Blackstone Inc.

Previous wording

Blackstone is the world’s largest alternative asset manager. We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio companies (including management, transaction and monitoring fees), and from capital markets services. We also invest in the funds we manage and we are entitled to a pro-rata share of the income of the fund (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, we are entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). In certain investment fund structures, we receive a contractual incentive fee from the fund based on achieving certain investment returns (an “Incentive Fee,” and together with Performance Allocations, “Performance Revenues”). The composition of our revenues will vary based on market conditions and the cyclicality of the different business units we operate. Net investment gains and investment income generated by Blackstone Funds are driven by the performance of underlying investments in such funds as well as overall market conditions. Fair values are affected by changes in the fundamentals of our funds’ portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.

Current wording

Blackstone is the world’s largest alternative asset manager. We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio companies (including management, transaction and monitoring fees), and from capital markets services. We also invest in the funds we manage and we are entitled to apro-rata share of the income of the fund (a“pro-rata allocation”). In addition to apro-rata allocation, and assuming certain investment returns are achieved, we are entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). In certain investment fund structures, we receive a contractual incentive fee from the fund based on achieving certain investment returns (an “Incentive Fee,” and together with Performance Allocations, “Performance Revenues”). The composition of our revenues will vary based on market conditions and the cyclicality of the different business units we operate. Net investment gains and investment income generated by Blackstone Funds are driven by the performance of underlying investments in such funds as well as overall market conditions. Fair values are affected by changes in the fundamentals of our funds’ portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.

Previous wording

Our Core+ real estate strategy invests in substantially stabilized real estate globally, primarily through perpetual capital vehicles. The strategy includes our (a) Blackstone Property Partners (“BPP”) funds, which are focused on high-quality assets in the Americas, Europe and Asia and (b) a non-listed real estate investment trust (“REIT”), Blackstone Real Estate Income Trust, Inc. (“BREIT”) and Blackstone European Property Income Fund (“BEPIF”) vehicles, which provide income-focused individual investors access to institutional quality real estate primarily in the Americas and Europe, respectively.

Current wording

Our Core+ real estate strategy invests in substantially stabilized real estate globally, primarily through perpetual capital vehicles. The strategy includes our (a) Blackstone Property Partners (“BPP”) funds, which are focused on high-quality assets in the Americas, Europe and Asia, (b) anon-listed real estate investment trust (“REIT”), Blackstone Real Estate Income Trust, Inc. (“BREIT”) and Blackstone European Property Income Fund (“BEPIF”) vehicles, which provide income-focused individual investors access to institutional quality real estate primarily in the Americas and Europe, respectively, and (c) a NYSE-listed REIT focused on acquiring and owning data centers, Blackstone Digital Infrastructure Trust (“BXDC”).

Previous wording

BIP targets a diversified mix of core+, core and public-private partnership investments across all infrastructure sectors, including energy infrastructure, transportation, digital infrastructure and water and waste. BIP applies a disciplined, operationally intensive investment approach to investments, seeking to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. BXINFRA invests primarily in infrastructure equity, secondaries and credit strategies, leveraging Blackstone’s infrastructure talent and investment capabilities to create an attractive portfolio of alternative infrastructure investments.

Current wording

BIP targets a diversified mix of core+, core and public-private partnership investments across all infrastructure sectors, including energy infrastructure, transportation, digital infrastructure and water and waste. BIP applies a disciplined, operationally intensive investment approach to investments, seeking to apply a long-termbuy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. BXINFRA invests primarily in infrastructure equity, secondaries and credit strategies, leveraging Blackstone’s infrastructure talent and investment capabilities to create an attractive portfolio of alternative infrastructure investments.

Previous wording

Strategic Partners is a total fund solutions provider. As a secondary investor, it acquires interests in high-quality private funds from original holders seeking liquidity. Strategic Partners focuses on a range of opportunities in underlying funds such as private equity, real estate, infrastructure, venture and growth capital, credit and other types of funds, as well as general partner-led transactions and primary investments and co-investments with financial sponsors. Strategic Partners also provides investment advisory services to separately managed account clients investing in primary and secondary investments in private funds and co-investments. Blackstone GP Stakes targets minority investments in the general partners of private equity and other private market alternative asset management firms globally, with a focus on delivering a combination of recurring annual cash flow yield and long-term capital appreciation.

Current wording

Strategic Partners is a total fund solutions provider. As a secondary investor, it acquires interests in high-quality private funds from original holders seeking liquidity. Strategic Partners focuses on a range of opportunities in underlying funds such as private equity, real estate, infrastructure, venture and growth capital, credit and other types of funds, as well as general partner-led transactions and primary investments andco-investments with financial sponsors. Strategic Partners also provides investment advisory services to separately managed account clients investing in primary and secondary investments in private funds andco-investments. Blackstone GP Stakes targets minority investments in the general partners of private equity and other private market alternative asset management firms globally, with a focus on delivering a combination of recurring annual cash flow yield and long-term capital appreciation.

Previous wording

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

Current wording

Our Credit & Insurance segment (“BXCI”) offers its clients and borrowers a comprehensive solution across corporate and asset based credit, including investment grade andnon-investment grade debt. BXCI is one of the largest credit managers and CLO managers in the world. The investment portfolios BXCI’s credit platform manages orsub-advises consist primarily of loans and securities ofnon-investment and investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity.

Previous wording

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

Current wording

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

Previous wording

Our Multi-Asset Investing segment (“BXMA”) is the world’s largest discretionary allocator to hedge funds, is a leader in building multi-asset portfolios. BXMA invests across asset classes in both public and private markets aiming to generate compelling risk-adjusted returns.

Current wording

Our Multi-Asset Investing segment (“BXMA”) is the world’s largest discretionary allocator to hedge funds and is a leader in building multi-asset portfolios. BXMA invests across asset classes in both public and private markets aiming to generate compelling risk-adjusted returns.

Previous wording

Most major equity markets experienced significant market volatility and declines in the first quarter of 2026. The volatility was driven by heightened geopolitical uncertainty and concerns over high energy prices in connection with the ongoing conflict in the Middle East, as well as concerns regarding artificial intelligence (“AI”) disruption in certain sectors, particularly software. The total return of the S&P 500 Index was (4.4)% in the first quarter, with the largest declines – 9.5% and 9.2% — in the financial and consumer discretionary sectors, respectively. The energy sector, however, increased 38.2% amid expectations of tightening supply. The price of West Texas Intermediate crude oil increased 76.6% to $101.38. In credit markets, the total return of the S&P Leveraged Loan Index was (0.6)% and the ICE Bank of America High Yield Bond Index similarly was (0.5)%. High yield spreads widened 51 basis points in the first quarter while year-to-date issuance increased 9% year-over-year.

Current wording

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

Previous wording

In the U.S., while in recent years inflation has moderated significantly from the post-Covid peak, higher energy costs drove headline CPI year-over-year growth from 2.4% to 3.3% in February and March 2026, respectively. The core U.S. PCE price index, the Federal Reserve’s preferred inflation measure, also rose 3.2% year-over-year in March 2026, its highest rate in nearly 3 years. The Federal Reserve has held the federal funds target range steady at 3.50-3.75% since December 2025, as inflation has remained above the target rate of 2%. The ten-year U.S. Treasury yield increased 15 basis points in the first quarter to 4.32%. Three-month SOFR decreased 19 basis points in the first quarter to 3.68%.

Current wording

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

Previous wording

Despite market and geopolitical volatility, the U.S. economy demonstrated resilient growth in the first quarter. The Bureau of Economic Analysis’ advance estimate of U.S. real GDP indicated growth of 2.0% quarter-over-quarter, up from 0.5% in the fourth quarter of 2025. Wages rose 3.5% year-over-year in March 2026. Demand for retail and food services also remained strong, with advance estimates of sales in March 2026 increasing 4.0% year-over-year. The labor market remained largely flat quarter-over-quarter, with an unemployment rate of 4.3% in March 2026 compared to 4.4% in December 2025.

Current wording

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

Previous wording

Outside of the U.S., most major central banks held interest rates steady, as renewed inflation risks – led by higher energy prices – complicated the path of continued easing. The Bank of England left its bank rate unchanged at 3.75% throughout the first quarter. Inflation in the U.K. decreased slightly to 3.3% year-over-year in March 2026 compared to 3.4% in December 2025. The European Central Bank held its deposit facility rate steady in the first quarter at 2.0%. Eurozone inflation increased to 2.6% year-over-year in March 2026, compared to 1.9% in December 2025. The Bank of Japan and the People’s Bank of China also both left their policy rates unchanged in the first quarter at 0.75% and 9.0%, respectively.

Current wording

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

Previous wording

We manage our business using certain financial measures and key operating metrics since we believe these metrics measure the productivity of our investment activities. We prepare our condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See “—Item 1. Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2. Summary of Significant Accounting Policies” and “—Critical Accounting Policies.” Our key non-GAAP financial measures and operating indicators and metrics are discussed below.

Current wording

We manage our business using certain financial measures and key operating metrics since we believe these metrics measure the productivity of our investment activities. We prepare our condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See “—Item 1. Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2. Summary of Significant Accounting Policies” and “—Critical Accounting Policies.” Our keynon-GAAP financial measures and operating indicators and metrics are discussed below.

Previous wording

Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Blackstone believes it is useful to stockholders to review the measure that management uses in assessing segment performance. Segment Distributable Earnings 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. 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. Segment Distributable Earnings 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. See “—Non-GAAP Financial Measures” for our reconciliation of Segment Distributable Earnings.

Current wording

Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Blackstone believes it is useful to stockholders to review the measure that management uses in assessing segment performance. Segment Distributable Earnings 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, eliminatesnon-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering andnon-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 andnon-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance. Segment Distributable Earnings 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. See“—Non-GAAP Financial Measures” for our reconciliation of Segment Distributable Earnings.

Previous wording

Realized Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year in respect of this compensation program. The program, which typically has an impact on individual quarters based on the estimated amounts for the full year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the full year. For the three months ended March 31, 2026, Realized Performance Compensation increased by an aggregate of $28.3 million and Fee Related Compensation decreased by $17.5 million, which reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision (Benefit) for Taxes and Distributable Earnings in the three months ended March 31, 2026. In 2025, these changes had an impact on individual quarters but did not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the year ended December 31, 2025.

Current wording

Realized Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year in respect of this compensation program. The program, which typically has an impact on individual quarters based on the estimated amounts for the full year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the full year. For the three and six months ended June 30, 2026, Realized Performance Compensation increased by $39.9 million and $68.2 million, respectively, and Fee Related Compensation decreased by $17.5 million and $35.0 million, respectively, which reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision (Benefits) for Taxes and Distributable Earnings in the three and six months ended June 30, 2026. These changes had an impact on individual quarters but did not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the year ended December 31, 2025.

Previous wording

Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove transaction-related and non-recurring items that arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses or other charges, if any, (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.

Current wording

Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove transaction-related andnon-recurring items that arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering andnon-recurring gains, losses or other charges, if any, (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.

Previous wording

Net Accrued Performance Revenues is a non-GAAP financial measure Blackstone believes is useful to stockholders as an indicator of potential future realized performance revenues based on the current investment portfolio of the funds and vehicles we manage. Net Accrued Performance Revenues represents the accrued performance revenues receivable by Blackstone, net of the related accrued performance compensation payable by Blackstone, excluding performance revenues that have been realized but not yet distributed as of the reporting date and clawback amounts, if any. Net Accrued Performance Revenues is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Investments. See “—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues and Note 2. “Summary of Significant Accounting Policies — Equity Method Investments” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” for additional information on the calculation of Investments — Accrued Performance Allocations.

Current wording

Net Accrued Performance Revenues is anon-GAAP financial measure Blackstone believes is useful to stockholders as an indicator of potential future realized performance revenues based on the current investment portfolio of the funds and vehicles we manage. Net Accrued Performance Revenues represents the accrued performance revenues receivable by Blackstone, net of the related accrued performance compensation payable by Blackstone, excluding performance revenues that have been realized but not yet distributed as of the reporting date and clawback amounts, if any. Net Accrued Performance Revenues is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Investments. See“—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues and Note 2. “Summary of Significant Accounting Policies — Equity Method Investments” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” for additional information on the calculation of Investments — Accrued Performance Allocations.

Previous wording

“Fee-Earning Assets Under Management” refers to the portion of Total Assets Under Management on which we are entitled to earn management fees and/or performance revenues. The Fee-Earning Assets Under Management attributable to an individual vehicle is driven by the basis on which fees are earned and accordingly, will vary from vehicle to vehicle. Fee-Earning Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable: (a) net asset value, (b) committed capital and remaining invested capital during the investment period and post-investment period, respectively, (c) invested capital (including leverage to the extent management fee-eligible), (d) gross asset value, (e) fair value of investments, or (f) the aggregate par amount of collateral assets, including principal cash, of CLOs.

Current wording

“Fee-Earning Assets Under Management” refers to the portion of Total Assets Under Management on which we are entitled to earn management fees and/or performance revenues. The Fee-Earning Assets Under Management attributable to an individual vehicle is driven by the basis on which fees are earned and accordingly, will vary from vehicle to vehicle. Fee-Earning Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable: (a) net asset value, (b) committed capital and remaining invested capital during the investment period and post-investment period, respectively, (c) invested capital (including leverage to the extent managementfee-eligible), (d) gross asset value, (e) fair value of investments, or (f) the aggregate par amount of collateral assets, including principal cash, of CLOs.

Previous wording

Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit. Fee-Earning Assets Under Management are reported in the segment where the Total Assets Under Management are reported to the extent fee-paying to Blackstone.

Current wording

Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit. Fee-Earning Assets Under Management are reported in the segment where the Total Assets Under Management are reported to the extentfee-paying to Blackstone.

Previous wording

“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 redemptions are limited in quantum. Perpetual Capital includes co-investment capital with an investor right to convert into Perpetual Capital.

Current wording

“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 redemptions are limited in quantum. Perpetual Capital includesco-investment capital with an investor right to convert into Perpetual Capital.

Previous wording

In our Perpetual Capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles. Perpetual Capital includes co-investment capital with an investor right to convert into Perpetual Capital. We believe this measure is useful to stockholders as it represents capital we manage that has a longer duration and the ability to generate recurring revenues in a different manner than traditional fund structures.

Current wording

In our Perpetual Capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles. Perpetual Capital includesco-investment capital with an investor right to convert into Perpetual Capital. We believe this measure is useful to stockholders as it represents capital we manage that has a longer duration and the ability to generate recurring revenues in a different manner than traditional fund structures.

Previous wording

Following is a discussion of our consolidated results of operations. For a more detailed discussion of the factors that affected the results of our four business segments (which are presented on a basis that deconsolidates the investment funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships and removes the amortization of intangibles assets and Transaction-Related and Non-Recurring Items) in these periods, see “—Segment Analysis” below.

Current wording

Following is a discussion of our consolidated results of operations. For a more detailed discussion of the factors that affected the results of our four business segments (which are presented on a basis that deconsolidates the investment funds, eliminatesnon-controlling ownership interests in Blackstone’s consolidated operating partnerships and removes the amortization of intangible assets and Transaction-Related and Non-Recurring Items) in these periods, see “—Segment Analysis” below.

Previous wording

The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the three months ended March 31, 2026 and 2025:

Current wording

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

Previous wording

Revenues were $3.6 billion for the three months ended March 31, 2026, an increase of $328.1 million, compared to $3.3 billion for the three months ended March 31, 2025. The increase in Revenues was primarily attributable to an increase of $244.3 million in Management and Advisory Fees, Net, partially offset by a decrease of $24.9 million in Investment Income (Loss).

Current wording

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

Previous wording

The $498.6 million increase in Realized Investment Income was primarily attributable to higher realized gains in the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The principal driver was:

Current wording

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

Previous wording

The $523.5 million decrease in Unrealized Investment Income (Loss) was primarily attributable to unrealized depreciation of investments in the three months ended March 31, 2026 compared to unrealized appreciation of investments in the three months ended March 31, 2025. The principal driver was:

Current wording

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

Previous wording

Management and Advisory Fees, Net were $2.1 billion for the three months ended March 31, 2026, an increase of $244.3 million, compared to $1.9 billion for the three months ended March 31, 2025. The increase in Management and Advisory Fees, Net was primarily attributable to an increase in our Private Equity segment of $180.1 million. The increase in our Private Equity segment was primarily attributable to an increase in Transaction and Other Fees, Net due to increased deal activity in BXCM, and an increase in Base Management Fees due to an increase in Fee-Earning Assets Under Management in BXPE, BIP and BXINFRA.

Current wording

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

Previous wording

Expenses were $2.3 billion for the three months ended March 31, 2026, an increase of $367.9 million, compared to $1.9 billion for the three months ended March 31, 2025. The increase was primarily attributable to an increase of $312.6 million in Total Compensation and Benefits, of which $177.7 million was an increase in Performance Allocations Compensation. The increase in Performance Allocations Compensation was primarily attributable to the increase in Performance Allocations, on which a portion of Performance Allocations Compensation is based.

Current wording

Expenses were $2.4 billion for the three months ended June 30, 2026, an increase of $443.0 million, compared to $1.9 billion for the three months ended June 30, 2025. The increase was primarily attributable to an increase of $392.6 million in Total Compensation and Benefits, of which $317.6 million was an increase in Performance Allocations Compensation. The increase in Performance Allocations Compensation was primarily attributable to an increase in Performance Allocations, on which a portion of Performance Allocations Compensation is based.

Previous wording

Other Income was $99.8 million for the three months ended March 31, 2026, an increase of $42.2 million, compared to $57.6 million for the three months ended March 31, 2025. The increase in Other Income was primarily attributable to an increase of $42.2 million in Net Gains from Fund Investment Activities.

Current wording

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

Previous wording

Blackstone’s Provision for Taxes for the three months ended March 31, 2026 was $197.2 million, a decrease of $46.7 million, compared to $243.8 million for the three months ended March 31, 2025. This resulted in an effective tax rate of 13.5% and 16.8%, based on our Income Before Provision for Taxes of $1.5 billion and $1.5 billion for the three months ended March 31, 2026 and 2025, respectively.

Current wording

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

Previous wording

The decrease in Blackstone’s effective tax rate for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, relates primarily to the impact of Non-Controlling Interests in consolidated entities and a decrease in Blackstone’s state tax provisions for the jurisdictions in which it operates.

Current wording

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

Previous wording

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings is derived from the Income Before Provision for Taxes at the Blackstone Holdings level, excluding the Net Gains (Losses) from Fund Investment Activities and the percentage allocation of the income between Blackstone personnel and others who are limited partners of Blackstone Holdings and Blackstone after considering any contractual arrangements that govern the allocation of income such as fees allocable to Blackstone.

Current wording

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings is derived from the Income Before Provision for Taxes at the Blackstone Holdings level, excluding the Net Gains (Losses) from Fund Investment Activities and is based on the percentage allocation of the income between Blackstone personnel and others who are limited partners of Blackstone Holdings and Blackstone after considering any contractual arrangements that govern the allocation of income such as fees allocable to Blackstone.

Previous wording

For the three months ended March 31, 2026 and 2025, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.2% and 38.0%, respectively. The decrease of 0.7% was primarily attributable to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.

Current wording

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

Previous wording

The following graphs and tables summarize the Total Assets Under Management by Segment and Fee-Earning Assets Under Management by Segment, followed by a rollforward of activity for the three months ended March 31, 2026 and 2025. For a description of how Total Assets Under Management and Fee-Earning Assets Under Management are determined, please see “—Key Financial Measures and Indicators — Operating Metrics — Total and Fee-Earning Assets Under Management.”

Current wording

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

Previous wording

Total Assets Under Management were $1,304.0 billion at March 31, 2026, an increase of $29.1 billion compared to $1,274.9 billion at December 31, 2025. The net increase was due to:

Current wording

Total Assets Under Management were $1,346.3 billion at June 30, 2026, an increase of $71.3 billion compared to $1,274.9 billion at December 31, 2025. The net increase was due to:

Previous wording

Fee-Earning Assets Under Management were $937.6 billion at March 31, 2026, an increase of $15.9 billion compared to $921.7 billion at December 31, 2025. The net increase was due to:

Current wording

Fee-Earning Assets Under Management were $961.6 billion at June 30, 2026, an increase of $39.9 billion compared to $921.7 billion at December 31, 2025. The net increase was due to:

Previous wording

The following table presents the Accrued Performance Revenues, net of performance compensation, of the Blackstone Funds as of March 31, 2026 and 2025. Net Accrued Performance Revenues presented do not include clawback amounts, if any, which are disclosed in Note 16. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing. See “—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues.

Current wording

The following table presents the Accrued Performance Revenues, net of performance compensation, of the Blackstone Funds as of June 30, 2026 and 2025. Net Accrued Performance Revenues presented do not include clawback amounts, if any, which are disclosed in Note 16. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Condensed Consolidated Financial Statements” in

Previous wording

For the twelve months ended March 31, 2026, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $4.1 billion, partially offset by net realized distributions of $3.5 billion.

Current wording

For the twelve months ended June 30, 2026, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $4.6 billion, partially offset by net realized distributions of $3.8 billion.

Previous wording

Perpetual Capital Total Assets Under Management were $539.7 billion as of March 31, 2026, an increase of $16.0 billion, compared to $523.6 billion as of December 31, 2025. Perpetual Capital Total Assets Under Management in our Private Equity and Credit & Insurance segments increased $9.6 billion and $5.4 billion, respectively.

Current wording

Perpetual Capital Total Assets Under Management was $555.6 billion as of June 30, 2026, an increase of $15.9 billion, compared to $539.7 billion as of March 31, 2026. Perpetual Capital Total Assets Under Management in our Private Equity and Credit & Insurance segments increased $11.4 billion and $4.1 billion, respectively.

Previous wording

Fee Related Performance Revenues were $153.0 million for the three months ended March 31, 2026, an increase of $115.2 million, compared to $37.8 million for the three months ended March 31, 2025. The increase was primarily attributable to higher Fee Related Performance Revenues in BREIT.

Current wording

Fee Related Performance Revenues were $242.7 million for the three months ended June 30, 2026, an increase of $153.1 million, compared to $89.6 million for the three months ended June 30, 2025. The increase was attributable to higher Fee Related Performance Revenues in BREIT.

Previous wording

Fee Related Compensation was $193.1 million for the three months ended March 31, 2026, an increase of $22.6 million, compared to $170.5 million for the three months ended March 31, 2025. The increase was primarily attributable to the increase in Fee Related Performance Revenues, on which a portion of Fee Related Compensation is based.

Current wording

Fee Related Compensation was $262.2 million for the three months ended June 30, 2026, an increase of $92.0 million, compared to $170.2 million for the three months ended June 30, 2025. The increase was primarily attributable to the increase in Fee Related Performance Revenues, on which a portion of Fee Related Compensation is based.