Blackstone Inc 8-K, filed Oct 22, 2026

Blackstone Inc. (BX)

8-K 2026-10-22 For: 2026-10-22

Added on October 22, 2026

About this 8-K

Blackstone Inc filed this 8-K on October 22, 2026.

Blackstone reported third-quarter 2026 GAAP net income of $1.3 billion, FRE of $1.6 billion and DE of $1.7 billion, with $1,368.3 billion AUM and $63.3 billion quarterly inflows. It declared a $1.12 per share dividend payable November 9, 2026. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Exhibit No.		Description

99.1		Press release of Blackstone Inc. dated October 22, 2026.

104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


Name:		Michael S. Chae
Title:		Chief Financial Officer



($ in thousands, except per share data) (unaudited)	3Q’25			3Q’26		3Q’25 YTD			3Q’26 YTD		3Q’25 LTM			3Q’26 LTM

Revenues

Management and Advisory Fees, Net	$	2,056,248		$	2,178,108	$	5,996,060		$	6,592,734	$	7,875,641		$	8,672,275

Incentive Fees		200,675			172,729		587,914			497,228		992,658			887,516

Performance Allocations		781,478			204,637		2,749,832			3,543,577		3,256,982			5,099,051

Principal Investments		(86,006	)		369,729		720,811			648,153		757,800			873,278

Interest and Dividend Revenue		107,538			125,941		305,347			368,105		403,894			478,851

Other		28,702			11,744		(269,971	)		74,664		(114,417	)		73,762

Total Revenues	$	3,088,635		$	3,062,888	$	10,089,993		$	11,724,461	$	13,172,558		$	16,084,733

Expenses

Compensation and Benefits		1,230,759			1,066,272		4,084,129			4,624,822		5,123,332			6,161,222

General, Administrative and Other		383,580			416,358		1,076,770			1,198,289		1,415,856			1,646,067

Interest Expense		126,288			132,936		380,225			415,012		495,757			543,101

Fund Expenses		10,060			9,733		36,598			25,081		42,894			37,699

Total Expenses	$	1,750,687		$	1,625,299	$	5,577,722		$	6,263,204	$	7,077,839		$	8,388,089

Other Income	$	108,634		$	93,418	$	302,539		$	333,259	$	281,368		$	454,708

Income Before Provision for Taxes	$	1,446,582		$	1,531,007	$	4,814,810		$	5,794,516	$	6,376,087		$	8,151,352

Provision for Taxes		209,657			258,564		742,978			908,100		975,429			1,290,145

Net Income	$	1,236,925		$	1,272,443	$	4,071,832		$	4,886,416	$	5,400,658		$	6,861,207

Redeemable NCI in Consolidated Entities		29,008			3,486		55,117			29,650		55,423			20,033

Non-Redeemable NCI in Consolidated Entities		583,000			606,585		2,012,702			2,315,476		2,637,349			3,284,683

Net Income Attributable to Blackstone Inc.	$	624,917		$	662,372	$	2,004,013		$	2,541,290	$	2,707,886		$	3,556,491

Net Income Per Share of Common Stock, Basic	$	0.80		$	0.83	$	2.57		$	3.20	$	3.49		$	4.49

Net Income Per Share of Common Stock, Diluted	$	0.80		$	0.83	$	2.57		$	3.19	$	3.49		$	4.49


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.6 billion ($1.26/share) in the quarter – FRE was $6.4 billion over the last twelve months (“LTM”) ($5.20/share) § Distributable Earnings (“DE”) of $1.7 billion ($1.32/share) in the quarter – DE was $7.7 billion over the LTM ($5.95/share) § Net Accrued Performance Revenues of $7.3 billion ($5.84/share)


Capital Metrics		§ Total Assets Under Management (“AUM”) of $1,368.3 billion – Fee-Earning AUM of $989.7 billion – Perpetual Capital AUM of $562.3 billion § Inflows of $63.3 billion in the quarter and $271.6 billion over the LTM § Deployment of $30.1 billion in the quarter and $142.0 billion over the LTM § Realizations of $33.1 billion in the quarter and $147.0 billion over the LTM

Capital Returned to Shareholders		§ Dividend of $1.12 per common share payable on November 9, 2026 – Dividends of $5.06 per common share over the LTM § Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM § $1.5 billion to be distributed to shareholders with respect to the quarter and $6.7 billion over the LTM through dividends and share repurchases



($ in thousands, except per share data)	3Q’25			3Q’26			% Change vs. 3Q’25		3Q’25 YTD			3Q’26 YTD			% Change vs. 3Q’25 YTD

Management and Advisory Fees, Net	$	2,041,820		$	2,159,457			6%	$	5,953,830		$	6,542,561		10%

Fee Related Performance Revenues		453,018			540,129			19%		1,218,983			1,821,618		49%

Fee Related Compensation		(658,091	)		(745,083	)		13%		(1,975,389	)		(2,354,682	)	19%

Other Operating Expenses		(356,070	)		(382,451	)		7%		(995,188	)		(1,106,036	)	11%

Fee Related Earnings	$	1,480,677		$	1,572,052			6%	$	4,202,236		$	4,903,461		17%


Realized Performance Revenues		744,953			464,386			(38)%		1,758,097			1,975,765		12%

Realized Performance Compensation		(302,642	)		(185,452	)		(39)%		(780,190	)		(893,632	)	15%

Realized Principal Investment Income		62,535			52,599			(16)%		209,866			112,071		(47)%

Net Realizations		504,846			331,533			(34)%		1,187,773			1,194,204		1%

Total Segment Distributable Earnings	$	1,985,523		$	1,903,585			(4)%	$	5,390,009		$	6,097,665		13%


Distributable Earnings	$	1,889,487		$	1,715,678			(9)%	$	4,866,055		$	5,457,765		12%


Additional Metrics:

Net Income Per Share of Common Stock, Basic	$	0.80		$	0.83			4%	$	2.57		$	3.20		25%

FRE per Share	$	1.20		$	1.26			5%	$	3.42		$	3.95		15%

DE per Common Share	$	1.52		$	1.32			(13)%	$	3.82		$	4.20		10%

Total Segment Revenues	$	3,302,326		$	3,216,571			(3)%	$	9,140,776		$	10,452,015		14%

Total Assets Under Management	$	1,241,731,296		$	1,368,346,601			10%	$	1,241,731,296		$	1,368,346,601		10%

Fee-Earning Assets Under Management	$	906,221,028		$	989,664,711			9%	$	906,221,028		$	989,664,711		9%



	3Q’26			3Q’26 LTM

Real Estate

Opportunistic		(3.2	)%		(4.0	)%

Core+		1.6	%		4.3	%

Private Equity

Corporate Private Equity		2.8	%		14.7	%

Tactical Opportunities		2.2	%		8.9	%

Secondaries		4.3	%		9.3	%

Infrastructure		6.4	%		28.9	%

Credit & Insurance

Private Credit		2.6	%		6.7	%

Liquid Credit		1.5	%		3.7	%

Multi-Asset Investing

Absolute Return Composite		0.5	%		12.8	%



	Inflows				Capital Deployed				Realizations

($ in millions)	3Q’26		3Q’26 LTM		3Q’26		3Q’26 LTM		3Q’26		3Q’26 LTM

Real Estate	$	6,298	$	29,577	$	6,075	$	24,354	$	6,999	$	29,300

Opportunistic		712		2,944		1,764		8,070		3,136		11,162

Core+		3,325		14,200		787		3,271		2,140		8,424

Debt Strategies		2,261		12,434		3,524		13,013		1,723		9,714

Private Equity		12,627		77,821		8,842		50,682		9,839		46,228

Corporate Private Equity		4,564		34,942		4,190		28,193		4,600		24,772

Tactical Opportunities		1,293		4,371		641		2,799		2,352		7,387

Secondaries		3,080		25,144		1,950		13,241		1,836		10,548

Infrastructure		3,690		13,364		2,062		6,449		1,050		3,522

Credit & Insurance		35,796		142,795		13,413		62,122		15,423		68,183


Multi-Asset Investing		8,590		21,436		1,758		4,837		874		3,291


Total Blackstone	$	63,311	$	271,629	$	30,088	$	141,995	$	33,135	$	147,002



							% Change							% Change

($ in thousands)	3Q’25			3Q’26			vs. 3Q’25	3Q’25 YTD			3Q’26 YTD			vs. 3Q’25 YTD

Management and Advisory Fees, Net	$	688,799		$	628,812		(9)%	$	2,100,939		$	2,033,370		(3)%

Fee Related Performance Revenues		124,647			160,551		29%		252,040			556,267		121%

Fee Related Compensation		(168,377	)		(196,045	)	16%		(509,111	)		(651,350	)	28%

Other Operating Expenses		(95,228	)		(94,083	)	(1)%		(265,557	)		(278,907	)	5%

Fee Related Earnings	$	549,841		$	499,235		(9)%	$	1,578,311		$	1,659,380		5%


Realized Performance Revenues		132,792			99,924		(25)%		195,389			352,866		81%

Realized Performance Compensation		(69,623	)		(49,489	)	(29)%		(102,532	)		(157,704	)	54%

Realized Principal Investment Income		5,303			3,982		(25)%		8,449			1,837		(78)%

Net Realizations		68,472			54,417		(21)%		101,306			196,999		94%

Segment Distributable Earnings	$	618,313		$	553,652		(10)%	$	1,679,617		$	1,856,379		11%


Segment Revenues	$	951,541		$	893,269		(6)%	$	2,556,817		$	2,944,340		15%

Total AUM	$	320,490,495		$	308,995,068		(4)%	$	320,490,495		$	308,995,068		(4)%

Fee-Earning AUM	$	282,579,289		$	277,822,726		(2)%	$	282,579,289		$	277,822,726		(2)%



($ in thousands)	3Q’25			4Q’25			1Q’26			2Q’26			3Q’26			3Q’25 YTD			3Q’26 YTD

Base Management Fees	$	1,919,702		$	1,945,364		$	1,952,414		$	1,960,897		$	1,992,046		$	5,603,493		$	5,905,357

Transaction, Advisory and Other Fees, Net		156,211			149,621			211,697			321,156			209,856			433,210			742,709

Management Fee Offsets		(34,093	)		(32,766	)		(31,303	)		(31,757	)		(42,445	)		(82,873	)		(105,505	)

Total Management and Advisory Fees, Net		2,041,820			2,062,219			2,132,808			2,250,296			2,159,457			5,953,830			6,542,561

Fee Related Performance Revenues		453,018			606,445			488,098			793,391			540,129			1,218,983			1,821,618

Fee Related Compensation		(658,091	)		(715,312	)		(729,470	)		(880,129	)		(745,083	)		(1,975,389	)		(2,354,682	)

Other Operating Expenses		(356,070	)		(418,051	)		(343,455	)		(380,130	)		(382,451	)		(995,188	)		(1,106,036	)

Fee Related Earnings	$	1,480,677		$	1,535,301		$	1,547,981		$	1,783,428		$	1,572,052		$	4,202,236		$	4,903,461


Realized Performance Revenues		744,953			1,057,432			780,494			730,885			464,386			1,758,097			1,975,765

Realized Performance Compensation		(302,642	)		(310,405	)		(364,056	)		(344,124	)		(185,452	)		(780,190	)		(893,632	)

Realized Principal Investment Income		62,535			209,877			31,973			27,499			52,599			209,866			112,071

Total Net Realizations	$	504,846		$	956,904		$	448,411		$	414,260		$	331,533		$	1,187,773		$	1,194,204

Total Segment Distributable Earnings	$	1,985,523		$	2,492,205		$	1,996,392		$	2,197,688		$	1,903,585		$	5,390,009		$	6,097,665


Distributable Earnings	$	1,889,487		$	2,244,809		$	1,764,838		$	1,977,249		$	1,715,678		$	4,866,055		$	5,457,765


Additional Metrics:

Total Segment Revenues	$	3,302,326		$	3,935,973		$	3,433,373		$	3,802,071		$	3,216,571		$	9,140,776		$	10,452,015

Total Assets Under Management	$	1,241,731,296		$	1,274,931,234		$	1,304,017,634		$	1,346,263,835		$	1,368,346,601		$	1,241,731,296		$	1,368,346,601

Fee-Earning Assets Under Management	$	906,221,028		$	921,674,454		$	937,596,454		$	961,592,654		$	989,664,711		$	906,221,028		$	989,664,711



	Three Months Ended September 30, 2026															Twelve Months Ended September 30, 2026


	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total			Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total

Beginning Balance	$	314,150		$	454,152		$	469,317		$	108,644		$	1,346,264		$	320,490		$	395,607		$	432,316		$	93,318		$	1,241,731

Inflows		6,298			12,627			35,796			8,590			63,311			29,577			77,821			142,795			21,436			271,629

Outflows		(1,018	)		(1,125	)		(9,140	)		(2,752	)		(14,036	)		(8,394	)		(5,953	)		(31,861	)		(9,290	)		(55,498	)

Net Flows		5,279			11,502			26,656			5,838			49,275			21,183			71,868			110,934			12,146			216,131

Realizations		(6,999	)		(9,839	)		(15,423	)		(874	)		(33,135	)		(29,300	)		(46,228	)		(68,183	)		(3,291	)		(147,002	)

Market Activity		(3,435	)		9,612			(555	)		320			5,943			(3,379	)		44,181			4,928			11,756			57,486

Ending Balance	$	308,995		$	465,428		$	479,995		$	113,929		$	1,368,347		$	308,995		$	465,428		$	479,995		$	113,929		$	1,368,347

% Change		(2)%			2%			2%			5%			2%			(4)%			18%			11%			22%			10%



($ in millions)	3Q’26

Cash and Cash Equivalents	$	3,038

Corporate Treasury and Other Investments		10,155

GP/Fund Investments		3,061

Net Accrued Performance Revenues		7,263

Cash and Net Investments	$	23,517

Outstanding Debt (at par)		13,076



			Net		Net

			Performance		Realized

	2Q’26		Revenues		Distributions			3Q’26

Real Estate	$	891	$	157	$	(166	)	$	883

Private Equity		6,081		112		(325	)		5,868

Credit & Insurance		252		141		(153	)		241

Multi-Asset Investing		243		40		(12	)		271

Total	$	7,468	$	451	$	(655	)	$	7,263

QoQ Change									(3)%



($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
	Committed Capital		Available Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Real Estate
Pre-BREP - BREP IV (Jan 1992 / Dec 2005)	$	5,441,163	$	-	$	-	n/a	$	12,219,526	2.0x	$	12,219,526	2.0x	24%	24%
BREP V (Dec 2005 / Feb 2007)		5,539,418		-		3,141	n/a		13,468,476	2.3x		13,471,617	2.3x	11%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,122		-		2,356	n/a		27,765,450	2.5x		27,767,806	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,506,800		851,746		869,438	0.4x		29,450,777	2.1x		30,320,215	1.9x	17%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,651,125		955,019		7,705,515	1.1x		25,080,583	2.1x		32,786,098	1.7x	19%	11%
BREP IX (Jun 2019 / Aug 2022)		21,374,992		2,626,478		14,610,413	0.9x		13,118,733	1.9x		27,729,146	1.2x	27%	3%
*BREP X (Aug 2022 / Feb 2028)		30,651,981		15,699,009		19,380,408	1.3x		3,689,183	1.8x		23,069,591	1.4x	28%	11%
Total Global BREP	$	104,225,601	$	20,132,252	$	42,571,271	1.1x	$	124,792,728	2.2x	$	167,363,999	1.7x	16%	14%
BREP Int’l I-II (Jan 2001 / Jun 2008) (e)	€	2,453,920	€	-	€	-	n/a	€	3,956,202	1.9x	€	3,956,202	1.9x	12%	12%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,420		86,279		14,906	0.1x		5,998,531	2.1x		6,013,437	2.0x	14%	13%
BREP Europe IV (Sep 2013 / Dec 2016)		6,676,611		601,640		608,061	0.6x		10,448,903	1.9x		11,056,964	1.7x	16%	11%
BREP Europe V (Dec 2016 / Oct 2019)		8,007,488		607,505		3,305,532	0.6x		6,902,190	3.8x		10,207,722	1.4x	40%	4%
BREP Europe VI (Oct 2019 / Sep 2023)		9,941,770		2,499,870		5,903,899	0.8x		4,105,789	2.4x		10,009,688	1.1x	61%	0%
*BREP Europe VII (Sep 2023 / Mar 2029)		9,766,011		5,685,237		4,962,100	1.3x		238,303	1.5x		5,200,403	1.3x	n/m	11%
Total BREP Europe	€	40,051,220	€	9,480,531	€	14,794,498	0.8x	€	31,649,918	2.2x	€	46,444,416	1.4x	16%	8%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	617,930	$	1,064,832	1.7x	$	7,853,183	1.9x	$	8,918,015	1.9x	14%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,361,035		1,073,998		3,937,312	1.0x		4,209,323	1.6x		8,146,635	1.2x	10%	2%
*BREP Asia III (Mar 2022 / Sep 2027)		8,222,721		4,539,258		4,856,226	1.3x		1,056,389	1.8x		5,912,615	1.4x	34%	9%
Total BREP Asia	$	19,845,831	$	6,231,186	$	9,858,370	1.2x	$	13,118,895	1.8x	$	22,977,265	1.5x	14%	7%
BREP Co-Investment (f)		8,695,156		572,800		1,532,020	1.3x		15,400,970	2.2x		16,932,990	2.1x	16%	16%
Total BREP	$	179,444,787	$	37,677,680	$	70,624,024	1.0x	$	191,912,966	2.1x	$	262,536,990	1.7x	16%	13%
*BREDS High-Yield (Various) (g)		27,606,074		8,731,502		3,390,981	1.0x		26,362,492	1.3x		29,753,473	1.3x	10%	9%

Private Equity
Corporate Private Equity
BCP I-III (Oct 1987 / Nov 2002)	$	6,187,603	$	-	$	-	n/a	$	14,239,072	2.4x	$	14,239,072	2.4x	19%	19%
BCOM (Jun 2000 / Jun 2006)		2,137,330		-		-	n/a		2,995,106	1.4x		2,995,106	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,450,000		-		-	n/a		21,720,334	2.9x		21,720,334	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		982,018		-	n/a		38,870,378	1.9x		38,870,378	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,192,032		1,340,945		2,103,888	3.0x		30,772,856	2.2x		32,876,744	2.2x	13%	12%
BCP VII (May 2016 / Feb 2020)		18,873,515		1,309,749		13,655,838	1.7x		25,817,867	2.5x		39,473,705	2.1x	22%	12%
BCP VIII (Feb 2020 / Apr 2024)		25,820,032		5,845,936		24,386,474	1.3x		11,277,806	2.5x		35,664,280	1.6x	27%	9%
*BCP IX (Apr 2024 / Apr 2030)		21,816,025		18,254,250		4,387,096	1.3x		297,133	1.5x		4,684,229	1.3x	n/m	(8)%
Energy I (Aug 2011 / Feb 2015)		2,435,007		170,540		-	n/a		4,897,287	2.0x		4,897,287	2.0x	12%	12%
Energy II (Feb 2015 / Feb 2020)		4,926,378		778,845		3,269,223	2.6x		6,393,163	1.9x		9,662,386	2.1x	9%	9%
Energy III (Feb 2020 / Jun 2024)		4,399,070		1,811,199		6,777,068	2.8x		5,060,366	3.0x		11,837,434	2.9x	33%	30%
Energy Transition IV (Jun 2024 / Jun 2026)		5,880,446		2,825,257		9,205,066	2.9x		272,525	1.6x		9,477,591	2.8x	n/m	123%
*Energy Transition V (Jun 2026 / Jun 2032)		8,169,213		7,998,577		745	n/a		-	n/a		745	n/a	n/a	n/a
BCP Asia I (Dec 2017 / Sep 2021)		2,437,192		417,623		1,194,426	1.4x		3,790,199	2.9x		4,984,625	2.3x	30%	19%
BCP Asia II (Sep 2021 / Sep 2026)		6,838,030		3,514,898		5,533,572	1.8x		2,070,374	4.0x		7,603,946	2.1x	78%	24%
*BCP Asia III (Sep 2026 / Sep 2032)		13,171,899		13,171,899		-	n/a		-	n/a		-	n/a	n/a	n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,760,130		1,195,771		6,718,079	2.1x		4,232,731	3.7x		10,950,810	2.5x	32%	14%
*Core Private Equity II (Mar 2021 / Mar 2027) (h)		8,244,519		5,979,008		5,818,049	1.6x		2,094,643	4.2x		7,912,692	1.9x	38%	16%
Total Corporate Private Equity	$	178,747,533	$	65,596,515	$	83,049,524	1.7x	$	174,801,840	2.3x	$	257,851,364	2.1x	16%	15%



($/€ in thousands, except where noted)	Investment		Total		Total Net

Strategy (Inception Date)	Strategy		AUM (n)		Return (o)

Real Estate

BPP - Blackstone Property Partners Platform (Dec 2013) (p)		Core+ Real Estate	$	57,792,821		2	%

BREIT - Blackstone Real Estate Income Trust (Jan 2017)		Core+ Real Estate		57,715,461		9	%

BREIT - Class I		Core+ Real Estate				9	%

BXMT - Blackstone Mortgage Trust (May 2013) (q)		Real Estate Debt		5,265,823		3	%

Private Equity

BXGP - Blackstone GP Stakes (Feb 2014) (r)		Minority GP Interests		9,999,814		12	%

BIP - Blackstone Infrastructure Partners (Mar 2019) (s)		Infrastructure		80,983,780		19	%

BXINFRA - Blackstone Infrastructure Strategies Fund Program (Jan 2025)		Infrastructure		7,374,776		16	%

BXINFRA - Class I		Infrastructure				17	%

BXPE - Blackstone Private Equity Strategies Fund Program (Jan 2024)		Private Equity		28,546,620		18	%

BXPE - Class I		Private Equity				18	%

Credit

BXSL - Blackstone Secured Lending Fund (Nov 2018) (t)		U.S. Direct Lending		16,633,800		11	%

BCRED - Blackstone Private Credit Fund (Jan 2021) (u)		U.S. Direct Lending		93,210,950		9	%

BCRED - Class I		U.S. Direct Lending				9	%

ECRED - Blackstone European Credit Fund (Oct 2022) (u)		European Direct Lending	€	5,192,601		9	%

ECRED - Class I		European Direct Lending				9	%



	QTD															YTD						LTM



($ in thousands)	3Q’25			4Q’25			1Q’26			2Q’26			3Q’26			3Q’25			3Q’26			3Q’25			3Q’26
Net Income Attributable to Blackstone Inc.	$	624,917		$	1,015,201		$	649,729		$	1,229,189		$	662,372		$	2,004,013		$	2,541,290		$	2,707,886		$	3,556,491
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		457,110			775,912			469,801			946,074			499,821			1,545,429			1,915,696			2,102,589			2,691,608
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		125,890			193,295			117,367			175,649			106,764			467,273			399,780			534,760			593,075
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		29,008			(9,617	)		21,010			5,154			3,486			55,117			29,650			55,423			20,033

Net Income	$	1,236,925		$	1,974,791		$	1,257,907		$	2,356,066		$	1,272,443		$	4,071,832		$	4,886,416		$	5,400,658		$	6,861,207
Provision for Taxes		209,657			382,045			197,150			452,386			258,564			742,978			908,100			975,429			1,290,145

Income Before Provision for Taxes	$	1,446,582		$	2,356,836		$	1,455,057		$	2,808,452		$	1,531,007		$	4,814,810		$	5,794,516		$	6,376,087		$	8,151,352
Transaction-Related and Non-Recurring Items (a)		(9,412	)		(6,822	)		6,967			71			2,078			19,793			9,116			19,400			2,294
Amortization of Intangibles (b)		7,333			7,327			7,288			7,288			7,288			21,999			21,864			29,332			29,191
Impact of Consolidation (c)		(154,898	)		(183,678	)		(138,377	)		(180,803	)		(110,250	)		(522,390	)		(429,430	)		(590,183	)		(613,108	)
Unrealized Performance Revenues (d)		215,872			(282,372	)		(283,355	)		(587,150	)		627,139			(360,585	)		(243,366	)		991,088			(525,738	)
Unrealized Performance Allocations Compensation (e)		(31,547	)		152,332			89,701			236,129			(193,497	)		224,630			132,333			(383,028	)		284,665
Unrealized Principal Investment (Income) Loss (f)		216,084			67,826			322,136			(443,186	)		(289,167	)		(239,266	)		(410,217	)		(196,537	)		(342,391	)
Other Revenues (g)		(28,702	)		1,174			(50,928	)		(11,898	)		(11,722	)		270,016			(74,548	)		114,809			(73,374	)
Equity-Based Compensation (h)		301,562			358,364			561,217			353,753			329,217			1,084,882			1,244,187			1,368,031			1,602,551
Administrative Fee Adjustment (i)		4,097			3,942			4,568			4,426			4,426			12,395			13,420			15,824			17,362
Taxes and Related Payables (j)		(77,484	)		(230,120	)		(209,436	)		(209,833	)		(180,841	)		(460,229	)		(600,110	)		(709,275	)		(830,230	)

Distributable Earnings	$	1,889,487		$	2,244,809		$	1,764,838		$	1,977,249		$	1,715,678		$	4,866,055		$	5,457,765		$	7,035,548		$	7,702,574
Taxes and Related Payables (j)		77,484			230,120			209,436			209,833			180,841			460,229			600,110			709,275			830,230
Net Interest and Dividend (Income) Loss (k)		18,552			17,276			22,118			10,606			7,066			63,725			39,790			82,205			57,066

Total Segment Distributable Earnings	$	1,985,523		$	2,492,205		$	1,996,392		$	2,197,688		$	1,903,585		$	5,390,009		$	6,097,665		$	7,827,028		$	8,589,870
Realized Performance Revenues (l)		(744,953	)		(1,057,432	)		(780,494	)		(730,885	)		(464,386	)		(1,758,097	)		(1,975,765	)		(2,623,177	)		(3,033,197	)
Realized Performance Compensation (m)		302,642			310,405			364,056			344,124			185,452			780,190			893,632			1,069,785			1,204,037
Realized Principal Investment (Income) Loss (n)		(62,535	)		(209,877	)		(31,973	)		(27,499	)		(52,599	)		(209,866	)		(112,071	)		(235,479	)		(321,948	)

Fee Related Earnings	$	1,480,677		$	1,535,301		$	1,547,981		$	1,783,428		$	1,572,052		$	4,202,236		$	4,903,461		$	6,038,157		$	6,438,762
Adjusted EBITDA Reconciliation
Distributable Earnings	$	1,889,487		$	2,244,809		$	1,764,838		$	1,977,249		$	1,715,678		$	4,866,055		$	5,457,765		$	7,035,548		$	7,702,574
Interest Expense (o)		126,090			128,022			130,058			144,830			132,740			369,073			407,628			486,100			535,650
Taxes and Related Payables (j)		77,484			230,120			209,436			209,833			180,841			460,229			600,110			709,275			830,230
Depreciation and Amortization (p)		24,015			26,102			26,138			25,772			26,220			72,883			78,130			95,565			104,232

Adjusted EBITDA	$	2,117,076		$	2,629,053		$	2,130,470		$	2,357,684		$	2,055,479		$	5,768,240		$	6,543,633		$	8,326,488		$	9,172,686



By:		/s/ Michael S. Chae



(l) This adjustment removes the total segment amount of Realized Performance Revenues. (m) This adjustment removes the total segment amount of Realized Performance Compensation. (n) This adjustment removes the total segment amount of Realized Principal Investment Income. (o) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreements. (p) This adjustment adds back Depreciation and Amortization on a segment basis. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding

	QTD

	3Q’25		4Q’25		1Q’26		2Q’26		3Q’26

GAAP Shares of Common Stock Outstanding		747,812,724		748,688,068		751,535,403		752,601,287		760,147,136

Unvested Participating Common Shares		34,915,679		34,494,942		33,961,624		47,333,292		39,575,922

Total Participating Common Shares		782,728,403		783,183,010		785,497,027		799,934,579		799,723,058

Participating Partnership Units		446,455,699		445,586,312		444,672,720		443,878,452		443,682,239

Distributable Earnings Shares Outstanding		1,229,184,102		1,228,769,322		1,230,169,747		1,243,813,031		1,243,405,297



Disclosure of Weighted-Average Shares of Common Stock Outstanding
	QTD										YTD				LTM

	3Q’25		4Q’25		1Q’26		2Q’26		3Q’26		3Q’25		3Q’26		3Q’25		3Q’26
Total GAAP Weighted-Average Shares of Common Stock Outstanding—Basic		782,633,394		783,106,052		785,332,239		799,882,459		799,758,418		778,978,328		795,043,881		776,385,092		792,034,893
Weighted-Average Shares of Unvested Deferred Restricted Common Stock		47,741		87,397		964,071		14,976		221,923		233,692		400,323		195,276		322,091
Total GAAP Weighted-Average Shares of Common Stock Outstanding—Diluted		782,681,135		783,193,449		786,296,310		799,897,435		799,980,341		779,212,020		795,444,204		776,580,368		792,356,984



($ in thousands) (unaudited)	3Q’25			4Q’25			1Q’26			2Q’26			3Q’26

Assets

Cash and Cash Equivalents	$	2,430,690		$	2,631,241		$	2,448,485		$	2,507,073		$	3,037,534

Cash Held by Blackstone Funds and Other		401,558			223,441			261,955			266,230			228,704

Investments		31,528,443			32,212,111			32,747,619			34,587,729			33,853,661

Accounts Receivable		543,209			291,758			572,832			692,055			451,491

Due from Affiliates		5,845,843			6,357,462			6,395,165			6,218,066			6,504,395

Intangible Assets, Net		140,458			131,359			122,324			113,288			104,250

Goodwill		1,890,202			1,890,202			1,890,202			1,890,202			1,890,202

Other Assets		900,582			1,157,719			1,035,171			996,506			1,017,579

Right-of-Use Assets		773,030			757,459			786,276			743,127			723,119

Deferred Tax Assets		2,100,275			2,056,223			2,066,953			1,877,944			1,825,032

Total Assets	$	46,554,290		$	47,708,975		$	48,326,982		$	49,892,220		$	49,635,967

Liabilities and Equity

Loans Payable	$	12,002,650		$	12,445,144		$	13,280,285		$	13,194,730		$	13,401,446

Due to Affiliates		3,000,083			3,224,432			3,244,627			3,484,356			3,895,907

Accrued Compensation and Benefits		6,385,958			6,411,389			6,396,285			6,844,156			7,103,730

Operating Lease Liabilities		886,135			861,021			881,566			832,586			792,395

Accounts Payable, Accrued Expenses and Other Liabilities		2,918,023			2,885,817			3,107,508			3,103,164			3,425,889

Total Liabilities		25,192,849			25,827,803			26,910,271			27,458,992			28,619,367

Redeemable Non-Controlling Interests in Consolidated Entities		1,476,212			1,380,503			1,400,419			1,371,083			1,428,451

Equity

Common Stock, $0.00001 par value (760,147,136 shares issued and outstanding as of September 30, 2026)		7			7			7			7			7

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2026)		-			-			-			-			-

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2026)		-			-			-			-			-

Additional Paid-in-Capital		8,214,078			8,479,886			8,710,266			9,051,771			9,240,118

Retained Earnings (Deficit)		184,040			191,641			(323,733	)		(18,646	)		(383,195	)

Accumulated Other Comprehensive Income (Loss)		(5,602	)		(6,008	)		(15,770	)		(18,589	)		(18,793	)

Non-Controlling Interests in Consolidated Entities		7,162,957			7,224,211			7,226,994			7,104,291			5,916,813

Non-Controlling Interests in Blackstone Holdings		4,329,749			4,610,932			4,418,528			4,943,311			4,833,199
Total Equity		19,885,229			20,500,669			20,016,292			21,062,145			19,588,149

Total Liabilities and Equity	$	46,554,290		$	47,708,975		$	48,326,982		$	49,892,220		$	49,635,967



($ in thousands)	3Q’25			4Q’25			1Q’26			2Q’26			3Q’26

Investments of Consolidated Blackstone Funds	$	5,507,078		$	5,180,879		$	5,189,519		$	5,233,815		$	4,756,921

Equity Method Investments

Partnership Investments		6,936,411			6,546,190			6,612,536			6,535,521			6,609,697

Accrued Performance Allocations		11,933,738			12,980,356			13,002,955			13,906,754			13,392,126

Corporate Treasury Investments		262,582			359,657			167,389			401,465			168,271

Other Investments		6,888,634			7,145,029			7,775,220			8,510,174			8,926,646

Total GAAP Investments		31,528,443			32,212,111			32,747,619			34,587,729			33,853,661


Accrued Performance Allocations - GAAP	$	11,933,738		$	12,980,356		$	13,002,955		$	13,906,754		$	13,392,126

Impact of Consolidation (a)		-			-			-			-			-

Due from Affiliates - GAAP (b)		215,647			577,467			204,866			169,131			200,066

Less: Net Realized Performance Revenues (c)		(379,797	)		(1,081,738	)		(630,610	)		(591,552	)		(383,514	)

Less: Accrued Performance Compensation - GAAP (d)		(5,258,769	)		(5,733,563	)		(5,577,711	)		(6,016,432	)		(5,945,428	)

Net Accrued Performance Revenues	$	6,510,819		$	6,742,522		$	6,999,500		$	7,467,901		$	7,263,250

Corporate Treasury and Other Investments - GAAP	$	7,151,216		$	7,504,686		$	7,942,609		$	8,911,639		$	9,094,917

Impact of Consolidation (a)		932,562			758,128			726,047			671,456			913,879

Other Assets (e)		563,415			409,248			568,481			494,212			222,276

Other Liabilities (f)		(3,417	)		(3,357	)		(325,313	)		(342,730	)		(76,393	)

Corporate Treasury and Other Investments - Deconsolidated (g)	$	8,643,776		$	8,668,705		$	8,911,824		$	9,734,577		$	10,154,679

Partnership Investments - GAAP	$	6,936,411		$	6,546,190		$	6,612,536		$	6,535,521		$	6,609,697

Impact of Consolidation (h)		(3,620,409	)		(3,639,431	)		(3,662,090	)		(3,567,345	)		(3,548,484	)

GP/Fund Investments - Deconsolidated	$	3,316,002		$	2,906,759		$	2,950,446		$	2,968,176		$	3,061,213

Loans Payable - GAAP	$	12,002,650		$	12,445,144		$	13,280,285		$	13,194,730		$	13,401,446

Impact of Consolidation (i)		(328,044	)		(126,420	)		(90,747	)		(123,897	)		(442,698	)

Outstanding Debt - Carrying Value		11,674,606			12,318,724			13,189,538			13,070,833			12,958,748

Unamortized Discount		120,174			128,096			124,472			120,907			117,352

Outstanding Debt (at par) - Deconsolidated	$	11,794,780		$	12,446,820		$	13,314,010		$	13,191,740		$	13,076,100