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_____________________________ Blackstone 345 Park Avenue, New York, NY 10154 T 212 583 5000 www.blackstone.com Blackstone Reports Third Quarter 2026 Results New York, October 22, 2026: Blackstone (NYSE:BX) today reported its third quarter 2026 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered strong third-quarter results amid a volatile external environment. Our flagship strategies outperformed comparable public market indices and inflows reached $63 billion, with positive momentum across our major fund-raising channels. We’ve established leading platforms to address the key investment themes powering the global economy and markets today – including AI and energy infrastructure – which gives our investors unique access to remarkable opportunities.” Blackstone issued a full detailed presentation of its third quarter 2026 results, which can be viewed at www.blackstone.com. Dividend Blackstone has declared a quarterly dividend of $1.12 per share to record holders of common stock at the close of business on November 2, 2026. This dividend will be paid on November 9, 2026. Quarterly Investor Call Details Blackstone will host its third quarter 2026 investor conference via public webcast on October 22, 2026, at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1777525&tp_key=e1c5d41eb8. For those unable to listen to the live
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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 nearly $1.4 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, 2025, 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.
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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
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REMOVING THIS STOP ALERT View > Slide Master to access the Title Layout; Home > Editing: Select > Selection Pane… to access and hide this object BX ENTITY Blackstone always appears; approved lockup images available in the Macabacus Library Blackstone’s Third Quarter 2026 Earnings OCTOBER 22, 2026
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 1 BLACKSTONE’S THIRD QUARTER 2026 GAAP RESULTS ▪ GAAP Net Income was $1.3 billion for the quarter and $4.9 billion year-to-date (“YTD”). GAAP Net Income Attributable to Blackstone Inc. was $662 million for the quarter and $2.5 billion YTD. Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests. ($ in thousands, except per share data) (unaudited) 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD 3Q'25 LTM 3Q'26 LTM Revenues Management and Advisory Fees, Net 2,056,248$ 2,178,108$ 5,996,060$ 6,592,734$ 7,875,641$ 8,672,275$ Incentive Fees 200,675 172,729 587,914 497,228 992,658 887,516 Performance Allocations 781,478 204,637 2,749,832 3,543,577 3,256,982 5,099,051 Principal Investments (86,006) 369,729 720,811 648,153 757,800 873,278 Interest and Dividend Revenue 107,538 125,941 305,347 368,105 403,894 478,851 Other 28,702 11,744 (269,971) 74,664 (114,417) 73,762 Total Revenues 3,088,635$ 3,062,888$ 10,089,993$ 11,724,461$ 13,172,558$ 16,084,733$ Expenses Compensation and Benefits 1,230,759 1,066,272 4,084,129 4,624,822 5,123,332 6,161,222 General, Administrative and Other 383,580 416,358 1,076,770 1,198,289 1,415,856 1,646,067 Interest Expense 126,288 132,936 380,225 415,012 495,757 543,101 Fund Expenses 10,060 9,733 36,598 25,081 42,894 37,699 Total Expenses 1,750,687$ 1,625,299$ 5,577,722$ 6,263,204$ 7,077,839$ 8,388,089$ Other Income 108,634$ 93,418$ 302,539$ 333,259$ 281,368$ 454,708$ Income Before Provision for Taxes 1,446,582$ 1,531,007$ 4,814,810$ 5,794,516$ 6,376,087$ 8,151,352$ Provision for Taxes 209,657 258,564 742,978 908,100 975,429 1,290,145 Net Income 1,236,925$ 1,272,443$ 4,071,832$ 4,886,416$ 5,400,658$ 6,861,207$ Redeemable NCI in Consolidated Entities 29,008 3,486 55,117 29,650 55,423 20,033 Non-Redeemable NCI in Consolidated Entities 583,000 606,585 2,012,702 2,315,476 2,637,349 3,284,683 Net Income Attributable to Blackstone Inc. 624,917$ 662,372$ 2,004,013$ 2,541,290$ 2,707,886$ 3,556,491$ Net Income Per Share of Common Stock, Basic 0.80$ 0.83$ 2.57$ 3.20$ 3.49$ 4.49$ Net Income Per Share of Common Stock, Diluted 0.80$ 0.83$ 2.57$ 3.19$ 3.49$ 4.49$
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 2 BLACKSTONE’S THIRD QUARTER 2026 HIGHLIGHTS ▪ Fee Related Earnings (“FRE”) of $1.6 billion ($1.26/share) in the quarter – FRE was $6.4 billion over the last twelve months (“LTM”) ($5.20/share) ▪ Distributable Earnings (“DE”) of $1.7 billion ($1.32/share) in the quarter – DE was $7.7 billion over the LTM ($5.95/share) ▪ Net Accrued Performance Revenues of $7.3 billion ($5.84/share) Financial Measures ▪ Total Assets Under Management (“AUM”) of $1,368.3 billion – Fee-Earning AUM of $989.7 billion – Perpetual Capital AUM of $562.3 billion ▪ Inflows of $63.3 billion in the quarter and $271.6 billion over the LTM ▪ Deployment of $30.1 billion in the quarter and $142.0 billion over the LTM ▪ Realizations of $33.1 billion in the quarter and $147.0 billion over the LTM Capital Metrics ▪ Dividend of $1.12 per common share payable on November 9, 2026 – Dividends of $5.06 per common share over the LTM ▪ Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM ▪ $1.5 billion to be distributed to shareholders with respect to the quarter and $6.7 billion over the LTM through dividends and share repurchases Capital Returned to Shareholders
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 3 BLACKSTONE’S THIRD QUARTER 2026 SEGMENT EARNINGS Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. YTD FRE per Share and DE per Common Share amounts represent the sum of the last three quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segments. % Change % Change ($ in thousands, except per share data) 3Q'25 3Q'26 vs. 3Q'25 3Q'25 YTD 3Q'26 YTD vs. 3Q'25 YTD Management and Advisory Fees, Net 2,041,820$ 2,159,457$ 6% 5,953,830$ 6,542,561$ 10% Fee Related Performance Revenues 453,018 540,129 19% 1,218,983 1,821,618 49% Fee Related Compensation (658,091) (745,083) 13% (1,975,389) (2,354,682) 19% Other Operating Expenses (356,070) (382,451) 7% (995,188) (1,106,036) 11% Fee Related Earnings 1,480,677$ 1,572,052$ 6% 4,202,236$ 4,903,461$ 17% Realized Performance Revenues 744,953 464,386 (38)% 1,758,097 1,975,765 12% Realized Performance Compensation (302,642) (185,452) (39)% (780,190) (893,632) 15% Realized Principal Investment Income 62,535 52,599 (16)% 209,866 112,071 (47)% Net Realizations 504,846 331,533 (34)% 1,187,773 1,194,204 1% Total Segment Distributable Earnings 1,985,523$ 1,903,585$ (4)% 5,390,009$ 6,097,665$ 13% Distributable Earnings 1,889,487$ 1,715,678$ (9)% 4,866,055$ 5,457,765$ 12% Additional Metrics: Net Income Per Share of Common Stock, Basic 0.80$ 0.83$ 4% 2.57$ 3.20$ 25% FRE per Share 1.20$ 1.26$ 5% 3.42$ 3.95$ 15% DE per Common Share 1.52$ 1.32$ (13)% 3.82$ 4.20$ 10% Total Segment Revenues 3,302,326$ 3,216,571$ (3)% 9,140,776$ 10,452,015$ 14% Total Assets Under Management 1,241,731,296$ 1,368,346,601$ 10% 1,241,731,296$ 1,368,346,601$ 10% Fee-Earning Assets Under Management 906,221,028$ 989,664,711$ 9% 906,221,028$ 989,664,711$ 9%
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 4 INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES ▪ Realized distributions across strategies led to lower Net Accrued Performance Revenues quarter-over-quarter of $7.3 billion ($5.84/share). Investment Performance (appreciation / gross returns) Net Accrued Performance Revenues ($ in millions) 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 3.9% for 3Q’26 and 3Q’26 LTM, respectively. Liquid Credit net returns were 1.4% and 3.2% for 3Q’26 and 3Q’26 LTM, respectively. Absolute Return Composite net returns were 0.3% and 11.5% for 3Q’26 and 3Q’26 LTM, respectively. See notes on page 34 for additional details on these strategies and our investment performance. $7,468 $7,263 $451 $655 2Q'26 Net Performance Revenues Net Realized Distributions 3Q'26 3Q'26 3Q'26 LTM Real Estate Opportunistic (3.2)% (4.0)% Core+ 1.6% 4.3% Private Equity Corporate Private Equity 2.8% 14.7% Tactical Opportunities 2.2% 8.9% Secondaries 4.3% 9.3% Infrastructure 6.4% 28.9% Credit & Insurance Private Credit 2.6% 6.7% Liquid Credit 1.5% 3.7% Multi-Asset Investing Absolute Return Composite 0.5% 12.8%
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 5 CAPITAL METRICS – ADDITIONAL DETAIL Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed. ($ in millions) 3Q'26 3Q'26 LTM 3Q'26 3Q'26 LTM 3Q'26 3Q'26 LTM Real Estate 6,298$ 29,577$ 6,075$ 24,354$ 6,999$ 29,300$ Opportunistic 712 2,944 1,764 8,070 3,136 11,162 Core+ 3,325 14,200 787 3,271 2,140 8,424 Debt Strategies 2,261 12,434 3,524 13,013 1,723 9,714 Private Equity 12,627 77,821 8,842 50,682 9,839 46,228 Corporate Private Equity 4,564 34,942 4,190 28,193 4,600 24,772 Tactical Opportunities 1,293 4,371 641 2,799 2,352 7,387 Secondaries 3,080 25,144 1,950 13,241 1,836 10,548 Infrastructure 3,690 13,364 2,062 6,449 1,050 3,522 Credit & Insurance 35,796 142,795 13,413 62,122 15,423 68,183 Multi-Asset Investing 8,590 21,436 1,758 4,837 874 3,291 Total Blackstone 63,311$ 271,629$ 30,088$ 141,995$ 33,135$ 147,002$ Inflows Capital Deployed Realizations ▪ Inflows were $63.3 billion in the quarter , bringing LTM inflows to $271.6 billion. ▪ Deployed $30.1 billion in the quarter and $142.0 billion over the LTM. – Committed an additional $17.0 billion that was not yet deployed in the quarter. ▪ Realizations were $33.1 billion in the quarter and $147.0 billion over the LTM.
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 6 $83.4 $103.4 $305.2 $322.1 $235.0 $286.3 $282.6 $277.8 $906.2 $989.7 3Q'25 3Q'26 $237.1 $254.9 $96.0 $135.8 $167.3 $170.6 $500.6 $562.3 3Q'25 3Q'26 ASSETS UNDER MANAGEMENT Total AUM ($ in billions) Fee-Earning AUM ($ in billions) Perpetual Capital AUM ($ in billions) Private EquityReal Estate Credit & Insurance Multi-Asset Investing ▪ Total AUM increased to $1,368.3 billion, up 10% year-over-year, with $63.3 billion of inflows in the quarter and $271.6 billion over the LTM. ▪ Fee-Earning AUM of $989.7 billion was up 9% year-over-year , with $55.4 billion of inflows in the quarter and $184.8 billion over the LTM. ▪ Perpetual Capital AUM reached $562.3 billion, up 12% year-over-year. – Fee-Earning Perpetual Capital AUM increased to $469.5 billion, representing 47% of Fee-Earning AUM. Multi-Asset Investing had $286 million and $907 million of Perpetual Capital AUM as of 3Q’25 and 3Q’26, respectively. $93.3 $113.9 $432.3 $480.0 $395.6 $465.4 $320.5 $309.0 $1,241.7 $1,368.3 3Q 25 3Q 26
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 7 $54.4 $68.7 $119.3 $120.8 $235.8 $279.6 $201.5 $193.7 $611.0 $662.8 3Q'25 3Q'26 $46.9 $91.5 $86.7 $3.9 ADDITIONAL CAPITAL DETAIL ▪ Invested Performance Eligible AUM reached $662.8 billion at quarter end, up 8% year-over-year. ▪ Total Dry Powder of $228.9 billion available for future investments. Private EquityReal Estate Credit & Insurance Multi-Asset Investing Invested Performance Eligible AUM ($ in billions) Total Dry Powder ($ in billions) Private Equity Real Estate Multi-Asset Investing Credit & Insurance 3Q’26 total: $228.9 Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.
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8Blackstone | Segment Highlights
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 9 SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION ▪ 3Q’26 Total Segment Distributable Earnings were $1.9 billion. ▪ LTM Total Segment Distributable Earnings were $8.6 billion. $2,537 $3,500 $1,822 $730 Segment Distributable Earnings ($ in millions) 3Q’26 LTM total: $8,590 $554 $813 $433 $104 3Q’26 total: $1,904 Real Estate Credit & Insurance Credit & Insurance Real Estate Private Equity Multi-Asset Investing Private Equity Multi-Asset Investing
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 10 REAL ESTATE ▪ Total AUM: $309.0 billion with inflows of $6.3 billion in the quarter and $29.6 billion over the LTM. – Inflows in the quarter included $2.3 billion in BREDS, primarily from insurance SMAs, and $1.3 billion of capital raised in BREIT . ▪ Capital Deployed: $6.1 billion in the quarter , including BREP’s acquisition of the Hyatt Regency Embarcadero in San Francisco, and $24.4 billion over the LTM. – Committed an additional $1.6 billion in the quarter, including an investment in a large European hotel owner by BREP . ▪ Realizations: $7.0 billion in the quarter , including BREP’s realizations in India office and Japan logistics and hotels, and $29.3 billion over the LTM. ▪ Appreciation: Opportunistic funds declined (3.2)% in the quarter and (4.0)% over the LTM; Core+ funds appreciated 1.6% in the quarter and 4.3% over the LTM. % Change % Change ($ in thousands) 3Q'25 3Q'26 vs. 3Q'25 3Q'25 YTD 3Q'26 YTD vs. 3Q'25 YTD Management and Advisory Fees, Net 688,799$ 628,812$ (9)% 2,100,939$ 2,033,370$ (3)% Fee Related Performance Revenues 124,647 160,551 29% 252,040 556,267 121% Fee Related Compensation (168,377) (196,045) 16% (509,111) (651,350) 28% Other Operating Expenses (95,228) (94,083) (1)% (265,557) (278,907) 5% Fee Related Earnings 549,841$ 499,235$ (9)% 1,578,311$ 1,659,380$ 5% Realized Performance Revenues 132,792 99,924 (25)% 195,389 352,866 81% Realized Performance Compensation (69,623) (49,489) (29)% (102,532) (157,704) 54% Realized Principal Investment Income 5,303 3,982 (25)% 8,449 1,837 (78)% Net Realizations 68,472 54,417 (21)% 101,306 196,999 94% Segment Distributable Earnings 618,313$ 553,652$ (10)% 1,679,617$ 1,856,379$ 11% Segment Revenues 951,541$ 893,269$ (6)% 2,556,817$ 2,944,340$ 15% Total AUM 320,490,495$ 308,995,068$ (4)% 320,490,495$ 308,995,068$ (4)% Fee-Earning AUM 282,579,289$ 277,822,726$ (2)% 282,579,289$ 277,822,726$ (2)% See notes on page 34.
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 11 PRIVATE EQUITY ▪ Total AUM: Increased 18% to $465.4 billion with inflows of $12.6 billion in the quarter and $77.8 billion over the LTM. – Inflows in the quarter included $3.7 billion in Infrastructure, $3.1 billion in Secondaries, primarily from the tenth flagship Secondaries strategy and the ninth Secondaries Real Estate strategy, and $2.5 billion for the fifth energy transition fund. – $2.9 billion of capital raised for BXPE and $1.1 billion of capital raised for BXINFRA. ▪ Capital Deployed: $8.8 billion in the quarter , including Urbaser, Falcata, and Eurowind Energy, and $50.7 billion over the LTM. – Committed an additional $8.6 billion in the quarter, including Flow Control Holdings and Safe Harbor Marinas. ▪ Realizations: $9.8 billion in the quarter , including Recognition Music Group, Ennovi, and SP .LINKS, and $46.2 billion over the LTM. ▪ Appreciation: Corporate Private Equity appreciated 2.8% in the quarter and 14.7% over the LTM. – Tactical Opportunities appreciated 2.2% in the quarter and 8.9% over the LTM; Secondaries appreciated 4.3% in the quarter and 9.3% over the LTM; Infrastructure appreciated 6.4% in the quarter and 28.9% over the LTM. % Change % Change ($ in thousands) 3Q'25 3Q'26 vs. 3Q'25 3Q'25 YTD 3Q'26 YTD vs. 3Q'25 YTD Management and Advisory Fees, Net 717,390$ 838,078$ 17% 2,045,480$ 2,434,580$ 19% Fee Related Performance Revenues 126,652 215,181 70% 379,887 777,265 105% Fee Related Compensation (231,915) (295,205) 27% (702,159) (895,546) 28% Other Operating Expenses (120,743) (139,111) 15% (335,937) (383,554) 14% Fee Related Earnings 491,384$ 618,943$ 26% 1,387,271$ 1,932,745$ 39% Realized Performance Revenues 559,383 285,498 (49)% 1,318,436 1,414,294 7% Realized Performance Compensation (205,967) (102,408) (50)% (573,932) (648,148) 13% Realized Principal Investment Income 26,686 11,059 (59)% 55,721 81,359 46% Net Realizations 380,102 194,149 (49)% 800,225 847,505 6% Segment Distributable Earnings 871,486$ 813,092$ (7)% 2,187,496$ 2,780,250$ 27% Segment Revenues 1,430,111$ 1,349,816$ (6)% 3,799,524$ 4,707,498$ 24% Total AUM 395,607,045$ 465,427,514$ 18% 395,607,045$ 465,427,514$ 18% Fee-Earning AUM 235,003,905$ 286,312,835$ 22% 235,003,905$ 286,312,835$ 22% See notes on page 35.
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 12 CREDIT & INSURANCE ▪ Total AUM: Increased 11% to $480.0 billion with inflows of $35.8 billion in the quarter and $142.8 billion over the LTM. – Inflows in the quarter included $18.0 billion for the infrastructure and asset based credit strategies, inclusive of $16.5 billion for insurance SMAs, and $11.9 billion for the global direct lending strategy. – Closed 3 new CLOs (2 European and 1 U.S.) for $1.3 billion. ▪ Capital Deployed: $13.4 billion in the quarter , driven by infrastructure and asset based credit strategies and U.S. direct lending, including transactions with Williams and Air Canada, and $62.1 billion over the LTM. – Committed an additional $5.8 billion in the quarter. ▪ Realizations: $15.4 billion in the quarter and $68.2 billion over the LTM. ▪ Returns: Private Credit gross return of 2.6% (1.8% net) and Liquid Credit gross return of 1.5% (1.4% net) in the quarter. – Private Credit gross return of 6.7% (3.9% net) and Liquid Credit gross return of 3.7% (3.2% net) over the LTM. % Change % Change ($ in thousands) 3Q'25 3Q'26 vs. 3Q'25 3Q'25 YTD 3Q'26 YTD vs. 3Q'25 YTD Management and Advisory Fees, Net 497,175$ 524,412$ 5% 1,414,846$ 1,605,655$ 13% Fee Related Performance Revenues 201,719 164,397 (19)% 587,056 488,086 (17)% Fee Related Compensation (218,425) (205,399) (6)% (640,348) (669,460) 5% Other Operating Expenses (113,120) (120,298) 6% (316,824) (359,265) 13% Fee Related Earnings 367,349$ 363,112$ (1)% 1,044,730$ 1,065,016$ 2% Realized Performance Revenues 40,124 58,467 46% 219,114 148,133 (32)% Realized Performance Compensation (21,123) (25,261) 20% (92,051) (60,204) (35)% Realized Principal Investment Income 29,855 36,668 23% 143,558 26,341 (82)% Net Realizations 48,856 69,874 43% 270,621 114,270 (58)% Segment Distributable Earnings 416,205$ 432,986$ 4% 1,315,351$ 1,179,286$ (10)% Segment Revenues 768,873$ 783,944$ 2% 2,364,574$ 2,268,215$ (4)% Total AUM 432,315,679$ 479,995,343$ 11% 432,315,679$ 479,995,343$ 11% Fee-Earning AUM 305,193,225$ 322,111,989$ 6% 305,193,225$ 322,111,989$ 6%
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 13 MULTI -ASSET INVESTING ▪ Total AUM: Increased 22% to $113.9 billion with inflows of $8.6 billion in the quarter and $21.4 billion over the LTM. ▪ Returns: Absolute Return Composite gross return of 0.5% in the quarter (0.3% net), outperforming the HFRX Global Hedge Fund Index, which was (0.8)%. – Absolute Return benefited from positive performance across strategies, including quantitative and credit during the quarter. – Gross return of 12.8% over the LTM (11.5% net), outperforming a 5.4% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets. % Change % Change ($ in thousands) 3Q'25 3Q'26 vs. 3Q'25 3Q'25 YTD 3Q'26 YTD vs. 3Q'25 YTD Management and Advisory Fees, Net 138,456$ 168,155$ 21% 392,565$ 468,956$ 19% Fee Related Compensation (39,374) (48,434) 23% (123,771) (138,326) 12% Other Operating Expenses (26,979) (28,959) 7% (76,870) (84,310) 10% Fee Related Earnings 72,103$ 90,762$ 26% 191,924$ 246,320$ 28% Realized Performance Revenues 12,654 20,497 62% 25,158 60,472 140% Realized Performance Compensation (5,929) (8,294) 40% (11,675) (27,576) 136% Realized Principal Investment Income 691 890 29% 2,138 2,534 19% Net Realizations 7,416 13,093 77% 15,621 35,430 127% Segment Distributable Earnings 79,519$ 103,855$ 31% 207,545$ 281,750$ 36% Segment Revenues 151,801$ 189,542$ 25% 419,861$ 531,962$ 27% Total AUM 93,318,077$ 113,928,676$ 22% 93,318,077$ 113,928,676$ 22% Fee-Earning AUM 83,444,609$ 103,417,161$ 24% 83,444,609$ 103,417,161$ 24%
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14Blackstone | Supplemental Details
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 15 TOTAL SEGMENTS ($ in thousands) 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'25 YTD 3Q'26 YTD Base Management Fees 1,919,702$ 1,945,364$ 1,952,414$ 1,960,897$ 1,992,046$ 5,603,493$ 5,905,357$ Transaction, Advisory and Other Fees, Net 156,211 149,621 211,697 321,156 209,856 433,210 742,709 Management Fee Offsets (34,093) (32,766) (31,303) (31,757) (42,445) (82,873) (105,505) Total Management and Advisory Fees, Net 2,041,820 2,062,219 2,132,808 2,250,296 2,159,457 5,953,830 6,542,561 Fee Related Performance Revenues 453,018 606,445 488,098 793,391 540,129 1,218,983 1,821,618 Fee Related Compensation (658,091) (715,312) (729,470) (880,129) (745,083) (1,975,389) (2,354,682) Other Operating Expenses (356,070) (418,051) (343,455) (380,130) (382,451) (995,188) (1,106,036) Fee Related Earnings 1,480,677$ 1,535,301$ 1,547,981$ 1,783,428$ 1,572,052$ 4,202,236$ 4,903,461$ Realized Performance Revenues 744,953 1,057,432 780,494 730,885 464,386 1,758,097 1,975,765 Realized Performance Compensation (302,642) (310,405) (364,056) (344,124) (185,452) (780,190) (893,632) Realized Principal Investment Income 62,535 209,877 31,973 27,499 52,599 209,866 112,071 Total Net Realizations 504,846$ 956,904$ 448,411$ 414,260$ 331,533$ 1,187,773$ 1,194,204$ Total Segment Distributable Earnings 1,985,523$ 2,492,205$ 1,996,392$ 2,197,688$ 1,903,585$ 5,390,009$ 6,097,665$ Distributable Earnings 1,889,487$ 2,244,809$ 1,764,838$ 1,977,249$ 1,715,678$ 4,866,055$ 5,457,765$ Additional Metrics: Total Segment Revenues 3,302,326$ 3,935,973$ 3,433,373$ 3,802,071$ 3,216,571$ 9,140,776$ 10,452,015$ Total Assets Under Management 1,241,731,296$ 1,274,931,234$ 1,304,017,634$ 1,346,263,835$ 1,368,346,601$ 1,241,731,296$ 1,368,346,601$ Fee-Earning Assets Under Management 906,221,028$ 921,674,454$ 937,596,454$ 961,592,654$ 989,664,711$ 906,221,028$ 989,664,711$
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 16 TITLE & UNITS TITLE = 2 lines maximum UNITS = Shift + Alt + Right Arrow; Use for Units or Other Descriptive Text ASSETS UNDER MANAGEMENT - ROLLFORWARD Total AUM Rollforward ($ in millions) Fee-Earning AUM Rollforward ($ in millions) 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 r eturned 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. Three Months Ended September 30, 2026 Twelve Months Ended September 30, 2026 Real Private Credit & Multi-Asset Real Private Credit & Multi-Asset Estate Equity Insurance Investing Estate Equity Insurance Investing Beginning Balance 314,150$ 454,152$ 469,317$ 108,644$ 1,346,264$ 320,490$ 395,607$ 432,316$ 93,318$ 1,241,731$ Inflows 6,298 12,627 35,796 8,590 63,311 29,577 77,821 142,795 21,436 271,629 Outflows (1,018) (1,125) (9,140) (2,752) (14,036) (8,394) (5,953) (31,861) (9,290) (55,498) Net Flows 5,279 11,502 26,656 5,838 49,275 21,183 71,868 110,934 12,146 216,131 Realizations (6,999) (9,839) (15,423) (874) (33,135) (29,300) (46,228) (68,183) (3,291) (147,002) Market Activity (3,435) 9,612 (555) 320 5,943 (3,379) 44,181 4,928 11,756 57,486 Ending Balance 308,995$ 465,428$ 479,995$ 113,929$ 1,368,347$ 308,995$ 465,428$ 479,995$ 113,929$ 1,368,347$ % Change (2)% 2% 2% 5% 2% (4)% 18% 11% 22% 10% Total Total Three Months Ended September 30, 2026 Twelve Months Ended September 30, 2026 Real Private Credit & Multi-Asset Real Private Credit & Multi-Asset Estate Equity Insurance Investing Estate Equity Insurance Investing Beginning Balance 277,420$ 267,818$ 318,241$ 98,114$ 961,593$ 282,579$ 235,004$ 305,193$ 83,445$ 906,221$ Inflows 6,558 22,049 19,509 7,322 55,437 23,646 66,111 75,492 19,575 184,823 Outflows (1,042) (3,517) (5,460) (1,518) (11,538) (5,475) (14,882) (24,097) (7,481) (51,935) Net Flows 5,516 18,531 14,048 5,804 43,899 18,170 51,229 51,394 12,094 132,888 Realizations (5,179) (4,556) (8,666) (808) (19,210) (23,080) (19,218) (35,661) (3,067) (81,027) Market Activity 66 4,520 (1,511) 307 3,382 154 19,298 1,186 10,946 31,583 Ending Balance 277,823$ 286,313$ 322,112$ 103,417$ 989,665$ 277,823$ 286,313$ 322,112$ 103,417$ 989,665$ % Change 0% 7% 1% 5% 3% (2)% 22% 6% 24% 9% Total Total
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 17 ▪ At September 30, 2026, Blackstone had $13.2 billion in total cash, cash equivalents, corporate treasury, and other investments and $23.5 billion of cash and net investments, or $18.91 per share. ▪ Blackstone has a $4.3 billion credit revolver ($3.6 billion undrawn) and maintains A+/A+ ratings. $17.00 $18.91 3Q'25 3Q'26 DECONSOLIDATED BALANCE SHEET HIGHLIGHTS Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $9.5 billion as of September 30, 2026, which was comprised of $8.9 billion of liquid investments and $649 million of illiquid investments. See notes on pages 31 and 35 for additional details on non-GAAP balance sheet measures. A+ / A+ rated by S&P and Fitch $4.3B credit revolver with October 2030 maturity $13.2B total cash, corporate treasury and other investments Cash and Net Investments (per share) ($ in millions) 3Q'26 Cash and Cash Equivalents 3,038$ Corporate Treasury and Other Investments 10,155 GP/Fund Investments 3,061 Net Accrued Performance Revenues 7,263 Cash and Net Investments 23,517$ Outstanding Debt (at par) 13,076
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 18 3Q’26 QoQ Rollforward ($ in millions) 3Q’26 LTM Rollforward ($ in millions) NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and exclude 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). 2Q'26 Net Performance Revenues Net Realized Distributions 3Q'26 Real Estate 891$ 157$ (166)$ 883$ Private Equity 6,081 112 (325) 5,868 Credit & Insurance 252 141 (153) 241 Multi-Asset Investing 243 40 (12) 271 Total 7,468$ 451$ (655)$ 7,263$ QoQ Change (3)% 3Q'25 Net Performance Revenues Net Realized Distributions 3Q'26 Real Estate 763$ 1,013$ (893)$ 883$ Private Equity 5,228 2,288 (1,648) 5,868 Credit & Insurance 372 542 (673) 241 Multi-Asset Investing 148 539 (416) 271 Total 6,511$ 4,382$ (3,630)$ 7,263$ YoY Change 12% 3Q'25 2Q'26 3Q'26 3Q'26 Per Share Real Estate BREP Global 547$ 553$ 521$ 0.42$ BREP Europe 31 81 83 0.07 BREP Asia 91 114 111 0.09 BPP 57 114 143 0.11 BREDS 38 30 25 0.02 Real Estate 763$ 891$ 883$ 0.71$ Private Equity BCP Global 1,843 1,764 1,158 0.93 BCP Asia 309 262 190 0.15 Energy/Energy Transition 598 1,052 1,271 1.02 Core Private Equity 269 256 281 0.23 Tactical Opportunities 203 150 156 0.13 Secondaries 1,169 1,148 1,196 0.96 Infrastructure 347 936 1,100 0.88 Life Sciences 240 253 270 0.22 BTAS 250 262 245 0.20 Private Equity 5,228$ 6,081$ 5,868$ 4.72$ Credit & Insurance 372$ 252$ 241$ 0.19$ Multi-Asset Investing 148$ 243$ 271$ 0.22$ Net Accrued Performance Revenues 6,511$ 7,468$ 7,263$ 5.84$ ($ in millions, except per share data)
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 19 INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026 (a) The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represen ts “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. ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total Real Estate Pre-BREP - BREP IV (Jan 1992 / Dec 2005) 5,441,163$ -$ -$ n/a 12,219,526$ 2.0x 12,219,526$ 2.0x 24% 24% BREP V (Dec 2005 / Feb 2007) 5,539,418 - 3,141 n/a 13,468,476 2.3x 13,471,617 2.3x 11% 11% BREP VI (Feb 2007 / Aug 2011) 11,060,122 - 2,356 n/a 27,765,450 2.5x 27,767,806 2.5x 13% 13% BREP VII (Aug 2011 / Apr 2015) 13,506,800 851,746 869,438 0.4x 29,450,777 2.1x 30,320,215 1.9x 17% 14% BREP VIII (Apr 2015 / Jun 2019) 16,651,125 955,019 7,705,515 1.1x 25,080,583 2.1x 32,786,098 1.7x 19% 11% BREP IX (Jun 2019 / Aug 2022) 21,374,992 2,626,478 14,610,413 0.9x 13,118,733 1.9x 27,729,146 1.2x 27% 3% *BREP X (Aug 2022 / Feb 2028) 30,651,981 15,699,009 19,380,408 1.3x 3,689,183 1.8x 23,069,591 1.4x 28% 11% Total Global BREP 104,225,601$ 20,132,252$ 42,571,271$ 1.1x 124,792,728$ 2.2x 167,363,999$ 1.7x 16% 14% BREP Int'l I-II (Jan 2001 / Jun 2008) (e) 2,453,920€ -€ -€ n/a 3,956,202€ 1.9x 3,956,202€ 1.9x 12% 12% BREP Europe III (Jun 2008 / Sep 2013) 3,205,420 86,279 14,906 0.1x 5,998,531 2.1x 6,013,437 2.0x 14% 13% BREP Europe IV (Sep 2013 / Dec 2016) 6,676,611 601,640 608,061 0.6x 10,448,903 1.9x 11,056,964 1.7x 16% 11% BREP Europe V (Dec 2016 / Oct 2019) 8,007,488 607,505 3,305,532 0.6x 6,902,190 3.8x 10,207,722 1.4x 40% 4% BREP Europe VI (Oct 2019 / Sep 2023) 9,941,770 2,499,870 5,903,899 0.8x 4,105,789 2.4x 10,009,688 1.1x 61% 0% *BREP Europe VII (Sep 2023 / Mar 2029) 9,766,011 5,685,237 4,962,100 1.3x 238,303 1.5x 5,200,403 1.3x n/m 11% Total BREP Europe 40,051,220€ 9,480,531€ 14,794,498€ 0.8x 31,649,918€ 2.2x 46,444,416€ 1.4x 16% 8% BREP Asia I (Jun 2013 / Dec 2017) 4,262,075$ 617,930$ 1,064,832$ 1.7x 7,853,183$ 1.9x 8,918,015$ 1.9x 14% 12% BREP Asia II (Dec 2017 / Mar 2022) 7,361,035 1,073,998 3,937,312 1.0x 4,209,323 1.6x 8,146,635 1.2x 10% 2% *BREP Asia III (Mar 2022 / Sep 2027) 8,222,721 4,539,258 4,856,226 1.3x 1,056,389 1.8x 5,912,615 1.4x 34% 9% Total BREP Asia 19,845,831$ 6,231,186$ 9,858,370$ 1.2x 13,118,895$ 1.8x 22,977,265$ 1.5x 14% 7% BREP Co-Investment (f) 8,695,156 572,800 1,532,020 1.3x 15,400,970 2.2x 16,932,990 2.1x 16% 16% Total BREP 179,444,787$ 37,677,680$ 70,624,024$ 1.0x 191,912,966$ 2.1x 262,536,990$ 1.7x 16% 13% *BREDS High-Yield (Various) (g) 27,606,074 8,731,502 3,390,981 1.0x 26,362,492 1.3x 29,753,473 1.3x 10% 9% Private Equity Corporate Private Equity BCP I-III (Oct 1987 / Nov 2002) 6,187,603$ -$ -$ n/a 14,239,072$ 2.4x 14,239,072$ 2.4x 19% 19% BCOM (Jun 2000 / Jun 2006) 2,137,330 - - n/a 2,995,106 1.4x 2,995,106 1.4x 6% 6% BCP IV (Nov 2002 / Dec 2005) 6,450,000 - - n/a 21,720,334 2.9x 21,720,334 2.9x 36% 36% BCP V (Dec 2005 / Jan 2011) 21,009,112 982,018 - n/a 38,870,378 1.9x 38,870,378 1.9x 8% 8% BCP VI (Jan 2011 / May 2016) 15,192,032 1,340,945 2,103,888 3.0x 30,772,856 2.2x 32,876,744 2.2x 13% 12% BCP VII (May 2016 / Feb 2020) 18,873,515 1,309,749 13,655,838 1.7x 25,817,867 2.5x 39,473,705 2.1x 22% 12% BCP VIII (Feb 2020 / Apr 2024) 25,820,032 5,845,936 24,386,474 1.3x 11,277,806 2.5x 35,664,280 1.6x 27% 9% *BCP IX (Apr 2024 / Apr 2030) 21,816,025 18,254,250 4,387,096 1.3x 297,133 1.5x 4,684,229 1.3x n/m (8)% Energy I (Aug 2011 / Feb 2015) 2,435,007 170,540 - n/a 4,897,287 2.0x 4,897,287 2.0x 12% 12% Energy II (Feb 2015 / Feb 2020) 4,926,378 778,845 3,269,223 2.6x 6,393,163 1.9x 9,662,386 2.1x 9% 9% Energy III (Feb 2020 / Jun 2024) 4,399,070 1,811,199 6,777,068 2.8x 5,060,366 3.0x 11,837,434 2.9x 33% 30% Energy Transition IV (Jun 2024 / Jun 2026) 5,880,446 2,825,257 9,205,066 2.9x 272,525 1.6x 9,477,591 2.8x n/m 123% *Energy Transition V (Jun 2026 / Jun 2032) 8,169,213 7,998,577 745 n/a - n/a 745 n/a n/a n/a BCP Asia I (Dec 2017 / Sep 2021) 2,437,192 417,623 1,194,426 1.4x 3,790,199 2.9x 4,984,625 2.3x 30% 19% BCP Asia II (Sep 2021 / Sep 2026) 6,838,030 3,514,898 5,533,572 1.8x 2,070,374 4.0x 7,603,946 2.1x 78% 24% *BCP Asia III (Sep 2026 / Sep 2032) 13,171,899 13,171,899 - n/a - n/a - n/a n/a n/a Core Private Equity I (Jan 2017 / Mar 2021) (h) 4,760,130 1,195,771 6,718,079 2.1x 4,232,731 3.7x 10,950,810 2.5x 32% 14% *Core Private Equity II (Mar 2021 / Mar 2027) (h) 8,244,519 5,979,008 5,818,049 1.6x 2,094,643 4.2x 7,912,692 1.9x 38% 16% Total Corporate Private Equity 178,747,533$ 65,596,515$ 83,049,524$ 1.7x 174,801,840$ 2.3x 257,851,364$ 2.1x 16% 15%
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 20 INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026 (a) – (CONT’D) The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represen ts “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. ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total Private Equity (continued) Tactical Opportunities *Tactical Opportunities (Various) 33,800,436 14,895,316 12,339,293 1.2x 34,618,208 1.9x 46,957,501 1.6x 15% 10% *Tactical Opportunities Co-Investment and Other (Various) 10,553,563 1,103,162 3,140,551 1.3x 12,577,239 1.8x 15,717,790 1.7x 18% 15% Total Tactical Opportunities 44,353,999$ 15,998,478$ 15,479,844$ 1.2x 47,195,447$ 1.8x 62,675,291$ 1.6x 16% 11% Growth BXG I (Jul 2020 / Feb 2025) 4,961,566 281,243 4,994,104 1.2x 705,496 1.3x 5,699,600 1.2x n/m 1% *BXG II (Feb 2025 / Feb 2030) 4,612,803 3,263,604 1,320,815 1.0x 9,155 n/m 1,329,970 1.0x n/m n/m Total Growth 9,574,369$ 3,544,847$ 6,314,919$ 1.2x 714,651$ 1.4x 7,029,570$ 1.2x n/m 0% Strategic Partners (Secondaries) Strategic Partners I-V (Various) (i) 11,035,527 9,572 2,121 n/a 16,796,758 n/a 16,798,879 1.7x n/a 13% Strategic Partners VI (Apr 2014 / Apr 2016) (i) 4,362,772 377,908 394,569 n/a 4,693,038 n/a 5,087,607 1.7x n/a 13% Strategic Partners VII (May 2016 / Mar 2019) (i) 7,489,970 1,604,636 2,191,491 n/a 8,698,176 n/a 10,889,667 1.9x n/a 15% Strategic Partners Real Assets II (May 2017 / Jun 2020) (i) 1,749,807 595,400 1,304,471 n/a 1,436,164 n/a 2,740,635 1.9x n/a 14% Strategic Partners VIII (Mar 2019 / Oct 2021) (i) 10,763,600 3,410,159 5,882,642 n/a 9,269,183 n/a 15,151,825 1.7x n/a 17% *Strategic Partners Real Estate, SMA and Other (Various) (i) 7,055,591 1,127,655 3,082,993 n/a 3,109,699 n/a 6,192,692 1.4x n/a 10% Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i) 3,250,100 666,122 2,576,153 n/a 1,033,329 n/a 3,609,482 1.6x n/a 14% Strategic Partners IX (Oct 2021 / Mar 2026) (i) 19,692,626 2,114,263 19,855,303 n/a 1,307,669 n/a 21,162,972 1.5x n/a 16% *Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i) 2,095,211 303,710 1,332,147 n/a 183,708 n/a 1,515,855 1.1x n/a 1% *Strategic Partners Infrastructure IV (Jul 2024 / Sep 2029) (i) 4,838,206 3,196,410 665,705 n/a - n/a 665,705 2.5x n/a n/m *Strategic Partners X (Mar 2026 / May 2031) (i) 12,349,058 7,788,368 504,070 n/a - n/a 504,070 n/a n/a n/a Total Strategic Partners (Secondaries) 84,682,468$ 21,194,203$ 37,791,665$ n/a 46,527,724$ n/a 84,319,389$ 1.7x n/a 14% Life Sciences Clarus IV (Jan 2018 / Jan 2020) 910,000 38,924 522,691 2.1x 818,286 1.6x 1,340,977 1.8x 9% 8% BXLS V (Jan 2020 / Mar 2025) 5,060,707 2,215,067 5,417,746 2.1x 1,883,875 1.8x 7,301,621 2.0x 12% 17% *BXLS VI (Mar 2025 / Mar 2031) 6,487,871 6,231,782 582,369 4.1x - n/a 582,369 4.1x n/a n/m 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 76,958 0.7x 6,688,441 1.4x 6,765,399 1.4x n/a 9% Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) 6,639,133 1,082,093 790,958 1.2x 9,943,092 1.5x 10,734,050 1.5x n/a 11% Mezzanine / Opportunistic IV (Jan 2021 / Aug 2025) 5,016,771 1,298,409 2,255,613 1.2x 4,948,824 1.4x 7,204,437 1.3x n/a 11% *Mezzanine / Opportunistic V (Aug 2025 / Aug 2029) 7,630,000 6,538,256 961,610 1.1x 272,473 1.3x 1,234,083 1.1x n/a n/m Total Mezzanine / Opportunistic 25,405,904$ 9,912,018$ 4,085,139$ 1.1x 26,661,943$ 1.5x 30,747,082$ 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 - n/a 5,567,183 1.1x 5,567,183 1.1x n/a 1% Stressed / Distressed III (Dec 2017 / Dec 2022) 7,356,380 1,085,652 1,016,103 1.2x 5,955,720 1.3x 6,971,823 1.3x n/a 9% Total Stressed / Distressed 15,734,523$ 1,633,082$ 1,016,103$ 1.2x 17,300,001$ 1.2x 18,316,104$ 1.2x n/a 6% European Senior Debt I (Feb 2015 / Feb 2019) 1,964,689€ 67,385€ 170,517€ 0.4x 3,002,740€ 1.3x 3,173,257€ 1.1x n/a 1% European Senior Debt II (Jun 2019 / Jun 2023) (j) 4,088,344 864,089 2,152,044 0.9x 4,946,025 1.7x 7,098,069 1.3x n/a 8% Total European Senior Debt 6,053,033€ 931,474€ 2,322,561€ 0.8x 7,948,765€ 1.5x 10,271,326€ 1.3x n/a 5% Energy I (Nov 2015 / Nov 2018) 2,856,867$ 1,154,819$ 51,192$ 1.5x 3,577,048$ 1.5x 3,628,240$ 1.5x n/a 10% Energy II (Feb 2019 / Jun 2023) 3,616,081 1,456,014 368,953 1.2x 3,618,903 1.4x 3,987,856 1.4x n/a 16% *Energy III (May 2023 / May 2028) 6,477,000 3,916,620 2,901,862 1.0x 3,490,357 1.4x 6,392,219 1.2x n/a 17% Total Energy 12,949,948$ 6,527,453$ 3,322,007$ 1.0x 10,686,308$ 1.4x 14,008,315$ 1.3x n/a 12% *Senior Direct Lending (Various) (k) 2,855,243 1,268,828 2,925,841 1.1x 390,769 1.2x 3,316,610 1.2x n/a 8% Total Credit Drawdown Funds (l) 63,851,276$ 20,398,251$ 14,297,185$ 1.0x 64,151,594$ 1.4x 78,448,779$ 1.3x n/a 10%
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 21 ($/€ in thousands, except where noted) Investment Total Total Net Strategy (Inception Date) Strategy AUM (n) Return (o) Real Estate BPP - Blackstone Property Partners Platform (Dec 2013) (p) Core+ Real Estate 57,792,821$ 2% BREIT - Blackstone Real Estate Income Trust (Jan 2017) Core+ Real Estate 57,715,461 9% BREIT - Class I Core+ Real Estate 9% BXMT - Blackstone Mortgage Trust (May 2013) (q) Real Estate Debt 5,265,823 3% Private Equity BXGP - Blackstone GP Stakes (Feb 2014) (r) Minority GP Interests 9,999,814 12% BIP - Blackstone Infrastructure Partners (Mar 2019) (s) Infrastructure 80,983,780 19% BXINFRA - Blackstone Infrastructure Strategies Fund Program (Jan 2025) Infrastructure 7,374,776 16% BXINFRA - Class I Infrastructure 17% BXPE - Blackstone Private Equity Strategies Fund Program (Jan 2024) Private Equity 28,546,620 18% BXPE - Class I Private Equity 18% Credit BXSL - Blackstone Secured Lending Fund (Nov 2018) (t) U.S. Direct Lending 16,633,800 11% BCRED - Blackstone Private Credit Fund (Jan 2021) (u) U.S. Direct Lending 93,210,950 9% BCRED - Class I U.S. Direct Lending 9% ECRED - Blackstone European Credit Fund (Oct 2022) (u) European Direct Lending 5,192,601€ 9% ECRED - Class I European Direct Lending 9%The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represen ts “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes continue on page 22. INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026 (a) – (CONT’D) Selected Perpetual Capital Strategies(m) (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, 2026 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 12% and 7%, respectively, for the levered and unlevered funds of the strategy. Investment Records as of September 30, 2026 - Notes
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 22 INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026 (a) – (CONT’D) (k) Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 9% and 7%, respectively, for the levered and unlevered funds of the strategy. (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) To the extent AUM is managed by a different business, such AUM is reported in such businesses for the purposes of segment AUM reporting. (o) Unless otherwise indicated, Total Net Return represents the annualized per share blended return from a fund’s or fund program’s inception date to September 30, 2026, assuming the applicable fund or fund program had a single share class and a single vehicle, as applicable, reinvestment of dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the applicable fund or fund program. Fund or fund program returns are not representative of the return experienced by any particular vehicle, investor or share class. Functional currency equivalent returns are included when calculating the blended return for funds or fund programs that have share classes that are denominated in a currency other than a fund’s or fund program’s functional currency and that are not hedged. The return methodology of the separate individual share classes presented matches that of the respective fund or fund program and represents the Total Net Return of a respective fund’s or fund program’s largest share class, with performance varying by vehicle and/or share class across a fund or fund program. (p) 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, 2026, these vehicles represented $4.5 billion of Total AUM. Total Net Return represents the annualized IRR on total invested capital from the inception date to September 30, 2026 based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date. (q) The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since its inception date, assuming reinvestment of all dividends received during the period. (r) 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, 2026, including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $13.2 billion. Total Net Return represents the annualized IRR on total invested capital from the inception date to September 30, 2026 based on realized proceeds and unr ealized value, as applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date. (s) 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, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $91.9 billion. Total Net Return represents the annualized IRR on total invested capital from the inception date to September 30, 2026 based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date. (t) The BXSL Total AUM and Total Net Return are presented as of June 30, 2026. BXSL Total Net Return reflects the annualized change in NAV per share from the inception date to June 30, 2026, 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. (u) For BCRED and ECRED, Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED’s and ECRED’s net asset values as of September 30, 2026 were $41.1 billion and €2.6 billion, respectively.
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 23 SHAREHOLDER DIVIDENDS ▪ Generated $1.32 of Distributable Earnings per common share during the quarter , bringing the YTD amount to $4.20 per common share. ▪ Blackstone declared a quarterly dividend of $1.12 per common share to record holders as of November 2, 2026; payable on November 9, 2026. A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy. See additional notes on page 35. % Change % Change ($ in thousands, except per share data) 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 vs. 3Q'25 3Q'25 YTD 3Q'26 YTD vs. 3Q'25 YTD Distributable Earnings 1,889,487$ 2,244,809$ 1,764,838$ 1,977,249$ 1,715,678$ (9)% 4,866,055$ 5,457,765$ 12% Add: Other Payables Attributable to Common Shareholders 26,913 167,504 160,943 166,382 139,800 419% 308,002 467,125 52% DE Before Certain Payables 1,916,400 2,412,313 1,925,781 2,143,631 1,855,478 (3)% 5,174,057 5,924,890 15% Percent to Common Shareholders 64% 64% 64% 64% 64% 64% 64% DE Before Certain Payables Attributable to Common Shareholders 1,220,339 1,537,540 1,229,664 1,378,635 1,193,391 (2)% 3,287,612 3,801,690 16% Less: Other Payables Attributable to Common Shareholders (26,913) (167,504) (160,943) (166,382) (139,800) 419% (308,002) (467,125) 52% DE Attributable to Common Shareholders 1,193,426 1,370,036 1,068,721 1,212,253 1,053,591 (12)% 2,979,610 3,334,565 12% DE per Common Share 1.52$ 1.75$ 1.36$ 1.52$ 1.32$ (13)% 3.82$ 4.20$ 10% Less: Retained Capital per Common Share (0.23)$ (0.26)$ (0.20)$ (0.23)$ (0.20)$ (13)% (0.57)$ (0.63)$ 11% Actual Dividend per Common Share 1.29$ 1.49$ 1.16$ 1.29$ 1.12$ (13)% 3.25$ 3.57$ 10% Record Date Nov 2, 2026 Payable Date Nov 9, 2026
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 24 SHARE SUMMARY ▪ Distributable Earnings Shares Outstanding as of quarter end of 1,243 million shares. – Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM. – Available authorization remaining was $1.6 billion at September 30, 2026. Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends. 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Participating Common Shares 782,728,403 783,183,010 785,497,027 799,934,579 799,723,058 Participating Partnership Units 446,455,699 445,586,312 444,672,720 443,878,452 443,682,239 Distributable Earnings Shares Outstanding 1,229,184,102 1,228,769,322 1,230,169,747 1,243,813,031 1,243,405,297
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25Blackstone | Reconciliations and Disclosures
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 26 BLACKSTONE’S THIRD QUARTER 2026 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except per share data) (unaudited) 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD 3Q'25 LTM 3Q'26 LTM Revenues Management and Advisory Fees, Net 2,056,248$ 2,178,108$ 5,996,060$ 6,592,734$ 7,875,641$ 8,672,275$ Incentive Fees 200,675 172,729 587,914 497,228 992,658 887,516 Investment Income Performance Allocations Realized 997,296 831,786 2,389,166 3,300,134 4,247,999 4,573,211 Unrealized (215,818) (627,149) 360,666 243,443 (991,017) 525,840 Principal Investments Realized 152,652 119,848 435,365 368,453 519,746 630,720 Unrealized (238,658) 249,881 285,446 279,700 238,054 242,558 Total Investment Income 695,472 574,366 3,470,643 4,191,730 4,014,782 5,972,329 Interest and Dividend Revenue 107,538 125,941 305,347 368,105 403,894 478,851 Other 28,702 11,744 (269,971) 74,664 (114,417) 73,762 Total Revenues 3,088,635$ 3,062,888$ 10,089,993$ 11,724,461$ 13,172,558$ 16,084,733$ Expenses Compensation and Benefits Compensation 845,659 900,734 2,745,379 3,030,657 3,500,117 3,956,471 Incentive Fee Compensation 61,882 49,280 186,274 153,364 335,550 241,992 Performance Allocations Compensation Realized 354,765 309,755 927,846 1,308,468 1,670,693 1,678,094 Unrealized (31,547) (193,497) 224,630 132,333 (383,028) 284,665 Total Compensation and Benefits 1,230,759 1,066,272 4,084,129 4,624,822 5,123,332 6,161,222 General, Administrative and Other 383,580 416,358 1,076,770 1,198,289 1,415,856 1,646,067 Interest Expense 126,288 132,936 380,225 415,012 495,757 543,101 Fund Expenses 10,060 9,733 36,598 25,081 42,894 37,699 Total Expenses 1,750,687$ 1,625,299$ 5,577,722$ 6,263,204$ 7,077,839$ 8,388,089$ Other Income Change in Tax Receivable Agreement Liability - - - - (41,246) 6,591 Net Gains from Fund Investment Activities 108,634 93,418 302,539 333,259 322,614 448,117 Total Other Income 108,634$ 93,418$ 302,539$ 333,259$ 281,368$ 454,708$ Income Before Provision for Taxes 1,446,582$ 1,531,007$ 4,814,810$ 5,794,516$ 6,376,087$ 8,151,352$ Provision for Taxes 209,657 258,564 742,978 908,100 975,429 1,290,145 Net Income 1,236,925$ 1,272,443$ 4,071,832$ 4,886,416$ 5,400,658$ 6,861,207$ Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 29,008 3,486 55,117 29,650 55,423 20,033 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 125,890 106,764 467,273 399,780 534,760 593,075 Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 457,110 499,821 1,545,429 1,915,696 2,102,589 2,691,608 Net Income Attributable to Blackstone Inc. 624,917$ 662,372$ 2,004,013$ 2,541,290$ 2,707,886$ 3,556,491$ Net Income Per Share of Common Stock, Basic 0.80$ 0.83$ 2.57$ 3.20$ 3.49$ 4.49$ Net Income Per Share of Common Stock, Diluted 0.80$ 0.83$ 2.57$ 3.19$ 3.49$ 4.49$
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 27 RECONCILIATION OF GAAP TO NON -GAAP MEASURES Notes on pages 28-29. QTD YTD LTM ($ in thousands) 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 Net Income Attributable to Blackstone Inc. 624,917$ 1,015,201$ 649,729$ 1,229,189$ 662,372$ $ 2,004,013 $ 2,541,290 2,707,886$ 3,556,491$ Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 457,110 775,912 469,801 946,074 499,821 1,545,429 1,915,696 2,102,589 2,691,608 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 125,890 193,295 117,367 175,649 106,764 467,273 399,780 534,760 593,075 Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 29,008 (9,617) 21,010 5,154 3,486 55,117 29,650 55,423 20,033 Net Income 1,236,925$ 1,974,791$ 1,257,907$ 2,356,066$ 1,272,443$ 4,071,832$ 4,886,416$ 5,400,658$ 6,861,207$ Provision for Taxes 209,657 382,045 197,150 452,386 258,564 742,978 908,100 975,429 1,290,145 Income Before Provision for Taxes 1,446,582$ 2,356,836$ 1,455,057$ 2,808,452$ 1,531,007$ 4,814,810$ 5,794,516$ 6,376,087$ 8,151,352$ Transaction-Related and Non-Recurring Items (a) (9,412) (6,822) 6,967 71 2,078 19,793 9,116 19,400 2,294 Amortization of Intangibles (b) 7,333 7,327 7,288 7,288 7,288 21,999 21,864 29,332 29,191 Impact of Consolidation (c) (154,898) (183,678) (138,377) (180,803) (110,250) (522,390) (429,430) (590,183) (613,108) Unrealized Performance Revenues (d) 215,872 (282,372) (283,355) (587,150) 627,139 (360,585) (243,366) 991,088 (525,738) Unrealized Performance Allocations Compensation (e) (31,547) 152,332 89,701 236,129 (193,497) 224,630 132,333 (383,028) 284,665 Unrealized Principal Investment (Income) Loss (f) 216,084 67,826 322,136 (443,186) (289,167) (239,266) (410,217) (196,537) (342,391) Other Revenues (g) (28,702) 1,174 (50,928) (11,898) (11,722) 270,016 (74,548) 114,809 (73,374) Equity-Based Compensation (h) 301,562 358,364 561,217 353,753 329,217 1,084,882 1,244,187 1,368,031 1,602,551 Administrative Fee Adjustment (i) 4,097 3,942 4,568 4,426 4,426 12,395 13,420 15,824 17,362 Taxes and Related Payables (j) (77,484) (230,120) (209,436) (209,833) (180,841) (460,229) (600,110) (709,275) (830,230) Distributable Earnings 1,889,487$ 2,244,809$ 1,764,838$ 1,977,249$ 1,715,678$ $ 4,866,055 $ 5,457,765 7,035,548$ 7,702,574$ Taxes and Related Payables (j) 77,484 230,120 209,436 209,833 180,841 460,229 600,110 709,275 830,230 Net Interest and Dividend (Income) Loss (k) 18,552 17,276 22,118 10,606 7,066 63,725 39,790 82,205 57,066 Total Segment Distributable Earnings 1,985,523$ 2,492,205$ 1,996,392$ 2,197,688$ 1,903,585$ $ 5,390,009 $ 6,097,665 7,827,028$ 8,589,870$ Realized Performance Revenues (l) (744,953) (1,057,432) (780,494) (730,885) (464,386) (1,758,097) (1,975,765) (2,623,177) (3,033,197) Realized Performance Compensation (m) 302,642 310,405 364,056 344,124 185,452 780,190 893,632 1,069,785 1,204,037 Realized Principal Investment (Income) Loss (n) (62,535) (209,877) (31,973) (27,499) (52,599) (209,866) (112,071) (235,479) (321,948) Fee Related Earnings 1,480,677$ 1,535,301$ 1,547,981$ 1,783,428$ 1,572,052$ $ 4,202,236 $ 4,903,461 6,038,157$ 6,438,762$ Adjusted EBITDA Reconciliation Distributable Earnings 1,889,487$ 2,244,809$ 1,764,838$ 1,977,249$ 1,715,678$ $ 4,866,055 $ 5,457,765 7,035,548$ 7,702,574$ Interest Expense (o) 126,090 128,022 130,058 144,830 132,740 369,073 407,628 486,100 535,650 Taxes and Related Payables (j) 77,484 230,120 209,436 209,833 180,841 460,229 600,110 709,275 830,230 Depreciation and Amortization (p) 24,015 26,102 26,138 25,772 26,220 72,883 78,130 95,565 104,232 Adjusted EBITDA 2,117,076$ 2,629,053$ 2,130,470$ 2,357,684$ 2,055,479$ $ 5,768,240 $ 6,543,633 8,326,488$ 9,172,686$
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 28 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 Agreements 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. (g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non- Recurring Items. (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 Blacksto ne 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. QTD YTD LTM ($ in thousands) 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 GAAP Unrealized Principal Investment Income (Loss) (238,658)$ (37,142)$ (385,002)$ 414,821$ 249,881$ 285,446$ 279,700$ 238,054$ 242,558$ Segment Adjustment 22,574 (30,684) 62,866 28,365 39,286 (46,180) 130,517 (41,517) 99,833 Unrealized Principal Investment Income (Loss) (216,084)$ (67,826)$ (322,136)$ 443,186$ 289,167$ 239,266$ 410,217$ 196,537$ 342,391$ (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'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 GAAP Unrealized Performance Allocations (215,818)$ 282,397$ 283,452$ 587,140$ (627,149)$ 360,666$ 243,443$ (991,017)$ 525,840$ Segment Adjustment (54) (25) (97) 10 10 (81) (77) (71) (102) Unrealized Performance Revenues (215,872)$ 282,372$ 283,355$ 587,150$ (627,139)$ 360,585$ 243,366$ (991,088)$ 525,738$ QTD YTD LTM ($ in thousands) 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 GAAP Other Revenue 28,702$ (902)$ 50,973$ 11,947$ 11,744$ (269,971)$ 74,664$ (114,417)$ 73,762$ Segment Adjustment - (272) (45) (49) (22) (45) (116) (392) (388) Other Revenues 28,702$ (1,174)$ 50,928$ 11,898$ 11,722$ (270,016)$ 74,548$ (114,809)$ 73,374$
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 29 QTD YTD LTM 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic 782,633,394 783,106,052 785,332,239 799,882,459 799,758,418 778,978,328 795,043,881 776,385,092 792,034,893 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 47,741 87,397 964,071 14,976 221,923 233,692 400,323 195,276 322,091 Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted 782,681,135 783,193,449 786,296,310 799,897,435 799,980,341 779,212,020 795,444,204 776,580,368 792,356,984 (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. (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 Agreements. RECONCILIATION OF GAAP TO NON -GAAP MEASURES – NOTES (CONT’D) (l) This adjustment removes the total segment amount of Realized Performance Revenues. (m) This adjustment removes the total segment amount of Realized Performance Compensation. (n) This adjustment removes the total segment amount of Realized Principal Investment Income. (o) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreements. (p) This adjustment adds back Depreciation and Amortization on a segment basis. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding Disclosure of Weighted-Average Shares of Common Stock Outstanding QTD 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 GAAP Shares of Common Stock Outstanding 747,812,724 748,688,068 751,535,403 752,601,287 760,147,136 Unvested Participating Common Shares 34,915,679 34,494,942 33,961,624 47,333,292 39,575,922 Total Participating Common Shares 782,728,403 783,183,010 785,497,027 799,934,579 799,723,058 Participating Partnership Units 446,455,699 445,586,312 444,672,720 443,878,452 443,682,239 Distributable Earnings Shares Outstanding 1,229,184,102 1,228,769,322 1,230,169,747 1,243,813,031 1,243,405,297 QTD YTD LTM ($ in thousands) 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 Taxes 49,719$ 196,234$ 178,757$ 179,996$ 153,119$ 379,416$ 511,872$ 590,912$ 708,106$ Related Payables 27,765 33,886 30,679 29,837 27,722 80,813 88,238 118,363 122,124 Taxes and Related Payables 77,484$ 230,120$ 209,436$ 209,833$ 180,841$ 460,229$ 600,110$ 709,275$ 830,230$ QTD YTD LTM ($ in thousands) 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 GAAP Interest and Dividend Revenue 107,538$ 110,746$ 107,940$ 134,224$ 125,941$ 305,347$ 368,105$ 403,894$ 478,851$ Segment Adjustment - - - - (267) 1 (267) 1 (267) Interest and Dividend Revenue 107,538$ 110,746$ 107,940$ 134,224$ 125,674$ 305,348$ 367,838$ 403,895$ 478,584$ GAAP Interest Expense 126,288$ 128,089$ 137,053$ 145,023$ 132,936$ 380,225$ 415,012$ 495,757$ 543,101$ Segment Adjustment (198) (67) (6,995) (193) (196) (11,152) (7,384) (9,657) (7,451) Interest Expense 126,090$ 128,022$ 130,058$ 144,830$ 132,740$ 369,073$ 407,628$ 486,100$ 535,650$ Net Interest and Dividend Income (Loss) (18,552)$ (17,276)$ (22,118)$ (10,606)$ (7,066)$ (63,725)$ (39,790)$ (82,205)$ (57,066)$
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 30 BLACKSTONE’S THIRD QUARTER 2026 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIA L CONDITION See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures. ($ in thousands) (unaudited) 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Assets Cash and Cash Equivalents 2,430,690$ 2,631,241$ 2,448,485$ 2,507,073$ 3,037,534$ Cash Held by Blackstone Funds and Other 401,558 223,441 261,955 266,230 228,704 Investments 31,528,443 32,212,111 32,747,619 34,587,729 33,853,661 Accounts Receivable 543,209 291,758 572,832 692,055 451,491 Due from Affiliates 5,845,843 6,357,462 6,395,165 6,218,066 6,504,395 Intangible Assets, Net 140,458 131,359 122,324 113,288 104,250 Goodwill 1,890,202 1,890,202 1,890,202 1,890,202 1,890,202 Other Assets 900,582 1,157,719 1,035,171 996,506 1,017,579 Right-of-Use Assets 773,030 757,459 786,276 743,127 723,119 Deferred Tax Assets 2,100,275 2,056,223 2,066,953 1,877,944 1,825,032 Total Assets 46,554,290$ 47,708,975$ 48,326,982$ 49,892,220$ 49,635,967$ Liabilities and Equity Loans Payable 12,002,650$ 12,445,144$ 13,280,285$ 13,194,730$ 13,401,446$ Due to Affiliates 3,000,083 3,224,432 3,244,627 3,484,356 3,895,907 Accrued Compensation and Benefits 6,385,958 6,411,389 6,396,285 6,844,156 7,103,730 Operating Lease Liabilities 886,135 861,021 881,566 832,586 792,395 Accounts Payable, Accrued Expenses and Other Liabilities 2,918,023 2,885,817 3,107,508 3,103,164 3,425,889 Total Liabilities 25,192,849 25,827,803 26,910,271 27,458,992 28,619,367 Redeemable Non-Controlling Interests in Consolidated Entities 1,476,212 1,380,503 1,400,419 1,371,083 1,428,451 Equity Common Stock, $0.00001 par value (760,147,136 shares issued and outstanding as of September 30, 2026) 7 7 7 7 7 Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2026) - - - - - Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2026) - - - - - Additional Paid-in-Capital 8,214,078 8,479,886 8,710,266 9,051,771 9,240,118 Retained Earnings (Deficit) 184,040 191,641 (323,733) (18,646) (383,195) Accumulated Other Comprehensive Income (Loss) (5,602) (6,008) (15,770) (18,589) (18,793) Non-Controlling Interests in Consolidated Entities 7,162,957 7,224,211 7,226,994 7,104,291 5,916,813 Non-Controlling Interests in Blackstone Holdings 4,329,749 4,610,932 4,418,528 4,943,311 4,833,199 Total Equity 19,885,229 20,500,669 20,016,292 21,062,145 19,588,149 Total Liabilities and Equity 46,554,290$ 47,708,975$ 48,326,982$ 49,892,220$ 49,635,967$
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 31 (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, Other Assets 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. (g) Deconsolidated Other Investments was $9.5 billion as of September 30, 2026, which was comprised of $8.9 billion of liquid investments and $649 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods. (h) This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. (i) This adjustment removes amounts related to consolidated Blackstone Funds. RECONCILIATION OF GAAP TO NON -GAAP BALANCE SHEET MEASURES ($ in thousands) 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 Investments of Consolidated Blackstone Funds 5,507,078$ 5,180,879$ 5,189,519$ 5,233,815$ 4,756,921$ Equity Method Investments Partnership Investments 6,936,411 6,546,190 6,612,536 6,535,521 6,609,697 Accrued Performance Allocations 11,933,738 12,980,356 13,002,955 13,906,754 13,392,126 Corporate Treasury Investments 262,582 359,657 167,389 401,465 168,271 Other Investments 6,888,634 7,145,029 7,775,220 8,510,174 8,926,646 Total GAAP Investments 31,528,443 32,212,111 32,747,619 34,587,729 33,853,661 Accrued Performance Allocations - GAAP 11,933,738$ 12,980,356$ 13,002,955$ 13,906,754$ 13,392,126$ Impact of Consolidation (a) - - - - - Due from Affiliates - GAAP (b) 215,647 577,467 204,866 169,131 200,066 Less: Net Realized Performance Revenues (c) (379,797) (1,081,738) (630,610) (591,552) (383,514) Less: Accrued Performance Compensation - GAAP (d) (5,258,769) (5,733,563) (5,577,711) (6,016,432) (5,945,428) Net Accrued Performance Revenues 6,510,819$ 6,742,522$ 6,999,500$ 7,467,901$ 7,263,250$ Corporate Treasury and Other Investments - GAAP 7,151,216$ 7,504,686$ 7,942,609$ 8,911,639$ 9,094,917$ Impact of Consolidation (a) 932,562 758,128 726,047 671,456 913,879 Other Assets (e) 563,415 409,248 568,481 494,212 222,276 Other Liabilities (f) (3,417) (3,357) (325,313) (342,730) (76,393) Corporate Treasury and Other Investments - Deconsolidated (g) 8,643,776$ 8,668,705$ 8,911,824$ 9,734,577$ 10,154,679$ Partnership Investments - GAAP 6,936,411$ 6,546,190$ 6,612,536$ 6,535,521$ 6,609,697$ Impact of Consolidation (h) (3,620,409) (3,639,431) (3,662,090) (3,567,345) (3,548,484) GP/Fund Investments - Deconsolidated 3,316,002$ 2,906,759$ 2,950,446$ 2,968,176$ 3,061,213$ Loans Payable - GAAP 12,002,650$ 12,445,144$ 13,280,285$ 13,194,730$ 13,401,446$ Impact of Consolidation (i) (328,044) (126,420) (90,747) (123,897) (442,698) Outstanding Debt - Carrying Value 11,674,606 12,318,724 13,189,538 13,070,833 12,958,748 Unamortized Discount 120,174 128,096 124,472 120,907 117,352 Outstanding Debt (at par) - Deconsolidated 11,794,780$ 12,446,820$ 13,314,010$ 13,191,740$ 13,076,100$
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 32 RECONCILIATION OF GAAP TO TOTAL SEGMENTS QTD YTD LTM YTD Check ($ in thousands) 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 Management and Advisory Fees, Net GAAP 2,056,248$ 2,079,541$ 2,148,620$ 2,266,006$ 2,178,108$ 5,996,060$ 6,592,734$ 7,875,641$ 8,672,275$ Segment Adjustment (a) (14,428) (17,322) (15,812) (15,710) (18,651) (42,230) (50,173) (62,520) (67,495) Total Segment 2,041,820$ 2,062,219$ 2,132,808$ 2,250,296$ 2,159,457$ 5,953,830$ 6,542,561$ 7,813,121$ 8,604,780$ GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees 200,675 390,288 165,419 159,080 172,729 587,914 497,228 992,658 887,516 Investment Income - Realized Performance Allocations 997,296 1,273,077 1,103,173 1,365,175 831,786 2,389,166 3,300,134 4,247,999 4,573,211 GAAP 1,197,971$ 1,663,365$ 1,268,592$ 1,524,255$ 1,004,515$ 2,977,080$ 3,797,362$ 5,240,657$ 5,460,727$ Total Segment Less: Realized Performance Revenues (744,953) (1,057,432) (780,494) (730,885) (464,386) (1,758,097) (1,975,765) (2,623,177) (3,033,197) Segment Adjustment (b) - 512 - 21 - - 21 779 533 Total Segment 453,018$ 606,445$ 488,098$ 793,391$ 540,129$ 1,218,983$ 1,821,618$ 2,618,259$ 2,428,063$ GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation 845,659 925,814 1,166,897 963,026 900,734 2,745,379 3,030,657 3,500,117 3,956,471 Incentive Fee Compensation 61,882 88,628 54,368 49,716 49,280 186,274 153,364 335,550 241,992 Realized Performance Allocations Compensation 354,765 369,626 433,449 565,264 309,755 927,846 1,308,468 1,670,693 1,678,094 GAAP 1,262,306$ 1,384,068$ 1,654,714$ 1,578,006$ 1,259,769$ 3,859,499$ 4,492,489$ 5,506,360$ 5,876,557$ Total Segment Less: Realized Performance Compensation (302,642) (310,405) (364,056) (344,124) (185,452) (780,190) (893,632) (1,069,785) (1,204,037) Less: Equity-Based Compensation - Fee Related Compensation (296,506) (345,649) (549,703) (345,343) (323,383) (1,067,054) (1,218,429) (1,345,903) (1,564,078) Less: Equity-Based Compensation - Performance Compensation (5,056) (12,715) (11,514) (8,410) (5,834) (17,828) (25,758) (22,128) (38,473) Segment Adjustment (c) (11) 13 29 - (17) (19,038) 12 (15,678) 25 Total Segment 658,091$ 715,312$ 729,470$ 880,129$ 745,083$ 1,975,389$ 2,354,682$ 3,052,866$ 3,069,994$ GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP 383,580$ 447,778$ 372,821$ 409,110$ 416,358$ 1,076,770$ 1,198,289$ 1,415,856$ 1,646,067$ Segment Adjustment (d) (27,510) (29,727) (29,366) (28,980) (33,907) (81,582) (92,253) (75,499) (121,980) Total Segment 356,070$ 418,051$ 343,455$ 380,130$ 382,451$ 995,188$ 1,106,036$ 1,340,357$ 1,524,087$ Realized Performance Revenues GAAP Incentive Fees 200,675 390,288 165,419 159,080 172,729 587,914 497,228 992,658 887,516 Investment Income - Realized Performance Allocations 997,296 1,273,077 1,103,173 1,365,175 831,786 2,389,166 3,300,134 4,247,999 4,573,211 GAAP 1,197,971$ 1,663,365$ 1,268,592$ 1,524,255$ 1,004,515$ 2,977,080$ 3,797,362$ 5,240,657$ 5,460,727$ Total Segment Less: Fee Related Performance Revenues (453,018) (606,445) (488,098) (793,391) (540,129) (1,218,983) (1,821,618) (2,618,259) (2,428,063) Segment Adjustment (b) - 512 - 21 - - 21 779 533 Total Segment 744,953$ 1,057,432$ 780,494$ 730,885$ 464,386$ 1,758,097$ 1,975,765$ 2,623,177$ 3,033,197$
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 33 QTD YTD LTM YTD Check ($ in thousands) 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'25 3Q'26 3Q'25 3Q'26 Realized Performance Compensation GAAP Incentive Fee Compensation 61,882$ 88,628$ 54,368$ 49,716$ 49,280$ 186,274$ 153,364$ 335,550$ 241,992$ Realized Performance Allocations Compensation 354,765 369,626 433,449 565,264 309,755 927,846 1,308,468 1,670,693 1,678,094 GAAP 416,647$ 458,254$ 487,817$ 614,980$ 359,035$ 1,114,120$ 1,461,832$ 2,006,243$ 1,920,086$ Total Segment Less: Fee Related Performance Compensation (e) (108,949) (135,134) (112,247) (262,446) (167,749) (316,102) (542,442) (914,330) (677,576) Less: Equity-Based Compensation - Performance Compensation (5,056) (12,715) (11,514) (8,410) (5,834) (17,828) (25,758) (22,128) (38,473) Total Segment 302,642$ 310,405$ 364,056$ 344,124$ 185,452$ 780,190$ 893,632$ 1,069,785$ 1,204,037$ Realized Principal Investment Income (Loss) GAAP 152,652$ 262,267$ 143,020$ 105,585$ 119,848$ 435,365$ 368,453$ 519,746$ 630,720$ Segment Adjustment (f) (90,117) (52,390) (111,047) (78,086) (67,249) (225,499) (256,382) (284,267) (308,772) Total Segment 62,535$ 209,877$ 31,973$ 27,499$ 52,599$ 209,866$ 112,071$ 235,479$ 321,948$ GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss) GAAP Interest and Dividend Revenue 107,538 110,746 107,940 134,224 125,941 305,347 368,105 403,894 478,851 Interest Expense (126,288) (128,089) (137,053) (145,023) (132,936) (380,225) (415,012) (495,757) (543,101) GAAP (18,750)$ (17,343)$ (29,113)$ (10,799)$ (6,995)$ (74,878)$ (46,907)$ (91,863)$ (64,250)$ Segment Adjustment (g) 198 67 6,995 193 (71) 11,153 7,117 9,658 7,184 Total Segment (18,552)$ (17,276)$ (22,118)$ (10,606)$ (7,066)$ (63,725)$ (39,790)$ (82,205)$ (57,066)$ RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D) This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statements 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 Agreements.
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 34 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 and does not include BXDC. 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 Fund Program (“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 10 – Real Estate Segment Highlights ▪ BREIT capital raised includes net offering proceeds raised from a Delaware statutory trust (“DST”) program to issue and sell beneficial interests in DSTs holding real properties.
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 35 NOTES – (CONT’D) Notes to page 11 – Private Equity Segment Highlights ▪ BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXINFRA represents the aggregate BXINFRA fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised include amounts allocated to other strategies. Secondaries appreciation excludes GP Stakes. 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 $722 million, $1.8 billion, $352 million, and $150 million, respectively, as of September 30, 2026. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary). Notes to page 23 – Shareholder Dividends ▪ DE Before Certain Payables represents Distributable Earnings before the deduction for the payable under the Tax Receivable Agreements 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 the Tax Receivable Agreements 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 $160 million for 3Q’26 and $501 million for 3Q’26 YTD.
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 36 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 Management and Advisory Fees, Net, 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 Agreements. – 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 Agreements. 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 Agreements 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 Agreements 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.
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 37 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, 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. 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 (Benefit) for Taxes and Distributable Earnings for the full year. For 3Q’26 QTD, the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the current year quarter. For 3Q’26 YTD, 3Q’25 QTD and 3Q’25 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the current year YTD period and both the prior year quarter and YTD periods.
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 38 DEFINITIONS AND DIVIDEND POLICY – (CONT’D) ▪ 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 Agreements 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. ▪ Private Wealth AUM refers to the portion of assets under management attributable to the individual investor channel and comprises (a) all Assets Under Management in vehicles or share classes of vehicles, in each case that are primarily targeted to the individual investor channel (including parallel or related vehicles) and (b) Assets Under Management attributable only to individual investors (including through private wealth distribution agreements) in vehicles that are not primarily targeted to the individual investor channel. Dividend Policy. Blackstone’s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone’s board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.
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PRESENTATION TITLE Title case; select Macabacus tab > Insert group: Master Shapes > Presentation Title SECTION-SUBSECTION TITLE Title case; select Macabacus tab > Presentation group: Agenda > Section Titles FOOTER – DATE and TIME Select Macabacus tab > Insert group: Master Shapes > Footer – Date and Time FOOTER – FILE PATH and NAME Select Macabacus tab > Insert group: Master Shapes > Footer – Filename and Path SLIDE TITLE ALL CAPS; one line limit; do not overlap Confidentiality Stamp CONFIDENTIAL STAMP ALL CAPS; select Macabacus tab > Insert group: Master Shapes > Confidential Stamp FOOTNOTES Shift + Alt + Right Arrow to demote to numbered FOOTNOTE BAR Remember to update top alignment to the new height of the Footnote Placeholder 76 159 139 #4c9f8b 27 94 92 #1b5e5c 195 157 120 #c39d78 202 206 215 #caced7 0 100 146 #006492 165 205 36 #a5cd24 BX Global Template as of February 13, 2020 Macabacus 8.14.2 Blackstone | 39 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, 2025, 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.