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Blackstone Reports Third Quarter 2025 Results

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

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

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

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

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

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

the future.”

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

www.blackstone.com.

Dividend

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

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

Quarterly Investor Call Details

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

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

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

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

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

https://ir.blackstone.com/.

About Blackstone

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

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

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

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

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

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

otherwise.

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

Investor and Media Relations Contacts

Weston Tucker

Blackstone

Tel: +1 (212) 583-5231

tucker@blackstone.com

Christine Anderson

Blackstone

Tel: +1 (212) 583-5182

christine.anderson@blackstone.com

LOGO

Blackstone’s Third

Quarter 2025 Earnings

OCTOBER 23, 2025

BLACKSTONE’S THIRD QUARTER 2025 GAAP RESULTS

GAAP Net Income was $1.2 billion for the quarter and $4.1 billion year-to-date (“YTD”). GAAP Net Income
Attributable to Blackstone Inc. was $625 million for the quarter and $2.0 billion YTD.



($ in thousands, except per share data) (unaudited)	3Q’24			3Q’25			3Q’24 YTD			3Q’25 YTD			3Q’24 LTM			3Q’25 LTM

Revenues

Management and Advisory Fees, Net	$	1,794,894		$	2,056,248		$	5,309,355		$	5,996,060		$	6,957,487		$	7,875,641

Incentive Fees		191,794			200,675			559,434			587,914			799,851			992,658

Performance Allocations		1,569,673			781,478			3,322,003			2,749,832			2,959,529			3,256,982

Principal Investments		93,371			(86,006	)		675,860			720,811			377,311			757,800

Interest and Dividend Revenue		109,774			107,538			312,612			305,347			480,986			403,894

Other		(96,312	)		28,702			(31,861	)		(269,971	)		(142,741	)		(114,417	)

Total Revenues	$	3,663,194		$	3,088,635		$	10,147,403		$	10,089,993		$	11,432,423		$	13,172,558

Expenses

Compensation and Benefits		1,440,344			1,230,759			3,954,850			4,084,129			4,497,928			5,123,332

General, Administrative and Other		340,945			383,580			1,022,823			1,076,770			1,312,514			1,415,856

Interest Expense		111,337			126,288			328,156			380,225			436,888			495,757

Fund Expenses		3,470			10,060			13,380			36,598			13,449			42,894

Total Expenses	$	1,896,096		$	1,750,687		$	5,319,209		$	5,577,722		$	6,260,779		$	7,077,839

Other Income (Loss)	$	42,842		$	108,634		$	70,009		$	302,539		$	(118,361	)	$	281,368

Income Before Provision for Taxes	$	1,809,940		$	1,446,582		$	4,898,203		$	4,814,810		$	5,053,283		$	6,376,087

Provision for Taxes		245,303			209,657			789,220			742,978			835,177			975,429

Net Income	$	1,564,637		$	1,236,925		$	4,108,983		$	4,071,832		$	4,218,106		$	5,400,658

Redeemable NCI in Consolidated Entities		(22,184	)		29,008			(61,595	)		55,117			(225,524	)		55,423

Non-Redeemable NCI in Consolidated Entities		805,986			583,000			2,097,943			2,012,702			2,219,195			2,637,349

Net Income Attributable to Blackstone Inc.	$	780,835		$	624,917		$	2,072,635		$	2,004,013		$	2,224,435		$	2,707,886

Net Income Per Share of Common Stock, Basic	$	1.02		$	0.80		$	2.71		$	2.57		$	2.91		$	3.49

Net Income Per Share of Common Stock, Diluted	$	1.02		$	0.80		$	2.71		$	2.57		$	2.91		$	3.49

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

Blackstone | 1

BLACKSTONE’S THIRD QUARTER 2025 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.5 billion ($1.20/share) in the quarter – FRE was $6.0 billion over the last twelve months (“LTM”) ($4.92/share) § Distributable Earnings (“DE”) of $1.9 billion ($1.52/share) in the quarter – DE was $7.0 billion over the LTM ($5.51/share) § Net Accrued Performance Revenues of $6.5 billion ($5.30/share)

Capital Metrics		§ Total Assets Under Management (“AUM”) of $1,241.7 billion – Fee-Earning AUM of $906.2 billion – Perpetual Capital AUM of $500.6 billion § Inflows of $54.2 billion in the quarter and $225.4 billion over the LTM § Deployment of $26.6 billion in the quarter and $137.6 billion over the LTM § Realizations of $30.6 billion in the quarter and $105.3 billion over the LTM

Capital Returned to Shareholders		§ Dividend of $1.29 per common share payable on November 10, 2025 – Dividends of $4.69 per common share over the LTM § Repurchased 0.2 million common shares in the quarter and 0.9 million common shares over the LTM § $1.6 billion to be distributed to shareholders with respect to the third quarter and $6.2 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S THIRD QUARTER 2025 SEGMENT EARNINGS



							% Change								% Change

($ in thousands, except per share data)	3Q’24			3Q’25			vs. 3Q’24		3Q’24 YTD			3Q’25 YTD			vs. 3Q’24 YTD

Management and Advisory Fees, Net	$	1,786,734		$	2,041,820			14%	$	5,274,243		$	5,953,830		13%

Fee Related Performance Revenues		264,101			453,018			72%		736,669			1,218,983		65%

Fee Related Compensation		(554,855	)		(658,091	)		19%		(1,661,845	)		(1,975,389	)	19%

Other Operating Expenses		(320,823	)		(356,070	)		11%		(902,923	)		(995,188	)	10%

Fee Related Earnings	$	1,175,157		$	1,480,677			26%	$	3,446,144		$	4,202,236		22%


Realized Performance Revenues		342,669			744,953			117%		1,421,951			1,758,097		24%

Realized Performance Compensation		(157,570	)		(302,642	)		92%		(661,651	)		(780,190	)	18%

Realized Principal Investment Income		40,403			62,535			55%		66,913			209,866		214%

Net Realizations		225,502			504,846			124%		827,213			1,187,773		44%

Total Segment Distributable Earnings	$	1,400,659		$	1,985,523			42%	$	4,273,357		$	5,390,009		26%


Distributable Earnings	$	1,278,650		$	1,889,487			48%	$	3,797,249		$	4,866,055		28%


Additional Metrics:

Net Income Per Share of Common Stock, Basic	$	1.02		$	0.80			(22)%	$	2.71		$	2.57		(5)%

FRE per Share	$	0.96		$	1.20			25%	$	2.82		$	3.42		21%

DE per Common Share	$	1.01		$	1.52			50%	$	2.95		$	3.82		29%

Total Segment Revenues	$	2,433,907		$	3,302,326			36%	$	7,499,776		$	9,140,776		22%

Total Assets Under Management	$	1,107,628,362		$	1,241,731,296			12%	$	1,107,628,362		$	1,241,731,296		12%

Fee-Earning Assets Under Management	$	820,457,203		$	906,221,028			10%	$	820,457,203		$	906,221,028		10%

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable

to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. YTD FRE per Share and DE per

Common Share amounts represent the sum of the last three quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segments.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

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

Investment Performance

(appreciation / gross returns)



	3Q’25		3Q’25 LTM

Real Estate

Opportunistic		(0.6)%		(5.2)%

Core+		0.6%		0.6%


Private Equity

Corporate Private Equity		2.5%		13.6%

Tactical Opportunities		3.2%		13.1%

Secondaries		3.4%		13.5%

Infrastructure		5.2%		19.3%


Credit & Insurance

Private Credit		2.6%		12.0%

Liquid Credit		1.6%		7.1%


Multi-Asset Investing

Absolute Return Composite		2.9%		12.5%

Net Accrued Performance Revenues

($ in millions)

LOGO

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing.

Secondaries appreciation excludes GP Stakes. Private Credit net returns were 1.8% and 8.4% for 3Q’25 and 3Q’25 LTM, respectively. Liquid Credit net returns

were 1.5% and 6.7% for 3Q’25 and 3Q’25 LTM, respectively. Absolute Return Composite net returns were 2.7% and 11.3% for 3Q’25 and 3Q’25 LTM, respectively.

See notes on page 34 for additional details on these strategies and our investment performance.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

Inflows were $54.2 billion in the quarter, bringing LTM inflows to $225.4 billion.

Deployed $26.6 billion in the quarter and $137.6 billion over the LTM.

–

Committed an additional $24.2 billion that was not yet deployed in the quarter.

Realizations were $30.6 billion in the quarter and $105.3 billion over the LTM.



	Inflows				Capital Deployed				Realizations

($ in millions)	3Q’25		3Q’25 LTM		3Q’25		3Q’25 LTM		3Q’25		3Q’25 LTM

Real Estate	$	3,819	$	25,311	$	3,612	$	22,027	$	7,349	$	22,362

Opportunistic		123		3,705		1,471		10,024		2,766		5,232

Core+		2,623		13,423		615		4,767		2,036		7,750

Debt Strategies		1,072		8,183		1,525		7,237		2,547		9,380

Private Equity		10,812		59,437		5,564		45,824		9,292		33,641

Corporate Private Equity		4,475		31,003		2,983		20,576		4,083		17,334

Tactical Opportunities		785		3,086		741		3,051		1,352		5,382

Secondaries		1,918		13,378		1,627		14,307		2,811		8,432

Infrastructure		3,634		11,971		214		7,889		1,046		2,492

Credit & Insurance		35,999		127,347		16,656		66,386		12,961		45,509


Multi-Asset Investing		3,567		13,313		718		3,378		995		3,824


Total Blackstone	$	54,196	$	225,408	$	26,551	$	137,615	$	30,598	$	105,336

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

Blackstone | 5

ASSETS UNDER MANAGEMENT

Total AUM increased to $1,241.7 billion, up 12% year-over-year, with $54.2 billion of inflows in the quarter
and $225.4 billion over the LTM.

Fee-Earning AUM of $906.2 billion was up 10% year-over-year, with $39.0 billion of inflows in the quarter
and $164.3 billion over the LTM.

Perpetual Capital AUM reached $500.6 billion, up 15% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $428.5 billion, representing 47% of Fee-Earning AUM.

LOGO

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

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $611.0 billion at quarter end, up 10% year-over-year.

Total Dry Powder of $188.1 billion available for future investments.

LOGO

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

Blackstone | 7

Segment Highlights

Blackstone | 8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

3Q’25 Total Segment Distributable Earnings were $2.0 billion.

LTM Total Segment Distributable Earnings were $7.8 billion.

Segment Distributable Earnings

($ in millions)

LOGO

Blackstone | 9

REAL ESTATE

Total AUM: $320.5 billion with inflows of $3.8 billion in the quarter and $25.3 billion over the LTM.

–

Inflows in the quarter included $1.1 billion in BREDS, primarily across multi-asset strategies and insurance SMAs,
and $789 million of capital raised in BREIT.

Capital Deployed: $3.6 billion in the quarter, including for the privatization of a U.K. warehouse company in BREP,
and $22.0 billion over the LTM.

–

Committed an additional $1.9 billion in the quarter, including acquisitions by BREP for a French logistics portfolio
and a mixed-use building in Paris.

Realizations: $7.3 billion in the quarter, including in India office and U.S. logistics, and $22.4 billion over the LTM.

Appreciation: Opportunistic funds declined (0.6)% in the quarter and (5.2)% over the LTM; Core+ funds appreciated
0.6% in the quarter and 0.6% over the LTM.



							% Change							% Change

($ in thousands)	3Q’24			3Q’25			vs. 3Q’24	3Q’24 YTD			3Q’25 YTD			vs. 3Q’24 YTD

Management Fees, Net	$	695,546		$	688,799		(1)%	$	2,173,442		$	2,100,939		(3)%

Fee Related Performance Revenues		72,428			124,647		72%		202,992			252,040		24%

Fee Related Compensation		(166,567	)		(168,377	)	1%		(525,540	)		(509,111	)	(3)%

Other Operating Expenses		(100,739	)		(95,228	)	(5)%		(282,879	)		(265,557	)	(6)%

Fee Related Earnings	$	500,668		$	549,841		10%	$	1,568,015		$	1,578,311		1%


Realized Performance Revenues		78,022			132,792		70%		181,461			195,389		8%

Realized Performance Compensation		(44,761	)		(69,623	)	56%		(91,919	)		(102,532	)	12%

Realized Principal Investment Income		6,421			5,303		(17)%		15,667			8,449		(46)%

Net Realizations		39,682			68,472		73%		105,209			101,306		(4)%

Segment Distributable Earnings	$	540,350		$	618,313		14%	$	1,673,224		$	1,679,617		0%


Segment Revenues	$	852,417		$	951,541		12%	$	2,573,562		$	2,556,817		(1)%

Total AUM	$	325,075,713		$	320,490,495		(1)%	$	325,075,713		$	320,490,495		(1)%

Fee-Earning AUM	$	285,488,072		$	282,579,289		(1)%	$	285,488,072		$	282,579,289		(1)%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 15% to $395.6 billion with inflows of $10.8 billion in the quarter and $59.4 billion over the
LTM.

–

Inflows in the quarter included $3.6 billion in Infrastructure, $1.9 billion in Secondaries, $1.2 billion for the third
Corporate Private Equity Asia fund, and $1.2 billion for the sixth Life Sciences fund.

–

$2.1 billion of capital raised for BXPE and $633 million of capital raised for BXINFRA.

Capital Deployed: $5.6 billion in the quarter, including AGS Health and Potomac, and $45.8 billion over the LTM.

–

Committed an additional $11.7 billion in the quarter, including Enverus, TechnoPro, and Shermco.

Realizations: $9.3 billion in the quarter, including a sale of an interest in the GP Stakes portfolio as well as sales of
Hotwire and Lightstone Generation, and $33.6 billion over the LTM.

Appreciation: Corporate Private Equity appreciated 2.5% in the quarter and 13.6% over the LTM.

–

Tactical Opportunities appreciated 3.2% in the quarter and 13.1% over the LTM; Secondaries appreciated 3.4% in
the quarter and 13.5% over the LTM; Infrastructure appreciated 5.2% in the quarter and 19.3% over the LTM.



							% Change							% Change

($ in thousands)	3Q’24			3Q’25			vs. 3Q’24	3Q’24 YTD			3Q’25 YTD			vs. 3Q’24 YTD

Management and Advisory Fees, Net	$	552,820		$	717,390		30%	$	1,568,878		$	2,045,480		30%

Fee Related Performance Revenues		5,868			126,652		n/m		14,571			379,887		n/m

Fee Related Compensation		(169,059	)		(231,915	)	37%		(489,686	)		(702,159	)	43%

Other Operating Expenses		(96,660	)		(120,743	)	25%		(274,131	)		(335,937	)	23%

Fee Related Earnings	$	292,969		$	491,384		68%	$	819,632		$	1,387,271		69%


Realized Performance Revenues		216,643			559,383		158%		1,048,314			1,318,436		26%

Realized Performance Compensation		(94,800	)		(205,967	)	117%		(495,042	)		(573,932	)	16%

Realized Principal Investment Income		9,028			26,686		196%		37,182			55,721		50%

Net Realizations		130,871			380,102		190%		590,454			800,225		36%

Segment Distributable Earnings	$	423,840		$	871,486		106%	$	1,410,086		$	2,187,496		55%


Segment Revenues	$	784,359		$	1,430,111		82%	$	2,668,945		$	3,799,524		42%

Total AUM	$	344,710,201		$	395,607,045		15%	$	344,710,201		$	395,607,045		15%

Fee-Earning AUM	$	208,681,656		$	235,003,905		13%	$	208,681,656		$	235,003,905		13%

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

allocated to other strategies.

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 22% to $432.3 billion with inflows of $36.0 billion in the quarter and $127.3 billion over the
LTM.

–

Inflows in the quarter included $14.2 billion for the global direct lending strategy, inclusive of $4.9 billion for
direct lending SMAs, $3.6 billion of equity raised for BCRED, and $416 million of equity raised for ECRED.

–

Inflows also included $11.3 billion for the infrastructure and asset based credit strategies, inclusive of $8.0 billion for insurance SMAs, $1.7 billion for a private investment grade ABF strategy, and $1.6 billion for a
drawdown high yield ABF strategy.

–

Closed 5 new CLOs (3 U.S. and 2 European) for $2.5 billion.

Capital Deployed: $16.7 billion in the quarter, driven by U.S. direct lending as well as infrastructure and asset based credit strategies, including a venture with Sempra, and $66.4 billion over the LTM.

–

Committed an additional $10.3 billion in the quarter.

Realizations: $13.0 billion in the quarter and $45.5 billion over the LTM.

Returns: Private Credit gross return of 2.6% (1.8% net) and Liquid Credit gross return of 1.6% (1.5% net) in the
quarter; gross returns over the LTM for Private Credit of 12.0% (8.4% net) and Liquid Credit of 7.1% (6.7% net).



							% Change							% Change

($ in thousands)	3Q’24			3Q’25			vs. 3Q’24	3Q’24 YTD			3Q’25 YTD			vs. 3Q’24 YTD

Management Fees, Net	$	418,049		$	497,175		19%	$	1,178,064		$	1,414,846		20%

Fee Related Performance Revenues		185,805			201,719		9%		519,106			587,056		13%

Fee Related Compensation		(181,586	)		(218,425	)	20%		(532,658	)		(640,348	)	20%

Other Operating Expenses		(97,756	)		(113,120	)	16%		(270,680	)		(316,824	)	17%

Fee Related Earnings	$	324,512		$	367,349		13%	$	893,832		$	1,044,730		17%


Realized Performance Revenues		42,926			40,124		(7)%		149,293			219,114		47%

Realized Performance Compensation		(16,489	)		(21,123	)	28%		(59,548	)		(92,051	)	55%

Realized Principal Investment Income		24,239			29,855		23%		31,311			143,558		358%

Net Realizations		50,676			48,856		(4)%		121,056			270,621		124%

Segment Distributable Earnings	$	375,188		$	416,205		11%	$	1,014,888		$	1,315,351		30%


Segment Revenues	$	671,019		$	768,873		15%	$	1,877,774		$	2,364,574		26%

Total AUM	$	354,741,520		$	432,315,679		22%	$	354,741,520		$	432,315,679		22%

Fee-Earning AUM	$	251,567,431		$	305,193,225		21%	$	251,567,431		$	305,193,225		21%

Blackstone | 12

MULTI-ASSET INVESTING

Total AUM: Increased 12% to $93.3 billion with inflows of $3.6 billion in the quarter and $13.3 billion over the LTM.

Returns: Absolute Return Composite gross return of 2.9% in the quarter (2.7% net), compared to the HFRX Global
Hedge Fund Index, which was 3.2%.

–

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

–

Gross return of 12.5% over the LTM (11.3% net), compared to 5.8% return for the HFRX Global Hedge Fund Index,
with significantly less volatility than the broader markets.



							% Change							% Change

($ in thousands)	3Q’24			3Q’25			vs. 3Q’24	3Q’24 YTD			3Q’25 YTD			vs. 3Q’24 YTD

Management Fees, Net	$	120,319		$	138,456		15%	$	353,859		$	392,565		11%

Fee Related Compensation		(37,643	)		(39,374	)	5%		(113,961	)		(123,771	)	9%

Other Operating Expenses		(25,668	)		(26,979	)	5%		(75,233	)		(76,870	)	2%

Fee Related Earnings	$	57,008		$	72,103		26%	$	164,665		$	191,924		17%



Realized Performance Revenues		5,078			12,654		149%		42,883			25,158		(41)%

Realized Performance Compensation		(1,520	)		(5,929	)	290%		(15,142	)		(11,675	)	(23)%

Realized Principal Investment Income (Loss)		715			691		(3)%		(17,247	)		2,138		n/m

Net Realizations		4,273			7,416		74%		10,494			15,621		49%

Segment Distributable Earnings	$	61,281		$	79,519		30%	$	175,159		$	207,545		18%


Segment Revenues	$	126,112		$	151,801		20%	$	379,495		$	419,861		11%

Total AUM	$	83,100,928		$	93,318,077		12%	$	83,100,928		$	93,318,077		12%

Fee-Earning AUM	$	74,720,044		$	83,444,609		12%	$	74,720,044		$	83,444,609		12%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS



($ in thousands)	3Q’24			4Q’24			1Q’25			2Q’25			3Q’25			3Q’24 YTD			3Q’25 YTD

Base Management Fees	$	1,710,941		$	1,773,645		$	1,807,119		$	1,876,672		$	1,919,702		$	5,007,237		$	5,603,493

Transaction, Advisory and Other Fees, Net		82,506			117,708			111,309			165,690			156,211			281,980			433,210

Management Fee Offsets		(6,713	)		(32,062	)		(26,430	)		(22,350	)		(34,093	)		(14,974	)		(82,873	)

Total Management and Advisory Fees, Net		1,786,734			1,859,291			1,891,998			2,020,012			2,041,820			5,274,243			5,953,830

Fee Related Performance Revenues		264,101			1,399,276			293,915			472,050			453,018			736,669			1,218,983

Fee Related Compensation		(554,855	)		(1,077,477	)		(616,982	)		(700,316	)		(658,091	)		(1,661,845	)		(1,975,389	)

Other Operating Expenses		(320,823	)		(345,169	)		(306,875	)		(332,243	)		(356,070	)		(902,923	)		(995,188	)

Fee Related Earnings	$	1,175,157		$	1,835,921		$	1,262,056		$	1,459,503		$	1,480,677		$	3,446,144		$	4,202,236



Realized Performance Revenues		342,669			865,080			460,023			553,121			744,953			1,421,951			1,758,097

Realized Performance Compensation		(157,570	)		(289,595	)		(220,924	)		(256,624	)		(302,642	)		(661,651	)		(780,190	)

Realized Principal Investment Income		40,403			25,613			117,910			29,421			62,535			66,913			209,866

Total Net Realizations	$	225,502		$	601,098		$	357,009		$	325,918		$	504,846		$	827,213		$	1,187,773

Total Segment Distributable Earnings	$	1,400,659		$	2,437,019		$	1,619,065		$	1,785,421		$	1,985,523		$	4,273,357		$	5,390,009



Distributable Earnings	$	1,278,650		$	2,169,493		$	1,410,805		$	1,565,763		$	1,889,487		$	3,797,249		$	4,866,055



Additional Metrics:

Total Segment Revenues	$	2,433,907		$	4,149,260		$	2,763,846		$	3,074,604		$	3,302,326		$	7,499,776		$	9,140,776

Total Assets Under Management	$	1,107,628,362		$	1,127,179,996		$	1,167,461,910		$	1,211,207,341		$	1,241,731,296		$	1,107,628,362		$	1,241,731,296

Fee-Earning Assets Under Management	$	820,457,203		$	830,708,603		$	860,069,950		$	887,114,205		$	906,221,028		$	820,457,203		$	906,221,028

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)



	Three Months Ended September 30, 2025															Twelve Months Ended September 30, 2025


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

Beginning Balance	$	324,995		$	388,907		$	407,296		$	90,009		$	1,211,207		$	325,076		$	344,710		$	354,742		$	83,101		$	1,107,628

Inflows		3,819			10,812			35,999			3,567			54,196			25,311			59,437			127,347			13,313			225,408

Outflows		(1,611	)		(4,417	)		(2,727	)		(1,695	)		(10,449	)		(9,218	)		(12,395	)		(18,547	)		(8,470	)		(48,630	)

Net Flows		2,208			6,395			33,272			1,872			43,747			16,093			47,042			108,800			4,843			176,778

Realizations		(7,349	)		(9,292	)		(12,961	)		(995	)		(30,598	)		(22,362	)		(33,641	)		(45,509	)		(3,824	)		(105,336	)

Market Activity		637			9,597			4,709			2,431			17,374			1,684			37,496			14,283			9,198			62,661

Ending Balance	$	320,490		$	395,607		$	432,316		$	93,318		$	1,241,731		$	320,490		$	395,607		$	432,316		$	93,318		$	1,241,731

% Change		(1)%			2%			6%			4%			3%			(1)%			15%			22%			12%			12%

Fee-Earning AUM Rollforward

($ in millions)



	Three Months Ended September 30, 2025															Twelve Months Ended September 30, 2025


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

Beginning Balance	$	285,827		$	232,160		$	288,931		$	80,196		$	887,114		$	285,488		$	208,682		$	251,567		$	74,720		$	820,457

Inflows		4,096			7,913			23,254			3,734			38,996			24,221			37,901			90,347			11,794			164,263

Outflows		(1,650	)		(3,570	)		(744	)		(1,649	)		(7,612	)		(7,650	)		(7,772	)		(14,696	)		(7,990	)		(38,108	)

Net Flows		2,446			4,343			22,510			2,085			31,384			16,570			30,129			75,651			3,805			126,155

Realizations		(6,102	)		(4,561	)		(9,119	)		(919	)		(20,701	)		(21,362	)		(14,455	)		(28,924	)		(3,497	)		(68,238	)

Market Activity		408			3,061			2,871			2,083			8,423			1,883			10,648			6,899			8,417			27,846

Ending Balance	$	282,579		$	235,004		$	305,193		$	83,445		$	906,221		$	282,579		$	235,004		$	305,193		$	83,445		$	906,221

% Change		(1)%			1%			6%			4%			2%			(1)%			13%			21%			12%			10%

Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and

acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).

Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes

realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

At September 30, 2025, Blackstone had $11.1 billion in total cash, cash equivalents, corporate treasury, and other investments and $20.9 billion of cash and net investments, or $17.00 per share.

Blackstone has a $4.3 billion credit revolver ($3.8 billion undrawn) and maintains A+/A+ ratings.



($ in millions)	3Q’25

Cash and Cash Equivalents	$	2,431

Corporate Treasury and Other Investments		8,644

GP/Fund Investments		3,316

Net Accrued Performance Revenues		6,511

Cash and Net Investments	$	20,901

Outstanding Debt (at par)		11,795

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

October 2030 maturity

$11.1B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $6.9 billion as of September 30, 2025, which was comprised of

$6.3 billion of liquid investments and $528 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

($ in millions, except per share data)



	3Q’24		2Q’25		3Q’25		3Q’25
	3Q’24		2Q’25		3Q’25		Per Share

Real Estate

BREP Global	$	1,331	$	721	$	547	$	0.44

BREP Europe		130		27		31		0.03

BREP Asia		97		98		91		0.07

BPP		32		45		57		0.05

BREDS		18		32		38		0.03

Real Estate	$	1,608	$	923	$	763	$	0.62

Private Equity

BCP Global		1,708		1,869		1,843		1.50

BCP Asia		260		344		309		0.25

Energy/Energy Transition		533		515		598		0.49

Core Private Equity		244		266		269		0.22

Tactical Opportunities		181		227		203		0.17

Secondaries		951		1,270		1,169		0.95

Infrastructure		568		247		347		0.28

Life Sciences		145		239		240		0.20

BTAS/BXPE		240		236		250		0.20

Private Equity	$	4,829	$	5,212	$	5,228	$	4.25


Credit & Insurance	$	450	$	369	$	372	$	0.30


Multi-Asset Investing	$	105	$	103	$	148	$	0.12


Net Accrued Performance Revenues	$	6,992	$	6,608	$	6,511	$	5.30

3Q’25 QoQ Rollforward

($ in millions)



			Net		Net

			Performance		Realized

	2Q’25		Revenues		Distributions			3Q’25

Real Estate	$	923	$	28	$	(188	)	$	763

Private Equity		5,212		447		(432	)		5,228

Credit & Insurance		369		163		(159	)		372

Multi-Asset Investing		103		51		(7	)		148

Total	$	6,608	$	689	$	(786	)	$	6,511

QoQ Change									(1)%

3Q’25 LTM Rollforward

($ in millions)


			Net		Net
			Performance		Realized
	3Q’24		Revenues		Distributions			3Q’25

Real Estate	$	1,608	$	(491)	$	(354	)	$	763

Private Equity		4,829		2,278		(1,879	)		5,228

Credit & Insurance		450		681		(759	)		372

Multi-Asset Investing		105		322		(279	)		148

Total	$	6,992	$	2,790	$	(3,271	)	$	6,511

YoY Change									(7)%

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed

as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per

Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).

Blackstone | 18

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025^(a)



($/€ 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		-		3,269	n/a		13,468,476	2.3x		13,471,745	2.3x	11%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,122		-		2,452	n/a		27,764,962	2.5x		27,767,414	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,506,798		898,480		1,362,255	0.5x		28,940,686	2.2x		30,302,941	1.9x	18%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,640,764		1,390,932		9,948,258	1.2x		23,577,119	2.3x		33,525,377	1.8x	23%	12%
BREP IX (Jun 2019 / Aug 2022)		21,356,651		3,188,803		20,573,373	1.2x		9,926,114	2.1x		30,499,487	1.4x	47%	7%
*BREP X (Aug 2022 / Feb 2028)		30,664,044		18,536,478		15,104,820	1.2x		1,232,832	1.3x		16,337,652	1.3x	12%	10%
Total Global BREP	$	104,208,960	$	24,014,693	$	46,994,427	1.2x	$	117,129,715	2.3x	$	164,124,142	1.8x	17%	14%
BREP Int’l I-II (Jan 2001 / Jun 2008) (e)	€	2,453,920	€	-	€	-	n/a	€	3,956,202	1.9x	€	3,956,202	1.9x	12%	12%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,420		385,818		47,904	0.3x		5,944,538	2.1x		5,992,442	2.0x	14%	13%
BREP Europe IV (Sep 2013 / Dec 2016)		6,676,604		1,049,047		843,567	0.7x		10,319,019	1.9x		11,162,586	1.7x	16%	11%
BREP Europe V (Dec 2016 / Oct 2019)		7,998,126		742,988		4,035,063	0.7x		6,762,819	3.8x		10,797,882	1.5x	41%	6%
BREP Europe VI (Oct 2019 / Sep 2023)		9,935,741		2,903,785		6,964,955	1.0x		3,851,316	2.4x		10,816,271	1.3x	65%	6%
*BREP Europe VII (Sep 2023 / Mar 2029)		9,783,543		6,824,096		3,552,149	1.2x		54,974	1.1x		3,607,123	1.2x	n/m	15%
Total BREP Europe	€	40,053,354	€	11,905,734	€	15,443,638	0.9x	€	30,888,868	2.2x	€	46,332,506	1.5x	16%	9%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	899,073	$	1,365,581	1.7x	$	7,598,270	2.0x	$	8,963,851	1.9x	15%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,358,270		1,235,790		5,790,104	1.2x		2,937,214	1.7x		8,727,318	1.3x	16%	4%
*BREP Asia III (Mar 2022 / Sep 2027)		8,227,110		4,487,829		4,152,125	1.1x		78,233	2.5x		4,230,358	1.1x	50%	0%
Total BREP Asia	$	19,847,455	$	6,622,692	$	11,307,810	1.2x	$	10,613,717	1.9x	$	21,921,527	1.5x	16%	8%
BREP Co-Investment (f)		7,782,339		136,233		1,116,739	1.4x		15,292,655	2.2x		16,409,394	2.1x	16%	16%
Total BREP	$	178,518,827	$	44,511,755	$	76,773,747	1.1x	$	180,757,112	2.2x	$	257,530,859	1.7x	16%	13%
*BREDS High-Yield (Various) (g)		27,609,234		9,699,347		4,925,724	1.1x		23,687,663	1.3x		28,613,387	1.3x	10%	9%
Private Equity
Corporate Private Equity
BCP I-III (Oct 1987 / Nov 2002)	$	6,187,603	$	-	$	-	n/a	$	14,239,072	2.4x	$	14,239,072	2.4x	19%	19%
BCOM (Jun 2000 / Jun 2006)		2,137,330		24,575		-	n/a		2,995,106	1.4x		2,995,106	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		195,824		-	n/a		21,720,334	2.9x		21,720,334	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		982,018		8,105	n/a		38,862,488	1.9x		38,870,593	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,195,944		1,341,727		3,265,078	2.5x		29,836,915	2.2x		33,101,993	2.2x	14%	12%
BCP VII (May 2016 / Feb 2020)		18,886,941		1,323,175		16,342,504	1.6x		22,469,779	2.7x		38,812,283	2.1x	24%	12%
BCP VIII (Feb 2020 / Apr 2024)		25,769,794		5,928,759		27,772,656	1.4x		5,978,409	2.1x		33,751,065	1.5x	30%	10%
*BCP IX (Apr 2024 / Apr 2030)		21,677,695		20,484,210		2,159,063	2.3x		-	n/a		2,159,063	2.3x	n/a	n/m
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		386,236	2.0x		4,456,279	2.0x		4,842,515	2.0x	13%	12%
Energy II (Feb 2015 / Feb 2020)		4,938,337		790,804		3,626,389	2.1x		5,305,539	1.8x		8,931,928	1.9x	10%	8%
Energy III (Feb 2020 / Jun 2024)		4,384,818		1,866,235		5,465,243	2.3x		2,606,774	2.4x		8,072,017	2.3x	36%	26%
*Energy Transition IV (Jun 2024 / Jun 2030)		5,863,713		4,177,226		2,528,351	1.5x		-	n/a		2,528,351	1.5x	n/a	n/m
BCP Asia I (Dec 2017 / Sep 2021)		2,440,988		421,419		2,548,842	2.1x		2,886,922	3.0x		5,435,764	2.5x	43%	22%
*BCP Asia II (Sep 2021 / Sep 2027)		6,799,839		4,253,950		4,874,897	2.0x		922,184	3.7x		5,797,081	2.1x	113%	34%
BCP Asia III (TBD)		9,073,171		9,073,171		-	n/a		-	n/a		-	n/a	n/a	n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,760,130		1,186,811		7,295,060	2.0x		3,553,618	5.5x		10,848,678	2.5x	50%	16%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,231,063		5,062,439		5,371,675	1.5x		576,582	n/a		5,948,257	1.7x	n/a	15%
Total Corporate Private Equity	$	166,571,218	$	57,286,835	$	81,644,099	1.7x	$	156,410,001	2.3x	$	238,054,100	2.0x	16%	15%
Tactical Opportunities
*Tactical Opportunities (Various)		31,672,435		13,144,666		13,976,290	1.3x		28,880,021	1.8x		42,856,311	1.6x	15%	10%
*Tactical Opportunities Co-Investment and Other (Various)		10,813,242		1,246,726		4,643,913	1.6x		10,763,360	1.7x		15,407,273	1.7x	18%	16%
Total Tactical Opportunities	$	42,485,677	$	14,391,392	$	18,620,203	1.3x	$	39,643,381	1.8x	$	58,263,584	1.6x	16%	12%

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

since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP –

Blackstone Capital Partners, BCOM – Blackstone Communications.

* Represents funds that are currently in their investment period.

Blackstone | 19

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025^(a) – (CONT’D)



($/€ 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

Private Equity (continued)

Growth

BXG I (Jul 2020 / Feb 2025)	$	4,950,166	$	575,606	$	4,298,732	1.0x	$	567,155	2.7x	$	4,865,887	1.1x	n/m	(1)%

*BXG II (Feb 2025 / Feb 2030)		4,343,044		4,340,132		21,139	n/m		2,973	n/m		24,112	n/m	n/m	n/m

Total Growth	$	9,293,210	$	4,915,738	$	4,319,871	1.0x	$	570,128	2.7x	$	4,889,999	1.1x	n/m	(1)%

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (i)		11,035,527		9,572		2,069	n/a		16,796,758	n/a		16,798,827	1.7x	n/a	13%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		389,502		518,852	n/a		4,567,245	n/a		5,086,097	1.7x	n/a	13%

Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,614,768		2,584,678	n/a		8,166,524	n/a		10,751,202	1.9x	n/a	15%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		527,229		1,388,563	n/a		1,287,984	n/a		2,676,547	1.9x	n/a	15%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		3,468,620		7,347,452	n/a		7,910,683	n/a		15,258,135	1.8x	n/a	20%

*Strategic Partners Real Estate, SMA and Other (Various) (i)		7,055,591		1,696,662		2,514,241	n/a		2,789,504	n/a		5,303,745	1.4x	n/a	11%

Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)		3,250,100		775,031		2,667,439	n/a		647,888	n/a		3,315,327	1.6x	n/a	18%

*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,692,625		2,411,530		15,275,469	n/a		1,107,668	n/a		16,383,137	1.5x	n/a	20%

*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)		2,095,211		548,672		1,188,537	n/a		11,152	n/a		1,199,689	1.1x	n/a	(0)%

*Strategic Partners Infrastructure IV (Jul 2024 / Jun 2029) (i)		4,837,949		3,949,312		72,929	n/a		-	n/a		72,929	n/m	n/a	n/m

Total Strategic Partners (Secondaries)	$	72,333,152	$	15,390,898	$	33,560,229	n/a	$	43,285,406	n/a	$	76,845,635	1.6x	n/a	14%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)		910,000		53,548		707,236	2.1x		586,755	1.4x		1,293,991	1.7x	6%	9%

BXLS V (Jan 2020 / Mar 2025)		5,049,637		2,405,730		4,986,181	2.1x		1,122,095	1.6x		6,108,276	2.0x	10%	19%

Credit

Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	-	$	-	n/a	$	4,809,113	1.6x	$	4,809,113	1.6x	n/a	17%

Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		993,260		73,068	0.6x		6,678,087	1.4x		6,751,155	1.4x	n/a	9%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		1,075,107		1,363,156	0.9x		9,398,065	1.6x		10,761,221	1.5x	n/a	12%

Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025)		5,016,771		1,333,750		4,013,047	1.2x		2,902,069	1.6x		6,915,116	1.3x	n/a	13%

*Mezzanine / Opportunistic V (Aug 2025 / Aug 2029)		4,679,221		4,589,329		90,283	1.0x		-	n/a		90,283	1.0x	n/a	n/m

Total Mezzanine / Opportunistic	$	22,455,125	$	7,991,446	$	5,539,554	1.1x	$	23,787,334	1.5x	$	29,326,888	1.4x	n/a	13%

Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		-		-	n/a		5,777,098	1.3x		5,777,098	1.3x	n/a	9%

Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		547,430		68,114	0.1x		5,505,789	1.2x		5,573,903	1.1x	n/a	1%

Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		1,189,110		1,329,227	0.8x		5,665,789	1.6x		6,995,016	1.3x	n/a	10%

Total Stressed / Distressed	$	15,734,523	$	1,736,540	$	1,397,341	0.6x	$	16,948,676	1.3x	$	18,346,017	1.2x	n/a	7%

European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	65,697	€	171,576	0.3x	€	2,981,872	1.3x	€	3,153,448	1.1x	n/a	1%

European Senior Debt II (Jun 2019 / Jun 2023) (j)		4,088,344		917,816		2,424,198	0.9x		4,542,977	1.7x		6,967,175	1.3x	n/a	9%

Total European Senior Debt	€	6,053,033	€	983,513	€	2,595,774	0.8x	€	7,524,849	1.5x	€	10,120,623	1.2x	n/a	6%

Energy I (Nov 2015 / Nov 2018)	$	2,856,867	$	1,154,819	$	172,321	0.8x	$	3,430,854	1.6x	$	3,603,175	1.5x	n/a	10%

Energy II (Feb 2019 / Jun 2023)		3,616,081		1,464,279		540,936	1.0x		3,325,048	1.4x		3,865,984	1.3x	n/a	15%

*Energy III (May 2023 / May 2028)		6,477,000		3,273,735		4,354,427	1.1x		314,738	1.1x		4,669,165	1.1x	n/a	14%

Total Energy	$	12,949,948	$	5,892,833	$	5,067,684	1.1x	$	7,070,640	1.5x	$	12,138,324	1.3x	n/a	12%

*Senior Direct Lending I (Dec 2023 / Dec 2025) (k)		2,057,661		406,816		2,365,952	1.1x		80,770	1.1x		2,446,722	1.1x	n/a	10%

Total Credit Drawdown Funds (l)	$	60,102,916	$	17,183,263	$	17,420,564	1.0x	$	56,876,948	1.5x	$	74,297,512	1.3x	n/a	10%

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

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

* Represents funds that are currently in their investment period.

Blackstone | 20

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025^(a) – (CONT’D)

Selected Perpetual Capital Strategies^(m)

($/€ in thousands, except where noted)

Investment

Total

Total Net

Strategy (Inception Year)

Strategy

AUM

Return (n)

Real Estate

BPP - Blackstone Property Partners Platform (2013) (o)

Core+ Real Estate

63,109,088

BREIT - Blackstone Real Estate Income Trust (2017) (p)

Core+ Real Estate

53,010,834

BREIT - Class I (q)

Core+ Real Estate

BXMT - Blackstone Mortgage Trust (2013) (r)

Real Estate Debt

6,017,154

Private Equity

BXGP – Blackstone GP Stakes (2014) (s)

Minority GP Interests

10,707,425

13%

BIP - Blackstone Infrastructure Partners (2019) (t)

Infrastructure

55,704,659

17%

BXPE - Blackstone Private Equity Strategies Fund Program (2024) (u)

Private Equity

14,988,879

16%

BXPE - Class I (v)

Private Equity

16%

Credit

BXSL - Blackstone Secured Lending Fund (2018) (w)

U.S. Direct Lending

16,560,625

11%

BCRED - Blackstone Private Credit Fund (2021) (x)

U.S. Direct Lending

84,996,509

10%

BCRED - Class I (y)

U.S. Direct Lending

10%

ECRED - Blackstone European Credit Fund (2022) (z)

European Direct Lending

€

3,388,923

10%

ECRED - Class I (aa)

European Direct Lending

10%

Investment Records as of September 30, 2025 - Notes

(a)

Excludes investment vehicles where Blackstone does not earn fees.

(b)

Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.

(c)

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

(d)

Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to September 30, 2025 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

(e)

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

(f)

BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(g)

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

(h)

Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

(i)

Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.

(j)

European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 13% and 7%, respectively, for the levered and unlevered funds of the strategy.

(k)

Senior Direct Lending I IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 12% and 8%, respectively, for the levered and unlevered funds of the strategy.

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

since initial investment. n/a represents “not applicable”. Notes continue on page 22.

Blackstone | 21

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2025^(a) – (CONT’D)

(l)

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

(m)

Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.

(n)

Unless otherwise indicated, Total Net Return represents the annualized inception to September 30, 2025 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year.

(o)

BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of September 30, 2025, these vehicles represented $4.4 billion of Total AUM.

(p)

The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017.

(q)

Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from January 1, 2017.

(r)

The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during the period.

(s)

Blackstone GP Stakes (“BXGP”) represents the aggregate Total AUM and Total Net Return of BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of September 30, 2025, including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM is $12.7 billion.

(t)

BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of September 30, 2025, including co-investment vehicles that do not pay fees, BIP Total AUM is $67.3 billion.

(u)

The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of September 30, 2025. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects net asset value as of September 30, 2025. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.

(v)

Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program’s largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of September 30, 2025. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.

(w)

The BXSL Total AUM and Total Net Return are presented as of June 30, 2025. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.

(x)

The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of September 30, 2025 was $46.7 billion.

(y)

Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021.

(z)

The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. ECRED net asset value as of September 30, 2025 was €1.7 billion.

(aa)

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



		Blackstone \| 22

SHAREHOLDER DIVIDENDS

Generated $1.52 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $3.82 per common share.

Blackstone declared a quarterly dividend of $1.29 per common share to record holders as of November 3, 2025; payable on November 10, 2025.



																% Change								% Change

($ in thousands, except per share data)	3Q’24			4Q’24			1Q’25			2Q’25			3Q’25			vs. 3Q’24		3Q’24 YTD			3Q’25 YTD			vs. 3Q’24 YTD

Distributable Earnings	$	1,278,650		$	2,169,493		$	1,410,805		$	1,565,763		$	1,889,487			48%	$	3,797,249		$	4,866,055			28	%

Add: Other Payables Attributable to Common Shareholders		73,491			185,782			138,425			142,664			26,913			(63)%		328,691			308,002			(6	)%

DE Before Certain Payables		1,352,141			2,355,275			1,549,230			1,708,427			1,916,400			42%		4,125,940			5,174,057			25	%

Percent to Common Shareholders		63%			63%			63%			64%			64%					63%			64%

DE Before Certain Payables Attributable to Common Shareholders		849,966			1,482,636			980,440			1,086,833			1,220,339			44%		2,585,886			3,287,612			27	%

Less: Other Payables Attributable to Common Shareholders		(73,491	)		(185,782	)		(138,425	)		(142,664	)		(26,913	)		(63)%		(328,691	)		(308,002	)		(6	)%

DE Attributable to Common Shareholders		776,475			1,296,854			842,015			944,169			1,193,426			54%		2,257,195			2,979,610			32	%

DE per Common Share	$	1.01		$	1.69		$	1.09		$	1.21		$	1.52			50%	$	2.95		$	3.82			29	%

Less: Retained Capital per Common Share	$	(0.15	)	$	(0.25	)	$	(0.16	)	$	(0.18	)	$	(0.23	)		53%	$	(0.44	)	$	(0.57	)		30	%

Actual Dividend per Common Share	$	0.86		$	1.44		$	0.93		$	1.03		$	1.29			50%	$	2.51		$	3.25			29	%

Record Date														Nov 3, 2025

Payable Date														Nov 10, 2025

A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy.

See additional notes on page 35.

Blackstone | 23

SHARE SUMMARY

Distributable Earnings Shares Outstanding as of quarter end of 1,229 million shares.

–

Repurchased 0.2 million common shares in the quarter and 0.9 million common shares over the LTM.

–

Available authorization remaining was $1.7 billion at September 30, 2025.



	3Q’24		4Q’24		1Q’25		2Q’25		3Q’25

Participating Common Shares		767,895,244		768,722,241		773,038,934		782,567,390		782,728,403

Participating Partnership Units		453,685,697		452,448,896		448,468,715		447,574,842		446,455,699

Distributable Earnings Shares Outstanding		1,221,580,941		1,221,171,137		1,221,507,649		1,230,142,232		1,229,184,102



Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.		Blackstone \| 24

Reconciliations and Disclosures

Blackstone | 25

BLACKSTONE’S THIRD QUARTER 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS



($ in thousands, except per share data) (unaudited)	3Q’24			3Q’25			3Q’24 YTD			3Q’25 YTD			3Q’24 LTM			3Q’25 LTM

Revenues

Management and Advisory Fees, Net	$	1,794,894		$	2,056,248		$	5,309,355		$	5,996,060		$	6,957,487		$	7,875,641

Incentive Fees		191,794			200,675			559,434			587,914			799,851			992,658

Investment Income

Performance Allocations

Realized		414,755			997,296			1,598,913			2,389,166			2,220,086			4,247,999

Unrealized		1,154,918			(215,818	)		1,723,090			360,666			739,443			(991,017	)

Principal Investments

Realized		95,235			152,652			247,877			435,365			294,494			519,746

Unrealized		(1,864	)		(238,658	)		427,983			285,446			82,817			238,054

Total Investment Income		1,663,044			695,472			3,997,863			3,470,643			3,336,840			4,014,782

Interest and Dividend Revenue		109,774			107,538			312,612			305,347			480,986			403,894

Other		(96,312	)		28,702			(31,861	)		(269,971	)		(142,741	)		(114,417	)

Total Revenues	$	3,663,194		$	3,088,635		$	10,147,403		$	10,089,993		$	11,432,423		$	13,172,558

Expenses

Compensation and Benefits

Compensation		732,041			845,659			2,293,491			2,745,379			2,925,368			3,500,117

Incentive Fee Compensation		73,464			61,882			224,310			186,274			312,437			335,550

Performance Allocations Compensation

Realized		169,740			354,765			689,370			927,846			919,619			1,670,693

Unrealized		465,099			(31,547	)		747,679			224,630			340,504			(383,028	)

Total Compensation and Benefits		1,440,344			1,230,759			3,954,850			4,084,129			4,497,928			5,123,332

General, Administrative and Other		340,945			383,580			1,022,823			1,076,770			1,312,514			1,415,856

Interest Expense		111,337			126,288			328,156			380,225			436,888			495,757

Fund Expenses		3,470			10,060			13,380			36,598			13,449			42,894

Total Expenses	$	1,896,096		$	1,750,687		$	5,319,209		$	5,577,722		$	6,260,779		$	7,077,839

Other Income (Loss)

Change in Tax Receivable Agreement Liability		-			-			-			-			(29,083	)		(41,246	)

Net Gains (Losses) from Fund Investment Activities		42,842			108,634			70,009			302,539			(89,278	)		322,614

Total Other Income (Loss)	$	42,842		$	108,634		$	70,009		$	302,539		$	(118,361)		$	281,368

Income Before Provision for Taxes	$	1,809,940		$	1,446,582		$	4,898,203		$	4,814,810		$	5,053,283		$	6,376,087

Provision for Taxes		245,303			209,657			789,220			742,978			835,177			975,429

Net Income	$	1,564,637		$	1,236,925		$	4,108,983		$	4,071,832		$	4,218,106		$	5,400,658

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(22,184	)		29,008			(61,595	)		55,117			(225,524	)		55,423

Net Income Attributable to Non-Controlling Interests in Consolidated Entities		202,929			125,890			406,339			467,273			445,473			534,760

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		603,057			457,110			1,691,604			1,545,429			1,773,722			2,102,589

Net Income Attributable to Blackstone Inc.	$	780,835		$	624,917		$	2,072,635		$	2,004,013		$	2,224,435		$	2,707,886

Net Income Per Share of Common Stock, Basic	$	1.02		$	0.80		$	2.71		$	2.57		$	2.91		$	3.49

Net Income Per Share of Common Stock, Diluted	$	1.02		$	0.80		$	2.71		$	2.57		$	2.91		$	3.49

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES



	QTD															YTD						LTM



($ in thousands)	3Q’24			4Q’24			1Q’25			2Q’25			3Q’25			3Q’24			3Q’25			3Q’24			3Q’25

Net Income Attributable to Blackstone Inc.	$	780,835		$	703,873		$	614,852		$	764,244		$	624,917		$	2,072,635		$	2,004,013		$	2,224,435		$	2,707,886

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		603,057			557,160			485,475			602,844			457,110			1,691,604			1,545,429			1,773,722			2,102,589

Net Income Attributable to Non-Controlling Interests in Consolidated Entities		202,929			67,487			100,547			240,836			125,890			406,339			467,273			445,473			534,760

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(22,184	)		306			7,900			18,209			29,008			(61,595	)		55,117			(225,524	)		55,423

Net Income	$	1,564,637		$	1,328,826		$	1,208,774		$	1,626,133		$	1,236,925		$	4,108,983		$	4,071,832		$	4,218,106		$	5,400,658

Provision for Taxes		245,303			232,451			243,827			289,494			209,657			789,220			742,978			835,177			975,429

Income Before Provision for Taxes	$	1,809,940		$	1,561,277		$	1,452,601		$	1,915,627		$	1,446,582		$	4,898,203		$	4,814,810		$	5,053,283		$	6,376,087

Transaction-Related and Non-Recurring Items (a)		(394	)		(393	)		18,824			10,381			(9,412	)		56,765			19,793			65,647			19,400

Amortization of Intangibles (b)		7,333			7,333			7,333			7,333			7,333			21,999			21,999			29,346			29,332

Impact of Consolidation (c)		(180,745	)		(67,793	)		(108,447	)		(259,045	)		(154,898	)		(344,744	)		(522,390	)		(219,949	)		(590,183	)

Unrealized Performance Revenues (d)		(1,154,905	)		1,351,673			(263,201	)		(313,256	)		215,872			(1,723,080	)		(360,585	)		(739,438	)		991,088

Unrealized Performance Allocations Compensation (e)		465,099			(607,658	)		103,559			152,618			(31,547	)		747,679			224,630			340,504			(383,028	)

Unrealized Principal Investment (Income) Loss (f)		90,254			42,729			(161,257	)		(294,093	)		216,084			(314,597	)		(239,266	)		45,066			(196,537	)

Other Revenues (g)		96,329			(155,207	)		73,635			225,083			(28,702	)		32,041			270,016			142,974			114,809

Equity-Based Compensation (h)		262,798			283,149			471,302			312,018			301,562			875,973			1,084,882			1,061,942			1,368,031

Administrative Fee Adjustment (i)		3,219			3,429			4,186			4,112			4,097			8,161			12,395			10,583			15,824

Taxes and Related Payables (j)		(120,278	)		(249,046	)		(187,730	)		(195,015	)		(77,484	)		(461,151	)		(460,229	)		(604,529	)		(709,275	)

Distributable Earnings	$	1,278,650		$	2,169,493		$	1,410,805		$	1,565,763		$	1,889,487		$	3,797,249		$	4,866,055		$	5,185,429		$	7,035,548

Taxes and Related Payables (j)		120,278			249,046			187,730			195,015			77,484			461,151			460,229			604,529			709,275

Net Interest and Dividend (Income) Loss (k)		1,731			18,480			20,530			24,643			18,552			14,957			63,725			(50,271	)		82,205

Total Segment Distributable Earnings	$	1,400,659		$	2,437,019		$	1,619,065		$	1,785,421		$	1,985,523		$	4,273,357		$	5,390,009		$	5,739,687		$	7,827,028

Realized Performance Revenues (l)		(342,669	)		(865,080	)		(460,023	)		(553,121	)		(744,953	)		(1,421,951	)		(1,758,097	)		(2,115,164	)		(2,623,177	)

Realized Performance Compensation (m)		157,570			289,595			220,924			256,624			302,642			661,651			780,190			949,279			1,069,785

Realized Principal Investment (Income) Loss (n)		(40,403	)		(25,613	)		(117,910	)		(29,421	)		(62,535	)		(66,913	)		(209,866	)		(86,115	)		(235,479	)

Fee Related Earnings	$	1,175,157		$	1,835,921		$	1,262,056		$	1,459,503		$	1,480,677		$	3,446,144		$	4,202,236		$	4,487,687		$	6,038,157

Adjusted EBITDA Reconciliation

Distributable Earnings	$	1,278,650		$	2,169,493		$	1,410,805		$	1,565,763		$	1,889,487		$	3,797,249		$	4,866,055		$	5,185,429		$	7,035,548

Interest Expense (o)		111,326			117,027			117,950			125,033			126,090			327,390			369,073			435,558			486,100

Taxes and Related Payables (j)		120,278			249,046			187,730			195,015			77,484			461,151			460,229			604,529			709,275

Depreciation and Amortization (p)		24,685			22,682			22,226			26,642			24,015			76,074			72,883			101,325			95,565

Adjusted EBITDA	$	1,534,939		$	2,558,248		$	1,738,711		$	1,912,453		$	2,117,076		$	4,661,864		$	5,768,240		$	6,326,841		$	8,326,488

Notes on pages 28-29.

Blackstone | 27

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

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

(a)

This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related
and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains,
losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements,
changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated
with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of
Blackstone’s operational performance.

(b)	This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.

(c)

This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment
includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated
operating partnerships held by non-controlling interests.

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



	QTD															YTD						LTM

($ in thousands)	3Q’24			4Q’24			1Q’25			2Q’25			3Q’25			3Q’24			3Q’25			3Q’24			3Q’25

GAAP Unrealized Performance Allocations	$	1,154,918		$	(1,351,683	)	$	263,201		$	313,283		$	(215,818	)	$	1,723,090		$	360,666		$	739,443		$	(991,017	)

Segment Adjustment		(13	)		10			-			(27	)		(54	)		(10	)		(81	)		(5	)		(71	)

Unrealized Performance Revenues	$	1,154,905		$	(1,351,673	)	$	263,201		$	313,256		$	(215,872	)	$	1,723,080		$	360,585		$	739,438		$	(991,088	)
(e) This adjustment removes Unrealized Performance Allocations Compensation. (f) This adjustment removes Unrealized Principal Investment Income on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

	QTD															YTD						LTM

($ in thousands)	3Q’24			4Q’24			1Q’25			2Q’25			3Q’25			3Q’24			3Q’25			3Q’24			3Q’25

GAAP Unrealized Principal Investment Income (Loss)	$	(1,864	)	$	(47,392	)	$	158,713		$	365,391		$	(238,658	)	$	427,983		$	285,446		$	82,817		$	238,054

Segment Adjustment		(88,390	)		4,663			2,544			(71,298	)		22,574			(113,386	)		(46,180	)		(127,883	)		(41,517	)

Unrealized Principal Investment Income (Loss)	$	(90,254	)	$	(42,729	)	$	161,257		$	294,093		$	(216,084	)	$	314,597		$	239,266		$	(45,066	)	$	196,537
(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non- Recurring Items.

	QTD															YTD						LTM

($ in thousands)	3Q’24			4Q’24			1Q’25			2Q’25			3Q’25			3Q’24			3Q’25			3Q’24			3Q’25

GAAP Other Revenue	$	(96,312	)	$	155,554		$	(73,610	)	$	(225,063	)	$	28,702		$	(31,861	)	$	(269,971	)	$	(142,741	)	$	(114,417	)

Segment Adjustment		(17	)		(347	)		(25	)		(20	)		-			(180	)		(45	)		(233	)		(392	)

Other Revenues	$	(96,329	)	$	155,207		$	(73,635	)	$	(225,083	)	$	28,702		$	(32,041	)	$	(270,016	)	$	(142,974	)	$	(114,809	)

(h)	This adjustment removes Equity-Based Compensation on a segment basis.

(i)

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

Blackstone | 28

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D)

(j)

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



	QTD															YTD						LTM

($ in thousands)	3Q’24			4Q’24			1Q’25			2Q’25			3Q’25			3Q’24			3Q’25			3Q’24			3Q’25

Taxes	$	95,483		$	211,496		$	162,535		$	167,162		$	49,719		$	393,012		$	379,416		$	514,167		$	590,912

Related Payables		24,795			37,550			25,195			27,853			27,765			68,139			80,813			90,362			118,363

Taxes and Related Payables	$	120,278		$	249,046		$	187,730		$	195,015		$	77,484		$	461,151		$	460,229		$	604,529		$	709,275
(k) This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

	QTD															YTD						LTM

($ in thousands)	3Q’24			4Q’24			1Q’25			2Q’25			3Q’25			3Q’24			3Q’25			3Q’24			3Q’25

GAAP Interest and Dividend Revenue	$	109,774		$	98,547		$	97,420		$	100,389		$	107,538		$	312,612		$	305,347		$	480,986		$	403,894

Segment Adjustment		(179	)		-			-			1			-			(179	)		1			4,843			1

Interest and Dividend Revenue	$	109,595		$	98,547		$	97,420		$	100,390		$	107,538		$	312,433		$	305,348		$	485,829		$	403,895

GAAP Interest Expense	$	111,337		$	115,532		$	118,115		$	135,822		$	126,288		$	328,156		$	380,225		$	436,888		$	495,757

Segment Adjustment		(11	)		1,495			(165	)		(10,789	)		(198	)		(766	)		(11,152	)		(1,330	)		(9,657	)

Interest Expense	$	111,326		$	117,027		$	117,950		$	125,033		$	126,090		$	327,390		$	369,073		$	435,558		$	486,100

Net Interest and Dividend Income (Loss)	$	(1,731	)	$	(18,480	)	$	(20,530	)	$	(24,643	)	$	(18,552	)	$	(14,957	)	$	(63,725	)	$	50,271		$	(82,205	)

(l) This adjustment removes the total segment amount of Realized Performance Revenues.

(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 Agreement.

(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’24		4Q’24		1Q’25		2Q’25		3Q’25

GAAP Shares of Common Stock Outstanding		730,699,964		731,925,965		737,929,437		739,055,944		747,812,724

Unvested Participating Common Shares		37,195,280		36,796,276		35,109,497		43,511,446		34,915,679

Total Participating Common Shares		767,895,244		768,722,241		773,038,934		782,567,390		782,728,403

Participating Partnership Units		453,685,697		452,448,896		448,468,715		447,574,842		446,455,699

Distributable Earnings Shares Outstanding		1,221,580,941		1,221,171,137		1,221,507,649		1,230,142,232		1,229,184,102
Disclosure of Weighted-Average Shares Common Stock Outstanding

	QTD										YTD				LTM

	3Q’24		4Q’24		1Q’25		2Q’25		3Q’25		3Q’24		3Q’25		3Q’24		3Q’25

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		768,230,595		768,689,957		771,796,385		782,386,121		782,633,394		765,747,924		778,978,328		763,838,483		776,385,092

Weighted-Average Shares of Unvested Deferred Restricted Common Stock		49,771		80,028		638,217		15,116		47,741		185,402		233,692		170,729		195,276

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		768,280,366		768,769,985		772,434,602		782,401,237		782,681,135		765,933,326		779,212,020		764,009,212		776,580,368

Blackstone | 29

BLACKSTONE’S THIRD QUARTER 2025 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION



($ in thousands) (unaudited)	3Q’24			4Q’24			1Q’25			2Q’25		3Q’25

Assets

Cash and Cash Equivalents	$	2,353,332		$	1,972,140		$	2,386,979		$	2,235,499	$	2,430,690

Cash Held by Blackstone Funds and Other		180,545			204,052			1,012,958			313,950		401,558

Investments		28,322,715			29,800,566			30,259,429			31,135,504		31,528,443

Accounts Receivable		300,004			237,930			221,200			357,858		543,209

Due from Affiliates		5,163,883			5,409,315			5,434,078			5,516,820		5,845,843

Intangible Assets, Net		174,265			165,243			156,269			147,294		140,458

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

Other Assets		933,990			947,859			929,107			877,000		900,582

Right-of-Use Assets		978,699			838,620			807,487			793,690		773,030

Deferred Tax Assets		2,277,807			2,003,948			2,157,920			2,105,277		2,100,275

Total Assets	$	42,575,442		$	43,469,875		$	45,255,629		$	45,373,094	$	46,554,290

Liabilities and Equity

Loans Payable	$	10,752,246		$	11,320,956		$	12,454,559		$	12,008,870	$	12,002,650

Due to Affiliates		2,620,530			2,808,148			3,361,900			2,802,514		3,000,083

Accrued Compensation and Benefits		6,398,365			6,087,700			6,164,503			6,065,974		6,385,958

Operating Lease Liabilities		1,136,671			965,742			937,369			918,887		886,135

Accounts Payable, Accrued Expenses and Other Liabilities		2,202,689			2,792,314			2,472,395			2,497,969		2,918,023

Total Liabilities		23,110,501			23,974,860			25,390,726			24,294,214		25,192,849

Redeemable Non-Controlling Interests in Consolidated Entities		892,846			801,399			1,382,374			1,487,129		1,476,212

Equity

Common Stock, $0.00001 par value (747,812,724 shares issued and outstanding as of September 30, 2025)		7			7			7			7		7

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2025)		-			-			-			-		-

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2025)		-			-			-			-		-

Additional Paid-in-Capital		6,257,788			7,444,561			7,686,980			7,988,663		8,214,078

Retained Earnings		760,471			808,079			320,160			362,614		184,040

Accumulated Other Comprehensive Loss		(10,609	)		(40,326	)		(29,027	)		1,055		(5,602	)

Non-Controlling Interests in Consolidated Entities		6,015,967			6,154,943			6,400,585			6,847,785		7,162,957

Non-Controlling Interests in Blackstone Holdings		5,548,471			4,326,352			4,103,824			4,391,627		4,329,749

Total Equity		18,572,095			18,693,616			18,482,529			19,591,751		19,885,229

Total Liabilities and Equity	$	42,575,442		$	43,469,875		$	45,255,629		$	45,373,094	$	46,554,290

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

Blackstone | 30

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES



($ in thousands)	3Q’24			4Q’24			1Q’25			2Q’25			3Q’25

Investments of Consolidated Blackstone Funds	$	3,873,027		$	3,890,732		$	4,589,194		$	5,101,278		$	5,507,078

Equity Method Investments

Partnership Investments		6,295,704			6,546,728			6,740,598			6,942,526			6,936,411

Accrued Performance Allocations		12,411,485			12,397,366			12,522,848			12,054,879			11,933,738

Corporate Treasury Investments		147,642			1,147,328			106,684			229,497			262,582

Other Investments		5,594,857			5,818,412			6,300,105			6,807,324			6,888,634

Total GAAP Investments		28,322,715			29,800,566			30,259,429			31,135,504			31,528,443



Accrued Performance Allocations - GAAP	$	12,411,485		$	12,397,366		$	12,522,848		$	12,054,879		$	11,933,738

Impact of Consolidation (a)		-			-			-			-			-

Due from Affiliates - GAAP (b)		253,490			489,086			249,376			229,359			215,647

Less: Net Realized Performance Revenues (c)		(141,896	)		(1,050,026	)		(927,240	)		(456,507	)		(379,797	)

Less: Accrued Performance Compensation - GAAP (d)		(5,531,520	)		(5,555,870	)		(5,446,352	)		(5,220,188	)		(5,258,769	)

Net Accrued Performance Revenues	$	6,991,559		$	6,280,556		$	6,398,632		$	6,607,543		$	6,510,819

Corporate Treasury and Other Investments - GAAP	$	5,742,499		$	6,965,740		$	6,406,789		$	7,036,821		$	7,151,216

Impact of Consolidation (a)		580,076			622,411			857,457			965,045			932,562

Other Assets (e)		250,996			159,011			180,761			337,228			563,415

Other Liabilities (f)		(6,584	)		(4,024	)		(3,653	)		(3,190	)		(3,417	)

Corporate Treasury and Other Investments - Deconsolidated (g)	$	6,566,987		$	7,743,138		$	7,441,354		$	8,335,904		$	8,643,776

Partnership Investments - GAAP	$	6,295,704		$	6,546,728		$	6,740,598		$	6,942,526		$	6,936,411

Impact of Consolidation (h)		(3,482,920	)		(3,482,497	)		(3,559,722	)		(3,653,037	)		(3,620,409	)

GP/Fund Investments - Deconsolidated	$	2,812,784		$	3,064,231		$	3,180,876		$	3,289,489		$	3,316,002

Loans Payable - GAAP	$	10,752,246		$	11,320,956		$	12,454,559		$	12,008,870		$	12,002,650

Impact of Consolidation (i)		(107,715	)		(87,488	)		(266,568	)		(128,335	)		(328,044	)

Outstanding Debt - Carrying Value		10,644,531			11,233,468			12,187,991			11,880,535			11,674,606

Unamortized Discount		122,418			127,281			125,209			123,255			120,174

Outstanding Debt (at par) - Deconsolidated	$	10,766,949		$	11,360,749		$	12,313,200		$	12,003,790		$	11,794,780

(a)

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

(b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)

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

(d)

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

(e)

This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, reverse repurchase agreements and Due from Affiliates.

(f)

This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase Agreements and securities sold short, not yet purchased.

(g)

Deconsolidated Other Investments was $6.9 billion as of September 30, 2025, which was comprised of $6.3 billion of liquid investments and $528 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.

(h)

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

(i)

This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 31

RECONCILIATION OF GAAP TO TOTAL SEGMENTS



	QTD															YTD						LTM



($ in thousands)	3Q’24			4Q’24			1Q’25			2Q’25			3Q’25			3Q’24			3Q’25			3Q’24			3Q’25

Management and Advisory Fees, Net

GAAP	$	1,794,894		$	1,879,581		$	1,904,317		$	2,035,495		$	2,056,248		$	5,309,355		$	5,996,060		$	6,957,487		$	7,875,641

Segment Adjustment (a)		(8,160	)		(20,290	)		(12,319	)		(15,483	)		(14,428	)		(35,112	)		(42,230	)		(29,413	)		(62,520	)

Total Segment	$	1,786,734		$	1,859,291		$	1,891,998		$	2,020,012		$	2,041,820		$	5,274,243		$	5,953,830		$	6,928,074		$	7,813,121

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees		191,794			404,744			191,825			195,414			200,675			559,434			587,914			799,851			992,658

Investment Income - Realized Performance Allocations		414,755			1,858,833			562,050			829,820			997,296			1,598,913			2,389,166			2,220,086			4,247,999

GAAP	$	606,549		$	2,263,577		$	753,875		$	1,025,234		$	1,197,971		$	2,158,347		$	2,977,080		$	3,019,937		$	5,240,657

Total Segment

Less: Realized Performance Revenues		(342,669	)		(865,080	)		(460,023	)		(553,121	)		(744,953	)		(1,421,951	)		(1,758,097	)		(2,115,164	)		(2,623,177	)

Segment Adjustment (b)		221			779			63			(63	)		-			273			-			890			779

Total Segment	$	264,101		$	1,399,276		$	293,915		$	472,050		$	453,018		$	736,669		$	1,218,983		$	905,663		$	2,618,259

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation		732,041			754,738			1,029,362			870,358			845,659			2,293,491			2,745,379			2,925,368			3,500,117

Incentive Fees Compensation		73,464			149,276			57,029			67,363			61,882			224,310			186,274			312,437			335,550

Realized Performance Allocations Compensation		169,740			742,847			241,890			331,191			354,765			689,370			927,846			919,619			1,670,693

GAAP	$	975,245		$	1,646,861		$	1,328,281		$	1,268,912		$	1,262,306		$	3,207,171		$	3,859,499		$	4,157,424		$	5,506,360

Total Segment

Less: Realized Performance Compensation		(157,570	)		(289,595	)		(220,924	)		(256,624	)		(302,642	)		(661,651	)		(780,190	)		(949,279	)		(1,069,785	)

Less: Equity-Based Compensation - Fee Related Compensation		(259,265	)		(278,849	)		(464,053	)		(306,495	)		(296,506	)		(864,205	)		(1,067,054	)		(1,046,253	)		(1,345,903	)

Less: Equity-Based Compensation - Performance Compensation		(3,533	)		(4,300	)		(7,249	)		(5,523	)		(5,056	)		(11,768	)		(17,828	)		(15,689	)		(22,128	)

Segment Adjustment (c)		(22	)		3,360			(19,073	)		46			(11	)		(7,702	)		(19,038	)		(13,950	)		(15,678	)

Total Segment	$	554,855		$	1,077,477		$	616,982		$	700,316		$	658,091		$	1,661,845		$	1,975,389		$	2,132,253		$	3,052,866

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

GAAP	$	340,945		$	339,086		$	332,373		$	360,817		$	383,580		$	1,022,823		$	1,076,770		$	1,312,514		$	1,415,856

Segment Adjustment (d)		(20,122	)		6,083			(25,498	)		(28,574	)		(27,510	)		(119,900	)		(81,582	)		(98,717	)		(75,499	)

Total Segment	$	320,823		$	345,169		$	306,875		$	332,243		$	356,070		$	902,923		$	995,188		$	1,213,797		$	1,340,357

Realized Performance Revenues

GAAP

Incentive Fees		191,794			404,744			191,825			195,414			200,675			559,434			587,914			799,851			992,658

Investment Income - Realized Performance Allocations		414,755			1,858,833			562,050			829,820			997,296			1,598,913			2,389,166			2,220,086			4,247,999

GAAP	$	606,549		$	2,263,577		$	753,875		$	1,025,234		$	1,197,971		$	2,158,347		$	2,977,080		$	3,019,937		$	5,240,657

Total Segment

Less: Fee Related Performance Revenues		(264,101	)		(1,399,276	)		(293,915	)		(472,050	)		(453,018	)		(736,669	)		(1,218,983	)		(905,663	)		(2,618,259	)

Segment Adjustment (b)		221			779			63			(63	)		-			273			-			890			779

Total Segment	$	342,669		$	865,080		$	460,023		$	553,121		$	744,953		$	1,421,951		$	1,758,097		$	2,115,164		$	2,623,177

Blackstone | 32

RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D)



	QTD															YTD						LTM



($ in thousands)	3Q’24			4Q’24			1Q’25			2Q’25			3Q’25			3Q’24			3Q’25			3Q’24			3Q’25

Realized Performance Compensation

GAAP

Incentive Fee Compensation	$	73,464		$	149,276		$	57,029		$	67,363		$	61,882		$	224,310		$	186,274		$	312,437		$	335,550

Realized Performance Allocations Compensation		169,740			742,847			241,890			331,191			354,765			689,370			927,846			919,619			1,670,693

GAAP	$	243,204		$	892,123		$	298,919		$	398,554		$	416,647		$	913,680		$	1,114,120		$	1,232,056		$	2,006,243

Total Segment

Less: Fee Related Performance Compensation (e)		(82,101	)		(598,228	)		(70,746	)		(136,407	)		(108,949	)		(240,261	)		(316,102	)		(267,088	)		(914,330	)

Less: Equity-Based Compensation - Performance Compensation		(3,533	)		(4,300	)		(7,249	)		(5,523	)		(5,056	)		(11,768	)		(17,828	)		(15,689	)		(22,128	)

Total Segment	$	157,570		$	289,595		$	220,924		$	256,624		$	302,642		$	661,651		$	780,190		$	949,279		$	1,069,785

Realized Principal Investment Income (Loss)

GAAP	$	95,235		$	84,381		$	185,542		$	97,171		$	152,652		$	247,877		$	435,365		$	294,494		$	519,746

Segment Adjustment (f)		(54,832	)		(58,768	)		(67,632	)		(67,750	)		(90,117	)		(180,964	)		(225,499	)		(208,379	)		(284,267	)

Total Segment	$	40,403		$	25,613		$	117,910		$	29,421		$	62,535		$	66,913		$	209,866		$	86,115		$	235,479

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

GAAP

Interest and Dividend Revenue		109,774			98,547			97,420			100,389			107,538			312,612			305,347			480,986			403,894

Interest Expense		(111,337	)		(115,532	)		(118,115	)		(135,822	)		(126,288	)		(328,156	)		(380,225	)		(436,888	)		(495,757	)

GAAP	$	(1,563	)	$	(16,985	)	$	(20,695	)	$	(35,433	)	$	(18,750	)	$	(15,544	)	$	(74,878	)	$	44,098		$	(91,863	)

Segment Adjustment (g)		(168	)		(1,495	)		165			10,790			198			587			11,153			6,173			9,658

Total Segment	$	(1,731	)	$	(18,480	)	$	(20,530	)	$	(24,643	)	$	(18,552	)	$	(14,957	)	$	(63,725	)	$	50,271		$	(82,205	)

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

(a)

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

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

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

(d)

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

(e)	Fee related performance compensation may include equity based compensation based on fee related performance revenues.

(f)

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

(g)	Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

Blackstone | 33

NOTES

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

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

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

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

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

Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and non-investment grade infrastructure and asset-based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.

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

Notes to page 17 – Deconsolidated Balance Sheet Highlights

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $617 million, $1.5 billion, $1.1 billion, and $120 million, respectively, as of September 30, 2025. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

Blackstone | 34

NOTES – (CONT’D)

Notes to page 23 – Shareholder Dividends

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

Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to shareholders as of the applicable record date.

Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share was $180 million for 3Q’25 and $445 million for 3Q’25 YTD.

Blackstone | 35

DEFINITIONS AND DIVIDEND POLICY

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

Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

–

Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).

–

Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income.

Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

–

Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement.

–

Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.

Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

Blackstone | 36

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

–

Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.

–

Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis, and (b) not dependent on realization events from the underlying investments.

–

Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone’s segment presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

–

Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemption requests are limited in quantum. Includes co-investment capital with an investor right to convert into Perpetual Capital.

–

FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and Fee Related Performance Revenues).

Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or “Adjusted EBITDA”, is a supplemental measure used to assess performance derived from Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.

Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.

–

Performance Compensation reflects 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 as a result of a compensation program that commenced in 2Q’21. The expectation is that for the full year 2025, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. For 3Q’25 QTD, 3Q’25 YTD, 3Q’24 QTD and 3Q’24 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for both the current year and prior year quarter and YTD periods. These changes typically have an impact on individual quarters but do not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings for the full year.

Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

Blackstone | 37

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

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

Blackstone | 38

FORWARD-LOOKING STATEMENTS

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

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

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