Blackstone reports $3.06 billion revenue for Q3 2026

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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE SEPTEMBER 30, 2026

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New York , New York 10154

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒

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Non-accelerated filer

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As of July 31, October 30, 2026, there were 750,625,114 751,115,317 shares of common stock of the registrant outstanding.

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Forward-looking statements 1 change

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Financial statements 32 changes

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Common Stock, $ 0.00001 par value, 90 billion shares authorized, ( 752,601,287 760,147,136 shares issued and outstanding as of June September 30, 2026; 748,688,068 shares issued and outstanding as of December 31, 2025)

Series I Preferred Stock, $ 0.00001 par value, 999,999,000 shares authorized, ( 1 share issued and outstanding as of June September 30, 2026 and December 31, 2025)

Series II Preferred Stock, $ 0.00001 par value, 1,000 shares authorized, ( 1 share issued and outstanding as of June September 30, 2026 and December 31, 2025)

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Management and Advisory Fees, Net

Investment Income (Loss)

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Other Comprehensive Income (Loss) – Currency Translation Adjustment ( 8,841 3,853 ( 50,941 42,000 ( 54,794

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Balance at March 31, 2026

Balance at June 30, 2026

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Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock ( 18,192 82,078 ( 18,192 82,078 ( 18,192 82,078

Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units ( 200,000 ( 24,019 27,086 ( 24,019 27,086 ( 24,019 27,086

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Issuance of Common Stock

Balance at June September 30, 2026

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Balance at March 31, 2025

Balance at June 30, 2025

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Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock ( 7,425 91,193 ( 7,425 91,193 ( 7,425 91,193

Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units ( 200,000 ( 27,812 34,857 ( 27,812 34,857 ( 27,812 34,857

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Balance at June September 30, 2025

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Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock ( 60,141 142,219 ( 60,141 142,219 ( 60,141 142,219

Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units ( 400,000 600,000 ( 48,417 75,503 ( 48,417 75,503 ( 48,417 75,503

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Issuance of Common Stock

Balance at June September 30, 2026

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Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock ( 76,532 167,725 ( 76,532 167,725 ( 76,532 167,725

Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units ( 400,000 600,000 ( 58,831 93,688 ( 58,831 93,688 ( 58,831 93,688

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Balance at June September 30, 2025

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Six Months Ended June 30,

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Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities

Operating Activities

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Net Settlement of Vested Common Stock and Repurchase of Common Stock ( 108,558 217,722 ( 135,363 261,413 continued...

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Six Months Ended June 30,

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Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other ( 9,720 5,996

Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other ( 81,379

Net Increase (Decrease)

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Notes to the financial statements 250 changes

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The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to

The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in Blackstone's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission.

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Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest Blackstone has a controlling financial interest in and Blackstone Holdings. because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out rights or participating rights that would overcome the control held by Blackstone Accordingly, Blackstone consolidates Blackstone Holdings and records presents non-controlling interests interest to reflect the economic interests of the limited partners interest of Blackstone Holdings. non-controlling shareholders in consolidated entities.

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Assets of consolidated VIEs that can only be used to settle obligations of the consolidated

To determine which entities to consolidate, Blackstone first determines whether it has a variable interest in an entity. For entities in which it has a variable interest, Blackstone evaluates whether the entity is a variable interest entity ("VIE") and assessed for consolidation under the VIE model or a voting interest entity and assessed for consolidation under the voting interest model.

In addition, Blackstone consolidates all variable interest entities ("VIE") VIEs for which it is the primary beneficiary. An enterprise Blackstone is determined to be the primary beneficiary if it holds a controlling financial interest, A controlling financial interest which is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone's involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it There are a controlling financial interest. Performance limited number of investment vehicles that analysis requires Blackstone consolidates as the exercise of judgment. primary beneficiary.

At the time it becomes involved with a VIE and at each subsequent reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly.

Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity's status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly.

Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition.

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Management and Advisory Fees, Net

Management and Advisory Fees, Net — Management and Advisory Fees, Net are comprised of management fees, including base management fees, transaction, advisory and other fees net of management fee reductions and offsets.

Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically net asset value, gross asset value, total fair value of investments, committed capital, total invested capital or remaining invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally the customer is identified as the investors in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid.

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managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid.

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— In certain structures, Blackstone serves as the investment adviser and is entitled to a contractual fees earned fee based on the performance of the Blackstone vehicles vehicle ("Incentive Fees"). Such fees are a separate contractual arrangement which are a form of variable consideration in Blackstone's contracts with customers to provide investment management services. Incentive Fees are earned based on performance of the vehicle during the period, subject to the achievement of minimum return levels, or high water marks, in accordance with the respective terms set out in each vehicle's governing agreements. Incentive Fees will not be recognized as revenue until (a) it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, or (b) the uncertainty associated with the variable consideration is subsequently resolved. Incentive Fees are typically recognized as revenue when realized at the end of the measurement period. Once realized, such fees are not subject to clawback or reversal. Accrued but unpaid Incentive Fees charged directly to investors in Blackstone vehicles as of the reporting date are recorded within Due from Affiliates in the Condensed Consolidated Statements of Financial Condition.

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revenue when realized at the end of the measurement period. Once realized, such fees are not subject to clawback or reversal. Accrued but unpaid Incentive Fees charged directly to investors in Blackstone vehicles as of the reporting date are recorded within Due from Affiliates in the Condensed Consolidated Statements of Financial Condition.

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Principal Investments include the unrealized and realized gains and losses on Blackstone's principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized.

In carry fund structures and certain open-ended structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata share of the results of the fund vehicle (a "pro-rata allocation"). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest ("Performance Allocations"). Performance Allocations are considered an attribute of the investment Blackstone owns of the vehicle since the investment can only be transferred in its entirety, inclusive of the Performance Allocation and in order to be entitled to the Performance Allocation, Blackstone must own the investment.

Performance Allocations are made to the general partner based either on cumulative fund performance to date, subject to a preferred return to limited partners or based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations ("Accrued Performance Allocations") that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Prior to realization, such positive and negative adjustments are recorded as Unrealized Performance Allocations in the Condensed Consolidated Statements of Operations.

Performance Allocations in carry fund structures are realized when an underlying investment is profitably disposed of and the fund's cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, Upon realization, the accrual for potential repayment of previously received amount is reclassified from Unrealized Performance Allocations which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds' investments as of the reporting date. The actual clawback liability, however, generally does not become Realized until the end of a fund's life except for certain funds, which may have an interim clawback liability. Performance Allocations. in open-ended structures are realized based on the stated time period in the agreements and are generally not subject to clawback once paid.

The accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds' investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund's life except for certain funds, which may have an interim clawback liability. Performance Allocations in open-ended structures are realized at the intervals specified in the governing documents and are generally not subject to clawback once paid.

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Principal Investments include the unrealized and realized gains and losses on Blackstone's principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized.

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CLOs and certain over-the-counter

derivatives where the fair value is based on unobservable inputs.

Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include private investments in the equity of operating companies, real estate properties, distressed debt and non-investment grade residual interests in securitizations, investments in non-consolidated CLOs and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

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Generally, the Blackstone Funds are accounted for as investment companies in accordance with the GAAP guidance on investment companies, and under the American Institute of Certified Public Accountants Audit and Accounting Guide, Investment Companies

Generally, the Blackstone Funds are accounted for as investment companies in accordance with the GAAP guidance on investment companies, and under the American Institute of Certified Public Accountants Audit and Accounting Guide, Investment Companies , and reflect their investments, including majority-owned and controlled investments, at fair value. Such consolidated funds' investments are reflected in Investments on the Condensed Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price).

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Compensation and Benefits

Compensation and Benefits

— Incentive Fee Compensation

Compensation and Benefits

— Performance Allocations Compensation

Performance Allocations Compensation consists

of compensation paid based on Performance Allocations (which may be distributed in cash or in-kind).

Compensation and Benefits — Compensation — Compensation consists of (a) salary and bonus, and benefits paid and payable to employees and senior managing directors and (b) equity-based compensation associated with the grants of equity-based awards to employees and senior managing directors. Compensation cost relating to the issuance of equity-based awards to senior managing directors and employees is measured at fair value at the grant date, and expensed over the vesting period on a straight-line basis, taking into consideration expected forfeitures, except in the case of (a) equity-based awards that do not require future service, which are expensed immediately, and (b) certain awards to recipients that meet criteria making them eligible for retirement (allowing such recipient to keep a percentage of those awards upon departure from Blackstone after becoming eligible for retirement), for which the expense for the portion of the award that would be retained in the event of retirement is either expensed immediately or amortized to the retirement date. Cash settled equity-based awards and awards settled in a variable number of shares are classified as liabilities and are remeasured at the end of each reporting period.

Compensation and Benefits — Incentive Fee Compensation — Incentive Fee Compensation consists of compensation paid based on Incentive Fees.

Compensation and Benefits — Performance Allocations Compensation — Performance Allocations Compensation consists of compensation paid based on Performance Allocations (which may be distributed in cash or in-kind). Such compensation expense is subject to both positive and negative adjustments. Performance Allocations Compensation is generally based on the performance of individual investments held by a fund rather than on a fund by fund basis. These amounts may also include allocations of investment income from Blackstone's principal investments, to senior managing directors and employees participating in certain profit sharing initiatives.

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Redeemable Non-Controlling

Interests in Consolidated Entities within the Condensed Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. For all consolidated vehicles in which redemption rights have not been granted, non-controlling interests are presented within Equity in the Condensed Consolidated Statements of Financial Condition as Non-Controlling

Interests in Consolidated Entities.

Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling

Non-Controlling Interests in Consolidated Entities

Non-Controlling Interests in Consolidated Entities represent the component of Equity in general partner entities and consolidated Blackstone funds held by third-party investors and employees. The percentage interests in consolidated Blackstone funds held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. Income (Loss) and other comprehensive income, if applicable, arising from the respective entities is allocated to non-controlling interests in consolidated entities based on the relative ownership interests of third-party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to Blackstone Inc.

Redeemable Non-Controlling Interests in Consolidated Entities

Investors in certain consolidated vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests that may be redeemed in a given period, may only allow for redemption following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As a result, amounts relating to third-party interests in such consolidated vehicles are presented as Redeemable Non-Controlling Interests in Consolidated Entities within the Condensed Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. For all consolidated vehicles in which redemption rights have not been granted, non-controlling interests are presented within Equity in the Condensed Consolidated Statements of Financial Condition as Non-Controlling Interests in Consolidated Entities.

Non-Controlling Interests in Blackstone Holdings

Non-Controlling Interests in Blackstone Holdings represent the component of Equity in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships.

Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Interests in Blackstone Holdings. This residual attribution is based on the year-to-date average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships.

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Blackstone applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. Blackstone applies the "if-converted"

Blackstone applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. Blackstone applies the "if-converted" method to the Blackstone Holdings Partnership Units to determine the dilutive impact, if any, of the exchange right included in the Blackstone Holdings Partnership Units. Blackstone applies the contingently issuable share model or "if-converted" method to contracts that may require or result in the issuance of shares, as applicable.

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Securities purchased under agreements to resell ("reverse repurchase agreements") and securities sold under agreements to repurchase ("repurchase agreements"), generally comprised of U.S. and non-U.S.

Securities purchased under agreements to resell ("reverse repurchase agreements") and securities sold under agreements to repurchase ("repurchase agreements"), generally comprised of U.S. and non-U.S. government and agency securities, asset backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value.

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Blackstone Funds and the Portfolio Companies to be affiliates.

Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.

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Recent Accounting Developments

In September 2026, the Financial Accounting Standards Board issued amended guidance addressing investment companies with equity securities subject to contractual sale restrictions. The guidance requires investment companies to consider a contractual restriction on the sale of an equity security when measuring the fair value of the equity security. The guidance is effective for the investment companies Blackstone manages for interim and annual reporting periods beginning after December 15, 2027, with early adoption permitted. Blackstone is evaluating the potential impact on fair value measurement and disclosures, as well as the timing of adoption.

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Amortization expense associated with Blackstone's intangible assets was $ 9.0 million and $ 18.1 27.1 million for the three and six nine months ended June September 30, 2026, respectively, and $ 9.0 million and $ 17.9 26.9 million for the three and six nine months ended June September 30, 2025, respectively.

Amortization of Intangible Assets held at June September 30, 2026 is expected to be $ 36.1 million, $ 35.1 million, $ 18.2 million, $ 17.0 million and $ 14.0 million for the years ending December 31, 2026, 2027, 2028, 2029 and 2030, respectively. Blackstone's Intangible Assets as of June September 30, 2026 are expected to amortize over a weighted-average period of 4.1 4 years.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued (All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

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Blackstone's share of Investments of Consolidated Blackstone Funds totaled $ 457.1 985.4 million and $ 472.7 million at June September 30, 2026 and December 31, 2025, respectively.

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Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued (All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

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Three Months Ended June 30,

Six Months Ended June 30,

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Partnership Investments

Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $ 122.9 million and $ 279.4 million for the three months ended June 30, 2026 and 2025, respectively. Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $ 225.4 million and $ 420.0 million for the six months ended June 30, 2026 and 2025, respectively.

Blackstone's equity method investments include Partnership Investments, which represent the pro-rata investments, and any associated Accrued Performance Allocations, in Blackstone Funds, excluding any equity method investments for which the fair value option has been elected. Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the six nine months ended June September 30, 2026 and 2025, no individual equity method investment held by Blackstone met the significance criteria.

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Partnership Investments

Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $ 89.0 million and $ 149.9 million for the three months ended September 30, 2026 and 2025, respectively. Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $ 314.4 million and $ 569.8 million for the nine months ended September 30, 2026 and 2025, respectively.

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Accrued Performance Allocations, June September 30, 2026

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The portion of corporate treasury investments included in Investments represents Blackstone's investments into primarily fixed income securities, mutual fund interests, and other fund interests

Three Months Ended June 30,

Six Months Ended June 30,

. The portion of corporate treasury investments included in Investments represents Blackstone's investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third-party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments:

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Other Investments consist of equity method investments where Blackstone has elected the fair value option and other proprietary investment securities held by Blackstone, including equity securities carried at fair value, equity investments without readily determinable fair values, and senior secured and subordinated notes in non-consolidated

CLO vehicles. Equity investments without a readily determinable fair value had a carrying value of $ 517.2 million as of June 30, 2026. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 7. "Fair Value Measurements of Financial Instruments" for additional detail. The following table presents Blackstone's Realized and Net Change in Unrealized Gains (Losses) in Other Investments:

Three Months Ended June 30,

Six Months Ended June 30,

Realized Gains (Losses)

Net Change in Unrealized Gains

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Other Investments consist of equity method investments where Blackstone has elected the fair value option and other proprietary investment securities held by Blackstone, including equity securities carried at fair value, equity investments without readily determinable fair values, and senior secured and subordinated notes in non-consolidated

CLO vehicles. Equity investments without a readily determinable fair value had a carrying value of $ 562.6 million as of September 30, 2026. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 7. "Fair Value Measurements of Financial Instruments" for additional detail. The following table presents Blackstone's Realized and Net Change in Unrealized Gains (Losses) in Other Investments:

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and 170 more changes in the filing

Unaudited Supplemental Presentation of Statements of Financial Condition 5 changes

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Capitol Gardens II L.P.*

Blackstone Private Markets Solutions SCA-SICAV

– Blackstone Private Markets Fund*

BXCI ECX DevCo Lender 3 LLC*

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* Consolidated as of June September 30, 2026 only

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Business 382 changes

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Our Blackstone Real Estate Debt Strategies ("BREDS") platform primarily targets real estate-related debt investment opportunities. BREDS invests in both public and private markets, primarily in the U.S. and Europe. BREDS' scale and investment mandates enable it to provide a variety of lending options for our borrowers and investment options for our investors, including commercial real estate mortgage loans and liquid real estate-related debt securities. The BREDS platform includes high-yield real estate BREDS funds, lower-yielding debt (including "BREC") funds, liquid real estate debt funds, capital managed on behalf of our Credit & Insurance segment, and Blackstone Mortgage Trust, Inc. ("BXMT"), a NYSE-listed mortgage REIT.

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Our Credit & Insurance segment ("BXCI") offers is one of the largest credit managers in the world offering its clients and borrowers a comprehensive solution solutions across corporate and asset based credit, including investment grade and non-investment grade debt. BXCI is one of the largest credit managers private and CLO managers in the world. liquid credit. The investment portfolios BXCI's credit platform manages or sub-advises consist primarily of loans and securities of non-investment and investment grade companies spread across the capital structure, including senior debt, subordinated debt, preferred stock and common equity.

BXCI is organized into three overarching credit investing strategies: private corporate credit strategies, infrastructure and asset based credit strategies and liquid corporate credit strategies. The private corporate credit and infrastructure and asset based credit strategies are each private credit strategies, where the portfolios of such strategies consist primarily of privately originated and directly negotiated illiquid or less liquid credit. The liquid corporate credit strategy is a liquid credit strategy, where the portfolio of such strategy consists primarily of traditional bank-syndicated and actively traded credit.

BXCI is organized into three overarching credit investing strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. The Our private corporate credit strategies include mezzanine and provide financing solutions to borrowers across a breadth of credit instruments, including senior direct lending funds, stressed/distressed strategies and SMAs. opportunistic credit. The direct lending funds include Blackstone Private Credit Fund ("BCRED"), Blackstone Secured Lending Fund ("BXSL"), both of which are business development companies ("BDCs"), as well as Blackstone European Private Credit Fund ("ECRED").

The liquid corporate credit strategies consist of CLOs, closed-ended funds, open-ended funds, systematic strategies and SMAs. The Our infrastructure and asset based credit strategies include private placement strategies, consist primarily of energy strategies (including our sustainable resources platform), infrastructure debt, and asset based finance strategies focused on privately originated, income-oriented credit assets secured by physical, financial or residential real estate collateral.

Our liquid corporate credit strategies include investment grade corporate debt, high yield debt and broadly syndicated loans. These portfolios are managed through closed-ended funds, open-ended funds, systematic strategies, CLOs and SMAs.

Our BXCI also has an insurance platform that focuses on providing investment management services for insurance and reinsurance accounts, seeking to deliver customized and diversified portfolios consisting primarily of investment grade credit, including through Blackstone's private credit origination capabilities. Through this insurance platform, we provide our clients tailored portfolio construction, strategic asset allocation and specialized analytical tools. While focusing on policyholder protection, we seek to achieve risk-managed, liability-matched and capital-efficient returns, as well as diversification and capital preservation. We also provide similar services to clients through SMAs or by sub-managing assets for certain insurance-dedicated funds and special purpose vehicles.

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BXMA is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management and Public Real Assets. Absolute Return manages a broad range of commingled and customized portfolios and aims to generate consistent returns across market environments. Multi-Strategy aims to generate strong risk-adjusted returns through opportunistic, asset-class agnostic investing, and includes Blackstone Multi-Strategy Hedge Fund L.P. ("BXHF"), a perpetual multi-strategy hedge fund product for the individual investor channel. Total Portfolio Management manages large-scale total portfolios across asset classes in both public and private markets. The Public Real Assets platform is managed by Harvest Fund Advisors LLC ("Harvest"), which primarily invests in publicly traded energy infrastructure, renewables and master limited partnerships holding midstream energy assets in North America.

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Most major equity markets appreciated significantly in the second quarter of 2026, driven by resilient economic growth and underpinned by continued large-scale capex investments in the artificial intelligence-related ecosystem. The total return of the S&P 500 Index was 15.2%, with the information technology and industrial sectors exhibiting the largest gains of 31.8% and 14.9%, respectively. The energy sector was an outlier, decreasing 13.4% amid lower oil prices as supply disruption concerns eased. The price of West Texas Intermediate crude oil decreased 31.4% to $69.50 per barrel. In credit markets, the total return of the S&P Leveraged Loan Index was 1.9% and the ICE Bank of America High Yield Bond Index was 2.5%. High yield spreads tightened 32 basis points.

U.S. capital markets activity levels expanded considerably following an active first quarter. Initial public offering volumes increased 628% year-over-year, buoyed by the $75 billion initial public offering of SpaceX, the largest IPO in history. U.S. announced merger and acquisition deal volumes also rose sharply, up 99% year-over-year.

Inflation in the U.S. has moderated significantly from the post-Covid peak; however, inflation remains above the Federal Reserve's long-term target of 2.0%, largely reflecting the impact of elevated energy prices in the first half of 2026. CPI increased 3.5% year-over-year in June, as compared to 3.3% growth in March 2026. The Federal Reserve has held the federal funds target range steady at 3.50-3.75% since December 2025. The ten-year U.S. Treasury yield increased 15 basis points in the second quarter of 2026 to 4.47% and has since risen to 4.72% as of July 31, 2026. Three-month SOFR was unchanged quarter-over-quarter at 3.68%.

Despite ongoing uncertainty relating to geopolitical conditions and the path of interest rates and artificial intelligence disruption in certain sectors, the U.S. economy has demonstrated continued strength. This strength has been meaningfully aided by artificial intelligence-related spending. The vitality of the economy has positively impacted market sentiment and driven initial public offering and merger and acquisition activity. A durable resolution to the ongoing conflict in the Middle East should provide a basis for further improvements in market conditions and transaction activity.

The U.S. economy continued to show fundamental strength in the third quarter, benefitting in particular from artificial intelligence- and energy-related capital expenditures, while higher bond yields and ongoing geopolitical turbulence contributed to equity market volatility. The ten-year U.S. Treasury yield increased 82 basis points in the third quarter to 5.28%, the highest level in nearly two decades, and subsequently declined to 4.91% as of November 2, 2026. Inflation in the U.S. remained elevated, reflecting in part higher energy prices.

Against this backdrop, global equity market performance was positive overall in the third quarter, but with divergent performance across sectors. The total return of the S&P 500 Index was 2.3%, with the energy and information technology sectors exhibiting the largest gains of 17.2% and 7.2%, respectively. By contrast, the utilities and industrials sectors were the worst performers, declining 12.4% and 9.7%, respectively, as higher interest rates weighed on capital-intensive sectors. In credit markets, the total return of the S&P Leveraged Loan Index was 1.9% and the ICE Bank of America High Yield Bond Index declined 1.8%. High yield spreads widened by 41 basis points quarter-over-quarter.

U.S. capital markets activity slowed following an active first half of the year, with initial public offering volumes decreasing 46% year-over-year and announced merger and acquisition deal volumes decreasing 18% year-over-year. Despite the slow down in the third quarter, for the nine months ended September 30, 2026, initial public offering and announced merger and acquisition deal volumes increased 236% and 36%, respectively, compared to the same period in 2025.

Despite slowing growth, the U.S. economy continued to demonstrate resilience in the second quarter. economic growth has remained resilient. The Bureau of Economic Analysis' advance estimate of U.S. real GDP indicated annualized growth of 1.5% 3.0% quarter-over-quarter, compared to 2.1% in the first quarter. up from 2.2%. Wages rose 3.5% 3.0% year-over-year in June September 2026. Demand for retail and food services also remained strong, with sales increasing 6.7% 6.3% year-over-year. The labor market remained in balance, stable, with the unemployment rate at 4.2% as of June September 2026 compared to 4.3% 4.2% in March June 2026.

Inflation remained above the Federal Reserve's target rate of 2% amid persistently higher energy prices. CPI increased 3.7% year-over-year in September, compared to 3.5% growth in June 2026. Oil prices increased quarter-over-quarter, with the price of West Texas Intermediate crude oil increasing 30.1% to $90.42 per barrel. The Federal Reserve increased the federal funds target range to 3.75-4.00% in September, which it then held steady in October. Three-month SOFR increased 22 basis points quarter-over-quarter to 3.90%.

Outside of the U.S., central banks have pursued a variety of policy approaches in response to regional economic conditions. The Bank of England left its bank rate unchanged at 3.75% through the second third quarter. Inflation in the U.K. decreased increased to 2.6% 3.5% year-over-year in June September 2026 from 3.3% 2.6% in March June of 2026. The European Central Bank increased its deposit facility rate by 25 basis points to 2.25% 2.50% in June September 2026 amid continued inflationary pressures associated with higher energy prices. The Bank of Japan increased its policy rate to 1.0% 1.25% in June September 2026 from 0.75%, 1.00%, as policymakers balanced inflation concerns against economic growth considerations. The People's Bank of China left its rate unchanged at 3.0% for its one-year prime loan.

Overall, the U.S. economy has remained resilient, driven in part by momentum from artificial intelligence- and energy-related capital expenditures. Nevertheless, elevated interest rates and continued geopolitical uncertainty have contributed to equity market volatility and negatively impacted investor sentiment and transaction activity. A durable resolution to the ongoing geopolitical conflicts and a more favorable interest rate environment could provide a basis for stronger equity markets and improved transaction activity.

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Notable Transactions

On November 2, 2026, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $600.0 million aggregate principal amount 5.650% senior notes due November 3, 2031 (the "Registered 2031 Notes"), and $500.0 million aggregate principal amount of 5.900% senior notes due November 3, 2033 (the "Registered 2033 Notes") and, together with the Registered 2031 Notes, (the "Registered Notes"), pursuant to a Registration Statement on Form S-3. Blackstone intends to use the net proceeds from the sale of the Registered Notes for general corporate purposes. For additional information see Note 11. "Borrowings" in the "Notes to Condensed Consolidated Financial Statements" in "— Item 1. Financial Statements" and "—Liquidity and Capital Resources —Sources and Uses of Liquidity."

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Realized Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year in respect of this compensation program. The program, which typically has an impact on individual quarters based on the estimated amounts for the full year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the full year. For the three and six months ended June September 30, 2026, there was no change in Realized Performance Compensation increased and Fee Related Compensation decreased by $39.9 $17.5 million, which had no impact on Net Realizations, increased Fee Related Earnings and had a positive impact to Income Before Provision (Benefits) for Taxes and Distributable Earnings. For the nine months ended September 30, 2026, Realized Performance Compensation increased by $68.2 million respectively, and Fee Related Compensation decreased by $17.5 million and $35.0 $52.5 million, respectively, which reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision (Benefits) for Taxes and Distributable Earnings. in the three and six months ended June 30, 2026. These changes had an impact on individual quarters but did not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the year ended December 31, 2025.

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The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the three and six nine months ended June September 30, 2026 and 2025:

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Investment Income (Loss)

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Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (13,055 (25,522 (25,467

Net Income Attributable to Non-Controlling Interests in Consolidated Entities (65,187 (48,367 (19,126 (67,493

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Revenues were $5.0 billion for the three months ended June 30, 2026, an increase of $1.3 billion compared to $3.7 billion for the three months ended June 30, 2025. The increase in Revenues was primarily attributable to increases of $867.1 million in Investment Income, $237.0 million in Other Revenue and $230.5 million in Management and Advisory Fees, Net.

An increase of $450.4 million in our Real Estate segment primarily attributable to unrealized appreciation of investments in certain BREP and Core+ real estate funds in the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Other Revenue was $11.9 million for the three months ended June 30, 2026, an increase of $237.0 million, compared to $(225.1) million for the three months ended June 30, 2025. The increase in Other Revenue was primarily attributable to foreign exchange gains arising on transactions denominated in currencies other than U.S. dollars.

A decrease of $206.2 million in our Private Equity segment primarily attributable to lower unrealized appreciation of investments in Strategic Partners and lower unrealized performance revenues in Tactical Opportunities as a result of increased realized performance revenues, partially offset by unrealized appreciation of investments in BIP.

Three Months Ended June September 30, 2026 Compared to Three Months Ended June September 30, 2025

Revenues were $3.1 billion for the three months ended September 30, 2026, a decrease of $25.7 million compared to the three months ended September 30, 2025. The decrease in Revenues was primarily attributable to decreases of $121.1 million in Investment Income and $27.9 million in Incentive Fees, partially offset by increases of $121.9 million in Management and Advisory Fees, Net.

Investment Income was $3.6 billion $574.4 million for the six three months ended June September 30, 2026, an increase a decrease of $842.2 $121.1 million, compared to $2.8 billion $695.5 million for the six three months ended June September 30, 2025. The increase decrease in Investment Income was primarily attributable to an increase a decrease of $1.0 billion $198.3 million in Realized Investment Income, partially offset by a decrease an increase of $200.2 $77.2 million in Unrealized Investment Income.

The $543.8 $198.3 million increase decrease in Realized Investment Income was primarily attributable to higher lower realized gains in the three months ended June September 30, 2026 compared to the three months ended June September 30, 2025. The principal driver was: drivers were:

A decrease of $201.0 million in our Private Equity segment primarily attributable to lower realizations in Secondaries, related to the sale of an interest in the GP Stakes portfolio in the third quarter of 2025.

Partially offset by an increase of $27.0 million in our Credit & Insurance segment primarily attributable to higher realized Performance Revenues in energy funds within infrastructure and asset based credit strategies.

The $323.3 $77.2 million increase in Unrealized Investment Income was primarily attributable to lower unrealized depreciation in the three months ended June September 30, 2026 compared to the three months ended June September 30, 2025. The principal driver was: drivers were:

A decrease An increase of $507.8 $490.3 million in our Credit & Insurance segment primarily attributable to lower higher unrealized appreciation of Corebridge common stock. in the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Partially offset by:

A decrease of $306.9 million in our Private Equity segment primarily attributable to unrealized depreciation of certain Corporate Private Equity funds.

A decrease of $63.4 million in our Real Estate segment primarily attributable to unrealized depreciation of Blackstone's investment in certain BREDS and Core+ funds.

Incentive Fees were $172.7 million for the three months ended September 30, 2026, a decrease of $27.9 million, compared to $200.7 million for the three months ended September 30, 2025. The decrease in Incentive Fees was primarily attributable to a decrease in our Credit & Insurance segment of $39.2 million. The decrease in our Credit & Insurance segment was primarily attributable to BCRED and BXSL.

Management and Advisory Fees, Net were $2.3 $2.2 billion for the three months ended June September 30, 2026, an increase of $230.5 $121.9 million, compared to $2.0 $2.1 billion for the three months ended June September 30, 2025. The increase in Management and Advisory Fees, Net was primarily attributable to increases in our Credit & Insurance segment of $102.1 million and an increase in our Private Equity segment of $88.3 $120.7 million. The increase in our Credit & Insurance segment was primarily attributable to increased Transaction, Advisory and Other Fees, Net due to capital markets advisory revenues. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to increased Fee-Earning Assets Under Management in BXPE, BIP and BXINFRA and an increase in Transaction, Advisory and Other Fees, Net due to increased transaction activity in BXCM.

Expenses were $2.4 $1.6 billion for the three months ended June September 30, 2026, an increase a decrease of $443.0 $125.4 million, compared to $1.9 $1.8 billion for the three months ended June September 30, 2025. The increase decrease was primarily attributable to an increase a decrease of $392.6 $164.5 million in Total Compensation and Benefits, of which $317.6 $207.0 million was a decrease in Performance Allocations Compensation, partially offset by an increase of $55.1 million in Compensation. The decrease in Performance Allocations Compensation was primarily attributable to the increase decrease in Investment Income (Loss), on which a portion of Performance Allocations Compensation is based. The increase in Compensation was primarily attributable to an the increase in Performance Allocations, Management and Advisory Fees, Net, on which a portion of Performance Allocations Compensation is based.

Other Income was $140.1 $93.4 million for the three months ended June September 30, 2026, an increase a decrease of $3.8 $15.2 million, compared to $136.3 $108.6 million for the three months ended June September 30, 2025. The increase decrease in Other Income was attributable to an increase a decrease of $3.8 $15.2 million in Net Gains from Fund Investment Activities. The increase decrease in Net Gains from Fund Investment Activities was primarily attributable to an increase a decrease of $50.8 $44.0 million in our Private Equity Real Estate segment, partially offset by decreases increases of $21.6 $33.1 million in our Real Estate Private Equity segment and $14.1 $7.2 million in our Multi-Asset Investing Credit & Insurance segment.

Six Nine Months Ended June September 30, 2026 Compared to Six Nine Months Ended June September 30, 2025

Revenues were $8.7 $11.7 billion for the six nine months ended June September 30, 2026, an increase of $1.7 $1.6 billion, compared to $7.0 $10.1 billion for the six nine months ended June September 30, 2025. The increase in Revenues was primarily attributable to increases of $842.2 $721.1 million in Investment Income and of $474.8 $596.7 million in Management and Advisory Fees, Net.

Investment Income was $2.5 $4.2 billion for the three nine months ended June September 30, 2026, an increase of $867.1 $721.1 million compared to $1.6 $3.5 billion for the three nine months ended June September 30, 2025. The increase in Investment Income was primarily attributable to increases an increase of $543.8 $844.1 million in Realized Investment Income, and partially offset by a decrease of $323.3 $123.0 million in Unrealized Investment Income.

The $1.0 billion $844.1 million increase in Realized Investment Income was primarily attributable to higher realized gains in the six nine months ended June September 30, 2026 compared to the six nine months ended June September 30, 2025. The principal drivers were:

An increase of $719.9 $518.9 million in our Private Equity segment primarily attributable to realizations in Corporate Private Equity and Tactical Opportunities, as well as higher Performance Revenues in BXPE, partially offset by lower realizations in Secondaries, related to the sale of an interest in the GP Stakes portfolio in the third quarter of 2025.

An increase of $324.7 $455.5 million in our Real Estate segment primarily attributable to higher realized gains in BREP and Core+ real estate funds higher Performance Revenues in the three months ended June 30, 2026 compared to the three months ended June 30, 2025. BREIT.

Partially offset by a decrease of $170.2 million in our Credit & Insurance segment primarily attributable to the sale of Bistro, Blackstone's internally developed portfolio visualization software platform, in the first quarter of 2025.

The $200.2 $123.0 million decrease in Unrealized Investment Income was primarily attributable to lower unrealized gains appreciation in the six nine months ended June September 30, 2026 compared to the six nine months ended June September 30, 2025. The principal drivers were:

A decrease of $513.1 million in our Private Equity segment primarily attributable to unrealized depreciation of certain Corporate Private Equity funds.

Partially offset by an increase of $529.1 $465.6 million in our Real Estate segment primarily attributable to lower unrealized appreciation depreciation of investments in certain BREP and Core+ real estate funds. in the six months ended June 30, 2026 compared to unrealized depreciation of investments in six months ended June 30, 2025.

The $474.8 $596.7 million increase in Management and Advisory Fees, Net was primarily attributable to an increase increases in our Private Equity segment of $268.4 $389.1 million and in our Credit & Insurance segment of $190.8 million. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to increased Fee-Earning Assets Under Management in BXPE, and BIP, as well as and BXINFRA and an increase in Transaction, Advisory and Other Fees, Net due to increased volume of deal transaction activity in BXCM. The increase in our Credit & Insurance segment was primarily attributable to increased Transaction, Advisory and Other Fees, Net due to capital markets advisory revenues.

Expenses were $4.6 $6.3 billion for the six nine months ended June September 30, 2026, an increase of $810.9 $685.5 million, compared to $3.8 $5.6 billion for the six nine months ended June September 30, 2025. The increase was primarily attributable to an increase of $705.2 $540.7 million in Total Compensation and Benefits, of which $495.3 $288.3 million was an increase in Performance Allocations Compensation and $285.3 million was an increase in Compensation. The increase in Performance Allocations Compensation was primarily attributable to an increase in Performance Allocations, on which a portion of Performance Allocations Compensation is based. The increase in Compensation was primarily attributable to the increase in Management and Advisory Fees, Net, on which a portion of Compensation is based.

Other Income was $239.8 $333.3 million for the six nine months ended June September 30, 2026, an increase of $45.9 $30.7 million, compared to $193.9 $302.5 million for the six nine months ended June September 30, 2025. The increase in Other Income was attributable to an increase of $45.9 $30.7 million in Net Gains from Fund Investment Activities. The increase in Net Gains from Fund Investment Activities was primarily attributable to an increase of $111.1 $144.2 million in our Private Equity segment, partially offset by decreases of $34.4 $63.1 million in our Multi-Asset Investing Real Estate segment and $19.1 $45.8 million in our Real Estate Multi-Asset Investing segment.

Three Months Ended June September 30, 2026 Compared to Three Months Ended June September 30, 2025

Blackstone's Provision for Taxes for the three months ended June September 30, 2026 was $452.4 $258.6 million, an increase of $162.9 $48.9 million, compared to $289.5 $209.7 million for the three months ended June September 30, 2025. This resulted in an effective tax rate of 16.1% 16.9% and 15.1%, 14.5%, based on our Income Before Provision for Taxes of $2.8 $1.5 billion and $1.9 $1.4 billion for the three months ended June September 30, 2026 and 2025, respectively.

The increase in Blackstone's effective tax rate for the three months ended June September 30, 2026, compared to the three months ended June September 30, 2025, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities and Blackstone's state tax provisions for the jurisdictions in which it operates.

Six Nine Months Ended June September 30, 2026 Compared to Six Nine Months Ended June September 30, 2025

Blackstone's Provision for Taxes for the six nine months ended June September 30, 2026 was $649.5 $908.1 million, an increase of $116.2 $165.1 million, compared to $533.3 $743.0 million for the six nine months ended June September 30, 2025. This resulted in an effective tax rate of 15.2% 15.7% and 15.8%, 15.4%, based on our Income Before Provision for Taxes of $4.3 $5.8 billion and $3.4 $4.8 billion for the six nine months ended June September 30, 2026 and 2025, respectively.

The decrease increase in Blackstone's effective tax rate for the six nine months ended June September 30, 2026 compared to the six nine months ended June September 30, 2025, relates primarily to Blackstone's state tax provisions for the jurisdictions in which it operates, partially offset by the impact of Non-Controlling Interests in Consolidated Entities.

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The Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities is attributable to the consolidated Blackstone funds and Net Income Attributable to Non-Controlling Interests in Consolidated Entities is attributable to both the consolidated Blackstone funds and the portion of general partner entities owned by employees. The amounts of these items vary directly with the performance of the consolidated entities. For the consolidated Blackstone funds, and the attribution to non-controlling interests largely eliminate reduces the amount of Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities from the Net Income and Fund Expenses attributable to Blackstone Inc. For the general partner entities, the non-controlling interests are attributed a portion of Realized and Unrealized Principal Investment Income.

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For the three months ended June September 30, 2026 and 2025, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.1% 36.9% and 37.7%, 37.5%, respectively. For the six nine months ended June September 30, 2026 and 2025, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.2% 37.1% and 37.9%, 37.7%, respectively. The respective decreases of 0.6% and 0.7% were primarily attributable to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.

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The following graphs and tables summarize the Total Assets Under Management by Segment and Fee-Earning Assets Under Management by Segment, followed by a rollforward of activity for the three and six nine months ended June September 30, 2026 and 2025. For a description of how Assets Under Management and Fee-Earning Assets Under Management are determined, please see "—Key Financial Measures and Indicators — Operating Metrics — Total and Fee-Earning Assets Under Management."

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Inflows include contributions, represent capital raised, contributions, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. Inflows are primarily driven by capital raised, which represents new capital to Blackstone vehicles, in the form of capital commitments and subscriptions, and other increases in available capital.

Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments). Outflows are primarily driven by redemptions, where permitted by the vehicle; for commitment-based drawdown funds where redemptions are generally not permitted, outflows are primarily driven by decreases in available capital.

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For the three months ended June September 30, 2026, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(637.6) $(201.5) million, $(191.8) $47.4 million, $(326.5) $144.9 million, $(153.7) $(290.1) million and $(1.3) billion $(299.2) million for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the three months ended June September 30, 2025, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $6.0 billion, $2.4 billion, $2.4 $(1.2) billion, $132.0 $(392.0) million, $399.4 million, $(86.7) million and $11.0 $(1.2) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.

For the six nine months ended June September 30, 2026, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(1.9) $(2.1) billion, $(868.7) $(821.2) million, $(273.1) $(128.2) million, $(58.4) $(348.5) million and $(3.1) $(3.4) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the six nine months ended June September 30, 2025, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $8.9 $7.7 billion, $3.7 $3.3 billion, $2.7 $3.1 billion, $287.7 $201.0 million and $15.6 $14.3 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.

For the three months ended June September 30, 2026, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(460.4) $(235.8) million, $(56.8) $(86.5) million, $(278.9) $183.5 million, $(153.4) $(290.1) million and $(949.5) $(428.9) million for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the three months ended June September 30, 2025, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $4.4 billion, $422.9 $(495.1) million, $2.3 billion, $134.5 $(16.5) million, $281.5 million, $(89.0) million and $7.3 billion $(319.0) million for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.

For the six nine months ended June September 30, 2026, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(1.3) $(1.6) billion, $(127.3) $(213.8) million, $(223.9) $(40.4) million, $(58.4) $(348.5) million and $(1.7) $(2.2) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the six nine months ended June September 30, 2025, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $6.4 $5.9 billion, $590.1 $573.6 million, $2.7 $3.0 billion, $288.7 $199.7 million and $10.0 $9.7 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.

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Assets Under Management outflows may exceed Total Assets Under Management outflows due to Fee-Earning Assets Under Management generally including invested capital subsequent to the investment period compared to committed capital during the investment period. This is most prevalent in our Real Estate and Private Equity segments.

For commitment-based drawdown funds, Total Assets Under Management inflows are generally reported at each fund closing whereas Fee-Earning Assets Under Management inflows are generally reported when a fund's investment period commences. Fund closings and the investment period commencement generally occur in different periods and as such, Fee-Earning Assets Under Management inflows in such funds may exceed Total Assets Under Management inflows in the period when the investment period commences. Upon expiration of the investment period, Fee-Earning Assets Under Management outflows may exceed Total Assets Under Management outflows due to Fee-Earning Assets Under Management generally including invested capital subsequent to the investment period compared to committed capital during the investment period. This is most prevalent in our Real Estate and Private Equity segments.

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Inflows were driven by $11.0 billion from Corporate Private Equity, $5.7 billion from Secondaries, $4.0 billion from BXPE, $2.8 billion from Infrastructure and $890.8 million from Tactical Opportunities.

Market appreciation was driven by $3.4 billion from Absolute Return and $1.3 billion from Total Portfolio Management.

Realizations were driven by $4.9 billion from BREP, $4.7 billion from BREDS, $2.8 billion from BREIT and $1.1 billion from BPP and co-investment.

Inflows were driven by $5.5 billion from BREDS, $4.6 billion from BREIT, $2.0 billion from BXDC and $1.7 billion from BREP.

Market appreciation was driven by $1.8 billion from infrastructure and asset based credit.

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and 302 more changes in the filing

Management 44 changes

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For the Multi-Asset Investing managed funds, at June September 30, 2026, the incremental appreciation needed for the less than 1% 8% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks to reach their respective High Water Marks/Benchmarks was $67.6 $154.9 million, a decrease an increase of $104.7 $45.1 million, compared to $172.3 $109.8 million at June September 30, 2025. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks as of June September 30, 2026, 48% 94% were within 5% of reaching their respective High Water Mark.

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Unrealized Principal Investment (Income) Loss (f)

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GAAP Unrealized Principal Investment Income (Loss)

Unrealized Principal Investment Income (Loss)

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Additionally, fluctuations in our statement of financial condition also include appreciation or depreciation in Blackstone investments in the non-consolidated Blackstone funds, additional investments and redemptions of such interests in the non-consolidated Blackstone funds and the collection of receivables related to management and advisory fees.

The increase in Loans Payable was primarily attributable to a draw of our revolving credit facility (the "Revolving Credit Facility") during the quarter ended March 31, 2026.

Fluctuations in our statement of financial condition result primarily from activities of the Blackstone Funds that are consolidated as well as business transactions, such as the issuance of senior notes and draws on our revolving credit facility (the "Revolving Credit Facility"). The majority economic ownership interests of such consolidated Blackstone funds are reflected as Redeemable Non-Controlling Interests in Consolidated Entities, and Non-Controlling Interests in Consolidated Entities in the Consolidated Financial Statements. The consolidation of these Blackstone Funds has no net effect on Blackstone's Net Income or Equity. Additionally, fluctuations in our statement of financial condition also include appreciation or depreciation in Blackstone investments in the non-consolidated Blackstone funds, additional investments and redemptions of such interests in the non-consolidated Blackstone funds and the collection of receivables related to management and advisory fees.

Total Assets were $49.9 $49.6 billion as of June September 30, 2026, an increase of $2.2 $1.9 billion from December 31, 2025. The increase in Total Assets was primarily attributable to an increase of $2.1 $2.6 billion in total assets attributable to consolidated operating partnerships.

The increase in total assets attributable to consolidated operating partnerships was primarily attributable to an increase of $2.3 $2.2 billion in Investments. The increase in Investments was primarily attributable to appreciation in our Private Equity segment.

Total Liabilities were $27.5 $28.6 billion as of June September 30, 2026, an increase of $1.6 $2.8 billion from December 31, 2025. The increase in Total Liabilities was primarily attributable to an increase of $1.7 $2.5 billion in total liabilities attributable to consolidated operating partnerships.

The increase in total liabilities attributable to consolidated operating partnerships was primarily attributable to increases of $752.1 $942.1 million in Loans Payable and of $432.8 Due to Affiliates, $692.3 million in Accrued Compensation and Benefits and $640.0 million in Loans Payable.

The increase in Due to Affiliates was primarily attributable to an increase in unrealized clawback obligations in our Real Estate segment.

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The increase in Loans Payable was primarily attributable to borrowing and repayment activity on our Revolving Credit Facility.

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We have multiple sources of liquidity to meet our capital needs, including annual cash flows, accumulated earnings in our businesses, the proceeds from our issuances of senior notes and other borrowings, liquid investments we hold on our Condensed Consolidated Statement of Financial Condition and access to our $4.325 billion committed Revolving Credit Facility. As of June September 30, 2026, Blackstone had $2.5 $3.0 billion in Cash and Cash Equivalents, $401.5 $168.3 million invested in Corporate Treasury Investments and $8.5 $8.9 billion in Other Investments (which included $7.8 $8.2 billion of liquid investments), against $13.2 $13.1 billion in borrowings, which included our bond issuances and $800.0 $700.0 million of outstanding borrowings under the Revolving Credit Facility.

On November 2, 2026, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $600.0 million aggregate principal amount 5.650% senior notes due November 3, 2031 (the "Registered 2031 Notes"), and $500.0 million aggregate principal amount of 5.900% senior notes due November 3, 2033 (the "Registered 2032 Notes") and, together with the Registered 2031 Notes, (the "Registered Notes"), pursuant to a Registration Statement on Form S-3. For additional information see Note 11. "Borrowings" in the "Notes to Condensed Consolidated Financial Statements" in "— Item 1. Financial Statements" of this filing and "— Notable Transactions."

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Our own capital commitments to our funds, the funds we invest in and our investment strategies as of June September 30, 2026 consisted of the following:

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Blackstone Onyx Limited

Blackstone Private IG Fund L.P.

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Represents loan origination commitments, revolver commitments and capital market commitments. Loan origination commitments are presented net of amounts committed by Blackstone Funds.

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As of June September 30, 2026, Blackstone Holdings Finance Co. L.L.C. and Blackstone Reg Finance Co. L.L.C. (each an "Issuer" and together the "Issuers"), both indirect subsidiaries of Blackstone, had issued and outstanding the following senior notes (collectively the "Notes"):

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Blackstone, through Blackstone Holdings Finance Co. L.L.C., has a $4.325 billion unsecured Revolving Credit Facility with Citibank, N.A., as administrative agent with a maturity date of October 16, 2030. As of June September 30, 2026, Blackstone had $800.0 $700.0 million of outstanding borrowings under the Revolving Credit Facility. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly.

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The following table sets forth information relating to our contractual obligations as of June September 30, 2026 on a consolidated basis and on a basis deconsolidating the Blackstone funds:

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Represents the principal amounts due on our senior notes. For our senior notes, we assume no pre-payments and the borrowings are held until their final maturity. As of June September 30, 2026, we had $800.0 $700.0 million of outstanding borrowings under our Revolving Credit Facility, which are presented as due in 2030, the contractual maturity date of the Revolving Credit Facility.

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Blackstone is not able to make a reasonably reliable estimate of the timing of payments in individual years in connection with gross unrecognized benefits of $340.0 $360.2 million and interest of $137.1 $143.8 million as of June September 30, 2026; therefore, such amounts are not included in the above contractual obligations table.

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In many of its service contracts, Blackstone agrees to indemnify the third-party service provider under certain circumstances. The terms of the indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined and has not been included in the above contractual obligations table or recorded in our condensed consolidated financial statements as of June September 30, 2026.

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During the three and six nine months ended June September 30, 2026, Blackstone repurchased 0.2 million and 0.4 0.6 million shares of common stock, pursuant to its repurchase program, at a total cost of $24.0 $27.1 million and $48.4 $75.5 million, respectively. As of June September 30, 2026, the amount remaining available for repurchases under the program was $1.6 billion.

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The following table shows Distributable Earnings Attributable to Common Stockholders of Blackstone Inc. for the three and nine months ended September 30, 2026 and 2025:

(Dollars in Thousands)

Distributable Earnings

Add: Other Payables Attributable to Common Stockholders

Distributable Earnings Before Certain Payables

Percent to Common Stockholders

Distributable Earnings Before Certain Payables Attributable to Common Stockholders

Less: Other Payables Attributable to Common Stockholders

Distributable Earnings Attributable to Common Stockholders (a)

Distributable Earnings Attributable to Common Stockholders represents Blackstone Inc.'s share of Distributable Earnings for purposes of the dividend policy. See "—Non-GAAP Financial Measures" for a reconciliation of Distributable Earnings to Net Income.

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With respect to the second third quarter of fiscal year 2026, we paid to stockholders of our common stock a dividend of $1.29 $1.12 per share, aggregating to $2.45 $3.57 per share of common stock in respect of the two fiscal quarters ended June September 30, 2026. With respect to fiscal year 2025, we paid stockholders aggregate dividends of $4.74 per share.

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Balance, June 30, 2026

Balance, September 30, 2026

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Six Months Ended June 30, 2026

Nine Months Ended September 30, 2026

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0.20% to 1.25% 1.00% of net asset value or fair value of investments for certain separately managed accounts and open-ended vehicles,

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Incentive Fees - When determining whether an incentive arrangement is in accounted for under the equity method or pursuant to revenue recognition rules, Blackstone considers the nature and legal form of the incentive arrangement including whether the incentive arrangement is an attribute of a financial instrument held by Blackstone or a separate contractual agreement. For example, where incentive arrangements with a fund are contractually separate from any interest Blackstone holds in the fund, and Blackstone has the ability to dispose of its investment while retaining the ability to earn the incentive, Blackstone would conclude such arrangement is a contractual fee in scope of ASC 606. Where an incentive arrangement is not an attribute of a financial instrument, it is accounted for in accordance with revenues from contracts with customers guidance. As a form of variable consideration, Blackstone makes judgments regarding the likelihood and magnitude of a potential reversal in the amount of cumulative revenue recognized.

Investment Income (Loss) — Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. Blackstone has concluded that investments made alongside its limited partners in a partnership which entitle Blackstone to a Performance Allocation represent equity method investments that are not in the scope of the GAAP guidance on accounting for revenues from contracts with customers since the Performance Allocation is an attribute of Blackstone's general partner or similar financial interest, rather than a separate contractual arrangement with the fund. Blackstone can only transfer that interest in its entirety, inclusive of the Performance Allocation, and as such, accounts for these arrangements under the equity method of accounting. Under the equity method, Blackstone's share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value ("HLBV") method. Under the HLBV method, at the end of each reporting period Blackstone calculates the accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results.

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Market risk 1 change

Our predominant exposure to market risk is related to our role as general partner or investment adviser to the Blackstone Funds and the sensitivities to movements in the fair value of their investments, including the effect on management fees, Performance Revenues and investment income. There were no material changes in our market risks as of June September 30, 2026 as compared to December 31, 2025. For additional information, refer to our Annual Report on Form 10-K for the year ended December 31, 2025.

Unregistered sales of stock 7 changes

The following table sets forth information regarding repurchases of shares of our common stock during the three months ended June September 30, 2026:

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Apr. 1 - Apr. 30, 2026

May 1 - May 31, 2026

Jun. 1 - Jun. 30, 2026

Jul. 1 - Jul. 31, 2026

Aug. 1 - Aug. 31, 2026

Sep. 1 - Sep. 30, 2026

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Other information 4 changes

Election of Directors

On August 6, 2026, Blackstone Group Management L.L.C., by a written consent as the sole holder of our Series II preferred stock, elected Stephen A. Schwarzman, Jonathan D. Gray, Joseph P. Baratta, William G. Parrett, James W. Breyer, Reginald J. Brown, Rochelle B. Lazarus, and Ruth Porat as directors of Blackstone Inc. Each director was serving as a director of Blackstone Inc. at the time of election.

Annual Meeting of Stockholders

We will hold our 2026 annual meeting of stockholders (the "Annual Meeting") at 9:00 a.m., Eastern Time, on September 22, 2026. The Annual Meeting will be held in a virtual meeting format only. Stockholders of record at the close of business on August 21, 2026 (the "Record Date") can attend the meeting at https://event.webcasts.com/starthere.jsp?ei=1767610&tp_key=a173f6d75a. In order to access the Annual Meeting, please be prepared to confirm your ownership of common stock as of the Record Date. Please note that there will not be any matter for stockholders to vote on at the Annual Meeting, and, as such, no action is expected to be taken at the Annual Meeting. Please note that we are not planning on providing any update on our business during the Annual Meeting.

Exhibits 6 changes

Seventh Amended and Restated Exchange Agreement, dated as of July 2, 2026, among Blackstone Inc., Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and the Blackstone Holdings Limited Partners from time to time party thereto.

Amended and Restated Exempted Limited Partnership Agreement of BMA Asia III GP L.P. dated as of August 7, 2026 and deemed effective as of February 3, 2025.

Amended and Restated Exempted Limited Partnership Agreement of BXLS Yield GP L.P. dated as of August 7, 2026 and deemed effective as of September 20, 2021.

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Management contract or compensatory plan or arrangement in which directors or executive officers are eligible to participate.

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Date: August 7, 2026

Date: November 6, 2026

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