of the strategy.
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(k) Senior Direct Lending I IRR represents the blended return across the commingled levered and unlevered funds<br>within the strategy. The total net returns were 12% and 8%, respectively, for the levered and unlevered funds of the strategy.
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The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not<br>meaningful” generally due to the limited time<br> <br>since initial investment. n/a represents “not applicable”. Notes continue on page 22. Blackstone 21
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INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025^(a)^ –(CONT’D)

(l) Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR<br>of the credit drawdown funds presented.
(m) Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of<br>(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.
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(n) Unless otherwise indicated, Total Net Return represents the annualized inception to September 30, 2025 IRR<br>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<br>flows occurred during the Inception Year.
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(o) BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of September 30, 2025, these vehicles<br>represented $4.4 billion of Total AUM.
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(p) The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class,<br>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<br>Net Return is presented on an annualized basis and is from January 1, 2017.
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(q) Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance<br>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<br>an annualized basis and is from January 1, 2017.
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(r) The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception,<br>May 22, 2013, assuming reinvestment of all dividends received during the period.
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(s) Blackstone GP Stakes (“BXGP”) represents the aggregate Total AUM and Total Net Return of BSCH I and<br>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 September 30, 2025,<br>including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM is $12.7 billion.
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(t) BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of September 30, 2025, including co-investment vehicles that do not pay<br>fees, BIP Total AUM is $67.3 billion.
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(u) The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single<br>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<br>particular vehicle, investor or share class. For purposes of calculating the blended return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of September 30, 2025. Total<br>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<br>September 30, 2025. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.
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(v) Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program’s largest<br>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<br>the Class I shares. For purposes of calculating the blended Class I return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of September 30, 2025. Class I Total<br>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.
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(w) The BXSL Total AUM and Total Net Return are presented as of June 30, 2025. BXSL Total Net Return reflects<br>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<br>annualized basis and are from November 20, 2018.
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(x) The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class,<br>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<br>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<br>September 30, 2025 was $46.7 billion.
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(y) Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance<br>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<br>an annualized basis and is from January 7, 2021.
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(z) The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class,<br>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.<br>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<br>September 30, 2025 was €1.7 billion.
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(aa) Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance<br>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<br>basis and is from October 3, 2022.
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Blackstone 22
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SHAREHOLDER DIVIDENDS

§ Generated $1.52 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $3.82 per common share.
§ Blackstone declared a quarterly dividend of $1.29 per common share to record holders as of November 3, 2025; payable on November 10, 2025.
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% Change % Change
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ in thousands, except per share data) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 vs. 3Q’24 3Q’24 YTD 3Q’25 YTD vs. 3Q’24 YTD
Distributable Earnings $ 1,278,650 $ 2,169,493 $ 1,410,805 $ 1,565,763 $ 1,889,487 48% $ 3,797,249 $ 4,866,055 28 %
Add: Other Payables Attributable to<br>Common<br>Shareholders 73,491 185,782 138,425 142,664 26,913 (63)% 328,691 308,002 (6 )%
DE Before Certain Payables 1,352,141 2,355,275 1,549,230 1,708,427 1,916,400 42% 4,125,940 5,174,057 25 %
Percent to Common Shareholders 63% 63% 63% 64% 64% 63% 64%
DE Before Certain Payables Attributable to Common Shareholders 849,966 1,482,636 980,440 1,086,833 1,220,339 44% 2,585,886 3,287,612 27 %
Less: Other Payables Attributable to<br>Common<br>Shareholders (73,491 ) (185,782 ) (138,425 ) (142,664 ) (26,913 ) (63)% (328,691 ) (308,002 ) (6 )%
DE Attributable to Common Shareholders 776,475 1,296,854 842,015 944,169 1,193,426 54% 2,257,195 2,979,610 32 %
DE per Common Share $ 1.01 **** $ 1.69 **** $ 1.09 **** $ 1.21 **** $ 1.52 **** **** 50% $ 2.95 **** $ 3.82 **** **** 29 %
Less: Retained Capital per Common Share $ (0.15 ) $ (0.25 ) $ (0.16 ) $ (0.18 ) $ (0.23 ) 53% $ (0.44 ) $ (0.57 ) 30 %
Actual Dividend per Common Share $ 0.86 **** $ 1.44 **** $ 0.93 **** $ 1.03 **** $ 1.29 **** **** 50% $ 2.51 **** $ 3.25 **** **** 29 %
Record Date Nov 3, 2025
Payable Date Nov 10, 2025
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.<br> <br>See additional notes on page 35. Blackstone 23
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SHARE SUMMARY

§ Distributable Earnings Shares Outstanding as of quarter end of 1,229 million shares.
– Repurchased 0.2 million common shares in the quarter and 0.9 million common shares over the LTM.
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– Available authorization remaining was $1.7 billion at September 30, 2025.
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3Q’24 4Q’24 1Q’25 2Q’25 3Q’25
--- --- --- --- --- --- --- --- --- --- ---
Participating Common Shares 767,895,244 768,722,241 773,038,934 782,567,390 782,728,403
Participating Partnership Units 453,685,697 452,448,896 448,468,715 447,574,842 446,455,699
Distributable Earnings Shares Outstanding **** 1,221,580,941 **** 1,221,171,137 **** 1,221,507,649 **** 1,230,142,232 **** 1,229,184,102
Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends. Blackstone 24
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Reconciliations and Disclosures

Blackstone 25

BLACKSTONE’S THIRD QUARTER 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share data) (unaudited) 3Q’24 3Q’25 3Q’24 YTD 3Q’25 YTD 3Q’24 LTM 3Q’25 LTM
Revenues
Management and<br>Advisory Fees, Net $ 1,794,894 $ 2,056,248 $ 5,309,355 $ 5,996,060 $ 6,957,487 $ 7,875,641
Incentive Fees 191,794 200,675 559,434 587,914 799,851 992,658
Investment<br>Income
Performance Allocations
Realized 414,755 997,296 1,598,913 2,389,166 2,220,086 4,247,999
Unrealized 1,154,918 (215,818 ) 1,723,090 360,666 739,443 (991,017 )
Principal<br>Investments
Realized 95,235 152,652 247,877 435,365 294,494 519,746
Unrealized (1,864 ) (238,658 ) 427,983 285,446 82,817 238,054
Total Investment Income 1,663,044 695,472 3,997,863 3,470,643 3,336,840 4,014,782
Interest and<br>Dividend Revenue 109,774 107,538 312,612 305,347 480,986 403,894
Other (96,312 ) 28,702 (31,861 ) (269,971 ) (142,741 ) (114,417 )
TotalRevenues $ 3,663,194 **** $ 3,088,635 **** $ 10,147,403 **** $ 10,089,993 **** $ 11,432,423 **** $ 13,172,558 ****
Expenses
Compensation and<br>Benefits
Compensation 732,041 845,659 2,293,491 2,745,379 2,925,368 3,500,117
Incentive Fee<br>Compensation 73,464 61,882 224,310 186,274 312,437 335,550
Performance Allocations<br>Compensation
Realized 169,740 354,765 689,370 927,846 919,619 1,670,693
Unrealized 465,099 (31,547 ) 747,679 224,630 340,504 (383,028 )
Total Compensation<br>and Benefits 1,440,344 1,230,759 3,954,850 4,084,129 4,497,928 5,123,332
General, Administrative and<br>Other 340,945 383,580 1,022,823 1,076,770 1,312,514 1,415,856
Interest<br>Expense 111,337 126,288 328,156 380,225 436,888 495,757
Fund Expenses 3,470 10,060 13,380 36,598 13,449 42,894
TotalExpenses $ 1,896,096 **** $ 1,750,687 **** $ 5,319,209 **** $ 5,577,722 **** $ 6,260,779 **** $ 7,077,839 ****
Other Income (Loss)
Change in Tax<br>Receivable Agreement Liability - - - - (29,083 ) (41,246 )
Net Gains (Losses) from Fund<br>Investment Activities 42,842 108,634 70,009 302,539 (89,278 ) 322,614
Total OtherIncome (Loss) $ 42,842 **** $ 108,634 **** $ 70,009 **** $ 302,539 **** $ (118,361) **** $ 281,368 ****
Income BeforeProvision for Taxes $ 1,809,940 **** $ 1,446,582 **** $ 4,898,203 **** $ 4,814,810 **** $ 5,053,283 **** $ 6,376,087 ****
Provision for<br>Taxes 245,303 209,657 789,220 742,978 835,177 975,429
NetIncome $ 1,564,637 **** $ 1,236,925 **** $ 4,108,983 **** $ 4,071,832 **** $ 4,218,106 **** $ 5,400,658 ****
Net Income (Loss)<br>Attributable to Redeemable Non-Controlling<br>  Interests in Consolidated Entities (22,184 ) 29,008 (61,595 ) 55,117 (225,524 ) 55,423
Net Income Attributable to<br>Non-Controlling<br>  Interests in Consolidated Entities 202,929 125,890 406,339 467,273 445,473 534,760
Net Income Attributable to Non-Controlling<br>  Interests in Blackstone Holdings 603,057 457,110 1,691,604 1,545,429 1,773,722 2,102,589
Net IncomeAttributable to Blackstone Inc. $ 780,835 **** $ 624,917 **** $ 2,072,635 **** $ 2,004,013 **** $ 2,224,435 **** $ 2,707,886 ****
Net Income Per Share ofCommon Stock, Basic $ 1.02 **** $ 0.80 **** $ 2.71 **** $ 2.57 **** $ 2.91 **** $ 3.49 ****
Net Income Per Share of Common Stock,Diluted $ 1.02 **** $ 0.80 **** $ 2.71 **** $ 2.57 **** $ 2.91 **** $ 3.49 ****
Blackstone 26
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RECONCILIATION OF GAAP TO NON-GAAP MEASURES

QTD YTD LTM
($ in thousands) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 3Q’24 3Q’25 3Q’24 3Q’25
Net Income Attributable to Blackstone Inc. $ 780,835 **** $ 703,873 **** $ 614,852 **** $ 764,244 **** $ 624,917 **** $ 2,072,635 **** $ 2,004,013 **** $ 2,224,435 **** $ 2,707,886 ****
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 603,057 557,160 485,475 602,844 457,110 1,691,604 1,545,429 1,773,722 2,102,589
Net Income Attributable to<br>Non-Controlling Interests in Consolidated Entities 202,929 67,487 100,547 240,836 125,890 406,339 467,273 445,473 534,760
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (22,184 ) 306 7,900 18,209 29,008 (61,595 ) 55,117 (225,524 ) 55,423
Net Income $ 1,564,637 **** $ 1,328,826 **** $ 1,208,774 **** $ 1,626,133 **** $ 1,236,925 **** $ 4,108,983 **** $ 4,071,832 **** $ 4,218,106 **** $ 5,400,658 ****
Provision for Taxes 245,303 232,451 243,827 289,494 209,657 789,220 742,978 835,177 975,429
Income Before Provision for Taxes $ 1,809,940 **** $ 1,561,277 **** $ 1,452,601 **** $ 1,915,627 **** $ 1,446,582 **** $ 4,898,203 **** $ 4,814,810 **** $ 5,053,283 **** $ 6,376,087 ****
Transaction-Related and Non-Recurring Items (a) (394 ) (393 ) 18,824 10,381 (9,412 ) 56,765 19,793 65,647 19,400
Amortization of Intangibles (b) 7,333 7,333 7,333 7,333 7,333 21,999 21,999 29,346 29,332
Impact of Consolidation (c) (180,745 ) (67,793 ) (108,447 ) (259,045 ) (154,898 ) (344,744 ) (522,390 ) (219,949 ) (590,183 )
Unrealized Performance Revenues (d) (1,154,905 ) 1,351,673 (263,201 ) (313,256 ) 215,872 (1,723,080 ) (360,585 ) (739,438 ) 991,088
Unrealized Performance Allocations Compensation<br>(e) 465,099 (607,658 ) 103,559 152,618 (31,547 ) 747,679 224,630 340,504 (383,028 )
Unrealized Principal Investment (Income) Loss (f) 90,254 42,729 (161,257 ) (294,093 ) 216,084 (314,597 ) (239,266 ) 45,066 (196,537 )
Other Revenues (g) 96,329 (155,207 ) 73,635 225,083 (28,702 ) 32,041 270,016 142,974 114,809
Equity-Based Compensation (h) 262,798 283,149 471,302 312,018 301,562 875,973 1,084,882 1,061,942 1,368,031
Administrative Fee Adjustment (i) 3,219 3,429 4,186 4,112 4,097 8,161 12,395 10,583 15,824
Taxes and Related Payables (j) (120,278 ) (249,046 ) (187,730 ) (195,015 ) (77,484 ) (461,151 ) (460,229 ) (604,529 ) (709,275 )
Distributable Earnings $ 1,278,650 **** $ 2,169,493 **** $ 1,410,805 **** $ 1,565,763 **** $ 1,889,487 **** $ 3,797,249 **** $ 4,866,055 **** $ 5,185,429 **** $ 7,035,548 ****
Taxes and Related Payables (j) 120,278 249,046 187,730 195,015 77,484 461,151 460,229 604,529 709,275
Net Interest and Dividend (Income) Loss<br>(k) 1,731 18,480 20,530 24,643 18,552 14,957 63,725 (50,271 ) 82,205
Total Segment DistributableEarnings $ 1,400,659 **** $ 2,437,019 **** $ 1,619,065 **** $ 1,785,421 **** $ 1,985,523 **** $ 4,273,357 **** $ 5,390,009 **** $ 5,739,687 **** $ 7,827,028 ****
Realized Performance Revenues (l) (342,669 ) (865,080 ) (460,023 ) (553,121 ) (744,953 ) (1,421,951 ) (1,758,097 ) (2,115,164 ) (2,623,177 )
Realized Performance Compensation (m) 157,570 289,595 220,924 256,624 302,642 661,651 780,190 949,279 1,069,785
Realized Principal Investment (Income) Loss<br>(n) (40,403 ) (25,613 ) (117,910 ) (29,421 ) (62,535 ) (66,913 ) (209,866 ) (86,115 ) (235,479 )
Fee Related Earnings $ 1,175,157 **** $ 1,835,921 **** $ 1,262,056 **** $ 1,459,503 **** $ 1,480,677 **** $ 3,446,144 **** $ 4,202,236 **** $ 4,487,687 **** $ 6,038,157 ****
Adjusted EBITDA Reconciliation
Distributable Earnings $ 1,278,650 **** $ 2,169,493 **** $ 1,410,805 **** $ 1,565,763 **** $ 1,889,487 **** $ 3,797,249 **** $ 4,866,055 **** $ 5,185,429 **** $ 7,035,548 ****
Interest Expense (o) 111,326 117,027 117,950 125,033 126,090 327,390 369,073 435,558 486,100
Taxes and Related Payables (j) 120,278 249,046 187,730 195,015 77,484 461,151 460,229 604,529 709,275
Depreciation and Amortization (p) 24,685 22,682 22,226 26,642 24,015 76,074 72,883 101,325 95,565
Adjusted EBITDA $ 1,534,939 **** $ 2,558,248 **** $ 1,738,711 **** $ 1,912,453 **** $ 2,117,076 **** $ 4,661,864 **** $ 5,768,240 **** $ 6,326,841 **** $ 8,326,488 ****
Notes on pages 28-29. Blackstone 27
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RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

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

(a) This adjustment removes Transaction-Related and<br>Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related <br>and Non-Recurring Items arise from corporate actions<br>including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, <br>losses, or other charges, if any. They consist primarily of equity-based compensation charges,<br>gains and losses on contingent consideration arrangements, <br>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 <br>with these corporate<br>actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of<br><br>Blackstone’s operational performance.
(b) This adjustment removes the amortization of transaction-related intangibles, which are excluded from<br>Blackstone’s segment presentation.
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(c) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from<br>Blackstone’s segment presentation. This adjustment <br>includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated <br>operating partnerships held<br>by non-controlling interests.
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(d) This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment<br>represents the add back of performance <br>revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
--- ---
QTD YTD LTM
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ in thousands) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 3Q’24 3Q’25 3Q’24 3Q’25
GAAP Unrealized Performance Allocations $ 1,154,918 $ (1,351,683 ) $ 263,201 $ 313,283 $ (215,818 ) $ 1,723,090 $ 360,666 $ 739,443 $ (991,017 )
Segment Adjustment (13 ) 10 - (27 ) (54 ) (10 ) (81 ) (5 ) (71 )
Unrealized Performance Revenues $ 1,154,905 $ (1,351,673 ) $ 263,201 $ 313,256 $ (215,872 ) $ 1,723,080 $ 360,585 $ 739,438 $ (991,088 )
(e)   This adjustment removes Unrealized Performance Allocations Compensation.<br><br><br>(f)  This adjustment removes Unrealized Principal Investment Income on a segment basis. The Segment Adjustment<br>represents (1) the add back of Principal <br>Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) <br>the removal of amounts associated with the<br>ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
QTD YTD LTM
($ in thousands) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 3Q’24 3Q’25 3Q’24 3Q’25
GAAP Unrealized Principal Investment<br>Income (Loss) $ (1,864 ) $ (47,392 ) $ 158,713 $ 365,391 $ (238,658 ) $ 427,983 $ 285,446 $ 82,817 $ 238,054
Segment Adjustment (88,390 ) 4,663 2,544 (71,298 ) 22,574 (113,386 ) (46,180 ) (127,883 ) (41,517 )
Unrealized Principal Investment<br>Income (Loss) $ (90,254 ) $ (42,729 ) $ 161,257 $ 294,093 $ (216,084 ) $ 314,597 $ 239,266 $ (45,066 ) $ 196,537
(g)   This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the<br>removal of certain Transaction-Related and Non-<br>Recurring Items.
QTD YTD LTM
($ in thousands) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 3Q’24 3Q’25 3Q’24 3Q’25
GAAP Other Revenue $ (96,312 ) $ 155,554 $ (73,610 ) $ (225,063 ) $ 28,702 $ (31,861 ) $ (269,971 ) $ (142,741 ) $ (114,417 )
Segment Adjustment (17 ) (347 ) (25 ) (20 ) - (180 ) (45 ) (233 ) (392 )
Other Revenues $ (96,329 ) $ 155,207 $ (73,635 ) $ (225,083 ) $ 28,702 $ (32,041 ) $ (270,016 ) $ (142,974 ) $ (114,809 )
(h) This adjustment removes Equity-Based Compensation on a segment basis.
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(i) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders<br>of Blackstone Holdings Partnership <br>Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in <br>Blackstone’s segment presentation.<br>
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Blackstone 28
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RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D)

(j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision<br>(benefit) calculated on Income (Loss) Before Provision <br>(Benefit) for Taxes and adjusted for impacts of divestitures and tax contingencies. For interim periods, taxes are calculated using the preferred <br>annualized effective tax rate approach.<br>Related Payables represent tax-related payables including the amount payable to holders of the Tax Receivable <br>Agreements based on expected tax savings generated in the current period. Please refer to page<br>36 for the full definition of Taxes and Related Payables.
QTD YTD LTM
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ in thousands) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 3Q’24 3Q’25 3Q’24 3Q’25
Taxes $ 95,483 $ 211,496 $ 162,535 $ 167,162 $ 49,719 $ 393,012 $ 379,416 $ 514,167 $ 590,912
Related Payables 24,795 37,550 25,195 27,853 27,765 68,139 80,813 90,362 118,363
Taxes and Related Payables $ 120,278 $ 249,046 $ 187,730 $ 195,015 $ 77,484 $ 461,151 $ 460,229 $ 604,529 $ 709,275
(k)   This adjustment removes Interest and Dividend Revenue less Interest Expense on<br>a segment basis. The Segment Adjustment represents (1) the add back of <br>Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest <br>expense<br>associated with the Tax Receivable Agreement.
QTD YTD LTM
($ in thousands) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 3Q’24 3Q’25 3Q’24 3Q’25
GAAP Interest and Dividend Revenue $ 109,774 $ 98,547 $ 97,420 $ 100,389 $ 107,538 $ 312,612 $ 305,347 $ 480,986 $ 403,894
Segment Adjustment (179 ) - - 1 - (179 ) 1 4,843 1
Interest and Dividend Revenue $ 109,595 $ 98,547 $ 97,420 $ 100,390 $ 107,538 $ 312,433 $ 305,348 $ 485,829 $ 403,895
GAAP Interest Expense $ 111,337 $ 115,532 $ 118,115 $ 135,822 $ 126,288 $ 328,156 $ 380,225 $ 436,888 $ 495,757
Segment Adjustment (11 ) 1,495 (165 ) (10,789 ) (198 ) (766 ) (11,152 ) (1,330 ) (9,657 )
Interest Expense $ 111,326 $ 117,027 $ 117,950 $ 125,033 $ 126,090 $ 327,390 $ 369,073 $ 435,558 $ 486,100
Net Interest and Dividend Income (Loss) $ (1,731 ) $ (18,480 ) $ (20,530 ) $ (24,643 ) $ (18,552 ) $ (14,957 ) $ (63,725 ) $ 50,271 $ (82,205 )
(l)  This adjustment removes the total segment amount of Realized Performance Revenues.<br><br><br>(m)  This adjustment removes the total segment amount of Realized Performance<br>Compensation.<br> <br>(n)   This adjustment removes the total segment amount of Realized<br>Principal Investment Income.<br> <br>(o)   This adjustment adds back Interest Expense on<br>a segment basis, excluding interest expense related to the Tax Receivable Agreement.<br><br><br>(p)   This adjustment adds back Depreciation and Amortization on a segment basis.<br><br><br><br> <br>Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable EarningsShares Outstanding
---
QTD
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
3Q’24 4Q’24 1Q’25 2Q’25 3Q’25
GAAP Shares of Common Stock Outstanding 730,699,964 731,925,965 737,929,437 739,055,944 747,812,724
Unvested Participating Common Shares 37,195,280 36,796,276 35,109,497 43,511,446 34,915,679
Total Participating Common Shares 767,895,244 768,722,241 773,038,934 782,567,390 782,728,403
Participating Partnership Units 453,685,697 452,448,896 448,468,715 447,574,842 446,455,699
Distributable Earnings Shares Outstanding **** 1,221,580,941 **** 1,221,171,137 **** 1,221,507,649 **** 1,230,142,232 **** 1,229,184,102
Disclosure of Weighted-Average Shares Common StockOutstanding
QTD YTD LTM
3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 3Q’24 3Q’25 3Q’24 3Q’25
Total GAAP Weighted-Average Shares of Common Stock Outstanding -<br>Basic 768,230,595 768,689,957 771,796,385 782,386,121 782,633,394 765,747,924 778,978,328 763,838,483 776,385,092
Weighted-Average Shares of Unvested Deferred<br>Restricted Common Stock 49,771 80,028 638,217 15,116 47,741 185,402 233,692 170,729 195,276
Total GAAP Weighted-Average Shares of Common Stock Outstanding -Diluted **** 768,280,366 **** 768,769,985 **** 772,434,602 **** 782,401,237 **** 782,681,135 **** 765,933,326 **** 779,212,020 **** 764,009,212 **** 776,580,368
Blackstone 29
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BLACKSTONE’S THIRD QUARTER 2025 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

( in thousands) (unaudited) 4Q’24 1Q’25 2Q’25 3Q’25
Assets
Cash and Cash Equivalents 2,353,332 $ 1,972,140 $ 2,386,979 $ 2,235,499 $ 2,430,690
Cash Held by Blackstone Funds and Other 180,545 204,052 1,012,958 313,950 401,558
Investments 28,322,715 29,800,566 30,259,429 31,135,504 31,528,443
Accounts Receivable 300,004 237,930 221,200 357,858 543,209
Due from Affiliates 5,163,883 5,409,315 5,434,078 5,516,820 5,845,843
Intangible Assets, Net 174,265 165,243 156,269 147,294 140,458
Goodwill 1,890,202 1,890,202 1,890,202 1,890,202 1,890,202
Other Assets 933,990 947,859 929,107 877,000 900,582
Right-of-Use Assets 978,699 838,620 807,487 793,690 773,030
Deferred Tax Assets 2,277,807 2,003,948 2,157,920 2,105,277 2,100,275
Total Assets 42,575,442 **** $ 43,469,875 **** $ 45,255,629 **** $ 45,373,094 $ 46,554,290 ****
Liabilities and Equity
Loans Payable 10,752,246 $ 11,320,956 $ 12,454,559 $ 12,008,870 $ 12,002,650
Due to Affiliates 2,620,530 2,808,148 3,361,900 2,802,514 3,000,083
Accrued Compensation and<br>Benefits 6,398,365 6,087,700 6,164,503 6,065,974 6,385,958
Operating Lease Liabilities 1,136,671 965,742 937,369 918,887 886,135
Accounts Payable, Accrued Expenses<br>and Other Liabilities 2,202,689 2,792,314 2,472,395 2,497,969 2,918,023
Total Liabilities 23,110,501 **** **** 23,974,860 **** **** 25,390,726 **** **** 24,294,214 **** 25,192,849 ****
Redeemable<br>Non-Controlling Interests in Consolidated Entities 892,846 **** **** 801,399 **** **** 1,382,374 **** **** 1,487,129 **** 1,476,212 ****
Equity
Common Stock, 0.00001 par value<br>(747,812,724 shares issued and outstanding as of September 30, 2025) 7 7 7 7 7
Series I Preferred Stock, 0.00001 par value (1<br>share issued and outstanding as of September 30, 2025) - - - - -
Series II Preferred Stock, 0.00001<br>par value (1 share issued and outstanding as of September 30, 2025) - - - - -
Additional Paid-in-Capital 6,257,788 7,444,561 7,686,980 7,988,663 8,214,078
Retained Earnings 760,471 808,079 320,160 362,614 184,040
Accumulated Other Comprehensive Loss (10,609 ) (40,326 ) (29,027 ) 1,055 (5,602 )
Non-Controlling Interests in Consolidated Entities 6,015,967 6,154,943 6,400,585 6,847,785 7,162,957
Non-Controlling Interests in Blackstone Holdings 5,548,471 4,326,352 4,103,824 4,391,627 4,329,749
Total Equity 18,572,095 **** **** 18,693,616 **** **** 18,482,529 **** **** 19,591,751 **** 19,885,229 ****
Total Liabilities and Equity 42,575,442 **** $ 43,469,875 **** $ 45,255,629 **** $ 45,373,094 $ 46,554,290 ****

All values are in US Dollars.

See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures. Blackstone 30

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

($ in thousands) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25
Investments of Consolidated Blackstone Funds $ 3,873,027 $ 3,890,732 $ 4,589,194 $ 5,101,278 $ 5,507,078
Equity Method Investments
Partnership Investments 6,295,704 6,546,728 6,740,598 6,942,526 6,936,411
Accrued Performance Allocations 12,411,485 12,397,366 12,522,848 12,054,879 11,933,738
Corporate Treasury Investments 147,642 1,147,328 106,684 229,497 262,582
Other Investments 5,594,857 5,818,412 6,300,105 6,807,324 6,888,634
Total GAAP Investments **** 28,322,715 **** **** 29,800,566 **** **** 30,259,429 **** **** 31,135,504 **** **** 31,528,443 ****
Accrued Performance Allocations - GAAP $ 12,411,485 **** $ 12,397,366 **** $ 12,522,848 **** $ 12,054,879 **** $ 11,933,738 ****
Impact of Consolidation (a) - - - - -
Due from Affiliates - GAAP (b) 253,490 489,086 249,376 229,359 215,647
Less: Net Realized Performance Revenues (c) (141,896 ) (1,050,026 ) (927,240 ) (456,507 ) (379,797 )
Less: Accrued Performance Compensation - GAAP (d) (5,531,520 ) (5,555,870 ) (5,446,352 ) (5,220,188 ) (5,258,769 )
Net Accrued Performance Revenues $ 6,991,559 **** $ 6,280,556 **** $ 6,398,632 **** $ 6,607,543 **** $ 6,510,819 ****
Corporate Treasury and Other Investments - GAAP $ 5,742,499 **** $ 6,965,740 **** $ 6,406,789 **** $ 7,036,821 **** $ 7,151,216 ****
Impact of Consolidation (a) 580,076 622,411 857,457 965,045 932,562
Other Assets (e) 250,996 159,011 180,761 337,228 563,415
Other Liabilities (f) (6,584 ) (4,024 ) (3,653 ) (3,190 ) (3,417 )
Corporate Treasury and Other Investments - Deconsolidated(g) $ 6,566,987 **** $ 7,743,138 **** $ 7,441,354 **** $ 8,335,904 **** $ 8,643,776 ****
Partnership Investments - GAAP $ 6,295,704 **** $ 6,546,728 **** $ 6,740,598 **** $ 6,942,526 **** $ 6,936,411 ****
Impact of Consolidation (h) (3,482,920 ) (3,482,497 ) (3,559,722 ) (3,653,037 ) (3,620,409 )
GP/Fund Investments - Deconsolidated $ 2,812,784 **** $ 3,064,231 **** $ 3,180,876 **** $ 3,289,489 **** $ 3,316,002 ****
Loans Payable - GAAP $ 10,752,246 **** $ 11,320,956 **** $ 12,454,559 **** $ 12,008,870 **** $ 12,002,650 ****
Impact of Consolidation (i) (107,715 ) (87,488 ) (266,568 ) (128,335 ) (328,044 )
Outstanding Debt - Carrying Value 10,644,531 11,233,468 12,187,991 11,880,535 11,674,606
Unamortized Discount 122,418 127,281 125,209 123,255 120,174
Outstanding Debt (at par) - Deconsolidated $ 10,766,949 **** $ 11,360,749 **** $ 12,313,200 **** $ 12,003,790 **** $ 11,794,780 ****
(a) This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated<br>in consolidation.
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(b) Represents GAAP accrued performance revenue recorded within Due from Affiliates.<br>
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(c) Represents Performance Revenues realized but not yet distributed as of the reporting date and are<br>included in Distributable Earnings in the period they are realized.
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(d) Represents GAAP accrued performance compensation associated with Accrued Performance Allocations<br>and is recorded within Accrued Compensation and Benefits and Due to Affiliates.
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(e) This adjustment adds other assets related to Treasury Operations that are recorded within Accounts<br>Receivable, reverse repurchase agreements and Due from Affiliates.
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(f) This adjustment adds other liabilities related to Treasury Operations that are recorded within<br>Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase Agreements and securities sold short, not yet purchased.
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(g) Deconsolidated Other Investments was $6.9 billion as of September 30, 2025, which was<br>comprised of $6.3 billion of liquid investments and $528 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<br>cash and may include securities and investments subject to lock-up periods.
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(h) This adjustment removes amounts associated with the ownership of Blackstone consolidated operating<br>partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.
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(i) This adjustment removes amounts related to consolidated Blackstone Funds.<br>
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Blackstone 31
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RECONCILIATION OF GAAP TO TOTAL SEGMENTS

QTD YTD LTM
($ in thousands) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 3Q’24 3Q’25 3Q’24 3Q’25
Management and Advisory Fees, Net
GAAP $ 1,794,894 $ 1,879,581 $ 1,904,317 $ 2,035,495 $ 2,056,248 $ 5,309,355 $ 5,996,060 $ 6,957,487 $ 7,875,641
Segment Adjustment (a) (8,160 ) (20,290 ) (12,319 ) (15,483 ) (14,428 ) (35,112 ) (42,230 ) (29,413 ) (62,520 )
Total Segment $ 1,786,734 **** $ 1,859,291 **** $ 1,891,998 **** $ 2,020,012 **** $ 2,041,820 **** $ 5,274,243 **** $ 5,953,830 **** $ 6,928,074 **** $ 7,813,121 ****
GAAP Realized Performance Revenues to TotalSegment Fee Related Performance Revenues ****
GAAP
Incentive Fees 191,794 404,744 191,825 195,414 200,675 559,434 587,914 799,851 992,658
Investment Income - Realized Performance<br>Allocations 414,755 1,858,833 562,050 829,820 997,296 1,598,913 2,389,166 2,220,086 4,247,999
GAAP $ 606,549 **** $ 2,263,577 **** $ 753,875 **** $ 1,025,234 **** $ 1,197,971 **** $ 2,158,347 **** $ 2,977,080 **** $ 3,019,937 **** $ 5,240,657 ****
Total Segment
Less: Realized Performance Revenues (342,669 ) (865,080 ) (460,023 ) (553,121 ) (744,953 ) (1,421,951 ) (1,758,097 ) (2,115,164 ) (2,623,177 )
Segment Adjustment (b) 221 779 63 (63 ) - 273 - 890 779
Total Segment $ 264,101 **** $ 1,399,276 **** $ 293,915 **** $ 472,050 **** $ 453,018 **** $ 736,669 **** $ 1,218,983 **** $ 905,663 **** $ 2,618,259 ****
GAAP Compensation to Total Segment FeeRelated Compensation ****
GAAP
Compensation 732,041 754,738 1,029,362 870,358 845,659 2,293,491 2,745,379 2,925,368 3,500,117
Incentive Fees Compensation 73,464 149,276 57,029 67,363 61,882 224,310 186,274 312,437 335,550
Realized Performance Allocations Compensation 169,740 742,847 241,890 331,191 354,765 689,370 927,846 919,619 1,670,693
GAAP $ 975,245 **** $ 1,646,861 **** $ 1,328,281 **** $ 1,268,912 **** $ 1,262,306 **** $ 3,207,171 **** $ 3,859,499 **** $ 4,157,424 **** $ 5,506,360 ****
Total Segment
Less: Realized Performance Compensation (157,570 ) (289,595 ) (220,924 ) (256,624 ) (302,642 ) (661,651 ) (780,190 ) (949,279 ) (1,069,785 )
Less: Equity-Based Compensation - Fee Related Compensation (259,265 ) (278,849 ) (464,053 ) (306,495 ) (296,506 ) (864,205 ) (1,067,054 ) (1,046,253 ) (1,345,903 )
Less: Equity-Based Compensation - Performance<br>Compensation (3,533 ) (4,300 ) (7,249 ) (5,523 ) (5,056 ) (11,768 ) (17,828 ) (15,689 ) (22,128 )
Segment Adjustment (c) (22 ) 3,360 (19,073 ) 46 (11 ) (7,702 ) (19,038 ) (13,950 ) (15,678 )
Total Segment $ 554,855 **** $ 1,077,477 **** $ 616,982 **** $ 700,316 **** $ 658,091 **** $ 1,661,845 **** $ 1,975,389 **** $ 2,132,253 **** $ 3,052,866 ****
GAAP General, Administrative and Other toTotal Segment Other Operating Expenses ****
GAAP $ 340,945 **** $ 339,086 **** $ 332,373 **** $ 360,817 **** $ 383,580 **** $ 1,022,823 **** $ 1,076,770 **** $ 1,312,514 **** $ 1,415,856 ****
Segment Adjustment (d) (20,122 ) 6,083 (25,498 ) (28,574 ) (27,510 ) (119,900 ) (81,582 ) (98,717 ) (75,499 )
Total Segment $ 320,823 **** $ 345,169 **** $ 306,875 **** $ 332,243 **** $ 356,070 **** $ 902,923 **** $ 995,188 **** $ 1,213,797 **** $ 1,340,357 ****
Realized Performance Revenues ****
GAAP
Incentive Fees 191,794 404,744 191,825 195,414 200,675 559,434 587,914 799,851 992,658
Investment Income - Realized Performance<br>Allocations 414,755 1,858,833 562,050 829,820 997,296 1,598,913 2,389,166 2,220,086 4,247,999
GAAP $ 606,549 **** $ 2,263,577 **** $ 753,875 **** $ 1,025,234 **** $ 1,197,971 **** $ 2,158,347 **** $ 2,977,080 **** $ 3,019,937 **** $ 5,240,657 ****
Total Segment
Less: Fee Related Performance Revenues (264,101 ) (1,399,276 ) (293,915 ) (472,050 ) (453,018 ) (736,669 ) (1,218,983 ) (905,663 ) (2,618,259 )
Segment Adjustment (b) 221 779 63 (63 ) - 273 - 890 779
Total Segment $ 342,669 **** $ 865,080 **** $ 460,023 **** $ 553,121 **** $ 744,953 **** $ 1,421,951 **** $ 1,758,097 **** $ 2,115,164 **** $ 2,623,177 ****
Blackstone 32
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RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D)

QTD YTD LTM
($ in thousands) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 3Q’24 3Q’25 3Q’24 3Q’25
Realized Performance Compensation
GAAP
Incentive Fee Compensation $ 73,464 $ 149,276 $ 57,029 $ 67,363 $ 61,882 $ 224,310 $ 186,274 $ 312,437 $ 335,550
Realized Performance Allocations<br>Compensation 169,740 742,847 241,890 331,191 354,765 689,370 927,846 919,619 1,670,693
GAAP $ 243,204 **** $ 892,123 **** $ 298,919 **** $ 398,554 **** $ 416,647 **** $ 913,680 **** $ 1,114,120 **** $ 1,232,056 **** $ 2,006,243 ****
Total Segment
Less: Fee Related Performance Compensation<br>(e) (82,101 ) (598,228 ) (70,746 ) (136,407 ) (108,949 ) (240,261 ) (316,102 ) (267,088 ) (914,330 )
Less: Equity-Based Compensation - Performance Compensation (3,533 ) (4,300 ) (7,249 ) (5,523 ) (5,056 ) (11,768 ) (17,828 ) (15,689 ) (22,128 )
Total Segment $ 157,570 **** $ 289,595 **** $ 220,924 **** $ 256,624 **** $ 302,642 **** $ 661,651 **** $ 780,190 **** $ 949,279 **** $ 1,069,785 ****
Realized Principal Investment Income(Loss) ****
GAAP $ 95,235 **** $ 84,381 **** $ 185,542 **** $ 97,171 **** $ 152,652 **** $ 247,877 **** $ 435,365 **** $ 294,494 **** $ 519,746 ****
Segment Adjustment (f) (54,832 ) (58,768 ) (67,632 ) (67,750 ) (90,117 ) (180,964 ) (225,499 ) (208,379 ) (284,267 )
Total Segment $ 40,403 **** $ 25,613 **** $ 117,910 **** $ 29,421 **** $ 62,535 **** $ 66,913 **** $ 209,866 **** $ 86,115 **** $ 235,479 ****
GAAP Interest and Dividend Revenue net ofInterest Expense to Total Segment Net Interest and Dividend Income (Loss) ****
GAAP
Interest and Dividend Revenue 109,774 98,547 97,420 100,389 107,538 312,612 305,347 480,986 403,894
Interest Expense (111,337 ) (115,532 ) (118,115 ) (135,822 ) (126,288 ) (328,156 ) (380,225 ) (436,888 ) (495,757 )
GAAP $ (1,563 ) $ (16,985 ) $ (20,695 ) $ (35,433 ) $ (18,750 ) $ (15,544 ) $ (74,878 ) $ 44,098 **** $ (91,863 )
Segment Adjustment (g) (168 ) (1,495 ) 165 10,790 198 587 11,153 6,173 9,658
Total Segment $ (1,731 ) $ (18,480 ) $ (20,530 ) $ (24,643 ) $ (18,552 ) $ (14,957 ) $ (63,725 ) $ 50,271 **** $ (82,205 )

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

(a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds<br>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<br>are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.
(b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which<br>have been eliminated in consolidation.
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(c) Represents the removal of Transaction-Related and<br>Non-Recurring Items that are not recorded in the Total Segment measures.
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(d) Represents the (1) removal of Transaction-Related and<br>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<br>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<br>Blackstone’s segment presentation.
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(e) Fee related performance compensation may include equity based compensation based on fee related<br>performance revenues.
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(f) Represents (1) the add back of Principal Investment Income, including general partner<br>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.<br>
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(g) Represents (1) the add back of Interest and Dividend Revenue earned from consolidated<br>Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.<br>
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NOTES

Notes to page 4 - InvestmentPerformance 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<br>of BREIT’s monthly net asset values, BEPIF’s monthly net asset values, and the average of BPP’s net asset value.
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§ 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<br>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<br>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.
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§ Throughout this presentation, Infrastructure refers to our infrastructure-focused funds, including Blackstone Infrastructure Partners’ funds (“BIP”) and Blackstone Infrastructure Strategies<br>(“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<br>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.
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§ 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<br>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<br>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<br>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<br>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<br>March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.
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§ 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<br>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<br>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<br>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<br>performance of the Absolute Return Composite does not represent the performance of an actual fund or account.
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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 $617 million, $1.5 billion, $1.1 billion, and<br>$120 million, respectively, as of September 30, 2025. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).
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NOTES – (CONT’D)

Notes to page 23 –Shareholder Dividends

§ DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax<br>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.
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§ Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share was $180 million for 3Q’25 and $445 million for<br>3Q’25 YTD.
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DEFINITIONS AND DIVIDEND POLICY

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

§ Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess performance across<br>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<br>deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes<br>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)<br>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<br>Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).
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– Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income.
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§ 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<br>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<br>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.
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– 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,<br>and interest expense associated with the Tax Receivable Agreement.
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– 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<br>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<br>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<br>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<br>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<br>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<br>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.
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§ 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<br>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<br>(b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
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DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

– Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and<br>(b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.
– Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis, and (b) not dependent on<br>realization events from the underlying investments.
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– Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the Transaction-Related and<br>Non-Recurring Items that are not recorded in the Total Segment measures, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in<br>Blackstone’s segment presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital<br>contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
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– Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through<br>redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemption requests are limited in quantum. Includes co-investment capital with an investor<br>right to convert into Perpetual Capital.
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– FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and Fee Related Performance Revenues).
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§ Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or “Adjusted EBITDA”, is a supplemental measure used to assess performance derived from<br>Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related<br>Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
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§ Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.
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§ Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.
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– Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the<br>relevant performance plans previously awarded to them as a result of a compensation program that commenced in 2Q’21. The expectation is that for the full year 2025, Fee Related Compensation will be decreased by the total amount of additional<br>Performance Compensation awarded for the year. For 3Q’25 QTD, 3Q’25 YTD, 3Q’24 QTD and 3Q’24 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively<br>impacted Distributable Earnings for both the current year and prior year quarter and YTD periods. These changes typically have an impact on individual quarters but do not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings<br>for the full year.
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§ 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<br>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<br>affect period-to-period comparability and are not reflective of Blackstone’s operational performance.
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DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

Dividend Policy. Blackstone’s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone’s board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.

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FORWARD-LOOKING STATEMENTS

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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

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